Virginia
|
|
001-37389
|
|
26-1379210
|
(State or other jurisdiction
of incorporation)
|
|
(Commission File Number)
|
|
(I.R.S. Employer
Identification Number)
|
814 East Main Street, Richmond, Virginia
|
|
23219
|
(Address of principal executive offices)
|
|
(Zip Code)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
99.1
|
Apple Hospitality REIT, Inc.
|
||
By:
|
|
/s/ Justin G. Knight
|
|
Justin G. Knight
President and Chief Executive Officer
|
|
|
||
|
May 4, 2017
|
Three Months Ended
|
||||||||||||
March 31,
|
||||||||||||
2017
|
2016
|
% Change
|
||||||||||
Net income
|
$
|
34,365
|
$
|
34,686
|
(0.9
|
%)
|
||||||
Net income per share
|
$
|
0.15
|
$
|
0.20
|
(25.0
|
%)
|
||||||
Adjusted EBITDA
|
$
|
99,078
|
$
|
78,610
|
26.0
|
%
|
||||||
Comparable Hotels Adjusted Hotel EBITDA
|
$
|
104,771
|
$
|
106,738
|
(1.8
|
%)
|
||||||
Comparable Hotels Adjusted Hotel EBITDA Margin
|
36.2
|
%
|
37.5
|
%
|
(130 bps)
|
|||||||
Modified funds from operations (MFFO)
|
$
|
86,881
|
$
|
69,314
|
25.3
|
%
|
||||||
MFFO per share
|
$
|
0.39
|
$
|
0.40
|
(2.5
|
%)
|
||||||
ADR (Actual)
|
$
|
133.39
|
$
|
133.16
|
0.2
|
%
|
||||||
Occupancy (Actual)
|
74.4
|
%
|
74.1
|
%
|
0.4
|
%
|
||||||
RevPAR (Actual)
|
$
|
99.27
|
$
|
98.66
|
0.6
|
%
|
||||||
Comparable Hotels ADR
|
$
|
133.09
|
$
|
132.66
|
0.3
|
%
|
||||||
Comparable Hotels Occupancy
|
74.4
|
%
|
73.6
|
%
|
1.1
|
%
|
||||||
Comparable Hotels RevPAR
|
$
|
99.02
|
$
|
97.65
|
1.4
|
%
|
||||||
Distributions paid
|
$
|
66,908
|
$
|
52,360
|
27.8
|
%
|
||||||
Distributions paid per share
|
$
|
0.30
|
$
|
0.30
|
-
|
|||||||
Total debt outstanding
|
$
|
1,404,079
|
||||||||||
Total debt to total capitalization (2)
|
24.8
|
%
|
|
2017 Guidance(1)
|
|||||||
Low-End
|
High-End
|
|||||||
Net income
|
$209 Million
|
$232 Million
|
||||||
Comparable Hotels RevPAR Growth
|
0.0
|
%
|
2.0
|
%
|
||||
Comparable Hotels Adjusted EBITDA Margin %
|
37.3
|
%
|
38.3
|
%
|
||||
Adjusted EBITDA
|
$430 Million
|
$450 Million
|
(1)
|
Explanations of and reconciliations to Net income guidance of Adjusted EBITDA guidance are included below.
