Equity Inns (NYSE:ENN)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Equity Inns Charts. Click Here for more Equity Inns Charts.](/p.php?pid=staticchart&s=NY%5EENN&p=8&t=15)
Equity Inns, Inc. (NYSE: ENN), the third largest hotel real estate
investment trust (REIT), today announced its results for the three and
six months ended June 30, 2007.
Adjusted funds from operations (AFFO) for the three months ended June
30, 2007 increased 35% to $0.50 per diluted share, as compared to $0.37
per diluted share for the three-month period ended June 30, 2006.
Adjusted EBITDA was $41.6 million for the second quarter of 2007 as
compared to $33.5 million for the second quarter of 2006. Net income
applicable to common shareholders for the second quarter of 2007 was
$10.3 million, or $0.19 per diluted share, as compared to $8.6 million,
or $0.16 per diluted share in the prior year period. The only difference
between AFFO and funds from operations (FFO) for the second quarter of
2007 was approximately $1.6 million, or $0.03 per diluted share, related
to transaction costs associated with the Company’s
pending definitive merger agreement with an affiliate of Whitehall
Street Global Real Estate Limited Partnership 2007 (Whitehall), an
affiliate of Goldman Sachs & Co., Inc. These merger costs are included
as a component of general and administrative expenses in the
accompanying condensed consolidated statements of operations. The merger
with Whitehall is expected to be completed in the fourth quarter of 2007.
Financial Highlights for the Second Quarter 2007:
Total hotel revenue increased to $117.5 million for the second quarter
of 2007 as compared to $99.5 million for the second quarter of 2006. The
Company’s all comparable revenue per available
room (RevPAR) growth for the second quarter of 2007 was 7.8% as compared
to the second quarter of 2006. This improvement was driven primarily by
a 7.7% increase in the average daily rate (ADR) to $106.47 and a slight
improvement in occupancy to 77.1%. The Company’s
all comparable RevPAR results exclude the negative impact of the
repositioning of the Company’s 18 AmeriSuites
hotels which are being 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. Including the 18 AmeriSuites hotels, all comparable
RevPAR growth for the second quarter of 2007 was 6.6%.
The Company’s gross operating profit margin
(GOP margin) increased 180 basis points to 47.4% in the second quarter
of 2007 as compared to the second quarter of 2006, excluding the Company’s
18 AmeriSuites hotels. Including the 18 AmeriSuites hotels, the Company’s
GOP margin improved 130 basis points to 46.7%.
Capital Structure:
At June 30, 2007, Equity Inns had $690.5 million of long-term debt
outstanding. Total debt represented 46.4% of the historical cost of the
Company’s hotels at the end of the second
quarter 2007. Equity Inns’ leverage ratio of
4.7 times at the end of the second 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 100% of total
debt. At June 30, 2007, the Company’s
outstanding common stock and partnership units were a combined 56.0
million.
Dividend:
During the second 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% increase over the prior year quarter.
Earnings Call and Forward-Looking Earnings Guidance:
Given the pending merger with Whitehall, the Company does not intend to
have an earnings call regarding today’s
announcement nor provide any further forward-looking earnings guidance.
