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02.05.2018 22:15:00
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Braemar Hotels & Resorts Reports First Quarter 2018 Results
DALLAS, May 2, 2018 /PRNewswire/ -- Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today reported the following results and performance measures for the first quarter ended March 31, 2018. The performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA are comparable assuming each of the hotel properties in the Company's hotel portfolio as of March 31, 2018 were owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2018, with the first quarter ended March 31, 2017 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
STRATEGIC OVERVIEW
- Focused strategy of investing in luxury hotels and resorts
- Targets conservative leverage levels of 45% Net Debt to Gross Assets
- Highly-aligned management team and advisory structure
- Dividend yield of approximately 6.1%
FINANCIAL AND OPERATING HIGHLIGHTS
- Net income attributable to common stockholders for the quarter was $2.3 million or $0.07 per diluted share
- Comparable RevPAR for all hotels not under renovation increased 2.3% to $237.21 during the quarter
- Adjusted funds from operations (AFFO) was $0.44 per diluted share for the quarter as compared with $0.46 per diluted share from the prior year quarter
- Adjusted EBITDAre was $29.8 million for the quarter, compared with $24.9 million for the prior year quarter
- Subsequent to quarter end, the Company completed the acquisition of the 266-room Ritz-Carlton Sarasota in Sarasota, FL for $171 million
- Subsequent to quarter end, the Company rebranded from Ashford Hospitality Prime to Braemar Hotels & Resorts effective April 24, 2018
- Capex invested during the quarter was $15.7 million
REBRANDING TO BRAEMAR HOTELS & RESORTS
On April 24, 2018 the Company officially rebranded from Ashford Hospitality Prime to Braemar Hotels & Resorts, trading on the New York Stock Exchange under ticker symbol BHR.
Rebranding to Braemar Hotels & Resorts marks a key milestone in the Company's strategy to focus on owning luxury hotels and resorts and capitalizing on the long-term superior performance of that segment of the lodging industry. Since announcing a revised strategy in early 2017, the Company has made substantial progress in rationalizing its non-core portfolio and announced the acquisition of three world-class luxury hotels – The Hotel Yountville in Napa Valley, California, The Park Hyatt in Beaver Creek, Colorado, and The Ritz-Carlton in Sarasota, Florida. Currently, Braemar has the highest portfolio RevPAR of any lodging REIT, and thus has the highest quality hotel portfolio in the public markets.
The name "Braemar" pays homage to the Braemar Castle in Scotland and reinforces Braemar's relationship with the Ashford group of companies, as the name "Ashford" was originally selected based on a castle in Ireland. Additionally, the Braemar Castle signifies luxury, strength and stability, which highlights the Company's continued commitment to serve as the protector of capital for its shareholders and dedication to maximizing shareholder value.
Braemar will continue to be externally-advised by Ashford Inc. (NYSE American: AINC) and will maintain the mutually beneficial relationship with the Ashford group of companies.
UPDATE ON BUSINESS INTERRUPTION INCOME FROM HURRICANES AND WILDFIRES
During the first quarter, the Company recognized $4.9 million of business interruption income for the Ritz-Carlton St. Thomas and the Pier House Resort related to lost profits for the period of December 2017 through February 2018 due to the impact of Hurricane Irma.
Additionally, during the first quarter, the Company recorded $1.8 million in business interruption income for the Bardessono hotel and the Hotel Yountville related to lost profits for the period of October through December 2017 due to the impact of the Northern California wildfires. The Company has a deductible of $500,000 associated with this claim.
The Company will continue to work with its insurers on the business interruption claims at these properties although it expects that claims at the Pier House, Bardessono and Hotel Yountville will be nearing an end as operations at those properties return to normal.
RITZ-CARLTON SARASOTA ACQUISITION
On April 4, 2018, the Company completed the acquisition of the 266-room Ritz-Carlton Sarasota in Sarasota, FL for $171 million ($643,000 per key). The purchase price represents a trailing twelve-month cap rate, as of December 31, 2017, of 6% and the Company expects to realize a stabilized unleveraged yield of approximately 8% on its investment. The Company also closed on the acquisition of a 22-acre plot of vacant land adjacent to the golf course for $9.7 million that is currently entitled for residential development. Concurrent with the completion of the acquisition, the Company financed the hotel with a $100 million non-recourse mortgage loan. The loan provides for a floating interest rate of LIBOR + 2.65% and has a five-year term. The property will continue to be operated as a Ritz-Carlton under a management agreement with Ritz-Carlton.
CAPITAL STRUCTURE
At March 31, 2018, the Company had total assets of $1.4 billion. As of March 31, 2018, the Company had $826 million of mortgage debt of which $47 million related to its joint venture partner's share of debt on the Capital Hilton and Hilton La Jolla Torrey Pines. The Company's total combined debt had a blended average interest rate of 4.7%.
PORTFOLIO REVPAR
As of March 31, 2018, the portfolio consisted of twelve properties. During the first quarter of 2018, eight of the Company's hotels were not under renovation. The Company believes reporting its operating metrics for its hotels on a comparable total basis (all 12 hotels) and comparable not under renovation basis (8 hotels) is a measure that reflects a meaningful and focused comparison of the operating results in its portfolio. Details of each category are provided in the tables attached to this release.
- Comparable RevPAR decreased 9.8% to $209.27 for all hotels on a 9.0% decrease in ADR and a 0.9% decrease in occupancy
- Comparable RevPAR increased 2.3% to $237.21 for hotels not under renovation on a 0.6% increase in ADR and a 1.7% increase in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY TRENDS
The Company believes year-over-year Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin comparisons are more meaningful to gauge the performance of the Company's hotels than sequential quarter-over-quarter comparisons. Given the substantial seasonality in the Company's portfolio, to help investors better understand this seasonality, the Company provides quarterly detail on its Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin for the current and certain prior-year periods based upon the number of hotels in the Company's portfolio as of the end of the current period. As the Company's portfolio mix changes from time to time so will the seasonality for Comparable Hotel EBITDA and Comparable Hotel EBITDA Margin. The details of the quarterly calculations for the previous four quarters for the twelve hotels are provided in the table attached to this release.
COMMON STOCK DIVIDEND
On March 15, 2018, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.16 per diluted share for the Company's common stock for the first quarter ending March 31, 2018. The dividend, which equates to an annual rate of $0.64 per share, was paid on April 16, 2018, to shareholders of record as of March 30, 2018.
"We continue to execute on our strategic objectives and are excited to introduce Braemar Hotels & Resorts to further reflect our strategy to focus on the luxury segment," said Richard J. Stockton, Braemar's President and Chief Executive Officer. "Our acquisition of the Ritz-Carlton Sarasota continues our plan of recycling capital into higher quality, higher RevPAR assets consistent with our overall investment strategy. Going forward, we remain focused on maximizing the returns on our existing investments through rigorous asset management and capital investment."
INVESTOR CONFERENCE CALL AND SIMULCAST
Braemar will conduct a conference call on Thursday, May 3, 2018, at 11:00 a.m. ET. The number to call for this interactive teleconference is (719) 457-2605. A replay of the conference call will be available through Thursday, May 10, 2018, by dialing (719) 457-0820 and entering the confirmation number, 2397548.
The Company will also provide an online simulcast and rebroadcast of its first quarter 2018 earnings release conference call. The live broadcast of Braemar's quarterly conference call will be available online at the Company's web site, www.bhrreit.com on Thursday, May 3, 2018, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for approximately one year.
Substantially all of our non-current assets consist of real estate investments secured by real estate. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, most industry investors consider supplemental measures of performance, which are not measures of operating performance under GAAP, to assist in evaluating a real estate company's operations. These supplemental measures include FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA. FFO and EBITDAre are computed in accordance with our interpretation of standards established by NAREIT, which may not be comparable to how these measures reported by other REITs that do not define the term in accordance with the current NAREIT definitions or that interpret the NAREIT definitions differently than us. None of FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, or Hotel EBITDA represents cash generated from operating activities as determined by GAAP and should not be considered as an alternative to a) GAAP net income (loss) as an indication of our financial performance or b) GAAP cash flows from operating activities as a measure of our liquidity, nor are such measures indicative of funds available to satisfy our cash needs, including our ability to make cash distributions. However, management believes FFO, AFFO, EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA to be meaningful measures of a REIT's performance and should be considered along with, but not as an alternative to, net income and cash flow as a measure of our operating performance.
* * * * *
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App has been updated to reflect the newly-rebranded Braemar Hotels & Resorts. The Ashford App is available for free download at Apple's App Store and the Google Play Store by searching "Ashford."
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release may include, among others, statements about the implied share price for the Company's common stock. These forward-looking statements are subject to risks and uncertainties. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar's control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; our ability to successfully complete and integrate acquisitions, and manage our planned growth, and the degree and nature of our competition. These and other risk factors are more fully discussed in Braemar's filings with the Securities and Exchange Commission. EBITDA is defined as net income before interest, taxes, depreciation and amortization. EBITDA yield is defined as trailing twelve month EBITDA divided by the purchase price. A capitalization rate is determined by dividing the property's annual net operating income by the purchase price. Net operating income is the property's funds from operations minus a capital expense reserve of either 4% or 5% of gross revenues. Hotel EBITDA flow-through is the change in Hotel EBITDA divided by the change in total revenues. Hotel EBITDA Margin is Hotel EBITDA divided by total revenues. Funds from operations ("FFO"), as defined by the White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") in April 2002, represents net income (loss) computed in accordance with generally accepted accounting principles ("GAAP"), excluding gains (or losses) from sales of properties and extraordinary items as defined by GAAP, plus depreciation and amortization of real estate assets, and net of adjustments for the portion of these items related to unconsolidated entities and joint ventures. EBITDAre and Adjusted EBITDAre are non-GAAP financial measures. The Company computes EBITDAre in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company does. The White Paper on EBITDAre approved by the Board of Governors of NAREIT in September 2017 defines EBITDAre as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense, plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated joint ventures, plus adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates.
