Equity Inns (NYSE:ENN)
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Equity Inns, Inc. (NYSE: ENN), the third largest hotel real estate
investment trust (REIT), today announced its results for the three
months ended March 31, 2007.
Adjusted funds from operations (AFFO) for the three-months ended March
31, 2007 was $0.38 per diluted share, an increase of 12% as compared to
the three-month period ended March 31, 2006. Adjusted EBITDA rose 16% to
$36.1 million for the first quarter of 2007 as compared to $31.1 million
for the first quarter of 2006. Net income applicable to common
shareholders for the first quarter of 2007 was $5.6 million, or $0.10
per diluted share, as compared to a net loss of ($3.3) million, or
($0.06) per diluted share in the prior year. There was no difference
between funds from operations (FFO) and AFFO for the first quarter of
2007.
Mr. Howard A. Silver, President and Chief Executive Officer, commented, “Equity
Inns continues to generate strong growth in revenues, EBITDA and AFFO by
garnering higher average daily rate (ADR) across our well-positioned
portfolio. All of our geographic regions contributed to help our overall
revenue per available room (RevPAR) growth, including our 25 Florida
hotels, which had difficult comparisons given the strength of
hurricane-related demand in 2006. We were especially pleased with the
results of our renovated Gen 1 Residence Inns, which experienced RevPAR
growth of almost 17% and our non-Florida Hampton Inns which experienced
RevPAR growth of over 10%. We also believe we have significant growth
potential in the coming years due to the conversion of our AmeriSuites
to Hyatt Place hotels by the end of 2007.”
Financial Highlights for the First Quarter 2007:
Total hotel revenue increased 15% to $105.8 million for the first
quarter of 2007 as compared to $92.1 million for the first quarter of
2006. Of the Company’s total hotel revenue
increase of $13.7 million, $10.3 million was due to net incremental
revenue from hotel acquisitions while $3.4 million was due to improved
same-store results. The Company’s all
comparable RevPAR growth for the first quarter of 2007 was 4.9%. This
growth was driven by a 6.4% increase in ADR to $107.32, slightly offset
by a 98 basis point decline in occupancy to 70.4%. As expected, the
majority of the occupancy decline was in the Company’s
Florida hotels. This excludes the negative impact of the repositioning
of 18 AmeriSuites hotels owned by the Company which will be converted to
Hyatt Place hotels on an ongoing basis throughout 2007. Management
believes that excluding these hotels is a more accurate measure of the
normalized performance of the Company’s hotel
portfolio. During the first quarter of 2007, there was negligible AFFO
impact from positioning these 18 hotels for conversion due to minimum
income guarantees received from the Global Hyatt Corporation.
The Company’s ongoing ability to increase ADR
due to the strong occupancy position of its hotels coupled with tight
controls of hotel expenses resulted in a solid increase in
profitability. The Company’s gross operating
profit margin (GOP margin) increased 140 basis points to 46.2% in the
first quarter of 2007 as compared to the first quarter of 2006,
excluding the Company’s 18 AmeriSuites hotels.
Including the AmeriSuites, the Company’s GOP
margin improved 60 basis points to 45.5%.
Non-financial First Quarter of 2007 Highlights:
During the quarter, the Company completed the purchase of three hotels
with a total of 366 rooms and suites for a total of $30.5 million. The
three hotels include a SpringHill Suites by Marriott, a Hilton Garden
Inn hotel and a Courtyard by Marriott hotel.
Capital Structure:
At March 31, 2007, Equity Inns had $678.7 million of long-term debt
outstanding. Total debt represented 46.2% of the historical cost of the
Company’s hotels and represented
approximately 39% of the Company’s total
enterprise value at the end of the first quarter 2007. Equity Inns’
leverage ratio of 4.8 times at the end of the first quarter 2007 is near
a five-year low for the Company. Fixed rate debt, together with variable
rate debt hedged by an interest rate swap, amounted to approximately 92%
of total debt. At March 31, 2007, the Company’s
outstanding common stock and partnership units were a combined 55.9
million.
