DALLAS, Nov. 1, 2017 /PRNewswire/ -- Ashford
Hospitality Prime, Inc. (NYSE: AHP) ("Ashford Prime" or the "Company") today reported
the following results and performance measures for the third
quarter ended September 30,
2017. The performance measurements for Occupancy, Average
Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel
EBITDA are comparable assuming each of the hotel properties in the
Company's hotel portfolio as of September
30, 2017 were owned as of the beginning of each of the
periods presented. Unless otherwise stated, all reported
results compare the third quarter ended September 30, 2017, with the third quarter ended
September 30, 2016 (see discussion
below). The Company's Ritz-Carlton St. Thomas and Pier House
Resort have been included in Hotels Under Renovation for the third
quarter given the impact from the recent hurricanes. The
reconciliation of non-GAAP financial measures is included in the
financial tables accompanying this press release.
STRATEGIC OVERVIEW
- Focused strategy of investing in luxury hotels and resorts
- Targets conservative leverage levels of 45% Net Debt to Gross
Assets
- Highly-aligned management team and advisory structure
- Dividend yield of approximately 6.7%
FINANCIAL AND OPERATING HIGHLIGHTS
- Net loss attributable to common stockholders for the quarter
was $2.7 million or $0.09 per diluted share
- Comparable RevPAR for all hotels decreased 5.3% to $211.36 during the third quarter
- Comparable RevPAR for all hotels not under renovation decreased
2.9% to $204.72 during the third
quarter
- Comparable Hotel EBITDA Margin for all hotels increased 13
basis points for the quarter
- Comparable Hotel EBITDA flow-through for all hotels was 72% for
the quarter
- Adjusted funds from operations (AFFO) was $0.37 per diluted share for the quarter as
compared with $0.38 per diluted share
from the prior-year quarter
- Adjusted EBITDA was $26.0 million
for the quarter reflecting 18.3% growth over the prior year
quarter
- During the quarter, the Company announced that it had
refinanced a mortgage loan on the Bardessono Hotel and Spa
- Capex invested during the quarter was $11.0 million
UPDATE ON IMPACT FROM HURRICANES
The Company's third
quarter 2017 results were impacted by the effects of recent
hurricanes at its Ritz-Carlton St. Thomas hotel in St. Thomas, USVI
and its Pier House Resort & Spa hotel in Key West, Florida.
The Company's Ritz-Carlton St. Thomas resort received physical
damage from Hurricane Irma and the Company continues to work with
its insurers to assess the damage. Three of the six guestroom
buildings on the property were damaged, and the Company, along with
Ritz-Carlton, will be examining the implementation of a planned
renovation program. The resort, which represents 6.8% of
Ashford Prime's Hotel EBITDA on a
trailing twelve-month basis through the third quarter, remains
functioning and currently has 73 of its 180 guest rooms available
for those taking part in the recovery effort.
The Company's Pier House Resort & Spa also sustained
physical damage from Hurricane Irma. The property represents 7.2%
of Ashford Prime's Hotel EBITDA on a
trailing twelve-month basis through the third quarter. The
hotel is accepting reservations and has resumed operations with all
of its 142 guest rooms available and in service. The Company
continues to work with its insurers to assess the damage and is
underway with renovation projects to restore affected areas of the
property.
The Company does not expect its uncovered losses from these
natural disasters to exceed $5
million and also does not expect its covered losses to
exceed its coverage cap. For purposes of calculating Adjusted
EBITDA and Adjusted Funds From Operations, the Company has added
back the uninsured costs relating to the hurricanes.
UPDATE ON NON-CORE HOTELS STRATEGY
Consistent with the
announcement of its refined strategy of focusing on luxury hotels
and resorts, the Company has been exploring opportunities to either
reposition its non-core hotels to better fit that strategy or to
opportunistically sell them if conditions warrant.
To that end, as previously announced, the Company's Courtyard
Philadelphia Downtown hotel is being converted to an Autograph
Collection hotel by June 30, 2019
pursuant to a conversion Product Improvement Plan ("PIP") currently
estimated to be approximately $23
million - including updates to the guestrooms, guest
bathrooms, corridors, lobby, restaurant, and meeting space - which
will create a distinctive theme and style for the property that is
commensurate with the Autograph Collection product. Marriott will
continue to manage the property after the conversion.
Also, on November 1, 2017, the
Company announced plans to convert its Courtyard San Francisco
Downtown hotel to an Autograph Collection hotel by December 2019 pursuant to a conversion PIP
currently estimated to be approximately $30
million incremental to capital projects already underway -
including updates to the guestrooms, guest bathrooms, corridors,
lobby, restaurant, facade, and meeting space - which will create a
distinctive theme and style for the property that is commensurate
with the Autograph Collection product. Marriott will continue to
manage the property after the conversion.
Additionally, on November 1, 2017,
the Company announced that it had completed the sale of its
Marriott Plano Legacy hotel in Plano,
Texas for $104 million.
The Company also announced that it is in the process of
marketing for sale its other non-core hotel, the Renaissance Tampa
in Tampa, FL.
CAPITAL STRUCTURE
At September
30, 2017, the Company had total assets of $1.5 billion. As of September 30, 2017, the Company had $914 million of mortgage debt of which
$48 million related to its joint
venture partner's share of debt on the Capital Hilton and Hilton La
Jolla Torrey Pines. The Company's total combined debt had a
blended average interest rate of 4.0%.
On August 21, 2017, the Company
announced it had refinanced a mortgage loan secured by the
Bardessono Hotel and Spa with an existing outstanding balance
totaling $40 million. The new
loan totals $40 million and has a
five year term. The loan is interest only and provides for a
floating interest rate of LIBOR + 2.55%. The new loan
is expected to result in annual interest savings of approximately
$1 million.
PORTFOLIO REVPAR
As of September 30, 2017, the portfolio consisted of
thirteen properties. During the third quarter of 2017, ten of
the Company's hotels were not under renovation. The Company
believes reporting its operating metrics for its hotels on a
comparable total basis (all 13 hotels) and comparable not under
renovation basis (10 hotels) is a measure that reflects a
meaningful and focused comparison of the operating results in its
portfolio. Details of each category are provided in the
tables attached to this release.
- Comparable RevPAR decreased 5.3% to $211.36 for all hotels on a 1.4% decrease in ADR
and a 4.0% decrease in occupancy
- Comparable RevPAR decreased 2.9% to $204.72 for hotels not under renovation on a 1.9%
decrease in ADR and 1.0% decrease in occupancy
HOTEL EBITDA MARGINS AND QUARTERLY SEASONALITY
TRENDS
The Company believes year-over-year Comparable Hotel
EBITDA and Comparable Hotel EBITDA Margin comparisons are more
meaningful to gauge the performance of the Company's hotels than
sequential quarter-over-quarter comparisons. Given the
substantial seasonality in the Company's portfolio, to help
investors better understand this seasonality, the Company provides
quarterly detail on its Comparable Hotel EBITDA and Comparable
Hotel EBITDA Margin for the current and certain prior-year periods
based upon the number of hotels in the Company's portfolio as of
the end of the current period. As the Company's portfolio mix
changes from time to time so will the seasonality for Comparable
Hotel EBITDA and Comparable Hotel EBITDA Margin. The details
of the quarterly calculations for the previous four quarters for
the thirteen hotels are provided in the table attached to this
release.
COMMON STOCK DIVIDEND
On September 14, 2017, the Company announced that
its Board of Directors declared a quarterly cash dividend of
$0.16 per diluted share for the
Company's common stock for the third quarter ending September 30, 2017. The dividend, which
equates to an annual rate of $0.64
per share, is payable on October 16,
2017, to shareholders of record as of September 30, 2017.
"While this was a challenging quarter for us on multiple fronts,
we remain focused on the execution of our strategies to both grow
our portfolio within the luxury chain scale segment as well as find
value-enhancing opportunities within our non-core portfolio,"
commented Richard J. Stockton,
Ashford Prime's President and Chief
Executive Officer. "During the quarter we faced hurricanes,
renovation disruption at our Courtyard San Francisco, and a
difficult year-over-year comp at our Courtyard Philadelphia.
While these short term issues impacted our results, we do not
believe it impacted the long-term value proposition of our high
quality portfolio. We made significant progress on our
non-core hotel strategy as evidenced by our announcements that we
will convert the Courtyard San Francisco to an Autograph Collection
hotel, that we have sold the Marriott Plano, and that we began
marketing for sale the Renaissance Tampa. Progress on this
front demonstrates our commitment to execute on our strategy in a
manner that is accretive to long-term shareholder returns."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford
Hospitality Prime, Inc. will conduct a conference call on
Thursday, November 2, 2017, at
11:00 a.m. ET. The number to
call for this interactive teleconference is (719) 325-4839. A
replay of the conference call will be available through
Thursday, November 9, 2017, by
dialing (719) 457-0820 and entering the confirmation number,
7284152.
The Company will also provide an online simulcast and
rebroadcast of its third quarter 2017 earnings release conference
call. The live broadcast of Ashford Hospitality Prime's
quarterly conference call will be available online at the Company's
web site, www.ahpreit.com on Thursday,
November 2, 2017, beginning at 11:00
a.m. ET. The online replay will follow shortly after
the call and continue for approximately one year.
Substantially all of our non-current assets consist of real
estate investments secured by real estate. Historical cost
accounting for real estate assets implicitly assumes that the value
of real estate assets diminishes predictably over time. Since
real estate values instead have historically risen or fallen with
market conditions, most industry investors consider supplemental
measures of performance, which are not measures of operating
performance under GAAP, to assist in evaluating a real estate
company's operations. These supplemental measures include FFO,
AFFO, EBITDA, and Hotel EBITDA. FFO is computed in accordance
with our interpretation of standards established by NAREIT, which
may not be comparable to FFO reported by other REITs that do not
define the term in accordance with the current NAREIT definition or
that interpret the NAREIT definition differently than us.
None of FFO, AFFO, EBITDA or Hotel EBITDA represents cash generated
from operating activities as determined by GAAP and should not be
considered as an alternative to a) GAAP net income (loss) as an
indication of our financial performance or b) GAAP cash flows from
operating activities as a measure of our liquidity, nor are such
measures indicative of funds available to satisfy our cash needs,
including our ability to make cash distributions. However,
management believes FFO, AFFO, EBITDA, and Hotel EBITDA to be
meaningful measures of a REIT's performance and should be
considered along with, but not as an alternative to, net income and
cash flow as a measure of our operating performance.
* * * * *
Ashford Hospitality Prime is a real estate investment trust
(REIT) focused on investing in luxury hotels and resorts.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free
download at Apple's App Store and
the Google Play Store by searching "Ashford."
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release include, among others, statements
about the implied share price for the Company's common stock.
These forward-looking statements are subject to risks and
uncertainties. When we use the words "will likely result,"
"may," "anticipate," "estimate," "should," "expect," "believe,"
"intend," or similar expressions, we intend to identify
forward-looking statements. Such statements are subject to
numerous assumptions and uncertainties, many of which are outside
Ashford Prime's control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: general volatility of the capital markets and the
market price of our common stock; changes in our business or
investment strategy; availability, terms and deployment of capital;
availability of qualified personnel; changes in our industry and
the market in which we operate, interest rates or the general
economy; our ability to successfully complete and integrate
acquisitions, and manage our planned growth, and the degree and
nature of our competition. These and other risk factors are
more fully discussed in Ashford
Prime's filings with the Securities and Exchange
Commission. EBITDA is defined as net income before interest,
taxes, depreciation and amortization. EBITDA yield is defined
as trailing twelve month EBITDA divided by the purchase
price. A capitalization rate is determined by dividing the
property's annual net operating income by the purchase price.
Net operating income is the property's funds from operations
minus a capital expense reserve of either 4% or 5% of gross
revenues. Hotel EBITDA flow-through is the change in Hotel
EBITDA divided by the change in total revenues. Hotel EBITDA
Margin is Hotel EBITDA divided by total revenues. Funds from
operations ("FFO"), as defined by the White Paper on FFO approved
by the Board of Governors of the National Association of Real
Estate Investment Trusts ("NAREIT") in April
2002, represents net income (loss) computed in accordance
with generally accepted accounting principles ("GAAP"), excluding
gains (or losses) from sales of properties and extraordinary items
as defined by GAAP, plus depreciation and amortization of real
estate assets, and net of adjustments for the portion of these
items related to unconsolidated entities and joint
ventures.
The forward-looking statements included in this press release
are only made as of the date of this press release. Investors
should not place undue reliance on these forward-looking
statements. We are not obligated to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or circumstances, changes in
expectations or otherwise.
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(in thousands,
except share amounts)
(unaudited)
|
|
|
|
|
|
September 30,
2017
|
|
December 31,
2016
|
ASSETS
|
|
|
|
Investments in hotel
properties, gross
|
$
|
1,529,111
|
|
|
$
|
1,258,412
|
|
Accumulated
depreciation
|
(297,976)
|
|
|
(243,880)
|
|
Investments in hotel
properties, net
|
1,231,135
|
|
|
1,014,532
|
|
Cash and cash
equivalents
|
126,771
|
|
|
126,790
|
|
Restricted
cash
|
31,609
|
|
|
37,855
|
|
Accounts receivable,
net of allowance of $236 and $96, respectively
|
20,493
|
|
|
18,194
|
|
Insurance
receivable
|
19,037
|
|
|
—
|
|
Inventories
|
1,739
|
|
|
1,479
|
|
Note
receivable
|
8,098
|
|
|
8,098
|
|
Deferred costs,
net
|
745
|
|
|
1,020
|
|
Prepaid
expenses
|
4,493
|
|
|
3,669
|
|
Investment in Ashford
Inc., at fair value
|
11,810
|
|
|
8,407
|
|
Derivative
assets
|
758
|
|
|
1,149
|
|
Other
assets
|
4,524
|
|
|
2,249
|
|
Intangible assets,
net
|
22,615
|
|
|
22,846
|
|
Due from Ashford
Trust OP, net
|
—
|
|
|
488
|
|
Due from AQUA U.S.
Fund
|
—
|
|
|
2,289
|
|
Due from related
party, net
|
645
|
|
|
377
|
|
Due from third-party
hotel managers
|
7,492
|
|
|
7,555
|
|
Total
assets
|
$
|
1,491,964
|
|
|
$
|
1,256,997
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Liabilities:
|
|
|
|
Indebtedness,
net
|
$
|
906,820
|
|
|
$
|
764,616
|
|
Accounts payable and
accrued expenses
|
59,912
|
|
|
44,791
|
|
Dividends and
distributions payable
|
8,599
|
|
|
5,038
|
|
Due to Ashford
Inc.