|
March 31,
|
December 31,
|
|||||||
2017
|
2016
|
|||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Investment in real estate, net of accumulated depreciation
of $601,055 and $557,597, respectively
|
$
|
4,803,503
|
$
|
4,823,489
|
||||
Assets held for sale
|
39,000
|
39,000
|
||||||
Restricted cash-furniture, fixtures and other escrows
|
27,309
|
29,425
|
||||||
Due from third party managers, net
|
57,692
|
31,460
|
||||||
Other assets, net
|
47,419
|
56,509
|
||||||
Total Assets
|
$
|
4,974,923
|
$
|
4,979,883
|
||||
Liabilities
|
||||||||
Revolving credit facility
|
$
|
366,600
|
$
|
270,000
|
||||
Term loans
|
571,197
|
570,934
|
||||||
Mortgage debt
|
465,043
|
497,029
|
||||||
Accounts payable and other liabilities
|
84,237
|
124,856
|
||||||
Total Liabilities
|
1,487,077
|
1,462,819
|
||||||
Shareholders' Equity
|
||||||||
Preferred stock, authorized 30,000,000 shares; none issued
and outstanding
|
-
|
-
|
||||||
Common stock, no par value, authorized 800,000,000 shares;
issued and outstanding 223,049,990 and 222,938,648 shares, respectively
|
4,454,992
|
4,453,205
|
||||||
Accumulated other comprehensive income
|
6,134
|
4,589
|
||||||
Distributions greater than net income
|
(973,280
|
)
|
(940,730
|
)
|
||||
Total Shareholders' Equity
|
3,487,846
|
3,517,064
|
||||||
Total Liabilities and Shareholders' Equity
|
$
|
4,974,923
|
$
|
4,979,883
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2017
|
2016
|
|||||||
Revenues:
|
||||||||
Room
|
$
|
269,393
|
$
|
206,150
|
||||
Other
|
23,532
|
18,337
|
||||||
Total revenue
|
292,925
|
224,487
|
||||||
Expenses:
|
||||||||
Operating
|
75,154
|
56,829
|
||||||
Hotel administrative
|
24,836
|
18,198
|
||||||
Sales and marketing
|
24,109
|
18,019
|
||||||
Utilities
|
9,753
|
7,600
|
||||||
Repair and maintenance
|
11,916
|
9,084
|
||||||
Franchise fees
|
12,474
|
9,445
|
||||||
Management fees
|
10,212
|
8,037
|
||||||
Property taxes, insurance and other
|
16,927
|
12,452
|
||||||
Ground lease
|
2,816
|
2,466
|
||||||
General and administrative
|
6,754
|
4,828
|
||||||
Transaction and litigation costs
|
-
|
293
|
||||||
Loss on impairment of depreciable real estate assets
|
7,875
|
-
|
||||||
Depreciation
|
43,767
|
33,484
|
||||||
Total expenses
|
246,593
|
180,735
|
||||||
Operating income
|
46,332
|
43,752
|
||||||
Interest and other expense, net
|
(11,717
|
)
|
(8,803
|
)
|
||||
Income before income taxes
|
34,615
|
34,949
|
||||||
Income tax expense
|
(250
|
)
|
(263
|
)
|
||||
Net income
|
$
|
34,365
|
$
|
34,686
|
||||
Other comprehensive income (loss):
|
||||||||
Interest rate derivatives
|
1,545
|
(6,694
|
)
|
|||||
Comprehensive income
|
$
|
35,910
|
$
|
27,992
|
||||
Basic and diluted net income per common share