Dividend:
During the first quarter of 2007, the Company paid a cash dividend on
its common stock of $0.25 per share. The $0.25 per share common dividend
represents a 32% and a 9% increase over the prior year quarter and
previous quarter, respectively. Equity Inns’
trailing twelve months’ cash available for
distribution (CAD) payout ratio for the period ended March 31, 2007 was
approximately 76%.
Mr. Silver concluded, “Our combination of
strong financial performance and financial flexibility continues to
provide us with the ability to execute on our strategy of driving
earnings growth and providing value to our shareholders through a strong
and secure dividend payout.”
2007 Guidance:
The statements below are the Company’s
outlook or forecast for the Company’s
business for the fiscal year ending December 31, 2007. Based upon the
Company’s expectations for continued
improvement of the U.S. economy, moderate hotel supply growth in its
markets, further improvement in the upscale and mid-scale without food
and beverage lodging sectors, recent acquisitions and divestitures,
along with planned hotel renovations and other expenses, the Company is
issuing the following revised guidance for the full year 2007:
Net Income Per Diluted Share: $0.35 to $0.42
FFO Per Diluted Share: $1.50 to $1.56
RevPAR Growth: 4.5% to 5.5% (5.5% to 6.5% without the AmeriSuites)
Adjusted EBITDA: $147 to $152 million
Equity Inns now expects that its 2007 results will contribute to full
year FFO as follows: second quarter: 29%, third quarter: 28% and fourth
quarter: 18%.
Additionally, capital expenditures for the full year 2007 are expected
to be approximately $90 million to $100 million. Approximately $55
million to $65 million of the Company’s total
capital expenditures represents the Company’s
estimate for the conversion of its AmeriSuites hotels to Hyatt Place
hotels. Global Hyatt Corporation will be performing the conversion for
the Company pursuant to a project management agreement, and Equity Inns
currently expects the conversion to be completed by the end of 2007.
Given the Company’s minimum income guarantees
from Hyatt, the majority of the displaced revenue from the AmeriSuites
conversion is not expected to have a material impact to the Company’s
2007 FFO. Equity Inns currently expects the conversion to Hyatt Place
hotels will negatively impact its FFO by approximately $0.01 per diluted
share in 2007 as compared to 2006.
Conference Call:
The Company will host a conference call today, beginning at 4:30 p.m.
Eastern time to discuss these results. The call will be hosted by Howard
Silver, President and Chief Executive Officer, J. Mitchell Collins,
Chief Financial Officer, and Richard Mitchell, Senior Vice President of
Asset Management.
Interested investors and other parties may listen to the call by dialing
(800) 811-8824 or (913) 981-4903 for international participants. A
simultaneous webcast of the conference call is also available from the
Company’s Web site at
http://www.equityinns.com.
A replay of the conference call will be available from 7:30 p.m. Eastern
time on May 7, 2007, until midnight Eastern time on May 14, 2007, by
dialing (888) 203-1112 or (719) 457-0820 for international participants.
The pass code is 4666798. The replay will also be available for seven
days on the Company’s Web site.
Forward Looking Statements
Certain matters discussed in this press release which are not historical
facts are “forward-looking statements”
within the meaning of the federal securities laws and involve risks and
uncertainties. The words “may,”
“plan,” “project,”
“anticipate,” “believe,”
“estimate,” “forecast,
“expect,” “intend,”
“will,” and
similar terms are intended to identify forward-looking statements, which
include, without limitation, statements concerning our outlook for the
hotel industry, acquisition and disposition plans for our hotels and
assumptions and forecasts of future results for fiscal year 2007.
Forward-looking statements are not guarantees of future performance and
involve numerous risks and uncertainties which may cause our actual
financial condition, results of operations and performance to be
materially different from the results of expectations expressed or
implied by such statements. General economic conditions, future acts of
terrorism or war, risks associated with the hotel and hospitality
business, the availability of capital, risks associated with our debt
financing, hotel operating risks and numerous other factors, may affect
our future results and performance and achievements. These risks and
uncertainties are described in greater detail in Item 1.A. of our 2006
Annual Report on Form 10-K filed on February 28, 2007, and our other
periodic filings with the United States Securities and Exchange
Commission (SEC). We undertake no obligation and do not intend to
publicly update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise. Although we
believe our current expectations to be based upon reasonable
assumptions, we can give no assurance that our expectations will be
attained or that actual results will not differ materially.