|
1,380
|
|
|
5,085
|
|
Due to
affiliate
|
—
|
|
|
2,500
|
|
Due to third-party
hotel managers
|
2,633
|
|
|
973
|
|
Intangible liability,
net
|
3,583
|
|
|
3,625
|
|
Other
liabilities
|
1,576
|
|
|
1,432
|
|
Total
liabilities
|
984,503
|
|
|
828,060
|
|
|
|
|
|
5.50% Series B
cumulative convertible preferred stock, $0.01 par value, 4,965,850
and 2,890,850
shares issued and outstanding at September 30,
2017 and December 31, 2016, respectively
|
106,123
|
|
|
65,960
|
|
Redeemable
noncontrolling interests in operating partnership
|
45,782
|
|
|
59,544
|
|
Equity:
|
|
|
|
Common stock, $0.01
par value, 200,000,000 shares authorized, 31,950,777 and
26,021,552
shares issued and outstanding at September 30,
2017 and December 31, 2016, respectively
|
319
|
|
|
260
|
|
Additional paid-in
capital
|
467,460
|
|
|
401,790
|
|
Accumulated
deficit
|
(106,941)
|
|
|
(93,254)
|
|
Total stockholders'
equity of the Company
|
360,838
|
|
|
308,796
|
|
Noncontrolling
interest in consolidated entities
|
(5,282)
|
|
|
(5,363)
|
|
Total
equity
|
355,556
|
|
|
303,433
|
|
Total liabilities and
equity
|
$
|
1,491,964
|
|
|
$
|
1,256,997
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands,
except per share amounts)
(unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
REVENUE
|
|
|
|
|
|
|
|
Rooms
|
$
|
77,336
|
|
|
$
|
73,944
|
|
|
$
|
224,203
|
|
|
$
|
222,778
|
|
Food and
beverage
|
23,147
|
|
|
20,106
|
|
|
75,600
|
|
|
72,022
|
|
Other
|
7,597
|
|
|
5,568
|
|
|
21,588
|
|
|
16,977
|
|
Total hotel
revenue
|
108,080
|
|
|
99,618
|
|
|
321,391
|
|
|
311,777
|
|
Other
|
39
|
|
|
33
|
|
|
116
|
|
|
103
|
|
Total
revenue
|
108,119
|
|
|
99,651
|
|
|
321,507
|
|
|
311,880
|
|
EXPENSES
|
|
|
|
|
|
|
|
Hotel operating
expenses
|
|
|
|
|
|
|
|
Rooms
|
17,698
|
|
|
16,926
|
|
|
51,108
|
|
|
49,841
|
|
Food and
beverage
|
17,766
|
|
|
15,944
|
|
|
53,890
|
|
|
51,656
|
|
Other
expenses
|
35,182
|
|
|
28,249
|
|
|
94,934
|
|
|
86,923
|
|
Management
fees
|
3,889
|
|
|
3,820
|
|
|
11,643
|
|
|
11,958
|
|
Total hotel operating
expenses
|
74,535
|
|
|
64,939
|
|
|
211,575
|
|
|
200,378
|
|
Property taxes,
insurance and other
|
5,197
|
|
|
5,120
|
|
|
15,641
|
|
|
14,677
|
|
Depreciation and
amortization
|
14,133
|
|
|
11,175
|
|
|
39,573
|
|
|
34,342
|
|
Impairment
charges
|
1,008
|
|
|
—
|
|
|
1,008
|
|
|
—
|
|
Advisory services
fee:
|
|
|
|
|
|
|
|
Base advisory
fee
|
2,300
|
|
|
2,103
|
|
|
6,579
|
|
|
6,334
|
|
Reimbursable
expenses
|
462
|
|
|
730
|
|
|
1,541
|
|
|
2,027
|
|
Incentive
fee
|
—
|
|
|
487
|
|
|
—
|
|
|
772
|
|
Non-cash
stock/unit-based compensation
|
(948)
|
|
|
1,134
|
|
|
(2,298)
|
|
|
3,220
|
|
Contract modification
cost
|
—
|
|
|
—
|
|
|
5,000
|
|
|
—
|
|
Transaction
costs
|
244
|
|
|
63
|
|
|
6,638
|
|
|
501
|
|
Corporate, general
and administrative:
|
|
|
|
|
|
|
|
Non-cash
stock/unit-based compensation
|
—
|
|
|
50
|
|
|
245
|
|
|
271
|
|
Other general and
administrative
|
1,602
|
|
|
2,603
|
|
|
6,762
|
|
|
16,143
|
|
Total operating
expenses
|
98,533
|
|
|
88,404
|
|
|
292,264
|
|
|
278,665
|
|
OPERATING INCOME
(LOSS)
|
9,586
|
|
|
11,247
|
|
|
29,243
|
|
|
33,215
|
|
Equity in earnings
(loss) of unconsolidated entity
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,587)
|
|
Interest
income
|
198
|
|
|
50
|
|
|
475
|
|
|
132
|
|
Gain (loss) on sale
of hotel property
|
—
|
|
|
26,359
|
|
|
—
|
|
|
26,359
|
|
Other income
(expense)
|
(22)
|
|
|
(78)
|
|
|
(292)
|
|
|
(88)
|
|
Interest
expense
|
(9,254)
|
|
|
(9,028)
|
|
|
(24,989)
|
|
|
(28,660)
|
|
Amortization of loan
costs
|
(1,356)
|
|
|
(767)
|
|
|
(3,754)
|
|
|
(2,406)
|
|
Write-off of loan
costs and exit fees
|
(380)
|
|
|
(2,595)
|
|
|
(2,343)
|
|
|
(2,595)
|
|
Unrealized gain
(loss) on investments
|
1,875
|
|
|
(458)
|
|
|
3,403
|
|
|
(1,091)
|
|
Unrealized gain
(loss) on derivatives
|
(531)
|
|
|
(3,912)
|
|
|
(1,529)
|
|
|
2,218
|
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
116
|
|
|
20,818
|
|
|
214
|
|
|
24,497
|
|
Income tax (expense)
benefit
|
(333)
|
|
|
504
|
|
|
(334)
|
|
|
(1,022)
|
|
NET INCOME
(LOSS)
|
(217)
|
|
|
21,322
|
|
|
(120)
|
|
|
23,475
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(1,143)
|
|
|
(2,504)
|
|
|
(2,736)
|
|
|
(2,569)
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in
operating partnership
|
360
|
|
|
(1,960)
|
|
|
958
|
|
|
(1,994)
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
(1,000)
|
|
|
16,858
|
|
|
(1,898)
|
|
|
18,912
|
|
Preferred
dividends
|
(1,707)
|
|
|
(994)
|
|
|
(5,087)
|
|
|
(2,866)
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(2,707)
|
|
|
$
|
15,864
|
|
|
$
|
(6,985)
|
|
|
$
|
16,046
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER
SHARE – BASIC AND DILUTED
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(0.09)
|
|
|
$
|
0.61
|
|
|
$
|
(0.25)
|
|
|
$
|
0.58
|
|
Weighted average
common shares outstanding – basic
|
31,483
|
|
|
25,554
|
|
|
30,089
|
|
|
27,261
|
|
Diluted:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
|
(0.09)
|
|
|
$
|
0.55
|
|
|
$
|
(0.25)
|
|
|
$
|
0.56
|
|
Weighted average
common shares outstanding – diluted
|
31,483
|
|
|
33,874
|
|
|
30,089
|
|
|
31,887
|
|
Dividends declared
per common share:
|
$
|
0.16
|
|
|
$
|
0.12
|
|
|
$
|
0.48
|
|
|
$
|
0.34
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA
(in
thousands)
(unaudited)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income
(loss)
|
$
|
(217)
|
|
|
$
|
21,322
|
|
|
$
|
(120)
|
|
|
$
|
23,475
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(1,143)
|
|
|
(2,504)
|
|
|
(2,736)
|
|
|
(2,569)
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
360
|
|
|
(1,960)
|
|
|
958
|
|
|
(1,994)
|
|
Net income (loss)
attributable to the Company
|
(1,000)
|
|
|
16,858
|
|
|
(1,898)
|
|
|
18,912
|
|
Interest
income
|
(195)
|
|
|
(50)
|
|
|
(470)
|
|
|
(132)
|
|
Interest expense and
amortization of loan costs
|
10,111
|
|
|
9,380
|
|
|
27,338
|
|
|
29,839
|
|
Depreciation and
amortization
|
13,406
|
|
|
10,459
|
|
|
37,409
|
|
|
32,216
|
|
Income tax expense
(benefit)
|
426
|
|
|
(504)
|
|
|
319
|
|
|
1,022
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
(360)
|
|
|
1,960
|
|
|
(958)
|
|
|
1,994
|
|
EBITDA available
to the Company and OP unitholders
|
22,388
|
|
|
38,103
|
|
|
61,740
|
|
|
83,851
|
|
Amortization of
favorable (unfavorable) contract assets (liabilities)
|
43
|
|
|
43
|
|
|
136
|
|
|
69
|
|
Transaction and
management conversion costs
|
260
|
|
|
63
|
|
|
6,700
|
|
|
501
|
|
Other (income)
expense
|
22
|
|
|
78
|
|
|
292
|
|
|
88
|
|
Gain (loss) on sale
of hotel property
|
—
|
|
|
(26,359)
|
|
|
—
|
|
|
(26,359)
|
|
Write-off of loan
costs and exit fees
|
380
|
|
|
2,595
|
|
|
2,343
|
|
|
2,595
|
|
Unrealized (gain)
loss on investments
|
(1,875)
|
|
|
458
|
|
|
(3,403)
|
|
|
1,091
|
|
Unrealized (gain)
loss on derivatives
|
531
|
|
|
3,912
|
|
|
1,529
|
|
|
(2,218)
|
|
Non-cash
stock/unit-based compensation
|
(921)
|
|
|
1,234
|
|
|
(1,992)
|
|
|
3,541
|
|
Legal, advisory and
settlement costs
|
560
|
|
|
1,830
|
|
|
3,508
|
|
|
14,056
|
|
Contract modification
cost
|
—
|
|
|
—
|
|
|
5,000
|
|
|
—
|
|
Software
implementation costs
|
—
|
|
|
—
|
|
|
79
|
|
|
—
|
|
Impairment and
uninsured hurricane related costs
|
4,581
|
|
|
—
|
|
|
4,581
|
|
|
—
|
|
Company's portion of
unrealized (gain) loss of investment in securities investment
fund
|
—
|
|
|
—
|
|
|
—
|
|
|
2,587
|
|
Adjusted EBITDA
available to the Company and OP unitholders
|
$
|
25,969
|
|
|
$
|
21,957
|
|
|
$
|
80,513
|
|
|
$
|
79,802
|
|
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO FUNDS FROM OPERATIONS ("FFO") AND ADJUSTED
FFO
(in thousands,
except per share amounts)
(unaudited)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income
(loss)
|
$
|
(217)
|
|
|
$
|
21,322
|
|
|
$
|
(120)
|
|
|
$
|
23,475
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(1,143)
|
|
|
(2,504)
|
|
|
(2,736)
|
|
|
(2,569)
|
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
360
|
|
|
(1,960)
|
|
|
958
|
|
|
(1,994)
|
|
Preferred
dividends
|
(1,707)
|
|
|
(994)
|
|
|
(5,087)
|
|
|
(2,866)
|
|
Net income (loss)
attributable to common stockholders
|
(2,707)
|
|
|
15,864
|
|
|
(6,985)
|
|
|
16,046
|
|
Depreciation and
amortization on real estate
|
13,406
|
|
|
10,459
|
|
|
37,409
|
|
|
32,216
|
|
Impairment charges on
real estate
|
1,008
|
|
|
—
|
|
|
1,008
|
|
|
—
|
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
(360)
|
|
|
1,960
|
|
|
(958)
|
|
|
1,994
|
|
Gain (loss) on sale
of hotel property
|
—
|
|
|
(26,359)
|
|
|
—
|
|
|
(26,359)
|
|
FFO available to
common stockholders and OP unitholders
|
11,347
|
|
|
1,924
|
|
|
30,474
|
|
|
23,897
|
|
Preferred
dividends
|
1,707
|
|
|
994
|
|
|
5,087
|
|
|
2,866
|
|
Transaction and
management conversion costs
|
260
|
|
|
63
|
|
|
6,700
|
|
|
501
|
|
Other (income)
expense
|
22
|
|
|
78
|
|
|
292
|
|
|
88
|
|
Write-off of loan
costs and exit fees
|
380
|
|
|
2,595
|
|
|
2,343
|
|
|
2,595
|
|
Unrealized (gain)
loss on investments
|
(1,875)
|
|
|
458
|
|
|
(3,403)
|
|
|
1,091
|
|
Unrealized (gain)
loss on derivatives
|
531
|
|
|
3,912
|
|
|
1,529
|
|
|
(2,218)
|
|
Non-cash
stock/unit-based compensation
|
(921)
|
|
|
1,234
|
|
|
(1,992)
|
|
|
3,541
|
|
Legal, advisory and
settlement costs
|
560
|
|
|
1,830
|
|
|
3,508
|
|
|
14,056
|
|
Contract modification
cost
|
—
|
|
|
—
|
|
|
5,000
|
|
|
—
|
|
Software
implementation costs
|
—
|
|
|
—
|
|
|
79
|
|
|
—
|
|
Uninsured hurricane
related costs
|
3,573
|
|
|
—
|
|
|
3,573
|
|
|
—
|
|
Company's portion of
unrealized (gain) loss of investment in securities investment
fund
|
—
|
|
|
—
|
|
|
—
|
|
|
2,587
|
|
Adjusted FFO
available to the Company and OP unitholders
|
$
|
15,584
|
|
|
$
|
13,088
|
|
|
$
|
53,190
|
|
|
$
|
49,004
|
|
Adjusted FFO per
diluted share available to the Company and OP
unitholders
|
$
|
0.37
|
|
|
$
|
0.38
|
|
|
$
|
1.31
|
|
|
$
|
1.38
|
|
Weighted average
diluted shares
|
42,519
|
|
|
33,995
|
|
|
40,465
|
|
|
35,609
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
SUMMARY OF
INDEBTEDNESS
SEPTEMBER 30,
2017
(dollars in
thousands)
(unaudited)
|
|
Indebtedness
|
|
Maturity
|
|
Interest
Rate
|
|
Fixed-
Rate
Debt
|
|
Floating-
Rate
Debt
|
|
Total
Debt
|
|
Comparable
TTM
Hotel
EBITDA (8)
|
|
Comparable
TTM
EBITDA
Debt Yield
|
Apollo
Ritz-Carlton St. Thomas - 1 hotel
|
|
December
2017
|
|
LIBOR +
4.95%
|
|
$
|
—
|
|
|
$
|
42,000
|
|
(1)
|
$
|
42,000
|
|
|
$
|
9,432
|
|
|
22.5
|
%
|
GACC Sofitel -
1 hotel
|
|
March 2018
|
|
LIBOR +
2.30%
|
|
—
|
|
|
80,000
|
|
(2)
|
80,000
|
|
|
6,390
|
|
|
8.0
|
%
|
Credit Agricole
Pier House - 1 hotel
|
|
March 2018
|
|
LIBOR +
2.25%
|
|
—
|
|
|
70,000
|
|
(3)
|
70,000
|
|
|
9,994
|
|
|
14.3
|
%
|
TIF Philly CY -
1 hotel
|
|
June 2018
|
|
12.85%
|
|
8,098
|
|
|
—
|
|
|
8,098
|
|
|
N/A
|
|
|
N/A
|
|
Morgan Stanley
Pool - 5 hotels
|
|
February
2019
|
|
LIBOR +
2.58%
|
|
—
|
|
|
365,000
|
|
(4)
|
365,000
|
|
|
57,765
|
|
|
15.8
|
%
|
JPMorgan Park
Hyatt Beaver Creek - 1 hotel
|
|
April 2019
|
|
LIBOR +
2.75%
|
|
—
|
|
|
67,500
|
|
(1)
|
67,500
|
|
|
9,972
|
|
|
14.8
|
%
|
Aareal - 2
hotels
|
|
November
2019
|
|
LIBOR +
2.65%
|
|
—
|
|
|
190,481
|
|
(5)
|
190,481
|
|
|
32,818
|
|
|
17.2
|
%
|
Secured
revolving credit facility - various
|
|
November
2019
|
|
Base Rate(7) + 1.25%
to 2.50% or
LIBOR + 2.25% to 3.50%
|
|
—
|
|
|
—
|
|
(6)
|
—
|
|
|
N/A
|
|
|
N/A
|
|
BAML Hotel
Yountville - 1 hotel
|
|
May 2022
|
|
LIBOR +
2.55%
|
|
—
|
|
|
51,000
|
|
|
51,000
|
|
|
6,233
|
|
|
12.2
|
%
|
BAML Bardessono
- 1 hotel
|
|
August
2022
|
|
LIBOR +
2.55%
|
|
—
|
|
|
40,000
|
|
|
40,000
|
|
|
5,378
|
|
|
13.4
|
%
|
Total
|
|
|
|
|
|
$
|
8,098
|
|
|
$
|
905,981
|
|
|
$
|
914,079
|
|
|
$
|
137,982
|
|
|
15.1
|
%
|
Percentage
|
|
|
|
|
|
0.9
|
%
|
|
99.1
|
%
|
|
100.0
|
%
|
|
|
|
|
Weighted
average interest rate
|
|
|
|
|
|
12.85
|
%
|
|
3.90
|
%
|
|
3.98
|
%
|
|
|
|
|
|
All indebtedness is
non-recourse with the exception of the secured revolving credit
facility.
(1) This mortgage loan has
three one-year extension options subject to satisfaction of certain
conditions.
(2) This mortgage loan has
three one-year extension options subject to satisfaction of certain
conditions, of which the second was exercised in March 2017.
(3) This mortgage loan has
three one-year extension options subject to satisfaction of certain
conditions, of which the first was exercised in March 2017.
(4) This mortgage loan has
five one-year extension options subject to satisfaction of certain
conditions.
(5) This mortgage loan has
two one-year extension options subject to satisfaction of certain
conditions.
(6) This credit facility
has two one-year extension options subject to advance notice,
certain conditions and a 0.25% extension fee beginning November
2019.
(7) Base Rate, as defined
in the secured revolving credit facility agreement, is the greater
of (i) the prime rate set by Bank of America, or (ii) federal funds
rate + 0.5%, or (iii) LIBOR + 1.0%.
(8) See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
INDEBTEDNESS BY
MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
SEPTEMBER 30,
2017
(dollars in
thousands)
(unaudited)
|
|
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Total
|
Secured
revolving credit facility - various
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
TIF Philly CY -
1 hotel
|
|
—
|
|
|
8,098
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,098
|
|
GACC Sofitel -
1 hotel
|
|
—
|
|
|
—
|
|
|
80,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80,000
|
|
Credit Agricole
Pier House - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70,000
|
|
|
—
|
|
|
—
|
|
|
70,000
|
|
Apollo
Ritz-Carlton St. Thomas - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,000
|
|
|
—
|
|
|
—
|
|
|
42,000
|
|
Aareal - 2
hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
177,486
|
|
|
—
|
|
|
177,486
|
|
Morgan Stanley
Pool - 5 hotels
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
365,000
|
|
|
365,000
|
|
JPMorgan Park
Hyatt Beaver Creek - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,500
|
|
|
67,500
|
|
BAML Hotel
Yountville - 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,000
|
|
|
51,000
|
|
BAML Bardessono
- 1 hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,000
|
|
|
40,000
|
|
Principal due
in future periods
|
|
$
|
—
|
|
|
$
|
8,098
|
|
|
$
|
80,000
|
|
|
$
|
112,000
|
|
|
$
|
177,486
|
|
|
$
|
523,500
|
|
|
$
|
901,084
|
|
Scheduled
amortization payments remaining
|
|
708
|
|
|
2,939
|
|
|
3,120
|
|
|
3,312
|
|
|
2,916
|
|
|
—
|
|
|
12,995
|
|
Total
indebtedness
|
|
$
|
708
|
|
|
$
|
11,037
|
|
|
$
|
83,120
|
|
|
$
|
115,312
|
|
|
$
|
180,402
|
|
|
$
|
523,500
|
|
|
$
|
914,079
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
KEY PERFORMANCE
INDICATORS
(unaudited)
|
|
ALL
HOTELS:
|
|
|
|
Three Months Ended
September 30,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
77,336
|
|
|
$
|
—
|
|
|
$
|
77,336
|
|
|
$
|
73,944
|
|
|
$
|
7,582
|
|
|
$
|
81,526
|
|
|
4.59
|
%
|
|
(5.14)
|
%
|
|
RevPAR
|
$
|
211.36
|
|
|
$
|
—
|
|
|
$
|
211.36
|
|
|
$
|
217.11
|
|
|
$
|
305.22
|
|
|
$
|
223.10
|
|
|
(2.65)
|
%
|
|
(5.26)
|
%
|
|
Occupancy
|
83.00
|
%
|
|
—
|
%
|
|
83.00
|
%
|
|
86.89
|
%
|
|
79.96
|
%
|
|
86.42
|
%
|
|
(4.48)
|
%
|
|
(3.96)
|
%
|
|
ADR
|
$
|
254.65
|
|
|
$
|
—
|
|
|
$
|
254.65
|
|
|
$
|
249.86
|
|
|
$
|
381.72
|
|
|
$
|
258.15
|
|
|
1.92
|
%
|
|
(1.36)
|
%
|
|
|
|
|
ALL
HOTELS:
|
|
|
|
Nine Months Ended
September 30,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
224,203
|
|
|
$
|
13,507
|
|
|
$
|
237,710
|
|
|
$
|
222,778
|
|
|
$
|
17,892
|
|
|
$
|
240,670
|
|
|
0.64
|
%
|
|
(1.23)
|
%
|
|
RevPAR
|
$
|
212.01
|
|
|
$
|
491.16
|
|
|
$
|
219.08
|
|
|
$
|
210.20
|
|
|
$
|
628.23
|
|
|
$
|
221.14
|
|
|
0.86
|
%
|
|
(0.93)
|
%
|
|
Occupancy
|
81.92
|
%
|
|
80.63
|
%
|
|
81.89
|
%
|
|
83.65
|
%
|
|
54.39
|
%
|
|
82.89
|
%
|
|
(2.07)
|
%
|
|
(1.21)
|
%
|
|
ADR
|
$
|
258.79
|
|
|
$
|
609.13
|
|
|
$
|
267.53
|
|
|
$
|
251.27
|
|
|
$
|
1,155.08
|
|
|
$
|
266.79
|
|
|
2.99
|
%
|
|
0.28
|
%
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's operations at September 30, 2017,
were owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
|
ALL
HOTELS
|
|
|
NOT UNDER
RENOVATION:
|
Three Months Ended
September 30,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
61,156
|
|
|
$
|
—
|
|
|
$
|
61,156
|
|
|
$
|
55,347
|
|
|
$
|
7,582
|
|
|
$
|
62,929
|
|
|
10.50
|
%
|
|
(2.82)
|
%
|
|
RevPAR
|
$
|
204.72
|
|
|
$
|
—
|
|
|
$
|
204.72
|
|
|
$
|
202.22
|
|
|
$
|
305.22
|
|
|
$
|
210.79
|
|
|
1.24
|
%
|
|
(2.88)
|
%
|
|
Occupancy
|
84.91
|
%
|
|
—
|
%
|
|
84.91
|
%
|
|
86.30
|
%
|
|
79.96
|
%
|
|
85.77
|
%
|
|
(1.61)
|
%
|
|
(1.00)
|
%
|
|
ADR
|
$
|
241.10
|
|
|
$
|
—
|
|
|
$
|
241.10
|
|
|
$
|
234.32
|
|
|
$
|
381.72
|
|
|
$
|
245.75
|
|
|
2.89
|
%
|
|
(1.89)
|
%
|
|
|
ALL
HOTELS
|
|
|
NOT UNDER
RENOVATION:
|
Nine Months Ended
September 30,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
164,520
|
|
|
$
|
13,507
|
|
|
$
|
178,027
|
|
|
$
|
158,783
|
|
|
$
|
17,892
|
|
|
$
|
176,675
|
|
|
3.61
|
%
|
|
0.77
|
%
|
|
RevPAR
|
$
|
191.62
|
|
|
$
|
491.16
|
|
|
$
|
200.92
|
|
|
$
|
184.49
|
|
|
$
|
628.23
|
|
|
$
|
198.71
|
|
|
3.86
|
%
|
|
1.11
|
%
|
|
Occupancy
|
82.54
|
%
|
|
80.63
|
%
|
|
82.48
|
%
|
|
82.69
|
%
|
|
54.39
|
%
|
|
81.78
|
%
|
|
(0.18)
|
%
|
|
0.86
|
%
|
|
ADR
|
$
|
232.15
|
|
|
$
|
609.13
|
|
|
$
|
243.59
|
|
|
$
|
223.11
|
|
|
$
|
1,155.08
|
|
|
$
|
242.96
|
|
|
4.05
|
%
|
|
0.26
|
%
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the ten hotel properties owned and included in
the Company's operations at September 30, 2017, and not under
renovation during the three months ended September 30, 2017,
were owned as of the beginning of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
(3)
|
Excluded Hotels Under
Renovation:
|
|
Key West Pier House
Resort, San Francisco Courtyard Downtown, St. Thomas
Ritz-Carlton
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
HOTEL
EBITDA
(dollars in
thousands)
(unaudited)
|
|
ALL
HOTELS:
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2017
|
|
2016
|
|
%
Variance
|
|
2017
|
|
2016
|
|
%
Variance
|
|
Total hotel
revenue
|
$
|
108,080
|
|
|
$
|
99,618
|
|
|
8.49
|
%
|
|
$
|
321,391
|
|
|
$
|
311,777
|
|
|
3.08
|
%
|
|
Non-comparable
adjustments
|
—
|
|
|
13,853
|
|
|
|
|
23,086
|
|
|
35,768
|
|
|
|
|
Comparable total
hotel revenue
|
$
|
108,080
|
|
|
$
|
113,471
|
|
|
(4.75)
|
%
|
|
$
|
344,477
|
|
|
$
|
347,545
|
|
|
(0.88)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
33,030
|
|
|
$
|
29,971
|
|
|
10.21
|
%
|
|
$
|
100,132
|
|
|
$
|
97,913
|
|
|
2.27
|
%
|
|
Non-comparable
adjustments
|
—
|
|
|
4,561
|
|
|
|
|
8,191
|
|
|
10,163
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
33,030
|
|
|
$
|
34,532
|
|
|
(4.35)
|
%
|
|
$
|
108,323
|
|
|
$
|
108,076
|
|
|
0.23
|
%
|
|
Hotel EBITDA
margin
|
30.56
|
%
|
|
30.09
|
%
|
|
0.47
|
%
|
|
31.16
|
%
|
|
31.40
|
%
|
|
(0.24)
|
%
|
|
Comparable hotel
EBITDA margin
|
30.56
|
%
|
|
30.43
|
%
|
|
0.13
|
%
|
|
31.45
|
%
|
|
31.10
|
%
|
|
0.35
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
1,618
|
|
|
$
|
1,688
|
|
|
(4.15)
|
%
|
|
$
|
6,483
|
|
|
$
|
5,864
|
|
|
10.55
|
%
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
31,412
|
|
|
$
|
28,283
|
|
|
11.07
|
%
|
|
$
|
93,649
|
|
|
$
|
92,049
|
|
|
1.74
|
%
|
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
31,412
|
|
|
$
|
32,844
|
|
|
(4.36)
|
%
|
|
$
|
101,840
|
|
|
$
|
102,212
|
|
|
(0.36)
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's operations at September 30, 2017,
were owned as of the beginning of each of the periods presented.
