DALLAS, Feb. 28, 2018 /PRNewswire/ -- Ashford Hospitality
Prime, Inc. (NYSE: AHP) ("Ashford
Prime" or the "Company") today reported the following
results and performance measures for the fourth quarter ended
December 31, 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 December 31,
2017 were owned as of the beginning of each of the periods
presented. Unless otherwise stated, all reported results
compare the fourth quarter ended December
31, 2017, with the fourth quarter ended December 31, 2016 (see discussion below).
The reconciliation of non-GAAP financial measures is included in
the financial tables accompanying this press release.
STRATEGIC OVERVIEW
- Focused strategy of investing in luxury hotels and resorts
- Targets conservative leverage levels of 45% Net Debt to Gross
Assets
- Highly-aligned management team and advisory structure
- Dividend yield of approximately 7.4%
FINANCIAL AND OPERATING HIGHLIGHTS
- Net income attributable to common stockholders for the quarter
was $23.2 million or $0.65 per diluted share. For the full year of
2017, net income attributable to common stockholders was
$16.2 million or $0.51 per diluted share.
- Comparable RevPAR for all hotels that did not incur business
interruption claims decreased 1.1% to $174.39 during the fourth
quarter
- Comparable RevPAR for all hotels not under renovation decreased
2.7% to $181.23 during the fourth
quarter
- Comparable Hotel EBITDA Margin for all hotels increased 299
basis points to 30.3% for the quarter
- Comparable Hotel EBITDA flow-through for all hotels was
101% for the quarter
- Adjusted funds from operations (AFFO) was $0.31 per diluted share for the quarter as
compared with $0.34 per diluted share
from the prior-year quarter
- Adjusted EBITDA was $22.0 million
for the quarter, compared with $21.6
million for the prior year quarter
- During the quarter, the Company booked $4.1 million of business interruption income
related to lost profits at the Ritz-Carlton St. Thomas and the Pier
House Resort during September, October and November 2017
- During the quarter, the Company announced that it entered into
an agreement with Marriott to convert its Courtyard San Francisco
Downtown hotel to an Autograph Collection property
- During the quarter, the Company announced that it had completed
the sale of its Marriott Plano Legacy hotel in Plano, Texas for $104
million
- Subsequent to the end of the quarter, the Company announced it
has entered into a definitive agreement to acquire the 266-room
Ritz-Carlton Sarasota in Sarasota,
FL for $171 million
($643,000 per key)
- Capex invested during the quarter was $10.3 million
UPDATE ON IMPACT FROM HURRICANES AND CALIFORNIA WILDFIRES
As previously
announced, 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 and impact to
operations. Three of the six guestroom buildings on the property
were damaged, and the Company, along with Ritz-Carlton, continues
to work on a comprehensive capital investment plan to rebuild the
resort. The resort, which represents 8.3% of Ashford Prime's Hotel EBITDA on a trailing
twelve-month basis through the fourth quarter, remains functioning
and currently has 83 of its 180 guest rooms available for those
taking part in the recovery effort. The resort has suspended
online reservations until October 2018.
The Company's Pier House Resort & Spa sustained minor
physical damage from Hurricane Irma, and the hotel is currently
accepting reservations and has resumed operations with all of its
142 guest rooms available and in service.
In the fourth quarter, the Company recognized $4.1 million of business interruption income for
these two properties related to lost profits for the period of
September through November. The Company will continue to work with
its insurers on the business interruption claim at these
properties.
During the quarter, the Company's two properties in Yountville, California – the Bardessono Hotel
& Spa and the Hotel Yountville – were negatively impacted by
the wildfires that affected Northern California. While
neither property incurred any physical damage to their structures,
the fires had a significant impact on the business operations of
the hotels and the Company is in the process of working with its
insurers on business interruption claims. As part of that
effort, the Company expects to record $2.3
million in business interruption income in the first quarter
for lost profits from the fourth quarter at these two hotels.
The Company has a deductible of $500,000 associated with this claim.
RITZ-CARLTON SARASOTA
ACQUISITION
On February 16,
2018, the Company announced it had entered into a definitive
agreement to acquire the 266-room Ritz-Carlton Sarasota in
Sarasota, FL for $171 million ($643,000 per key). The purchase price
represents a trailing twelve month cap rate, as of December 31, 2017, of 6.0% and the Company
expects to realize a stabilized unleveraged yield of approximately
8% on its investment. To fund the acquisition, the Company
plans to use cash on its balance sheet as well as either drawing on
its revolving credit line or securing a non-recourse mortgage loan
on the property. The acquisition is expected to close in
April 2018, subject to customary
closing conditions. Because the acquisition is subject to
customary closing conditions, the Company can give no assurance
that the transaction will be consummated by such date or at
all.
UPDATE ON NON-CORE HOTELS STRATEGY
During the fourth
quarter, the Company announced the finalization of its strategy for
its non-core hotels. 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 December
31, 2017, the Company had total assets of $1.4 billion. As of December 31, 2017, the Company had $826 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 4.3%.
PORTFOLIO REVPAR
As of December 31, 2017, the portfolio consisted of
twelve properties. During the fourth quarter of 2017, seven
of the Company's hotels were not under renovation. The
Company believes reporting its operating metrics for its hotels on
a comparable total basis (all 12 hotels) and comparable not under
renovation basis (7 hotels) is a measure that reflects a meaningful
and focused comparison of the operating results in its
portfolio. Details of each category are provided in the
tables attached to this release.
- Comparable RevPAR decreased 9.2% to $188.15 for all hotels on a 5.3% decrease in ADR
and a 4.2% decrease in occupancy
- Comparable RevPAR decreased 2.7% to $181.23 for hotels not under renovation on a 0.8%
decrease in ADR and a 1.9% decrease in occupancy
- Comparable RevPAR decreased 1.1% for all hotels that did not
incur business interruption claims on a 2.2% increase in ADR and a
3.2% 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 twelve hotels are provided in the table attached to this
release.
COMMON STOCK DIVIDEND
On December 11, 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 fourth
quarter ending December 31, 2017.
The dividend, which equates to an annual rate of $0.64 per share, was paid on January 16, 2018, to shareholders of record as of
December 29, 2017.
The Board also approved the Company's dividend policy for 2018.
The Company expects to pay a quarterly cash dividend of
$0.16 per share for 2018, or
$0.64 per share on an annualized
basis. The Board will continue to review its dividend policy
on a quarter-to-quarter basis. The adoption of a dividend
policy does not commit the Board of Directors to declare future
dividends or the amount thereof.
"Hurricanes Irma and Maria as well as the wildfires in
Northern California had a
significant impact on the operations of four of our properties and
on our overall results for the quarter," said Richard J. Stockton, Ashford Prime's President and Chief Executive
Officer. "However, on a positive note, we continue to work
with our insurers on business interruption claims at the affected
properties and during the quarter we were able to realize
approximately $4.1 million in
business interruption recoveries. We remain focused on the
execution of our strategies within the luxury chain scale segment
and are excited about our pending acquisition of the Ritz-Carlton
Sarasota. With the upbranding of the Courtyard San Francisco,
the sale of the Marriott Plano and the announced listing for sale
of the Tampa Renaissance, we are pleased to have made significant
progress on our strategy for our non-core hotels and refining our
portfolio. We will continue to look for ways to accretively
grow our luxury hotel portfolio and maximize returns for our
shareholders."
INVESTOR CONFERENCE CALL AND SIMULCAST
Ashford
Hospitality Prime, Inc. will conduct a conference call on
Thursday, March 1, 2018, at
11:00 a.m. ET. The number to
call for this interactive teleconference is (719)
325-4821. A replay of the conference call will be available
through Thursday, March 8, 2018, by
dialing (719) 457-0820 and entering the confirmation number,
5950335.
The Company will also provide an online simulcast and
rebroadcast of its fourth quarter 2017 earnings release conference
call. The live broadcast of Ashford
Prime's quarterly conference call will be available online
at the Company's web site, www.ahpreit.com on Thursday, March 1, 2018, beginning at
11:00 a.m. ET. The online
replay will follow shortly after the call and continue for
approximately one year.
Substantially all of our non-current assets consist of real
estate investments secured by real estate. Historical cost
accounting for real estate assets implicitly assumes that the value
of real estate assets diminishes predictably over time. Since
real estate values instead have historically risen or fallen with
market conditions, most industry investors consider supplemental
measures of performance, which are not measures of operating
performance under GAAP, to assist in evaluating a real estate
company's operations. These supplemental measures include FFO,
AFFO, EBITDA, 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 may include, among others,
statements about the implied share price for the Company's common
stock. These forward-looking statements are subject to risks
and uncertainties. When we use the words "will likely
result," "may," "anticipate," "estimate," "should," "expect,"
"believe," "intend," or similar expressions, we intend to identify
forward-looking statements. Such statements are subject to
numerous assumptions and uncertainties, many of which are outside
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)
|
|
|
December 31,
2017
|
|
December 31,
2016
|
ASSETS
|
|
|
|
Investments in hotel
properties, gross
|
$
1,403,110
|
|
$
1,258,412
|
Accumulated
depreciation
|
(257,268)
|
|
(243,880)
|
Investments in hotel
properties, net
|
1,145,842
|
|
1,014,532
|
Cash and cash
equivalents
|
137,522
|
|
126,790
|
Restricted
cash
|
47,820
|
|
37,855
|
Accounts receivable,
net of allowance of $94 and $96, respectively
|
14,334
|
|
18,194
|
Insurance
receivable
|
8,825
|
|
—
|
Inventories
|
1,425
|
|
1,479
|
Note
receivable
|
8,098
|
|
8,098
|
Deferred costs,
net
|
656
|
|
1,020
|
Prepaid
expenses
|
3,670
|
|
3,669
|
Investment in Ashford
Inc., at fair value
|
18,124
|
|
8,407
|
Derivative
assets
|
594
|
|
1,149
|
Other
assets
|
9,426
|
|
2,249
|
Intangible assets,
net
|
22,545
|
|
22,846
|
Due from Ashford
Trust OP, net
|
—
|
|
488
|
Due from AQUA U.S.
Fund
|
—
|
|
2,289
|
Due from related
party, net
|
349
|
|
377
|
Due from third-party
hotel managers
|
4,589
|
|
7,555
|
Total
assets
|
$
1,423,819
|
|
$
1,256,997
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Liabilities:
|
|
|
|
Indebtedness,
net
|
$
820,959
|
|
$
764,616
|
Accounts payable and
accrued expenses
|
56,803
|
|
44,791
|
Dividends and
distributions payable
|
8,146
|
|
5,038
|
Due to Ashford Trust
OP, net
|
—
|
|
—
|
Due to Ashford
Inc.
