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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Chesapeake Lodging Trust | NYSE:CHSP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 27.17 | 0 | 01:00:00 |
ý
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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MARYLAND
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27-0372343
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Title of Each Class
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Name of Exchange On Which Registered
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Common Shares of Beneficial Interest, $.01 par value
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New York Stock Exchange
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Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $.01 par value
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New York Stock Exchange
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Large accelerated filer
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ý
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Accelerated filer
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o
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Non-accelerated filer
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o
(Do not check if a smaller reporting company)
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Smaller reporting company
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o
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Page
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PART I
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||
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Business
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||
Risk Factors
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||
Unresolved Staff Comments
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||
Properties
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||
Legal Proceedings
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||
Mine Safety Disclosures
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||
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PART II
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||
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Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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||
Selected Financial Data
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||
Management’s Discussion and Analysis of Financial Condition and Results of Operations
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||
Quantitative and Qualitative Disclosures About Market Risk
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Financial Statements and Supplementary Data
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||
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
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Controls and Procedures
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Other Information
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PART III
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||
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Directors, Executive Officers and Corporate Governance
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Executive Compensation
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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Certain Relationships and Related Transactions, and Director Independence
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Principal Accounting Fees and Services
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PART IV
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Exhibits, Financial Statement Schedules
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Form 10-K Summary
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Item 1.
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Business
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Item 1A.
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Risk Factors
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•
|
require us to maintain minimum debt service coverage ratios;
|
•
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require us to maintain minimum levels of tangible net worth;
|
•
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limit our ability to make certain investments;
|
•
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prevent us from incurring total debt in excess of a percentage of our total asset value;
|
•
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prohibit us from making annual distributions to our shareholders in excess of 90% of our funds from operations, or FFO, over time, except for such distributions as may be required to enable us to maintain our qualification as a REIT for U.S. federal income tax purposes, and prohibit us from making any distributions to shareholders while there is a continuing event of default;
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•
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impose concentration limitations on the value and other characteristics of hotels comprising the borrowing base of the revolving credit facility; and
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•
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limit our ability to engage in a change in control transaction without causing the amounts outstanding under the revolving credit facility to become immediately due and payable.
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•
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our cash flow from operations will be insufficient to make required payments of principal and interest;
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•
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our debt may increase our vulnerability to adverse economic and industry conditions;
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•
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we may be required to dedicate a substantial portion of our cash flow from operations to payments on our debt, thereby reducing cash available for distributions to our shareholders, funds available for operations and capital expenditures, future business opportunities or other purposes;
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•
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the terms of any refinancing may not be as favorable as the terms of the debt being refinanced; and
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•
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the terms of our debt may limit our ability to make distributions to our shareholders and therefore adversely affect the market price of our shares.
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•
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competition from other hotels and lodging alternatives, including Airbnb, HomeAway and VRBO, in our markets;
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•
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development of new hotels in our markets, which could adversely affect occupancy and revenues at the hotels we currently own or may acquire;
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•
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dependence on business and commercial travelers and tourism;
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•
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consolidation in the lodging industry;
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•
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unfavorable changes in convention calendars in our markets which may negatively affect demand for guestrooms at our hotels in those markets;
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•
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increases in energy costs and other expenses affecting travel, which may affect travel patterns and reduce the number of business and commercial travelers and tourists;
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•
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increases in operating costs due to inflation, increasing labor costs and other factors that may not be offset by increased room rates;
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•
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changes in governmental laws and regulations, fiscal policies and zoning ordinances that may increase our costs of compliance with laws and regulations, fiscal policies and ordinances;
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•
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adverse effects of international, national, regional and local economic and market conditions;
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•
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the value of the U.S. dollar, which may adversely affect the number of international business and commercial travelers and tourists entering the U.S. and in particular the gateway markets in which many of our hotels are located;
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•
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unforeseen events beyond our control, such as terrorist attacks, travel related health concerns, including pandemics and epidemics, such as Zika, H1N1 influenza (swine flu), avian bird flu, SARS, and Ebola, civil unrest, political instability, regional hostilities, imposition of taxes or surcharges by regulatory authorities, travel related accidents and unusual weather patterns, including natural disasters, such as hurricanes, tsunamis or earthquakes;
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•
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adverse effects of a downturn in the lodging industry; and
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•
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risks generally associated with the ownership of hotels and real estate, as we discuss in detail below.
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•
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construction cost overruns and delays;
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•
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a possible shortage of available cash to fund capital improvements and the related possibility that financing for these capital improvements may not be available to us on affordable terms;
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•
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uncertainties as to market demand or a loss of market demand after capital improvements have begun; and
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•
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possible environmental problems.
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•
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construction delays or cost overruns that may increase project costs;
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•
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receipt of zoning, occupancy and other required governmental permits and authorizations;
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•
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development costs incurred for projects that are not pursued to completion;
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•
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acts of God, such as earthquakes, hurricanes, floods or fires that could adversely impact a project;
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•
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ability to raise capital; and
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•
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governmental restrictions on the nature or size of a project.
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•
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adverse changes in international, national, regional and local economic and market conditions;
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•
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changes in interest rates and in the availability, cost and terms of debt financing;
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•
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changes in governmental laws and regulations, fiscal policies and zoning ordinances and the related costs of compliance with laws and regulations, fiscal policies and ordinances;
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•
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the ongoing need for capital improvements, particularly in older structures;
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•
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changes in operating expenses; and
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•
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civil unrest, acts of God, including earthquakes, floods and other natural disasters, which may result in uninsured losses, and acts of war or terrorism, including the consequences of the terrorist acts, such as those that occurred on September 11, 2001.
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•
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actual receipt of an improper benefit or profit in money, property or services; or
|
•
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active and deliberate dishonesty by the trustee or officer that was established by a final judgment as being material to the cause of action adjudicated.
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•
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our inability to invest our available cash;
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•
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our inability to realize attractive risk-adjusted returns on our investments;
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•
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unanticipated expenses that reduce our cash flow;
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•
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defaults in our investment portfolio or decreases in the value of the underlying assets; and
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•
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the fact that anticipated operating expense levels may not prove accurate, as actual results may vary from estimates.
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•
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actual or anticipated variations in our quarterly results of operations;
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•
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changes in market valuations of companies in the hotel or real estate industries;
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•
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changes in expectations of future financial performance or changes in estimates of securities analysts;
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•
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fluctuations in stock market prices and volumes;
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•
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issuances of common or preferred shares or other securities in the future;
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•
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the addition or departure of key personnel;
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•
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announcements by us or our competitors of acquisitions, investments or strategic alliances; and
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•
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unforeseen events beyond our control, such as terrorist attacks, travel related health concerns including pandemics and epidemics, such as Zika, H1N1 influenza (swine flu), avian bird flu, SARS, and Ebola, civil unrest, political instability, regional hostilities, increases in fuel prices, imposition of taxes or surcharges by regulatory authorities, travel related accidents and unusual weather patterns, including natural disasters, such as hurricanes, tsunamis or earthquakes.
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Item 1B.
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Unresolved Staff Comments
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Item 2.
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Properties
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Hotel
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Number of
Rooms
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Location
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|||
1
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Hyatt Regency Boston
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502
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Boston, MA
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2
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Hilton Checkers Los Angeles
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193
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Los Angeles, CA
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3
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Boston Marriott Newton
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430
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Newton, MA
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4
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Le Meridien San Francisco
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360
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San Francisco, CA
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5
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Homewood Suites Seattle Convention Center
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195
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Seattle, WA
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6
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W Chicago – City Center
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403
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Chicago, IL
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7
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Hotel Indigo San Diego Gaslamp Quarter
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210
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San Diego, CA
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8
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Courtyard Washington Capitol Hill/Navy Yard
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204
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Washington, DC
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9
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Hotel Adagio San Francisco, Autograph Collection
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171
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San Francisco, CA
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10
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Denver Marriott City Center
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613
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Denver, CO
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11
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Hyatt Herald Square New York
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122
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New York, NY
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12
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W Chicago – Lakeshore
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520
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Chicago, IL
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13
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Hyatt Regency Mission Bay Spa and Marina
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429
|
|
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San Diego, CA
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14
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The Hotel Minneapolis, Autograph Collection
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222
|
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Minneapolis, MN
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15
|
|
Hyatt Place New York Midtown South
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185
|
|
|
New York, NY
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16
|
|
W New Orleans – French Quarter
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|
97
|
|
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New Orleans, LA
|
17
|
|
Le Meridien New Orleans
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|
410
|
|
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New Orleans, LA
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18
|
|
Hyatt Centric Fisherman's Wharf
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316
|
|
|
San Francisco, CA
|
19
|
|
Hyatt Centric Santa Barbara
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|
200
|
|
|
Santa Barbara, CA
|
20
|
|
JW Marriott San Francisco Union Square
|
|
337
|
|
|
San Francisco, CA
|
21
|
|
Royal Palm South Beach Miami, a Tribute Portfolio Resort
|
|
393
|
|
|
Miami Beach, FL
|
22
|
|
Ace Hotel and Theater Downtown Los Angeles
|
|
182
|
|
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Los Angeles, CA
|
|
|
Total number of rooms
|
|
6,694
|
|
|
|
Item 3.