Non-
|
|
comparable
adjustments include pre-acquisition results from hotel properties
acquired during the period offset by results from hotel properties
sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
Adjustments have been
made to the pre-acquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
|
|
|
|
|
|
|
|
ALL
HOTELS
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
NOT UNDER
RENOVATION:
|
September
30,
|
|
September
30,
|
|
|
2017
|
|
2016
|
|
%
Variance
|
|
2017
|
|
2016
|
|
%
Variance
|
|
Total hotel
revenue
|
$
|
85,390
|
|
|
$
|
74,040
|
|
|
15.33
|
%
|
|
$
|
237,295
|
|
|
$
|
222,471
|
|
|
6.66
|
%
|
|
Non-comparable
adjustments
|
—
|
|
|
13,853
|
|
|
|
|
23,086
|
|
|
35,768
|
|
|
|
|
Comparable total
hotel revenue
|
$
|
85,390
|
|
|
$
|
87,893
|
|
|
(2.85)
|
%
|
|
$
|
260,381
|
|
|
$
|
258,239
|
|
|
0.83
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
26,877
|
|
|
$
|
24,381
|
|
|
10.24
|
%
|
|
$
|
74,063
|
|
|
$
|
71,726
|
|
|
3.26
|
%
|
|
Non-comparable
adjustments
|
—
|
|
|
4,561
|
|
|
|
|
8,191
|
|
|
10,163
|
|
|
|
|
Comparable hotel
EBITDA
|
$
|
26,877
|
|
|
$
|
28,942
|
|
|
(7.13)
|
%
|
|
$
|
82,254
|
|
|
$
|
81,889
|
|
|
0.45
|
%
|
|
Hotel EBITDA
margin
|
31.48
|
%
|
|
32.93
|
%
|
|
(1.45)
|
%
|
|
31.21
|
%
|
|
32.24
|
%
|
|
(1.03)
|
%
|
|
Comparable hotel
EBITDA margin
|
31.48
|
%
|
|
32.93
|
%
|
|
(1.45)
|
%
|
|
31.59
|
%
|
|
31.71
|
%
|
|
(0.12)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
|
1,618
|
|
|
$
|
1,688
|
|
|
(4.15)
|
%
|
|
$
|
6,483
|
|
|
$
|
5,864
|
|
|
10.55
|
%
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
|
25,259
|
|
|
$
|
22,693
|
|
|
11.31
|
%
|
|
$
|
67,580
|
|
|
$
|
65,862
|
|
|
2.61
|
%
|
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
|
25,259
|
|
|
$
|
27,254
|
|
|
(7.32)
|
%
|
|
$
|
75,771
|
|
|
$
|
76,025
|
|
|
(0.33)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The above comparable
information assumes the ten hotel properties owned and included in
the Company's operations at September 30, 2017, and not under
renovation during the three months ended September 30,
2017,
|
|
were owned as of the
beginning of the periods presented. Non-comparable adjustments
include pre-acquisition results from hotel properties acquired
during the period offset by results from hotel properties sold
during the
|
|
period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
Adjustments have been
made to the pre-acquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
(4)
|
Excluded Hotels Under
Renovation:
|
|
Key West Pier House
Resort, San Francisco Courtyard Downtown, St. Thomas
Ritz-Carlton
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
SELECTED FINANCIAL
AND OPERATING INFORMATION BY PROPERTY
(in thousands,
except operating information)
(unaudited)
|
|
|
|
Three Months Ended
September 30,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
CAPITAL HILTON
WASHINGTON D.C.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
9,518
|
|
|
$
|
—
|
|
|
$
|
9,518
|
|
|
$
|
9,720
|
|
|
$
|
—
|
|
|
$
|
9,720
|
|
|
(2.08)
|
%
|
|
(2.08)
|
%
|
|
Total hotel
revenue
|
$
|
12,949
|
|
|
$
|
—
|
|
|
$
|
12,949
|
|
|
$
|
13,427
|
|
|
$
|
—
|
|
|
$
|
13,427
|
|
|
(3.56)
|
%
|
|
(3.56)
|
%
|
|
Hotel
EBITDA
|
$
|
2,639
|
|
|
$
|
—
|
|
|
$
|
2,639
|
|
|
$
|
3,228
|
|
|
$
|
—
|
|
|
$
|
3,228
|
|
|
(18.25)
|
%
|
|
(18.25)
|
%
|
|
Hotel EBITDA
margin
|
20.38
|
%
|
|
|
|
20.38
|
%
|
|
24.04
|
%
|
|
|
|
24.04
|
%
|
|
(3.66)
|
%
|
|
(3.66)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
188.10
|
|
|
$
|
—
|
|
|
$
|
188.10
|
|
|
$
|
192.09
|
|
|
$
|
—
|
|
|
$
|
192.09
|
|
|
(2.08)
|
%
|
|
(2.08)
|
%
|
|
Occupancy
|
91.42
|
%
|
|
—
|
%
|
|
91.42
|
%
|
|
91.90
|
%
|
|
—
|
%
|
|
91.90
|
%
|
|
(0.52)
|
%
|
|
(0.52)
|
%
|
|
ADR
|
$
|
205.75
|
|
|
$
|
—
|
|
|
$
|
205.75
|
|
|
$
|
209.03
|
|
|
$
|
—
|
|
|
$
|
209.03
|
|
|
(1.57)
|
%
|
|
(1.57)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA JOLLA HILTON
TORREY PINES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
7,279
|
|
|
$
|
—
|
|
|
$
|
7,279
|
|
|
$
|
6,748
|
|
|
$
|
—
|
|
|
$
|
6,748
|
|
|
7.87
|
%
|
|
7.87
|
%
|
|
Total hotel
revenue
|
$
|
11,643
|
|
|
$
|
—
|
|
|
$
|
11,643
|
|
|
$
|
10,747
|
|
|
$
|
—
|
|
|
$
|
10,747
|
|
|
8.34
|
%
|
|
8.34
|
%
|
|
Hotel
EBITDA
|
$
|
3,835
|
|
|
$
|
—
|
|
|
$
|
3,835
|
|
|
$
|
3,525
|
|
|
$
|
—
|
|
|
$
|
3,525
|
|
|
8.79
|
%
|
|
8.79
|
%
|
|
Hotel EBITDA
margin
|
32.94
|
%
|
|
|
|
32.94
|
%
|
|
32.80
|
%
|
|
|
|
32.80
|
%
|
|
0.14
|
%
|
|
0.14
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
200.81
|
|
|
$
|
—
|
|
|
$
|
200.81
|
|
|
$
|
186.16
|
|
|
$
|
—
|
|
|
$
|
186.16
|
|
|
7.87
|
%
|
|
7.87
|
%
|
|
Occupancy
|
90.83
|
%
|
|
—
|
%
|
|
90.83
|
%
|
|
90.40
|
%
|
|
—
|
%
|
|
90.40
|
%
|
|
0.48
|
%
|
|
0.48
|
%
|
|
ADR
|
$
|
221.09
|
|
|
$
|
—
|
|
|
$
|
221.09
|
|
|
$
|
205.94
|
|
|
$
|
—
|
|
|
$
|
205.94
|
|
|
7.36
|
%
|
|
7.36
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHICAGO SOFITEL
MAGNIFICENT MILE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
7,144
|
|
|
$
|
—
|
|
|
$
|
7,144
|
|
|
$
|
8,050
|
|
|
$
|
—
|
|
|
$
|
8,050
|
|
|
(11.25)
|
%
|
|
(11.25)
|
%
|
|
Total hotel
revenue
|
$
|
9,379
|
|
|
$
|
—
|
|
|
$
|
9,379
|
|
|
$
|
10,672
|
|
|
$
|
—
|
|
|
$
|
10,672
|
|
|
(12.12)
|
%
|
|
(12.12)
|
%
|
|
Hotel
EBITDA
|
$
|
2,164
|
|
|
$
|
—
|
|
|
$
|
2,164
|
|
|
$
|
3,026
|
|
|
$
|
—
|
|
|
$
|
3,026
|
|
|
(28.49)
|
%
|
|
(28.49)
|
%
|
|
Hotel EBITDA
margin
|
23.07
|
%
|
|
|
|
23.07
|
%
|
|
28.35
|
%
|
|
|
|
28.35
|
%
|
|
(5.28)
|
%
|
|
(5.28)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
187.12
|
|
|
$
|
—
|
|
|
$
|
187.12
|
|
|
$
|
210.87
|
|
|
$
|
—
|
|
|
$
|
210.87
|
|
|
(11.26)
|
%
|
|
(11.26)
|
%
|
|
Occupancy
|
87.50
|
%
|
|
—
|
%
|
|
87.50
|
%
|
|
91.35
|
%
|
|
—
|
%
|
|
91.35
|
%
|
|
(4.21)
|
%
|
|
(4.21)
|
%
|
|
ADR
|
$
|
213.86
|
|
|
$
|
—
|
|
|
$
|
213.86
|
|
|
$
|
230.83
|
|
|
$
|
—
|
|
|
$
|
230.83
|
|
|
(7.35)
|
%
|
|
(7.35)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BARDESSONO HOTEL
AND SPA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
4,571
|
|
|
$
|
—
|
|
|
$
|
4,571
|
|
|
$
|
4,424
|
|
|
$
|
—
|
|
|
$
|
4,424
|
|
|
3.32
|
%
|
|
3.32
|
%
|
|
Total hotel
revenue
|
$
|
5,722
|
|
|
$
|
—
|
|
|
$
|
5,722
|
|
|
$
|
5,614
|
|
|
$
|
—
|
|
|
$
|
5,614
|
|
|
1.92
|
%
|
|
1.92
|
%
|
|
Hotel
EBITDA
|
$
|
2,143
|
|
|
$
|
—
|
|
|
$
|
2,143
|
|
|
$
|
1,916
|
|
|
$
|
—
|
|
|
$
|
1,916
|
|
|
11.85
|
%
|
|
11.85
|
%
|
|
Hotel EBITDA
margin
|
37.45
|
%
|
|
|
|
37.45
|
%
|
|
34.13
|
%
|
|
|
|
34.13
|
%
|
|
3.32
|
%
|
|
3.32
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
801.33
|
|
|
$
|
—
|
|
|
$
|
801.33
|
|
|
$
|
775.56
|
|
|
$
|
—
|
|
|
$
|
775.56
|
|
|
3.32
|
%
|
|
3.32
|
%
|
|
Occupancy
|
87.54
|
%
|
|
—
|
%
|
|
87.54
|
%
|
|
91.83
|
%
|
|
—
|
%
|
|
91.83
|
%
|
|
(4.67)
|
%
|
|
(4.67)
|
%
|
|
ADR
|
$
|
915.44
|
|
|
$
|
—
|
|
|
$
|
915.44
|
|
|
$
|
844.55
|
|
|
$
|
—
|
|
|
$
|
844.55
|
|
|
8.39
|
%
|
|
8.39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY WEST PIER
HOUSE RESORT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
2,884
|
|
|
$
|
—
|
|
|
$
|
2,884
|
|
|
$
|
3,790
|
|
|
$
|
—
|
|
|
$
|
3,790
|
|
|
(23.91)
|
%
|
|
(23.91)
|
%
|
|
Total hotel
revenue
|
$
|
3,729
|
|
|
$
|
—
|
|
|
$
|
3,729
|
|
|
$
|
4,888
|
|
|
$
|
—
|
|
|
$
|
4,888
|
|
|
(23.71)
|
%
|
|
(23.71)
|
%
|
|
Hotel
EBITDA
|
$
|
1,148
|
|
|
$
|
—
|
|
|
$
|
1,148
|
|
|
$
|
1,676
|
|
|
$
|
—
|
|
|
$
|
1,676
|
|
|
(31.50)
|
%
|
|
(31.50)
|
%
|
|
Hotel EBITDA
margin
|
30.79
|
%
|
|
|
|
30.79
|
%
|
|
34.29
|
%
|
|
|
|
34.29
|
%
|
|
(3.50)
|
%
|
|
(3.50)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
220.73
|
|
|
$
|
—
|
|
|
$
|
220.73
|
|
|
$
|
290.06
|
|
|
$
|
—
|
|
|
$
|
290.06
|
|
|
(23.90)
|
%
|
|
(23.90)
|
%
|
|
Occupancy
|
64.34
|
%
|
|
—
|
%
|
|
64.34
|
%
|
|
87.91
|
%
|
|
—
|
%
|
|
87.91
|
%
|
|
(26.81)
|
%
|
|
(26.81)
|
%
|
|
ADR
|
$
|
343.08
|
|
|
$
|
—
|
|
|
$
|
343.08
|
|
|
$
|
329.97
|
|
|
$
|
—
|
|
|
$
|
329.97
|
|
|
3.97
|
%
|
|
3.97
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL
YOUNTVILLE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
4,073
|
|
|
$
|
—
|
|
|
$
|
4,073
|
|
|
$
|
—
|
|
|
$
|
4,363
|
|
|
$
|
4,363
|
|
|
—
|
%
|
|
(6.65)
|
%
|
|
Total hotel
revenue
|
$
|
4,698
|
|
|
$
|
—
|
|
|
$
|
4,698
|
|
|
$
|
—
|
|
|
$
|
5,097
|
|
|
$
|
5,097
|
|
|
—
|
%
|
|
(7.83)
|
%
|
|
Hotel
EBITDA
|
$
|
2,449
|
|
|
$
|
—
|
|
|
$
|
2,449
|
|
|
$
|
—
|
|
|
$
|
2,746
|
|
|
$
|
2,746
|
|
|
—
|
%
|
|
(10.82)
|
%
|
|
Hotel EBITDA
margin
|
52.13
|
%
|
|
|
|
52.13
|
%
|
|
—
|
%
|
|
|
|
53.87
|
%
|
|
52.13
|
%
|
|
(1.74)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
553.38
|
|
|
$
|
—
|
|
|
$
|
553.38
|
|
|
$
|
—
|
|
|
$
|
592.81
|
|
|
$
|
592.81
|
|
|
—
|
%
|
|
(6.65)
|
%
|
|
Occupancy
|
84.02
|
%
|
|
—
|
%
|
|
84.02
|
%
|
|
—
|
%
|
|
91.75
|
%
|
|
91.75
|
%
|
|
—
|
%
|
|
(8.43)
|
%
|
|
ADR
|
$
|
658.62
|
|
|
$
|
—
|
|
|
$
|
658.62
|
|
|
$
|
—
|
|
|
$
|
646.10
|
|
|
$
|
646.10
|
|
|
—
|
%
|
|
1.94
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARK HYATT BEAVER
CREEK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
3,203
|
|
|
$
|
—
|
|
|
$
|
3,203
|
|
|
$
|
—
|
|
|
$
|
3,219
|
|
|
$
|
3,219
|
|
|
—
|
%
|
|
(0.50)
|
%
|
|
Total hotel
revenue
|
$
|
8,714
|
|
|
$
|
—
|
|
|
$
|
8,714
|
|
|
$
|
—
|
|
|
$
|
8,756
|
|
|
$
|
8,756
|
|
|
—
|
%
|
|
(0.48)
|
%
|
|
Hotel
EBITDA
|
$
|
1,685
|
|
|
$
|
—
|
|
|
$
|
1,685
|
|
|
$
|
—
|
|
|
$
|
1,811
|
|
|
$
|
1,811
|
|
|
—
|
%
|
|
(6.96)
|
%
|
|
Hotel EBITDA
margin
|
19.34
|
%
|
|
|
|
19.34
|
%
|
|
—
|
%
|
|
|
|
20.68
|
%
|
|
19.34
|
%
|
|
(1.34)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
183.24
|
|
|
$
|
—
|
|
|
$
|
183.24
|
|
|
$
|
—
|
|
|
$
|
184.13
|
|
|
$
|
184.13
|
|
|
—
|
%
|
|
(0.48)
|
%
|
|
Occupancy
|
71.12
|
%
|
|
—
|
%
|
|
71.12
|
%
|
|
—
|
%
|
|
74.99
|
%
|
|
74.99
|
%
|
|
—
|
%
|
|
(5.16)
|
%
|
|
ADR
|
$
|
257.66
|
|
|
$
|
—
|
|
|
$
|
257.66
|
|
|
$
|
—
|
|
|
$
|
245.53
|
|
|
$
|
245.53
|
|
|
—
|
%
|
|
4.94
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHILADELPHIA
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
6,341
|
|
|
$
|
—
|
|
|
$
|
6,341
|
|
|
$
|
8,209
|
|
|
$
|
—
|
|
|
$
|
8,209
|
|
|
(22.76)
|
%
|
|
(22.76)
|
%
|
|
Total hotel
revenue
|
$
|
7,595
|
|
|
$
|
—
|
|
|
$
|
7,595
|
|
|
$
|
9,544
|
|
|
$
|
—
|
|
|
$
|
9,544
|
|
|
(20.42)
|
%
|
|
(20.42)
|
%
|
|
Hotel
EBITDA
|
$
|
2,926
|
|
|
$
|
—
|
|
|
$
|
2,926
|
|
|
$
|
4,081
|
|
|
$
|
—
|
|
|
$
|
4,081
|
|
|
(28.30)
|
%
|
|
(28.30)
|
%
|
|
Hotel EBITDA
margin
|
38.53
|
%
|
|
|
|
38.53
|
%
|
|
42.76
|
%
|
|
|
|
42.76
|
%
|
|
(4.23)
|
%
|
|
(4.23)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
138.13
|
|
|
$
|
—
|
|
|
$
|
138.13
|
|
|
$
|
178.82
|
|
|
$
|
—
|
|
|
$
|
178.82
|
|
|
(22.75)
|
%
|
|
(22.75)
|
%
|
|
Occupancy
|
83.16
|
%
|
|
—
|
%
|
|
83.16
|
%
|
|
84.50
|
%
|
|
—
|
%
|
|
84.50
|
%
|
|
(1.59)
|
%
|
|
(1.59)
|
%
|
|
ADR
|
$
|
166.09
|
|
|
$
|
—
|
|
|
$
|
166.09
|
|
|
$
|
211.62
|
|
|
$
|
—
|
|
|
$
|
211.62
|
|
|
(21.51)
|
%
|
|
(21.51)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLANO MARRIOTT