|
1,703
|
|
5,085
|
Due to
affiliate
|
—
|
|
2,500
|
Due to third-party
hotel managers
|
1,709
|
|
973
|
Intangible liability,
net
|
3,569
|
|
3,625
|
Other
liabilities
|
1,628
|
|
1,432
|
Total
liabilities
|
894,517
|
|
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 December
31, 2017 and 2016, respectively
|
106,123
|
|
65,960
|
Redeemable
noncontrolling interests in operating partnership
|
46,627
|
|
59,544
|
Equity:
|
|
|
|
Common stock, $0.01 par
value, 200,000,000 shares authorized, 32,120,210 and 26,021,552
shares issued and
outstanding
at December 31, 2017 and 2016, respectively
|
321
|
|
260
|
Additional paid-in
capital
|
469,791
|
|
401,790
|
Accumulated
deficit
|
(88,807)
|
|
(93,254)
|
Total stockholders'
equity of the Company
|
381,305
|
|
308,796
|
Noncontrolling
interest in consolidated entities
|
(4,753)
|
|
(5,363)
|
Total
equity
|
376,552
|
|
303,433
|
Total liabilities and
equity
|
$
1,423,819
|
|
$
1,256,997
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(in thousands,
except per share amounts)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
REVENUE
|
|
|
|
|
|
|
|
Rooms
|
$
61,803
|
|
$
65,066
|
|
$
286,006
|
|
$
287,844
|
Food and
beverage
|
20,815
|
|
23,596
|
|
96,415
|
|
95,618
|
Other
|
9,896
|
|
5,290
|
|
31,484
|
|
22,267
|
Total hotel
revenue
|
92,514
|
|
93,952
|
|
413,905
|
|
405,729
|
Other
|
42
|
|
25
|
|
158
|
|
128
|
Total
revenue
|
92,556
|
|
93,977
|
|
414,063
|
|
405,857
|
EXPENSES
|
|
|
|
|
|
|
|
Hotel operating
expenses
|
|
|
|
|
|
|
|
Rooms
|
14,623
|
|
15,700
|
|
65,731
|
|
65,541
|
Food and
beverage
|
14,579
|
|
16,815
|
|
68,469
|
|
68,471
|
Other
expenses
|
27,388
|
|
26,191
|
|
122,322
|
|
113,114
|
Management
fees
|
3,431
|
|
3,498
|
|
15,074
|
|
15,456
|
Total hotel operating
expenses
|
60,021
|
|
62,204
|
|
271,596
|
|
262,582
|
Property taxes,
insurance and other
|
5,696
|
|
5,862
|
|
21,337
|
|
20,539
|
Depreciation and
amortization
|
12,689
|
|
11,555
|
|
52,262
|
|
45,897
|
Impairment
charges
|
60
|
|
—
|
|
1,068
|
|
—
|
Advisory services
fee:
|
|
|
|
|
|
|
|
Base advisory
fee
|
2,221
|
|
2,009
|
|
8,800
|
|
8,343
|
Reimbursable
expenses
|
476
|
|
771
|
|
2,017
|
|
2,798
|
Incentive
fee
|
—
|
|
(772)
|
|
—
|
|
—
|
Non-cash
stock/unit-based compensation
|
615
|
|
594
|
|
(1,683)
|
|
3,814
|
Contract modification
cost
|
—
|
|
—
|
|
5,000
|
|
—
|
Transaction
costs
|
40
|
|
(44)
|
|
6,678
|
|
457
|
Corporate, general
and administrative:
|
|
|
|
|
|
|
|
Non-cash
stock/unit-based compensation
|
20
|
|
—
|
|
265
|
|
271
|
Other general and
administrative
|
1,119
|
|
(2,128)
|
|
7,881
|
|
14,015
|
Total operating
expenses
|
82,957
|
|
80,051
|
|
375,221
|
|
358,716
|
OPERATING INCOME
(LOSS)
|
9,599
|
|
13,926
|
|
38,842
|
|
47,141
|
Equity in earnings
(loss) of unconsolidated entity
|
—
|
|
—
|
|
—
|
|
(2,587)
|
Interest
income
|
215
|
|
35
|
|
690
|
|
167
|
Gain (loss) on sale
of hotel property
|
23,797
|
|
—
|
|
23,797
|
|
26,359
|
Other income
(expense)
|
(85)
|
|
(77)
|
|
(377)
|
|
(165)
|
Interest
expense
|
(9,045)
|
|
(9,052)
|
|
(34,034)
|
|
(37,712)
|
Amortization of loan
costs
|
(1,149)
|
|
(763)
|
|
(4,903)
|
|
(3,169)
|
Write-off of loan
costs and exit fees
|
(1,531)
|
|
—
|
|
(3,874)
|
|
(2,595)
|
Unrealized gain
(loss) on investments
|
6,314
|
|
(879)
|
|
9,717
|
|
(1,970)
|
Unrealized gain
(loss) on derivatives
|
(527)
|
|
(1,793)
|
|
(2,056)
|
|
425
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
27,588
|
|
1,397
|
|
27,802
|
|
25,894
|
Income tax (expense)
benefit
|
856
|
|
(552)
|
|
522
|
|
(1,574)
|
NET INCOME
(LOSS)
|
28,444
|
|
845
|
|
28,324
|
|
24,320
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(528)
|
|
(536)
|
|
(3,264)
|
|
(3,105)
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
(2,996)
|
|
95
|
|
(2,038)
|
|
(1,899)
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
24,920
|
|
404
|
|
23,022
|
|
19,316
|
Preferred
dividends
|
(1,708)
|
|
(994)
|
|
(6,795)
|
|
(3,860)
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
23,212
|
|
$
(590)
|
|
$
16,227
|
|
$
15,456
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER
SHARE – BASIC AND DILUTED
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
0.73
|
|
$
(0.03)
|
|
$
0.52
|
|
$
0.57
|
Weighted average
common shares outstanding – basic
|
31,610
|
|
25,532
|
|
30,473
|
|
26,648
|
Diluted:
|
|
|
|
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
0.65
|
|
$
(0.03)
|
|
$
0.51
|
|
$
0.55
|
Weighted average
common shares outstanding – diluted
|
38,178
|
|
25,532
|
|
34,706
|
|
31,195
|
Dividends declared
per common share:
|
$
0.16
|
|
$
0.12
|
|
$
0.64
|
|
$
0.46
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income
(loss)
|
$
28,444
|
|
$
845
|
|
$
28,324
|
|
$
24,320
|
(Income)
loss from consolidated entities attributable to noncontrolling
interest
|
(528)
|
|
(536)
|
|
(3,264)
|
|
(3,105)
|
Net
(income) loss attributable to redeemable noncontrolling interests
in operating partnership
|
(2,996)
|
|
95
|
|
(2,038)
|
|
(1,899)
|
Net income (loss)
attributable to the Company
|
24,920
|
|
404
|
|
23,022
|
|
19,316
|
Interest
income
|
(213)
|
|
(35)
|
|
(683)
|
|
(167)
|
Interest expense and
amortization of loan costs
|
9,691
|
|
9,393
|
|
37,029
|
|
39,232
|
Depreciation and
amortization
|
11,952
|
|
10,838
|
|
49,361
|
|
43,054
|
Income tax expense
(benefit)
|
(708)
|
|
552
|
|
(389)
|
|
1,574
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
2,996
|
|
(95)
|
|
2,038
|
|
1,899
|
EBITDA available
to the Company and OP unitholders
|
48,638
|
|
21,057
|
|
110,378
|
|
104,908
|
Amortization of
favorable (unfavorable) contract assets (liabilities)
|
44
|
|
37
|
|
180
|
|
106
|
Transaction and
management conversion costs
|
74
|
|
(44)
|
|
6,774
|
|
457
|
Other (income)
expense
|
85
|
|
77
|
|
377
|
|
165
|
(Gain) loss on sale
of hotel property
|
(23,797)
|
|
—
|
|
(23,797)
|
|
(26,359)
|
Write-off of loan
costs and exit fees
|
1,531
|
|
—
|
|
3,874
|
|
2,595
|
Unrealized (gain)
loss on investments
|
(6,314)
|
|
879
|
|
(9,717)
|
|
1,970
|
Unrealized (gain)
loss on derivatives
|
524
|
|
1,791
|
|
2,053
|
|
(427)
|
Non-cash
stock/unit-based compensation
|
665
|
|
615
|
|
(1,327)
|
|
4,156
|
Legal, advisory and
settlement costs
|
203
|
|
(2,862)
|
|
3,711
|
|
11,194
|
Contract modification
cost
|
—
|
|
—
|
|
5,000
|
|
—
|
Software
implementation costs
|
—
|
|
—
|
|
79
|
|
—
|
Impairment and
uninsured hurricane related costs
|
308
|
|
—
|
|
4,889
|
|
—
|
Company's portion of
unrealized (gain) loss of investment in securities investment
fund
|
—
|
|
—
|
|
—
|
|
2,587
|
Adjusted EBITDA
available to the Company and OP unitholders
|
$
21,961
|
|
$
21,550
|
|
$
102,474
|
|
$
101,352
|
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
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net income
(loss)
|
$
28,444
|
|
$
845
|
|
$
28,324
|
|
$
24,320
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(528)
|
|
(536)
|
|
(3,264)
|
|
(3,105)
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
(2,996)
|
|
95
|
|
(2,038)
|
|
(1,899)
|
Preferred
dividends
|
(1,708)
|
|
(994)
|
|
(6,795)
|
|
(3,860)
|
Net income (loss)
attributable to common stockholders
|
23,212
|
|
(590)
|
|
16,227
|
|
15,456
|
Depreciation and
amortization on real estate
|
11,952
|
|
10,838
|
|
49,361
|
|
43,054
|
Impairment charges on
real estate
|
60
|
|
—
|
|
1,068
|
|
—
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
2,996
|
|
(95)
|
|
2,038
|
|
1,899
|
(Gain) loss on sale
of hotel property
|
(23,797)
|
|
—
|
|
(23,797)
|
|
(26,359)
|
FFO available to
common stockholders and OP unitholders
|
14,423
|
|
10,153
|
|
44,897
|
|
34,050
|
Preferred
dividends
|
1,708
|
|
994
|
|
6,795
|
|
3,860
|
Transaction and
management conversion costs
|
74
|
|
(44)
|
|
6,774
|
|
457
|
Other (income)
expense
|
85
|
|
77
|
|
377
|
|
165
|
Write-off of loan
costs and exit fees
|
1,531
|
|
—
|
|
3,874
|
|
2,595
|
Unrealized (gain)
loss on investments
|
(6,314)
|
|
879
|
|
(9,717)
|
|
1,970
|
Unrealized (gain)
loss on derivatives
|
524
|
|
1,791
|
|
2,053
|
|
(427)
|
Non-cash
stock/unit-based compensation
|
665
|
|
615
|
|
(1,327)
|
|
4,156
|
Legal, advisory and
settlement costs
|
203
|
|
(2,862)
|
|
3,711
|
|
11,194
|
Contract modification
cost
|
—
|
|
—
|
|
5,000
|
|
—
|
Software
implementation costs
|
—
|
|
—
|
|
79
|
|
—
|
Uninsured hurricane
related costs
|
248
|
|
—
|
|
3,821
|
|
—
|
Tax reform
|
(161)
|
|
—
|
|
(161)
|
|
—
|
Company's portion of
unrealized (gain) loss of investment in securities investment
fund
|
—
|
|
—
|
|
—
|
|
2,587
|
Adjusted FFO
available to the Company and OP unitholders
|
$
12,986
|
|
$
11,603
|
|
$
66,176
|
|
$
60,607
|
Adjusted FFO per
diluted share available to the Company and OP
unitholders
|
$
0.31
|
|
$
0.34
|
|
$
1.62
|
|
$
1.73
|
Weighted average
diluted shares
|
42,406
|
|
33,891
|
|
40,957
|
|
34,999
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
SUMMARY OF
INDEBTEDNESS
DECEMBER 31,
2017
(dollars in
thousands)
(unaudited)
|
|
Indebtedness
|
|
Maturity
|
|
Interest
Rate
|
|
Fixed-
Rate
Debt
|
|
Floating-
Rate
Debt
|
|
Total
Debt
|
|
Comparable
TTM
Hotel
EBITDA (9)
|
|
Comparable
TTM
EBITDA
Debt Yield
|
GACC Sofitel - 1
hotel
|
|
March 2018
|
|
LIBOR +
2.30%
|
|
$
|
—
|
|
|
$
|
80,000
|
|
(1)
|
$
|
80,000
|
|
|
$
|
5,778
|
|
|
7.2
|
%
|
Credit Agricole Pier
House - 1 hotel
|
|
March 2018
|
|
LIBOR +
2.25%
|
|
—
|
|
|
70,000
|
|
(2)
|
70,000
|
|
|
10,982
|
|
|
15.7
|
%
|
TIF Philly CY - 1
hotel
|
|
June 2018
|
|
12.85%
|
|
8,098
|
|
|
—
|
|
|
8,098
|
|
|
N/A
|
|
|
N/A
|
|
Apollo Ritz-Carlton
St. Thomas - 1 hotel
|
|
December
2018
|
|
LIBOR +
4.95%
|
|
—
|
|
|
42,000
|
|
(3)
|
42,000
|
|
|
10,595
|
|
|
25.2
|
%
|
Morgan Stanley Pool -
4 hotels
|
|
February
2019
|
|
LIBOR +
2.58%
|
|
—
|
|
|
277,628
|
|
(4)
|
277,628
|
|
|
48,169
|
|
|
17.4
|
%
|
JPMorgan Park Hyatt
Beaver Creek - 1 hotel
|
|
April 2019
|
|
LIBOR +
2.75%
|
|
—
|
|
|
67,500
|
|
(5)
|
67,500
|
|
|
9,387
|
|
|
13.9
|
%
|
Aareal - 2
hotels
|
|
November
2019
|
|
LIBOR +
2.65%
|
|
—
|
|
|
190,010
|
|
(6)
|
190,010
|
|
|
32,412
|
|
|
17.1
|
%
|
Secured revolving
credit facility - various
|
|
November
2019
|
|
Base Rate(8) + 1.25%
to 2.50% or
LIBOR + 2.25% to 3.50%
|
|
—
|
|
|
—
|
|
(7)
|
—
|
|
|
N/A
|
|
|
N/A
|
|
BAML Hotel Yountville
- 1 hotel
|
|
May 2022
|
|
LIBOR +
2.55%
|
|
—
|
|
|
51,000
|
|
|
51,000
|
|
|
5,157
|
|
|
10.1
|
%
|
BAML Bardessono - 1
hotel
|
|
August
2022
|
|
LIBOR +
2.55%
|
|
—
|
|
|
40,000
|
|
|
40,000
|
|
|
4,441
|
|
|
11.1
|
%
|
Total
|
|
|
|
|
|
$
|
8,098
|
|
|
$
|
818,138
|
|
|
$
|
826,236
|
|
|
$
|
126,921
|
|
|
15.4
|
%
|
Percentage
|
|
|
|
|
|
1.0
|
%
|
|
99.0
|
%
|
|
100.0
|
%
|
|
|
|
|
Weighted average
interest rate
|
|
|
|
|
|
12.85
|
%
|
|
4.24
|
%
|
|
4.32
|
%
|
|
|
|
|
|
All indebtedness is
non-recourse with the exception of the secured revolving credit
facility.
|
(1)
|
This mortgage loan
has three one-year extension options subject to satisfaction of
certain conditions, of which the second was exercised in March
2017.
|
(2)
|
This mortgage loan
has three one-year extension options subject to satisfaction of
certain conditions, of which the first 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 December
2017.
|
(4)
|
This mortgage loan
has five one-year extension options subject to satisfaction of
certain conditions.
|
(5)
|
This mortgage loan
has three one-year extension options subject to satisfaction of
certain conditions.
|
(6)
|
This mortgage loan
has two one-year extension options subject to satisfaction of
certain conditions.
|
(7)
|
This credit facility
has two one-year extension options subject to advance notice,
certain conditions and a 0.25% extension fee beginning November
2019.
|
(8)
|
Base Rate, as defined
in the secured revolving credit facility agreement, is the greater
of (i) the prime rate set by Bank of America, or (ii) federal funds
rate + 0.5%, or (iii) LIBOR + 1.0%.
|
(9)
|
See Exhibit 1 for
reconciliation of net income (loss) to hotel EBITDA.