|
Legal Proceedings
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
|
|
Price Range
|
|
Dividends
Declared
|
||||||||
|
|
High
|
|
Low
|
|
|||||||
2016
|
|
|
|
|
|
|
||||||
First quarter
|
|
$
|
27.18
|
|
|
$
|
21.55
|
|
|
$
|
0.40
|
|
Second quarter
|
|
$
|
26.45
|
|
|
$
|
21.93
|
|
|
$
|
0.40
|
|
Third quarter
|
|
$
|
26.28
|
|
|
$
|
22.52
|
|
|
$
|
0.40
|
|
Fourth quarter
|
|
$
|
27.08
|
|
|
$
|
20.81
|
|
|
$
|
0.40
|
|
2015
|
|
|
|
|
|
|
||||||
First quarter
|
|
$
|
39.05
|
|
|
$
|
31.51
|
|
|
$
|
0.35
|
|
Second quarter
|
|
$
|
34.12
|
|
|
$
|
29.80
|
|
|
$
|
0.35
|
|
Third quarter
|
|
$
|
32.61
|
|
|
$
|
25.79
|
|
|
$
|
0.40
|
|
Fourth quarter
|
|
$
|
29.91
|
|
|
$
|
25.13
|
|
|
$
|
0.40
|
|
|
|
2016
|
|
2015
|
||||||||||
|
|
$
|
|
%
|
|
$
|
|
%
|
||||||
Common shares:
|
|
|
|
|
|
|
|
|
||||||
Ordinary income
|
|
$
|
1.415000
|
|
|
88.44
|
%
|
|
$
|
1.292828
|
|
|
92.34
|
%
|
Return of capital
|
|
0.175972
|
|
|
11.00
|
%
|
|
0.107172
|
|
|
7.66
|
%
|
||
Capital gain distribution
|
|
0.009028
|
|
|
0.56
|
%
|
|
—
|
|
|
—
|
|
||
|
|
$
|
1.600000
|
|
|
100.00
|
%
|
|
$
|
1.400000
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
||||||
Preferred shares:
|
|
|
|
|
|
|
|
|
||||||
Ordinary income
|
|
$
|
1.925216
|
|
|
99.37
|
%
|
|
$
|
1.937500
|
|
|
100.00
|
%
|
Return of capital
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Capital gain distribution
|
|
0.012284
|
|
|
0.63
|
%
|
|
—
|
|
|
—
|
|
||
|
|
$
|
1.937500
|
|
|
100.00
|
%
|
|
$
|
1.937500
|
|
|
100.00
|
%
|
•
|
our results of operations, including our operating expenses and taxable income;
|
•
|
the timing of the investment of proceeds from future share offerings;
|
•
|
debt service requirements;
|
•
|
capital expenditure requirements for our hotels;
|
•
|
the annual distribution requirement under the REIT provisions of the Internal Revenue Code; and
|
•
|
other factors that our board of trustees may deem relevant.
|
Period
|
|
Total Number of Shares Purchased
(1)
|
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(2)
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
(2)
|
||||||
October 1, 2016—October 31, 2016
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
100,000
|
|
November 1, 2016—November 30, 2016
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
100,000
|
|
December 1, 2016—December 31, 2016
|
|
109,275
|
|
|
$
|
25.87
|
|
|
—
|
|
|
$
|
100,000
|
|
|
|
109,275
|
|
|
$
|
25.87
|
|
|
—
|
|
|
|
(1)
|
We provide employees, who have been issued restricted common shares, the option of selling shares to us to satisfy the minimum statutory tax withholding requirements on the date their shares vest. The common shares repurchased during the three months ended
December 31, 2016
related to such repurchases.
|
(2)
|
On September 29, 2015, our board of trustees authorized a share repurchase program pursuant to which we may acquire up to $100.0 million of our common shares. The repurchase program expires in September 2018, but may be suspended or discontinued at any time, and does not obligate us to acquire any particular amount of our shares. As of
December 31, 2016
, we have not repurchased any common shares under the share repurchase program.
|
Item 6.
|
Selected Financial Data
|
|
|
As of December 31,
|
||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Hotel Portfolio Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of hotels
|
|
22
|
|
|
22
|
|
|
20
|
|
|
20
|
|
|
15
|
|
|||||
Number of hotel rooms
|
|
6,694
|
|
|
6,699
|
|
|
6,116
|
|
|
5,932
|
|
|
4,727
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
43,060
|
|
|
$
|
50,544
|
|
|
$
|
29,326
|
|
|
$
|
28,713
|
|
|
$
|
33,194
|
|
Restricted cash
|
|
36,128
|
|
|
40,361
|
|
|
43,387
|
|
|
34,235
|
|
|
23,460
|
|
|||||
Investments in hotels, net
|
|
1,918,704
|
|
|
1,963,358
|
|
|
1,617,419
|
|
|
1,461,220
|
|
|
1,147,104
|
|
|||||
Total assets
|
|
2,035,374
|
|
|
2,087,766
|
|
|
1,713,871
|
|
|
1,547,657
|
|
|
1,226,198
|
|
|||||
Long-term debt
|
|
737,310
|
|
|
769,748
|
|
|
545,659
|
|
|
525,270
|
|
|
398,578
|
|
|||||
Total shareholders’ equity
|
|
1,188,675
|
|
|
1,209,557
|
|
|
1,081,982
|
|
|
946,557
|
|
|
766,808
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
|
$
|
619,699
|
|
|
$
|
582,624
|
|
|
$
|
477,980
|
|
|
$
|
420,177
|
|
|
$
|
278,276
|
|
Hotel operating expenses, excluding depreciation and amortization
|
|
415,398
|
|
|
391,502
|
|
|
324,882
|
|
|
284,963
|
|
|
185,842
|
|
|||||
Corporate general and administrative
|
|
19,167
|
|
|
18,046
|
|
|
15,557
|
|
|
13,125
|
|
|
11,297
|
|
|||||
Hotel acquisition costs
|
|
—
|
|
|
854
|
|
|
3,622
|
|
|
4,222
|
|
|
2,994
|
|
|||||
Net income
|
|
76,706
|
|
|
67,508
|
|
|
60,954
|
|
|
45,318
|
|
|
27,177
|
|
|||||
Net income available per common share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
1.13
|
|
|
1.00
|
|
|
1.01
|
|
|
0.75
|
|
|
0.66
|
|
|||||
Diluted
|
|
1.13
|
|
|
0.99
|
|
|
1.00
|
|
|
0.75
|
|
|
0.66
|
|
|||||
Cash dividends declared per common share
|
|
1.60
|
|
|
1.50
|
|
|
1.20
|
|
|
1.00
|
|
|
0.88
|
|
|||||
Weighted-average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
58,717,647
|
|
|
57,474,256
|
|
|
50,488,007
|
|
|
47,295,089
|
|
|
34,048,752
|
|
|||||
Diluted
|
|
58,717,647
|
|
|
57,926,399
|
|
|
50,890,861
|
|
|
47,295,089
|
|
|
34,048,752
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Statement of Cash Flows Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by (used in):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating activities
|
|
159,570
|
|
|
151,713
|
|
|
119,634
|
|
|
99,962
|
|
|
67,737
|
|
|||||
Investing activities
|
|
(25,754
|
)
|
|
(289,005
|
)
|
|
(209,816
|
)
|
|
(361,558
|
)
|
|
(270,459
|
)
|
|||||
Financing activities
|
|
(141,300
|
)
|
|
158,510
|
|
|
90,795
|
|
|
257,115
|
|
|
214,956
|
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
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
|
|
Denver Marriott 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
|
|
The Hotel Minneapolis, Autograph Collection
|
|
Minneapolis, MN
|
|
222
|
|
|
October 30, 2012
|
15
|
|
Hyatt Place New York Midtown South
|
|
New York, NY
|
|
185
|
|
|
March 14, 2013
|
16
|
|
W New Orleans – French Quarter
|
|
New Orleans, LA
|
|
97
|
|
|
March 28, 2013
|
17
|
|
Le Meridien New Orleans
|
|
New Orleans, LA
|
|
410
|
|
|
April 25, 2013
|
18
|
|
Hyatt Centric Fisherman's Wharf
|
|
San Francisco, CA
|
|
316
|
|
|
May 31, 2013
|
19
|
|
Hyatt Centric Santa Barbara
|
|
Santa Barbara, CA
|
|
200
|
|
|
June 27, 2013
|
20
|
|
JW Marriott San Francisco Union Square
|
|
San Francisco, CA
|
|
337
|
|
|
October 1, 2014
|
21
|
|
Royal Palm South Beach Miami, a Tribute Portfolio Resort
|
|
Miami Beach, FL
|
|
393
|
|
|
March 9, 2015
|
22
|
|
Ace Hotel and Theater Downtown Los Angeles
|
|
Los Angeles, CA
|
|
182
|
|
|
April 30, 2015
|
|
|
|
|
|
|
6,694
|
|
|
|
|
Year Ended December 31,
|
|||||||
|
2016
|
|
2015
(1)
|
|
Change
|
|||
Occupancy
|
83.9
|
%
|
|
81.3
|
%
|
|
260 bps
|
|
ADR
|
$
|
226.68
|
|
|
$228.70
|
|
(0.9)%
|
|
RevPAR
|
$
|
190.12
|
|
|
$185.88
|
|
2.3%
|
|
|
|
|
|
|
|
|||
Adjusted Hotel EBITDA
|
$
|
203,681
|
|
|
$197,393
|
|
3.2%
|
|
Adjusted Hotel EBITDA Margin
|
32.9
|
%
|
|
32.7
|
%
|
|
20 bps
|
(1)
|
Includes results of operations for certain hotels prior to our acquisition.