Notes to Financial Information
The Company operates as a self-managed and self-administered real estate
investment trust, or REIT. Readers are encouraged to find further detail
regarding Equity Inns’ organizational
structure in its Annual Report on Form 10-K for the year ended December
31, 2006 as filed with the SEC.
Non-GAAP Financial Measures
Included in this press release are certain "non-GAAP financial
measures," which are measures of the Company's historical or future
financial performance that are different from measures calculated and
presented in accordance with generally accepted accounting principles,
or GAAP, within the meaning of applicable SEC rules. These include: (i)
Gross Operating Profit Margin, (ii) Funds From Operations, (iii)
Adjusted Funds From Operations, (iv) Adjusted EBITDA, (v) Cash Available
for Distribution (CAD), (vi) CAD Payout Ratio, (vii) Capitalization Rate
(viii) Leverage Ratio, (ix) Total Shareholder Return and (x) Hotel
Operating Statistics. The following discussion defines these terms,
which the Company believes can be useful measures of its performance.
Gross Operating Profit Margin
The Company uses a measure common in the hotel industry, gross operating
profit margin (GOP margin), to evaluate its operating results. GOP
margin is defined as total hotel revenue minus hotel operating expenses
before property taxes, insurance and management fees, divided by hotel
revenues.
Funds from Operations
The National Association of Real Estate Investment Trusts, or NAREIT,
defines funds from operations, or FFO, as net income (loss) applicable
to common shareholders, excluding gains (or losses) from sales of real
estate, the cumulative effect of changes in accounting principles, real
estate-related depreciation and amortization, and after adjustments for
unconsolidated partnerships and joint ventures. FFO does not include the
cost of capital improvements or any related capitalized interest.
Equity Inns uses FFO per diluted share as a measure of performance to
adjust for certain non-cash expenses such as depreciation and
amortization because historical cost accounting for real estate assets
implicitly assumes that the value of real estate assets diminishes
predictably over time. Because real estate values have historically
risen or fallen with market conditions, many industry investors have
considered presentation of operating results for real estate companies
that use historical cost accounting to be less informative. NAREIT
adopted the definition of FFO in order to promote an industry-wide
standard measure of REIT operating performance. Accordingly, as a member
of NAREIT, Equity Inns adopted FFO as a measure to evaluate performance
and facilitate comparisons between the Company and other REITs, although
FFO and FFO per diluted share may not be comparable to those measures,
or similarly titled measures, as reported by other companies.
Additionally, FFO is used by management in the annual budget process.
Adjusted Funds From Operations
Equity Inns further adjusts FFO for losses on impairment of hotels,
prepayment penalties on extinguishment of debt and other non-cash or
unusual items. We refer to this as adjusted funds from operations, or
AFFO. The Company’s computation of AFFO and
AFFO per diluted share is not comparable to the NAREIT definition of FFO
or to similar measures reported by other REITs, but the Company believes
it is an appropriate measure for this Company. The Company uses AFFO
because it believes that this measure provides investors a useful
indicator of the operating performance of the Company’s
hotels by adjusting for the effects of certain non-cash or non-recurring
items arising from the Company’s financing
activities, impairment charges on hotels held for sale and other areas.
In addition to being used by management in the annual budget process,
AFFO per diluted share is also used by the Compensation Committee of the
Board of Directors as one of the criteria for performance-based
executive compensation.
EBITDA and Adjusted EBITDA
Earnings before Interest Expense, Income Taxes, Depreciation and
Amortization, or EBITDA, is a commonly used measure of performance in
many industries, which the Company believes provides useful information
to investors regarding its results of operations. The Company believes
that EBITDA helps investors evaluate the ongoing operating performance
of its properties and facilitates comparisons with other lodging REITs,
hotel owners who are not REITs, and other capital-intensive companies.