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
INDEBTEDNESS BY
MATURITY ASSUMING EXTENSION OPTIONS ARE EXERCISED
|
DECEMBER 31,
2017
|
(dollars in
thousands)
|
(unaudited)
|
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
Secured revolving
credit facility - various
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
TIF Philly CY - 1
hotel
|
|
8,098
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8,098
|
GACC Sofitel - 1
hotel
|
|
—
|
|
80,000
|
|
—
|
|
—
|
|
—
|
|
—
|
|
80,000
|
Credit Agricole Pier
House - 1 hotel
|
|
—
|
|
—
|
|
70,000
|
|
—
|
|
—
|
|
—
|
|
70,000
|
Apollo Ritz-Carlton
St. Thomas - 1 hotel
|
|
—
|
|
—
|
|
42,000
|
|
—
|
|
—
|
|
—
|
|
42,000
|
Aareal - 2
hotels
|
|
—
|
|
—
|
|
—
|
|
177,486
|
|
—
|
|
—
|
|
177,486
|
JPMorgan Park Hyatt
Beaver Creek - 1 hotel
|
|
—
|
|
—
|
|
—
|
|
—
|
|
67,500
|
|
—
|
|
67,500
|
BAML Hotel Yountville
- 1 hotel
|
|
—
|
|
—
|
|
—
|
|
—
|
|
51,000
|
|
—
|
|
51,000
|
BAML Bardessono - 1
hotel
|
|
—
|
|
—
|
|
—
|
|
—
|
|
40,000
|
|
—
|
|
40,000
|
Morgan Stanley Pool -
4 hotels
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
277,628
|
|
277,628
|
Principal due in
future periods
|
|
$
8,098
|
|
$
80,000
|
|
$
112,000
|
|
$
177,486
|
|
$
158,500
|
|
$
277,628
|
|
$
813,712
|
Scheduled
amortization payments remaining
|
|
3,176
|
|
3,120
|
|
3,312
|
|
2,916
|
|
—
|
|
—
|
|
12,524
|
Total
indebtedness
|
|
$
11,274
|
|
$
83,120
|
|
$
115,312
|
|
$
180,402
|
|
$
158,500
|
|
$
277,628
|
|
$
826,236
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
KEY PERFORMANCE
INDICATORS
(unaudited)
|
|
ALL
HOTELS:
|
|
|
|
Three Months Ended
December 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
61,803
|
|
|
$
|
(1,858)
|
|
|
$
|
59,945
|
|
|
$
|
65,066
|
|
|
$
|
2,972
|
|
|
$
|
68,038
|
|
|
(5.01)
|
%
|
|
(11.89)
|
%
|
|
RevPAR
|
$
|
186.65
|
|
|
$
|
(148.30)
|
|
|
$
|
188.15
|
|
|
$
|
191.04
|
|
|
$
|
(241.07)
|
|
|
$
|
207.27
|
|
|
(2.30)
|
%
|
|
(9.22)
|
%
|
|
Occupancy
|
77.19
|
%
|
|
(77.32)
|
%
|
|
77.18
|
%
|
|
80.70
|
%
|
|
84.50
|
%
|
|
80.56
|
%
|
|
(4.35)
|
%
|
|
(4.20)
|
%
|
|
ADR
|
$
|
241.81
|
|
|
$
|
(191.81)
|
|
|
$
|
243.78
|
|
|
$
|
236.73
|
|
|
$
|
(285.30)
|
|
|
$
|
257.29
|
|
|
2.15
|
%
|
|
(5.25)
|
%
|
|
ALL
HOTELS:
|
|
|
|
Year Ended
December 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
286,006
|
|
|
$
|
(3,256)
|
|
|
$
|
282,750
|
|
|
$
|
287,844
|
|
|
$
|
5,607
|
|
|
$
|
293,451
|
|
|
(0.64)
|
%
|
|
(3.65)
|
%
|
|
RevPAR
|
$
|
206.42
|
|
|
$
|
(34.16)
|
|
|
$
|
219.15
|
|
|
$
|
205.54
|
|
|
$
|
(59.31)
|
|
|
$
|
224.71
|
|
|
0.43
|
%
|
|
(2.47)
|
%
|
|
Occupancy
|
80.97
|
%
|
|
(70.49)
|
%
|
|
81.75
|
%
|
|
82.94
|
%
|
|
78.28
|
%
|
|
83.27
|
%
|
|
(2.38)
|
%
|
|
(1.83)
|
%
|
|
ADR
|
$
|
254.92
|
|
|
$
|
(48.46)
|
|
|
$
|
268.07
|
|
|
$
|
247.83
|
|
|
$
|
(75.76)
|
|
|
$
|
269.85
|
|
|
2.86
|
%
|
|
(0.66)
|
%
|
|
NOTES:
|
(1) The
above comparable information assumes the twelve hotel properties
owned and included in the Company's operations at December 31,
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
December 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
33,187
|
|
|
$
|
(1,858)
|
|
|
$
|
31,329
|
|
|
$
|
29,164
|
|
|
$
|
2,972
|
|
|
$
|
32,136
|
|
|
13.79
|
%
|
|
(2.51)
|
%
|
|
RevPAR
|
$
|
179.00
|
|
|
$
|
(148.30)
|
|
|
$
|
181.23
|
|
|
$
|
157.72
|
|
|
$
|
(241.07)
|
|
|
$
|
186.20
|
|
|
13.49
|
%
|
|
(2.67)
|
%
|
|
Occupancy
|
75.81
|
%
|
|
(77.32)
|
%
|
|
75.70
|
%
|
|
77.63
|
%
|
|
84.50
|
%
|
|
77.14
|
%
|
|
(2.34)
|
%
|
|
(1.87)
|
%
|
|
ADR
|
$
|
236.13
|
|
|
$
|
(191.81)
|
|
|
$
|
239.40
|
|
|
$
|
203.17
|
|
|
$
|
(285.30)
|
|
|
$
|
241.39
|
|
|
16.22
|
%
|
|
(0.82)
|
%
|
|
ALL
HOTELS
|
|
NOT
UNDER RENOVATION:
|
Year Ended
December 31,
|
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Non-
comparable
Adjustments
|
|
Comparable
|
|
Actual
|
|
Comparable
|
|
|
2017
|
|
2017
|
|
2017
|
|
2016
|
|
2016
|
|
2016
|
|
%
Variance
|
|
%
Variance
|
|
Rooms revenue (in
thousands)
|
$
|
146,358
|
|
|
$
|
(3,256)
|
|
|
$
|
143,102
|
|
|
$
|
136,871
|
|
|
$
|
5,607
|
|
|
$
|
142,478
|
|
|
6.93
|
%
|
|
0.44
|
%
|
|
RevPAR
|
$
|
187.51
|
|
|
$
|
(34.16)
|
|
|
$
|
208.84
|
|
|
$
|
175.22
|
|
|
$
|
(59.31)
|
|
|
$
|
207.51
|
|
|
7.01
|
%
|
|
0.64
|
%
|
|
Occupancy
|
79.54
|
%
|
|
(70.49)
|
%
|
|
80.80
|
%
|
|
80.37
|
%
|
|
78.28
|
%
|
|
80.66
|
%
|
|
(1.03)
|
%
|
|
0.17
|
%
|
|
ADR
|
$
|
235.74
|
|
|
$
|
(48.46)
|
|
|
$
|
258.47
|
|
|
$
|
218.01
|
|
|
$
|
(75.76)
|
|
|
$
|
257.27
|
|
|
8.13
|
%
|
|
0.47
|
%
|
|
NOTES:
|
(1) The
above comparable information assumes the seven hotel properties
owned and included in the Company's operations at December 31,
2017, and not under renovation during
the three months ended
December 31, 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:
|
Capital
Hilton Washington D.C., Chicago Sofitel Magnificent Mile, 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
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2017
|
|
2016
|
|
%
Variance
|
|
2017
|
|
2016
|
|
%
Variance
|
|
Total hotel
revenue
|
$
92,514
|
|
$
93,952
|
|
(1.53)%
|
|
$
413,905
|
|
$
405,729
|
|
2.02 %
|
|
Non-comparable
adjustments
|
(2,942)
|
|
4,948
|
|
|
|
(4,164)
|
|
16,563
|
|
|
|
Comparable total
hotel revenue
|
$
89,572
|
|
$
98,900
|
|
(9.43)%
|
|
$
409,741
|
|
$
422,292
|
|
(2.97)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
28,168
|
|
$
26,326
|
|
7.00 %
|
|
$
128,300
|
|
$
124,239
|
|
3.27 %
|
|
Non-comparable
adjustments
|
(1,076)
|
|
635
|
|
|
|
(1,379)
|
|
2,475
|
|
|
|
Comparable hotel
EBITDA
|
$
27,092
|
|
$
26,961
|
|
0.49 %
|
|
$
126,921
|
|
$
126,714
|
|
0.16 %
|
|
Hotel EBITDA
margin
|
30.45 %
|
|
28.02 %
|
|
2.43 %
|
|
31.00 %
|
|
30.62 %
|
|
0.38 %
|
|
Comparable hotel
EBITDA margin
|
30.25 %
|
|
27.26 %
|
|
2.99 %
|
|
30.98 %
|
|
30.01 %
|
|
0.97 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
1,620
|
|
$
1,722
|
|
(5.91)%
|
|
$
8,103
|
|
$
7,586
|
|
6.82 %
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
26,548
|
|
$
24,604
|
|
7.90 %
|
|
$
120,197
|
|
$
116,653
|
|
3.04 %
|
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
25,472
|
|
$
25,239
|
|
0.92 %
|
|
$
118,818
|
|
$
119,128
|
|
(0.26)%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the twelve hotel properties owned and included
in the Company's operations at December 31, 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
NOT UNDER RENOVATION:
|
Three Months
Ended
|
|
Year
Ended
|
December
31,
|
|
December
31,
|
|
|
2017
|
|
2016
|
|
%
Variance
|
|
2017
|
|
2016
|
|
%
Variance
|
|
Total hotel
revenue
|
$
50,206
|
|
$
44,215
|
|
13.55 %
|
|
$
217,169
|
|
$
195,160
|
|
11.28 %
|
|
Non-comparable
adjustments
|
(2,942)
|
|
4,948
|
|
|
|
(4,164)
|
|
16,563
|
|
|
|
Comparable total
hotel revenue
|
$
47,264
|
|
$
49,163
|
|
(3.86)%
|
|
$
213,005
|
|
$
211,723
|
|
0.61 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
14,568
|
|
$
14,398
|
|
1.18 %
|
|
$
70,536
|
|
$
66,585
|
|
5.93 %
|
|
Non-comparable
adjustments
|
(1,076)
|
|
635
|
|
|
|
(1,379)
|
|
2,475
|
|
|
|
Comparable hotel
EBITDA
|
$
13,492
|
|
$
15,033
|
|
(10.25)%
|
|
$
69,157
|
|
$
69,060
|
|
0.14 %
|
|
Hotel EBITDA
margin
|
29.02 %
|
|
32.56 %
|
|
(3.54)%
|
|
32.48 %
|
|
34.12 %
|
|
(1.64)%
|
|
Comparable hotel
EBITDA margin
|
28.55 %
|
|
30.58 %
|
|
(2.03)%
|
|
32.47 %
|
|
32.62 %
|
|
(0.15)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
adjustments attributable to consolidated noncontrolling
interests
|
$
675
|
|
$
698
|
|
(3.24)%
|
|
$
3,685
|
|
$
3,231
|
|
14.07 %
|
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
13,893
|
|
$
13,700
|
|
1.41 %
|
|
$
66,851
|
|
$
63,354
|
|
5.52 %
|
|
Comparable hotel
EBITDA attributable to the Company and OP unitholders
|
$
12,817
|
|
$
14,335
|
|
(10.59)%
|
|
$
65,472
|
|
$
65,829
|
|
(0.54)%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the seven hotel properties owned and included
in the Company's operations at December 31, 2017, and not
under renovation during the three months ended December 31,
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:
|
|
Capital Hilton
Washington D.C., Chicago Sofitel Magnificent Mile, 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
December 31,
|
|
|
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
|
$
|
9,417
|
|
|
$
|
—
|
|
|
$
|
9,417
|
|
|
$
|
10,055
|
|
|
$
|
—
|
|
|
$
|
10,055
|
|
|
(6.35)
|
%
|
|
(6.35)
|
%
|
|
Total hotel
revenue
|
$
|
13,535
|
|
|
$
|
—
|
|
|
$
|
13,535
|
|
|
$
|
14,389
|
|
|
$
|
—
|
|
|
$
|
14,389
|
|
|
(5.94)
|
%
|
|
(5.94)
|
%
|
|
Hotel
EBITDA
|
$
|
3,780
|
|
|
$
|
—
|
|
|
$
|
3,780
|
|
|
$
|
4,096
|
|
|
$
|
—
|
|
|
$
|
4,096
|
|
|
(7.71)
|
%
|
|
(7.71)
|
%
|
|
Hotel EBITDA
margin
|
27.93
|
%
|
|
|
|
27.93
|
%
|
|
28.47
|
%
|
|
|
|
28.47
|
%
|
|
(0.54)
|
%
|
|
(0.54)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
186.11
|
|
|
$
|
—
|
|
|
$
|
186.11
|
|
|
$
|
198.71
|
|
|
$
|
—
|
|
|
$
|
198.71
|
|
|
(6.34)
|
%
|
|
(6.34)
|
%
|
|
Occupancy
|
82.00
|
%
|
|
—
|
%
|
|
82.00
|
%
|
|
87.00
|
%
|
|
—
|
%
|
|
87.00
|
%
|
|
(5.75)
|
%
|
|
(5.75)
|
%
|
|
ADR
|
$
|
226.96
|
|
|
$
|
—
|
|
|
$
|
226.96
|
|
|
$
|
228.39
|
|
|
$
|
—
|
|
|
$
|
228.39
|
|
|
(0.63)
|
%
|
|
(0.63)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA JOLLA HILTON
TORREY PINES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
5,155
|
|
|
$
|
—
|
|
|
$
|
5,155
|
|
|
$
|
5,184
|
|
|
$
|
—
|
|
|
$
|
5,184
|
|
|
(0.56)
|
%
|
|
(0.56)
|
%
|
|
Total hotel
revenue
|
$
|
9,500
|
|
|
$
|
—
|
|
|
$
|
9,500
|
|
|
$
|
10,062
|
|
|
$
|
—
|
|
|
$
|
10,062
|
|
|
(5.59)
|
%
|
|
(5.59)
|
%
|
|
Hotel
EBITDA
|
$
|
2,700
|
|
|
$
|
—
|
|
|
$
|
2,700
|
|
|
$
|
2,790
|
|
|
$
|
—
|