|
|
Year Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
Net income
|
$
|
76,706
|
|
|
$
|
67,508
|
|
Add: Interest expense
|
31,846
|
|
|
31,856
|
|
||
Income tax expense
|
1,999
|
|
|
2,595
|
|
||
Depreciation and amortization
|
74,661
|
|
|
69,743
|
|
||
Air rights contract amortization
|
520
|
|
|
520
|
|
||
Corporate general and administrative
|
19,167
|
|
|
18,046
|
|
||
Hotel acquisition costs
|
—
|
|
|
854
|
|
||
Hotel EBITDA
|
204,899
|
|
|
191,122
|
|
||
Less: Non-cash amortization
(1)
|
(620
|
)
|
|
(571
|
)
|
||
Gain on sale of hotel
|
(598
|
)
|
|
—
|
|
||
Adjusted Hotel EBITDA
|
203,681
|
|
|
190,551
|
|
||
Add: Prior owner Hotel EBITDA
(2)
|
—
|
|
|
6,842
|
|
||
Pro forma Adjusted Hotel EBITDA
|
$
|
203,681
|
|
|
$
|
197,393
|
|
|
|
|
|
||||
Total revenue
|
$
|
619,699
|
|
|
$
|
582,624
|
|
Add: Prior owner total revenue
(2)
|
—
|
|
|
20,286
|
|
||
Pro forma total revenue
|
$
|
619,699
|
|
|
$
|
602,910
|
|
|
|
|
|
||||
Pro forma Adjusted Hotel EBITDA Margin
|
32.9
|
%
|
|
32.7
|
%
|
(1)
|
Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, and unfavorable contract liability.
|
(2)
|
Reflects results of operations for certain hotels prior to our acquisition.
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Net income
|
$
|
76,706
|
|
|
$
|
67,508
|
|
|
$
|
60,954
|
|
Add: Interest expense
|
31,846
|
|
|
31,856
|
|
|
27,357
|
|
|||
Income tax expense
|
1,999
|
|
|
2,595
|
|
|
535
|
|
|||
Depreciation and amortization
|
74,661
|
|
|
69,743
|
|
|
51,567
|
|
|||
Less: Interest income
|
—
|
|
|
—
|
|
|
(8
|
)
|
|||
Corporate EBITDA
|
185,212
|
|
|
171,702
|
|
|
140,405
|
|
|||
Add: Hotel acquisition costs
|
—
|
|
|
854
|
|
|
3,622
|
|
|||
Less: Non-cash amortization
(1)
|
(101
|
)
|
|
(51
|
)
|
|
1,408
|
|
|||
Gain on sale of hotel
|
(598
|
)
|
|
—
|
|
|
(7,006
|
)
|
|||
Adjusted Corporate EBITDA
|
$
|
184,513
|
|
|
$
|
172,505
|
|
|
$
|
138,429
|
|
(1)
|
Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, unfavorable contract liability, and air rights contract.
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Net income
|
$
|
76,706
|
|
|
$
|
67,508
|
|
|
$
|
60,954
|
|
Add: Depreciation and amortization
|
74,661
|
|
|
69,743
|
|
|
51,567
|
|
|||
Less: Gain on sale of hotel
|
(598
|
)
|
|
—
|
|
|
(7,006
|
)
|
|||
FFO
|
150,769
|
|
|
137,251
|
|
|
105,515
|
|
|||
Less: Preferred share dividends
|
(9,688
|
)
|
|
(9,688
|
)
|
|
(9,688
|
)
|
|||
Dividends declared on unvested time-based awards
|
(561
|
)
|
|
(560
|
)
|
|
(499
|
)
|
|||
Undistributed earnings allocated to unvested time- based awards
|
—
|
|
|
—
|
|
|
—
|
|
|||
FFO available to common shareholders
|
140,520
|
|
|
127,003
|
|
|
95,328
|
|
|||
Add: Hotel acquisition costs
|
—
|
|
|
854
|
|
|
3,622
|
|
|||
Less: Non-cash amortization
(1)
|
(101
|
)
|
|
(51
|
)
|
|
1,408
|
|
|||
AFFO available to common shareholders
|
$
|
140,419
|
|
|
$
|
127,806
|
|
|
$
|
100,358
|
|
|
|
|
|
|
|
||||||
FFO available per common share:
|
|
|
|
|
|
||||||
Basic
|
$
|
2.39
|
|
|
$
|
2.21
|
|
|
$
|
1.89
|
|
Diluted
|
$
|
2.39
|
|
|
$
|
2.19
|
|
|
$
|
1.87
|
|
AFFO available per common share:
|
|
|
|
|
|
||||||
Basic
|
$
|
2.39
|
|
|
$
|
2.22
|
|
|
$
|
1.99
|
|
Diluted
|
$
|
2.39
|
|
|
$
|
2.21
|
|
|
$
|
1.97
|
|
(1)
|
Reflects non-cash amortization of ground lease asset, deferred franchise costs, deferred key money, unfavorable contract liability, and air rights contract.
|
|
|
Payments Due by Period
|
||||||||||||||||||
Contractual Obligations
|
|
Total
|
|
Less Than
One Year
|
|
One to
Three Years
|
|
Three to
Five Years
|
|
More Than
Five Years
|
||||||||||
Revolving credit facility, including interest
(1)
|
|
$
|
63,186
|
|
|
$
|
1,411
|
|
|
$
|
61,775
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Term loan, including interest
(1)
|
|
126,148
|
|
|
126,148
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other mortgage loans, including interest
|
|
703,452
|
|
|
35,034
|
|
|
71,544
|
|
|
182,347
|
|
|
414,527
|
|
|||||
Corporate office leases
|
|
1,660
|
|
|
297
|
|
|
585
|
|
|
618
|
|
|
160
|
|
|||||
Ground leases
(2)
|
|
209,588
|
|
|
4,101
|
|
|
8,201
|
|
|
8,201
|
|
|
189,085
|
|
|||||
|
|
$
|
1,104,034
|
|
|
$
|
166,991
|
|
|
$
|
142,105
|
|
|
$
|
191,166
|
|
|
$
|
603,772
|
|
(1)
|
Assumes no additional borrowings and interest payments are based on the interest rate in effect at
December 31, 2016
. Also assumes that no extension options are exercised. See the notes to our interim consolidated financial statements for additional information relating to our revolving credit facility and term loan.
|
(2)
|
The ground leases for the Hyatt Regency Mission Bay Spa and Marina and the JW Marriott San Francisco Union Square provide for the greater of base or percentage rent, subject to potential increases over the term of the leases. Amounts assume only base rent for all periods presented and do not assume any adjustments for potential increases.
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 8.
|
Financial Statements and Supplementary Data
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
Item 9A.
|
Controls and Procedures
|
Item 9B.
|
Other Information
|
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
Item 11.
|
Executive Compensation
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
Item 14.
|
Principal Accounting Fees and Services
|
Item 15.
|
Exhibits, Financial Statement Schedules
|
1.
|
Financial Statements
|
2.
|
Financial Statement Schedules
|
3.
|
Exhibits
|
Item 16.