The Company uses EBITDA to provide a baseline when evaluating hotel
results.
The Company also uses EBITDA as one measure in determining the value of
acquisitions and dispositions and, like FFO and AFFO, it is also used by
management in the annual budget process.
The Company further adjusts EBITDA to exclude preferred stock dividends,
income or losses from discontinued operations, minority interests and
losses on impairment of hotels because it believes that including such
items in EBITDA is not consistent with reflecting the ongoing operating
performance of the remaining assets.
The Company has historically adjusted EBITDA when evaluating its
performance because management believes that the exclusion of certain
non-cash and non-recurring items described above assists the Company in
measuring the performance of its hotels and reflects the ongoing value
of the Company as a whole. Therefore, the Company modifies EBITDA and
refers to this measure as Adjusted EBITDA.
Cash available for distribution (CAD) and CAD Payout Ratio
Cash available for distribution (CAD) is defined as AFFO, adjusted for
certain non-cash amortization and an allowance for recurring capital
expenditures equal to four percent of total hotel revenue from
continuing operations. The Company computes the CAD Payout Ratio by
dividing common dividends per share and unit paid over the last twelve
months by trailing twelve-month CAD per share for the same period. The
Company believes the CAD Payout Ratio also helps improve equity holders'
ability to understand the Company’s ability
to make distributions to its shareholders.
Capitalization Rate
The Company uses a measure common in the hotel industry to discuss its
underwriting of acquired or disposed hotel assets. Capitalization rate,
for this discussion, is defined as the percentage derived by dividing
the net operating income of the hotel asset(s), less a management fee
and an allowance for recurring capital expenditures, by the purchase
price paid or received for the hotel asset(s).
Leverage Ratio
The Company uses a measure common in the hotel industry to evaluate its
financial leverage. Leverage ratio is defined as the Company’s
long-term debt divided by EBITDA as defined in the financial covenants
of its Line of Credit.
Total Shareholder Return
The Company uses a measure common in the hotel industry to discuss its
return to common shareholders. Total shareholder return is defined as
reinvested stock dividend income plus the percentage of stock price
appreciation or minus the percentage of stock price reduction over the
respective period. Total shareholder return is also used by the
Compensation Committee of the Board of Directors as one of the criteria
for performance-based executive compensation.
Hotel Operating Statistics
The Company uses a measure common in the hotel industry to evaluate the
operations of its hotel room revenue per available room, or RevPAR.
RevPAR is the product of the average daily rate, or ADR, charged and the
average daily occupancy achieved. RevPAR does not include food and
beverage or other ancillary revenues such as parking, telephone, or
other guest services generated by the property. Similar to the reporting
periods for the Company's statement of operations, hotel operating
statistics (i.e., RevPAR, ADR and average occupancy) are reported based
on quarter end and year-to-date measures. This facilitates year-to-year
comparisons of hotel results, as each reporting period will be comprised
of the same number of days of operations as in the prior year.
GOP Margin, FFO, AFFO, FFO per share, AFFO per share, Adjusted EBITDA,
CAD, CAD Payout Ratio, Capitalization Rate, Leverage Ratio, Total
Shareholder Return and Hotel Operating Statistics presented, may not be
comparable to the same or similarly titled measures calculated by other
companies and may not be helpful to investors when comparing Equity Inns
to other companies. This information should not be considered as an
alternative to net income, income from operations, cash from operations,
or any other operating performance measure prescribed by GAAP. Cash
expenditures for various long-term assets (such as renewal and
replacement capital expenditures), interest expense (for Adjusted EBITDA
purposes) and other items have been and will be incurred and are not
reflected in the Adjusted EBITDA, FFO and AFFO presentations. Equity
Inns' statement of operations and cash flows include disclosure of its
interest expense, capital expenditures, and other excluded items, all of
which should be considered when evaluating the Company's performance, as
well as the usefulness of its non-GAAP financial measures. Additionally,
FFO, AFFO, FFO per share, AFFO per share, Adjusted EBITDA and CAD should
not be considered as a measure of the Company's liquidity or indicative
of funds available to fund its cash needs, including the Company's
ability to make cash distributions. In addition, FFO per share, AFFO per
share and CAD do not measure, and should not be used as measures of,
amounts that accrue directly to shareholders' benefit.