|
$
|
0.15
|
$
|
0.20
|
||||
Weighted average common shares outstanding - basic and diluted
|
223,047
|
174,666
|
Three Months Ended
|
||||||||||||
March 31,
|
||||||||||||
2017
|
2016
|
% Change
|
||||||||||
Room revenue
|
$
|
266,735
|
$
|
262,733
|
1.5
|
%
|
||||||
Other revenue
|
22,456
|
22,187
|
1.2
|
%
|
||||||||
Total revenue
|
289,191
|
284,920
|
1.5
|
%
|
||||||||
Total operating expenses
|
184,420
|
178,182
|
3.5
|
%
|
||||||||
Adjusted Hotel EBITDA
|
$
|
104,771
|
$
|
106,738
|
(1.8
|
%)
|
||||||
Adjusted Hotel EBITDA Margin %
|
36.2
|
%
|
37.5
|
%
|
(130 bps)
|
|||||||
ADR (Comparable Hotels)
|
$
|
133.09
|
$
|
132.66
|
0.3
|
%
|
||||||
Occupancy (Comparable Hotels)
|
74.4
|
%
|
73.6
|
%
|
1.1
|
%
|
||||||
RevPAR (Comparable Hotels)
|
$
|
99.02
|
$
|
97.65
|
1.4
|
%
|
||||||
ADR (Actual)
|
$
|
133.39
|
$
|
133.16
|
0.2
|
%
|
||||||
Occupancy (Actual)
|
74.4
|
%
|
74.1
|
%
|
0.4
|
%
|
||||||
RevPAR (Actual)
|
$
|
99.27
|
$
|
98.66
|
0.6
|
%
|
||||||
Reconciliation to Actual Results
|
||||||||||||
Total Revenue (Actual)
|
$
|
292,925
|
$
|
224,487
|
||||||||
Revenue from acquisitions prior to ownership
|
-
|
65,479
|
||||||||||
Revenue from dispositions
|
(3,687
|
)
|
(5,143
|
)
|
||||||||
Lease revenue intangible amortization
|
(47
|
)
|
97
|
|||||||||
Comparable Hotels Total Revenue
|
$
|
289,191
|
$
|
284,920
|
||||||||
Adjusted Hotel EBITDA (AHEBITDA) (Actual)
|
$
|
105,832
|
$
|
83,438
|
||||||||
AHEBITDA from acquisitions prior to ownership
|
-
|
24,494
|
||||||||||
AHEBITDA from dispositions
|
(1,061
|
)
|
(1,194
|
)
|
||||||||
Comparable Hotels AHEBITDA
|
$
|
104,771
|
$
|
106,738
|
Three Months Ended
|
||||||||||||||||||||||||||||||||
6/30/2015
|
9/30/2015
|
12/31/2015
|
3/31/2016
|
6/30/2016
|
9/30/2016
|
12/31/2016
|
3/31/2017
|
|||||||||||||||||||||||||
Room revenue
|
$
|
285,907
|
$
|
287,714
|
$
|
246,492
|
$
|
262,733
|
$
|
303,305
|
$
|
296,647
|
$
|
253,823
|
$
|
266,735
|
||||||||||||||||
Other revenue
|
24,425
|
22,939
|
23,654
|
22,187
|
24,501
|
23,563
|
23,563
|
22,456
|
||||||||||||||||||||||||
Total revenue
|
310,332
|
310,653
|
270,146
|
284,920
|
327,806
|
320,210
|
277,386
|
289,191
|
||||||||||||||||||||||||
Total operating expenses
|
183,568
|
185,833
|
173,972
|
178,182
|
191,840
|
196,002
|
179,266
|
184,420
|
||||||||||||||||||||||||
Adjusted Hotel EBITDA
|
$
|
126,764
|
$
|
124,820
|
$
|
96,174
|
$
|
106,738
|
$
|
135,966
|
$
|
124,208
|
$
|
98,120
|
$
|
104,771
|
||||||||||||||||
Adjusted Hotel EBITDA Margin %
|
40.8
|
%
|
40.2
|
%
|
35.6
|
%
|
37.5
|
%
|
41.5
|
%
|
38.8
|
%
|
35.4
|
%
|
36.2
|
%
|
||||||||||||||||
ADR (Comparable Hotels)
|
$
|
131.47
|
$
|
132.53
|
$
|
126.59
|
$
|
132.66
|
$
|