|
Form 10-K Summary
|
|
CHESAPEAKE LODGING TRUST
|
||
|
|
|
|
Date: February 22, 2017
|
By:
|
|
/
S
/ D
OUGLAS
W. V
ICARI
|
|
|
|
Douglas W. Vicari
|
|
|
|
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
Signature
|
|
Title
|
|
Date
|
|
|
|
||
/s/ T
HOMAS
A. N
ATELLI
|
|
Chairman of the Board of Trustees
|
|
February 22, 2017
|
Thomas A. Natelli
|
|
|
||
|
|
|
|
|
/s/ J
AMES
L. F
RANCIS
|
|
President, Chief Executive Officer and Trustee (Principal Executive Officer)
|
|
February 22, 2017
|
James L. Francis
|
|
|
||
|
|
|
|
|
/s/ D
OUGLAS
W. V
ICARI
|
|
Executive Vice President, Chief Financial Officer, and Trustee (Principal Financial Officer)
|
|
February 22, 2017
|
Douglas W. Vicari
|
|
|
||
|
|
|
|
|
/s/ T
HOMAS
D. E
CKERT
|
|
Trustee
|
|
February 22, 2017
|
Thomas D. Eckert
|
|
|
||
|
|
|
|
|
/s/ G
EORGE
F. M
C
K
ENZIE
|
|
Trustee
|
|
February 22, 2017
|
George F. McKenzie
|
|
|
||
|
|
|
|
|
/s/ J
OHN
W. H
ILL
|
|
Trustee
|
|
February 22, 2017
|
John W. Hill
|
|
|
||
|
|
|
|
|
/s/ J
EFFREY
D. N
UECHTERLEIN
|
|
Trustee
|
|
February 22, 2017
|
Jeffrey D. Nuechterlein
|
|
|
||
|
|
|
|
|
/s/ G
RAHAM
J. W
OOTTEN
|
|
Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)
|
|
February 22, 2017
|
Graham J. Wootten
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
ASSETS
|
|
|
|
|
||||
Property and equipment, net
|
|
$
|
1,882,869
|
|
|
$
|
1,926,944
|
|
Intangible assets, net
|
|
35,835
|
|
|
36,414
|
|
||
Cash and cash equivalents
|
|
43,060
|
|
|
50,544
|
|
||
Restricted cash
|
|
36,128
|
|
|
40,361
|
|
||
Accounts receivable, net of allowance for doubtful accounts of $157 and $172, respectively
|
|
19,966
|
|
|
15,603
|
|
||
Prepaid expenses and other assets
|
|
17,516
|
|
|
17,900
|
|
||
Total assets
|
|
$
|
2,035,374
|
|
|
$
|
2,087,766
|
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
||||
Long-term debt
|
|
$
|
737,310
|
|
|
$
|
769,748
|
|
Accounts payable and accrued expenses
|
|
64,581
|
|
|
62,683
|
|
||
Other liabilities
|
|
44,808
|
|
|
45,778
|
|
||
Total liabilities
|
|
846,699
|
|
|
878,209
|
|
||
Commitments and contingencies (Note 14)
|
|
|
|
|
||||
Preferred shares, $.01 par value; 100,000,000 shares authorized; Series A Cumulative Redeemable Preferred Shares; 5,000,000 shares issued and outstanding, respectively ($127,422 liquidation preference)
|
|
50
|
|
|
50
|
|
||
Common shares, $.01 par value; 400,000,000 shares authorized; 59,671,964 shares and 59,659,522 shares issued and outstanding, respectively
|
|
597
|
|
|
597
|
|
||
Additional paid-in capital
|
|
1,304,364
|
|
|
1,297,877
|
|
||
Cumulative dividends in excess of net income
|
|
(116,297
|
)
|
|
(88,675
|
)
|
||
Accumulated other comprehensive loss
|
|
(39
|
)
|
|
(292
|
)
|
||
Total shareholders’ equity
|
|
1,188,675
|
|
|
1,209,557
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
2,035,374
|
|
|
$
|
2,087,766
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
REVENUE
|
|
|
|
|
|
|
||||||
Rooms
|
|
$
|
465,796
|
|
|
$
|
441,141
|
|
|
$
|
364,727
|
|
Food and beverage
|
|
125,987
|
|
|
117,171
|
|
|
94,307
|
|
|||
Other
|
|
27,916
|
|
|
24,312
|
|
|
18,946
|
|
|||
Total revenue
|
|
619,699
|
|
|
582,624
|
|
|
477,980
|
|
|||
|
|
|
|
|
|
|
||||||
EXPENSES
|
|
|
|
|
|
|
||||||
Hotel operating expenses:
|
|
|
|
|
|
|
||||||
Rooms
|
|
108,292
|
|
|
100,245
|
|
|
84,445
|
|
|||
Food and beverage
|
|
92,075
|
|
|
87,625
|
|
|
71,816
|
|
|||
Other direct
|
|
6,275
|
|
|
7,109
|
|
|
8,032
|
|
|||
Indirect
|
|
208,756
|
|
|
196,523
|
|
|
160,589
|
|
|||
Total hotel operating expenses
|
|
415,398
|
|
|
391,502
|
|
|
324,882
|
|
|||
Depreciation and amortization
|
|
74,661
|
|
|
69,743
|
|
|
51,567
|
|
|||
Air rights contract amortization
|
|
520
|
|
|
520
|
|
|
520
|
|
|||
Corporate general and administrative
|
|
19,167
|
|
|
18,046
|
|
|
15,557
|
|
|||
Hotel acquisition costs
|
|
—
|
|
|
854
|
|
|
3,622
|
|
|||
Total operating expenses
|
|
509,746
|
|
|
480,665
|
|
|
396,148
|
|
|||
Operating income
|
|
109,953
|
|
|
101,959
|
|
|
81,832
|
|
|||
Interest income
|
|
—
|
|
|
—
|
|
|
8
|
|
|||
Interest expense
|
|
(31,846
|
)
|
|
(31,856
|
)
|
|
(27,357
|
)
|
|||
Gain on sale of hotel
|
|
598
|
|
|
—
|
|
|
7,006
|
|
|||
Income before income taxes
|
|
78,705
|
|
|
70,103
|
|
|
61,489
|
|
|||
Income tax expense
|
|
(1,999
|
)
|
|
(2,595
|
)
|
|
(535
|
)
|
|||
Net income
|
|
76,706
|
|
|
67,508
|
|
|
60,954
|
|
|||
Preferred share dividends
|
|
(9,688
|
)
|
|
(9,688
|
)
|
|
(9,688
|
)
|
|||
Net income available to common shareholders
|
|
$
|
67,018
|
|
|
$
|
57,820
|
|
|
$
|
51,266
|
|
|
|
|
|
|
|
|
||||||
Net income available per common share:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
1.13
|
|
|
$
|
1.00
|
|
|
$
|
1.01
|
|
Diluted
|
|
$
|
1.13
|
|
|
$
|
0.99
|
|
|
$
|
1.00
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Net income
|
|
$
|
76,706
|
|
|
$
|
67,508
|
|
|
$
|
60,954
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
||||||
Unrealized losses on cash flow hedge instruments
|
|
(331
|
)
|
|
(1,065
|
)
|
|
(9
|
)
|
|||
Reclassification of unrealized losses on cash flow hedge instruments to interest expense
|
|
584
|
|
|
773
|
|
|
76
|
|
|||
Comprehensive income
|
|
$
|
76,959
|
|
|
$
|
67,216
|
|
|
$
|
61,021
|
|
|
|
Preferred Shares
|
|
Common Shares
|
|
Additional Paid-In Capital
|
|
Cumulative
Dividends in
Excess of Net Income
|
|
Accumulated
Other
Comprehensive Loss
|
|
|
||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
Total
|
|||||||||||||||||
Balances at December 31, 2013
|
|
5,000,000
|
|
|
$
|
50
|
|
|
49,574,005
|
|
|
$
|
496
|
|
|
$
|
991,417
|
|
|
$
|
(45,339
|
)
|
|
$
|
(67
|
)
|
|
$
|
946,557
|
|
Sale of common shares, net of underwriting fees and offering costs
|
|
—
|
|
|
—
|
|
|
4,830,000
|
|
|
48
|
|
|
143,880
|
|
|
—
|
|
|
—
|
|
|
143,928
|
|
||||||
Repurchase of common shares
|
|
—
|
|
|
—
|
|
|
(79,417
|
)
|
|
(1
|
)
|
|
(2,704
|
)
|
|
—
|
|
|
—
|
|
|
(2,705
|
)
|
||||||
Issuance of restricted common shares
|
|
—
|
|
|
—
|
|
|
491,564
|
|
|
5
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Issuance of unrestricted common shares
|
|
—
|
|
|
—
|
|
|
2,662
|
|
|
—
|
|
|
80
|
|
|
—
|
|
|
—
|
|
|
80
|
|
||||||
Forfeiture of restricted common shares
|
|
—
|
|
|
—
|
|
|
(750
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of deferred compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,723
|
|
|
—
|
|
|
—
|
|
|
5,723
|
|
||||||
Declaration of dividends on common shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(62,934
|
)
|
|
—
|
|
|
(62,934
|
)
|
||||||
Declaration of dividends on preferred shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,688
|
)
|
|
—
|
|
|
(9,688
|
)
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60,954
|
|
|
—
|
|
|
60,954
|
|
||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|
67
|
|
||||||
Balances at December 31, 2014
|
|
5,000,000
|
|
|
$
|
50
|
|
|