The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) (unaudited) | |||||||
March 31, | December 31, | ||||||
ASSETS | |||||||
Investments in hotel properties, gross | $ | 1,406,476 | $ | 1,403,110 | |||
Accumulated depreciation | (258,173) | (257,268) | |||||
Investments in hotel properties, net | 1,148,303 | 1,145,842 | |||||
Cash and cash equivalents | 95,223 | 137,522 | |||||
Restricted cash | 63,385 | 47,820 | |||||
Accounts receivable, net of allowance of $77 and $94, respectively | 19,692 | 14,334 | |||||
Insurance receivable | 14,203 | 8,825 | |||||
Inventories | 1,429 | 1,425 | |||||
Note receivable | 8,098 | 8,098 | |||||
Deferred costs, net | 566 | 656 | |||||
Prepaid expenses | 5,943 | 3,670 | |||||
Investment in Ashford Inc., at fair value | 18,652 | 18,124 | |||||
Investment in OpenKey | 1,997 | — | |||||
Derivative assets | 1,004 | 594 | |||||
Other assets | 15,400 | 9,426 | |||||
Intangible assets, net | 22,476 | 22,545 | |||||
Due from related party, net | 873 | 349 | |||||
Due from third-party hotel managers | 5,748 | 4,589 | |||||
Total assets | $ | 1,422,992 | $ | 1,423,819 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Indebtedness, net | $ | 821,053 | $ | 820,959 | |||
Accounts payable and accrued expenses | 57,468 | 56,803 | |||||
Dividends and distributions payable | 8,374 | 8,146 | |||||
Due to Ashford Inc., net | 267 | 1,703 | |||||
Due to third-party hotel managers | 2,231 | 1,709 | |||||
Intangible liability, net | 3,555 | 3,569 | |||||
Other liabilities | 1,681 | 1,628 | |||||
Total liabilities | 894,629 | 894,517 | |||||
5.50% Series B cumulative convertible preferred stock, $0.01 par value, 4,965,850 shares issued and outstanding at March 31, 2018 and December 31, 2017 | 106,123 | 106,123 | |||||
Redeemable noncontrolling interests in operating partnership | 46,259 | 46,627 | |||||
Equity: | |||||||
Common stock, $0.01 par value, 200,000,000 shares authorized, 32,517,295 and 32,120,210 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 325 | 321 | |||||
Additional paid-in capital | 472,220 | 469,791 | |||||
Accumulated deficit | (91,769) | (88,807) | |||||
Total stockholders' equity of the Company | 380,776 | 381,305 | |||||
Noncontrolling interest in consolidated entities | (4,795) | (4,753) | |||||
Total equity | 375,981 | 376,552 | |||||
Total liabilities and equity | $ | 1,422,992 | $ | 1,423,819 | |||
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2018 | 2017 | ||||||
REVENUE | |||||||
Rooms | $ | 65,507 | $ | 67,418 | |||
Food and beverage | 23,500 | 24,473 | |||||
Other | 13,482 | 5,365 | |||||
Total hotel revenue | 102,489 | 97,256 | |||||
Other | — | 40 | |||||
Total revenue | 102,489 | 97,296 | |||||
EXPENSES | |||||||
Hotel operating expenses: | |||||||
Rooms | 14,918 | 15,797 | |||||
Food and beverage | 15,620 | 16,861 | |||||
Other expenses | 29,664 | 27,731 | |||||
Management fees | 3,617 | 3,545 | |||||
Total hotel operating expenses | 63,819 | 63,934 | |||||
Property taxes, insurance and other | 5,604 | 5,074 | |||||
Depreciation and amortization | 13,006 | 11,971 | |||||
Impairment charges | 12 | — | |||||
Advisory services fee: | |||||||
Base advisory fee | 2,107 | 2,003 | |||||
Reimbursable expenses | 420 | 547 | |||||
Incentive fee | 170 | — | |||||
Non-cash stock/unit-based compensation | 2,547 | (1,685) | |||||
Transaction costs | 488 | 4,328 | |||||
Corporate, general and administrative: | |||||||
Non-cash stock/unit-based compensation | — | 18 | |||||
Other general and administrative | 28 | 3,856 | |||||
Total operating expenses | 88,201 | 90,046 | |||||
OPERATING INCOME (LOSS) | 14,288 | 7,250 | |||||
Equity in earnings (loss) of unconsolidated entity | (3) | — | |||||
Interest income | 200 | 112 | |||||
Other income (expense) | (63) | (157) | |||||
Interest expense | (9,191) | (7,153) | |||||
Amortization of loan costs | (988) | (1,049) | |||||
Write-off of loan costs and exit fees | (2) | (1,963) | |||||
Unrealized gain (loss) on investments | 528 | 3,091 | |||||
Unrealized gain (loss) on derivatives | 73 | (898) | |||||
INCOME (LOSS) BEFORE INCOME TAXES | 4,842 | (767) | |||||
Income tax (expense) benefit | (572) | 478 | |||||
NET INCOME (LOSS) | 4,270 | (289) | |||||
(Income) loss from consolidated entities attributable to noncontrolling interest | 42 | 21 | |||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | (292) | 255 | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | 4,020 | (13) | |||||
Preferred dividends | (1,707) | (1,673) | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 2,313 | $ | (1,686) | |||
INCOME (LOSS) PER SHARE – BASIC AND DILUTED | |||||||
Basic: | |||||||
Net income (loss) attributable to common stockholders | $ | 0.07 | $ | (0.07) | |||
Weighted average common shares outstanding – basic | 31,680 | 27,267 | |||||
Diluted: | |||||||
Net income (loss) attributable to common stockholders | $ | 0.07 | $ | (0.07) | |||
Weighted average common shares outstanding – diluted | 31,683 | 27,267 | |||||
Dividends declared per common share: | $ | 0.16 | $ | 0.16 | |||
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, EBITDAre AND ADJUSTED EBITDAre (in thousands) (unaudited) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2018 | 2017 | ||||||
Net income (loss) | $ | 4,270 | $ | (289) | |||
Interest income | (200) | (112) | |||||
Interest expense and amortization of loan costs | 10,179 | 8,202 | |||||
Depreciation and amortization | 13,006 | 11,971 | |||||
Income tax expense (benefit) | 572 | (478) | |||||
Equity in (earnings) loss of unconsolidated entities | 3 | — | |||||
Company's portion of EBITDA of OpenKey | (2) | — | |||||
EBITDA | 27,828 | 19,294 | |||||
Impairment charges on real estate | 12 | — | |||||
EBITDAre | 27,840 | 19,294 | |||||
Amortization of favorable (unfavorable) contract assets (liabilities) | 43 | 49 | |||||
Transaction and management conversion costs | 503 | 4,328 | |||||
Other (income) expense | 63 | 157 | |||||
Write-off of loan costs and exit fees | 2 | 1,963 | |||||
Unrealized (gain) loss on investments | (528) | (3,091) | |||||
Unrealized (gain) loss on derivatives | (73) | 898 | |||||
Non-cash stock/unit-based compensation | 2,593 | (1,668) | |||||
Legal, advisory and settlement costs | (1,141) | 2,945 | |||||
Uninsured hurricane and wildfire related costs | 467 | — | |||||
Adjusted EBITDAre | $ | 29,769 | $ | 24,875 | |||
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED FFO (in thousands, except per share amounts) (unaudited) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2018 | 2017 | ||||||
Net income (loss) | $ | 4,270 | $ | (289) | |||
(Income) loss from consolidated entities attributable to noncontrolling interest | 42 | 21 | |||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | (292) | 255 | |||||
Preferred dividends | (1,707) | (1,673) | |||||
Net income (loss) attributable to common stockholders | 2,313 | (1,686) | |||||
Depreciation and amortization on real estate | 12,258 | 11,251 | |||||
Impairment charges on real estate | 12 | — | |||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 292 | (255) | |||||
Equity in (earnings) loss of unconsolidated entities | 3 | — | |||||
Company's portion of FFO of OpenKey | (2) | — | |||||
FFO available to common stockholders and OP unitholders | 14,876 | 9,310 | |||||
Preferred dividends | 1,707 | 1,673 | |||||
Transaction and management conversion costs | 503 | 4,328 | |||||
Other (income) expense | 63 | 157 | |||||
Write-off of loan costs and exit fees | 2 | 1,963 | |||||
Unrealized (gain) loss on investments | (528) | (3,091) | |||||
Unrealized (gain) loss on derivatives | (73) | 898 | |||||
Non-cash stock/unit-based compensation | 2,593 | (1,668) | |||||
Legal, advisory and settlement costs | (1,141) | 2,945 | |||||
Uninsured hurricane and wildfire related costs | 467 | — | |||||
Adjusted FFO available to the Company and OP unitholders | $ | 18,469 | $ | 16,515 | |||
Adjusted FFO per diluted share available to the Company and OP unitholders | $ | 0.44 | $ | 0.46 | |||
Weighted average diluted shares | 42,440 | 36,272 | |||||
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES SUMMARY OF INDEBTEDNESS MARCH 31, 2018 (dollars in thousands) (unaudited) | |||||||||||||||||||||||
Indebtedness | Maturity | Interest Rate | Fixed-Rate | Floating- | Total | Comparable | Comparable | ||||||||||||||||
TIF Philly CY - 1 hotel | June 2018 | 12.85% | $ | 8,098 | $ | — | $ | 8,098 | N/A | N/A | |||||||||||||
Apollo Ritz-Carlton St. Thomas - 1 hotel | December 2018 | LIBOR + 4.95% | — | 42,000 | (1) | 42,000 | $ | 9,575 | 22.8 | % | |||||||||||||
Morgan Stanley Pool - 4 hotels | February 2019 | LIBOR + 2.58% | — | 277,628 | (2) | 277,628 | 48,724 | 17.6 | % | ||||||||||||||
GACC Sofitel - 1 hotel | March 2019 | LIBOR + 2.55% | — | 80,000 | (3) | 80,000 | 5,811 | 7.3 | % | ||||||||||||||
Credit Agricole Pier House - 1 hotel | March 2019 | LIBOR + 2.25% | — | 70,000 | (4) | 70,000 | 11,162 | 15.9 | % | ||||||||||||||
JPMorgan Park Hyatt Beaver Creek - 1 hotel | April 2019 | LIBOR + 2.75% | — | 67,500 | (5) | 67,500 | 9,467 | 14.0 | % | ||||||||||||||
Aareal - 2 hotels | November 2019 | LIBOR + 2.65% | — | 189,296 | (6) | 189,296 | 31,481 | 16.6 | % | ||||||||||||||
Secured revolving credit facility - various | November 2019 | Base Rate(8) + 1.25% to 2.50% or | — | — | (7) | — | N/A | N/A | |||||||||||||||
BAML Hotel Yountville - 1 hotel | May 2022 | LIBOR + 2.55% | — | 51,000 | 51,000 | 5,737 | 11.2 | % | |||||||||||||||
BAML Bardessono - 1 hotel | August 2022 | LIBOR + 2.55% | — | 40,000 | 40,000 | 5,256 | 13.1 | % | |||||||||||||||
Total | $ | 8,098 | $ | 817,424 | $ | 825,522 | $ | 127,213 | 15.4 | % | |||||||||||||
Percentage | 1.0 | % | 99.0 | % | 100.0 | % | |||||||||||||||||
Weighted average interest rate | 12.85 | % | 4.58 | % | 4.66 | % | |||||||||||||||||
All indebtedness is non-recourse with the exception of the secured revolving credit facility. | |