LEGACY TOWN CENTER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
4,581
|
|
|
$
|
—
|
|
|
$
|
4,581
|
|
|
$
|
4,739
|
|
|
$
|
—
|
|
|
$
|
4,739
|
|
|
(3.33)
|
%
|
|
(3.33)
|
%
|
|
Total hotel
revenue
|
$
|
6,871
|
|
|
$
|
—
|
|
|
$
|
6,871
|
|
|
$
|
7,122
|
|
|
$
|
—
|
|
|
$
|
7,122
|
|
|
(3.52)
|
%
|
|
(3.52)
|
%
|
|
Hotel
EBITDA
|
$
|
2,402
|
|
|
$
|
—
|
|
|
$
|
2,402
|
|
|
$
|
2,273
|
|
|
$
|
—
|
|
|
$
|
2,273
|
|
|
5.68
|
%
|
|
5.68
|
%
|
|
Hotel EBITDA
margin
|
34.96
|
%
|
|
|
|
34.96
|
%
|
|
31.92
|
%
|
|
|
|
31.92
|
%
|
|
3.04
|
%
|
|
3.04
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
123.26
|
|
|
$
|
—
|
|
|
$
|
123.26
|
|
|
$
|
127.50
|
|
|
$
|
—
|
|
|
$
|
127.50
|
|
|
(3.33)
|
%
|
|
(3.33)
|
%
|
|
Occupancy
|
68.80
|
%
|
|
—
|
%
|
|
68.80
|
%
|
|
71.36
|
%
|
|
—
|
%
|
|
71.36
|
%
|
|
(3.59)
|
%
|
|
(3.59)
|
%
|
|
ADR
|
$
|
179.16
|
|
|
$
|
—
|
|
|
$
|
179.16
|
|
|
$
|
178.68
|
|
|
$
|
—
|
|
|
$
|
178.68
|
|
|
0.27
|
%
|
|
0.27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN FRANCISCO
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
8,655
|
|
|
$
|
—
|
|
|
$
|
8,655
|
|
|
$
|
9,602
|
|
|
$
|
—
|
|
|
$
|
9,602
|
|
|
(9.86)
|
%
|
|
(9.86)
|
%
|
|
Total hotel
revenue
|
$
|
9,903
|
|
|
$
|
—
|
|
|
$
|
9,903
|
|
|
$
|
10,799
|
|
|
$
|
—
|
|
|
$
|
10,799
|
|
|
(8.30)
|
%
|
|
(8.30)
|
%
|
|
Hotel
EBITDA
|
$
|
4,280
|
|
|
$
|
—
|
|
|
$
|
4,280
|
|
|
$
|
3,807
|
|
|
$
|
—
|
|
|
$
|
3,807
|
|
|
12.42
|
%
|
|
12.42
|
%
|
|
Hotel EBITDA
margin
|
43.22
|
%
|
|
|
|
43.22
|
%
|
|
35.25
|
%
|
|
|
|
35.25
|
%
|
|
7.97
|
%
|
|
7.97
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
230.57
|
|
|
$
|
—
|
|
|
$
|
230.57
|
|
|
$
|
257.71
|
|
|
$
|
—
|
|
|
$
|
257.71
|
|
|
(10.53)
|
%
|
|
(10.53)
|
%
|
|
Occupancy
|
81.46
|
%
|
|
—
|
%
|
|
81.46
|
%
|
|
93.95
|
%
|
|
—
|
%
|
|
93.95
|
%
|
|
(13.29)
|
%
|
|
(13.29)
|
%
|
|
ADR
|
$
|
283.04
|
|
|
$
|
—
|
|
|
$
|
283.04
|
|
|
$
|
274.31
|
|
|
$
|
—
|
|
|
$
|
274.31
|
|
|
3.18
|
%
|
|
3.18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEATTLE MARRIOTT
WATERFRONT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
10,850
|
|
|
$
|
—
|
|
|
$
|
10,850
|
|
|
$
|
10,186
|
|
|
$
|
—
|
|
|
$
|
10,186
|
|
|
6.52
|
%
|
|
6.52
|
%
|
|
Total hotel
revenue
|
$
|
12,883
|
|
|
$
|
—
|
|
|
$
|
12,883
|
|
|
$
|
12,072
|
|
|
$
|
—
|
|
|
$
|
12,072
|
|
|
6.72
|
%
|
|
6.72
|
%
|
|
Hotel
EBITDA
|
$
|
5,390
|
|
|
$
|
—
|
|
|
$
|
5,390
|
|
|
$
|
5,386
|
|
|
$
|
—
|
|
|
$
|
5,386
|
|
|
0.07
|
%
|
|
0.07
|
%
|
|
Hotel EBITDA
margin
|
41.84
|
%
|
|
|
|
41.84
|
%
|
|
44.62
|
%
|
|
|
|
44.62
|
%
|
|
(2.78)
|
%
|
|
(2.78)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
327.53
|
|
|
$
|
—
|
|
|
$
|
327.53
|
|
|
$
|
309.27
|
|
|
$
|
—
|
|
|
$
|
309.27
|
|
|
5.90
|
%
|
|
5.90
|
%
|
|
Occupancy
|
95.00
|
%
|
|
—
|
%
|
|
95.00
|
%
|
|
92.68
|
%
|
|
—
|
%
|
|
92.68
|
%
|
|
2.50
|
%
|
|
2.50
|
%
|
|
ADR
|
$
|
344.78
|
|
|
$
|
—
|
|
|
$
|
344.78
|
|
|
$
|
333.71
|
|
|
$
|
—
|
|
|
$
|
333.71
|
|
|
3.32
|
%
|
|
3.32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST. THOMAS
RITZ-CARLTON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
4,641
|
|
|
$
|
—
|
|
|
$
|
4,641
|
|
|
$
|
5,205
|
|
|
$
|
—
|
|
|
$
|
5,205
|
|
|
(10.84)
|
%
|
|
(10.84)
|
%
|
|
Total hotel
revenue
|
$
|
9,058
|
|
|
$
|
—
|
|
|
$
|
9,058
|
|
|
$
|
9,890
|
|
|
$
|
—
|
|
|
$
|
9,890
|
|
|
(8.41)
|
%
|
|
(8.41)
|
%
|
|
Hotel
EBITDA
|
$
|
725
|
|
|
$
|
—
|
|
|
$
|
725
|
|
|
$
|
107
|
|
|
$
|
—
|
|
|
$
|
107
|
|
|
577.57
|
%
|
|
577.57
|
%
|
|
Hotel EBITDA
margin
|
8.00
|
%
|
|
|
|
8.00
|
%
|
|
1.08
|
%
|
|
|
|
1.08
|
%
|
|
6.92
|
%
|
|
6.92
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
280.28
|
|
|
$
|
—
|
|
|
$
|
280.28
|
|
|
$
|
314.34
|
|
|
$
|
—
|
|
|
$
|
314.34
|
|
|
(10.84)
|
%
|
|
(10.84)
|
%
|
|
Occupancy
|
66.79
|
%
|
|
—
|
%
|
|
66.79
|
%
|
|
80.01
|
%
|
|
—
|
%
|
|
80.01
|
%
|
|
(16.52)
|
%
|
|
(16.52)
|
%
|
|
ADR
|
$
|
419.61
|
|
|
$
|
—
|
|
|
$
|
419.61
|
|
|
$
|
392.86
|
|
|
$
|
—
|
|
|
$
|
392.86
|
|
|
6.81
|
%
|
|
6.81
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAMPA
RENAISSANCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
3,596
|
|
|
$
|
—
|
|
|
$
|
3,596
|
|
|
$
|
3,271
|
|
|
$
|
—
|
|
|
$
|
3,271
|
|
|
9.94
|
%
|
|
9.94
|
%
|
|
Total hotel
revenue
|
$
|
4,936
|
|
|
$
|
—
|
|
|
$
|
4,936
|
|
|
$
|
4,843
|
|
|
$
|
—
|
|
|
$
|
4,843
|
|
|
1.92
|
%
|
|
1.92
|
%
|
|
Hotel
EBITDA
|
$
|
1,244
|
|
|
$
|
—
|
|
|
$
|
1,244
|
|
|
$
|
950
|
|
|
$
|
—
|
|
|
$
|
950
|
|
|
30.95
|
%
|
|
30.95
|
%
|
|
Hotel EBITDA
margin
|
25.20
|
%
|
|
|
|
25.20
|
%
|
|
19.62
|
%
|
|
|
|
19.62
|
%
|
|
5.58
|
%
|
|
5.58
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
133.39
|
|
|
$
|
—
|
|
|
$
|
133.39
|
|
|
$
|
121.33
|
|
|
$
|
—
|
|
|
$
|
121.33
|
|
|
9.94
|
%
|
|
9.94
|
%
|
|
Occupancy
|
82.50
|
%
|
|
—
|
%
|
|
82.50
|
%
|
|
77.84
|
%
|
|
—
|
%
|
|
77.84
|
%
|
|
5.99
|
%
|
|
5.99
|
%
|
|
ADR
|
$
|
161.68
|
|
|
$
|
—
|
|
|
$
|
161.68
|
|
|
$
|
155.87
|
|
|
$
|
—
|
|
|
$
|
155.87
|
|
|
3.73
|
%
|
|
3.73
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRIME PROPERTIES
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
77,336
|
|
|
$
|
—
|
|
|
$
|
77,336
|
|
|
$
|
73,944
|
|
|
$
|
7,582
|
|
|
$
|
81,526
|
|
|
4.59
|
%
|
|
(5.14)
|
%
|
|
Total hotel
revenue
|
$
|
108,080
|
|
|
$
|
—
|
|
|
$
|
108,080
|
|
|
$
|
99,618
|
|
|
$
|
13,853
|
|
|
$
|
113,471
|
|
|
8.49
|
%
|
|
(4.75)
|
%
|
|
Hotel
EBITDA
|
$
|
33,030
|
|
|
$
|
—
|
|
|
$
|
33,030
|
|
|
$
|
29,971
|
|
|
$
|
4,561
|
|
|
$
|
34,532
|
|
|
10.21
|
%
|
|
(4.35)
|
%
|
|
Hotel EBITDA
margin
|
30.56
|
%
|
|
|
|
30.56
|
%
|
|
30.09
|
%
|
|
|
|
30.43
|
%
|
|
0.47
|
%
|
|
0.13
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
211.36
|
|
|
$
|
—
|
|
|
$
|
211.36
|
|
|
$
|
217.11
|
|
|
$
|
305.22
|
|
|
$
|
223.10
|
|
|
(2.65)
|
%
|
|
(5.26)
|
%
|
|
Occupancy
|
83.00
|
%
|
|
—
|
%
|
|
83.00
|
%
|
|
86.89
|
%
|
|
79.96
|
%
|
|
86.42
|
%
|
|
(4.48)
|
%
|
|
(3.96)
|
%
|
|
ADR
|
$
|
254.65
|
|
|
$
|
—
|
|
|
$
|
254.65
|
|
|
$
|
249.86
|
|
|
$
|
381.72
|
|
|
$
|
258.15
|
|
|
1.92
|
%
|
|
(1.36)
|
%
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's operations at September 30, 2017,
were owned as of the beginning of each of the periods presented.
Non-comparable
|
|
adjustments include
pre-acquisition results from hotel properties acquired during the
period offset by results from hotel properties sold during the
period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
Adjustments have been
made to the pre-acquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
(4)
|
Table excludes
Seattle Courtyard Downtown which was sold on July 1,
2016.
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
SELECTED FINANCIAL
AND OPERATING INFORMATION BY PROPERTY
(in thousands,
except operating information)
(unaudited)
|
|
|
|
Nine Months Ended
September 30,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
CAPITAL HILTON
WASHINGTON D.C.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
32,908
|
|
|
$
|
—
|
|
|
$
|
32,908
|
|
|
$
|
31,082
|
|
|
$
|
—
|
|
|
$
|
31,082
|
|
|
5.87
|
%
|
|
5.87
|
%
|
|
Total hotel
revenue
|
$
|
45,781
|
|
|
$
|
—
|
|
|
$
|
45,781
|
|
|
$
|
44,223
|
|
|
$
|
—
|
|
|
$
|
44,223
|
|
|
3.52
|
%
|
|
3.52
|
%
|
|
Hotel
EBITDA
|
$
|
13,892
|
|
|
$
|
—
|
|
|
$
|
13,892
|
|
|
$
|
13,326
|
|
|
$
|
—
|
|
|
$
|
13,326
|
|
|
4.25
|
%
|
|
4.25
|
%
|
|
Hotel EBITDA
margin
|
30.34
|
%
|
|
|
|
30.34
|
%
|
|
30.13
|
%
|
|
|
|
30.13
|
%
|
|
0.21
|
%
|
|
0.21
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
219.17
|
|
|
$
|
—
|
|
|
$
|
219.17
|
|
|
$
|
206.25
|
|
|
$
|
—
|
|
|
$
|
206.25
|
|
|
6.26
|
%
|
|
6.26
|
%
|
|
Occupancy
|
90.87
|
%
|
|
—
|
%
|
|
90.87
|
%
|
|
89.12
|
%
|
|
—
|
%
|
|
89.12
|
%
|
|
1.96
|
%
|
|
1.96
|
%
|
|
ADR
|
$
|
241.19
|
|
|
$
|
—
|
|
|
$
|
241.19
|
|
|
$
|
231.44
|
|
|
$
|
—
|
|
|
$
|
231.44
|
|
|
4.21
|
%
|
|
4.21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA JOLLA HILTON
TORREY PINES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
19,528
|
|
|
$
|
—
|
|
|
$
|
19,528
|
|
|
$
|
18,380
|
|
|
$
|
—
|
|
|
$
|
18,380
|
|
|
6.25
|
%
|
|
6.25
|
%
|
|
Total hotel
revenue
|
$
|
34,449
|
|
|
$
|
—
|
|
|
$
|
34,449
|
|
|
$
|
31,996
|
|
|
$
|
—
|
|
|
$
|
31,996
|
|
|
7.67
|
%
|
|
7.67
|
%
|
|
Hotel
EBITDA
|
$
|
12,040
|
|
|
$
|
—
|
|
|
$
|
12,040
|
|
|
$
|
10,132
|
|
|
$
|
—
|
|
|
$
|
10,132
|
|
|
18.83
|
%
|
|
18.83
|
%
|
|
Hotel EBITDA
margin
|
34.95
|
%
|
|
|
|
34.95
|
%
|
|
31.67
|
%
|
|
|
|
31.67
|
%
|
|
3.28
|
%
|
|
3.28
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
181.55
|
|
|
$
|
—
|
|
|
$
|
181.55
|
|
|
$
|
170.26
|
|
|
$
|
—
|
|
|
$
|
170.26
|
|
|
6.63
|
%
|
|
6.63
|
%
|
|
Occupancy
|
85.20
|
%
|
|
—
|
%
|
|
85.20
|
%
|
|
84.20
|
%
|
|
—
|
%
|
|
84.20
|
%
|
|
1.19
|
%
|
|
1.19
|
%
|
|
ADR
|
$
|
213.10
|
|
|
$
|
—
|
|
|
$
|
213.10
|
|
|
$
|
202.21
|
|
|
$
|
—
|
|
|
$
|
202.21
|
|
|
5.39
|
%
|
|
5.39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHICAGO SOFITEL
MAGNIFICENT MILE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
18,441
|
|
|
$
|
—
|
|
|
$
|
18,441
|
|
|
$
|
19,994
|
|
|
$
|
—
|
|
|
$
|
19,994
|
|
|
(7.77)
|
%
|
|
(7.77)
|
%
|
|
Total hotel
revenue
|
$
|
24,551
|
|
|
$
|
—
|
|
|
$
|
24,551
|
|
|
$
|
27,303
|
|
|
$
|
—
|
|
|
$
|
27,303
|
|
|
(10.08)
|
%
|
|
(10.08)
|
%
|
|
Hotel
EBITDA
|
$
|
4,203
|
|
|
$
|
—
|
|
|
$
|
4,203
|
|
|
$
|
6,213
|
|
|
$
|
—
|
|
|
$
|
6,213
|
|
|
(32.35)
|
%
|
|
(32.35)
|
%
|
|
Hotel EBITDA
margin
|
17.12
|
%
|
|
|
|
17.12
|
%
|
|
22.76
|
%
|
|
|
|
22.76
|
%
|
|
(5.64)
|
%
|
|
(5.64)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
162.77
|
|
|
$
|
—
|
|
|
$
|
162.77
|
|
|
$
|
175.84
|
|
|
$
|
—
|
|
|
$
|
175.84
|
|
|
(7.43)
|
%
|
|
(7.43)
|
%
|
|
Occupancy
|
81.16
|
%
|
|
—
|
%
|
|
81.16
|
%
|
|
81.87
|
%
|
|
—
|
%
|
|
81.87
|
%
|
|
(0.87)
|
%
|
|
(0.87)
|
%
|
|
ADR
|
$
|
200.55
|
|
|
$
|
—
|
|
|
$
|
200.55
|
|
|
$
|
214.76
|
|
|
$
|
—
|
|
|
$
|
214.76
|
|
|
(6.62)
|
%
|
|
(6.62)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BARDESSONO HOTEL
AND SPA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
10,857
|
|
|
$
|
—
|
|
|
$
|
10,857
|
|
|
$
|
10,418
|
|
|
$
|
—
|
|
|
$
|
10,418
|
|
|
4.21
|
%
|
|
4.21
|
%
|
|
Total hotel
revenue
|
$
|
14,259
|
|
|
$
|
—
|
|
|
$
|
14,259
|
|
|
$
|
14,066
|
|
|
$
|
—
|
|
|
$
|
14,066
|
|
|
1.37
|
%
|
|
1.37
|
%
|
|
Hotel
EBITDA
|
$
|
3,947
|
|
|
$
|
—
|
|
|
$
|
3,947
|
|
|
$
|
3,598
|
|
|
$
|
—
|
|
|
$
|
3,598
|
|
|
9.70
|
%
|
|
9.70
|
%
|
|
Hotel EBITDA
margin
|
27.68
|
%
|
|
|
|
27.68
|
%
|
|
25.58
|
%
|
|
|
|
25.58
|
%
|
|
2.10
|
%
|
|
2.10
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
641.46
|
|
|
$
|
—
|
|
|
$
|
641.46
|
|
|
$
|
613.24
|
|
|
$
|
—
|
|
|
$
|
613.24
|
|
|
4.60
|
%
|
|
4.60
|
%
|
|
Occupancy
|
81.73
|
%
|
|
—
|
%
|
|
81.73
|
%
|
|
84.64
|
%
|
|
—
|
%
|
|
84.64
|
%
|
|
(3.44)
|
%
|
|
(3.44)
|
%
|
|
ADR
|
$
|
784.89
|
|
|
$
|
—
|
|
|
$
|
784.89
|
|
|
$
|
724.56
|
|
|
$
|
—
|
|
|
$
|
724.56
|
|
|
8.33
|
%
|
|
8.33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY WEST PIER