54,818,064
|
|
|
$
|
548
|
|
|
$
|
1,138,391
|
|
|
$
|
(57,007
|
)
|
|
$
|
—
|
|
|
$
|
1,081,982
|
|
Sale of common shares, net of underwriting fees and offering costs
|
|
—
|
|
|
—
|
|
|
4,600,000
|
|
|
46
|
|
|
153,632
|
|
|
—
|
|
|
—
|
|
|
153,678
|
|
||||||
Repurchase of common shares
|
|
—
|
|
|
—
|
|
|
(47,804
|
)
|
|
—
|
|
|
(1,787
|
)
|
|
—
|
|
|
—
|
|
|
(1,787
|
)
|
||||||
Issuance of restricted common shares
|
|
—
|
|
|
—
|
|
|
292,270
|
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Issuance of unrestricted common shares
|
|
—
|
|
|
—
|
|
|
2,926
|
|
|
—
|
|
|
83
|
|
|
—
|
|
|
—
|
|
|
83
|
|
||||||
Forfeiture of restricted common shares
|
|
—
|
|
|
—
|
|
|
(5,934
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of deferred compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,561
|
|
|
—
|
|
|
—
|
|
|
7,561
|
|
||||||
Declaration of dividends on common shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(89,488
|
)
|
|
—
|
|
|
(89,488
|
)
|
||||||
Declaration of dividends on preferred shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,688
|
)
|
|
—
|
|
|
(9,688
|
)
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,508
|
|
|
—
|
|
|
67,508
|
|
||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(292
|
)
|
|
(292
|
)
|
||||||
Balances at December 31, 2015
|
|
5,000,000
|
|
|
$
|
50
|
|
|
59,659,522
|
|
|
$
|
597
|
|
|
$
|
1,297,877
|
|
|
$
|
(88,675
|
)
|
|
$
|
(292
|
)
|
|
$
|
1,209,557
|
|
Repurchase of common shares
|
|
—
|
|
|
—
|
|
|
(117,129
|
)
|
|
(1
|
)
|
|
(3,019
|
)
|
|
—
|
|
|
—
|
|
|
(3,020
|
)
|
||||||
Issuance of restricted common shares
|
|
—
|
|
|
—
|
|
|
448,146
|
|
|
4
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Issuance of unrestricted common shares
|
|
—
|
|
|
—
|
|
|
3,467
|
|
|
—
|
|
|
85
|
|
|
—
|
|
|
—
|
|
|
85
|
|
||||||
Forfeiture of restricted common shares
|
|
—
|
|
|
—
|
|
|
(322,042
|
)
|
|
(3
|
)
|
|
3
|
|
|
1,516
|
|
|
—
|
|
|
1,516
|
|
||||||
Amortization of deferred compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,422
|
|
|
—
|
|
|
—
|
|
|
9,422
|
|
||||||
Declaration of dividends on common shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(96,156
|
)
|
|
—
|
|
|
(96,156
|
)
|
||||||
Declaration of dividends on preferred shares
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,688
|
)
|
|
—
|
|
|
(9,688
|
)
|
||||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76,706
|
|
|
—
|
|
|
76,706
|
|
||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
253
|
|
|
253
|
|
||||||
Balances at December 31, 2016
|
|
5,000,000
|
|
|
$
|
50
|
|
|
59,671,964
|
|
|
$
|
597
|
|
|
$
|
1,304,364
|
|
|
$
|
(116,297
|
)
|
|
$
|
(39
|
)
|
|
$
|
1,188,675
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
76,706
|
|
|
$
|
67,508
|
|
|
$
|
60,954
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
74,661
|
|
|
69,743
|
|
|
51,567
|
|
|||
Air rights contract amortization
|
|
520
|
|
|
520
|
|
|
520
|
|
|||
Deferred financing costs amortization
|
|
1,850
|
|
|
1,882
|
|
|
2,448
|
|
|||
Gain on sale of hotel
|
|
(598
|
)
|
|
—
|
|
|
(7,006
|
)
|
|||
Share-based compensation
|
|
9,507
|
|
|
7,644
|
|
|
5,803
|
|
|||
Other
|
|
(796
|
)
|
|
(781
|
)
|
|
677
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
|
||||||
Accounts receivable, net
|
|
(4,363
|
)
|
|
(679
|
)
|
|
1,277
|
|
|||
Prepaid expenses and other assets
|
|
329
|
|
|
(4,154
|
)
|
|
(342
|
)
|
|||
Accounts payable and accrued expenses
|
|
1,801
|
|
|
4,069
|
|
|
3,766
|
|
|||
Other liabilities
|
|
(47
|
)
|
|
5,961
|
|
|
(30
|
)
|
|||
Net cash provided by operating activities
|
|
159,570
|
|
|
151,713
|
|
|
119,634
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|
||||||
Acquisition of hotels, net of cash acquired
|
|
—
|
|
|
(255,249
|
)
|
|
(152,292
|
)
|
|||
Disposition of hotels, net of cash sold
|
|
2,028
|
|
|
—
|
|
|
31,822
|
|
|||
Improvements and additions to hotels
|
|
(32,015
|
)
|
|
(36,782
|
)
|
|
(87,182
|
)
|
|||
Change in restricted cash
|
|
4,233
|
|
|
3,026
|
|
|
(2,164
|
)
|
|||
Net cash used in investing activities
|
|
(25,754
|
)
|
|
(289,005
|
)
|
|
(209,816
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|
||||||
Proceeds from sale of common shares, net of underwriting fees
|
|
—
|
|
|
153,962
|
|
|
144,320
|
|
|||
Payment of offering costs related to sale of common shares
|
|
—
|
|
|
(284
|
)
|
|
(392
|
)
|
|||
Borrowings under revolving credit facility
|
|
185,000
|
|
|
330,000
|
|
|
100,000
|
|
|||
Repayments under revolving credit facility
|
|
(235,000
|
)
|
|
(220,000
|
)
|
|
(100,000
|
)
|
|||
Proceeds from issuance of mortgage debt
|
|
150,000
|
|
|
—
|
|
|
90,000
|
|
|||
Principal prepayments on mortgage debt
|
|
(122,220
|
)
|
|
—
|
|
|
—
|
|
|||
Scheduled principal payments on mortgage debt
|
|
(10,940
|
)
|
|
(10,271
|
)
|
|
(69,837
|
)
|
|||
Payment of deferred financing costs
|
|
(952
|
)
|
|
(2,311
|
)
|
|
(2,011
|
)
|
|||
Payment of dividends to common shareholders
|
|
(94,480
|
)
|
|
(81,111
|
)
|
|
(58,892
|
)
|
|||
Payment of dividends to preferred shareholders
|
|
(9,688
|
)
|
|
(9,688
|
)
|
|
(9,688
|
)
|
|||
Repurchase of common shares
|
|
(3,020
|
)
|
|
(1,787
|
)
|
|
(2,705
|
)
|
|||
Net cash provided by (used in) financing activities
|
|
(141,300
|
)
|
|
158,510
|
|
|
90,795
|
|
|||
Net increase (decrease) in cash
|
|
(7,484
|
)
|
|
21,218
|
|
|
613
|
|
|||
Cash and cash equivalents, beginning of period
|
|
50,544
|
|
|
29,326
|
|
|
28,713
|
|
|||
Cash and cash equivalents, end of period
|
|
$
|
43,060
|
|
|
$
|
50,544
|
|
|
$
|
29,326
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
||||||
Cash paid for interest
|
|
$
|
30,620
|
|
|
$
|
29,668
|
|
|
$
|
24,976
|
|
Cash paid for income taxes
|
|
$
|
1,995
|
|
|
$
|
4,479
|
|
|
$
|
1,126
|
|
Assumption of mortgage debt related to hotel acquisition
|
|
$
|
—
|
|
|
$
|
125,000
|
|
|
$
|
—
|
|
Hotel
|
|
Location
|
|
Rooms
|
|
Net Assets
Acquired
|
|
Acquisition Date
|
||
2014 Acquisition:
|
|
|
|
|
|
|
|
|
||
JW Marriott San Francisco Union Square
(1)
|
|
San Francisco, CA
|
|
337
|
|
|
154,143
|
|
|
October 1, 2014
|
|
|
|
|
337
|
|
|
154,143
|
|
|
|
2015 Acquisitions:
|
|
|
|
|
|
|
|
|
||
Royal Palm South Beach Miami, a Tribute Portfolio Resort
(2)
|
|
Miami Beach, FL
|
|
393
|
|
|
153,662
|
|
|
March 9, 2015
|
Ace Hotel and Theater Downtown Los Angeles
|
|
Los Angeles, CA
|
|
182
|
|
|
101,687
|
|
|
April 30, 2015
|
|
|
|
|
575
|
|
|
255,349
|
|
|
|
(1)
|
As part of the acquisition, the Trust assumed a ground lease, which has a term ending
January 2083
. See Note 14, "Commitments and Contingencies," for additional information relating to the lease agreement.
|
(2)
|
As part of the acquisition, the Trust assumed a
$125.0 million
term loan with a carrying value that approximated its fair value at the date of acquisition. See Note 7, "Long-Term Debt," for additional information related to the term loan.