(1) | This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the first was exercised in December 2017. |
(2) | This mortgage loan has five one-year extension options subject to satisfaction of certain conditions. |
(3) | This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the third was exercised in March 2018. |
(4) | This mortgage loan has three one-year extension options subject to satisfaction of certain conditions, of which the second was exercised in March 2018. |
(5) | This mortgage loan has three one-year extension options subject to satisfaction of certain conditions. |
(6) | This mortgage loan has two one-year extension options subject to satisfaction of certain conditions. |
(7) | This credit facility has two one-year extension options subject to advance notice, certain conditions and a 0.25% extension fee beginning November 2019. |
(8) | Base Rate, as defined in the secured revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%. |
(9) | See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES INDEBTEDNESS BY MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED MARCH 31, 2018 (dollars in thousands) (unaudited) | ||||||||||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | ||||||||||||||||||||||
Secured revolving credit facility - various | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
TIF Philly CY - 1 hotel | 8,098 | — | — | — | — | — | 8,098 | |||||||||||||||||||||
GACC Sofitel - 1 hotel | — | 80,000 | — | — | — | — | 80,000 | |||||||||||||||||||||
Credit Agricole Pier House - 1 hotel | — | — | 70,000 | — | — | — | 70,000 | |||||||||||||||||||||
Apollo Ritz-Carlton St. Thomas - 1 hotel | — | — | 42,000 | — | — | — | 42,000 | |||||||||||||||||||||
Aareal - 2 hotels | — | — | — | 177,486 | — | — | 177,486 | |||||||||||||||||||||
JPMorgan Park Hyatt Beaver Creek - 1 hotel | — | — | — | — | 67,500 | — | 67,500 | |||||||||||||||||||||
BAML Hotel Yountville - 1 hotel | — | — | — | — | 51,000 | — | 51,000 | |||||||||||||||||||||
BAML Bardessono - 1 hotel | — | — | — | — | 40,000 | — | 40,000 | |||||||||||||||||||||
Morgan Stanley Pool - 4 hotels | — | — | — | — | — | 277,628 | 277,628 | |||||||||||||||||||||
Principal due in future periods | $ | 8,098 | $ | 80,000 | $ | 112,000 | $ | 177,486 | $ | 158,500 | $ | 277,628 | $ | 813,712 | ||||||||||||||
Scheduled amortization payments remaining | 2,462 | 3,120 | 3,312 | 2,916 | — | — | 11,810 | |||||||||||||||||||||
Total indebtedness | $ | 10,560 | $ | 83,120 | $ | 115,312 | $ | 180,402 | $ | 158,500 | $ | 277,628 | $ | 825,522 | ||||||||||||||
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES KEY PERFORMANCE INDICATORS (unaudited) | ||||||||||||||||||||||||||||||
ALL HOTELS: | ||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||
Actual | Non- | Comparable | Actual | Non- | Comparable | Actual | Comparable | |||||||||||||||||||||||
2018 | 2018 | 2018 | 2017 | 2017 | 2017 | % Variance | % Variance | |||||||||||||||||||||||
Rooms revenue (in thousands) | $ | 65,507 | $ | — | $ | 65,507 | $ | 67,418 | $ | 7,116 | $ | 74,534 | (2.83) | % | (12.11) | % | ||||||||||||||
RevPAR | $ | 209.27 | $ | — | $ | 209.27 | $ | 202.35 | $ | (590.06) | $ | 232.11 | 3.42 | % | (9.84) | % | ||||||||||||||
Occupancy | 78.67 | % | — | % | 78.67 | % | 78.43 | % | (53.16) | % | 79.38 | % | 0.31 | % | (0.89) | % | ||||||||||||||
ADR | $ | 266.01 | $ | — | $ | 266.01 | $ | 258.00 | $ | (1,109.99) | $ | 292.40 | 3.10 | % | (9.03) | % | ||||||||||||||
NOTES: | ||||||||||||||||||||||||||||||
(1) | The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||||||||||||||||||||
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | |||||||||||||||||||||||||||||
ALL HOTELS | ||||||||||||||||||||||||||||||
NOT UNDER RENOVATION: | Three Months Ended March 31, | |||||||||||||||||||||||||||||
Actual | Non- | Comparable | Actual | Non- | Comparable | Actual | Comparable | |||||||||||||||||||||||
2018 | 2018 | 2018 | 2017 | 2017 | 2017 | % Variance | % Variance | |||||||||||||||||||||||
Rooms revenue (in thousands) | $ | 43,146 | $ | — | $ | 43,146 | $ | 34,986 | $ | 7,116 | $ | 42,102 | 23.32 | % | 2.48 | % | ||||||||||||||
RevPAR | $ | 237.21 | $ | — | $ | 237.21 | $ | 180.63 | $ | (590.06) | $ | 231.81 | 31.32 | % | 2.33 | % | ||||||||||||||
Occupancy | 81.54 | % | — | % | 81.54 | % | 78.47 | % | (53.16) | % | 80.15 | % | 3.91 | % | 1.73 | % | ||||||||||||||
ADR | $ | 290.91 | $ | — | $ | 290.91 | $ | 230.19 | $ | (1,109.99) | $ | 289.22 | 26.38 | % | 0.58 | % | ||||||||||||||
NOTES: | ||||||||||||||||||||||||||||||
(1) | The above comparable information assumes the eight hotel properties owned and included in the Company's operations at March 31, 2018, and not under renovation during the three months ended March 31, 2018, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||||||||||||||||||||
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | |||||||||||||||||||||||||||||
(3) | Excluded Hotels Under Renovation: | |||||||||||||||||||||||||||||
Capital Hilton Washington D.C., Chicago Sofitel Magnificent Mile, San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton | ||||||||||||||||||||||||||||||
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES HOTEL EBITDA (dollars in thousands) (unaudited) | |||||||||||
ALL HOTELS: | Three Months Ended | ||||||||||
March 31, | |||||||||||
2018 | 2017 | % Variance | |||||||||
Total hotel revenue | $ | 102,489 | $ | 97,256 | 5.38 | % | |||||
Non-comparable adjustments | — | 12,956 | |||||||||
Comparable total hotel revenue | $ | 102,489 | $ | 110,212 | (7.01) | % | |||||
Hotel EBITDA | $ | 33,605 | $ | 28,731 | 16.96 | % | |||||
Non-comparable adjustments | — | 4,582 | |||||||||
Comparable hotel EBITDA | $ | 33,605 | $ | 33,313 | 0.88 | % | |||||
Hotel EBITDA margin | 32.79 | % | 29.54 | % | 3.25 | % | |||||
Comparable hotel EBITDA margin | 32.79 | % | 30.23 | % | 2.56 | % | |||||
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests | $ | 1,990 | $ | 2,223 | (10.48) | % | |||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | 31,615 | $ | 26,508 | 19.27 | % | |||||
Comparable hotel EBITDA attributable to the Company and OP unitholders | $ | 31,615 | $ | 31,090 | 1.69 | % | |||||
NOTES: | |||||||||||
(1) | The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | ||||||||||
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | ||||||||||
Adjustments have been made to the pre-acquisition results as indicated below: | |||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates. | |||||||||||
(3) | See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. | ||||||||||
ALL HOTELS | Three Months Ended | ||||||||||
NOT UNDER RENOVATION: | March 31, | ||||||||||
2018 | 2017 | % Variance | |||||||||
Total hotel revenue | $ | 68,184 | $ | 51,339 | 32.81 | % | |||||
Non-comparable adjustments | — | 12,956 | |||||||||
Comparable total hotel revenue | $ | 68,184 | $ | 64,295 | 6.05 | % | |||||
Hotel EBITDA | $ | 25,183 | $ | 17,256 | 45.94 | % | |||||
Non-comparable adjustments | — | 4,582 | |||||||||
Comparable hotel EBITDA | $ | 25,183 | $ | 21,838 | 15.32 | % | |||||
Hotel EBITDA margin | 36.93 | % | 33.61 | % | 3.33 | % | |||||
Comparable hotel EBITDA margin | 36.93 | % | 33.97 | % | 2.97 | % | |||||
Hotel EBITDA adjustments attributable to consolidated noncontrolling interests | $ | 1,215 | $ | 972 | 25.00 | % | |||||
Hotel EBITDA attributable to the Company and OP unitholders | $ | 23,969 | $ | 16,284 | 47.19 | % | |||||
Comparable hotel EBITDA attributable to the Company and OP unitholders | $ | 23,969 | $ | 20,866 | 14.87 | % | |||||
NOTES: | |||||||||||
(1) | The above comparable information assumes the eight hotel properties owned and included in the Company's operations at March 31, 2018, and not under renovation during the three months ended March 31, 2018, were owned as of the beginning of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | ||||||||||
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | ||||||||||
Adjustments have been made to the pre-acquisition results as indicated below: | |||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates. | |||||||||||
(3) | See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. | ||||||||||
(4) | Excluded Hotels Under Renovation: | ||||||||||
Capital Hilton Washington D.C., Chicago Sofitel Magnificent Mile, San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton | |||||||||||
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY (in thousands, except operating information) (unaudited) | ||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||
Actual | Non- | Comparable | Actual | Non- | Comparable | Actual | Comparable | |||||||||||||||||||||||
2018 | 2018 | 2018 | 2017 | 2017 | 2017 | % Variance | % Variance | |||||||||||||||||||||||
CAPITAL HILTON WASHINGTON D.C. | ||||||||||||||||||||||||||||||
Selected Financial Information: | ||||||||||||||||||||||||||||||
Rooms revenue | $ | 8,961 | $ | — | $ | 8,961 | $ | 10,874 | $ | — | $ | 10,874 | (17.59) | % | (17.59) | % | ||||||||||||||
Total hotel revenue | $ | 13,584 | $ | — | $ | 13,584 | $ | 15,835 | $ | — | $ | 15,835 | (14.22) | % | (14.22) | % | ||||||||||||||
Hotel EBITDA | $ | 3,102 | $ | — | $ | 3,102 | $ | 5,005 | $ | — | $ | 5,005 | (38.02) | % | (38.02) | % | ||||||||||||||
Hotel EBITDA margin | 22.84 | % | 22.84 | % | 31.61 | % | 31.61 | % | (8.77) | % | (8.77) | % | ||||||||||||||||||
Selected Operating Information: | ||||||||||||||||||||||||||||||
RevPAR | $ | 181.02 | $ | — | $ | 181.02 | $ | 219.68 | $ | — | $ | 219.68 | (17.60) | % | (17.60) | % | ||||||||||||||
Occupancy | 78.53 | % | — | % | 78.53 | % | 86.49 | % | — | % | 86.49 | % | (9.20) | % | (9.20) | % | ||||||||||||||
ADR | $ | 230.51 | $ | — | $ | 230.51 | $ | 253.99 | $ | — | $ | 253.99 | (9.24) | % | (9.24) | % | ||||||||||||||
LA JOLLA HILTON TORREY PINES | ||||||||||||||||||||||||||||||