|
|
$
|
2,790
|
|
|
(3.23)
|
%
|
|
(3.23)
|
%
|
|
Hotel EBITDA
margin
|
28.42
|
%
|
|
|
|
28.42
|
%
|
|
27.73
|
%
|
|
|
|
27.73
|
%
|
|
0.69
|
%
|
|
0.69
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
142.22
|
|
|
$
|
—
|
|
|
$
|
142.22
|
|
|
$
|
143.01
|
|
|
$
|
—
|
|
|
$
|
143.01
|
|
|
(0.55)
|
%
|
|
(0.55)
|
%
|
|
Occupancy
|
79.05
|
%
|
|
—
|
%
|
|
79.05
|
%
|
|
82.73
|
%
|
|
—
|
%
|
|
82.73
|
%
|
|
(4.45)
|
%
|
|
(4.45)
|
%
|
|
ADR
|
$
|
179.91
|
|
|
$
|
—
|
|
|
$
|
179.91
|
|
|
$
|
172.86
|
|
|
$
|
—
|
|
|
$
|
172.86
|
|
|
4.08
|
%
|
|
4.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHICAGO SOFITEL
MAGNIFICENT MILE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
6,400
|
|
|
$
|
—
|
|
|
$
|
6,400
|
|
|
$
|
7,032
|
|
|
$
|
—
|
|
|
$
|
7,032
|
|
|
(8.99)
|
%
|
|
(8.99)
|
%
|
|
Total hotel
revenue
|
$
|
8,751
|
|
|
$
|
—
|
|
|
$
|
8,751
|
|
|
$
|
9,577
|
|
|
$
|
—
|
|
|
$
|
9,577
|
|
|
(8.62)
|
%
|
|
(8.62)
|
%
|
|
Hotel
EBITDA
|
$
|
1,575
|
|
|
$
|
—
|
|
|
$
|
1,575
|
|
|
$
|
2,187
|
|
|
$
|
—
|
|
|
$
|
2,187
|
|
|
(27.98)
|
%
|
|
(27.98)
|
%
|
|
Hotel EBITDA
margin
|
18.00
|
%
|
|
|
|
18.00
|
%
|
|
22.84
|
%
|
|
|
|
22.84
|
%
|
|
(4.84)
|
%
|
|
(4.84)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
167.65
|
|
|
$
|
—
|
|
|
$
|
167.65
|
|
|
$
|
184.17
|
|
|
$
|
—
|
|
|
$
|
184.17
|
|
|
(8.97)
|
%
|
|
(8.97)
|
%
|
|
Occupancy
|
80.23
|
%
|
|
—
|
%
|
|
80.23
|
%
|
|
84.04
|
%
|
|
—
|
%
|
|
84.04
|
%
|
|
(4.53)
|
%
|
|
(4.53)
|
%
|
|
ADR
|
$
|
208.96
|
|
|
$
|
—
|
|
|
$
|
208.96
|
|
|
$
|
219.15
|
|
|
$
|
—
|
|
|
$
|
219.15
|
|
|
(4.65)
|
%
|
|
(4.65)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BARDESSONO HOTEL
AND SPA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
2,557
|
|
|
$
|
—
|
|
|
$
|
2,557
|
|
|
$
|
3,629
|
|
|
$
|
—
|
|
|
$
|
3,629
|
|
|
(29.54)
|
%
|
|
(29.54)
|
%
|
|
Total hotel
revenue
|
$
|
3,442
|
|
|
$
|
—
|
|
|
$
|
3,442
|
|
|
$
|
4,868
|
|
|
$
|
—
|
|
|
$
|
4,868
|
|
|
(29.29)
|
%
|
|
(29.29)
|
%
|
|
Hotel
EBITDA
|
$
|
494
|
|
|
$
|
—
|
|
|
$
|
494
|
|
|
$
|
1,431
|
|
|
$
|
—
|
|
|
$
|
1,431
|
|
|
(65.48)
|
%
|
|
(65.48)
|
%
|
|
Hotel EBITDA
margin
|
14.35
|
%
|
|
|
|
14.35
|
%
|
|
29.40
|
%
|
|
|
|
29.40
|
%
|
|
(15.05)
|
%
|
|
(15.05)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
448.27
|
|
|
$
|
—
|
|
|
$
|
448.27
|
|
|
$
|
636.22
|
|
|
$
|
—
|
|
|
$
|
636.22
|
|
|
(29.54)
|
%
|
|
(29.54)
|
%
|
|
Occupancy
|
62.83
|
%
|
|
—
|
%
|
|
62.83
|
%
|
|
83.59
|
%
|
|
—
|
%
|
|
83.59
|
%
|
|
(24.84)
|
%
|
|
(24.84)
|
%
|
|
ADR
|
$
|
713.43
|
|
|
$
|
—
|
|
|
$
|
713.43
|
|
|
$
|
761.11
|
|
|
$
|
—
|
|
|
$
|
761.11
|
|
|
(6.26)
|
%
|
|
(6.26)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY WEST PIER
HOUSE RESORT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
3,949
|
|
|
$
|
—
|
|
|
$
|
3,949
|
|
|
$
|
4,527
|
|
|
$
|
—
|
|
|
$
|
4,527
|
|
|
(12.77)
|
%
|
|
(12.77)
|
%
|
|
Total hotel
revenue
|
$
|
6,365
|
|
|
$
|
—
|
|
|
$
|
6,365
|
|
|
$
|
5,679
|
|
|
$
|
—
|
|
|
$
|
5,679
|
|
|
12.08
|
%
|
|
12.08
|
%
|
|
Hotel
EBITDA
|
$
|
3,457
|
|
|
$
|
—
|
|
|
$
|
3,457
|
|
|
$
|
2,469
|
|
|
$
|
—
|
|
|
$
|
2,469
|
|
|
40.02
|
%
|
|
40.02
|
%
|
|
Hotel EBITDA
margin
|
54.31
|
%
|
|
|
|
54.31
|
%
|
|
43.48
|
%
|
|
|
|
43.48
|
%
|
|
10.83
|
%
|
|
10.83
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
302.25
|
|
|
$
|
—
|
|
|
$
|
302.25
|
|
|
$
|
346.56
|
|
|
$
|
—
|
|
|
$
|
346.56
|
|
|
(12.79)
|
%
|
|
(12.79)
|
%
|
|
Occupancy
|
70.06
|
%
|
|
—
|
%
|
|
70.06
|
%
|
|
83.40
|
%
|
|
—
|
%
|
|
83.40
|
%
|
|
(16.00)
|
%
|
|
(16.00)
|
%
|
|
ADR
|
$
|
431.44
|
|
|
$
|
—
|
|
|
$
|
431.44
|
|
|
$
|
415.56
|
|
|
$
|
—
|
|
|
$
|
415.56
|
|
|
3.82
|
%
|
|
3.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL
YOUNTVILLE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
2,085
|
|
|
$
|
—
|
|
|
$
|
2,085
|
|
|
$
|
—
|
|
|
$
|
3,382
|
|
|
$
|
3,382
|
|
|
—
|
%
|
|
(38.35)
|
%
|
|
Total hotel
revenue
|
$
|
2,546
|
|
|
$
|
—
|
|
|
$
|
2,546
|
|
|
$
|
—
|
|
|
$
|
4,011
|
|
|
$
|
4,011
|
|
|
—
|
%
|
|
(36.52)
|
%
|
|
Hotel
EBITDA
|
$
|
491
|
|
|
$
|
—
|
|
|
$
|
491
|
|
|
$
|
—
|
|
|
$
|
1,567
|
|
|
$
|
1,567
|
|
|
—
|
%
|
|
(68.67)
|
%
|
|
Hotel EBITDA
margin
|
19.29
|
%
|
|
|
|
19.29
|
%
|
|
—
|
%
|
|
|
|
39.07
|
%
|
|
19.29
|
%
|
|
(19.78)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
283.36
|
|
|
$
|
—
|
|
|
$
|
283.36
|
|
|
$
|
—
|
|
|
$
|
459.41
|
|
|
$
|
459.41
|
|
|
—
|
%
|
|
(38.32)
|
%
|
|
Occupancy
|
56.47
|
%
|
|
—
|
%
|
|
56.47
|
%
|
|
—
|
%
|
|
82.68
|
%
|
|
82.68
|
%
|
|
—
|
%
|
|
(31.70)
|
%
|
|
ADR
|
$
|
501.82
|
|
|
$
|
—
|
|
|
$
|
501.82
|
|
|
$
|
—
|
|
|
$
|
555.67
|
|
|
$
|
555.67
|
|
|
—
|
%
|
|
(9.69)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARK HYATT BEAVER
CREEK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
3,833
|
|
|
$
|
—
|
|
|
$
|
3,833
|
|
|
$
|
—
|
|
|
$
|
4,232
|
|
|
$
|
4,232
|
|
|
—
|
%
|
|
(9.43)
|
%
|
|
Total hotel
revenue
|
$
|
8,309
|
|
|
$
|
—
|
|
|
$
|
8,309
|
|
|
$
|
—
|
|
|
$
|
8,785
|
|
|
$
|
8,785
|
|
|
—
|
%
|
|
(5.42)
|
%
|
|
Hotel
EBITDA
|
$
|
1,181
|
|
|
$
|
—
|
|
|
$
|
1,181
|
|
|
$
|
—
|
|
|
$
|
1,766
|
|
|
$
|
1,766
|
|
|
—
|
%
|
|
(33.13)
|
%
|
|
Hotel EBITDA
margin
|
14.21
|
%
|
|
|
|
14.21
|
%
|
|
—
|
%
|
|
|
|
20.10
|
%
|
|
14.21
|
%
|
|
(5.89)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
219.25
|
|
|
$
|
—
|
|
|
$
|
219.25
|
|
|
$
|
—
|
|
|
$
|
242.13
|
|
|
$
|
242.13
|
|
|
—
|
%
|
|
(9.45)
|
%
|
|
Occupancy
|
46.70
|
%
|
|
—
|
%
|
|
46.70
|
%
|
|
—
|
%
|
|
50.14
|
%
|
|
50.14
|
%
|
|
—
|
%
|
|
(6.86)
|
%
|
|
ADR
|
$
|
469.50
|
|
|
$
|
—
|
|
|
$
|
469.50
|
|
|
$
|
—
|
|
|
$
|
482.89
|
|
|
$
|
482.89
|
|
|
—
|
%
|
|
(2.77)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHILADELPHIA
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
7,255
|
|
|
$
|
—
|
|
|
$
|
7,255
|
|
|
$
|
6,250
|
|
|
$
|
—
|
|
|
$
|
6,250
|
|
|
16.08
|
%
|
|
16.08
|
%
|
|
Total hotel
revenue
|
$
|
8,720
|
|
|
$
|
—
|
|
|
$
|
8,720
|
|
|
$
|
7,580
|
|
|
$
|
—
|
|
|
$
|
7,580
|
|
|
15.04
|
%
|
|
15.04
|
%
|
|
Hotel
EBITDA
|
$
|
3,518
|
|
|
$
|
—
|
|
|
$
|
3,518
|
|
|
$
|
2,794
|
|
|
$
|
—
|
|
|
$
|
2,794
|
|
|
25.91
|
%
|
|
25.91
|
%
|
|
Hotel EBITDA
margin
|
40.34
|
%
|
|
|
|
40.34
|
%
|
|
36.86
|
%
|
|
|
|
36.86
|
%
|
|
3.48
|
%
|
|
3.48
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
158.04
|
|
|
$
|
—
|
|
|
$
|
158.04
|
|
|
$
|
136.15
|
|
|
$
|
—
|
|
|
$
|
136.15
|
|
|
16.08
|
%
|
|
16.08
|
%
|
|
Occupancy
|
81.69
|
%
|
|
—
|
%
|
|
81.69
|
%
|
|
79.86
|
%
|
|
—
|
%
|
|
79.86
|
%
|
|
2.29
|
%
|
|
2.29
|
%
|
|
ADR
|
$
|
193.47
|
|
|
$
|
—
|
|
|
$
|
193.47
|
|
|
$
|
170.49
|
|
|
$
|
—
|
|
|
$
|
170.49
|
|
|
13.48
|
%
|
|
13.48
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLANO MARRIOTT
LEGACY TOWN CENTER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
1,858
|
|
|
$
|
(1,858)
|
|
|
$
|
—
|
|
|
$
|
4,642
|
|
|
$
|
(4,642)
|
|
|
$
|
—
|
|
|
(59.97)
|
%
|
|
—
|
%
|
|
Total hotel
revenue
|
$
|
2,942
|
|
|
$
|
(2,942)
|
|
|
$
|
—
|
|
|
$
|
7,848
|
|
|
$
|
(7,848)
|
|
|
$
|
—
|
|
|
(62.51)
|
%
|
|
—
|
%
|
|
Hotel
EBITDA
|
$
|
1,076
|
|
|
$
|
(1,076)
|
|
|
$
|
—
|
|
|
$
|
2,698
|
|
|
$
|
(2,698)
|
|
|
$
|
—
|
|
|
(60.12)
|
%
|
|
—
|
%
|
|
Hotel EBITDA
margin
|
36.57
|
%
|
|
|
|
—
|
%
|
|
34.38
|
%
|
|
|
|
—
|
%
|
|
2.19
|
%
|
|
—
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
148.30
|
|
|
$
|
(148.30)
|
|
|
$
|
—
|
|
|
$
|
124.89
|
|
|
$
|
(124.89)
|
|
|
$
|
—
|
|
|
18.74
|
%
|
|
—
|
%
|
|
Occupancy
|
77.32
|
%
|
|
(77.32)
|
%
|
|
—
|
%
|
|
67.98
|
%
|
|
(67.98)
|
%
|
|
—
|
%
|
|
13.74
|
%
|
|
—
|
%
|
|
ADR
|
$
|
191.81
|
|
|
$
|
(191.81)
|
|
|
$
|
—
|
|
|
$
|
183.71
|
|
|
$
|
(183.71)
|
|
|
$
|
—
|
|
|
4.41
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN FRANCISCO
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
7,392
|
|
|
$
|
—
|
|
|
$
|
7,392
|
|
|
$
|
8,147
|
|
|
$
|
—
|
|
|
$
|
8,147
|
|
|
(9.27)
|
%
|
|
(9.27)
|
%
|
|
Total hotel
revenue
|
$
|
8,529
|
|
|
$
|
—
|
|
|
$
|
8,529
|
|
|
$
|
9,295
|
|
|
$
|
—
|
|
|
$
|
9,295
|
|
|
(8.24)
|
%
|
|
(8.24)
|
%
|
|
Hotel
EBITDA
|
$
|
2,436
|
|
|
$
|
—
|
|
|
$
|
2,436
|
|
|
$
|
1,987
|
|
|
$
|
—
|
|
|
$
|
1,987
|
|
|
22.60
|
%
|
|
22.60
|
%
|
|
Hotel EBITDA
margin
|
28.56
|
%
|
|
|
|
28.56
|
%
|
|
21.38
|
%
|
|
|
|
21.38
|
%
|
|
7.18
|
%
|
|
7.18
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
196.93
|
|
|
$
|
—
|
|
|
$
|
196.93
|
|
|
$
|
218.63
|
|
|
$
|
—
|
|
|
$
|
218.63
|
|
|
(9.93)
|
%
|
|
(9.93)
|
%
|
|
Occupancy
|
77.26
|
%
|
|
—
|
%
|
|
77.26
|
%
|
|
88.07
|
%
|
|
—
|
%
|
|
88.07
|
%
|
|
(12.27)
|
%
|
|
(12.27)
|
%
|
|
ADR
|
$
|
254.89
|
|
|
$
|
—
|
|
|
$
|
254.89
|
|
|
$
|
248.26
|
|
|
$
|
—
|
|
|
$
|
248.26
|
|
|
2.67
|
%
|
|
2.67
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEATTLE MARRIOTT
WATERFRONT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
6,385
|
|
|
$
|
—
|
|
|
$
|
6,385
|
|
|
$
|
5,693
|
|
|
$
|
—
|
|
|
$
|
5,693
|
|
|
12.16
|
%
|
|
12.16
|
%
|
|
Total hotel
revenue
|
$
|
8,665
|
|
|
$
|
—
|
|
|
$
|
8,665
|
|
|
$
|
8,212
|
|
|
$
|
—
|
|
|
$
|
8,212
|
|
|
5.52
|
%
|
|
5.52
|
%
|
|
Hotel
EBITDA
|
$
|
3,330
|
|
|
$
|
—
|
|
|
$
|
3,330
|
|
|
$
|
3,048
|
|
|
$
|
—
|
|
|
$
|
3,048
|
|
|
9.25
|
%
|
|
9.25
|
%
|
|
Hotel EBITDA
margin
|
38.43
|
%
|
|
|
|
38.43
|
%
|
|
37.12
|
%
|
|
|
|
37.12
|
%
|
|
1.31
|
%
|
|
1.31
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
192.21
|
|
|
$
|
—
|
|
|
$
|
192.21
|
|
|
$
|
172.85
|
|
|
$
|
—
|
|
|
$
|
172.85
|
|
|
11.20
|
%
|
|
11.20
|
%
|
|
Occupancy
|
82.98
|
%
|
|
—
|
%
|
|
82.98
|
%
|
|
78.97
|
%
|
|
—
|
%
|
|
78.97
|
%
|
|
5.08
|
%
|
|
5.08
|
%
|
|
ADR
|
$
|
231.63
|
|
|
$
|
—
|
|
|
$
|
231.63