137.08
|
$
|
134.79
|
$
|
127.71
|
$
|
133.09
|
||||||||||||||||
Occupancy (Comparable Hotels)
|
81.7
|
%
|
80.3
|
%
|
71.7
|
%
|
73.6
|
%
|
81.9
|
%
|
80.1
|
%
|
72.4
|
%
|
74.4
|
%
|
||||||||||||||||
RevPAR (Comparable Hotels)
|
$
|
107.46
|
$
|
106.47
|
$
|
90.73
|
$
|
97.65
|
$
|
112.27
|
$
|
108.03
|
$
|
92.43
|
$
|
99.02
|
||||||||||||||||
ADR (Actual)
|
$
|
131.33
|
$
|
133.18
|
$
|
127.04
|
$
|
133.16
|
$
|
138.16
|
$
|
136.04
|
$
|
127.81
|
$
|
133.39
|
||||||||||||||||
Occupancy (Actual)
|
81.8
|
%
|
80.5
|
%
|
71.9
|
%
|
74.1
|
%
|
82.2
|
%
|
80.2
|
%
|
72.4
|
%
|
74.4
|
%
|
||||||||||||||||
RevPAR (Actual)
|
$
|
107.43
|
$
|
107.19
|
$
|
91.36
|
$
|
98.66
|
$
|
113.59
|
$
|
109.07
|
$
|
92.52
|
$
|
99.27
|
||||||||||||||||
Reconciliation to Actual Results
|
||||||||||||||||||||||||||||||||
Total Revenue (Actual)
|
$
|
234,374
|
$
|
240,555
|
$
|
213,033
|
$
|
224,487
|
$
|
257,636
|
$
|
276,471
|
$
|
282,431
|
$
|
292,925
|
||||||||||||||||
Revenue from acquisitions prior to ownership
|
81,734
|
75,548
|
62,799
|
65,479
|
76,234
|
49,452
|
-
|
-
|
||||||||||||||||||||||||
Revenue from dispositions
|
(5,743
|
)
|
(5,417
|
)
|
(5,653
|
)
|
(5,143
|
)
|
(6,017
|
)
|
(5,666
|
)
|
(4,998
|
)
|
(3,687
|
)
|
||||||||||||||||
Lease revenue intangible amortization
|
(33
|
)
|
(33
|
)
|
(33
|
)
|
97
|
(47
|
)
|
(47
|
)
|
(47
|
)
|
(47
|
)
|
|||||||||||||||||
Comparable Hotels Total Revenue
|
$
|
310,332
|
$
|
310,653
|
$
|
270,146
|
$
|
284,920
|
$
|
327,806
|
$
|
320,210
|
$
|
277,386
|
$
|
289,191
|
||||||||||||||||
Adjusted Hotel EBITDA (AHEBITDA) (Actual)
|
$
|
93,805
|
$
|
95,738
|
$
|
74,790
|
$
|
83,438
|
$
|
105,574
|
$
|
106,707
|
$
|
99,291
|
$
|
105,832
|
||||||||||||||||
AHEBITDA from acquisitions prior to ownership
|
34,335
|
30,557
|
22,825
|
24,494
|
32,073
|
18,985
|
-
|
-
|
||||||||||||||||||||||||
AHEBITDA from dispositions
|
(1,376
|
)
|
(1,475
|
)
|
(1,441
|
)
|
(1,194
|
)
|
(1,681
|
)
|
(1,484
|
)
|
(1,171
|
)
|
(1,061
|
)
|
||||||||||||||||
Comparable Hotels AHEBITDA
|
$
|
126,764
|
$
|
124,820
|
$
|
96,174
|
$
|
106,738
|
$
|
135,966
|
$
|
124,208
|
$
|
98,120
|
$
|
104,771
|
Three Months Ended
|
||||||||||||||||||||||||||||||||
6/30/2015
|
9/30/2015
|
12/31/2015
|
3/31/2016
|
6/30/2016
|
9/30/2016
|
12/31/2016
|
3/31/2017
|
|||||||||||||||||||||||||
Net income (loss)
|
$
|
44,245
|
$
|
46,968
|
$
|
(17,792
|
)
|
$
|
34,686
|
$
|
54,718
|
$
|
13,694
|
$
|
41,554
|
$
|
34,365
|
|||||||||||||||
Depreciation
|
31,135
|
32,351
|
33,244
|
33,484
|
33,824
|
37,343
|
43,512
|
43,767
|
||||||||||||||||||||||||
Amortization of favorable and unfavorable leases, net
|
133
|
133
|
133
|
262
|
119
|
132
|
161
|
165
|
||||||||||||||||||||||||