Selected Financial Information: | ||||||||||||||||||||||||||||||
Rooms revenue | $ | 6,475 | $ | — | $ | 6,475 | $ | 6,125 | $ | — | $ | 6,125 | 5.71 | % | 5.71 | % | ||||||||||||||
Total hotel revenue | $ | 13,012 | $ | — | $ | 13,012 | $ | 11,236 | $ | — | $ | 11,236 | 15.81 | % | 15.81 | % | ||||||||||||||
Hotel EBITDA | $ | 4,859 | $ | — | $ | 4,859 | $ | 3,887 | $ | — | $ | 3,887 | 25.01 | % | 25.01 | % | ||||||||||||||
Hotel EBITDA margin | 37.34 | % | 37.34 | % | 34.59 | % | 34.59 | % | 2.75 | % | 2.75 | % | ||||||||||||||||||
Selected Operating Information: | ||||||||||||||||||||||||||||||
RevPAR | $ | 182.60 | $ | — | $ | 182.60 | $ | 172.73 | $ | — | $ | 172.73 | 5.71 | % | 5.71 | % | ||||||||||||||
Occupancy | 86.27 | % | — | % | 86.27 | % | 79.87 | % | — | % | 79.87 | % | 8.01 | % | 8.01 | % | ||||||||||||||
ADR | $ | 211.67 | $ | — | $ | 211.67 | $ | 216.25 | $ | — | $ | 216.25 | (2.12) | % | (2.12) | % | ||||||||||||||
CHICAGO SOFITEL MAGNIFICENT MILE | ||||||||||||||||||||||||||||||
Selected Financial Information: | ||||||||||||||||||||||||||||||
Rooms revenue | $ | 3,419 | $ | — | $ | 3,419 | $ | 3,473 | $ | — | $ | 3,473 | (1.55) | % | (1.55) | % | ||||||||||||||
Total hotel revenue | $ | 4,880 | $ | — | $ | 4,880 | $ | 4,786 | $ | — | $ | 4,786 | 1.96 | % | 1.96 | % | ||||||||||||||
Hotel EBITDA | $ | (1,143) | $ | — | $ | (1,143) | $ | (1,176) | $ | — | $ | (1,176) | 2.81 | % | 2.81 | % | ||||||||||||||
Hotel EBITDA margin | (23.42) | % | (23.42) | % | (24.57) | % | (24.57) | % | 1.15 | % | 1.15 | % | ||||||||||||||||||
Selected Operating Information: | ||||||||||||||||||||||||||||||
RevPAR | $ | 91.54 | $ | — | $ | 91.54 | $ | 92.99 | $ | — | $ | 92.99 | (1.56) | % | (1.56) | % | ||||||||||||||
Occupancy | 63.09 | % | — | % | 63.09 | % | 66.57 | % | — | % | 66.57 | % | (5.23) | % | (5.23) | % | ||||||||||||||
ADR | $ | 145.11 | $ | — | $ | 145.11 | $ | 139.67 | $ | — | $ | 139.67 | 3.89 | % | 3.89 | % | ||||||||||||||
BARDESSONO HOTEL AND SPA | ||||||||||||||||||||||||||||||
Selected Financial Information: | ||||||||||||||||||||||||||||||
Rooms revenue | $ | 2,348 | $ | — | $ | 2,348 | $ | 2,457 | $ | — | $ | 2,457 | (4.44) | % | (4.44) | % | ||||||||||||||
Total hotel revenue | $ | 4,172 | $ | — | $ | 4,172 | $ | 3,484 | $ | — | $ | 3,484 | 19.75 | % | 19.75 | % | ||||||||||||||
Hotel EBITDA | $ | 1,048 | $ | — | $ | 1,048 | $ | 233 | $ | — | $ | 233 | 349.79 | % | 349.79 | % | ||||||||||||||
Hotel EBITDA margin | 25.12 | % | 25.12 | % | 6.69 | % | 6.69 | % | 18.43 | % | 18.43 | % | ||||||||||||||||||
Selected Operating Information: | ||||||||||||||||||||||||||||||
RevPAR | $ | 420.83 | $ | — | $ | 420.83 | $ | 440.31 | $ | — | $ | 440.31 | (4.42) | % | (4.42) | % | ||||||||||||||
Occupancy | 71.36 | % | — | % | 71.36 | % | 75.70 | % | — | % | 75.70 | % | (5.73) | % | (5.73) | % | ||||||||||||||
ADR | $ | 589.71 | $ | — | $ | 589.71 | $ | 581.65 | $ | — | $ | 581.65 | 1.39 | % | 1.39 | % | ||||||||||||||
KEY WEST PIER HOUSE RESORT | ||||||||||||||||||||||||||||||
Selected Financial Information: | ||||||||||||||||||||||||||||||
Rooms revenue | $ | 5,473 | $ | — | $ | 5,473 | $ | 5,682 | $ | — | $ | 5,682 | (3.68) | % | (3.68) | % | ||||||||||||||
Total hotel revenue | $ | 7,027 | $ | — | $ | 7,027 | $ | 6,977 | $ | — | $ | 6,977 | 0.72 | % | 0.72 | % | ||||||||||||||
Hotel EBITDA | $ | 3,851 | $ | — | $ | 3,851 | $ | 3,662 | $ | 9 | $ | 3,671 | 5.16 | % | 4.90 | % | ||||||||||||||
Hotel EBITDA margin | 54.80 | % | 54.80 | % | 52.49 | % | 52.62 | % | 2.31 | % | 2.18 | % | ||||||||||||||||||
Selected Operating Information: | ||||||||||||||||||||||||||||||
RevPAR | $ | 428.24 | $ | — | $ | 428.24 | $ | 444.59 | $ | — | $ | 444.59 | (3.68) | % | (3.68) | % | ||||||||||||||
Occupancy | 85.85 | % | — | % | 85.85 | % | 89.43 | % | — | % | 89.43 | % | (4.00) | % | (4.00) | % | ||||||||||||||
ADR | $ | 498.80 | $ | — | $ | 498.80 | $ | 497.15 | $ | — | $ | 497.15 | 0.33 | % | 0.33 | % | ||||||||||||||
HOTEL YOUNTVILLE | ||||||||||||||||||||||||||||||
Selected Financial Information: | ||||||||||||||||||||||||||||||
Rooms revenue | $ | 2,116 | $ | — | $ | 2,116 | $ | — | $ | 2,188 | $ | 2,188 | 100.00 | % | (3.29) | % | ||||||||||||||
Total hotel revenue | $ | 3,420 | $ | — | $ | 3,420 | $ | — | $ | 2,705 | $ | 2,705 | 100.00 | % | 26.43 | % | ||||||||||||||
Hotel EBITDA | $ | 1,241 | $ | — | $ | 1,241 | $ | — | $ | 661 | $ | 661 | 100.00 | % | 87.75 | % | ||||||||||||||
Hotel EBITDA margin | 36.29 | % | 36.29 | % | — | % | 24.44 | % | 36.29 | % | 11.85 | % | ||||||||||||||||||
Selected Operating Information: | ||||||||||||||||||||||||||||||
RevPAR | $ | 293.88 | $ | — | $ | 293.88 | $ | — | $ | 303.82 | $ | 303.82 | 100.00 | % | (3.27) | % | ||||||||||||||
Occupancy | 71.36 | % | — | % | 71.36 | % | — | % | 74.54 | % | 74.54 | % | 100.00 | % | (4.27) | % | ||||||||||||||
ADR | $ | 411.82 | $ | — | $ | 411.82 | $ | — | $ | 407.58 | $ | 407.58 | 100.00 | % | 1.04 | % | ||||||||||||||
PARK HYATT BEAVER CREEK | ||||||||||||||||||||||||||||||
Selected Financial Information: | ||||||||||||||||||||||||||||||
Rooms revenue | $ | 9,797 | $ | — | $ | 9,797 | $ | — | $ | 10,034 | $ | 10,034 | 100.00 | % | (2.36) | % | ||||||||||||||
Total hotel revenue | $ | 18,159 | $ | — | $ | 18,159 | $ | — | $ | 18,810 | $ | 18,810 | 100.00 | % | (3.46) | % | ||||||||||||||
Hotel EBITDA | $ | 7,048 | $ | — | $ | 7,048 | $ | — | $ | 6,968 | $ | 6,968 | 100.00 | % | 1.15 | % | ||||||||||||||
Hotel EBITDA margin | 38.81 | % | 38.81 | % | — | % | 37.04 | % | 38.81 | % | 1.77 | % | ||||||||||||||||||
Selected Operating Information: | ||||||||||||||||||||||||||||||
RevPAR | $ | 572.93 | $ | — | $ | 572.93 | $ | — | $ | 586.82 | $ | 586.82 | 100.00 | % | (2.37) | % | ||||||||||||||
Occupancy | 78.47 | % | — | % | 78.47 | % | — | % | 83.74 | % | 83.74 | % | 100.00 | % | (6.29) | % | ||||||||||||||
ADR | $ | 730.15 | $ | — | $ | 730.15 | $ | — | $ | 700.74 | $ | 700.74 | 100.00 | % | 4.20 | % | ||||||||||||||
PHILADELPHIA COURTYARD DOWNTOWN | ||||||||||||||||||||||||||||||
Selected Financial Information: | ||||||||||||||||||||||||||||||
Rooms revenue | $ | 6,153 | $ | — | $ | 6,153 | $ | 4,960 | $ | — | $ | 4,960 | 24.05 | % | 24.05 | % | ||||||||||||||
Total hotel revenue | $ | 7,623 | $ | — | $ | 7,623 | $ | 6,122 | $ | — | $ | 6,122 | 24.52 | % | 24.52 | % | ||||||||||||||
Hotel EBITDA | $ | 2,598 | $ | — | $ | 2,598 | $ | 1,583 | $ | — | $ | 1,583 | 64.12 | % | 64.12 | % | ||||||||||||||
Hotel EBITDA margin | 34.08 | % | 34.08 | % | 25.86 | % | 25.86 | % | 8.22 | % | 8.22 | % | ||||||||||||||||||
Selected Operating Information: | ||||||||||||||||||||||||||||||
RevPAR | $ | 137.01 | $ | — | $ | 137.01 | $ | 110.44 | $ | — | $ | 110.44 | 24.06 | % | 24.06 | % | ||||||||||||||
Occupancy | 80.39 | % | — | % | 80.39 | % | 74.73 | % | — | % | 74.73 | % | 7.57 | % | 7.57 | % | ||||||||||||||
ADR | $ | 170.44 | $ | — | $ | 170.44 | $ | 147.79 | $ | — | $ | 147.79 | 15.33 | % | 15.33 | % | ||||||||||||||
PLANO MARRIOTT LEGACY TOWN CENTER | ||||||||||||||||||||||||||||||
Selected Financial Information: | ||||||||||||||||||||||||||||||
Rooms revenue | $ | — | $ | — | $ | — | $ | 5,106 | $ | (5,106) | $ | — | (100.00) | % | — | % | ||||||||||||||
Total hotel revenue | $ | — | $ | — | $ | — | $ | 8,559 | $ | (8,559) | $ | — | (100.00) | % | — | % | ||||||||||||||
Hotel EBITDA | $ | — | $ | — | $ | — | $ | 3,056 | $ | (3,056) | $ | — | (100.00) | % | — | % | ||||||||||||||
Hotel EBITDA margin | — | % | — | % | 35.71 | % | — | % | (35.71) | % | — | % | ||||||||||||||||||
Selected Operating Information: | ||||||||||||||||||||||||||||||
RevPAR | $ | — | $ | — | $ | — | $ | 140.43 | $ | (140.43) | $ | — | (100.00) | % | — | % | ||||||||||||||
Occupancy | — | % | — | % | — | % | 71.78 | % | (71.78) | % | — | % | (100.00) | % | — | % | ||||||||||||||
ADR | $ | — | $ | — | $ | — | $ | 195.64 | $ | (195.64) | $ | — | (100.00) | % | — | % | ||||||||||||||
SAN FRANCISCO COURTYARD DOWNTOWN | ||||||||||||||||||||||||||||||
Selected Financial Information: | ||||||||||||||||||||||||||||||
Rooms revenue | $ | 8,165 | $ | — | $ | 8,165 | $ | 8,342 | $ | — | $ | 8,342 | (2.12) | % | (2.12) | % | ||||||||||||||
Total hotel revenue | $ | 9,280 | $ | — | $ | 9,280 | $ | 9,621 | $ | — | $ | 9,621 | (3.54) | % | (3.54) | % | ||||||||||||||
Hotel EBITDA | $ | 3,075 | $ | — | $ | 3,075 | $ | 3,238 | $ | — | $ | 3,238 | (5.03) | % | (5.03) | % | ||||||||||||||
Hotel EBITDA margin | 33.14 | % | 33.14 | % | 33.66 | % | 33.66 | % | (0.52) | % | (0.52) | % | ||||||||||||||||||
Selected Operating Information: | ||||||||||||||||||||||||||||||
RevPAR | $ | 221.74 | $ | — | $ | 221.74 | $ | 228.87 | $ | — | $ | 228.87 | (3.12) | % | (3.12) | % | ||||||||||||||
Occupancy | 81.04 | % | — | % | 81.04 | % | 79.30 | % | — | % | 79.30 | % | 2.19 | % | 2.19 | % | ||||||||||||||
ADR | $ | 273.60 | $ | — | $ | 273.60 | $ | 288.62 | $ | — | $ | 288.62 | (5.20) | % | (5.20) | % | ||||||||||||||
SEATTLE MARRIOTT WATERFRONT | ||||||||||||||||||||||||||||||
Selected Financial Information: | ||||||||||||||||||||||||||||||
Rooms revenue | $ | 5,502 | $ | — | $ | 5,502 | $ | 5,413 | $ | — | $ | 5,413 | 1.64 | % | 1.64 | % | ||||||||||||||
Total hotel revenue | $ | 7,431 | $ | — | $ | 7,431 | $ | 7,498 | $ | — | $ | 7,498 | (0.89) | % | (0.89) | % | ||||||||||||||
Hotel EBITDA | $ | 2,492 | $ | — | $ | 2,492 | $ | 2,567 | $ | — | $ | 2,567 | (2.92) | % | (2.92) | % | ||||||||||||||
Hotel EBITDA margin | 33.54 | % | 33.54 | % | 34.24 | % | 34.24 | % | (0.70) | % | (0.70) | % | ||||||||||||||||||
Selected Operating Information: | ||||||||||||||||||||||||||||||
RevPAR | $ | 169.34 | $ | — | $ | 169.34 | $ | 168.00 | $ | — | $ | 168.00 | 0.80 | % | 0.80 | % | ||||||||||||||
Occupancy | 76.61 | % | — | % | 76.61 | % | 81.23 | % | — | % | 81.23 | % | (5.69) | % | (5.69) | % | ||||||||||||||