|
|
|
$
|
218.89
|
|
|
$
|
—
|
|
|
$
|
218.89
|
|
|
5.82
|
%
|
|
5.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST. THOMAS
RITZ-CARLTON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
1,458
|
|
|
$
|
—
|
|
|
$
|
1,458
|
|
|
$
|
6,141
|
|
|
$
|
—
|
|
|
$
|
6,141
|
|
|
(76.26)
|
%
|
|
(76.26)
|
%
|
|
Total hotel
revenue
|
$
|
5,128
|
|
|
$
|
—
|
|
|
$
|
5,128
|
|
|
$
|
10,797
|
|
|
$
|
—
|
|
|
$
|
10,797
|
|
|
(52.51)
|
%
|
|
(52.51)
|
%
|
|
Hotel
EBITDA
|
$
|
2,352
|
|
|
$
|
—
|
|
|
$
|
2,352
|
|
|
$
|
1,189
|
|
|
$
|
—
|
|
|
$
|
1,189
|
|
|
97.81
|
%
|
|
97.81
|
%
|
|
Hotel EBITDA
margin
|
45.87
|
%
|
|
|
|
45.87
|
%
|
|
11.01
|
%
|
|
|
|
11.01
|
%
|
|
34.86
|
%
|
|
34.86
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
229.69
|
|
|
$
|
—
|
|
|
$
|
229.69
|
|
|
$
|
370.82
|
|
|
$
|
—
|
|
|
$
|
370.82
|
|
|
(38.06)
|
%
|
|
(38.06)
|
%
|
|
Occupancy
|
75.06
|
%
|
|
—
|
%
|
|
75.06
|
%
|
|
69.38
|
%
|
|
—
|
%
|
|
69.38
|
%
|
|
8.19
|
%
|
|
8.19
|
%
|
|
ADR
|
$
|
306.00
|
|
|
$
|
—
|
|
|
$
|
306.00
|
|
|
$
|
534.49
|
|
|
$
|
—
|
|
|
$
|
534.49
|
|
|
(42.75)
|
%
|
|
(42.75)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAMPA
RENAISSANCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
4,059
|
|
|
$
|
—
|
|
|
$
|
4,059
|
|
|
$
|
3,766
|
|
|
$
|
—
|
|
|
$
|
3,766
|
|
|
7.78
|
%
|
|
7.78
|
%
|
|
Total hotel
revenue
|
$
|
6,082
|
|
|
$
|
—
|
|
|
$
|
6,082
|
|
|
$
|
5,645
|
|
|
$
|
—
|
|
|
$
|
5,645
|
|
|
7.74
|
%
|
|
7.74
|
%
|
|
Hotel
EBITDA
|
$
|
1,778
|
|
|
$
|
—
|
|
|
$
|
1,778
|
|
|
$
|
1,637
|
|
|
$
|
—
|
|
|
$
|
1,637
|
|
|
8.61
|
%
|
|
8.61
|
%
|
|
Hotel EBITDA
margin
|
29.23
|
%
|
|
|
|
29.23
|
%
|
|
29.00
|
%
|
|
|
|
29.00
|
%
|
|
0.23
|
%
|
|
0.23
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
150.59
|
|
|
$
|
—
|
|
|
$
|
150.59
|
|
|
$
|
139.77
|
|
|
$
|
—
|
|
|
$
|
139.77
|
|
|
7.74
|
%
|
|
7.74
|
%
|
|
Occupancy
|
78.80
|
%
|
|
—
|
%
|
|
78.80
|
%
|
|
77.38
|
%
|
|
—
|
%
|
|
77.38
|
%
|
|
1.84
|
%
|
|
1.84
|
%
|
|
ADR
|
$
|
191.10
|
|
|
$
|
—
|
|
|
$
|
191.10
|
|
|
$
|
180.63
|
|
|
$
|
—
|
|
|
$
|
180.63
|
|
|
5.80
|
%
|
|
5.80
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRIME PROPERTIES
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
61,803
|
|
|
$
|
(1,858)
|
|
|
$
|
59,945
|
|
|
$
|
65,066
|
|
|
$
|
2,972
|
|
|
$
|
68,038
|
|
|
(5.01)
|
%
|
|
(11.89)
|
%
|
|
Total hotel
revenue
|
$
|
92,514
|
|
|
$
|
(2,942)
|
|
|
$
|
89,572
|
|
|
$
|
93,952
|
|
|
$
|
4,948
|
|
|
$
|
98,900
|
|
|
(1.53)
|
%
|
|
(9.43)
|
%
|
|
Hotel
EBITDA
|
$
|
28,168
|
|
|
$
|
(1,076)
|
|
|
$
|
27,092
|
|
|
$
|
26,326
|
|
|
$
|
635
|
|
|
$
|
26,961
|
|
|
7.00
|
%
|
|
0.49
|
%
|
|
Hotel EBITDA
margin
|
30.45
|
%
|
|
|
|
30.25
|
%
|
|
28.02
|
%
|
|
|
|
27.26
|
%
|
|
2.43
|
%
|
|
2.99
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
186.65
|
|
|
$
|
(148.30)
|
|
|
$
|
188.15
|
|
|
$
|
191.04
|
|
|
$
|
(241.07)
|
|
|
$
|
207.27
|
|
|
(2.30)
|
%
|
|
(9.22)
|
%
|
|
Occupancy
|
77.19
|
%
|
|
(77.32)
|
%
|
|
77.18
|
%
|
|
80.70
|
%
|
|
84.50
|
%
|
|
80.56
|
%
|
|
(4.35)
|
%
|
|
(4.20)
|
%
|
|
ADR
|
$
|
241.81
|
|
|
$
|
(191.81)
|
|
|
$
|
243.78
|
|
|
$
|
236.73
|
|
|
$
|
(285.30)
|
|
|
$
|
257.29
|
|
|
2.15
|
%
|
|
(5.25)
|
%
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the twelve hotel properties owned and included
in the Company's operations at December 31, 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)
|
|
|
|
Year Ended
December 31,
|
|
|
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
|
$
|
42,325
|
|
|
$
|
—
|
|
|
$
|
42,325
|
|
|
$
|
41,137
|
|
|
$
|
—
|
|
|
$
|
41,137
|
|
|
2.89
|
%
|
|
2.89
|
%
|
|
Total hotel
revenue
|
$
|
59,316
|
|
|
$
|
—
|
|
|
$
|
59,316
|
|
|
$
|
58,612
|
|
|
$
|
—
|
|
|
$
|
58,612
|
|
|
1.20
|
%
|
|
1.20
|
%
|
|
Hotel
EBITDA
|
$
|
17,672
|
|
|
$
|
—
|
|
|
$
|
17,672
|
|
|
$
|
17,422
|
|
|
$
|
—
|
|
|
$
|
17,422
|
|
|
1.43
|
%
|
|
1.43
|
%
|
|
Hotel EBITDA
margin
|
29.79
|
%
|
|
|
|
29.79
|
%
|
|
29.72
|
%
|
|
|
|
29.72
|
%
|
|
0.07
|
%
|
|
0.07
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
210.83
|
|
|
$
|
—
|
|
|
$
|
210.83
|
|
|
$
|
204.36
|
|
|
$
|
—
|
|
|
$
|
204.36
|
|
|
3.17
|
%
|
|
3.17
|
%
|
|
Occupancy
|
88.63
|
%
|
|
—
|
%
|
|
88.63
|
%
|
|
88.59
|
%
|
|
—
|
%
|
|
88.59
|
%
|
|
0.05
|
%
|
|
0.05
|
%
|
|
ADR
|
$
|
237.87
|
|
|
$
|
—
|
|
|
$
|
237.87
|
|
|
$
|
230.69
|
|
|
$
|
—
|
|
|
$
|
230.69
|
|
|
3.11
|
%
|
|
3.11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LA JOLLA HILTON
TORREY PINES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
24,683
|
|
|
$
|
—
|
|
|
$
|
24,683
|
|
|
$
|
23,564
|
|
|
$
|
—
|
|
|
$
|
23,564
|
|
|
4.75
|
%
|
|
4.75
|
%
|
|
Total hotel
revenue
|
$
|
43,949
|
|
|
$
|
—
|
|
|
$
|
43,949
|
|
|
$
|
42,058
|
|
|
$
|
—
|
|
|
$
|
42,058
|
|
|
4.50
|
%
|
|
4.50
|
%
|
|
Hotel
EBITDA
|
$
|
14,740
|
|
|
$
|
—
|
|
|
$
|
14,740
|
|
|
$
|
12,922
|
|
|
$
|
—
|
|
|
$
|
12,922
|
|
|
14.07
|
%
|
|
14.07
|
%
|
|
Hotel EBITDA
margin
|
33.54
|
%
|
|
|
|
33.54
|
%
|
|
30.72
|
%
|
|
|
|
30.72
|
%
|
|
2.82
|
%
|
|
2.82
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
171.64
|
|
|
$
|
—
|
|
|
$
|
171.64
|
|
|
$
|
163.41
|
|
|
$
|
—
|
|
|
$
|
163.41
|
|
|
5.04
|
%
|
|
5.04
|
%
|
|
Occupancy
|
83.65
|
%
|
|
—
|
%
|
|
83.65
|
%
|
|
83.83
|
%
|
|
—
|
%
|
|
83.83
|
%
|
|
(0.21)
|
%
|
|
(0.21)
|
%
|
|
ADR
|
$
|
205.19
|
|
|
$
|
—
|
|
|
$
|
205.19
|
|
|
$
|
194.93
|
|
|
$
|
—
|
|
|
$
|
194.93
|
|
|
5.26
|
%
|
|
5.26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHICAGO SOFITEL
MAGNIFICENT MILE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
24,841
|
|
|
$
|
—
|
|
|
$
|
24,841
|
|
|
$
|
27,026
|
|
|
$
|
—
|
|
|
$
|
27,026
|
|
|
(8.08)
|
%
|
|
(8.08)
|
%
|
|
Total hotel
revenue
|
$
|
33,302
|
|
|
$
|
—
|
|
|
$
|
33,302
|
|
|
$
|
36,879
|
|
|
$
|
—
|
|
|
$
|
36,879
|
|
|
(9.70)
|
%
|
|
(9.70)
|
%
|
|
Hotel
EBITDA
|
$
|
5,778
|
|
|
$
|
—
|
|
|
$
|
5,778
|
|
|
$
|
8,400
|
|
|
$
|
—
|
|
|
$
|
8,400
|
|
|
(31.21)
|
%
|
|
(31.21)
|
%
|
|
Hotel EBITDA
margin
|
17.35
|
%
|
|
|
|
17.35
|
%
|
|
22.78
|
%
|
|
|
|
22.78
|
%
|
|
(5.43)
|
%
|
|
(5.43)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
164.00
|
|
|
$
|
—
|
|
|
$
|
164.00
|
|
|
$
|
177.93
|
|
|
$
|
—
|
|
|
$
|
177.93
|
|
|
(7.83)
|
%
|
|
(7.83)
|
%
|
|
Occupancy
|
80.92
|
%
|
|
—
|
%
|
|
80.92
|
%
|
|
82.42
|
%
|
|
—
|
%
|
|
82.42
|
%
|
|
(1.82)
|
%
|
|
(1.82)
|
%
|
|
ADR
|
$
|
202.66
|
|
|
$
|
—
|
|
|
$
|
202.66
|
|
|
$
|
215.89
|
|
|
$
|
—
|
|
|
$
|
215.89
|
|
|
(6.13)
|
%
|
|
(6.13)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BARDESSONO HOTEL
AND SPA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
13,414
|
|
|
$
|
—
|
|
|
$
|
13,414
|
|
|
$
|
14,047
|
|
|
$
|
—
|
|
|
$
|
14,047
|
|
|
(4.51)
|
%
|
|
(4.51)
|
%
|
|
Total hotel
revenue
|
$
|
17,701
|
|
|
$
|
—
|
|
|
$
|
17,701
|
|
|
$
|
18,934
|
|
|
$
|
—
|
|
|
$
|
18,934
|
|
|
(6.51)
|
%
|
|
(6.51)
|
%
|
|
Hotel
EBITDA
|
$
|
4,441
|
|
|
$
|
—
|
|
|
$
|
4,441
|
|
|
$
|
5,029
|
|
|
$
|
—
|
|
|
$
|
5,029
|
|
|
(11.69)
|
%
|
|
(11.69)
|
%
|
|
Hotel EBITDA
margin
|
25.09
|
%
|
|
|
|
25.09
|
%
|
|
26.56
|
%
|
|
|
|
26.56
|
%
|
|
(1.47)
|
%
|
|
(1.47)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
592.77
|
|
|
$
|
—
|
|
|
$
|
592.77
|
|
|
$
|
619.02
|
|
|
$
|
—
|
|
|
$
|
619.02
|
|
|
(4.24)
|
%
|
|
(4.24)
|
%
|
|
Occupancy
|
76.96
|
%
|
|
—
|
%
|
|
76.96
|
%
|
|
84.37
|
%
|
|
—
|
%
|
|
84.37
|
%
|
|
(8.78)
|
%
|
|
(8.78)
|
%
|
|
ADR
|
$
|
770.19
|
|
|
$
|
—
|
|
|
$
|
770.19
|
|
|
$
|
733.66
|
|
|
$
|
—
|
|
|
$
|
733.66
|
|
|
4.98
|
%
|
|
4.98
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY WEST PIER
HOUSE RESORT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
17,202
|
|
|
$
|
—
|
|
|
$
|
17,202
|
|
|
$
|
18,766
|
|
|
$
|
—
|
|
|
$
|
18,766
|
|
|
(8.33)
|
%
|
|
(8.33)
|
%
|
|
Total hotel
revenue
|
$
|
23,232
|
|
|
$
|
—
|
|
|
$
|
23,232
|
|
|
$
|
23,435
|
|
|
$
|
—
|
|
|
$
|
23,435
|
|
|
(0.87)
|
%
|
|
(0.87)
|
%
|
|
Hotel
EBITDA
|
$
|
10,982
|
|
|
$
|
—
|
|
|
$
|
10,982
|
|
|
$
|
10,229
|
|
|
$
|
—
|
|
|
$
|
10,229
|
|
|
7.36
|
%
|
|
7.36
|
%
|
|
Hotel EBITDA
margin
|
47.27
|
%
|
|
|
|
47.27
|
%
|
|
43.65
|
%
|
|
|
|
43.65
|
%
|
|
3.62
|
%
|
|
3.62
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
331.87
|
|
|
$
|
—
|
|
|
$
|
331.87
|
|
|
$
|
361.08
|
|
|
$
|
—
|
|
|
$
|
361.08
|
|
|
(8.09)
|
%
|
|
(8.09)
|
%
|
|
Occupancy
|
77.07
|
%
|
|
—
|
%
|
|
77.07
|
%
|
|
87.90
|
%
|
|
—
|
%
|
|
87.90
|
%
|
|
(12.32)
|
%
|
|
(12.32)
|
%
|
|
ADR
|
$
|
430.59
|
|
|
$
|
—
|
|
|
$
|
430.59
|
|
|
$
|
410.79
|
|
|
$
|
—
|
|
|
$
|
410.79
|
|
|
4.82
|
%
|
|
4.82
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL
YOUNTVILLE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
8,140
|
|
|
$
|
3,473
|
|
|
$
|
11,613
|
|
|
$
|
—
|
|
|
$
|
13,698
|
|
|
$
|
13,698
|
|
|
—
|
%
|
|
(15.22)
|
%
|
|
Total hotel
revenue
|
$
|
9,599
|
|
|
$
|
4,276
|
|
|
$
|
13,875
|
|
|
$
|
—
|
|
|
$
|
16,410
|
|
|
$
|
16,410
|
|
|
—
|
%
|
|
(15.45)
|
%
|
|
Hotel
EBITDA
|
$
|
3,924
|
|
|
$
|
1,233
|
|
|
$
|
5,157
|
|
|
$
|
—
|
|
|
$
|
6,960
|
|
|
$
|
6,960
|
|
|
—
|
%
|
|
(25.91)
|
%
|
|
Hotel EBITDA
margin
|
40.88
|
%
|
|
|
|
37.17
|
%
|
|
—
|
%
|
|
|
|
42.41
|
%
|
|
40.88
|
%
|
|
(5.24)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
433.00
|
|
|
$
|
333.88
|
|
|
$
|
397.69
|
|
|
$
|
—
|
|
|
$
|
467.82
|
|
|
$
|
467.82
|
|
|
—
|
%
|
|
(14.99)
|
%
|
|
Occupancy
|
71.78
|
%
|
|
75.52
|
%
|
|
73.11
|
%
|
|
—
|
%
|
|
86.42
|
%
|
|
86.42
|
%
|
|
—
|
%
|
|
(15.40)
|
%
|
|
ADR
|
$
|
603.21
|
|
|
$
|
442.11
|
|
|
$
|
543.95
|
|
|
$
|
—
|
|
|
$
|
541.31
|
|
|
$
|
541.31
|
|
|
—
|
%
|
|
0.49
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARK HYATT BEAVER