Interest and other expense, net
|
7,226
|
9,302
|
8,867
|
8,803
|
9,560
|
10,156
|
11,507
|
11,717
|
||||||||||||||||||||||||
Income tax (benefit) expense
|
422
|
138
|
26
|
263
|
360
|
(7
|
)
|
(185
|
)
|
250
|
||||||||||||||||||||||
EBITDA
|
83,161
|
88,892
|
24,478
|
77,498
|
98,581
|
61,318
|
96,549
|
90,264
|
||||||||||||||||||||||||
Transaction and litigation costs
|
5,825
|
842
|
(710
|
)
|
293
|
1,116
|
36,452
|
(2,872
|
)
|
-
|
||||||||||||||||||||||
Loss on sale of real estate
|
271
|
-
|
72
|
-
|
-
|
-
|
153
|
-
|
||||||||||||||||||||||||
Loss on impairment of depreciable real estate assets
|
-
|
-
|
45,000
|
-
|
-
|
5,471
|
-
|
7,875
|
||||||||||||||||||||||||
Non-cash straight-line ground lease expense
|
849
|
829
|
819
|
819
|
817
|
843
|
940
|
939
|
||||||||||||||||||||||||
Adjusted EBITDA
|
$
|
90,106
|
$
|
90,563
|
$
|
69,659
|
$
|
78,610
|
$
|
100,514
|
$
|
104,084
|
$
|
94,770
|
$
|
99,078
|
||||||||||||||||
General and administrative expense
|
3,699
|
5,175
|
5,131
|
4,828
|
5,060
|
2,623
|
4,521
|
6,754
|
||||||||||||||||||||||||
Adjusted Hotel EBITDA
|
$
|
93,805
|
$
|
95,738
|
$
|
74,790
|
$
|
83,438
|
$
|
105,574
|
$
|
106,707
|
$
|
99,291
|
$
|
105,832
|
Year Ended December 31, 2017
|
||||||||
Low-End
|
High-End
|
|||||||
Net income
|
$
|
209,000
|
$
|
232,000
|
||||
Depreciation
|
175,800
|
174,300
|
||||||
Amortization of favorable and unfavorable leases, net
|
625
|
625
|
||||||
Interest and other expense, net
|
48,000
|
46,000
|
||||||
Income tax expense
|
1,000
|
1,500
|
||||||
EBITDA
|
434,425
|
454,425
|
||||||
Gain on sale of real estate
|
(16,000
|
)
|
(16,000
|
)
|
||||
Loss on impairment of depreciable real estate assets
|
7,875
|
7,875
|
||||||
Non-cash straight-line ground lease expense
|
3,700
|
3,700
|
||||||
Adjusted EBITDA
|
$
|
430,000
|
$
|
450,000
|
Three Months Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
Net income
|
$
|
34,365
|
$
|
34,686
|
||||
Depreciation of real estate owned
|
43,537
|
33,254
|
||||||
Loss on impairment of depreciable real estate assets
|
7,875
|
-
|
||||||
Amortization of favorable and unfavorable leases, net
|
165
|
262
|
||||||
Funds from operations
|
85,942
|
68,202
|
||||||
Transaction and litigation costs
|
-
|
293
|
||||||
Non-cash straight-line ground lease expense
|
939
|
819
|
||||||
Modified funds from operations
|
$
|
86,881
|
$
|
69,314
|
April 1 -
December 31,
2017
|
2018
|
2019
|
2020
|
2021
|
Thereafter
|
Total
|
Fair Market
Value
|
|||||||||||||||||||||||||
Total debt:
|
||||||||||||||||||||||||||||||||
Maturities
|
$
|
8,325
|
$
|
11,620
|
$
|
398,879
|
$
|
451,758
|
$
|
95,928
|
$
|
437,569
|
$
|
1,404,079
|
$
|
1,398,136
|
||||||||||||||||
Average interest rates
|
3.3
|
%