About Equity Inns
Equity Inns, Inc. is a self-advised REIT that focuses on the upscale
extended stay, all-suite and midscale limited-service segments of the
hotel industry. The Company, which ranks as the third largest hotel REIT
based on number of hotels, currently owns 132 hotels with 15,731 rooms
located in 35 states. For more information about Equity Inns, visit the
Company's Web site at www.equityinns.com.
EQUITY INNS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
March 31,
2007
December 31, 2006
(unaudited)
ASSETS
Investment in hotel properties, at cost
$1,453,299
$1,409,508
Accumulated depreciation
(333,627)
(318,189)
Investment in hotel properties, net
1,119,672
1,091,319
Cash and cash equivalents
11,209
7,484
Accounts receivable, net of doubtful accounts of $200 and $200,
respectively
9,140
7,767
Interest rate swap
406
516
Notes receivable, net
1,892
1,896
Deferred expenses, net
14,490
13,286
Deposits and other assets, net
18,200
15,014
Total Assets
$1,175,009
$1,137,282
LIABILITIES AND SHAREHOLDERS’ EQUITY
Long-term debt
$678,654
$635,365
Accounts payable and accrued expenses
42,864
42,445
Distributions payable
16,045
14,855
Minority interests in Partnership
4,718
4,853
Total Liabilities
742,281
697,518
Commitments and Contingencies
Shareholders’ Equity:
Preferred Stock, $.01 par value, 10,000,000 shares authorized
Series B, 8.75%, $.01 par value, 3,450,000 and 3,450,000 shares
issued and outstanding
83,524
83,524
Series C, 8.00%, $.01 par value, 2,400,000 and 2,400,000 shares
issued and outstanding
57,862
57,862
Common stock, $.01 par value, 100,000,000 shares authorized,
55,042,369 and 54,735,137 shares issued and outstanding
550
547
Additional paid-in capital
575,505
574,238
Distributions in excess of net earnings
(285,119)
(276,923)
Unrealized gain on interest rate swap
406
516
Total Shareholders’ Equity
432,728
439,764
Total Liabilities and Shareholders’ Equity
$1,175,009
$1,137,282
EQUITY INNS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share data)
(unaudited)
For the Three Months Ended March 31,
2007
2006
Revenue:
Room revenue
$101,658
$88,735
Other hotel revenue
4,119
3,390
Total hotel revenue
105,777
92,125
Operating expenses:
Direct hotel expenses
56,244
49,888
Other hotel expenses
2,961
2,553
Depreciation
15,438
12,672
Property taxes, insurance and other
7,424
6,001
General and administrative expenses:
Non-cash stock-based compensation
944
1,002
Other general and administrative expenses
3,137
2,713
Loss on impairment of hotels
-
2,210
Total operating expenses
86,148
77,039
Operating income
19,629
15,086
Interest expense, net
10,881
9,813
Income (loss) from continuing operations before
minority interests and income taxes
8,748
5,273
Minority interest income (expense)
(92)
58
Deferred income tax benefit (expense)
-
-
Income (loss) from continuing operations
8,656
5,331
Discontinued operations:
Gain (loss) on sale of hotel properties
-
(17)
Loss on impairment of hotels held for sale
-
(6,690)
Income (loss) from operations of discontinued operations
(5)
547
Income (loss) from discontinued operations
(5)
(6,160)
Net income (loss)
8,651
(829)
Preferred stock dividends
(3,087)
(2,473)
Net income (loss) applicable to common shareholders
$5,564
$(3,302)
Net income (loss) per share data:
Basic and diluted income (loss) per share:
Continuing operations
$0.10
$0.05
Discontinued operations
0.00
(0.11)
Net income (loss) per common shares
$0.10
$(0.06)
Weighted average number of common shares outstanding, basic and
diluted
55,014
54,309
EQUITY INNS, INC.