CREEK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
8,753
|
|
|
$
|
10,034
|
|
|
$
|
18,787
|
|
|
$
|
—
|
|
|
$
|
18,777
|
|
|
$
|
18,777
|
|
|
—
|
%
|
|
0.05
|
%
|
|
Total hotel
revenue
|
$
|
21,969
|
|
|
$
|
18,810
|
|
|
$
|
40,779
|
|
|
$
|
—
|
|
|
$
|
40,149
|
|
|
$
|
40,149
|
|
|
—
|
%
|
|
1.57
|
%
|
|
Hotel
EBITDA
|
$
|
2,419
|
|
|
$
|
6,968
|
|
|
$
|
9,387
|
|
|
$
|
—
|
|
|
$
|
9,700
|
|
|
$
|
9,700
|
|
|
—
|
%
|
|
(3.23)
|
%
|
|
Hotel EBITDA
margin
|
11.01
|
%
|
|
|
|
23.02
|
%
|
|
—
|
%
|
|
|
|
24.16
|
%
|
|
11.01
|
%
|
|
(1.14)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
167.51
|
|
|
$
|
586.82
|
|
|
$
|
270.90
|
|
|
$
|
—
|
|
|
$
|
270.02
|
|
|
$
|
270.02
|
|
|
—
|
%
|
|
0.33
|
%
|
|
Occupancy
|
53.94
|
%
|
|
83.74
|
%
|
|
61.29
|
%
|
|
—
|
%
|
|
62.03
|
%
|
|
62.03
|
%
|
|
—
|
%
|
|
(1.19)
|
%
|
|
ADR
|
$
|
310.52
|
|
|
$
|
700.74
|
|
|
$
|
441.98
|
|
|
$
|
—
|
|
|
$
|
435.33
|
|
|
$
|
435.33
|
|
|
—
|
%
|
|
1.53
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHILADELPHIA
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
26,337
|
|
|
$
|
—
|
|
|
$
|
26,337
|
|
|
$
|
27,260
|
|
|
$
|
—
|
|
|
$
|
27,260
|
|
|
(3.39)
|
%
|
|
(3.39)
|
%
|
|
Total hotel
revenue
|
$
|
31,862
|
|
|
$
|
—
|
|
|
$
|
31,862
|
|
|
$
|
32,643
|
|
|
$
|
—
|
|
|
$
|
32,643
|
|
|
(2.39)
|
%
|
|
(2.39)
|
%
|
|
Hotel
EBITDA
|
$
|
12,221
|
|
|
$
|
—
|
|
|
$
|
12,221
|
|
|
$
|
12,557
|
|
|
$
|
—
|
|
|
$
|
12,557
|
|
|
(2.68)
|
%
|
|
(2.68)
|
%
|
|
Hotel EBITDA
margin
|
38.36
|
%
|
|
|
|
38.36
|
%
|
|
38.47
|
%
|
|
|
|
38.47
|
%
|
|
(0.11)
|
%
|
|
(0.11)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
144.60
|
|
|
$
|
—
|
|
|
$
|
144.60
|
|
|
$
|
149.26
|
|
|
$
|
—
|
|
|
$
|
149.26
|
|
|
(3.12)
|
%
|
|
(3.12)
|
%
|
|
Occupancy
|
81.83
|
%
|
|
—
|
%
|
|
81.83
|
%
|
|
81.80
|
%
|
|
—
|
%
|
|
81.80
|
%
|
|
0.04
|
%
|
|
0.04
|
%
|
|
ADR
|
$
|
176.71
|
|
|
$
|
—
|
|
|
$
|
176.71
|
|
|
$
|
182.46
|
|
|
$
|
—
|
|
|
$
|
182.46
|
|
|
(3.15)
|
%
|
|
(3.15)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLANO MARRIOTT
LEGACY TOWN CENTER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
16,763
|
|
|
$
|
(16,763)
|
|
|
$
|
—
|
|
|
$
|
19,899
|
|
|
$
|
(19,899)
|
|
|
$
|
—
|
|
|
(15.76)
|
%
|
|
—
|
%
|
|
Total hotel
revenue
|
$
|
27,250
|
|
|
$
|
(27,250)
|
|
|
$
|
—
|
|
|
$
|
32,001
|
|
|
$
|
(32,001)
|
|
|
$
|
—
|
|
|
(14.85)
|
%
|
|
—
|
%
|
|
Hotel
EBITDA
|
$
|
9,570
|
|
|
$
|
(9,570)
|
|
|
$
|
—
|
|
|
$
|
11,021
|
|
|
$
|
(11,021)
|
|
|
$
|
—
|
|
|
(13.17)
|
%
|
|
—
|
%
|
|
Hotel EBITDA
margin
|
35.12
|
%
|
|
|
|
—
|
%
|
|
34.44
|
%
|
|
|
|
—
|
%
|
|
0.68
|
%
|
|
—
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
136.49
|
|
|
$
|
(136.49)
|
|
|
$
|
—
|
|
|
$
|
134.58
|
|
|
$
|
(134.58)
|
|
|
$
|
—
|
|
|
1.42
|
%
|
|
—
|
%
|
|
Occupancy
|
72.76
|
%
|
|
(72.76)
|
%
|
|
—
|
%
|
|
70.57
|
%
|
|
(70.57)
|
%
|
|
—
|
%
|
|
3.10
|
%
|
|
—
|
%
|
|
ADR
|
$
|
187.59
|
|
|
$
|
(187.59)
|
|
|
$
|
—
|
|
|
$
|
190.70
|
|
|
$
|
(190.70)
|
|
|
$
|
—
|
|
|
(1.63)
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAN FRANCISCO
COURTYARD DOWNTOWN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
32,109
|
|
|
$
|
—
|
|
|
$
|
32,109
|
|
|
$
|
36,249
|
|
|
$
|
—
|
|
|
$
|
36,249
|
|
|
(11.42)
|
%
|
|
(11.42)
|
%
|
|
Total hotel
revenue
|
$
|
36,929
|
|
|
$
|
—
|
|
|
$
|
36,929
|
|
|
$
|
41,365
|
|
|
$
|
—
|
|
|
$
|
41,365
|
|
|
(10.72)
|
%
|
|
(10.72)
|
%
|
|
Hotel
EBITDA
|
$
|
12,737
|
|
|
$
|
—
|
|
|
$
|
12,737
|
|
|
$
|
12,790
|
|
|
$
|
—
|
|
|
$
|
12,790
|
|
|
(0.41)
|
%
|
|
(0.41)
|
%
|
|
Hotel EBITDA
margin
|
34.49
|
%
|
|
|
|
34.49
|
%
|
|
30.92
|
%
|
|
|
|
30.92
|
%
|
|
3.57
|
%
|
|
3.57
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
216.12
|
|
|
$
|
—
|
|
|
$
|
216.12
|
|
|
$
|
244.54
|
|
|
$
|
—
|
|
|
$
|
244.54
|
|
|
(11.62)
|
%
|
|
(11.62)
|
%
|
|
Occupancy
|
79.93
|
%
|
|
—
|
%
|
|
79.93
|
%
|
|
89.55
|
%
|
|
—
|
%
|
|
89.55
|
%
|
|
(10.74)
|
%
|
|
(10.74)
|
%
|
|
ADR
|
$
|
270.38
|
|
|
$
|
—
|
|
|
$
|
270.38
|
|
|
$
|
273.07
|
|
|
$
|
—
|
|
|
$
|
273.07
|
|
|
(0.99)
|
%
|
|
(0.99)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEATTLE MARRIOTT
WATERFRONT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
31,409
|
|
|
$
|
—
|
|
|
$
|
31,409
|
|
|
$
|
28,748
|
|
|
$
|
—
|
|
|
$
|
28,748
|
|
|
9.26
|
%
|
|
9.26
|
%
|
|
Total hotel
revenue
|
$
|
40,714
|
|
|
$
|
—
|
|
|
$
|
40,714
|
|
|
$
|
37,648
|
|
|
$
|
—
|
|
|
$
|
37,648
|
|
|
8.14
|
%
|
|
8.14
|
%
|
|
Hotel
EBITDA
|
$
|
16,209
|
|
|
$
|
—
|
|
|
$
|
16,209
|
|
|
$
|
15,115
|
|
|
$
|
—
|
|
|
$
|
15,115
|
|
|
7.24
|
%
|
|
7.24
|
%
|
|
Hotel EBITDA
margin
|
39.81
|
%
|
|
|
|
39.81
|
%
|
|
40.15
|
%
|
|
|
|
40.15
|
%
|
|
(0.34)
|
%
|
|
(0.34)
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
239.50
|
|
|
$
|
—
|
|
|
$
|
239.50
|
|
|
$
|
219.40
|
|
|
$
|
—
|
|
|
$
|
219.40
|
|
|
9.16
|
%
|
|
9.16
|
%
|
|
Occupancy
|
87.99
|
%
|
|
—
|
%
|
|
87.99
|
%
|
|
83.07
|
%
|
|
—
|
%
|
|
83.07
|
%
|
|
5.92
|
%
|
|
5.92
|
%
|
|
ADR
|
$
|
272.19
|
|
|
$
|
—
|
|
|
$
|
272.19
|
|
|
$
|
264.10
|
|
|
$
|
—
|
|
|
$
|
264.10
|
|
|
3.06
|
%
|
|
3.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST. THOMAS
RITZ-CARLTON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
23,171
|
|
|
$
|
—
|
|
|
$
|
23,171
|
|
|
$
|
27,795
|
|
|
$
|
—
|
|
|
$
|
27,795
|
|
|
(16.64)
|
%
|
|
(16.64)
|
%
|
|
Total hotel
revenue
|
$
|
43,957
|
|
|
$
|
—
|
|
|
$
|
43,957
|
|
|
$
|
50,278
|
|
|
$
|
—
|
|
|
$
|
50,278
|
|
|
(12.57)
|
%
|
|
(12.57)
|
%
|
|
Hotel
EBITDA
|
$
|
10,595
|
|
|
$
|
—
|
|
|
$
|
10,595
|
|
|
$
|
8,813
|
|
|
$
|
—
|
|
|
$
|
8,813
|
|
|
20.22
|
%
|
|
20.22
|
%
|
|
Hotel EBITDA
margin
|
24.10
|
%
|
|
|
|
24.10
|
%
|
|
17.53
|
%
|
|
|
|
17.53
|
%
|
|
6.57
|
%
|
|
6.57
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
442.26
|
|
|
$
|
—
|
|
|
$
|
442.26
|
|
|
$
|
421.90
|
|
|
$
|
—
|
|
|
$
|
421.90
|
|
|
4.83
|
%
|
|
4.83
|
%
|
|
Occupancy
|
79.94
|
%
|
|
—
|
%
|
|
79.94
|
%
|
|
78.46
|
%
|
|
—
|
%
|
|
78.46
|
%
|
|
1.89
|
%
|
|
1.89
|
%
|
|
ADR
|
$
|
553.27
|
|
|
$
|
—
|
|
|
$
|
553.27
|
|
|
$
|
537.75
|
|
|
$
|
—
|
|
|
$
|
537.75
|
|
|
2.89
|
%
|
|
2.89
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TAMPA
RENAISSANCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
16,859
|
|
|
$
|
—
|
|
|
$
|
16,859
|
|
|
$
|
16,384
|
|
|
$
|
—
|
|
|
$
|
16,384
|
|
|
2.90
|
%
|
|
2.90
|
%
|
|
Total hotel
revenue
|
$
|
24,125
|
|
|
$
|
—
|
|
|
$
|
24,125
|
|
|
$
|
23,881
|
|
|
$
|
—
|
|
|
$
|
23,881
|
|
|
1.02
|
%
|
|
1.02
|
%
|
|
Hotel
EBITDA
|
$
|
7,002
|
|
|
$
|
—
|
|
|
$
|
7,002
|
|
|
$
|
6,777
|
|
|
$
|
—
|
|
|
$
|
6,777
|
|
|
3.32
|
%
|
|
3.32
|
%
|
|
Hotel EBITDA
margin
|
29.02
|
%
|
|
|
|
29.02
|
%
|
|
28.38
|
%
|
|
|
|
28.38
|
%
|
|
0.64
|
%
|
|
0.64
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
157.65
|
|
|
$
|
—
|
|
|
$
|
157.65
|
|
|
$
|
152.79
|
|
|
$
|
—
|
|
|
$
|
152.79
|
|
|
3.18
|
%
|
|
3.18
|
%
|
|
Occupancy
|
81.96
|
%
|
|
—
|
%
|
|
81.96
|
%
|
|
81.22
|
%
|
|
—
|
%
|
|
81.22
|
%
|
|
0.91
|
%
|
|
0.91
|
%
|
|
ADR
|
$
|
192.34
|
|
|
$
|
—
|
|
|
$
|
192.34
|
|
|
$
|
188.12
|
|
|
$
|
—
|
|
|
$
|
188.12
|
|
|
2.24
|
%
|
|
2.24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRIME PROPERTIES
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rooms
revenue
|
$
|
286,006
|
|
|
$
|
(3,256)
|
|
|
$
|
282,750
|
|
|
$
|
287,844
|
|
|
$
|
5,607
|
|
|
$
|
293,451
|
|
|
(0.64)
|
%
|
|
(3.65)
|
%
|
|
Total hotel
revenue
|
$
|
413,905
|
|
|
$
|
(4,164)
|
|
|
$
|
409,741
|
|
|
$
|
405,729
|
|
|
$
|
16,563
|
|
|
$
|
422,292
|
|
|
2.02
|
%
|
|
(2.97)
|
%
|
|
Hotel
EBITDA
|
$
|
128,300
|
|
|
$
|
(1,379)
|
|
|
$
|
126,921
|
|
|
$
|
124,239
|
|
|
$
|
2,475
|
|
|
$
|
126,714
|
|
|
3.27
|
%
|
|
0.16
|
%
|
|
Hotel EBITDA
margin
|
31.00
|
%
|
|
|
|
30.98
|
%
|
|
30.62
|
%
|
|
|
|
30.01
|
%
|
|
0.38
|
%
|
|
0.97
|
%
|
|
Selected Operating
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR
|
$
|
206.42
|
|
|
$
|
(34.16)
|
|
|
$
|
219.15
|
|
|
$
|
205.54
|
|
|
$
|
(59.31)
|
|
|
$
|
224.71
|
|
|
0.43
|
%
|
|
(2.47)
|
%
|
|
Occupancy
|
80.97
|
%
|
|
(70.49)
|
%
|
|
81.75
|
%
|
|
82.94
|
%
|
|
78.28
|
%
|
|
83.27
|
%
|
|
(2.38)
|
%
|
|
(1.83)
|
%
|
|
ADR
|
$
|
254.92
|
|
|
$
|
(48.46)
|
|
|
$
|
268.07
|
|
|
$
|
247.83
|
|
|
$
|
(75.76)
|
|
|
$
|
269.85
|
|
|
2.86
|
%
|
|
(0.66)
|
%
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the twelve hotel properties owned and included
in the Company's operations at December 31, 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
|
|
2017
|
|
2017
|
|
2017
|
|
4th
Quarter
|
|
4th
Quarter
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
|
1st
Quarter
|
Total Hotel
Revenue
|
$
92,514
|
|
$
(2,942)
|
|
$
89,572
|
|
$
108,080
|
|
$
(6,871)
|
|
$
101,209
|
|
$
116,055
|
|
$
(7,307)
|
|
$
108,748
|
|
$
97,256
|
|
$
12,956
|
|
$
110,212
|
Hotel
EBITDA
|
$
28,168
|
|
$
(1,076)
|
|
$
27,092
|
|
$
33,030
|
|
$
(2,402)
|
|
$
30,628
|
|
$
38,371
|
|
$
(2,474)
|
|
$
35,897
|
|
$
28,731
|
|
$
4,573
|
|
$
33,304
|
Hotel EBITDA
Margin
|
30.45 %
|
|
|
|
30.25 %
|
|
30.56 %
|
|
|
|
30.26 %
|
|
33.06 %
|
|
|
|
33.01 %
|
|
29.54 %
|
|
|
|
30.22 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
22.0 %
|
|
|
|
21.4 %
|
|
25.7 %
|
|
|
|
24.1 %
|
|
29.9 %
|
|
|
|
28.3 %
|
|
22.4 %
|
|
|
|
26.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$
1,620
|
|
$
—
|
|
$
1,620
|
|
$
1,618
|
|
$
—
|
|
$
1,618
|
|
$
2,642
|
|
$
—
|
|
$
2,642
|
|
$
2,223
|
|
$
—
|
|
$
2,223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Non-comparable
Adjustments
|
|
Comparable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TTM
|
|
TTM
|
|
TTM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Hotel