ADR | $ | 221.04 | $ | — | $ | 221.04 | $ | 206.81 | $ | — | $ | 206.81 | 6.88 | % | 6.88 | % | ||||||||||||||
ST. THOMAS RITZ-CARLTON | ||||||||||||||||||||||||||||||
Selected Financial Information: | ||||||||||||||||||||||||||||||
Rooms revenue | $ | 1,816 | $ | — | $ | 1,816 | $ | 9,743 | $ | — | $ | 9,743 | (81.36) | % | (81.36) | % | ||||||||||||||
Total hotel revenue | $ | 6,561 | $ | — | $ | 6,561 | $ | 15,675 | $ | — | $ | 15,675 | (58.14) | % | (58.14) | % | ||||||||||||||
Hotel EBITDA | $ | 3,388 | $ | — | $ | 3,388 | $ | 4,408 | $ | — | $ | 4,408 | (23.14) | % | (23.14) | % | ||||||||||||||
Hotel EBITDA margin | 51.64 | % | 51.64 | % | 28.12 | % | 28.12 | % | 23.52 | % | 23.52 | % | ||||||||||||||||||
Selected Operating Information: | ||||||||||||||||||||||||||||||
RevPAR | $ | 243.25 | $ | — | $ | 243.25 | $ | 601.42 | $ | — | $ | 601.42 | (59.55) | % | (59.55) | % | ||||||||||||||
Occupancy | 75.81 | % | — | % | 75.81 | % | 78.68 | % | — | % | 78.68 | % | (3.65) | % | (3.65) | % | ||||||||||||||
ADR | $ | 320.87 | $ | — | $ | 320.87 | $ | 764.40 | $ | — | $ | 764.40 | (58.02) | % | (58.02) | % | ||||||||||||||
TAMPA RENAISSANCE | ||||||||||||||||||||||||||||||
Selected Financial Information: | ||||||||||||||||||||||||||||||
Rooms revenue | $ | 5,282 | $ | — | $ | 5,282 | $ | 5,243 | $ | — | $ | 5,243 | 0.74 | % | 0.74 | % | ||||||||||||||
Total hotel revenue | $ | 7,340 | $ | — | $ | 7,340 | $ | 7,463 | $ | — | $ | 7,463 | (1.65) | % | (1.65) | % | ||||||||||||||
Hotel EBITDA | $ | 2,046 | $ | — | $ | 2,046 | $ | 2,268 | $ | — | $ | 2,268 | (9.79) | % | (9.79) | % | ||||||||||||||
Hotel EBITDA margin | 27.87 | % | 27.87 | % | 30.39 | % | 30.39 | % | (2.52) | % | (2.52) | % | ||||||||||||||||||
Selected Operating Information: | ||||||||||||||||||||||||||||||
RevPAR | $ | 200.31 | $ | — | $ | 200.31 | $ | 198.81 | $ | — | $ | 198.81 | 0.75 | % | 0.75 | % | ||||||||||||||
Occupancy | 88.07 | % | — | % | 88.07 | % | 84.08 | % | — | % | 84.08 | % | 4.75 | % | 4.75 | % | ||||||||||||||
ADR | $ | 227.44 | $ | — | $ | 227.44 | $ | 236.45 | $ | — | $ | 236.45 | (3.81) | % | (3.81) | % | ||||||||||||||
BRAEMAR PROPERTIES TOTAL | ||||||||||||||||||||||||||||||
Selected Financial Information: | ||||||||||||||||||||||||||||||
Rooms revenue | $ | 65,507 | $ | — | $ | 65,507 | $ | 67,418 | $ | 7,116 | $ | 74,534 | (2.83) | % | (12.11) | % | ||||||||||||||
Total hotel revenue | $ | 102,489 | $ | — | $ | 102,489 | $ | 97,256 | $ | 12,956 | $ | 110,212 | 5.38 | % | (7.01) | % | ||||||||||||||
Hotel EBITDA | $ | 33,605 | $ | — | $ | 33,605 | $ | 28,731 | $ | 4,582 | $ | 33,313 | 16.96 | % | 0.88 | % | ||||||||||||||
Hotel EBITDA margin | 32.79 | % | 32.79 | % | 29.54 | % | 30.23 | % | 3.25 | % | 2.56 | % | ||||||||||||||||||
Selected Operating Information: | ||||||||||||||||||||||||||||||
RevPAR | $ | 209.27 | $ | — | $ | 209.27 | $ | 202.35 | $ | (590.06) | $ | 232.11 | 3.42 | % | (9.84) | % | ||||||||||||||
Occupancy | 78.67 | % | — | % | 78.67 | % | 78.43 | % | (53.16) | % | 79.38 | % | 0.31 | % | (0.89) | % | ||||||||||||||
ADR | $ | 266.01 | $ | — | $ | 266.01 | $ | 258.00 | $ | (1,109.99) | $ | 292.40 | 3.10 | % | (9.03) | % | ||||||||||||||
NOTES: | ||||||||||||||||||||||||||||||
(1) | The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||||||||||||||||||||
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | |||||||||||||||||||||||||||||
Adjustments have been made to the pre-acquisition results as indicated below: | ||||||||||||||||||||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates. | ||||||||||||||||||||||||||||||
(3) | See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. | |||||||||||||||||||||||||||||
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES SELECTED FINANCIAL AND OPERATING INFORMATION BY PROPERTY (in thousands, except operating information) (unaudited) | ||||||||||||
TTM Ended March 31, | ||||||||||||
Actual | Non-comparable | Comparable | ||||||||||
2018 | 2018 | 2018 | ||||||||||
CAPITAL HILTON WASHINGTON D.C. | ||||||||||||
Selected Financial Information: | ||||||||||||
Rooms revenue | $ | 40,412 | $ | — | $ | 40,412 | ||||||
Total hotel revenue | $ | 57,065 | $ | — | $ | 57,065 | ||||||
Hotel EBITDA | $ | 15,769 | $ | — | $ | 15,769 | ||||||
Hotel EBITDA margin | 27.63 | % | 27.63 | % | ||||||||
Selected Operating Information: | ||||||||||||
RevPAR | $ | 201.30 | $ | — | $ | 201.30 | ||||||
Occupancy | 86.67 | % | — | % | 86.67 | % | ||||||
ADR | $ | 232.26 | $ | — | $ | 232.26 | ||||||
LA JOLLA HILTON TORREY PINES | ||||||||||||
Selected Financial Information: | ||||||||||||
Rooms revenue | $ | 25,033 | $ | — | $ | 25,033 | ||||||
Total hotel revenue | $ | 45,725 | $ | — | $ | 45,725 | ||||||
Hotel EBITDA | $ | 15,712 | $ | — | $ | 15,712 | ||||||
Hotel EBITDA margin | 34.36 | % | 34.36 | % | ||||||||
Selected Operating Information: | ||||||||||||
RevPAR | $ | 174.07 | $ | — | $ | 174.07 | ||||||
Occupancy | 85.22 | % | — | % | 85.22 | % | ||||||
ADR | $ | 204.25 | $ | — | $ | 204.25 | ||||||
CHICAGO SOFITEL MAGNIFICENT MILE | ||||||||||||
Selected Financial Information: | ||||||||||||
Rooms revenue | $ | 24,787 | $ | — | $ | 24,787 | ||||||
Total hotel revenue | $ | 33,396 | $ | — | $ | 33,396 | ||||||
Hotel EBITDA | $ | 5,811 | $ | — | $ | 5,811 | ||||||
Hotel EBITDA margin | 17.40 | % | 17.40 | % | ||||||||
Selected Operating Information: | ||||||||||||
RevPAR | $ | 163.64 | $ | — | $ | 163.64 | ||||||
Occupancy | 80.06 | % | — | % | 80.06 | % | ||||||
ADR | $ | 204.39 | $ | — | $ | 204.39 | ||||||
BARDESSONO HOTEL AND SPA | ||||||||||||
Selected Financial Information: | ||||||||||||
Rooms revenue | $ | 13,305 | $ | — | $ | 13,305 | ||||||
Total hotel revenue | $ | 18,389 | $ | — | $ | 18,389 | ||||||
Hotel EBITDA | $ | 5,256 | $ | — | $ | 5,256 | ||||||
Hotel EBITDA margin | 28.58 | % | 28.58 | % | ||||||||
Selected Operating Information: | ||||||||||||
RevPAR | $ | 587.96 | $ | — | $ | 587.96 | ||||||
Occupancy | 75.89 | % | — | % | 75.89 | % | ||||||
ADR | $ | 774.71 | $ | — | $ | 774.71 | ||||||
KEY WEST PIER HOUSE RESORT | ||||||||||||
Selected Financial Information: | ||||||||||||
Rooms revenue | $ | 16,993 | $ | — | $ | 16,993 | ||||||
Total hotel revenue | $ | 23,282 | $ | — | $ | 23,282 | ||||||
Hotel EBITDA | $ | 11,171 | $ | (9) | $ | 11,162 | ||||||
Hotel EBITDA margin | 47.98 | % | 47.94 | % | ||||||||
Selected Operating Information: | ||||||||||||
RevPAR | $ | 327.84 | $ | — | $ | 327.84 | ||||||
Occupancy | 76.19 | % | — | % | 76.19 | % | ||||||
ADR | $ | 430.28 | $ | — | $ | 430.28 | ||||||
HOTEL YOUNTVILLE | ||||||||||||
Selected Financial Information: | ||||||||||||
Rooms revenue | $ | 10,256 | $ | 1,285 | $ | 11,541 | ||||||
Total hotel revenue | $ | 13,019 | $ | 1,571 | $ | 14,590 | ||||||
Hotel EBITDA | $ | 5,165 | $ | 572 | $ | 5,737 | ||||||
Hotel EBITDA margin | 39.67 | % | 39.32 | % | ||||||||
Selected Operating Information: | ||||||||||||
RevPAR | $ | 394.47 | $ | — | $ | 395.25 | ||||||
Occupancy | 71.67 | % | — | % | 72.33 | % | ||||||
ADR | $ | 550.44 | $ | — | $ | 546.46 | ||||||
PARK HYATT BEAVER CREEK | ||||||||||||
Selected Financial Information: | ||||||||||||
Rooms revenue | $ | 18,550 | $ | — | $ | 18,550 | ||||||
Total hotel revenue | $ | 40,128 | $ | — | $ | 40,128 | ||||||
Hotel EBITDA | $ | 9,467 | $ | — | $ | 9,467 | ||||||
Hotel EBITDA margin | 23.59 | % | 23.59 | % | ||||||||
Selected Operating Information: | ||||||||||||
RevPAR | $ | 267.48 | $ | — | $ | 267.48 | ||||||
Occupancy | 59.99 | % | — | % | 59.99 | % | ||||||
ADR | $ | 445.86 | $ | — | $ | 445.86 | ||||||
PHILADELPHIA COURTYARD DOWNTOWN | ||||||||||||
Selected Financial Information: | ||||||||||||
Rooms revenue | $ | 27,530 | $ | — | $ | 27,530 | ||||||
Total hotel revenue | $ | 33,363 | $ | — | $ | 33,363 | ||||||
Hotel EBITDA | $ | 13,236 | $ | — | $ | 13,236 | ||||||
Hotel EBITDA margin | 39.67 | % | 39.67 | % | ||||||||
Selected Operating Information: | ||||||||||||
RevPAR | $ | 151.15 | $ | — | $ | 151.15 | ||||||
Occupancy | 83.23 | % | — | % | 83.23 | % | ||||||
ADR | $ | 181.62 | $ | — | $ | 181.62 | ||||||
PLANO MARRIOTT LEGACY TOWN CENTER | ||||||||||||
Selected Financial Information: | ||||||||||||
Rooms revenue | $ | 11,657 | $ | (11,657) | $ | — | ||||||
Total hotel revenue | $ | 18,691 | $ | (18,691) | $ | — | ||||||
Hotel EBITDA | $ | 6,514 | $ | (6,514) | $ | — | ||||||
Hotel EBITDA margin | 34.85 | % | — | % | ||||||||
Selected Operating Information: | ||||||||||||
RevPAR | $ | 134.83 | $ | (134.83) | $ | — | ||||||
Occupancy | 73.18 | % | (73.18) | % | — | % | ||||||
ADR | $ | 184.26 | $ | (184.26) | $ | — | ||||||
SAN FRANCISCO COURTYARD DOWNTOWN | ||||||||||||
Selected Financial Information: | ||||||||||||
Rooms revenue | $ | 31,932 | $ | — | $ | 31,932 | ||||||
Total hotel revenue | $ | 36,588 | $ | — | $ | 36,588 | ||||||
Hotel EBITDA | $ | 12,574 | $ | — | $ | 12,574 | ||||||
Hotel EBITDA margin | 34.37 | % | 34.37 | % | ||||||||
Selected Operating Information: | ||||||||||||
RevPAR | $ | 214.39 | $ | — | $ | 214.39 | ||||||
Occupancy | 80.36 | % | — | % | 80.36 | % | ||||||
ADR | $ | 266.78 | $ | — | $ | 266.78 | ||||||
SEATTLE MARRIOTT WATERFRONT | ||||||||||||
Selected Financial Information: | ||||||||||||
Rooms revenue | $ | 31,498 | $ | — | $ | 31,498 | ||||||
Total hotel revenue | $ | 40,647 | $ | — | $ | 40,647 | ||||||
Hotel EBITDA | $ | 16,134 | $ | — | $ | 16,134 | ||||||
Hotel EBITDA margin | 39.69 | % | 39.69 | % | ||||||||
Selected Operating Information: | ||||||||||||
RevPAR | $ | 239.69 | $ | — | $ | 239.69 | ||||||
Occupancy | 86.84 | % | — | % | 86.84 | % | ||||||
ADR | $ | 276.03 | $ | — | $ | 276.03 | ||||||
ST. THOMAS RITZ-CARLTON | ||||||||||||
Selected Financial Information: | ||||||||||||
Rooms revenue | $ | 15,244 | $ | — | $ | 15,244 | ||||||
Total hotel revenue | $ | 34,843 | $ | — | $ | 34,843 | ||||||
Hotel EBITDA | $ | 9,575 | $ | — | $ | 9,575 | ||||||