RECONCILIATION OF NET INCOME (LOSS) TO FUNDS FROM OPERATIONS,
ADJUSTED FUNDS FROM OPERATIONS AND CASH AVAILABLE FOR DISTRIBUTION
(unaudited)
The following is a reconciliation of net income (loss) to FFO and
AFFO, both applicable to common shareholders, and cash available
for distribution and illustrates the difference in these measures
of operating performance (in thousands, except per share and unit
data):
For the Three Months Ended March 31,
2007
2006
Net income (loss) applicable to common shareholders
$5,564
$(3,302)
Add (subtract):
(Gain) loss on sale of hotel properties
-
17
Minority interests (income) expense
92
(58)
Depreciation
15,438
12,672
Depreciation from discontinued operations
-
541
Funds From Operations (FFO)
21,094
9,870
Loss on impairment of hotels
-
8,900
Adjusted Funds From Operations (AFFO)
21,094
18,770
Add:
Amortization of debt issuance costs
476
466
Amortization of non-cash stock-based compensation and deferred
expenses
1,034
1,095
Allowance for capital reserves
(4,231)
(3,686)
Cash Available for Distribution
$18,373
$16,645
Weighted average number of diluted common shares and
Partnership units outstanding
55,919
55,554
FFO per Share and Unit
$0.38
$0.18
AFFO per Share and Unit
$0.38
$0.34
Cash Available for Distribution per Share and Unit
$0.33
$0.30
EQUITY INNS, INC.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(unaudited)
The following is a reconciliation of net income (loss) applicable
to common shareholders to Adjusted EBITDA and illustrates the
difference in these measures of operating performance (in
thousands):
For the Three Months Ended March 31,
2007
2006
Net income (loss) applicable to common shareholders
$5,564
$(3,302)
Add (subtract):
Preferred stock dividends
3,087
2,473
(Income) loss from discontinued operations
5
6,160
Minority interests (income) expense
92
(58)
Interest expense, net
10,881
9,813
Loss on impairment of hotels
-
2,210
Depreciation
15,438
12,672
Amortization of non-cash stock-based compensation
and deferred expenses
1,034
1,085
Adjusted EBITDA
$36,101
$31,053
EQUITY INNS, INC.
2007 GUIDANCE RECONCILIATION
(unaudited)
The following is a reconciliation of the Company’s
2007 forecast of net income (loss) to FFO and AFFO, both
applicable to common shareholders, and Adjusted EBITDA, and
illustrates the difference in these measures of operating
performance (in thousands, except per share and unit data):
Three Months Ending
June 30, 2007
Twelve Months Ending
December 31, 2007
Low EndRange
High EndRange
Low EndRange
High EndRange
FFO AND AFFO RECONCILIATION:
Net income (loss) applicable to common shareholders
$8,000
$9,000
$19,500
$23,000
Add (subtract):
(Gain) loss on sale of hotel properties
-
-
-
-
Minority interests (income) expense
135
150
325
380
Depreciation
16,000
16,000
64,000
64,000
Depreciation from discontinued operations
-
-
-
-
Funds From Operations (FFO)
24,135
25,150
83,825
87,380
Loss on impairment of hotels
-
-
-
-
Adjusted Funds From Operations (AFFO)
$24,135
$25,150
$83,825
$87,380
Weighted average number of diluted common shares and Partnership
units outstanding
55,950
55,950
56,000
56,000
FFO per Share and Unit
$0.43
$0.45
$1.50
$1.56
AFFO per Share and Unit
$0.43
$0.45
$1.50
$1.56
ADJUSTED EBITDA RECONCILIATION:
Net income (loss) applicable to common shareholders
$8,000
$9,000
$19,500
$23,000
Add (subtract):
Preferred stock dividends
3,087
3,087
12,347
12,347
(Income) loss from discontinued operations
-
-
-
-
Minority interests (income) expense
135
150
325
380
Interest expense, net
10,900
11,300
47,000
48,000
Loss on impairment of hotels
-
-
-
-
Depreciation
16,000
16,000
64,000
64,000
Amortization of non-cash stock-based compensation and deferred
expenses
1,000
1,000
4,000
4,000
Adjusted EBITDA
$39,122
$40,537
$147,172
$151,727
Equity Inns, Inc.