Revenue
|
$
413,905
|
|
$
(4,164)
|
|
$
409,741
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
EBITDA
|
$
128,300
|
|
$
(1,379)
|
|
$
126,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
Margin
|
31.00 %
|
|
|
|
30.98 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA % of Total
TTM
|
100.0 %
|
|
|
|
100.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JV Interests in
EBITDA
|
$
8,103
|
|
$
—
|
|
$
8,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the twelve hotel properties owned and included
in the Company's operations at December 31, 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
|
DECEMBER 31,
2017
|
(in thousands,
except share price)
|
(unaudited)
|
|
|
December 31,
2017
|
End of quarter common
shares outstanding
|
32,120
|
Partnership units
outstanding (common stock equivalents)
|
4,790
|
Combined common
shares and partnership units outstanding
|
36,910
|
Common stock price at
quarter end
|
$
9.73
|
Market
capitalization at quarter end
|
$
359,134
|
Series B convertible
preferred stock
|
$
124,146
|
Debt on balance sheet
date
|
$
826,236
|
Joint venture
partner's share of consolidated debt
|
$
(47,503)
|
Net working capital
(see below)
|
$
(161,359)
|
Total enterprise
value (TEV)
|
$
1,100,654
|
|
|
Ashford Inc.
Investment:
|
|
Common stock owned at
end of quarter
|
195
|
Common stock price at
quarter end
|
$
93.00
|
Market value of
Ashford Inc. investment
|
$
18,124
|
|
|
Cash and cash
equivalents
|
$
131,827
|
Restricted
cash
|
$
46,142
|
Accounts receivable,
net
|
$
13,545
|
Insurance
receivable
|
$
8,825
|
Prepaid
expenses
|
$
3,525
|
Due from third-party
hotel managers, net
|
$
3,015
|
Market value of
Ashford Inc. investment
|
$
18,124
|
Total current
assets
|
$
225,003
|
|
|
Accounts payable, net
& accrued expenses
|
$
54,143
|
Dividends
payable
|
$
8,146
|
Due to affiliates,
net
|
$
1,355
|
Total current
liabilities
|
$
63,644
|
|
|
Net working
capital*
|
$
161,359
|
|
|
* 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
|
Actual
|
|
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
|
|
|
|
|
|
Philadelphia
Courtyard Downtown
|
499
|
x
|
|
|
|
|
|
|
|
x
|
San Francisco
Courtyard Downtown
|
405
|
x
|
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
|
|
2017
|
|
December 31,
2017
|
|
4th
Quarter
|
|
3rd
Quarter
|
|
2nd
Quarter
|
|
1st
Quarter
|
|
TTM
|
Net income
(loss)
|
$
35,206
|
|
$
10,705
|
|
$
21,607
|
|
$
14,951
|
|
$
82,469
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(1,035)
|
|
(872)
|
|
(1,825)
|
|
(1,444)
|
|
(5,176)
|
Net income (loss)
attributable to the Company
|
34,171
|
|
9,833
|
|
19,782
|
|
13,507
|
|
77,293
|
Non-property
adjustments
|
(23,720)
|
|
1,008
|
|
—
|
|
—
|
|
(22,712)
|
Interest
income
|
(13)
|
|
(18)
|
|
(10)
|
|
(10)
|
|
(51)
|
Interest
expense
|
2,986
|
|
2,744
|
|
2,204
|
|
1,280
|
|
9,214
|
Amortization of loan
costs
|
310
|
|
307
|
|
271
|
|
130
|
|
1,018
|
Depreciation and
amortization
|
12,705
|
|
14,134
|
|
13,468
|
|
11,851
|
|
52,158
|
Income tax expense
(benefit)
|
(607)
|
|
(404)
|
|
366
|
|
133
|
|
(512)
|
Non-hotel EBITDA
ownership expense
|
1,301
|
|
4,554
|
|
465
|
|
396
|
|
6,716
|
Income (loss) from
consolidated entities attributable to noncontrolling
interest
|
1,035
|
|
872
|
|
1,825
|
|
1,444
|
|
5,176
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
28,168
|
|
33,030
|
|
38,371
|
|
28,731
|
|
128,300
|
|
|
|
|
|
|
|
|
|
—
|
Non-comparable
adjustments
|
(1,076)
|
|
(2,402)
|
|
(2,474)
|
|
4,573
|
|
(1,379)
|
|
|
|
|
|
|
|
|
|
|
Comparable hotel
EBITDA
|
$
27,092
|
|
$
30,628
|
|
$
35,897
|
|
$
33,304
|
|
$
126,921
|
Exhibit
1
|
|
ASHFORD
HOSPITALITY PRIME, INC. AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME (LOSS) TO HOTEL EBITDA
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
December 31, 2017
|
|
Capital Hilton
Washington D.C.
|
|
La Jolla Hilton
Torrey Pines
|
|
Chicago Sofitel
Magnificent Mile
|
|
Bardessono Hotel
& Spa
|
|
Key West Pier
House Resort
|
|
Hotel
Yountville
|
|
Park Hyatt Beaver
Creek
|
|
Philadelphia
Courtyard Downtown
|
|
Plano Marriott
Legacy Town Center
|
|
San Francisco
Courtyard Downtown
|
|
Seattle Courtyard
Downtown
|
|
Seattle Marriott
Waterfront
|
|
St. Thomas
Ritz-Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Prime, Inc.
|
Net income
(loss)
|
$
2,003
|
|
$
1,921
|
|
$
(502)
|
|
$
(745)
|
|
$
2,416
|
|
$
(744)
|
|
$
(484)
|
|
$
1,927
|
|
$
24,587
|
|
$
512
|
|
$
—
|
|
$
2,240
|
|
$
1,226
|
|
$
849
|
|
$
35,206
|
|
$
(6,762)
|
|
$
28,444
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(534)
|
|
(501)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,035)
|
|
507
|
|
(528)
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,996)
|
|
(2,996)
|
Net income (loss)
attributable to the Company
|
1,469
|
|
1,420
|
|
(502)
|
|
(745)
|
|
2,416
|
|
(744)
|
|
(484)
|
|
1,927
|
|
24,587
|
|
512
|
|
—
|
|
2,240
|
|
1,226
|
|
849
|
|
34,171
|
|
(9,251)
|
|
24,920
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
505
|
|
—
|
|
—
|
|
—
|
|
(23,797)
|
|
—
|
|
—
|
|
—
|
|
(428)
|
|
—
|
|
(23,720)
|
|
23,720
|
|
—
|
Interest
income
|
(2)
|
|
(6)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3)
|
|
(1)
|
|
(1)
|
|
(13)
|
|
(202)
|
|
(215)
|
Interest
expense
|
—
|
|
—
|
|
733
|
|
388
|
|
—
|
|
499
|
|
697
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
669
|
|
—
|
|
2,986
|
|
6,059
|
|
9,045
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
35
|
|
—
|
|
34
|
|
131
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
110
|
|
—
|
|
310
|
|
839
|
|
1,149
|
Depreciation and
amortization
|
1,696
|
|
1,468
|
|
1,290
|
|
647
|
|
712
|
|
655
|
|
824
|
|
1,540
|
|
135
|
|
1,486
|
|
—
|
|
1,047
|
|
265
|
|
940
|
|
12,705
|
|
(16)
|
|
12,689
|
Income tax expense
(benefit)
|
—
|
|
(593)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
11
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(25)
|
|
—
|
|
(607)
|
|
(249)
|
|
(856)
|
Non-hotel EBITDA
ownership expense
|
83
|
|
(90)
|
|
54
|
|
169
|
|
(176)
|
|
47
|
|
13
|
|
40
|
|
151
|
|
438
|
|
—
|
|
46
|
|
536
|
|
(10)
|
|
1,301
|
|
(1,301)
|
|
—
|
Income (loss) from
consolidated entities attributable to noncontrolling
interest
|
534
|
|
501
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,035
|
|
(1,035)
|
|
—
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
3,780
|
|
2,700
|
|
1,575
|
|
494
|
|
3,457
|
|
491
|
|
1,181
|
|
3,518
|
|
1,076
|
|
2,436
|
|
—
|
|
3,330
|
|
2,352
|
|
1,778
|
|
28,168
|
|
18,564
|
|
46,732
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(411)
|
|
(174)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(585)
|
|
(505)
|
|
(1,090)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(534)
|
|
(501)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,035)
|
|
1,035
|
|
—
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,996
|
|
2,996
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
2,835
|
|
$
2,025
|
|
$
1,575
|
|
$
494
|
|
$
3,457
|
|
$
491
|
|
$
1,181
|
|
$
3,518
|
|
$
1,076
|
|
$
2,436
|
|
$
—
|
|
$
3,330
|
|
$
2,352
|
|
$
1,778
|
|
$
26,548
|
|
$
22,090
|
|
$
48,638
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,076)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,076)
|
|
|
|
|
Comparable hotel
EBITDA
|
$
3,780
|
|
$
2,700
|
|
$
1,575
|
|
$
494
|
|
$
3,457
|
|
$
491
|
|
$
1,181
|
|
$
3,518
|
|
$
—
|
|
$
2,436
|
|
$
—
|
|
$
3,330
|
|
$
2,352
|
|
$
1,778
|
|
$
27,092
|
|
|
|
|
ALL HOTELS NOT
UNDER
RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
$
—
|
|
$
2,700
|
|
$
—
|
|
$
494
|
|
$
—
|
|
$
491
|
|
$
1,181
|
|
$
3,518
|
|
$
1,076
|
|
$
—
|
|
$
—
|
|
$
3,330
|
|
$
—
|
|
$
1,778
|
|
$
14,568
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,076)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,076)
|
|
|
|
|
Comparable hotel
EBITDA
|
$
—
|
|
$
2,700
|
|
$
—
|
|
$
494
|
|
$
—
|
|
$
491
|
|
$
1,181
|
|
$
3,518
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
3,330
|
|
$
—
|
|
$
1,778
|
|
$
13,492
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the twelve hotel properties owned and included
in the Company's operations at December 31, 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:
|
|
Capital Hilton
Washington D.C., Chicago Sofitel Magnificent Mile, 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
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
|
|
—
|
|
(2,698)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
635
|
|
|
|
|
Comparable hotel
EBITDA
|
$
4,096
|
|
$
2,790
|
|
$
2,187
|
|
$
1,431
|
|
$
2,469
|
|
$
1,567
|
|
$
1,766
|
|
$
2,794
|
|
$
—
|
|
$
1,987
|
|
$
—
|
|
$
3,048
|
|
$
1,189
|
|
$
1,637
|
|
$
26,961
|
|
|
|
|
ALL HOTELS NOT
UNDER
RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
$
—
|
|
$
2,790
|
|
$
—
|
|
$
1,431
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
2,794
|
|
$
2,698
|
|
$
—
|
|
$
—
|
|
$
3,048
|
|
$
—
|
|
$
1,637
|
|
$
14,398
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,567
|
|
1,766
|
|
—
|
|
(2,698)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
635
|
|
|
|
|
Comparable hotel
EBITDA
|
$
—
|
|
$
2,790
|
|
$
—
|
|
$
1,431
|
|
$
—
|
|
$
1,567
|
|
$
1,766
|
|
$
2,794
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
3,048
|
|
$
—
|
|
$
1,637
|
|
$
15,033
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the twelve hotel properties owned and included
in the Company's operations at December 31, 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:
|
|
Capital Hilton
Washington D.C., Chicago Sofitel Magnificent Mile, 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)
|
|
|
Year Ended
December 31, 2017
|
|
Capital Hilton
Washington D.C.