Hotel EBITDA margin | 27.48 | % | 27.48 | % | ||||||||
Selected Operating Information: | ||||||||||||
RevPAR | $ | 349.17 | $ | — | $ | 349.17 | ||||||
Occupancy | 79.70 | % | — | % | 79.70 | % | ||||||
ADR | $ | 438.12 | $ | — | $ | 438.12 | ||||||
TAMPA RENAISSANCE | ||||||||||||
Selected Financial Information: | ||||||||||||
Rooms revenue | $ | 16,898 | $ | — | $ | 16,898 | ||||||
Total hotel revenue | $ | 24,002 | $ | — | $ | 24,002 | ||||||
Hotel EBITDA | $ | 6,780 | $ | — | $ | 6,780 | ||||||
Hotel EBITDA margin | 28.25 | % | 28.25 | % | ||||||||
Selected Operating Information: | ||||||||||||
RevPAR | $ | 158.02 | $ | — | $ | 158.02 | ||||||
Occupancy | 82.95 | % | — | % | 82.95 | % | ||||||
ADR | $ | 190.51 | $ | — | $ | 190.51 | ||||||
BRAEMAR PROPERTIES TOTAL | ||||||||||||
Selected Financial Information: | ||||||||||||
Rooms revenue | $ | 284,095 | $ | (10,372) | $ | 273,723 | ||||||
Total hotel revenue | $ | 419,138 | $ | (17,120) | $ | 402,018 | ||||||
Hotel EBITDA | $ | 133,174 | $ | (5,961) | $ | 127,213 | ||||||
Hotel EBITDA margin | 31.77 | % | 31.64 | % | ||||||||
Selected Operating Information: | ||||||||||||
RevPAR | $ | 208.07 | $ | (124.58) | $ | 213.49 | ||||||
Occupancy | 81.07 | % | (73.00) | % | 81.59 | % | ||||||
ADR | $ | 256.66 | $ | (170.66) | $ | 261.66 | ||||||
NOTES: | ||||||||||||
(1) | The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by results from hotel properties sold during the period. | |||||||||||
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. | |||||||||||
Adjustments have been made to the pre-acquisition results as indicated below: | ||||||||||||
(a) Management fee expense was adjusted to reflect current contractual rates. | ||||||||||||
(3) | See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. | |||||||||||
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES HOTEL REVENUE & EBITDA FOR TRAILING TWELVE MONTHS (dollars in thousands) (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Actual | Non- | Comparable | Actual | Non- | Comparable | Actual | Non- | Comparable | Actual | Non- | Comparable | ||||||||||||||||||||||||||||||||||||
2018 | 2018 | 2018 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 | ||||||||||||||||||||||||||||||||||||
1st Quarter | 1st Quarter | 1st Quarter | 4th Quarter | 4th Quarter | 4th Quarter | 3rd Quarter | 3rd Quarter | 3rd Quarter | 2nd Quarter | 2nd Quarter | 2nd Quarter | ||||||||||||||||||||||||||||||||||||
Total Hotel Revenue | $ | 102,489 | $ | — | $ | 102,489 | $ | 92,514 | $ | (2,942) | $ | 89,572 | $ | 108,080 | $ | (6,871) | $ | 101,209 | $ | 116,055 | $ | (7,307) | $ | 108,748 | |||||||||||||||||||||||
Hotel EBITDA | $ | 33,605 | $ | — | $ | 33,605 | $ | 28,168 | $ | (1,126) | $ | 27,042 | $ | 33,030 | $ | (2,385) | $ | 30,645 | $ | 38,371 | $ | (2,450) | $ | 35,921 | |||||||||||||||||||||||
Hotel EBITDA Margin | 32.79 | % | 32.79 | % | 30.45 | % | 30.19 | % | 30.56 | % | 30.28 | % | 33.06 | % | 33.03 | % | |||||||||||||||||||||||||||||||
EBITDA % of Total TTM | 25.2 | % | 26.4 | % | 21.2 | % | 21.3 | % | 24.8 | % | 24.1 | % | 28.8 | % | 28.2 | % | |||||||||||||||||||||||||||||||
JV Interests in EBITDA | $ | 1,990 | $ | — | $ | 1,990 | $ | 1,620 | $ | — | $ | 1,620 | $ | 1,618 | $ | — | $ | 1,618 | $ | 2,642 | $ | — | $ | 2,642 | |||||||||||||||||||||||
Actual | Non- | Comparable | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2018 | 2018 | |||||||||||||||||||||||||||||||||||||||||||||
TTM | TTM | TTM | |||||||||||||||||||||||||||||||||||||||||||||
Total Hotel Revenue | $ | 419,138 | $ | (17,120) | $ | 402,018 | |||||||||||||||||||||||||||||||||||||||||
Hotel EBITDA | $ | 133,174 | $ | (5,961) | $ | 127,213 | |||||||||||||||||||||||||||||||||||||||||
Hotel EBITDA Margin | 31.77 | % | 31.64 | % | |||||||||||||||||||||||||||||||||||||||||||
EBITDA % of Total TTM | 100.0 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||
JV Interests in EBITDA | $ | 7,870 | $ | — | $ | 7,870 | |||||||||||||||||||||||||||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre- |
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
Adjustments have been made to the pre-acquisition results as indicated below: | |
(a) Management fee expense was adjusted to reflect current contractual rates. | |
(3) | See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA. |
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES TOTAL ENTERPRISE VALUE MARCH 31, 2018 (in thousands, except share price) (unaudited) | |||
March 31, 2018 | |||
End of quarter common shares outstanding | 32,517 | ||
Partnership units outstanding (common stock equivalents) | 5,139 | ||
Combined common shares and partnership units outstanding | 37,656 | ||
Common stock price at quarter end | $ | 9.72 | |
Market capitalization at quarter end | $ | 366,016 | |
Series B convertible preferred stock | $ | 124,146 | |
Debt on balance sheet date | $ | 825,522 | |
Joint venture partner's share of consolidated debt | $ | (47,324) | |
Net working capital (see below) | $ | (151,086) | |
Total enterprise value (TEV) | $ | 1,117,274 | |
Ashford Inc. Investment: | |||
Common stock owned at end of quarter | 195 | ||
Common stock price at quarter end | $ | 95.71 | |
Market value of Ashford Inc. investment | $ | 18,652 | |
Cash and cash equivalents | $ | 90,162 | |
Restricted cash | $ | 62,228 | |
Accounts receivable, net | $ | 18,236 | |
Insurance receivable | $ | 14,203 | |
Prepaid expenses | $ | 5,620 | |
Due from affiliates, net | $ | 606 | |
Due from third-party hotel managers, net | $ | 3,748 | |
Market value of Ashford Inc. investment | $ | 18,652 | |
Total current assets | $ | 213,455 | |
Accounts payable, net & accrued expenses | $ | 53,995 | |
Dividends payable | $ | 8,374 | |
Total current liabilities | $ | 62,369 | |
Net working capital* | $ | 151,086 | |
* Includes the Company's pro rata share of net working capital in joint ventures. | |||
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES ANTICIPATED CAPITAL EXPENDITURES CALENDAR (a) | ||||||
2018 | ||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||
Rooms | Actual | Estimated | Estimated | Estimated | ||
Capital Hilton Washington D.C. | 550 | x | x | x | ||
Chicago Sofitel Magnificent Mile | 415 | x | x | |||
Philadelphia Courtyard Downtown | 499 | x | ||||
San Francisco Courtyard Downtown | 410 | x | x | x | x | |
St. Thomas Ritz-Carlton | 180 | x | x | x | x | |
Total | 4 | 3 | 3 | 4 | ||
(a) | Only hotels which have had or are expected to have significant capital expenditures that could result in displacement in 2018 are included in this table. |
Exhibit 1 | |||||||||||||||||||
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA (in thousands) (unaudited) | |||||||||||||||||||
2018 | 2017 | 2017 | 2017 | March 31, 2018 | |||||||||||||||
1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | TTM | |||||||||||||||
Net income (loss) | $ | 16,761 | $ | 35,206 | $ | 10,705 | $ | 21,607 | $ | 84,279 | |||||||||
Non-property adjustments | 12 | (23,720) | 1,008 | — | (22,700) | ||||||||||||||
Interest income | (18) | (13) | (18) | (10) | (59) | ||||||||||||||
Interest expense | 3,123 | 2,986 | 2,744 | 2,204 | 11,057 | ||||||||||||||
Amortization of loan costs | 199 | 310 | 307 | 271 | 1,087 | ||||||||||||||
Depreciation and amortization | 13,006 | 12,705 | 14,134 | 13,468 | 53,313 | ||||||||||||||
Income tax expense (benefit) | 154 | (607) | (404) | 366 | (491) | ||||||||||||||
Non-hotel EBITDA ownership expense | 368 | 1,301 | 4,554 | 465 | 6,688 | ||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 33,605 | 28,168 | 33,030 | 38,371 | 133,174 | ||||||||||||||
Non-comparable adjustments | — | (1,126) | (2,385) | (2,450) | (5,961) | ||||||||||||||
Comparable hotel EBITDA | $ | 33,605 | $ | 27,042 | $ | 30,645 | $ | 35,921 | $ | 127,213 | |||||||||
Exhibit 1 | |||||||||||||||||||||||||||||||
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||
Three Months Ended March 31, 2018 | |||||||||||||||||||||||||||||||
Capital Hilton Washington D.C. | La Jolla Hilton Torrey Pines | Chicago Sofitel Magnificent Mile | Bardessono Hotel & Spa | Key West Pier House Resort | Hotel Yountville | Park Hyatt Beaver Creek | Philadelphia Courtyard Downtown | Plano Marriott Legacy Town Center | San Francisco Courtyard Downtown | Seattle Marriott Waterfront | St. Thomas Ritz-Carlton | Tampa Renaissance | Hotel Total | Corporate / Allocated | Braemar Hotels & Resorts Inc. | ||||||||||||||||
Net income (loss) | $ 1,334 | $ 3,273 | $ (3,350) | $ (210) | $ 3,076 | $ (37) | $ 5,330 | $ 991 | $ 74 | $ 1,354 | $ 1,457 | $ 2,324 | $ 1,145 | $ 16,761 | $ (12,491) | $ 4,270 | |||||||||||||||
Non-property adjustments | — | — | — | — | — | — | — | — | — | — | — | — | 12 | 12 | (12) | — | |||||||||||||||
Interest income | (5) | (7) | — | — | — | — | — | (1) | — | — | (3) | (1) | (1) | (18) | (182) | (200) | |||||||||||||||
Interest expense | — | — | 779 | 415 | — | 507 | 734 | — | — | — | — | 688 | — | 3,123 | 6,068 | 9,191 | |||||||||||||||
Amortization of loan cost | — | — | — | 32 | — | 35 | 132 | — | — | — | — | — | — | 199 | 789 | 988 | |||||||||||||||
Depreciation and amortization | 1,769 | 1,438 | 1,426 | 647 | 765 | 664 | 836 | 1,543 | — | 1,674 | 1,049 | 259 | 936 | 13,006 | — | 13,006 | |||||||||||||||
Income tax expense (benefit) | — | 124 | — | — | — | — | — | 2 | — | — | — | 28 | — | 154 | 418 | 572 | |||||||||||||||
Non-hotel EBITDA ownership expense | 4 | 31 | 2 | 164 | 10 | 72 | 16 | 63 | (74) | 47 | (11) | 90 | (46) | 368 | (368) | — | |||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 3,102 | 4,859 | (1,143) | 1,048 | 3,851 | 1,241 | 7,048 | 2,598 | — | 3,075 | 2,492 | 3,388 | 2,046 | 33,605 | (5,778) | 27,827 | |||||||||||||||
Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (775) | (1,215) | — | — | — | — | — | — | — | — | — | — | — | (1,990) | 1,990 | — | |||||||||||||||