Hotel Performance
For the Three Months Ended March 31, 2007 and 2006
All Comparable (1)
RevPAR (2)
Occupancy
ADR
# of Rooms
# ofHotels
2007
Variance to 2006
2007
Variance to 2006
2007
Variance to 2006
Portfolio
15,731
132
$72.88
4.0%
69.5%
-1.5 pts.
$104.88
6.2%
Franchise
Hampton Inn
5,554
45
$67.62
7.0%
68.3%
0.6 pts.
$99.01
6.1%
AmeriSuites
2,291
18
$57.17
-2.4%
64.1%
-4.5 pts.
$89.19
4.3%
Residence Inn
2,208
22
$83.47
8.1%
73.8%
0.8 pts.
$113.10
6.9%
Courtyard
1,664
16
$82.62
0.6%
72.7%
-5.3 pts.
$113.68
7.9%
Homewood Suites
1,378
10
$88.24
1.9%
72.3%
-4.7 pts.
$122.04
8.5%
SpringHill Suites
694
7
$69.84
11.1%
73.3%
2.0 pts.
$95.29
8.1%
Hilton Garden Inn
489
4
$78.34
3.6%
69.8%
2.0 pts.
$112.25
0.7%
Holiday Inn
397
3
$46.21
13.5%
56.7%
-1.4 pts.
$81.44
16.3%
Hampton Inn & Suites
291
2
$117.90
-4.9%
80.4%
-4.7 pts.
$146.70
0.7%
Comfort Inn
281
2
$62.03
3.5%
63.1%
1.9 pts.
$98.32
0.3%
Embassy Suites
246
1
$108.97
-2.0%
73.8%
-5.5 pts.
$147.58
5.3%
Fairfield Inn & Suites
143
1
$54.72
1.0%
67.4%
-6.2 pts.
$81.24
10.2%
TownePlace Suites
95
1
$54.09
-12.0%
73.3%
-15.3 pts.
$73.76
6.3%
Region
East North Central
2,399
19
$57.71
5.0%
59.8%
-0.6 pts.
$96.47
6.2%
East South Central
2,229
21
$64.25
2.4%
68.0%
-3.9 pts.
$94.52
8.3%
Middle Atlantic
825
6
$62.02
19.8%
61.9%
8.0 pts.
$100.16
4.3%
Mountain
1,155
9
$77.14
6.9%
74.1%
-0.6 pts.
$104.09
7.8%
New England
809
7
$53.81
0.3%
59.0%
-3.5 pts.
$91.17
6.2%
Pacific
474
3
$95.93
8.5%
79.1%
2.1 pts.
$121.26
5.5%
South Atlantic
5,405
48
$86.66
0.6%
74.6%
-2.9 pts.
$116.16
4.5%
West North Central
830
7
$62.06
6.8%
65.4%
-0.9 pts.
$94.93
8.3%
West South Central
1,605
12
$72.52
9.7%
74.1%
-0.4 pts.
$97.93
10.3%
Type
Upper Upscale
246
1
$108.97
-2.0%
73.8%
-5.5 pts.
$147.58
5.3%
Upscale
8,724
77
$75.78
3.1%
70.5%
-2.5 pts.
$107.44
6.7%
Midscale without Food & Beverage
6,364
51
$69.16
5.4%
68.7%
0.0 pts.
$100.72
5.4%
Midscale with Food & Beverage
397
3
$46.21
13.5%
56.7%
-1.4 pts.
$81.44
16.3%
(1) All Comparable is defined as our system-wide gross lodging revenues
for hotels that the Company owned at period end.
(2) RevPAR is calculated by multiplying the Company’s
average daily rate (ADR) by occupancy.