HOUSE RESORT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
13,253
|
|
|
$
|
—
|
|
|
$
|
13,253
|
|
|
$
|
14,239
|
|
|
$
|
—
|
|
|
$
|
14,239
|
|
|
(6.92)
|
%
|
|
(6.92)
|
%
|
|
Total hotel
revenue
|
$
|
16,867
|
|
|
$
|
—
|
|
|
$
|
16,867
|
|
|
$
|
17,756
|
|
|
$
|
—
|
|
|
$
|
17,756
|
|
|
(5.01)
|
%
|
|
(5.01)
|
%
|
|
Hotel
EBITDA
|
$
|
7,525
|
|
|
$
|
—
|
|
|
$
|
7,525
|
|
|
$
|
7,760
|
|
|
$
|
—
|
|
|
$
|
7,760
|
|
|
(3.03)
|
%
|
|
(3.03)
|
%
|
|
Hotel EBITDA
margin
|
44.61
|
%
|
|
|
|
44.61
|
%
|
|
43.70
|
%
|
|
|
|
43.70
|
%
|
|
0.91
|
%
|
|
0.91
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
341.85
|
|
|
$
|
—
|
|
|
$
|
341.85
|
|
|
$
|
365.96
|
|
|
$
|
—
|
|
|
$
|
365.96
|
|
|
(6.59)
|
%
|
|
(6.59)
|
%
|
|
Occupancy
|
79.44
|
%
|
|
—
|
%
|
|
79.44
|
%
|
|
89.41
|
%
|
|
—
|
%
|
|
89.41
|
%
|
|
(11.15)
|
%
|
|
(11.15)
|
%
|
|
ADR
|
$
|
430.34
|
|
|
$
|
—
|
|
|
$
|
430.34
|
|
|
$
|
409.30
|
|
|
$
|
—
|
|
|
$
|
409.30
|
|
|
5.14
|
%
|
|
5.14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL
YOUNTVILLE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
6,055
|
|
|
$
|
3,473
|
|
|
$
|
9,528
|
|
|
$
|
—
|
|
|
$
|
10,316
|
|
|
$
|
10,316
|
|
|
—
|
%
|
|
(7.64)
|
%
|
|
Total hotel
revenue
|
$
|
7,053
|
|
|
$
|
4,276
|
|
|
$
|
11,329
|
|
|
$
|
—
|
|
|
$
|
12,399
|
|
|
$
|
12,399
|
|
|
—
|
%
|
|
(8.63)
|
%
|
|
Hotel
EBITDA
|
$
|
3,433
|
|
|
$
|
1,233
|
|
|
$
|
4,666
|
|
|
$
|
—
|
|
|
$
|
5,393
|
|
|
$
|
5,393
|
|
|
—
|
%
|
|
(13.48)
|
%
|
|
Hotel EBITDA
margin
|
48.67
|
%
|
|
|
|
41.19
|
%
|
|
—
|
%
|
|
|
|
43.50
|
%
|
|
48.67
|
%
|
|
(2.31)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
529.26
|
|
|
$
|
333.88
|
|
|
$
|
436.22
|
|
|
$
|
—
|
|
|
$
|
470.64
|
|
|
$
|
470.64
|
|
|
—
|
%
|
|
(7.31)
|
%
|
|
Occupancy
|
81.63
|
%
|
|
75.52
|
%
|
|
78.72
|
%
|
|
—
|
%
|
|
87.68
|
%
|
|
87.68
|
%
|
|
—
|
%
|
|
(10.22)
|
%
|
|
ADR
|
$
|
648.33
|
|
|
$
|
442.11
|
|
|
$
|
554.13
|
|
|
$
|
—
|
|
|
$
|
536.76
|
|
|
$
|
536.76
|
|
|
—
|
%
|
|
3.24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARK HYATT BEAVER
CREEK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
4,920
|
|
|
$
|
10,034
|
|
|
$
|
14,954
|
|
|
$
|
—
|
|
|
$
|
14,545
|
|
|
$
|
14,545
|
|
|
—
|
%
|
|
2.81
|
%
|
|
Total hotel
revenue
|
$
|
13,660
|
|
|
$
|
18,810
|
|
|
$
|
32,470
|
|
|
$
|
—
|
|
|
$
|
31,364
|
|
|
$
|
31,364
|
|
|
—
|
%
|
|
3.53
|
%
|
|
Hotel
EBITDA
|
$
|
1,238
|
|
|
$
|
6,968
|
|
|
$
|
8,206
|
|
|
$
|
—
|
|
|
$
|
7,934
|
|
|
$
|
7,934
|
|
|
—
|
%
|
|
3.43
|
%
|
|
Hotel EBITDA
margin
|
9.06
|
%
|
|
|
|
25.27
|
%
|
|
—
|
%
|
|
|
|
25.30
|
%
|
|
9.06
|
%
|
|
(0.03)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
141.49
|
|
|
$
|
586.82
|
|
|
$
|
288.30
|
|
|
$
|
—
|
|
|
$
|
279.38
|
|
|
$
|
279.38
|
|
|
—
|
%
|
|
3.19
|
%
|
|
Occupancy
|
57.59
|
%
|
|
83.74
|
%
|
|
66.21
|
%
|
|
—
|
%
|
|
66.02
|
%
|
|
66.02
|
%
|
|
—
|
%
|
|
0.29
|
%
|
|
ADR
|
$
|
245.70
|
|
|
$
|
700.74
|
|
|
$
|
435.44
|
|
|
$
|
—
|
|
|
$
|
423.20
|
|
|
$
|
423.20
|
|
|
—
|
%
|
|
2.89
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHILADELPHIA
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
19,082
|
|
|
$
|
—
|
|
|
$
|
19,082
|
|
|
$
|
21,010
|
|
|
$
|
—
|
|
|
$
|
21,010
|
|
|
(9.18)
|
%
|
|
(9.18)
|
%
|
|
Total hotel
revenue
|
$
|
23,142
|
|
|
$
|
—
|
|
|
$
|
23,142
|
|
|
$
|
25,063
|
|
|
$
|
—
|
|
|
$
|
25,063
|
|
|
(7.66)
|
%
|
|
(7.66)
|
%
|
|
Hotel
EBITDA
|
$
|
8,703
|
|
|
$
|
—
|
|
|
$
|
8,703
|
|
|
$
|
9,763
|
|
|
$
|
—
|
|
|
$
|
9,763
|
|
|
(10.86)
|
%
|
|
(10.86)
|
%
|
|
Hotel EBITDA
margin
|
37.61
|
%
|
|
|
|
37.61
|
%
|
|
38.95
|
%
|
|
|
|
38.95
|
%
|
|
(1.34)
|
%
|
|
(1.34)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
140.08
|
|
|
$
|
—
|
|
|
$
|
140.08
|
|
|
$
|
153.67
|
|
|
$
|
—
|
|
|
$
|
153.67
|
|
|
(8.84)
|
%
|
|
(8.84)
|
%
|
|
Occupancy
|
81.88
|
%
|
|
—
|
%
|
|
81.88
|
%
|
|
82.46
|
%
|
|
—
|
%
|
|
82.46
|
%
|
|
(0.70)
|
%
|
|
(0.70)
|
%
|
|
ADR
|
$
|
171.07
|
|
|
$
|
—
|
|
|
$
|
171.07
|
|
|
$
|
186.36
|
|
|
$
|
—
|
|
|
$
|
186.36
|
|
|
(8.20)
|
%
|
|
(8.20)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLANO MARRIOTT
LEGACY TOWN CENTER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
14,905
|
|
|
$
|
—
|
|
|
$
|
14,905
|
|
|
$
|
15,257
|
|
|
$
|
—
|
|
|
$
|
15,257
|
|
|
(2.31)
|
%
|
|
(2.31)
|
%
|
|
Total hotel
revenue
|
$
|
24,308
|
|
|
$
|
—
|
|
|
$
|
24,308
|
|
|
$
|
24,153
|
|
|
$
|
—
|
|
|
$
|
24,153
|
|
|
0.64
|
%
|
|
0.64
|
%
|
|
Hotel
EBITDA
|
$
|
8,494
|
|
|
$
|
—
|
|
|
$
|
8,494
|
|
|
$
|
8,323
|
|
|
$
|
—
|
|
|
$
|
8,323
|
|
|
2.05
|
%
|
|
2.05
|
%
|
|
Hotel EBITDA
margin
|
34.94
|
%
|
|
|
|
34.94
|
%
|
|
34.46
|
%
|
|
|
|
34.46
|
%
|
|
0.48
|
%
|
|
0.48
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
135.15
|
|
|
$
|
—
|
|
|
$
|
135.15
|
|
|
$
|
137.83
|
|
|
$
|
—
|
|
|
$
|
137.83
|
|
|
(1.94)
|
%
|
|
(1.94)
|
%
|
|
Occupancy
|
72.24
|
%
|
|
—
|
%
|
|
72.24
|
%
|
|
71.44
|
%
|
|
—
|
%
|
|
71.44
|
%
|
|
1.12
|
%
|
|
1.12
|
%
|
|
ADR
|
$
|
187.07
|
|
|
$
|
—
|
|
|
$
|
187.07
|
|
|
$
|
192.93
|
|
|
$
|
—
|
|
|
$
|
192.93
|
|
|
(3.04)
|
%
|
|
(3.04)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN FRANCISCO
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
24,717
|
|
|
$
|
—
|
|
|
$
|
24,717
|
|
|
$
|
28,102
|
|
|
$
|
—
|
|
|
$
|
28,102
|
|
|
(12.05)
|
%
|
|
(12.05)
|
%
|
|
Total hotel
revenue
|
$
|
28,400
|
|
|
$
|
—
|
|
|
$
|
28,400
|
|
|
$
|
32,069
|
|
|
$
|
—
|
|
|
$
|
32,069
|
|
|
(11.44)
|
%
|
|
(11.44)
|
%
|
|
Hotel
EBITDA
|
$
|
10,301
|
|
|
$
|
—
|
|
|
$
|
10,301
|
|
|
$
|
10,803
|
|
|
$
|
—
|
|
|
$
|
10,803
|
|
|
(4.65)
|
%
|
|
(4.65)
|
%
|
|
Hotel EBITDA
margin
|
36.27
|
%
|
|
|
|
36.27
|
%
|
|
33.69
|
%
|
|
|
|
33.69
|
%
|
|
2.58
|
%
|
|
2.58
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
222.61
|
|
|
$
|
—
|
|
|
$
|
222.61
|
|
|
$
|
253.24
|
|
|
$
|
—
|
|
|
$
|
253.24
|
|
|
(12.10)
|
%
|
|
(12.10)
|
%
|
|
Occupancy
|
80.84
|
%
|
|
—
|
%
|
|
80.84
|
%
|
|
90.05
|
%
|
|
—
|
%
|
|
90.05
|
%
|
|
(10.23)
|
%
|
|
(10.23)
|
%
|
|
ADR
|
$
|
275.39
|
|
|
$
|
—
|
|
|
$
|
275.39
|
|
|
$
|
281.21
|
|
|
$
|
—
|
|
|
$
|
281.21
|
|
|
(2.07)
|
%
|
|
(2.07)
|
%
|
SEATTLE MARRIOTT
WATERFRONT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
25,024
|
|
|
$
|
—
|
|
|
$
|
25,024
|
|
|
$
|
23,055
|
|
|
$
|
—
|
|
|
$
|
23,055
|
|
|
8.54
|
%
|
|
8.54
|
%
|
|
Total hotel
revenue
|
$
|
32,049
|
|
|
$
|
—
|
|
|
$
|
32,049
|
|
|
$
|
29,436
|
|
|
$
|
—
|
|
|
$
|
29,436
|
|
|
8.88
|
%
|
|
8.88
|
%
|
|
Hotel
EBITDA
|
$
|
12,879
|
|
|
$
|
—
|
|
|
$
|
12,879
|
|
|
$
|
12,067
|
|
|
$
|
—
|
|
|
$
|
12,067
|
|
|
6.73
|
%
|
|
6.73
|
%
|
|
Hotel EBITDA
margin
|
40.19
|
%
|
|
|
|
40.19
|
%
|
|
40.99
|
%
|
|
|
|
40.99
|
%
|
|
(0.80)
|
%
|
|
(0.80)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
255.54
|
|
|
$
|
—
|
|
|
$
|
255.54
|
|
|
$
|
235.03
|
|
|
$
|
—
|
|
|
$
|
235.03
|
|
|
8.73
|
%
|
|
8.73
|
%
|
|
Occupancy
|
89.69
|
%
|
|
—
|
%
|
|
89.69
|
%
|
|
84.45
|
%
|
|
—
|
%
|
|
84.45
|
%
|
|
6.20
|
%
|
|
6.20
|
%
|
|
ADR
|
$
|
284.91
|
|
|
$
|
—
|
|
|
$
|
284.91
|
|
|
$
|
278.30
|
|
|
$
|
—
|
|
|
$
|
278.30
|
|
|
2.38
|
%
|
|
2.38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST. THOMAS
RITZ-CARLTON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
21,713
|
|
|
$
|
—
|
|
|
$
|
21,713
|
|
|
$
|
21,654
|
|
|
$
|
—
|
|
|
$
|
21,654
|
|
|
0.27
|
%
|
|
0.27
|
%
|
|
Total hotel
revenue
|
$
|
38,829
|
|
|
$
|
—
|
|
|
$
|
38,829
|
|
|
$
|
39,481
|
|
|
$
|
—
|
|
|
$
|
39,481
|
|
|
(1.65)
|
%
|
|
(1.65)
|
%
|
|
Hotel
EBITDA
|
$
|
8,243
|
|
|
$
|
—
|
|
|
$
|
8,243
|
|
|
$
|
7,624
|
|
|
$
|
—
|
|
|
$
|
7,624
|
|
|
8.12
|
%
|
|
8.12
|
%
|
|
Hotel EBITDA
margin
|
21.23
|
%
|
|
|
|
21.23
|
%
|
|
19.31
|
%
|
|
|
|
19.31
|
%
|
|
1.92
|
%
|
|
1.92
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
441.86
|
|
|
$
|
—
|
|
|
$
|
441.86
|
|
|
$
|
439.06
|
|
|
$
|
—
|
|
|
$
|
439.06
|
|
|
0.64
|
%
|
|
0.64
|
%
|
|
Occupancy
|
75.53
|
%
|
|
—
|
%
|
|
75.53
|
%
|
|
81.51
|
%
|
|
—
|
%
|
|
81.51
|
%
|
|
(7.34)
|
%
|
|
(7.34)
|
%
|
|
ADR
|
$
|
585.02
|
|
|
$
|
—
|
|
|
$
|
585.02
|
|
|
$
|
538.68
|
|
|
$
|
—
|
|
|
$
|
538.68
|
|
|
8.60
|
%
|
|
8.60
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAMPA
RENAISSANCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
12,800
|
|
|
$
|
—
|
|
|
$
|
12,800
|
|
|
$
|
12,618
|
|
|
$
|
—
|
|
|
$
|
12,618
|
|
|
1.44
|
%
|
|
1.44
|
%
|
|
Total hotel
revenue
|
$
|
18,043
|
|
|
$
|
—
|
|
|
$
|
18,043
|
|
|
$
|
18,236
|
|
|
$
|
—
|
|
|
$
|
18,236
|
|
|
(1.06)
|
%
|
|
(1.06)
|
%
|
|
Hotel
EBITDA
|
$
|
5,224
|
|
|
$
|
—
|
|
|
$
|
5,224
|
|
|
$
|
5,140
|
|
|
$
|
—
|
|
|
$
|
5,140
|
|
|
1.63
|
%
|
|
1.63
|
%
|
|
Hotel EBITDA
margin
|
28.95
|
%
|
|
|
|
28.95
|
%
|
|
28.19
|
%
|
|
|
|
28.19
|
%
|
|
0.76
|
%
|
|
0.76
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
160.02
|
|
|
$
|
—
|
|
|
$
|
160.02
|
|
|
$
|
157.16
|
|
|
$
|
—
|
|
|
$
|
157.16
|
|
|
1.82
|
%
|
|
1.82
|
%
|
|
Occupancy
|
83.03
|
%
|
|
—
|
%
|
|
83.03
|
%
|
|
82.51
|
%
|
|
—
|
%
|
|
82.51
|
%
|
|
0.63
|
%
|
|
0.63
|
%
|
|
ADR
|
$
|
192.74
|
|
|
$
|
—
|
|
|
$
|
192.74
|
|
|
$
|
190.49
|
|
|
$
|
—
|
|
|
$
|
190.49
|
|
|
1.18
|
%
|
|
1.18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRIME PROPERTIES
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
224,203
|
|
|
$
|
13,507
|
|
|
$
|
237,710
|
|
|
$
|
222,778
|
|
|
$
|
17,892
|
|
|
$
|
240,670
|
|
|
0.64
|
%
|
|
(1.23)
|
%
|
|
Total hotel
revenue
|
$
|
321,391
|
|
|
$
|
23,086
|
|
|
$
|
344,477
|
|
|
$
|
311,777
|
|
|
$
|
35,768
|
|
|
$
|
347,545
|
|
|
3.08
|
%
|
|
(0.88)
|
%
|
|
Hotel
EBITDA
|
$
|
100,132
|
|
|
$
|
8,191
|
|
|
$
|
108,323
|
|
|
$
|
97,913
|
|
|
$
|
10,163
|
|
|
$
|
108,076
|
|
|
2.27
|
%
|
|
0.23
|
%
|
|
Hotel EBITDA
margin
|
31.16
|
%
|
|
|
|
31.45
|
%
|
|
31.40
|
%
|
|
|
|
31.10
|
%
|
|
(0.24)
|
%
|
|
0.35
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
212.01
|
|
|
$
|
491.16
|
|
|
$
|
219.08
|
|
|
$
|
210.20
|
|
|
$
|
628.23
|
|
|
$
|
221.14
|
|
|
0.86
|
%
|
|
(0.93)
|
%
|
|
Occupancy
|
81.92
|
%
|
|
80.63
|
%
|
|
81.89
|
%
|
|
83.65
|
%
|
|
54.39
|
%
|
|
82.89
|
%
|
|
(2.07)
|
%
|
|
(1.21)
|
%
|
|
ADR
|
$
|
258.79
|
|
|
$
|
609.13
|
|
|
$
|
267.53
|
|
|
$
|
251.27
|
|
|
$
|
1,155.08
|
|
|
$
|
266.79
|
|
|
2.99
|
%
|
|
0.28
|
%
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's operations at September 30, 2017,
were owned as of the beginning of each of the periods presented.
Non-comparable adjustments
|
|
include
pre-acquisition results from hotel properties acquired during the
period offset by results from hotel properties sold during the
period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
Adjustments have been
made to the pre-acquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
(4)
|
Table excludes
Seattle Courtyard Downtown which was sold on July 1,
2016.
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
SELECTED FINANCIAL
AND OPERATING INFORMATION BY PROPERTY
(in thousands,
except operating information)
(unaudited)
|
|
|
|
TTM Ended
September 30,
|
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
CAPITAL HILTON
WASHINGTON D.C.