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 and the
anticipated closing of the Company’s merger
with an affiliate of Whitehall. 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. Such risks and
uncertainties include, but are not limited to, the following: the
ability of the Company to complete the merger with an affiliate of
Whitehall on the terms and the conditions set forth in the agreement and
plan of merger, the ability of the Company to cope with domestic
economic and political disruption, war, terrorism, states of emergency
or similar activities; risks associated with debt financing; risks
associated with the hotel and hospitality industry; the ability of the
Company to successfully implement its operating strategy; availability
of capital; changes in economic cycles; competition from other
hospitality companies; and changes in the laws and government
regulations applicable to it.. These risks and uncertainties are
described in greater detail in Item 1.A. of our Annual Report on Form
10-K for the year ended December 31, 2006 filed with the United States
Securities and Exchange Commission (SEC) on February 28, 2007, and our
other periodic filings with the 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
Periodically in press releases the Company uses 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, including transaction costs relating to the pending
merger with an affiliate of Whitehall. 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 133 hotels with 15,822 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)
(unaudited)
June 30,
2007
December 31,
2006
ASSETS
Investment in hotel properties, at cost
$1,478,800
$1,409,508
Accumulated depreciation
(349,255)
(318,189)
Investment in hotel properties, net
1,129,545
1,091,319
Cash and cash equivalents
16,258
7,484
Accounts receivable, net of doubtful accounts of $200 and $200,
respectively
9,602
7,767
Interest rate swap
441
516
Notes receivable, net
1,879
1,896
Deferred expenses, net
13,767
13,286
Deposits and other assets, net
18,611
15,014
Total Assets
$1,190,103
$1,137,282
LIABILITIES AND SHAREHOLDERS’ EQUITY
Long-term debt
$690,542
$635,365
Accounts payable and accrued expenses
48,681
42,445
Distributions payable
16,047
14,855
Minority interests in Partnership
4,626
4,853
Total Liabilities
759,896
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,
55,058,698 and 54,735,137 shares issued and outstanding
551
547
Additional paid-in capital
576,381
574,238
Distributions in excess of net earnings
(288,552)
(276,923)
Unrealized gain on interest rate swap
441
516
Total Shareholders’ Equity
430,207
439,764
Total Liabilities and Shareholders’ Equity
$1,190,103
$1,137,282
EQUITY INNS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share data)
(unaudited)
For The Three MonthsEnded June 30,
For the Six MonthsEnded June 30,
2007
2006
2007
2006
Revenue:
Room revenue
$112,799
$95,732
$214,457
$184,467
Other hotel revenue
4,734
3,724
8,853
7,114
Total hotel revenue
117,533
99,456
223,310
191,581
Operating expenses:
Direct hotel expenses
62,127
54,274
118,372
104,162
Other hotel expenses
3,470
2,799
6,431
5,352
Depreciation
15,628
12,957
31,066
25,629
Property taxes, insurance and other
6,369
6,741
13,793
12,743
General and administrative expenses
4,872
3,226
8,953
6,940
Loss on impairment of hotels
—
3,000
—
5,210
Total operating expenses
92,466
82,997
178,615
160,036
Operating income
25,067
16,459
44,695
31,545
Interest expense, net
11,481
9,587
22,362
19,400
Income from continuing operations before minority interests and
income taxes
13,586
6,872
22,333
12,145
Minority interest income (expense)
(169)
(168)
(261)
(110)
Deferred income tax benefit (expense)
—
—
—
—
Income from continuing operations
13,417
6,704
22,072
12,035
Discontinued operations:
Gain (loss) on sale of hotel properties
—
4,552
—
4,535
Loss on impairment of hotels held for sale
—
—
—
(6,690)
Income (loss) from operations of discontinued operations
3
394
(2)
942