|
|
|
Acquisitions
|
||||||
|
|
2015
|
|
2014
|
||||
Land and land improvements
|
|
$
|
64,462
|
|
|
$
|
—
|
|
Buildings and leasehold improvements
|
|
294,498
|
|
|
139,150
|
|
||
Furniture, fixtures and equipment
|
|
20,518
|
|
|
8,000
|
|
||
Cash
|
|
100
|
|
|
1,851
|
|
||
Restricted cash
|
|
—
|
|
|
6,937
|
|
||
Accounts receivable, net
|
|
1,823
|
|
|
1,513
|
|
||
Prepaid expenses and other assets
|
|
3,162
|
|
|
132
|
|
||
Accounts payable and accrued expenses
|
|
(4,089
|
)
|
|
(3,440
|
)
|
||
Other liabilities
|
|
(125
|
)
|
|
—
|
|
||
Mortgage loan
|
|
(125,000
|
)
|
|
—
|
|
||
Net assets acquired
|
|
$
|
255,349
|
|
|
$
|
154,143
|
|
|
|
December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Land and land improvements
|
|
$
|
319,039
|
|
|
$
|
319,702
|
|
Buildings and leasehold improvements
|
|
1,634,432
|
|
|
1,628,124
|
|
||
Furniture, fixtures and equipment
|
|
197,815
|
|
|
191,092
|
|
||
Construction-in-progress
|
|
21,399
|
|
|
3,276
|
|
||
|
|
2,172,685
|
|
|
2,142,194
|
|
||
Less: accumulated depreciation and amortization
|
|
(289,816
|
)
|
|
(215,250
|
)
|
||
Property and equipment, net
|
|
$
|
1,882,869
|
|
|
$
|
1,926,944
|
|
|
|
December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Intangible assets:
|
|
|
|
|
||||
Air rights contract
(1)
|
|
$
|
36,105
|
|
|
$
|
36,105
|
|
Favorable ground leases
(2)
|
|
3,568
|
|
|
3,568
|
|
||
|
|
39,673
|
|
|
39,673
|
|
||
Less: accumulated amortization
|
|
(3,838
|
)
|
|
(3,259
|
)
|
||
Intangible assets, net
|
|
$
|
35,835
|
|
|
$
|
36,414
|
|
|
|
|
|
|
||||
Intangible liability:
|
|
|
|
|
||||
Unfavorable contract liability
(2)
|
|
$
|
14,236
|
|
|
$
|
14,236
|
|
Less: accumulated amortization
|
|
(2,061
|
)
|
|
(1,668
|
)
|
||
Intangible liability, net (included within other liabilities)
|
|
$
|
12,175
|
|
|
$
|
12,568
|
|
(1)
|
In conjunction with the acquisition of the Hyatt Regency Boston on March 18, 2010, the Trust acquired an air rights contract which expires in
September 2079
and that requires no payments through maturity. The Trust recorded the fair value of the air rights contract of
$36.1 million
as an intangible asset and is amortizing the value over the term of the contract.
|
(2)
|
In conjunction with the acquisition of the Denver Marriott City Center on October 3, 2011, the Trust assumed
three
lease agreements for land parcels underlying a portion of the hotel with initial terms ending
July 2068
,
February 2072
and
April 2072
. The Trust concluded that the terms of
two
of the
three
ground leases were below market terms and recorded an aggregate of
$4.8 million
of favorable ground lease assets at the time. On July 29, 2014, the Trust terminated
one
of the
two
ground leases with below market terms in connection with acquiring the associated land parcel and recognized a
$1.2 million
loss on impairment of intangible asset, which is included within indirect hotel operating expenses in the consolidated statement of operations for the year ended December 31, 2014. The Trust is amortizing the remaining favorable ground lease asset over the life of the respective lease and including within indirect hotel operating expenses in the consolidated statements of operations. Also in conjunction with the acquisition of the Denver Marriott City Center, the Trust assumed a management contract with a non-cancelable term ending
December 2047
. The Trust concluded that the management agreement terms were above market terms and recorded a
$14.2 million
unfavorable contract liability, which the Trust is amortizing over the remaining non-cancelable term and including within indirect hotel operating expenses in the consolidated statements of operations.
|
|
Origination
|
|
Original Principal Amount
|
|
|
|
Interest Rate
|
|
Principal Amortization Period
|
|
December 31,
|
||||||
|
|
|
Maturity
|
|
|
|
2016
|
|
2015
|
||||||||
Revolving credit facility
(1)
|
July 2010
|
|
n/a
|
|
March 2019
|
|
Floating
|
|
n/a
|
|
$
|
60,000
|
|
|
$
|
110,000
|
|
Term loan:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Royal Palm South Beach Miami, a Tribute Portfolio Resort
(2)
|
March 2015
|
|
$125,000
|
|
March 2017
|
|
Floating
|
|
n/a
|
|
125,000
|
|
|
125,000
|
|
||
Other mortgage loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Hyatt Regency Boston
(3)
|
June 2011
|
|
$95,000
|
|
July 2016
|
|
5.01%
|
|
30
|
|
—
|
|
|
88,601
|
|
||
Courtyard Washington Capitol Hill/Navy Yard
(4)
|
June 2011
|
|
$37,497
|
|
November 2016
|
|
5.90%
|
|
30
|
|
—
|
|
|
34,491
|
|
||
Boston Marriott Newton
|
May 2013
|
|
$60,000
|
|
June 2020
|
|
3.63%
|
|
25
|
|
54,614
|
|
|
56,221
|
|
||
Le Meridien San Francisco
|
July 2013
|
|
$92,500
|
|
August 2020
|
|
3.50%
|
|
25
|
|
84,476
|
|
|
86,979
|
|
||
Denver Marriott City Center
(5)
|
July 2012
|
|
$70,000
|
|
August 2022
|
|
4.90%
|
|
30
|
|
65,048
|
|
|
66,285
|
|
||
Hilton Checkers Los Angeles
|
February 2013
|
|
$32,000
|
|
March 2023
|
|
4.11%
|
|
30
|
|
29,884
|
|
|
30,480
|
|
||
W Chicago – City Center
|
July 2013
|
|
$93,000
|
|
August 2023
|
|
4.25%
|
|
25
|
|
85,720
|
|
|
88,008
|
|
||
Hyatt Herald Square New York/Hyatt Place New York Midtown South
(6)
|
July 2014
|
|
$90,000
|
|
July 2024
|
|
4.30%
|
|
30
|
|
89,414
|
|
|
90,000
|
|
||
Hyatt Regency Boston
|
June 2016
|
|
$150,000
|
|
July 2026
|
|
4.25%
|
|
30
|
|
148,749
|
|
|
—
|
|
||
|
|
|
|
|
|
|
|
|
|
|
742,905
|
|
|
776,065
|
|
||
Unamortized premium
(4)
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
176
|
|
||
Unamortized deferred financing costs
|
|
|
|
|
|
|
|
|
|
(5,595
|
)
|
|
(6,493
|
)
|
|||
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
$
|
737,310
|
|
|
$
|
769,748
|
|
(1)
|
The Trust may exercise an option to extend the maturity by
one
year, subject to certain customary conditions. As of
December 31, 2016
, the interest rate in effect was
2.32%
. See below for additional information related to the revolving credit facility.
|
(2)
|
On March 9, 2015, in connection with the acquisition of the Royal Palm South Beach Miami, a Tribute Portfolio Resort, the Trust assumed an existing loan agreement with an outstanding principal balance of
$125.0 million
. The term loan was amended and restated at the time of assumption and provides for a new
two
-year term and, subject to certain customary conditions, an option to extend the maturity by
one
year. The term loan bears interest equal to one-month LIBOR plus
2.40%
. Contemporaneous with the assumption of the term loan, the Trust entered into an interest rate swap to effectively fix the interest rate on the term loan for the new
two
-year term at
3.34%
per annum. Under the terms of this interest rate swap, the Trust pays fixed interest of
0.94%
per annum on a notional amount of
$125.0 million
and receives floating rate interest equal to one-month LIBOR. The effective date of this interest rate swap is
March 9, 2015
and it matures on
March 9, 2017
.
|
(3)
|
On April 6, 2016, the Trust prepaid without penalty this mortgage loan.
|
(4)
|
On June 30, 2011, in connection with the acquisition of the Courtyard Washington Capitol Hill/Navy Yard, the Trust assumed an existing loan agreement with an outstanding principal balance of
$37.5 million
. Based on interest rates on similar types of debt instruments at the time of assumption, the Trust recorded the loan at its estimated fair value of
$38.6 million
, which included a premium on mortgage loan of
$1.1 million
. Amortization of premium on mortgage loan is computed using a method that approximates the effective interest method over the term of the loan agreement and is included in interest expense in the consolidated statements of operations. On August 1, 2016, the Trust prepaid without penalty this mortgage loan.
|
(5)
|
The loan has a term of
30
years, but is callable by the lender after
10
years, and the Trust expects the lender to call the loan at that time. The indicated maturity is based on the date the loan is callable by the lender.