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
42,963
|
|
|
$
|
—
|
|
|
$
|
42,963
|
|
|
Total hotel
revenue
|
$
|
60,170
|
|
|
$
|
—
|
|
|
$
|
60,170
|
|
|
Hotel
EBITDA
|
$
|
17,988
|
|
|
$
|
—
|
|
|
$
|
17,988
|
|
|
Hotel EBITDA
margin
|
29.90
|
%
|
|
|
|
29.90
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
214.01
|
|
|
$
|
—
|
|
|
$
|
214.01
|
|
|
Occupancy
|
89.90
|
%
|
|
—
|
%
|
|
89.90
|
%
|
|
ADR
|
$
|
238.06
|
|
|
$
|
—
|
|
|
$
|
238.06
|
|
|
|
|
|
|
|
|
LA JOLLA HILTON
TORREY PINES
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
24,712
|
|
|
$
|
—
|
|
|
$
|
24,712
|
|
|
Total hotel
revenue
|
$
|
44,511
|
|
|
$
|
—
|
|
|
$
|
44,511
|
|
|
Hotel
EBITDA
|
$
|
14,830
|
|
|
$
|
—
|
|
|
$
|
14,830
|
|
|
Hotel EBITDA
margin
|
33.32
|
%
|
|
|
|
33.32
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
171.84
|
|
|
$
|
—
|
|
|
$
|
171.84
|
|
|
Occupancy
|
84.57
|
%
|
|
—
|
%
|
|
84.57
|
%
|
|
ADR
|
$
|
203.18
|
|
|
$
|
—
|
|
|
$
|
203.18
|
|
|
|
|
|
|
|
|
CHICAGO SOFITEL
MAGNIFICENT MILE
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
25,473
|
|
|
$
|
—
|
|
|
$
|
25,473
|
|
|
Total hotel
revenue
|
$
|
34,128
|
|
|
$
|
—
|
|
|
$
|
34,128
|
|
|
Hotel
EBITDA
|
$
|
6,390
|
|
|
$
|
—
|
|
|
$
|
6,390
|
|
|
Hotel EBITDA
margin
|
18.72
|
%
|
|
|
|
18.72
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
168.16
|
|
|
$
|
—
|
|
|
$
|
168.16
|
|
|
Occupancy
|
81.88
|
%
|
|
—
|
%
|
|
81.88
|
%
|
|
ADR
|
$
|
205.37
|
|
|
$
|
—
|
|
|
$
|
205.37
|
|
|
|
|
|
|
|
|
BARDESSONO HOTEL
AND SPA
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
14,486
|
|
|
$
|
—
|
|
|
$
|
14,486
|
|
|
Total hotel
revenue
|
$
|
19,127
|
|
|
$
|
—
|
|
|
$
|
19,127
|
|
|
Hotel
EBITDA
|
$
|
5,378
|
|
|
$
|
—
|
|
|
$
|
5,378
|
|
|
Hotel EBITDA
margin
|
28.12
|
%
|
|
|
|
28.12
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
640.14
|
|
|
$
|
—
|
|
|
$
|
640.14
|
|
|
Occupancy
|
82.20
|
%
|
|
—
|
%
|
|
82.20
|
%
|
|
ADR
|
$
|
778.80
|
|
|
$
|
—
|
|
|
$
|
778.80
|
|
|
|
|
|
|
|
|
KEY WEST PIER
HOUSE RESORT
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
17,780
|
|
|
$
|
—
|
|
|
$
|
17,780
|
|
|
Total hotel
revenue
|
$
|
22,546
|
|
|
$
|
—
|
|
|
$
|
22,546
|
|
|
Hotel
EBITDA
|
$
|
9,994
|
|
|
$
|
—
|
|
|
$
|
9,994
|
|
|
Hotel EBITDA
margin
|
44.33
|
%
|
|
|
|
44.33
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
343.04
|
|
|
$
|
—
|
|
|
$
|
343.04
|
|
|
Occupancy
|
80.44
|
%
|
|
—
|
%
|
|
80.44
|
%
|
|
ADR
|
$
|
426.48
|
|
|
$
|
—
|
|
|
$
|
426.48
|
|
|
|
|
|
|
|
|
HOTEL
YOUNTVILLE
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
6,055
|
|
|
$
|
6,855
|
|
|
$
|
12,910
|
|
|
Total hotel
revenue
|
$
|
7,053
|
|
|
$
|
8,288
|
|
|
$
|
15,341
|
|
|
Hotel
EBITDA
|
$
|
3,433
|
|
|
$
|
2,800
|
|
|
$
|
6,233
|
|
|
Hotel EBITDA
margin
|
48.67
|
%
|
|
|
|
40.63
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
529.26
|
|
|
$
|
385.90
|
|
|
$
|
442.07
|
|
|
Occupancy
|
81.63
|
%
|
|
78.49
|
%
|
|
79.72
|
%
|
|
ADR
|
$
|
648.33
|
|
|
$
|
491.69
|
|
|
$
|
554.53
|
|
|
|
|
|
|
|
|
PARK HYATT BEAVER
CREEK
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
4,920
|
|
|
$
|
14,266
|
|
|
$
|
19,186
|
|
|
Total hotel
revenue
|
$
|
13,660
|
|
|
$
|
27,595
|
|
|
$
|
41,255
|
|
|
Hotel
EBITDA
|
$
|
1,238
|
|
|
$
|
8,734
|
|
|
$
|
9,972
|
|
|
Hotel EBITDA
margin
|
9.06
|
%
|
|
|
|
24.17
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
141.49
|
|
|
$
|
412.58
|
|
|
$
|
276.67
|
|
|
Occupancy
|
57.59
|
%
|
|
66.76
|
%
|
|
62.16
|
%
|
|
ADR
|
$
|
245.70
|
|
|
$
|
618.02
|
|
|
$
|
445.09
|
|
|
|
|
|
|
|
|
PHILADELPHIA
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
25,332
|
|
|
$
|
—
|
|
|
$
|
25,332
|
|
|
Total hotel
revenue
|
$
|
30,722
|
|
|
$
|
—
|
|
|
$
|
30,722
|
|
|
Hotel
EBITDA
|
$
|
11,497
|
|
|
$
|
—
|
|
|
$
|
11,497
|
|
|
Hotel EBITDA
margin
|
37.42
|
%
|
|
|
|
37.42
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
139.09
|
|
|
$
|
—
|
|
|
$
|
139.09
|
|
|
Occupancy
|
81.37
|
%
|
|
—
|
%
|
|
81.37
|
%
|
|
ADR
|
$
|
170.93
|
|
|
$
|
—
|
|
|
$
|
170.93
|
|
|
|
|
|
|
|
|
PLANO MARRIOTT
LEGACY TOWN CENTER
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
19,547
|
|
|
$
|
—
|
|
|
$
|
19,547
|
|
|
Total hotel
revenue
|
$
|
32,156
|
|
|
$
|
—
|
|
|
$
|
32,156
|
|
|
Hotel
EBITDA
|
$
|
11,192
|
|
|
$
|
—
|
|
|
$
|
11,192
|
|
|
Hotel EBITDA
margin
|
34.81
|
%
|
|
|
|
34.81
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
132.56
|
|
|
$
|
—
|
|
|
$
|
132.56
|
|
|
Occupancy
|
71.17
|
%
|
|
—
|
%
|
|
71.17
|
%
|
|
ADR
|
$
|
186.26
|
|
|
$
|
—
|
|
|
$
|
186.26
|
|
|
|
|
|
|
|
|
SAN FRANCISCO
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
32,864
|
|
|
$
|
—
|
|
|
$
|
32,864
|
|
|
Total hotel
revenue
|
$
|
37,695
|
|
|
$
|
—
|
|
|
$
|
37,695
|
|
|
Hotel
EBITDA
|
$
|
12,288
|
|
|
$
|
—
|
|
|
$
|
12,288
|
|
|
Hotel EBITDA
margin
|
32.60
|
%
|
|
|
|
32.60
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
221.61
|
|
|
$
|
—
|
|
|
$
|
221.61
|
|
|
Occupancy
|
82.65
|
%
|
|
—
|
%
|
|
82.65
|
%
|
|
ADR
|
$
|
268.12
|
|
|
$
|
—
|
|
|
$
|
268.12
|
|
|
|
|
|
|
|
SEATTLE MARRIOTT
WATERFRONT
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
30,717
|
|
|
$
|
—
|
|
|
$
|
30,717
|
|
|
Total hotel
revenue
|
$
|
40,261
|
|
|
$
|
—
|
|
|
$
|
40,261
|
|
|
Hotel
EBITDA
|
$
|
15,927
|
|
|
$
|
—
|
|
|
$
|
15,927
|
|
|
Hotel EBITDA
margin
|
39.56
|
%
|
|
|
|
39.56
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
234.73
|
|
|
$
|
—
|
|
|
$
|
234.73
|
|
|
Occupancy
|
86.99
|
%
|
|
—
|
%
|
|
86.99
|
%
|
|
ADR
|
$
|
269.83
|
|
|
$
|
—
|
|
|
$
|
269.83
|
|
|
|
|
|
|
|
|
ST. THOMAS
RITZ-CARLTON
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
27,854
|
|
|
$
|
—
|
|
|
$
|
27,854
|
|
|
Total hotel
revenue
|
$
|
49,626
|
|
|
$
|
—
|
|
|
$
|
49,626
|
|
|
Hotel
EBITDA
|
$
|
9,432
|
|
|
$
|
—
|
|
|
$
|
9,432
|
|
|
Hotel EBITDA
margin
|
19.01
|
%
|
|
|
|
19.01
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
423.95
|
|
|
$
|
—
|
|
|
$
|
423.95
|
|
|
Occupancy
|
73.98
|
%
|
|
—
|
%
|
|
73.98
|
%
|
|
ADR
|
$
|
573.07
|
|
|
$
|
—
|
|
|
$
|
573.07
|
|
|
|
|
|
|
|
|
TAMPA
RENAISSANCE
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
16,566
|
|
|
$
|
—
|
|
|
$
|
16,566
|
|
|
Total hotel
revenue
|
$
|
23,688
|
|
|
$
|
—
|
|
|
$
|
23,688
|
|
|
Hotel
EBITDA
|
$
|
6,861
|
|
|
$
|
—
|
|
|
$
|
6,861
|
|
|
Hotel EBITDA
margin
|
28.96
|
%
|
|
|
|
28.96
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
154.92
|
|
|
$
|
—
|
|
|
$
|
154.92
|
|
|
Occupancy
|
81.60
|
%
|
|
—
|
%
|
|
81.60
|
%
|
|
ADR
|
$
|
189.84
|
|
|
$
|
—
|
|
|
$
|
189.84
|
|
|
|
|
|
|
|
|
PRIME PROPERTIES
TOTAL
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
289,269
|
|
|
$
|
21,121
|
|
|
$
|
310,390
|
|
|
Total hotel
revenue
|
$
|
415,343
|
|
|
$
|
35,883
|
|
|
$
|
451,226
|
|
|
Hotel
EBITDA
|
$
|
126,458
|
|
|
$
|
11,524
|
|
|
$
|
137,982
|
|
|
Hotel EBITDA
margin
|
30.45
|
%
|
|
|
|
30.58
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
RevPAR
|
$
|
206.90
|
|
|
$
|
403.53
|
|
|
$
|
214.00
|
|
|
Occupancy
|
81.63
|
%
|
|
70.74
|
%
|
|
81.23
|
%
|
|
ADR
|
$
|
253.48
|
|
|
$
|
570.46
|
|
|
$
|
263.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's
|
|
operations at
September 30, 2017, were owned as of the beginning of each of
the periods presented. Non-comparable
|
|
adjustments include
pre-acquisition results from hotel properties acquired during the
period offset by results from hotel
|
|
properties sold
during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the
|
|
information as part
of its analysis of the acquisition.
|
|
Adjustments have been
made to the pre-acquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
(4)
|
Table excludes
Seattle Courtyard Downtown which was sold on July 1,
2016.
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES HOTEL REVENUE & EBITDA FOR TRAILING TWELVE
MONTHS (dollars in
thousands) (unaudited)
|
|
|
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
|
4th
Quarter
|
|
4th
Quarter
|
|
4th
Quarter
|
Total Hotel
Revenue
|
$
|
108,080
|
|
|
$
|
—
|
|
|
$
|
108,080
|
|
|
$
|
116,055
|
|
|
$
|
1,571
|
|
|
$
|
117,626
|
|
|
$
|
97,256
|
|
|
$
|
21,515
|
|
|
$
|
118,771
|
|
|
$
|
93,952
|
|
|
$
|
12,797
|
|
|
$
|
106,749
|
|
Hotel
EBITDA
|
$
|
33,030
|
|
|
$
|
—
|
|
|
$
|
33,030
|
|
|
$
|
38,371
|
|
|
$
|
562
|
|
|
$
|
38,933
|
|
|
$
|
28,731
|
|
|
$
|
7,629
|
|
|
$
|
36,360
|
|
|
$
|
26,326
|
|
|
$
|
3,333
|
|
|
$
|
29,659
|
|
Hotel EBITDA
Margin
|
30.56
|
%
|
|
|
|
30.56
|
%
|
|
33.06
|
%
|
|
|
|
33.10
|
%
|
|
29.54
|
%
|
|
|
|
30.61
|
%
|
|
28.02
|
%
|
|
|
|
27.78
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
26.1
|
%
|
|
|
|
23.9
|
%
|
|
30.4
|
%
|
|
|
|
28.2
|
%
|
|
22.7
|
%
|
|
|
|
26.4
|
%
|
|
20.8
|
%
|
|
|
|
21.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$
|
1,618
|
|
|
$
|
—
|
|
|
$
|
1,618
|
|
|
$
|
2,642
|
|
|
$
|
—
|
|
|
$
|
2,642
|
|
|
$
|
2,223
|
|
|
$
|
—
|
|
|
$
|
2,223
|
|
|
$
|
1,722
|
|
|
$
|
—
|
|
|
$
|
1,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TTM
|
|
TTM
|
|
TTM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Hotel
Revenue
|
$
|
415,343
|
|
|
$
|
35,883
|
|
|
$
|
451,226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
|
126,458
|
|
|
$
|
11,524
|
|
|
$
|
137,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
Margin
|
30.45
|
%
|
|
|
|
30.58
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$
|
8,205
|
|
|
$
|
—
|
|
|
$
|
8,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1) The above comparable information assumes the thirteen
hotel properties owned and included in the Company's operations at
September 30, 2017, were owned as of the beginning of each of
the periods presented. Non-comparable
adjustments
include pre-acquisition results from hotel properties acquired
during the period offset by results from hotel properties sold
during the period.
|
(2)
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
Adjustments have been made to the pre-acquisition results as
indicated below:
|
(a)
Management fee expense was adjusted to reflect current contractual
rates.
|
(3) See Exhibit 1 for reconciliation of net income (loss)
to hotel EBITDA.
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
TOTAL ENTERPRISE
VALUE
SEPTEMBER 30,
2017
(in thousands,
except share price)
(unaudited)
|
|
|
|
|
|
September 30,
2017
|
End of quarter common
shares outstanding
|
31,951
|
|
Partnership units
outstanding (common stock equivalents)
|
5,367
|
|
Combined common
shares and partnership units outstanding
|
37,318
|
|
Common stock price at
quarter end
|
$
|
9.50
|
|
Market
capitalization at quarter end
|
$
|
354,521
|
|
Series B convertible
preferred stock
|
$
|
124,146
|
|
Debt on balance sheet
date
|
$
|
914,079
|
|
Joint venture
partner's share of consolidated debt
|
$
|
(47,620)
|
|
Net working capital
(see below)
|
$
|
(145,870)
|
|
Total enterprise
value (TEV)
|
$
|
1,199,256
|
|
|
|
Ashford Inc.
Investment:
|
|
Common stock owned at
end of quarter
|
195
|
|
Common stock price at
quarter end
|
$
|
60.60
|
|
Market value of
Ashford Inc. investment
|
$
|
11,810
|
|
|
|
Cash and cash
equivalents
|
$
|
123,051
|
|
Restricted
cash
|
$
|
29,830
|
|
Accounts receivable,
net
|
$
|
18,917
|
|
Insurance
receivable
|
$
|
16,426
|
|
Prepaid
expenses
|
$
|
4,269
|
|
Due from affiliates,
net
|
$
|
(735)
|
|
Due from third-party
hotel managers, net
|
$
|
5,098
|
|
Market value of
Ashford Inc. investment
|
$
|
11,810
|
|
Total current
assets
|
$
|
208,666
|
|
|
|
Accounts payable, net
& accrued expenses
|
$
|
54,197
|
|
Dividends
payable
|
$
|
8,599
|
|
Total current
liabilities
|
$
|
62,796
|
|
|
|
Net working
capital*
|
$
|
145,870
|
|
* Includes the
Company's pro rata share of net working capital in joint
ventures.
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
ANTICIPATED
CAPITAL EXPENDITURES CALENDAR (a)
|
|
|
|
2017
|
2018
|
|
Rooms
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
1st
Quarter
|
2nd
Quarter
|
3rd
Quarter
|
4th
Quarter
|
|
|
Actual
|
Actual
|
Actual
|
Estimated
|
Estimated
|
Estimated
|
Estimated
|
Estimated
|
Capital Hilton
Washington D.C.
|
550
|
|
|
|
x
|
x
|
|
x
|
x
|
Chicago Sofitel
Magnificent Mile
|
415
|
x
|
|
|
x
|
x
|
x
|
|
|
Key West Pier
House Resort
|
142
|
|
|
x
|
x
|
|
|
x
|
|
Philadelphia
Courtyard Downtown
|
499
|
x
|
|
|
|
|
|
|
x
|
San Francisco
Courtyard Downtown
|
405
|
x
|
x
|
x
|
x
|
x
|
x
|
|
x
|
St. Thomas
Ritz-Carlton
|
180
|
|
|
x
|
x
|
x
|
x
|
x
|
x
|
Total
|
|
3
|
1
|
3
|
5
|
4
|
3
|
3
|
4
|
(a) Only
hotels which have had or are expected to have significant capital
expenditures that could result in displacement in 2017-2018 are
included
in this
table.
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
(in
thousands)
(unaudited)
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
September 30,
2017
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
4th
Quarter
|
|
TTM
|
Net income
(loss)
|
$
|
10,705
|
|
|
$
|
21,607
|
|
|
$
|
14,951
|
|
|
$
|
12,615
|
|
|
$
|
59,878
|
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(872)
|
|
|
(1,825)
|
|
|
(1,444)
|
|
|
(971)
|
|
|
(5,112)
|
|
Net income (loss)
attributable to the Company
|
9,833
|
|
|
19,782
|
|
|
13,507
|
|
|
11,644
|
|
|
54,766
|
|
Non-property
adjustments
|
1,008
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1,009
|
|
Interest
income
|
(18)
|
|
|
(10)
|
|
|
(10)
|
|
|
(10)
|
|
|
(48)
|
|
Interest
expense
|
2,744
|
|
|
2,204
|
|
|
1,280
|
|
|
1,672
|
|
|
7,900
|
|
Amortization of loan
costs
|
307
|
|
|
271
|
|
|
130
|
|
|
135
|
|
|
843
|
|
Depreciation and
amortization
|
14,134
|
|
|
13,468
|
|
|
11,851
|
|
|
11,555
|
|
|
51,008
|
|
Income tax expense
(benefit)
|
(404)
|
|
|
366
|
|
|
133
|
|
|
(21)
|
|
|
74
|
|
Non-hotel EBITDA
ownership expense
|
4,554
|
|
|
465
|
|
|
396
|
|
|
379
|
|
|
5,794
|
|
Income (loss) from
consolidated entities attributable to noncontrolling
interest
|
872
|
|
|
1,825
|
|
|
1,444
|
|
|
971
|
|
|
5,112
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
33,030
|
|
|
38,371
|
|
|
28,731
|
|
|
26,326
|
|
|
126,458
|
|
Non-comparable
adjustments
|
—
|
|
|
562
|
|
|
7,629
|
|
|
3,333
|
|
|
11,524
|
|
Comparable hotel
EBITDA
|
$
|
33,030
|
|
|
$
|
38,933
|
|
|
$
|
36,360
|
|
|
$
|
29,659
|
|
|
$
|
137,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2017
|
|
|
Capital
Hilton
Washington
D.C.
|
|
La Jolla
Hilton
Torrey
Pines
|
|
Chicago
Sofitel
Magnificent
Mile
|
|
Bardessono
Hotel & Spa
|
|
Key West
Pier House
Resort
|
|
Hotel
Yountville
|
|
Park Hyatt
Beaver
Creek
|
|
Philadelphia
Courtyard
Downtown
|
|
Plano
Marriott
Legacy
Town Center
|
|
San
Francisco
Courtyard
Downtown
|
|
Seattle
Courtyard
Downtown
|
|
Seattle
Marriott
Waterfront
|
|
St. Thomas
Ritz-
Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate
/ Allocated
|
|
Ashford
Hospitality
Prime, Inc.
|
Net income
(loss)
|
$
767
|
|
$
2,504
|
|
$
241
|
|
$
1,147
|
|
$
(1,139)
|
|
$
1,250
|
|
$
(23)
|
|
$
1,399
|
|
$
1,152
|
|
$
2,941
|
|
$
—
|
|
$
4,294
|
|
$
(4,081)
|
|
$
253
|
|
$
10,705
|
|
$
(10,922)
|
|
$
(217)
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
(225)
|
|
(647)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(872)
|
|
(271)
|
|
(1,143)
|
Net (income) loss
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
360
|
|
360
|
Net income (loss)
attributable to the Company
|
542
|
|
1,857
|
|
241
|
|
1,147
|
|
(1,139)
|
|
1,250
|
|
(23)
|
|
1,399
|
|
1,152
|
|
2,941
|
|
—
|
|
4,294
|
|
(4,081)
|
|
253
|
|
9,833
|
|
(10,833)
|
|
(1,000)
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
318
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
680
|
|
10
|
|
1,008
|
|
(1,008)
|
|
—
|
Interest
income
|
(9)
|
|
(4)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
(3)
|
|
(1)
|
|
—
|
|
(18)
|
|
(180)
|
|
(198)
|
Interest
expense
|
—
|
|
—
|
|
719
|
|
185
|
|
—
|
|
492
|
|
684
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
664
|
|
—
|
|
2,744
|
|
6,510
|
|
9,254
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
11
|
|
—
|
|
33
|
|
129
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
134
|
|
—
|
|
307
|
|
1,049
|
|
1,356
|
Depreciation and
amortization
|
1,644
|
|
1,481
|
|
1,193
|
|
641
|
|
736
|
|
654
|
|
820
|
|
1,516
|
|
1,232
|
|
1,302
|
|
—
|
|
1,027
|
|
944
|
|
944
|
|
14,134
|
|
(1)
|
|
14,133
|
Income tax expense
(benefit)
|
(184)
|
|
(187)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(37)
|
|
—
|
|
(404)
|
|
737
|
|
333
|
Non-hotel EBITDA
ownership expense
|
421
|
|
41
|
|
11
|
|
159
|
|
1,233
|
|
20
|
|
75
|
|
8
|
|
18
|
|
37
|
|
—
|
|
72
|
|
2,422
|
|
37
|
|
4,554
|
|
(4,554)
|
|
—
|
Income (loss) from
consolidated entities
attributable to noncontrolling interest
|
225
|
|
647
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
872
|
|
(872)
|
|
—
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
2,639
|
|
3,835
|
|
2,164
|
|
2,143
|
|
1,148
|
|
2,449
|
|
1,685
|
|
2,926
|
|
2,402
|
|
4,280
|
|
—
|
|
5,390
|
|
725
|
|
1,244
|
|
33,030
|
|
(9,152)
|
|
23,878
|
Less: EBITDA
adjustments attributable to
noncontrolling interest
|
(435)
|
|
(311)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(746)
|
|
(384)
|
|
(1,130)
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
(225)
|
|
(647)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(872)
|
|
872
|
|
—
|
Net income (loss)
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(360)
|
|
(360)
|
Hotel EBITDA
attributable to the Company and
OP unitholders
|
$
1,979
|
|
$
2,877
|
|
$
2,164
|
|
$
2,143
|
|
$
1,148
|
|
$
2,449
|
|
$
1,685
|
|
$
2,926
|
|
$
2,402
|
|
$
4,280
|
|
$
—
|
|
$
5,390
|
|
$
725
|
|
$
1,244
|
|
$
31,412
|
|
$
(9,024)
|
|
$
22,388
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
Comparable hotel
EBITDA
|
$
2,639
|
|
$
3,835
|
|
$
2,164
|
|
$
2,143
|
|
$
1,148
|
|
$
2,449
|
|
$
1,685
|
|
$
2,926
|
|
$
2,402
|
|
$
4,280
|
|
$
—
|
|
$
5,390
|
|
$
725
|
|
$
1,244
|
|
$
33,030
|
|
|
|
|
ALL HOTELS NOT
UNDER
RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
$
2,639
|
|
$
3,835
|
|
$
2,164
|
|
$
2,143
|
|
$
—
|
|
$
2,449
|
|
$
1,685
|
|
$
2,926
|
|
$
2,402
|
|
$
—
|
|
$
—
|
|
$
5,390
|
|
$
—
|
|
$
1,244
|
|
$
26,877
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
Comparable hotel
EBITDA
|
$
2,639
|
|
$
3,835
|
|
$
2,164
|
|
$
2,143
|
|
$
—
|
|
$
2,449
|
|
$
1,685
|
|
$
2,926
|
|
$
2,402
|
|
$
—
|
|
$
—
|
|
$
5,390
|
|
$
—
|
|
$
1,244
|
|
$
26,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL EBITDA BY
LOAN POOL
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GACC Sofitel - 1
hotel
|
$
—
|
|
$
—
|
|
$
2,164
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
2,164
|
|
|
|
|
Credit Agricole Pier
House - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
1,148
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,148
|
|
|
|
|
BAML Bardessono - 1
hotel
|
—
|
|
—
|
|
—
|
|
2,143
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,143
|
|
|
|
|
BAML Hotel Yountville
- 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,449
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,449
|
|
|
|
|
Apollo Ritz-Carlton
St Thomas - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
725
|
|
—
|
|
725
|
|
|
|
|
Aareal - 2
hotels
|
2,639
|
|
3,835
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,474
|
|
|
|
|
Morgan Stanley Pool
-5 hotels
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,926
|
|
2,402
|
|
4,280
|
|
—
|
|
5,390
|
|
—
|
|
1,244
|
|
16,242
|
|
|
|
|
JP Morgan Park Hyatt
Beaver Creek -1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,685
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,685
|
|
|
|
|
Total
|
$
2,639
|
|
$
3,835
|
|
$
2,164
|
|
$
2,143
|
|
$
1,148
|
|
$
2,449
|
|
$
1,685
|
|
$
2,926
|
|
$
2,402
|
|
$
4,280
|
|
—
|
|
$
5,390
|
|
$
725
|
|
$
1,244
|
|
$
33,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's operations at September 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties
|
|
acquired during the
period offset by results from hotel properties sold during the
period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
Adjustments have been
made to the pre-acquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3)
|
Excluded Hotels Under
Renovation:
|
|
Key West Pier House
Resort, San Francisco Courtyard Downtown, St. Thomas
Ritz-Carlton
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2017
|
|
|
Capital
Hilton
Washington
D.C.