Income from discontinued operations
3
4,946
(2)
(1,213)
Net income (loss)
13,420
11,650
22,070
10,822
Preferred stock dividends
(3,087)
(3,087)
(6,173)
(5,560)
Net income (loss) applicable to common shareholders
$10,333
$8,563
$15,897
$5,262
Net income (loss) per share data:
Basic and diluted income (loss) per share:
Continuing operations
$0.19
$0.07
$0.29
$0.12
Discontinued operations
0.00
0.09
0.00
(0.02)
Net income (loss) per common shares
$0.19
$0.16
$0.29
$0.10
Weighted average number of common shares outstanding, basic and
diluted
55,058
54,630
55,036
54,470
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 June 30,
For the Six Months Ended June 30,
2007
2006
2007
2006
Net income (loss) applicable to common shareholders
$10,333
$8,563
$15,897
$5,262
Add (subtract):
(Gain) loss on sale of hotel properties
—
(4,552)
—
(4,535)
Minority interests (income) expense
169
168
261
110
Depreciation
15,628
12,957
31,066
25,629
Depreciation from discontinued operations
—
213
—
753
Funds From Operations (FFO)
26,130
17,349
47,224
27,219
Loss on impairment of hotels
—
3,000
—
11,900
Merger costs
1,624
—
1,624
—
Adjusted Funds From Operations (AFFO)
27,754
20,349
48,848
39,119
Add:
Amortization of debt issuance costs
481
511
956
977
Amortization of non-cash stock-based compensation and deferred
expenses
918
1,132
1,952
2,227
Allowance for capital reserves
(4,703)
(3,978)
(8,933)
(7,663)
Cash Available for Distribution
$24,450
$18,014
$42,823
$34,660
Weighted average number of diluted common shares and
Partnership units outstanding
55,960
55,627
55,939
55,591
FFO per Share and Unit
$0.47
$0.31
$0.84
$0.49
AFFO per Share and Unit
$0.50
$0.37
$0.87
$0.70
Cash Available for Distribution per Share and Unit
$0.44
$0.32
$0.77
$0.62
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 June 30,
For the Six Months Ended June 30,
2007
2006
2007
2006
Net income (loss) applicable to common shareholders
$10,333
$8,563
$15,897
$5,262
Add (subtract):
Preferred stock dividends
3,087
3,087
6,173
5,560
(Income) loss from discontinued operations
(3)
(4,946)
2
1,213
Minority interests (income) expense
169
168
261
110
Interest expense, net
11,481
9,587
22,362
19,400
Loss on impairment of hotels
—
3,000
—
5,210
Depreciation
15,628
12,957
31,066
25,629
Amortization of non-cash stock-based compensation and deferred
expenses
918
1,132
1,952
2,227
Adjusted EBITDA
$41,613
$33,548
$77,713
$64,611
Equity Inns, Inc.
Hotel Performance
For the Three Months Ended June 30, 2007 and 2006
All Comparable (1)
RevPAR (2)
Occupancy
ADR
# of Rooms
# of Hotels
2007
Variance to 2006
2007
Variance to 2006
2007
Variance to 2006
Portfolio
15,822
133
$78.90
6.6%
75.8%
-0.5 pts.
$104.07
7.4%
Franchise
Hampton Inn
5,554
45
$73.11
8.8%
75.5%
0.4 pts.
$96.87
8.2%
Residence Inn
2,299
23
$88.44
7.3%
79.5%
1.3 pts.
$111.29
5.6%
AmeriSuites
2,291
18
$59.79
-2.3%
68.0%
-4.4 pts.
$87.97
4.0%
Courtyard
1,664
16
$89.07
2.2%
78.7%
-4.0 pts.
$113.23
7.4%
Homewood Suites
1,378
10
$108.81
12.6%
82.9%
1.1 pts.
$131.26
11.2%
SpringHill Suites
694
7
$78.55
8.3%
79.0%
0.5 pts.
$99.43
7.7%
Hilton Garden Inn
489
4
$73.99
1.6%
73.2%
-0.5 pts.
$101.13
2.3%
Holiday Inn
397
3
$64.82
7.6%
70.7%
-0.1 pts.
$91.67
7.8%
Hampton Inn & Suites
291
2
$84.98
1.4%
72.4%
-3.5 pts.
$117.38
6.3%
Comfort Inn
281
2
$77.96
17.0%
68.5%
4.2 pts.
$113.86
9.9%
Embassy Suites
246
1
$105.24
7.8%
79.9%
1.8 pts.
$131.69
5.4%
Fairfield Inn & Suites
143
1
$63.88
7.5%
75.9%
-0.6 pts.
$84.18
8.4%
TownePlace Suites
95
1
$60.20
28.9%
76.9%
12.0 pts.
$78.24
8.7%
Region
East North Central
2,399
19
$75.78
9.3%
70.5%
-1.5 pts.
$107.53
11.6%
East South Central
2,320
22
$76.52
8.7%
77.0%
0.0 pts.
$99.32
8.7%
Middle Atlantic
825
6
$83.10
8.6%
75.6%
3.9 pts.
$109.87
3.0%
Mountain
1,155
9
$73.54
5.9%
77.3%
-0.8 pts.
$95.09
6.9%
New England
809
7
$70.92
8.7%
73.7%
1.0 pts.
$96.24
7.2%
Pacific
474
3
$113.62
11.0%
86.3%
2.9 pts.
$131.64
7.3%
South Atlantic
5,405
48
$81.49
4.2%
77.0%
-0.6 pts.
$105.78
5.1%
West North Central
830
7
$71.58
3.6%
71.5%
-3.9 pts.