Equity in earnings (loss) of unconsolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 3 | 3 | |||||||||||||||
Company's portion of EBITDA of OpenKey | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (2) | (2) | |||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ 2,327 | $ 3,644 | $ (1,143) | $ 1,048 | $ 3,851 | $ 1,241 | $ 7,048 | $ 2,598 | $ — | $ 3,075 | $ 2,492 | $ 3,388 | $ 2,046 | $ 31,615 | $ (3,787) | $ 27,828 | |||||||||||||||
Non-comparable adjustments | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Comparable hotel EBITDA | $ 3,102 | $ 4,859 | $ (1,143) | $ 1,048 | $ 3,851 | $ 1,241 | $ 7,048 | $ 2,598 | $ — | $ 3,075 | $ 2,492 | $ 3,388 | $ 2,046 | $ 33,605 | |||||||||||||||||
ALL HOTELS NOT UNDER | |||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | $ — | $ 4,859 | $ — | $ 1,048 | $ 3,851 | $ 1,241 | $ 7,048 | $ 2,598 | $ — | $ — | $ 2,492 | $ — | $ 2,046 | $ 25,183 | |||||||||||||||||
Non-comparable adjustments | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Comparable hotel EBITDA | $ — | $ 4,859 | $ — | $ 1,048 | $ 3,851 | $ 1,241 | $ 7,048 | $ 2,598 | $ — | $ — | $ 2,492 | $ — | $ 2,046 | $ 25,183 | |||||||||||||||||
HOTEL EBITDA BY LOAN POOL | |||||||||||||||||||||||||||||||
GACC Sofitel - 1 hotel | $ — | $ — | $ (1,143) | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ (1,143) | |||||||||||||||||
Credit Agricole Pier House - 1 hotel | — | — | — | — | 3,851 | — | — | — | — | — | — | — | — | 3,851 | |||||||||||||||||
BAML Bardessono - 1 hotel | — | — | — | 1,048 | — | — | — | — | — | — | — | — | — | 1,048 | |||||||||||||||||
BAML Hotel Yountville - 1 hotel | — | — | — | — | — | 1,241 | — | — | — | — | — | — | — | 1,241 | |||||||||||||||||
Apollo Ritz-Carlton St Thomas - 1 hotel | — | — | — | — | — | — | — | — | — | — | — | 3,388 | — | 3,388 | |||||||||||||||||
Aareal - 2 hotels | 3,102 | 4,859 | — | — | — | — | — | — | — | — | — | — | — | 7,961 | |||||||||||||||||
Morgan Stanley Pool - 4 hotels | — | — | — | — | — | — | — | 2,598 | — | 3,075 | 2,492 | — | 2,046 | 10,211 | |||||||||||||||||
JP Morgan Park Hyatt Beaver Creek - 1 hotel | — | — | — | — | — | — | 7,048 | — | — | — | — | — | — | 7,048 | |||||||||||||||||
Total | $ 3,102 | $ 4,859 | $ (1,143) | $ 1,048 | $ 3,851 | $ 1,241 | $ 7,048 | $ 2,598 | $ — | $ 3,075 | $ 2,492 | $ 3,388 | $ 2,046 | $ 33,605 | |||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset |
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
Adjustments have been made to the pre-acquisition results as indicated below: | |
(a) Management fee expense was adjusted to reflect current contractual rates. | |
(3) | Excluded Hotels Under Renovation: |
Capital Hilton Washington D.C., Chicago Sofitel Magnificent Mile, San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton | |
Exhibit 1 | |||||||||||||||||||||||||||||||
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||
Three Months Ended December 31, 2017 | |||||||||||||||||||||||||||||||
Capital Hilton Washington D.C. | La Jolla Hilton Torrey Pines | Chicago Sofitel Magnificent Mile | Bardessono Hotel & Spa | Key West Pier House Resort | Hotel Yountville | Park Hyatt Beaver Creek | Philadelphia Courtyard Downtown | Plano Marriott Legacy Town Center | San Francisco Courtyard Downtown | Seattle Marriott Waterfront | St. Thomas Ritz-Carlton | Tampa Renaissance | Hotel Total | Corporate / Allocated | Braemar Hotels & Resorts Inc. | ||||||||||||||||
Net income (loss) | $ 2,003 | $ 1,921 | $ (502) | $ (745) | $ 2,416 | $ (744) | $ (484) | $ 1,927 | $ 24,587 | $ 512 | $ 2,240 | $ 1,226 | $ 849 | $ 35,206 | $ (6,762) | $ 28,444 | |||||||||||||||
Non-property adjustments | — | — | — | — | 505 | — | — | — | (23,797) | — | — | (428) | — | (23,720) | 23,720 | — | |||||||||||||||
Interest income | (2) | (6) | — | — | — | — | — | — | — | — | (3) | (1) | (1) | (13) | (202) | (215) | |||||||||||||||
Interest expense | — | — | 733 | 388 | — | 499 | 697 | — | — | — | — | 669 | — | 2,986 | 6,059 | 9,045 | |||||||||||||||
Amortization of loan cost | — | — | — | 35 | — | 34 | 131 | — | — | — | — | 110 | — | 310 | 839 | 1,149 | |||||||||||||||
Depreciation and amortization | 1,696 | 1,468 | 1,290 | 647 | 712 | 655 | 824 | 1,540 | 135 | 1,486 | 1,047 | 265 | 940 | 12,705 | (16) | 12,689 | |||||||||||||||
Income tax expense (benefit) | — | (593) | — | — | — | — | — | 11 | — | — | — | (25) | — | (607) | (249) | (856) | |||||||||||||||
Non-hotel EBITDA ownership expense | 83 | (90) | 54 | 169 | (176) | 47 | 13 | 40 | 151 | 438 | 46 | 536 | (10) | 1,301 | (1,301) | — | |||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 3,780 | 2,700 | 1,575 | 494 | 3,457 | 491 | 1,181 | 3,518 | 1,076 | 2,436 | 3,330 | 2,352 | 1,778 | 28,168 | 22,088 | 50,256 | |||||||||||||||
Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (945) | (675) | — | — | — | — | — | — | — | — | — | — | — | (1,620) | 1,620 | — | |||||||||||||||
Equity in earnings (loss) of unconsolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Company's portion of EBITDA of OpenKey | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ 2,835 | $ 2,025 | $ 1,575 | $ 494 | $ 3,457 | $ 491 | $ 1,181 | $ 3,518 | $ 1,076 | $ 2,436 | $ 3,330 | $ 2,352 | $ 1,778 | $ 26,548 | $ 23,708 | $ 50,256 | |||||||||||||||
Non-comparable adjustments | — | — | — | — | (50) | — | — | — | (1,076) | — | — | — | — | (1,126) | |||||||||||||||||
Comparable hotel EBITDA | $ 3,780 | $ 2,700 | $ 1,575 | $ 494 | $ 3,407 | $ 491 | $ 1,181 | $ 3,518 | $ — | $ 2,436 | $ 3,330 | $ 2,352 | $ 1,778 | $ 27,042 | |||||||||||||||||
HOTEL EBITDA BY LOAN POOL | |||||||||||||||||||||||||||||||
GACC Sofitel - 1 hotel | $ — | $ — | $ 1,575 | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ 1,575 | |||||||||||||||||
Credit Agricole Pier House - 1 hotel | — | — | — | — | 3,407 | — | — | — | — | — | — | — | — | 3,407 | |||||||||||||||||
BAML Bardessono - 1 hotel | — | — | — | 494 | — | — | — | — | — | — | — | — | — | 494 | |||||||||||||||||
BAML Hotel Yountville - 1 hotel | — | — | — | — | — | 491 | — | — | — | — | — | — | — | 491 | |||||||||||||||||
Apollo Ritz-Carlton St Thomas - 1 hotel | — | — | — | — | — | — | — | — | — | — | — | 2,352 | — | 2,352 | |||||||||||||||||
Aareal - 2 hotels | 3,780 | 2,700 | — | — | — | — | — | — | — | — | — | — | — | 6,480 | |||||||||||||||||
Morgan Stanley Pool - 4 hotels | — | — | — | — | — | — | — | 3,518 | — | 2,436 | 3,330 | — | 1,778 | 11,062 | |||||||||||||||||
JP Morgan Park Hyatt Beaver Creek - 1 hotel | — | — | — | — | — | — | 1,181 | — | — | — | — | — | — | 1,181 | |||||||||||||||||
Total | $ 3,780 | $ 2,700 | $ 1,575 | $ 494 | $ 3,407 | $ 491 | $ 1,181 | $ 3,518 | $ — | $ 2,436 | $ 3,330 | $ 2,352 | $ 1,778 | $ 27,042 | |||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by |
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
Adjustments have been made to the pre-acquisition results as indicated below: | |
(a) Management fee expense was adjusted to reflect current contractual rates. | |
Exhibit 1 | |||||||||||||||||||||||||||||||
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||
Capital Hilton Washington D.C. | La Jolla Hilton Torrey Pines | Chicago Sofitel Magnificent Mile | Bardessono Hotel & Spa | Key West Pier House Resort | Hotel Yountville | Park Hyatt Beaver Creek | Philadelphia Courtyard Downtown | Plano Marriott Legacy Town Center | San Francisco Courtyard Downtown | Seattle Marriott Waterfront | St. Thomas Ritz-Carlton | Tampa Renaissance | Hotel Total | Corporate / Allocated | Braemar Hotels & Resorts Inc. | ||||||||||||||||
Net income (loss) | $ 767 | $ 2,504 | $ 241 | $ 1,147 | $ (1,139) | $ 1,250 | $ (23) | $ 1,399 | $ 1,152 | $ 2,941 | $ 4,294 | $ (4,081) | $ 253 | $ 10,705 | $ (10,922) | $ (217) | |||||||||||||||
Non-property adjustments | — | — | — | — | 318 | — | — | — | — | — | — | 680 | 10 | 1,008 | (1,008) | — | |||||||||||||||
Interest income | (9) | (4) | — | — | — | — | — | (1) | — | — | (3) | (1) | — | (18) | (180) | (198) | |||||||||||||||
Interest expense | — | — | 719 | 185 | — | 492 | 684 | — | — | — | — | 664 | — | 2,744 | 6,510 | 9,254 | |||||||||||||||
Amortization of loan cost | — | — | — | 11 | — | 33 | 129 | — | — | — | — | 134 | — | 307 | 1,049 | 1,356 | |||||||||||||||
Depreciation and amortization | 1,644 | 1,481 | 1,193 | 641 | 736 | 654 | 820 | 1,516 | 1,232 | 1,302 | 1,027 | 944 | 944 | 14,134 | (1) | 14,133 | |||||||||||||||
Income tax expense (benefit) | (184) | (187) | — | — | — | — | — | 4 | — | — | — | (37) | — | (404) | 737 | 333 | |||||||||||||||
Non-hotel EBITDA ownership expense | 421 | 41 | 11 | 159 | 1,233 | 20 | 75 | 8 | 18 | 37 | 72 | 2,422 | 37 | 4,554 | (4,554) | — | |||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 2,639 | 3,835 | 2,164 | 2,143 | 1,148 | 2,449 | 1,685 | 2,926 | 2,402 | 4,280 | 5,390 | 725 | 1,244 | 33,030 | (8,369) | 24,661 | |||||||||||||||
Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (660) | (958) | — | — | — | — | — | — | — | — | — | — | — | (1,618) | 1,618 | — | |||||||||||||||
Equity in earnings (loss) of unconsolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Company's portion of EBITDA of OpenKey | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ 1,979 | $ 2,877 | $ 2,164 | $ 2,143 | $ 1,148 | $ 2,449 | $ 1,685 | $ 2,926 | $ 2,402 | $ 4,280 | $ 5,390 | $ 725 | $ 1,244 | $ 31,412 | $ (6,751) | $ 24,661 | |||||||||||||||
Non-comparable adjustments | — | — | — | — | 17 | — | — | — | (2,402) | — | — | — | — | (2,385) | |||||||||||||||||
Comparable hotel EBITDA | $ 2,639 | $ 3,835 | $ 2,164 | $ 2,143 | $ 1,165 | $ 2,449 | $ 1,685 | $ 2,926 | $ — | $ 4,280 | $ 5,390 | $ 725 | $ 1,244 | $ 30,645 | |||||||||||||||||
HOTEL EBITDA BY LOAN POOL | |||||||||||||||||||||||||||||||
GACC Sofitel - 1 hotel | $ — | $ — | $ 2,164 | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ 2,164 | |||||||||||||||||