|
|
La Jolla
Hilton
Torrey
Pines
|
|
Chicago
Sofitel
Magnificent
Mile
|
|
Bardessono
Hotel & Spa
|
|
Key West
Pier House
Resort
|
|
Hotel
Yountville
|
|
Park
Hyatt
Beaver
Creek
|
|
Philadelphia
Courtyard
Downtown
|
|
Plano
Marriott
Legacy
Town Center
|
|
San
Francisco
Courtyard
Downtown
|
|
Seattle
Courtyard
Downtown
|
|
Seattle
Marriott
Waterfront
|
|
St. Thomas
Ritz-
Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate
/ Allocated
|
|
Ashford
Hospitality
Prime, Inc.
|
Net income
(loss)
|
$
4,433
|
|
$
2,643
|
|
$
1,416
|
|
$
785
|
|
$
1,995
|
|
$
297
|
|
$
(2,032)
|
|
$
2,548
|
|
$
1,792
|
|
$
1,605
|
|
$
10
|
|
$
3,895
|
|
$
1,435
|
|
$
785
|
|
$
21,607
|
|
$
(21,221)
|
|
$
386
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
(1,141)
|
|
(684)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,825)
|
|
211
|
|
(1,614)
|
Net (income) loss
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
344
|
|
344
|
Net income (loss)
attributable to the Company
|
3,292
|
|
1,959
|
|
1,416
|
|
785
|
|
1,995
|
|
297
|
|
(2,032)
|
|
2,548
|
|
1,792
|
|
1,605
|
|
10
|
|
3,895
|
|
1,435
|
|
785
|
|
19,782
|
|
(20,666)
|
|
(884)
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Interest
income
|
(4)
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
—
|
|
(3)
|
|
(1)
|
|
—
|
|
(10)
|
|
(155)
|
|
(165)
|
Interest
expense
|
—
|
|
—
|
|
669
|
|
—
|
|
—
|
|
258
|
|
644
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
633
|
|
—
|
|
2,204
|
|
6,378
|
|
8,582
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
11
|
|
128
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
132
|
|
—
|
|
271
|
|
1,078
|
|
1,349
|
Depreciation and
amortization
|
1,582
|
|
1,509
|
|
1,123
|
|
627
|
|
713
|
|
365
|
|
812
|
|
1,519
|
|
1,241
|
|
1,141
|
|
—
|
|
1,013
|
|
885
|
|
938
|
|
13,468
|
|
1
|
|
13,469
|
Income tax expense
(benefit)
|
184
|
|
154
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5
|
|
—
|
|
—
|
|
—
|
|
—
|
|
23
|
|
—
|
|
366
|
|
113
|
|
479
|
Non-hotel EBITDA
ownership expense
|
53
|
|
13
|
|
7
|
|
159
|
|
7
|
|
53
|
|
1
|
|
122
|
|
3
|
|
38
|
|
—
|
|
17
|
|
3
|
|
(11)
|
|
465
|
|
(465)
|
|
—
|
Income (loss) from
consolidated entities
attributable to noncontrolling interest
|
1,141
|
|
684
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,825
|
|
(1,825)
|
|
—
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
6,248
|
|
4,318
|
|
3,215
|
|
1,571
|
|
2,715
|
|
984
|
|
(447)
|
|
4,194
|
|
3,036
|
|
2,783
|
|
10
|
|
4,922
|
|
3,110
|
|
1,712
|
|
38,371
|
|
(15,541)
|
|
22,830
|
Less: EBITDA
adjustments attributable to
noncontrolling interest
|
(421)
|
|
(396)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(817)
|
|
(451)
|
|
(1,268)
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
(1,141)
|
|
(684)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,825)
|
|
1,825
|
|
—
|
Net income (loss)
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(344)
|
|
(344)
|
Hotel EBITDA
attributable to the Company and
OP unitholders
|
$
4,686
|
|
$
3,238
|
|
$
3,215
|
|
$
1,571
|
|
$
2,715
|
|
$
984
|
|
$
(447)
|
|
$
4,194
|
|
$
3,036
|
|
$
2,783
|
|
$
10
|
|
$
4,922
|
|
$
3,110
|
|
$
1,712
|
|
$
35,729
|
|
$
(14,511)
|
|
$
21,218
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
572
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(10)
|
|
—
|
|
—
|
|
—
|
|
562
|
|
|
|
|
Comparable hotel
EBITDA
|
$
6,248
|
|
$
4,318
|
|
$
3,215
|
|
$
1,571
|
|
$
2,715
|
|
$
1,556
|
|
$
(447)
|
|
$
4,194
|
|
$
3,036
|
|
$
2,783
|
|
$
—
|
|
$
4,922
|
|
$
3,110
|
|
$
1,712
|
|
$
38,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL EBITDA BY
LOAN POOL
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GACC Sofitel - 1
hotel
|
$
—
|
|
$
—
|
|
$
3,215
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
3,215
|
|
|
|
|
Credit Agricole Pier
House - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
2,715
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,715
|
|
|
|
|
BAML Bardessono - 1
hotel
|
—
|
|
—
|
|
—
|
|
1,571
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,571
|
|
|
|
|
BAML Hotel Yountville
- 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,556
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,556
|
|
|
|
|
Apollo Ritz-Carlton
St Thomas - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,110
|
|
—
|
|
3,110
|
|
|
|
|
Aareal - 2
hotels
|
6,248
|
|
4,318
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10,566
|
|
|
|
|
Morgan Stanley Pool
-5 hotels
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,194
|
|
3,036
|
|
2,783
|
|
—
|
|
4,922
|
|
—
|
|
1,712
|
|
16,647
|
|
|
|
|
JP Morgan Park Hyatt
Beaver Creek -1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(447)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(447)
|
|
|
|
|
Total
|
$
6,248
|
|
$
4,318
|
|
$
3,215
|
|
$
1,571
|
|
$
2,715
|
|
$
1,556
|
|
$
(447)
|
|
$
4,194
|
|
$
3,036
|
|
$
2,783
|
|
$
—
|
|
$
4,922
|
|
$
3,110
|
|
$
1,712
|
|
$
38,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's operations at September 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during
the period offset by results from hotel properties sold during the
period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
Adjustments have been
made to the pre-acquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2017
|
|
|
Capital
Hilton
Washington
D.C.
|
|
La Jolla
Hilton
Torrey
Pines
|
|
Chicago
Sofitel
Magnificent
Mile
|
|
Bardessono
Hotel & Spa
|
|
Key West
Pier House
Resort
|
|
Hotel
Yountville
|
|
Park Hyatt
Beaver
Creek
|
|
Philadelphia
Courtyard
Downtown
|
|
Plano
Marriott
Legacy
Town Center
|
|
San
Francisco
Courtyard
Downtown
|
|
Seattle
Courtyard
Downtown
|
|
Seattle
Marriott
Waterfront
|
|
St. Thomas
Ritz-
Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate
/ Allocated
|
|
Ashford
Hospitality
Prime, Inc.
|
Net income
(loss)
|
$
3,286
|
|
$
2,265
|
|
$
(2,768)
|
|
$
(547)
|
|
$
2,963
|
|
$
—
|
|
$
(7)
|
|
$
10
|
|
$
1,867
|
|
$
2,217
|
|
$
—
|
|
$
1,570
|
|
$
2,749
|
|
$
1,346
|
|
$
14,951
|
|
$
(15,240)
|
|
$
(289)
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
(854)
|
|
(590)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,444)
|
|
1,465
|
|
21
|
Net (income) loss
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
255
|
|
255
|
Net income (loss)
attributable to the Company
|
2,432
|
|
1,675
|
|
(2,768)
|
|
(547)
|
|
2,963
|
|
—
|
|
(7)
|
|
10
|
|
1,867
|
|
2,217
|
|
—
|
|
1,570
|
|
2,749
|
|
1,346
|
|
13,507
|
|
(13,520)
|
|
(13)
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
Interest
income
|
(2)
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3)
|
|
—
|
|
(3)
|
|
(1)
|
|
—
|
|
(10)
|
|
(102)
|
|
(112)
|
Interest
expense
|
—
|
|
—
|
|
617
|
|
—
|
|
—
|
|
—
|
|
7
|
|
54
|
|
—
|
|
—
|
|
—
|
|
—
|
|
602
|
|
—
|
|
1,280
|
|
5,873
|
|
7,153
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
130
|
|
—
|
|
130
|
|
919
|
|
1,049
|
Depreciation and
amortization
|
1,588
|
|
1,518
|
|
972
|
|
618
|
|
689
|
|
—
|
|
—
|
|
1,507
|
|
1,188
|
|
989
|
|
—
|
|
994
|
|
855
|
|
933
|
|
11,851
|
|
120
|
|
11,971
|
Income tax expense
(benefit)
|
—
|
|
94
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
39
|
|
—
|
|
133
|
|
(611)
|
|
(478)
|
Non-hotel EBITDA
ownership expense
|
133
|
|
11
|
|
4
|
|
162
|
|
10
|
|
—
|
|
—
|
|
10
|
|
2
|
|
35
|
|
—
|
|
6
|
|
34
|
|
(11)
|
|
396
|
|
(396)
|
|
—
|
Income (loss) from
consolidated entities
attributable to noncontrolling interest
|
854
|
|
590
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,444
|
|
(1,444)
|
|
—
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
5,005
|
|
3,887
|
|
(1,176)
|
|
233
|
|
3,662
|
|
—
|
|
—
|
|
1,583
|
|
3,056
|
|
3,238
|
|
—
|
|
2,567
|
|
4,408
|
|
2,268
|
|
28,731
|
|
(9,161)
|
|
19,570
|
Less: EBITDA
adjustments attributable to
noncontrolling interest
|
(397)
|
|
(382)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(779)
|
|
(402)
|
|
(1,181)
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
(854)
|
|
(590)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,444)
|
|
1,444
|
|
—
|
Net income (loss)
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(255)
|
|
(255)
|
Hotel EBITDA
attributable to the Company and
OP unitholders
|
$
3,754
|
|
$
2,915
|
|
$
(1,176)
|
|
$
233
|
|
$
3,662
|
|
$
—
|
|
$
—
|
|
$
1,583
|
|
$
3,056
|
|
$
3,238
|
|
$
—
|
|
$
2,567
|
|
$
4,408
|
|
$
2,268
|
|
$
26,508
|
|
$
(8,374)
|
|
$
18,134
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
661
|
|
6,968
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7,629
|
|
|
|
|
Comparable hotel
EBITDA
|
$
5,005
|
|
$
3,887
|
|
$
(1,176)
|
|
$
233
|
|
$
3,662
|
|
$
661
|
|
$
6,968
|
|
$
1,583
|
|
$
3,056
|
|
$
3,238
|
|
$
—
|
|
$
2,567
|
|
$
4,408
|
|
$
2,268
|
|
$
36,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL EBITDA BY
LOAN POOL
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GACC Sofitel - 1
hotel
|
$
—
|
|
$
—
|
|
$
(1,176)
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
(1,176)
|
|
|
|
|
Credit Agricole Pier
House - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
3,662
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,662
|
|
|
|
|
BAML Bardessono - 1
hotel
|
—
|
|
—
|
|
—
|
|
233
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
233
|
|
|
|
|
BAML Hotel Yountville
- 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
661
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
661
|
|
|
|
|
Apollo Ritz-Carlton
St Thomas - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,408
|
|
—
|
|
4,408
|
|
|
|
|
Aareal - 2
hotels
|
5,005
|
|
3,887
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8,892
|
|
|
|
|
Morgan Stanley Pool
-5 hotels
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,583
|
|
3,056
|
|
3,238
|
|
—
|
|
2,567
|
|
—
|
|
2,268
|
|
12,712
|
|
|
|
|
JP Morgan Park Hyatt
Beaver Creek -1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,968
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,968
|
|
|
|
|
Total
|
$
5,005
|
|
$
3,887
|
|
$
(1,176)
|
|
$
233
|
|
$
3,662
|
|
$
661
|
|
$
6,968
|
|
$
1,583
|
|
$
3,056
|
|
$
3,238
|
|
$
—
|
|
$
2,567
|
|
$
4,408
|
|
$
2,268
|
|
$
36,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's operations at September 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
Adjustments have been
made to the pre-acquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2016
|
|
|
Capital
Hilton
Washington
D.C.
|
|
La Jolla
Hilton
Torrey
Pines
|
|
Chicago
Sofitel
Magnificent
Mile
|
|
Bardessono
Hotel & Spa
|
|
Key West
Pier House
Resort
|
|
Hotel
Yountville
|
|
Park Hyatt
Beaver
Creek
|
|
Philadelphia
Courtyard
Downtown
|
|
Plano
Marriott
Legacy
Town Center
|
|
San
Francisco
Courtyard
Downtown
|
|
Seattle
Courtyard
Downtown
|
|
Seattle
Marriott
Waterfront
|
|
St. Thomas
Ritz-
Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate
/ Allocated
|
|
Ashford
Hospitality
Prime, Inc.
|
Net income
(loss)
|
$
2,448
|
|
$
1,204
|
|
$
586
|
|
$
663
|
|
$
1,781
|
|
$
—
|
|
$
—
|
|
$
818
|
|
$
1,533
|
|
$
1,160
|
|
$
—
|
|
$
2,078
|
|
$
(353)
|
|
$
697
|
|
$
12,615
|
|
$
(11,770)
|
|
$
845
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
(645)
|
|
(326)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(971)
|
|
435
|
|
(536)
|
Net (income) loss
attributable to redeemable
noncontrolling
interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
95
|
|
95
|
Net income (loss)
attributable to the Company
|
1,803
|
|
878
|
|
586
|
|
663
|
|
1,781
|
|
—
|
|
—
|
|
818
|
|
1,533
|
|
1,160
|
|
—
|
|
2,078
|
|
(353)
|
|
697
|
|
11,644
|
|
(11,240)
|
|
404
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
—
|
|
1
|
|
(1)
|
|
—
|
Interest
income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
(1)
|
|
(4)
|
|
—
|
|
(3)
|
|
(1)
|
|
—
|
|
(10)
|
|
(25)
|
|
(35)
|
Interest
expense
|
—
|
|
—
|
|
586
|
|
—
|
|
—
|
|
—
|
|
—
|
|
496
|
|
—
|
|
—
|
|
—
|
|
—
|
|
590
|
|
—
|
|
1,672
|
|
7,380
|
|
9,052
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8
|
|
—
|
|
—
|
|
—
|
|
—
|
|
127
|
|
—
|
|
135
|
|
628
|
|
763
|
Depreciation and
amortization
|
1,582
|
|
1,512
|
|
951
|
|
610
|
|
687
|
|
—
|
|
—
|
|
1,470
|
|
1,174
|
|
825
|
|
—
|
|
964
|
|
831
|
|
949
|
|
11,555
|
|
—
|
|
11,555
|
Income tax expense
(benefit)
|
29
|
|
(32)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(16)
|
|
—
|
|
(21)
|
|
573
|
|
552
|
Non-hotel EBITDA
ownership expense
|
37
|
|
106
|
|
64
|
|
158
|
|
1
|
|
—
|
|
—
|
|
5
|
|
(8)
|
|
6
|
|
—
|
|
9
|
|
10
|
|
(9)
|
|
379
|
|
(379)
|
|
—
|
Income (loss) from
consolidated entities
attributable to noncontrolling interest
|
645
|
|
326
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
971
|
|
(971)
|
|
—
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
4,096
|
|
2,790
|
|
2,187
|
|
1,431
|
|
2,469
|
|
—
|
|
—
|
|
2,794
|
|
2,698
|
|
1,987
|
|
—
|
|
3,048
|
|
1,189
|
|
1,637
|
|
26,326
|
|
(4,035)
|
|
22,291
|
Less: EBITDA
adjustments attributable to
noncontrolling interest
|
(379)
|
|
(372)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(751)
|
|
(388)
|
|
(1,139)
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
(645)
|
|
(326)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(971)
|
|
971
|
|
—
|
Net income (loss)
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(95)
|
|
(95)
|
Hotel EBITDA
attributable to the Company and
OP unitholders
|
$
3,072
|
|
$
2,092
|
|
$
2,187
|
|
$
1,431
|
|
$
2,469
|
|
$
—
|
|
$
—
|
|
$
2,794
|
|
$
2,698
|
|
$
1,987
|
|
$
—
|
|
$
3,048
|
|
$
1,189
|
|
$
1,637
|
|
$
24,604
|
|
$
(3,547)
|
|
$
21,057
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,567
|
|
1,766
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,333
|
|
|
|
|
Comparable hotel
EBITDA
|
$
4,096
|
|
$
2,790
|
|
$
2,187
|
|
$
1,431
|
|
$
2,469
|
|
$
1,567
|
|
$
1,766
|
|
$
2,794
|
|
$
2,698
|
|
$
1,987
|
|
$
—
|
|
$
3,048
|
|
$
1,189
|
|
$
1,637
|
|
$
29,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL EBITDA BY
LOAN POOL
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GACC Sofitel - 1
hotel
|
$
—
|
|
$
—
|
|
$
2,187
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
2,187
|
|
|
|
|
Credit Agricole Pier
House - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
2,469
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,469
|
|
|
|
|
BAML Bardessono - 1
hotel
|
—
|
|
—
|
|
—
|
|
1,431
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,431
|
|
|
|
|
BAML Hotel Yountville
- 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,567
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,567
|
|
|
|
|
Apollo Ritz-Carlton
St Thomas - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,189
|
|
—
|
|
1,189
|
|
|
|
|
Aareal - 2
hotels
|
4,096
|
|
2,790
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,886
|
|
|
|
|
Morgan Stanley Pool
-5 hotels
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,794
|
|
2,698
|
|
1,987
|
|
—
|
|
3,048
|
|
—
|
|
1,637
|
|
12,164
|
|
|
|
|
JP Morgan Park Hyatt
Beaver Creek -1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,766
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,766
|
|
|
|
|
Total
|
$
4,096
|
|
$
2,790
|
|
$
2,187
|
|
$
1,431
|
|
$
2,469
|
|
$
1,567
|
|
$
1,766
|
|
$
2,794
|
|
$
2,698
|
|
$
1,987
|
|
$
—
|
|
$
3,048
|
|
$
1,189
|
|
$
1,637
|
|
$
29,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's operations at September 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during
the period offset by results from hotel properties sold during the
period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
Adjustments have been
made to the pre-acquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2016
|
|
|
Capital
Hilton
Washington
D.C.