$100.06
9.3%
West South Central
1,605
12
$77.63
6.5%
77.1%
-1.9 pts.
$100.72
9.1%
Type
Upper Upscale
246
1
$105.24
7.8%
79.9%
1.8 pts.
$131.69
5.4%
Upscale
8,815
78
$82.72
5.1%
76.5%
-1.4 pts.
$108.16
7.0%
Midscale without Food & Beverage
6,364
51
$73.47
8.9%
75.1%
0.5 pts.
$97.88
8.2%
Midscale with Food & Beverage
397
3
$64.82
7.6%
70.7%
-0.1 pts.
$91.67
7.8%
(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.
Equity Inns, Inc.
Hotel Performance
For the Six Months Ended June 30, 2007 and 2006
All Comparable (1)
RevPAR (2)
Occupancy
ADR
# of Rooms
# of Hotels
2007
Variance to 2006
2007
Variance to 2006
2007
Variance to 2006
Portfolio
15,822
133
$75.92
5.4%
72.6%
-1.1 pts.
$104.53
6.9%
Franchise
Hampton Inn
5,554
45
$70.38
7.9%
71.9%
0.5 pts.
$97.88
7.2%
Residence Inn
2,299
23
$85.83
7.7%
76.3%
0.6 pts.
$112.53
6.9%
AmeriSuites
2,291
18
$58.49
-2.4%
66.0%
-4.5 pts.
$88.56
4.2%
Courtyard
1,664
16
$85.86
1.5%
75.7%
-4.6 pts.
$113.44
7.6%
Homewood Suites
1,378
10
$98.58
7.6%
77.6%
-1.8 pts.
$126.99
10.1%
SpringHill Suites
694
7
$74.22
9.6%
76.2%
1.2 pts.
$97.45
7.8%
Hilton Garden Inn
489
4
$76.15
2.6%
71.5%
0.7 pts.
$106.52
1.6%
Holiday Inn
397
3
$55.57
9.9%
63.8%
-0.8 pts.
$87.14
11.3%
Hampton Inn & Suites
291
2
$101.29
-2.3%
76.3%
-4.1 pts.
$132.67
2.9%
Comfort Inn
281
2
$70.04
10.6%
65.8%
3.1 pts.
$106.45
5.5%
Embassy Suites
246
1
$107.10
2.7%
76.9%
-1.8 pts.
$139.28
5.1%
Fairfield Inn & Suites
143
1
$59.32
4.4%
71.6%
-3.4 pts.
$82.81
9.3%
TownePlace Suites
95
1
$57.16
5.8%
75.1%
-1.5 pts.
$76.07
7.9%
Region
East North Central
2,399
19
$66.79
7.4%
65.2%
-1.1 pts.
$102.48
9.2%
East South Central
2,320
22
$70.65
5.9%
72.3%
-2.3 pts.
$97.75
9.3%
Middle Atlantic
825
6
$72.62
13.1%
68.8%
6.0 pts.
$105.53
3.3%
Mountain
1,155
9
$75.33
6.4%
75.7%
-0.7 pts.
$99.47
7.4%
New England
809
7
$62.41
5.0%
66.4%
-1.2 pts.
$94.00
6.8%
Pacific
474
3
$104.82
9.8%
82.7%
2.5 pts.
$126.70
6.5%
South Atlantic
5,405
48
$84.06
2.3%
75.8%
-1.8 pts.
$110.86
4.7%
West North Central
830
7
$66.85
5.1%
68.5%
-2.4 pts.
$97.62
8.8%
West South Central
1,605
12
$75.09
8.0%
75.6%
-1.1 pts.
$99.36
9.6%
Type
Upper Upscale
246
1
$107.10
2.7%
76.9%
-1.8 pts.
$139.28
5.1%
Upscale
8,815
78
$79.27
4.2%
73.4%
-2.0 pts.
$107.94
7.0%
Midscale without Food & Beverage
6,364
51
$71.33
7.2%
71.9%
0.3 pts.
$99.23
6.8%
Midscale with Food & Beverage
397
3
$55.57
9.9%
63.8%
-0.8 pts.
$87.14
11.3%
(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.