|
(6)
|
The loan requires interest-only payments for the first
two
years and principal and interest payments thereafter.
|
Year
|
|
Amounts
|
||
2017
|
|
$
|
137,438
|
|
2018
|
|
13,178
|
|
|
2019
|
|
73,732
|
|
|
2020
|
|
135,316
|
|
|
2021
|
|
10,233
|
|
|
Thereafter
|
|
373,008
|
|
|
|
|
$
|
742,905
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Numerator:
|
|
|
|
|
|
|
||||||
Net income available to common shareholders
|
|
$
|
67,018
|
|
|
$
|
57,820
|
|
|
$
|
51,266
|
|
Less: Dividends declared on unvested time-based awards
|
|
(561
|
)
|
|
(560
|
)
|
|
(499
|
)
|
|||
Less: Undistributed earnings allocated to unvested time-based awards
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Net income available to common shareholders, excluding amounts attributable to unvested time-based awards
|
|
$
|
66,457
|
|
|
$
|
57,260
|
|
|
$
|
50,767
|
|
|
|
|
|
|
|
|
||||||
Denominator:
|
|
|
|
|
|
|
||||||
Weighted-average number of common shares outstanding–basic
|
|
58,717,647
|
|
|
57,474,256
|
|
|
50,488,007
|
|
|||
Effect of dilutive unvested performance-based awards
|
|
—
|
|
|
452,143
|
|
|
402,854
|
|
|||
Weighted-average number of common shares outstanding–diluted
|
|
58,717,647
|
|
|
57,926,399
|
|
|
50,890,861
|
|
|||
|
|
|
|
|
|
|
||||||
Net income available per common share:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
1.13
|
|
|
$
|
1.00
|
|
|
$
|
1.01
|
|
Diluted
|
|
$
|
1.13
|
|
|
$
|
0.99
|
|
|
$
|
1.00
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
First Quarter
|
|
$
|
0.484375
|
|
|
$
|
0.484375
|
|
|
$
|
0.484375
|
|
Second Quarter
|
|
0.484375
|
|
|
0.484375
|
|
|
0.484375
|
|
|||
Third Quarter
|
|
0.484375
|
|
|
0.484375
|
|
|
0.484375
|
|
|||
Fourth Quarter
|
|
0.484375
|
|
|
0.484375
|
|
|
0.484375
|
|
|||
|
|
$
|
1.937500
|
|
|
$
|
1.937500
|
|
|
$
|
1.937500
|
|
Trust TSR as % of
Index Total Return
|
|
Payout
(% of Maximum)
|
<67%
|
|
0%
|
67%
|
|
25%
|
100%
|
|
50%
|
≥133%
|
|
100%
|
|
|
Number of
Shares
|
|
Weighted-Average
Grant-Date
Fair Value
|
|||
Restricted common shares as of December 31, 2013
|
|
629,855
|
|
|
$
|
18.33
|
|
Granted
|
|
491,564
|
|
|
$
|
13.83
|
|
Vested
|
|
(193,117
|
)
|
|
$
|
18.68
|
|
Forfeited
|
|
(750
|
)
|
|
$
|
23.58
|
|
Restricted common shares as of December 31, 2014
|
|
927,552
|
|
|
$
|
15.87
|
|
Granted
|
|
292,270
|
|
|
$
|
25.36
|
|
Vested
|
|
(156,618
|
)
|
|
$
|
22.76
|
|
Forfeited
|
|
(5,934
|
)
|
|
$
|
29.80
|
|
Restricted common shares as of December 31, 2015
|
|
1,057,270
|
|
|
$
|
17.40
|
|
Granted
|
|
448,146
|
|
|
$
|
15.58
|
|
Vested
|
|
(407,390
|
)
|
|
$
|
17.66
|
|
Forfeited
|
|
(322,042
|
)
|
|
$
|
11.39
|
|
Restricted common shares as of December 31, 2016
|
|
775,984
|
|
|
$
|
18.71
|
|
|
|
Fair Value at December 31, 2016
|
||||||||||||||
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap (included within other liabilities)
|
|
$
|
39
|
|
|
$
|
—
|
|
|
$
|
39
|
|
|
$
|
—
|
|
|
|
$
|
39
|
|
|
$
|
—
|
|
|
$
|
39
|
|
|
$
|
—
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Current:
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
1,472
|
|
|
$
|
3,366
|
|
|
$
|
685
|
|
State
|
|
274
|
|
|
580
|
|
|
141
|
|
|||
|
|
1,746
|
|
|
3,946
|
|
|
826
|
|
|||
Deferred:
|
|
|
|
|
|
|
||||||
Federal
|
|
220
|
|
|
(1,158
|
)
|
|
(243
|
)
|
|||
State
|
|
33
|
|
|
(193
|
)
|
|
(48
|
)
|
|||
|
|
253
|
|
|
(1,351
|
)
|
|
(291
|
)
|
|||
Income tax expense
|
|
$
|
1,999
|
|
|
$
|
2,595
|
|
|
$
|
535
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Statutory federal income tax expense
|
|
$
|
26,760
|
|
|
$
|
23,833
|
|
|
$
|
20,906
|
|
Effect of non-taxable REIT income
|
|
(24,902
|
)
|
|
(21,441
|
)
|
|
(20,764
|
)
|
|||
State income tax expense, net of federal taxes
|
|
206
|
|
|
252
|
|
|
60
|
|
|||
Other
|
|
(65
|
)
|
|
(49
|
)
|
|
333
|
|
|||
Income tax expense
|
|
$
|
1,999
|
|
|
$
|
2,595
|
|
|
$
|
535
|
|
|
|
December 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Deferred tax asset:
|
|
|
|
|
||||
Deferred income–key money
|
|
$
|
2,299
|
|
|
$
|
2,425
|
|
Net operating loss carryforwards
|
|
282
|
|
|
331
|
|
||
Employee-related compensation
|
|
270
|
|
|
285
|
|
||
Other
|
|
—
|
|
|
18
|
|
||
|
|
2,851
|
|
|
3,059
|
|
||
Deferred tax liability:
|
|
|
|
|
||||
Other
|
|
75
|
|
|
30
|
|
||
|
|
75
|
|
|
30
|
|
||
Net deferred tax asset
|
|
$
|
2,776
|
|
|
$
|
3,029
|
|
|
|
Quarter Ended - 2016
|
||||||||||||||
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
|
|
(in thousands, except per share data)
|
||||||||||||||
Total revenue
|
|
$
|
140,611
|
|
|
$
|
169,431
|
|
|
$
|
164,529
|
|
|
$
|
145,128
|
|
Total operating expenses
|
|
124,285
|
|
|
130,153
|
|
|
130,298
|
|
|
125,010
|
|
||||
Operating income
|
|
16,326
|
|
|
39,278
|
|
|
34,231
|
|
|
20,118
|
|
||||
Net income
|
|
10,070
|
|
|
28,542
|
|
|
25,947
|
|
|
12,147
|
|
||||
Net income available to common shareholders, excluding amounts attributable to unvested time-based awards
(1)
|
|
7,504
|
|
|
25,959
|
|
|
23,379
|
|
|
9,599
|
|
||||
Net income available per common share—basic and diluted
(2)
|
|
0.13
|
|
|
0.44
|
|
|
0.40
|
|
|
0.16
|
|
|
|
Quarter Ended - 2015
|
||||||||||||||
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
|
|
(in thousands, except per share data)
|
||||||||||||||
Total revenue
|
|
$
|
109,290
|
|
|
$
|
162,145
|
|
|
$
|
165,009
|
|
|
$
|
146,180
|
|
Total operating expenses
|
|
103,907
|
|
|
125,592
|
|
|
129,241
|
|
|
121,925
|
|
||||
Operating income
|
|
5,383
|
|
|
36,553
|
|
|
35,768
|
|
|
24,255
|
|
||||
Net income
|
|
1,552
|
|
|
24,045
|
|
|
27,180
|
|
|
14,731
|
|
||||
Net income (loss) available to common shareholders, excluding amounts attributable to unvested time-based awards
(1)
|
|
(1,007
|
)
|
|
21,480
|
|
|
24,597
|
|
|
12,175
|
|
||||
Net income (loss) available per common share
(2)
:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
(0.02
|
)
|
|
0.37
|
|
|
0.42
|
|
|
0.21
|
|
||||
Diluted
|
|
(0.02
|
)
|
|
0.36
|
|
|
0.42
|
|
|
0.21
|
|
(1)
|
The sum of amounts for the four quarters may differ from the annual amount due to the required method of computing the two-class method in the respective periods.
|
(2)
|
The sum of per share amounts for the four quarters may differ from the annual per share amount due to the required method of computing weighted-average number of common shares outstanding in the respective periods.