|
3.3
|
%
|
3.4
|
%
|
3.7
|
%
|
4.0
|
%
|
4.0
|
%
|
||||||||||||||||||||
Variable rate debt:
|
||||||||||||||||||||||||||||||||
Maturities
|
$
|
-
|
$
|
-
|
$
|
366,600
|
$
|
425,000
|
$
|
50,000
|
$
|
100,000
|
$
|
941,600
|
$
|
942,547
|
||||||||||||||||
Average interest rates (1)
|
2.8
|
%
|
2.8
|
%
|
2.8
|
%
|
2.9
|
%
|
3.0
|
%
|
3.1
|
%
|
||||||||||||||||||||
Fixed rate debt:
|
||||||||||||||||||||||||||||||||
Maturities
|
$
|
8,325
|
$
|
11,620
|
$
|
32,279
|
$
|
26,758
|
$
|
45,928
|
$
|
337,569
|
$
|
462,479
|
$
|
455,589
|
||||||||||||||||
Average interest rates
|
4.5
|
%
|
4.5
|
%
|
4.5
|
%
|
4.5
|
%
|
4.4
|
%
|
4.3
|
%
|
Top 20 Markets
|
Occupancy
|
ADR
|
RevPAR
|
% of Adjusted Hotel EBITDA
|
||||||||||||||||||||||||||||||||||||||||
# of
Hotels
|
Q1 2017 |
Q1 2016
|
%
Change
|
Q1 2017
|
Q1 2016
|
%
Change
|
Q1 2017
|
Q1 2016
|
%
Change
|
Q1 2017
|
||||||||||||||||||||||||||||||||||
Top 20 Markets
|
||||||||||||||||||||||||||||||||||||||||||||
Phoenix, AZ
|
8
|
81.9
|
%
|
80.0
|
%
|
2.4
|
%
|
$
|
162.10
|
$
|
157.34
|
3.0
|
%
|
$
|
132.79
|
$
|
125.86
|
5.5
|
%
|
6.3
|
%
|
|||||||||||||||||||||||
Los Angeles/Long Beach, CA
|
8
|
87.5
|
%
|
94.2
|
%
|
(7.1
|
)%
|
$
|
160.59
|
$
|
178.33
|
(9.9
|
)%
|
$
|
140.58
|
$
|
167.96
|
(16.3
|
)%
|
6.2
|
%
|
|||||||||||||||||||||||
San Diego, CA
|
7
|
80.3
|
%
|
74.4
|
%
|
7.9
|
%
|
$
|
149.53
|
$
|
142.56
|
4.9
|
%
|
$
|
120.00
|
$
|
106.07
|
13.1
|
%
|
5.6
|
%
|
|||||||||||||||||||||||
Anaheim/Santa Ana, CA
|
6
|
85.2
|
%
|
85.6
|
%
|
(0.4
|
)%
|
$
|
147.66
|
$
|
142.79
|
3.4
|
%
|
$
|
125.77
|
$
|
122.17
|
3.0
|
%
|
4.4
|
%
|
|||||||||||||||||||||||
Dallas, TX
|
9
|
75.5
|
%
|
77.4
|
%
|
(2.5
|
)%
|
$
|
121.91
|
$
|
121.32
|
0.5
|
%
|
$
|
92.07
|
$
|
93.94
|
(2.0
|
)%
|
3.8
|
%
|
|||||||||||||||||||||||
Nashville, TN
|
5
|
74.0
|
%
|
82.2
|
%
|
(9.9
|
)%
|
$
|
162.33
|
$
|
160.96
|
0.9
|
%
|
$
|
120.17
|
$
|
132.26
|
(9.1
|
)%
|
3.4
|
%
|
|||||||||||||||||||||||
Richmond/Petersburg, VA
|
4
|
73.0
|
%
|
69.2
|
%
|
5.4
|
%
|
$
|
149.93
|
$
|
146.13
|
2.6
|
%
|
$
|
109.38
|
$
|
101.10
|
8.2
|
%
|
3.2
|
%
|
|||||||||||||||||||||||
Austin, TX
|
7
|
77.0
|
%
|
77.1
|
%
|
(0.1
|
)%
|
$
|
132.88
|
$
|
135.51
|
(1.9
|
)%
|
$
|
102.32
|
$
|
104.49
|
(2.1
|
)%
|
3.1
|
%
|
|||||||||||||||||||||||
Fort Lauderdale, FL
|
3
|
89.2
|
%
|
90.1
|
%
|
(0.9
|
)%
|
$
|
180.67
|
$
|
181.36
|
(0.4
|
)%
|
$
|
161.22
|
$
|
163.39
|
(1.3
|
)%
|
2.9
|
%
|
|||||||||||||||||||||||
Miami/Hialeah, FL
|
3
|
88.2
|
%
|
90.6
|
%
|
(2.6
|
)%
|
$
|
177.14
|
$
|
193.70
|
(8.6
|
)%
|
$
|
156.31
|
$
|
175.48
|
(10.9
|
)%
|
2.7
|
%
|
|||||||||||||||||||||||
Seattle, WA
|
3
|
75.2
|
%
|
75.0
|
%
|
0.2
|
%
|
$
|
169.63
|
$
|
157.73
|
7.5
|
%
|
$
|