Credit Agricole Pier House - 1 hotel | — | — | — | — | 1,165 | — | — | — | — | — | — | — | — | 1,165 | |||||||||||||||||
BAML Bardessono - 1 hotel | — | — | — | 2,143 | — | — | — | — | — | — | — | — | — | 2,143 | |||||||||||||||||
BAML Hotel Yountville - 1 hotel | — | — | — | — | — | 2,449 | — | — | — | — | — | — | — | 2,449 | |||||||||||||||||
Apollo Ritz-Carlton St Thomas - 1 hotel | — | — | — | — | — | — | — | — | — | — | — | 725 | — | 725 | |||||||||||||||||
Aareal - 2 hotels | 2,639 | 3,835 | — | — | — | — | — | — | — | — | — | — | — | 6,474 | |||||||||||||||||
Morgan Stanley Pool - 4 hotels | — | — | — | — | — | — | — | 2,926 | — | 4,280 | 5,390 | — | 1,244 | 13,840 | |||||||||||||||||
JP Morgan Park Hyatt Beaver Creek - 1 hotel | — | — | — | — | — | — | 1,685 | — | — | — | — | — | — | 1,685 | |||||||||||||||||
Total | $ 2,639 | $ 3,835 | $ 2,164 | $ 2,143 | $ 1,165 | $ 2,449 | $ 1,685 | $ 2,926 | $ — | $ 4,280 | $ 5,390 | $ 725 | $ 1,244 | $ 30,645 | |||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset |
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
Adjustments have been made to the pre-acquisition results as indicated below: | |
(a) Management fee expense was adjusted to reflect current contractual rates. | |
Exhibit 1 | |||||||||||||||||||||||||||||||||
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2017 | |||||||||||||||||||||||||||||||||
Capital Hilton Washington D.C. | La Jolla Hilton Torrey Pines | Chicago Sofitel Magnificent Mile | Bardessono Hotel & Spa | Key West Pier House Resort | Hotel Yountville | Park Hyatt Beaver Creek | Philadelphia Courtyard Downtown | Plano Marriott Legacy Town Center | San Francisco Courtyard Downtown | Seattle Courtyard Downtown | Seattle Marriott Waterfront | St. Thomas Ritz-Carlton | Tampa Renaissance | Hotel Total | Corporate / Allocated | Braemar Hotels & Resorts Inc. | |||||||||||||||||
Net income (loss) | $ 4,433 | $ 2,643 | $ 1,416 | $ 785 | $ 1,995 | $ 297 | $ (2,032) | $ 2,548 | $ 1,792 | $ 1,605 | $ 10 | $ 3,895 | $ 1,435 | $ 785 | $ 21,607 | $ (21,221) | $ 386 | ||||||||||||||||
Non-property adjustments | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Interest income | (4) | (1) | — | — | — | — | — | — | — | (1) | — | (3) | (1) | — | (10) | (155) | (165) | ||||||||||||||||
Interest expense | — | — | 669 | — | — | 258 | 644 | — | — | — | — | — | 633 | — | 2,204 | 6,378 | 8,582 | ||||||||||||||||
Amortization of loan cost | — | — | — | — | — | 11 | 128 | — | — | — | — | — | 132 | — | 271 | 1,078 | 1,349 | ||||||||||||||||
Depreciation and amortization | 1,582 | 1,509 | 1,123 | 627 | 713 | 365 | 812 | 1,519 | 1,241 | 1,141 | — | 1,013 | 885 | 938 | 13,468 | 1 | 13,469 | ||||||||||||||||
Income tax expense (benefit) | 184 | 154 | — | — | — | — | — | 5 | — | — | — | — | 23 | — | 366 | 113 | 479 | ||||||||||||||||
Non-hotel EBITDA ownership expense | 53 | 13 | 7 | 159 | 7 | 53 | 1 | 122 | 3 | 38 | — | 17 | 3 | (11) | 465 | (465) | — | ||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 6,248 | 4,318 | 3,215 | 1,571 | 2,715 | 984 | (447) | 4,194 | 3,036 | 2,783 | 10 | 4,922 | 3,110 | 1,712 | 38,371 | (14,271) | 24,100 | ||||||||||||||||
Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (1,562) | (1,080) | — | — | — | — | — | — | — | — | — | — | — | — | (2,642) | 2,642 | — | ||||||||||||||||
Equity in earnings (loss) of unconsolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Company's portion of EBITDA of OpenKey | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ 4,686 | $ 3,238 | $ 3,215 | $ 1,571 | $ 2,715 | $ 984 | $ (447) | $ 4,194 | $ 3,036 | $ 2,783 | $ 10 | $ 4,922 | $ 3,110 | $ 1,712 | $ 35,729 | $ (11,629) | $ 24,100 | ||||||||||||||||
Non-comparable adjustments | — | — | — | — | 24 | 572 | — | — | (3,036) | — | (10) | — | — | — | (2,450) | ||||||||||||||||||
Comparable hotel EBITDA | $ 6,248 | $ 4,318 | $ 3,215 | $ 1,571 | $ 2,739 | $ 1,556 | $ (447) | $ 4,194 | $ — | $ 2,783 | $ — | $ 4,922 | $ 3,110 | $ 1,712 | $ 35,921 | ||||||||||||||||||
HOTEL EBITDA BY LOAN POOL | |||||||||||||||||||||||||||||||||
GACC Sofitel - 1 hotel | $ — | $ — | $ 3,215 | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ — | $ 3,215 | ||||||||||||||||||
Credit Agricole Pier House - 1 hotel | — | — | — | — | 2,739 | — | — | — | — | — | — | — | — | — | 2,739 | ||||||||||||||||||
BAML Bardessono - 1 hotel | — | — | — | 1,571 | — | — | — | — | — | — | — | — | — | — | 1,571 | ||||||||||||||||||
BAML Hotel Yountville - 1 hotel | — | — | — | — | — | 1,556 | — | — | — | — | — | — | — | — | 1,556 | ||||||||||||||||||
Apollo Ritz-Carlton St Thomas - 1 hotel | — | — | — | — | — | — | — | — | — | — | — | — | 3,110 | — | 3,110 | ||||||||||||||||||
Aareal - 2 hotels | 6,248 | 4,318 | — | — | — | — | — | — | — | — | — | — | — | — | 10,566 | ||||||||||||||||||
Morgan Stanley Pool - 4 hotels | — | — | — | — | — | — | — | 4,194 | — | 2,783 | — | 4,922 | — | 1,712 | 13,611 | ||||||||||||||||||
JP Morgan Park Hyatt Beaver Creek - 1 hotel | — | — | — | — | — | — | (447) | — | — | — | — | — | — | — | (447) | ||||||||||||||||||
Total | $ 6,248 | $ 4,318 | $ 3,215 | $ 1,571 | $ 2,739 | $ 1,556 | $ (447) | $ 4,194 | $ — | $ 2,783 | $ — | $ 4,922 | $ 3,110 | $ 1,712 | $ 35,921 | ||||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset by |
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
Adjustments have been made to the pre-acquisition results as indicated below: | |
(a) Management fee expense was adjusted to reflect current contractual rates. | |
Exhibit 1 | |||||||||||||||||||||||||||||||||
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2017 | |||||||||||||||||||||||||||||||||
Capital Hilton Washington D.C. | La Jolla Hilton Torrey Pines | Chicago Sofitel Magnificent Mile | Bardessono Hotel & Spa | Key West Pier House Resort | Hotel Yountville | Park Hyatt Beaver Creek | Philadelphia Courtyard Downtown | Plano Marriott Legacy Town Center | San Francisco Courtyard Downtown | Seattle Courtyard Downtown | Seattle Marriott Waterfront | St. Thomas Ritz-Carlton | Tampa Renaissance | Hotel Total | Corporate / Allocated | Braemar Hotels & Resorts Inc. | |||||||||||||||||
Net income (loss) | $ 3,286 | $ 2,265 | $ (2,768) | $ (547) | $ 2,963 | $ — | $ (7) | $ 10 | $ 1,867 | $ 2,217 | $ — | $ 1,570 | $ 2,749 | $ 1,346 | $ 14,951 | $ (15,240) | $ (289) | ||||||||||||||||
Non-property adjustments | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Interest income | (2) | (1) | — | — | — | — | — | — | — | (3) | — | (3) | (1) | — | (10) | (102) | (112) | ||||||||||||||||
Interest expense | — | — | 617 | — | — | — | 7 | 54 | — | — | — | — | 602 | — | 1,280 | 5,873 | 7,153 | ||||||||||||||||
Amortization of loan cost | — | — | — | — | — | — | — | — | — | — | — | — | 130 | — | 130 | 919 | 1,049 | ||||||||||||||||
Depreciation and amortization | 1,588 | 1,518 | 972 | 618 | 689 | — | — | 1,507 | 1,188 | 989 | — | 994 | 855 | 933 | 11,851 | 120 | 11,971 | ||||||||||||||||
Income tax expense (benefit) | — | 94 | (1) | — | — | — | — | 2 | (1) | — | — | — | 39 | — | 133 | (611) | (478) | ||||||||||||||||
Non-hotel EBITDA ownership expense | 133 | 11 | 4 | 162 | 10 | — | — | 10 | 2 | 35 | — | 6 | 34 | (11) | 396 | (396) | — | ||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | 5,005 | 3,887 | (1,176) | 233 | 3,662 | — | — | 1,583 | 3,056 | 3,238 | — | 2,567 | 4,408 | 2,268 | 28,731 | (9,437) | 19,294 | ||||||||||||||||
Less: EBITDA adjustments attributable to consolidated noncontrolling interest | (1,251) | (972) | — | — | — | — | — | — | — | — | — | — | — | — | (2,223) | 2,223 | — | ||||||||||||||||
Equity in earnings (loss) of unconsolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Company's portion of EBITDA of OpenKey | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Hotel EBITDA attributable to the Company and OP unitholders | $ 3,754 | $ 2,915 | $ (1,176) | $ 233 | $ 3,662 | $ — | $ — | $ 1,583 | $ 3,056 | $ 3,238 | $ — | $ 2,567 | $ 4,408 | $ 2,268 | $ 26,508 | $ (7,214) | $ 19,294 | ||||||||||||||||
Non-comparable adjustments | — | — | — | — | 9 | 661 | 6,968 | — | (3,056) | — | — | — | — | — | 4,582 | ||||||||||||||||||
Comparable hotel EBITDA | $ 5,005 | $ 3,887 | $ (1,176) | $ 233 | $ 3,671 | $ 661 | $ 6,968 | $ 1,583 | $ — | $ 3,238 | $ — | $ 2,567 | $ 4,408 | $ 2,268 | $ 33,313 | ||||||||||||||||||
ALL HOTELS NOT UNDER | |||||||||||||||||||||||||||||||||
Hotel EBITDA including amounts attributable to noncontrolling interest | $ — | $ 3,887 | $ — | $ 233 | $ 3,662 | $ — | $ — | $ 1,583 | $ 3,056 | $ — | $ — | $ 2,567 | $ — | $ 2,268 | $ 17,256 | ||||||||||||||||||
Non-comparable adjustments | — | — | — | — | 9 | 661 | 6,968 | — | (3,056) | — | — | — | — | — | 4,582 | ||||||||||||||||||
Comparable hotel EBITDA | $ — | $ 3,887 | $ — | $ 233 | $ 3,671 | $ 661 | $ 6,968 | $ 1,583 | $ — | $ — | $ — | $ 2,567 | $ — | $ 2,268 | $ 21,838 | ||||||||||||||||||
NOTES: | |
(1) | The above comparable information assumes the twelve hotel properties owned and included in the Company's operations at March 31, 2018, were owned as of the beginning of each of the periods presented. Non-comparable adjustments include pre-acquisition results from hotel properties acquired during the period offset |
(2) | All pre-acquisition information was obtained from the prior owner. The Company performed a limited review of the information as part of its analysis of the acquisition. |
Adjustments have been made to the pre-acquisition results as indicated below: | |
(a) Management fee expense was adjusted to reflect current contractual rates. | |
(3) | Excluded Hotels Under Renovation: |
Capital Hilton Washington D.C., Chicago Sofitel Magnificent Mile, San Francisco Courtyard Downtown, St. Thomas Ritz-Carlton | |
View original content:http://www.prnewswire.com/news-releases/braemar-hotels--resorts-reports-first-quarter-2018-results-300641453.html
SOURCE Braemar Hotels & Resorts, Inc.
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