|
Description
|
|
Encumbrances
|
|
Initial Cost
|
|
Costs Capitalized
Subsequent to
Acquisition
|
|
Gross Amount at End of Year
|
|
Accumulated
Depreciation
|
|
Year of
Acquisition
|
|
Depreciation
Life
|
||||||||||||||||||||||
|
Land
|
|
Buildings and
Improvements
|
|
|
Land
|
|
Buildings and
Improvements
|
|
Total
|
|
|||||||||||||||||||||||||
Hyatt Regency Boston
Boston, Massachusetts
|
|
$
|
148,749
|
|
|
$
|
—
|
|
|
$
|
71,462
|
|
|
$
|
11,181
|
|
|
$
|
75
|
|
|
$
|
82,568
|
|
|
$
|
82,643
|
|
|
$
|
14,636
|
|
|
2010
|
|
40 years
|
Hilton Checkers Los Angeles
Los Angeles, California
|
|
29,884
|
|
|
9,010
|
|
|
32,710
|
|
|
2,277
|
|
|
9,030
|
|
|
34,967
|
|
|
43,997
|
|
|
5,925
|
|
|
2010
|
|
40 years
|
||||||||
Boston Marriott Newton
Newton, Massachusetts
|
|
54,614
|
|
|
11,800
|
|
|
56,450
|
|
|
2,421
|
|
|
12,000
|
|
|
58,671
|
|
|
70,671
|
|
|
9,390
|
|
|
2010
|
|
40 years
|
||||||||
Le Meridien San Francisco
San Francisco, California
|
|
84,476
|
|
|
28,737
|
|
|
100,734
|
|
|
5,191
|
|
|
28,768
|
|
|
105,894
|
|
|
134,662
|
|
|
16,389
|
|
|
2010
|
|
40 years
|
||||||||
Homewood Suites Seattle Convention Center
Seattle, Washington
|
|
—
|
|
|
6,266
|
|
|
44,004
|
|
|
1,164
|
|
|
6,267
|
|
|
45,167
|
|
|
51,434
|
|
|
6,453
|
|
|
2011
|
|
40 years
|
||||||||
W Chicago – City Center
Chicago, Illinois
|
|
85,720
|
|
|
29,800
|
|
|
93,464
|
|
|
7,209
|
|
|
29,800
|
|
|
100,673
|
|
|
130,473
|
|
|
14,977
|
|
|
2011
|
|
40 years
|
||||||||
Hotel Indigo San Diego Gaslamp Quarter
San Diego, California
|
|
—
|
|
|
8,300
|
|
|
43,000
|
|
|
869
|
|
|
8,308
|
|
|
43,861
|
|
|
52,169
|
|
|
6,098
|
|
|
2011
|
|
40 years
|
||||||||
Courtyard Washington Capitol Hill/Navy Yard
Washington, DC
|
|
—
|
|
|
9,661
|
|
|
57,930
|
|
|
1,537
|
|
|
9,661
|
|
|
59,467
|
|
|
69,128
|
|
|
8,292
|
|
|
2011
|
|
40 years
|
||||||||
Hotel Adagio San Francisco, Autograph Collection
San Francisco, California
|
|
—
|
|
|
7,900
|
|
|
33,973
|
|
|
5,944
|
|
|
7,987
|
|
|
39,830
|
|
|
47,817
|
|
|
6,295
|
|
|
2011
|
|
40 years
|
||||||||
Denver Marriott City Center
Denver, Colorado
|
|
65,048
|
|
|
3,500
|
|
|
118,209
|
|
|
5,401
|
|
|
4,076
|
|
|
123,034
|
|
|
127,110
|
|
|
16,373
|
|
|
2011
|
|
40 years
|
||||||||
Hyatt Herald Square New York
New York, New York
|
|
(1
|
)
|
|
14,350
|
|
|
36,325
|
|
|
6,214
|
|
|
14,365
|
|
|
42,524
|
|
|
56,889
|
|
|
5,470
|
|
|
2011
|
|
40 years
|
||||||||
W Chicago – Lakeshore
Chicago, Illinois
|
|
—
|
|
|
40,000
|
|
|
80,800
|
|
|
27,127
|
|
|
40,140
|
|
|
107,787
|
|
|
147,927
|
|
|
13,630
|
|
|
2012
|
|
40 years
|
||||||||
Hyatt Regency Mission Bay Spa and Marina
San Diego, California
|
|
—
|
|
|
—
|
|
|
57,633
|
|
|
2,359
|
|
|
—
|
|
|
59,992
|
|
|
59,992
|
|
|
6,517
|
|
|
2012
|
|
40 years
|
||||||||
The Hotel Minneapolis, Autograph Collection
Minneapolis, Minnesota
|
|
—
|
|
|
2,350
|
|
|
39,988
|
|
|
457
|
|
|
2,350
|
|
|
40,445
|
|
|
42,795
|
|
|
4,233
|
|
|
2012
|
|
40 years
|
||||||||
Hyatt Place New York Midtown South
New York, New York
|
|
(1
|
)
|
|
18,470
|
|
|
55,002
|
|
|
271
|
|
|
18,482
|
|
|
55,261
|
|
|
73,743
|
|
|
5,306
|
|
|
2013
|
|
40 years
|
||||||||
W New Orleans – French Quarter
New Orleans, Louisiana
|
|
—
|
|
|
4,092
|
|
|
19,468
|
|
|
151
|
|
|
4,097
|
|
|
19,614
|
|
|
23,711
|
|
|
1,844
|
|
|
2013
|
|
40 years
|
||||||||
Le Meridien New Orleans
New Orleans, Louisiana
|
|
—
|
|
|
4,700
|
|
|
54,875
|
|
|
17,007
|
|
|
4,703
|
|
|
71,879
|
|
|
76,582
|
|
|
7,303
|
|
|
2013
|
|
40 years
|
||||||||
Hyatt Centric Fisherman's Wharf
San Francisco, California
|
|
—
|
|
|
24,200
|
|
|
74,400
|
|
|
4,864
|
|
|
24,200
|
|
|
79,264
|
|
|
103,464
|
|
|
7,227
|
|
|
2013
|
|
40 years
|
||||||||
Hyatt Centric Santa Barbara
Santa Barbara, California
|
|
—
|
|
|
30,225
|
|
|
23,989
|
|
|
2,850
|
|
|
30,246
|
|
|
26,818
|
|
|
57,064
|
|
|
2,413
|
|
|
2013
|
|
40 years
|
||||||||
JW Marriott San Francisco Union Square
San Francisco, California
|
|
—
|
|
|
—
|
|
|
139,150
|
|
|
448
|
|
|
—
|
|
|
139,598
|
|
|
139,598
|
|
|
7,861
|
|
|
2014
|
|
40 years
|
||||||||
Royal Palm South Beach Miami, a Tribute Portfolio Resort
Miami Beach, Florida
|
|
125,000
|
|
|
40,100
|
|
|
222,230
|
|
|
2,250
|
|
|
40,114
|
|
|
224,466
|
|
|
264,580
|
|
|
10,222
|
|
|
2015
|
|
40 years
|
||||||||
Ace Hotel and Theater Downtown Los Angeles
Los Angeles, California
|
|
—
|
|
|
24,362
|
|
|
72,268
|
|
|
67
|
|
|
24,370
|
|
|
72,327
|
|
|
96,697
|
|
|
3,014
|
|
|
2015
|
|
40 years
|
||||||||
Totals
|
|
$
|
682,905
|
|
|
$
|
317,823
|
|
|
$
|
1,528,064
|
|
|
$
|
107,259
|
|
|
$
|
319,039
|
|
|
$
|
1,634,107
|
|
|
$
|
1,953,146
|
|
|
$
|
179,868
|
|
|
|
|
|
(1)
|
This hotel secures a mortgage loan issued in
July 2014
, which had an outstanding principal balance of
$89,414
as of
December 31, 2016
.
|
Balance as of December 31, 2013
|
$
|
1,398,806
|
|
Acquisition
|
139,150
|
|
|
Capital expenditures and transfers from construction-in-progress
|
53,710
|
|
|
Disposition
|
(24,424
|
)
|
|
Balance as of December 31, 2014
|
1,567,242
|
|
|
Acquisitions
|
358,960
|
|
|
Capital expenditures and transfers from construction-in-progress
|
21,300
|
|
|
Balance as of December 31, 2015
|
1,947,502
|
|
|
Capital expenditures and transfers from construction-in-progress
|
7,034
|
|
|
Disposition
|
(1,390
|
)
|
|
Balance as of December 31, 2016
|
$
|
1,953,146
|
|
Balance as of December 31, 2013
|
$
|
61,457
|
|
Depreciation and amortization
|
32,012
|
|
|
Disposition
|
(1,728
|
)
|
|
Balance as of December 31, 2014
|
91,741
|
|
|
Depreciation and amortization
|
42,970
|
|
|
Balance as of December 31, 2015
|
134,711
|
|
|
Depreciation and amortization
|
45,199
|
|
|
Disposition
|
(42
|
)
|
|
Balance as of December 31, 2016
|
$
|
179,868
|
|
1 Year Chesapeake Lodging Chart |
1 Month Chesapeake Lodging Chart |
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