|
|
La Jolla
Hilton
Torrey
Pines
|
|
Chicago
Sofitel
Magnificent
Mile
|
|
Bardessono
Hotel & Spa
|
|
Key West
Pier House
Resort
|
|
Hotel
Yountville
|
|
Park Hyatt
Beaver
Creek
|
|
Philadelphia
Courtyard
Downtown
|
|
Plano
Marriott
Legacy
Town Center
|
|
San
Francisco
Courtyard
Downtown
|
|
Seattle
Courtyard
Downtown
|
|
Seattle
Marriott
Waterfront
|
|
St. Thomas
Ritz-Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate
/ Allocated
|
|
Ashford
Hospitality
Prime, Inc.
|
Net income
(loss)
|
$
1,697
|
|
$
1,937
|
|
$
1,515
|
|
$
1,137
|
|
$
987
|
|
$
—
|
|
$
—
|
|
$
2,090
|
|
$
1,211
|
|
$
3,114
|
|
$
26,356
|
|
$
4,426
|
|
$
(1,488)
|
|
$
17
|
|
$
42,999
|
|
$
(21,677)
|
|
$
21,322
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
(457)
|
|
(508)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(965)
|
|
(1,539)
|
|
(2,504)
|
Net (income) loss
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,960)
|
|
(1,960)
|
Net income (loss)
attributable to the Company
|
1,240
|
|
1,429
|
|
1,515
|
|
1,137
|
|
987
|
|
—
|
|
—
|
|
2,090
|
|
1,211
|
|
3,114
|
|
26,356
|
|
4,426
|
|
(1,488)
|
|
17
|
|
42,034
|
|
(25,176)
|
|
16,858
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(26,359)
|
|
—
|
|
1
|
|
—
|
|
(26,358)
|
|
26,358
|
|
—
|
Interest
income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
(1)
|
|
(4)
|
|
—
|
|
(2)
|
|
(1)
|
|
—
|
|
(9)
|
|
(41)
|
|
(50)
|
Interest
expense
|
—
|
|
—
|
|
572
|
|
—
|
|
—
|
|
—
|
|
—
|
|
499
|
|
—
|
|
—
|
|
—
|
|
—
|
|
584
|
|
—
|
|
1,655
|
|
7,373
|
|
9,028
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8
|
|
—
|
|
—
|
|
—
|
|
—
|
|
125
|
|
—
|
|
133
|
|
634
|
|
767
|
Depreciation and
amortization
|
1,586
|
|
1,504
|
|
931
|
|
605
|
|
678
|
|
—
|
|
—
|
|
1,467
|
|
1,055
|
|
673
|
|
—
|
|
952
|
|
778
|
|
946
|
|
11,175
|
|
—
|
|
11,175
|
Income tax expense
(benefit)
|
—
|
|
71
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
13
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(31)
|
|
—
|
|
53
|
|
(557)
|
|
(504)
|
Non-hotel EBITDA
ownership expense
|
(55)
|
|
13
|
|
8
|
|
174
|
|
11
|
|
—
|
|
—
|
|
5
|
|
8
|
|
24
|
|
(1)
|
|
10
|
|
139
|
|
(13)
|
|
323
|
|
(323)
|
|
—
|
Income (loss) from
consolidated entities attributable
to noncontrolling interest
|
457
|
|
508
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
965
|
|
(965)
|
|
—
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
3,228
|
|
3,525
|
|
3,026
|
|
1,916
|
|
1,676
|
|
—
|
|
—
|
|
4,081
|
|
2,273
|
|
3,807
|
|
(4)
|
|
5,386
|
|
107
|
|
950
|
|
29,971
|
|
7,303
|
|
37,274
|
Less: EBITDA
adjustments attributable to
noncontrolling interest
|
(372)
|
|
(352)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(724)
|
|
(407)
|
|
(1,131)
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
(457)
|
|
(508)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(965)
|
|
965
|
|
—
|
Net income (loss)
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,960
|
|
1,960
|
Hotel EBITDA
attributable to the Company and
OP unitholders
|
$
2,399
|
|
$
2,665
|
|
$
3,026
|
|
$
1,916
|
|
$
1,676
|
|
$
—
|
|
$
—
|
|
$
4,081
|
|
$
2,273
|
|
$
3,807
|
|
$
(4)
|
|
$
5,386
|
|
$
107
|
|
$
950
|
|
$
28,282
|
|
$
9,821
|
|
$
38,103
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,746
|
|
1,811
|
|
—
|
|
—
|
|
—
|
|
4
|
|
—
|
|
—
|
|
—
|
|
4,561
|
|
|
|
|
Comparable hotel
EBITDA
|
$
3,228
|
|
$
3,525
|
|
$
3,026
|
|
$
1,916
|
|
$
1,676
|
|
$
2,746
|
|
$
1,811
|
|
$
4,081
|
|
$
2,273
|
|
$
3,807
|
|
$
—
|
|
$
5,386
|
|
$
107
|
|
$
950
|
|
$
34,532
|
|
|
|
|
ALL HOTELS NOT
UNDER
RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
including amounts attributable
to noncontrolling interest
|
$
3,228
|
|
$
3,525
|
|
$
3,026
|
|
$
1,916
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
4,081
|
|
$
2,273
|
|
$
—
|
|
$
(4)
|
|
$
5,386
|
|
$
—
|
|
$
950
|
|
$
24,381
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,746
|
|
1,811
|
|
—
|
|
—
|
|
—
|
|
4
|
|
—
|
|
—
|
|
—
|
|
4,561
|
|
|
|
|
Comparable hotel
EBITDA
|
$
3,228
|
|
$
3,525
|
|
$
3,026
|
|
$
1,916
|
|
$
—
|
|
$
2,746
|
|
$
1,811
|
|
$
4,081
|
|
$
2,273
|
|
$
—
|
|
$
—
|
|
$
5,386
|
|
$
—
|
|
$
950
|
|
$
28,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's operations at September 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during the period offset by results from
hotel properties sold during the period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
Adjustments have been
made to the pre-acquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3)
|
Excluded Hotels Under
Renovation:
|
|
Key West Pier House
Resort, San Francisco Courtyard Downtown, St. Thomas
Ritz-Carlton
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2017
|
|
|
Capital
Hilton
Washington
D.C.
|
|
La Jolla
Hilton
Torrey
Pines
|
|
Chicago
Sofitel
Magnificent
Mile
|
|
Bardessono
Hotel & Spa
|
|
Key West
Pier House
Resort
|
|
Hotel
Yountville
|
|
Park Hyatt
Beaver
Creek
|
|
Philadelphia
Courtyard
Downtown
|
|
Plano
Marriott
Legacy
Town Center
|
|
San
Francisco
Courtyard
Downtown
|
|
Seattle
Courtyard
Downtown
|
|
Seattle
Marriott
Waterfront
|
|
St. Thomas
Ritz-
Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate
/ Allocated
|
|
Ashford
Hospitality
Prime, Inc.
|
Net income
(loss)
|
$
8,486
|
|
$
7,412
|
|
$
(1,111)
|
|
$
1,385
|
|
$
3,819
|
|
$
1,547
|
|
$
(2,062)
|
|
$
3,957
|
|
$
4,811
|
|
$
6,763
|
|
$
10
|
|
$
9,759
|
|
$
103
|
|
$
2,384
|
|
$
47,263
|
|
$ (47,383)
|
|
$
(120)
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
(2,220)
|
|
(1,921)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,141)
|
|
1,405
|
|
(2,736)
|
Net (income) loss
attributable to redeemable
noncontrolling interests in operating
partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
958
|
|
958
|
Net income (loss)
attributable to the
Company
|
6,266
|
|
5,491
|
|
(1,111)
|
|
1,385
|
|
3,819
|
|
1,547
|
|
(2,062)
|
|
3,957
|
|
4,811
|
|
6,763
|
|
10
|
|
9,759
|
|
103
|
|
2,384
|
|
43,122
|
|
(45,020)
|
|
(1,898)
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
318
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
680
|
|
10
|
|
1,008
|
|
(1,008)
|
|
—
|
Interest
income
|
(15)
|
|
(6)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
—
|
|
(4)
|
|
—
|
|
(9)
|
|
(3)
|
|
—
|
|
(38)
|
|
(437)
|
|
(475)
|
Interest
expense
|
—
|
|
—
|
|
2,005
|
|
185
|
|
—
|
|
750
|
|
1,335
|
|
54
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,899
|
|
—
|
|
6,228
|
|
18,761
|
|
24,989
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
11
|
|
—
|
|
44
|
|
257
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
396
|
|
—
|
|
708
|
|
3,046
|
|
3,754
|
Depreciation and
amortization
|
4,814
|
|
4,508
|
|
3,288
|
|
1,886
|
|
2,138
|
|
1,019
|
|
1,632
|
|
4,542
|
|
3,661
|
|
3,432
|
|
—
|
|
3,034
|
|
2,684
|
|
2,815
|
|
39,453
|
|
120
|
|
39,573
|
Income tax expense
(benefit)
|
—
|
|
61
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
11
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
25
|
|
—
|
|
95
|
|
239
|
|
334
|
Non-hotel EBITDA
ownership expense
|
607
|
|
65
|
|
22
|
|
480
|
|
1,250
|
|
73
|
|
76
|
|
140
|
|
23
|
|
110
|
|
—
|
|
95
|
|
2,459
|
|
15
|
|
5,415
|
|
(5,415)
|
|
—
|
Income (loss) from
consolidated entities
attributable to noncontrolling interest
|
2,220
|
|
1,921
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,141
|
|
(4,141)
|
|
—
|
Hotel EBITDA
including amounts
attributable to noncontrolling interest
|
13,892
|
|
12,040
|
|
4,203
|
|
3,947
|
|
7,525
|
|
3,433
|
|
1,238
|
|
8,703
|
|
8,494
|
|
10,301
|
|
10
|
|
12,879
|
|
8,243
|
|
5,224
|
|
100,132
|
|
(33,855)
|
|
66,277
|
Less: EBITDA
adjustments attributable to
noncontrolling interest
|
(1,253)
|
|
(1,089)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,342)
|
|
(1,237)
|
|
(3,579)
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
(2,220)
|
|
(1,921)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,141)
|
|
4,141
|
|
—
|
Net income (loss)
attributable to redeemable
noncontrolling interests in operating
partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(958)
|
|
(958)
|
Hotel EBITDA
attributable to the Company
and OP unitholders
|
$
10,419
|
|
$
9,030
|
|
$
4,203
|
|
$
3,947
|
|
$
7,525
|
|
$
3,433
|
|
$
1,238
|
|
$
8,703
|
|
$
8,494
|
|
$
10,301
|
|
$
10
|
|
$
12,879
|
|
$
8,243
|
|
$
5,224
|
|
$
93,649
|
|
$ (31,909)
|
|
$
61,740
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,233
|
|
6,968
|
|
—
|
|
—
|
|
—
|
|
(10)
|
|
—
|
|
—
|
|
—
|
|
8,191
|
|
|
|
|
Comparable hotel
EBITDA
|
$
13,892
|
|
$
12,040
|
|
$
4,203
|
|
$
3,947
|
|
$
7,525
|
|
$
4,666
|
|
$
8,206
|
|
$
8,703
|
|
$
8,494
|
|
$
10,301
|
|
$
—
|
|
$
12,879
|
|
$
8,243
|
|
$
5,224
|
|
$ 108,323
|
|
|
|
|
ALL HOTELS NOT
UNDER
RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
including amounts
attributable to noncontrolling interest
|
$
13,892
|
|
$
12,040
|
|
$
4,203
|
|
$
3,947
|
|
$
—
|
|
$
3,433
|
|
$
1,238
|
|
$
8,703
|
|
$
8,494
|
|
$
—
|
|
$
10
|
|
$
12,879
|
|
$
—
|
|
$
5,224
|
|
$
74,063
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,233
|
|
6,968
|
|
—
|
|
—
|
|
—
|
|
(10)
|
|
—
|
|
—
|
|
—
|
|
8,191
|
|
|
|
|
Comparable hotel
EBITDA
|
$
13,892
|
|
$
12,040
|
|
$
4,203
|
|
$
3,947
|
|
$
—
|
|
$
4,666
|
|
$
8,206
|
|
$
8,703
|
|
$
8,494
|
|
$
—
|
|
$
—
|
|
$
12,879
|
|
$
—
|
|
$
5,224
|
|
$
82,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's operations at September 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during
the period offset by results from hotel properties sold during the
period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
Adjustments have been
made to the pre-acquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3)
|
Excluded Hotels Under
Renovation:
|
|
Key West Pier House
Resort, San Francisco Courtyard Downtown, St. Thomas
Ritz-Carlton
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2016
|
|
|
Capital
Hilton
Washington
D.C.
|
|
La Jolla
Hilton
Torrey
Pines
|
|
Chicago
Sofitel
Magnificent
Mile
|
|
Bardessono
Hotel & Spa
|
|
Key West
Pier House
Resort
|
|
Hotel
Yountville
|
|
Park Hyatt
Beaver
Creek
|
|
Philadelphia
Courtyard
Downtown
|
|
Plano
Marriott
Legacy
Town Center
|
|
San
Francisco
Courtyard
Downtown
|
|
Seattle
Courtyard
Downtown
|
|
Seattle
Marriott
Waterfront
|
|
St. Thomas
Ritz-
Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate
/ Allocated
|
|
Ashford
Hospitality
Prime, Inc.
|
Net income
(loss)
|
$
8,786
|
|
$
5,678
|
|
$
1,180
|
|
$
1,279
|
|
$
5,730
|
|
$
—
|
|
$
—
|
|
$
3,616
|
|
$
5,116
|
|
$
8,930
|
|
$
28,725
|
|
$
9,209
|
|
$
3,017
|
|
$
2,322
|
|
$
83,588
|
|
$
(60,113)
|
|
$
23,475
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
(2,295)
|
|
(1,490)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3,785)
|
|
1,216
|
|
(2,569)
|
Net (income) loss
attributable to redeemable
noncontrolling interests in operating partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,994)
|
|
(1,994)
|
Net income (loss)
attributable to the Company
|
6,491
|
|
4,188
|
|
1,180
|
|
1,279
|
|
5,730
|
|
—
|
|
—
|
|
3,616
|
|
5,116
|
|
8,930
|
|
28,725
|
|
9,209
|
|
3,017
|
|
2,322
|
|
79,803
|
|
(60,891)
|
|
18,912
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(26,359)
|
|
—
|
|
42
|
|
—
|
|
(26,317)
|
|
26,317
|
|
—
|
Interest
income
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3)
|
|
(2)
|
|
(12)
|
|
—
|
|
(6)
|
|
(2)
|
|
—
|
|
(25)
|
|
(107)
|
|
(132)
|
Interest
expense
|
—
|
|
—
|
|
1,676
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,481
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,728
|
|
—
|
|
4,885
|
|
23,775
|
|
28,660
|
Amortization of loan
cost
|
—
|
|
—
|
|
119
|
|
—
|
|
—
|
|
—
|
|
—
|
|
24
|
|
—
|
|
—
|
|
—
|
|
—
|
|
376
|
|
—
|
|
519
|
|
1,887
|
|
2,406
|
Depreciation and
amortization
|
4,687
|
|
4,497
|
|
3,198
|
|
1,789
|
|
2,016
|
|
—
|
|
—
|
|
4,384
|
|
3,150
|
|
1,851
|
|
834
|
|
2,838
|
|
2,318
|
|
2,780
|
|
34,342
|
|
—
|
|
34,342
|
Income tax expense
(benefit)
|
—
|
|
(88)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
20
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
—
|
|
(69)
|
|
1,091
|
|
1,022
|
Non-hotel EBITDA
ownership expense
|
(147)
|
|
45
|
|
40
|
|
530
|
|
14
|
|
—
|
|
—
|
|
241
|
|
59
|
|
34
|
|
(36)
|
|
26
|
|
146
|
|
38
|
|
990
|
|
(990)
|
|
—
|
Income (loss) from
consolidated entities
attributable to noncontrolling interest
|
2,295
|
|
1,490
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
3,785
|
|
(3,785)
|
|
—
|
Hotel EBITDA
including amounts
attributable to noncontrolling interest
|
13,326
|
|
10,132
|
|
6,213
|
|
3,598
|
|
7,760
|
|
—
|
|
—
|
|
9,763
|
|
8,323
|
|
10,803
|
|
3,164
|
|
12,067
|
|
7,624
|
|
5,140
|
|
97,913
|
|
(12,703)
|
|
85,210
|
Less: EBITDA
adjustments attributable to
noncontrolling interest
|
(1,042)
|
|
(1,038)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,080)
|
|
(1,273)
|
|
(3,353)
|
(Income) loss from
consolidated entities
attributable to noncontrolling interest
|
(2,295)
|
|
(1,490)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3,785)
|
|
3,785
|
|
—
|
Net income (loss)
attributable to redeemable
noncontrolling interests in operating
partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,994
|
|
1,994
|
Hotel EBITDA
attributable to the Company
and OP unitholders
|
$
9,989
|
|
$
7,604
|
|
$
6,213
|
|
$
3,598
|
|
$
7,760
|
|
$
—
|
|
$
—
|
|
$
9,763
|
|
$
8,323
|
|
$
10,803
|
|
$
3,164
|
|
$
12,067
|
|
$
7,624
|
|
$
5,140
|
|
$
92,048
|
|
$
(8,197)
|
|
$
83,851
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,393
|
|
7,934
|
|
—
|
|
—
|
|
—
|
|
(3,164)
|
|
—
|
|
—
|
|
—
|
|
10,163
|
|
|
|
|
Comparable hotel
EBITDA
|
$
13,326
|
|
$
10,132
|
|
$
6,213
|
|
$
3,598
|
|
$
7,760
|
|
$
5,393
|
|
$
7,934
|
|
$
9,763
|
|
$
8,323
|
|
$
10,803
|
|
$
—
|
|
$
12,067
|
|
$
7,624
|
|
$
5,140
|
|
$
108,076
|
|
|
|
|
ALL HOTELS NOT
UNDER
RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
including amounts
attributable to noncontrolling interest
|
$
13,326
|
|
$
10,132
|
|
$
6,213
|
|
$
3,598
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
9,763
|
|
$
8,323
|
|
$
—
|
|
$
3,164
|
|
$
12,067
|
|
$
—
|
|
$
5,140
|
|
$
71,726
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,393
|
|
7,934
|
|
—
|
|
—
|
|
—
|
|
(3,164)
|
|
—
|
|
—
|
|
—
|
|
10,163
|
|
|
|
|
Comparable hotel
EBITDA
|
$
13,326
|
|
$
10,132
|
|
$
6,213
|
|
$
3,598
|
|
$
—
|
|
$
5,393
|
|
$
7,934
|
|
$
9,763
|
|
$
8,323
|
|
$
—
|
|
$
—
|
|
$
12,067
|
|
$
—
|
|
$
5,140
|
|
$
81,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the thirteen hotel properties owned and
included in the Company's operations at September 30, 2017, were
owned as of the beginning of each of the periods presented.
Non-comparable adjustments include pre-acquisition results from
hotel properties acquired during
the period offset by results from hotel properties sold during the
period.
|
(2)
|
All pre-acquisition
information was obtained from the prior owner. The Company
performed a limited review of the information as part of its
analysis of the acquisition.
|
|
Adjustments have been
made to the pre-acquisition results as indicated below:
|
|
(a) Management fee
expense was adjusted to reflect current contractual
rates.
|
(3)
|
Excluded Hotels Under
Renovation:
|
|
Key West Pier House
Resort, San Francisco Courtyard Downtown, St. Thomas
Ritz-Carlton
|
View original
content:http://www.prnewswire.com/news-releases/ashford-prime-reports-third-quarter-2017-results-300548007.html
SOURCE Ashford Hospitality Prime, Inc.