|
|
La Jolla Hilton
Torrey Pines
|
|
Chicago Sofitel
Magnificent Mile
|
|
Bardessono Hotel
& Spa
|
|
Key West Pier
House Resort
|
|
Hotel
Yountville
|
|
Park Hyatt Beaver
Creek
|
|
Philadelphia
Courtyard Downtown
|
|
Plano Marriott
Legacy Town Center
|
|
San Francisco
Courtyard Downtown
|
|
Seattle Courtyard
Downtown
|
|
Seattle Marriott
Waterfront
|
|
St. Thomas
Ritz-Carlton
|
|
Tampa
Renaissance
|
|
Hotel
Total
|
|
Corporate /
Allocated
|
|
Ashford
Hospitality Prime, Inc.
|
Net income
(loss)
|
$
10,489
|
|
$
9,333
|
|
$
(1,613)
|
|
$
640
|
|
$
6,235
|
|
$
803
|
|
$
(2,546)
|
|
$
5,884
|
|
$
29,398
|
|
$
7,275
|
|
$
10
|
|
$
11,999
|
|
$
1,329
|
|
$
3,233
|
|
$
82,469
|
|
$
(54,145)
|
|
$
28,324
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(2,754)
|
|
(2,422)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(5,176)
|
|
1,912
|
|
(3,264)
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,038)
|
|
(2,038)
|
Net income (loss)
attributable to the Company
|
7,735
|
|
6,911
|
|
(1,613)
|
|
640
|
|
6,235
|
|
803
|
|
(2,546)
|
|
5,884
|
|
29,398
|
|
7,275
|
|
10
|
|
11,999
|
|
1,329
|
|
3,233
|
|
77,293
|
|
(54,271)
|
|
23,022
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
823
|
|
—
|
|
—
|
|
—
|
|
(23,797)
|
|
—
|
|
—
|
|
—
|
|
252
|
|
10
|
|
(22,712)
|
|
22,712
|
|
—
|
Interest
income
|
(17)
|
|
(12)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
|
—
|
|
(4)
|
|
—
|
|
(12)
|
|
(4)
|
|
(1)
|
|
(51)
|
|
(639)
|
|
(690)
|
Interest
expense
|
—
|
|
—
|
|
2,738
|
|
573
|
|
—
|
|
1,249
|
|
2,032
|
|
54
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,568
|
|
—
|
|
9,214
|
|
24,820
|
|
34,034
|
Amortization of loan
cost
|
—
|
|
—
|
|
—
|
|
46
|
|
—
|
|
78
|
|
388
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
506
|
|
—
|
|
1,018
|
|
3,885
|
|
4,903
|
Depreciation and
amortization
|
6,510
|
|
5,976
|
|
4,578
|
|
2,533
|
|
2,850
|
|
1,674
|
|
2,456
|
|
6,082
|
|
3,796
|
|
4,918
|
|
—
|
|
4,081
|
|
2,949
|
|
3,755
|
|
52,158
|
|
104
|
|
52,262
|
Income tax expense
(benefit)
|
—
|
|
(532)
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
22
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(512)
|
|
(10)
|
|
(522)
|
Non-hotel EBITDA
ownership expense
|
690
|
|
(25)
|
|
76
|
|
649
|
|
1,074
|
|
120
|
|
89
|
|
180
|
|
174
|
|
548
|
|
—
|
|
141
|
|
2,995
|
|
5
|
|
6,716
|
|
(6,716)
|
|
—
|
Income (loss) from
consolidated entities attributable to noncontrolling
interest
|
2,754
|
|
2,422
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,176
|
|
(5,176)
|
|
—
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
17,672
|
|
14,740
|
|
5,778
|
|
4,441
|
|
10,982
|
|
3,924
|
|
2,419
|
|
12,221
|
|
9,570
|
|
12,737
|
|
10
|
|
16,209
|
|
10,595
|
|
7,002
|
|
128,300
|
|
(15,291)
|
|
113,009
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(1,664)
|
|
(1,263)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,927)
|
|
(1,742)
|
|
(4,669)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(2,754)
|
|
(2,422)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(5,176)
|
|
5,176
|
|
—
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,038
|
|
2,038
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
13,254
|
|
$
11,055
|
|
$
5,778
|
|
$
4,441
|
|
$
10,982
|
|
$
3,924
|
|
$
2,419
|
|
$
12,221
|
|
$
9,570
|
|
$
12,737
|
|
$
10
|
|
$
16,209
|
|
$
10,595
|
|
$
7,002
|
|
$
120,197
|
|
$
(9,819)
|
|
$
110,378
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,233
|
|
6,968
|
|
—
|
|
(9,570)
|
|
—
|
|
(10)
|
|
—
|
|
—
|
|
—
|
|
(1,379)
|
|
|
|
|
Comparable hotel
EBITDA
|
$
17,672
|
|
$
14,740
|
|
$
5,778
|
|
$
4,441
|
|
$
10,982
|
|
$
5,157
|
|
$
9,387
|
|
$
12,221
|
|
$
—
|
|
$
12,737
|
|
$
—
|
|
$
16,209
|
|
$
10,595
|
|
$
7,002
|
|
$
126,921
|
|
|
|
|
ALL HOTELS NOT
UNDER
RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
$
—
|
|
$
14,740
|
|
$
—
|
|
$
4,441
|
|
$
—
|
|
$
3,924
|
|
$
2,419
|
|
$
12,221
|
|
$
9,570
|
|
$
—
|
|
$
10
|
|
$
16,209
|
|
$
—
|
|
$
7,002
|
|
$
70,536
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,233
|
|
6,968
|
|
—
|
|
(9,570)
|
|
—
|
|
(10)
|
|
—
|
|
—
|
|
—
|
|
(1,379)
|
|
|
|
|
Comparable hotel
EBITDA
|
$
—
|
|
$
14,740
|
|
$
—
|
|
$
4,441
|
|
$
—
|
|
$
5,157
|
|
$
9,387
|
|
$
12,221
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
16,209
|
|
$
—
|
|
$
7,002
|
|
$
69,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTEL EBITDA BY
LOAN POOL
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GACC Sofitel - 1
hotel
|
$
—
|
|
$
—
|
|
$
5,778
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
5,778
|
|
|
|
|
Credit Agricole Pier
House - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
10,982
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10,982
|
|
|
|
|
BAML Bardessono - 1
hotel
|
—
|
|
—
|
|
—
|
|
4,441
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,441
|
|
|
|
|
BAML Hotel Yountville
- 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,157
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,157
|
|
|
|
|
Apollo Ritz-Carlton
St Thomas - 1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10,595
|
|
—
|
|
10,595
|
|
|
|
|
Aareal - 2
hotels
|
17,672
|
|
14,740
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
32,412
|
|
|
|
|
Morgan Stanley Pool
-4 hotels
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
12,221
|
|
—
|
|
12,737
|
|
—
|
|
16,209
|
|
—
|
|
7,002
|
|
48,169
|
|
|
|
|
JP Morgan Park Hyatt
Beaver Creek -1 hotel
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
9,387
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
9,387
|
|
|
|
|
Total
|
$
17,672
|
|
$
14,740
|
|
$
5,778
|
|
$
4,441
|
|
$
10,982
|
|
$
5,157
|
|
$
9,387
|
|
$
12,221
|
|
$
—
|
|
$
12,737
|
|
—
|
|
$
16,209
|
|
$
10,595
|
|
$
7,002
|
|
$
126,921
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the twelve hotel properties owned and included
in the Company's operations at December 31, 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:
|
|
Capital Hilton
Washington D.C., Chicago Sofitel Magnificent Mile, 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)
|
|
|
Year 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)
|
$
11,234
|
|
$
6,883
|
|
$
1,766
|
|
$
1,942
|
|
$
7,511
|
|
$
—
|
|
$
—
|
|
$
4,434
|
|
$
6,649
|
|
$
10,091
|
|
$
28,725
|
|
$
11,288
|
|
$
2,661
|
|
$
3,019
|
|
$
96,203
|
|
$
(71,883)
|
|
$
24,320
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(2,940)
|
|
(1,816)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,756)
|
|
1,651
|
|
(3,105)
|
Net (income) loss
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,899)
|
|
(1,899)
|
Net income (loss)
attributable to the Company
|
8,294
|
|
5,067
|
|
1,766
|
|
1,942
|
|
7,511
|
|
—
|
|
—
|
|
4,434
|
|
6,649
|
|
10,091
|
|
28,725
|
|
11,288
|
|
2,661
|
|
3,019
|
|
91,447
|
|
(72,131)
|
|
19,316
|
Non-property
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(26,359)
|
|
—
|
|
43
|
|
—
|
|
(26,316)
|
|
26,316
|
|
—
|
Interest
income
|
(1)
|
|
(1)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(3)
|
|
(2)
|
|
(15)
|
|
—
|
|
(10)
|
|
(3)
|
|
—
|
|
(35)
|
|
(132)
|
|
(167)
|
Interest
expense
|
—
|
|
—
|
|
2,261
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,977
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,319
|
|
—
|
|
6,557
|
|
31,155
|
|
37,712
|
Amortization of loan
cost
|
—
|
|
—
|
|
119
|
|
—
|
|
—
|
|
—
|
|
—
|
|
31
|
|
—
|
|
—
|
|
—
|
|
—
|
|
504
|
|
—
|
|
654
|
|
2,515
|
|
3,169
|
Depreciation and
amortization
|
6,269
|
|
6,008
|
|
4,152
|
|
2,398
|
|
2,703
|
|
—
|
|
—
|
|
5,853
|
|
4,324
|
|
2,676
|
|
834
|
|
3,803
|
|
3,147
|
|
3,730
|
|
45,897
|
|
—
|
|
45,897
|
Income tax expense
(benefit)
|
29
|
|
(121)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
18
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(16)
|
|
—
|
|
(90)
|
|
1,664
|
|
1,574
|
Non-hotel EBITDA
ownership expense
|
(109)
|
|
153
|
|
102
|
|
689
|
|
15
|
|
—
|
|
—
|
|
247
|
|
50
|
|
38
|
|
(36)
|
|
34
|
|
158
|
|
28
|
|
1,369
|
|
(1,369)
|
|
—
|
Income (loss) from
consolidated entities attributable to noncontrolling
interest
|
2,940
|
|
1,816
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
4,756
|
|
(4,756)
|
|
—
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
17,422
|
|
12,922
|
|
8,400
|
|
5,029
|
|
10,229
|
|
—
|
|
—
|
|
12,557
|
|
11,021
|
|
12,790
|
|
3,164
|
|
15,115
|
|
8,813
|
|
6,777
|
|
124,239
|
|
(16,738)
|
|
107,501
|
Less: EBITDA
adjustments attributable to noncontrolling interest
|
(1,415)
|
|
(1,415)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,830)
|
|
(1,662)
|
|
(4,492)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interest
|
(2,940)
|
|
(1,816)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,756)
|
|
4,756
|
|
—
|
Net income (loss)
attributable to redeemable noncontrolling interests in operating
partnership
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1,899
|
|
1,899
|
Hotel EBITDA
attributable to the Company and OP unitholders
|
$
13,067
|
|
$
9,691
|
|
$
8,400
|
|
$
5,029
|
|
$
10,229
|
|
$
—
|
|
$
—
|
|
$
12,557
|
|
$
11,021
|
|
$
12,790
|
|
$
3,164
|
|
$
15,115
|
|
$
8,813
|
|
$
6,777
|
|
$
116,653
|
|
$
(11,745)
|
|
$ 104,908
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,960
|
|
9,700
|
|
—
|
|
(11,021)
|
|
—
|
|
(3,164)
|
|
—
|
|
—
|
|
—
|
|
2,475
|
|
|
|
|
Comparable hotel
EBITDA
|
$
17,422
|
|
$
12,922
|
|
$
8,400
|
|
$
5,029
|
|
$
10,229
|
|
$
6,960
|
|
$
9,700
|
|
$
12,557
|
|
$
—
|
|
$
12,790
|
|
$
—
|
|
$
15,115
|
|
$
8,813
|
|
$
6,777
|
|
$
126,714
|
|
|
|
|
ALL HOTELS NOT
UNDER
RENOVATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel EBITDA
including amounts attributable to noncontrolling
interest
|
$
—
|
|
$
12,922
|
|
$
—
|
|
$
5,029
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
12,557
|
|
$
11,021
|
|
$
—
|
|
$
3,164
|
|
$
15,115
|
|
$
—
|
|
$
6,777
|
|
$
66,585
|
|
|
|
|
Non-comparable
adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,960
|
|
9,700
|
|
—
|
|
(11,021)
|
|
—
|
|
(3,164)
|
|
—
|
|
—
|
|
—
|
|
2,475
|
|
|
|
|
Comparable hotel
EBITDA
|
$
—
|
|
$
12,922
|
|
$
—
|
|
$
5,029
|
|
$
—
|
|
$
6,960
|
|
$
9,700
|
|
$
12,557
|
|
$
—
|
|
$
—
|
|
$
—
|
|
$
15,115
|
|
$
—
|
|
$
6,777
|
|
$
69,060
|
|
|
|
|
|
NOTES:
|
(1)
|
The above comparable
information assumes the twelve hotel properties owned and included
in the Company's operations at December 31, 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:
|
|
Capital Hilton
Washington D.C., Chicago Sofitel Magnificent Mile, 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-fourth-quarter-and-year-end-2017-results-300606112.html
SOURCE Ashford Hospitality Prime, Inc.