127.52
|
$
|
118.30
|
7.8
|
%
|
2.2
|
%
|
|||||||||||||||||||||||
Houston, TX
|
6
|
66.8
|
%
|
64.3
|
%
|
3.9
|
%
|
$
|
124.93
|
$
|
131.44
|
(4.9
|
)%
|
$
|
83.41
|
$
|
84.46
|
(1.2
|
)%
|
2.2
|
%
|
|||||||||||||||||||||||
Orlando, FL
|
3
|
88.5
|
%
|
92.5
|
%
|
(4.4
|
)%
|
$
|
133.16
|
$
|
127.27
|
4.6
|
%
|
$
|
117.82
|
$
|
117.76
|
0.0
|
%
|
2.0
|
%
|
|||||||||||||||||||||||
Washington, DC-MD-VA
|
5
|
61.7
|
%
|
65.5
|
%
|
(5.8
|
)%
|
$
|
134.49
|
$
|
125.24
|
7.4
|
%
|
$
|
83.03
|
$
|
82.08
|
1.2
|
%
|
2.0
|
%
|
|||||||||||||||||||||||
Oklahoma City, OK
|
4
|
76.1
|
%
|
77.0
|
%
|
(1.1
|
)%
|
$
|
133.68
|
$
|
134.19
|
(0.4
|
)%
|
$
|
101.78
|
$
|
103.29
|
(1.5
|
)%
|
1.9
|
%
|
|||||||||||||||||||||||
Denver, CO
|
3
|
73.2
|
%
|
68.5
|
%
|
6.9
|
%
|
$
|
140.39
|
$
|
141.20
|
(0.6
|
)%
|
$
|
102.81
|
$
|
96.76
|
6.3
|
%
|
1.8
|
%
|
|||||||||||||||||||||||
Chicago, IL
|
8
|
62.9
|
%
|
60.0
|
%
|
5.0
|
%
|
$
|
114.91
|
$
|
119.22
|
(3.6
|
)%
|
$
|
72.32
|
$
|
71.49
|
1.2
|
%
|
1.8
|
%
|
|||||||||||||||||||||||
Fort Worth/Arlington, TX
|
5
|
72.4
|
%
|
81.1
|
%
|
(10.8
|
)%
|
$
|
129.06
|
$
|
122.15
|
5.7
|
%
|
$
|
93.38
|
$
|
99.12
|
(5.8
|
)%
|
1.7
|
%
|
|||||||||||||||||||||||
Idaho
|
2
|
77.2
|
%
|
76.0
|
%
|
1.6
|
%
|
$
|
125.42
|
$
|
119.95
|
4.6
|
%
|
$
|
96.84
|
$
|
91.13
|
6.3
|
%
|
1.6
|
%
|
|||||||||||||||||||||||
Tucson, AZ
|
3
|
88.2
|
%
|
89.2
|
%
|
(1.2
|
)%
|
$
|
120.68
|
$
|
112.95
|
6.8
|
%
|
$
|
106.43
|
$
|
100.80
|
5.6
|
%
|
1.6
|
%
|
|||||||||||||||||||||||
Top 20 Markets
|
102
|
76.6
|
%
|
77.0
|
%
|
(0.5
|
)%
|
$
|
143.10
|
$
|
143.07
|
0.0
|
%
|
$
|
109.62
|
$
|
110.17
|
(0.5
|
)%
|
60.4
|
%
|
|||||||||||||||||||||||
All Other Markets
|
133
|
72.3
|
%
|
70.2
|
%
|
2.9
|
%
|
$
|
122.72
|
$
|
121.36
|
1.1
|
%
|
$
|
88.67
|
$
|
85.26
|
4.0
|
%
|
39.6
|
%
|
|||||||||||||||||||||||
Total Portfolio
|
235
|
74.4
|
%
|
73.6
|
%
|
1.1
|
%
|
$
|
133.09
|
$
|
132.66
|
0.3
|
%
|
$
|
99.02
|
$
|
97.65
|
1.4
|
%
|
100.0
|
%
|
(1)
|
Based on Comparable Hotels Adjusted Hotel EBITDA contribution.
|
Region
|
Occupancy
|
ADR
|
RevPAR
|
% of Adjusted Hotel EBITDA
|
||||||||||||||||||||||||||||||||||||||||
# of
Hotels
|
Q1 2017
|
Q1 2016
|
%
Change
|
Q1 2017
|
Q1 2016
|
%
Change
|
Q1 2017
|
Q1 2016
|
%
Change
|
Q1 2017
|
||||||||||||||||||||||||||||||||||
STR Region
|
||||||||||||||||||||||||||||||||||||||||||||
East North Central
|
15
|
64.8
|
%
|
62.7
|
%
|
3.3
|
%
|
$
|
118.21
|
$
|
120.15
|
(1.6
|
)%
|
$
|
76.62
|
$
|
75.36
|
1.7
|
%
|
4.1
|
%
|
|||||||||||||||||||||||
East South Central
|
27
|
73.5
|
%
|
72.9
|
%
|
0.9
|
%
|
$
|
123.12
|
$
|
123.63
|
(0.4
|
)%
|
$
|
90.52
|
$
|
90.07
|
0.5
|
%
|
8.6
|
%
|
|||||||||||||||||||||||
Middle Atlantic
|
12
|
69.7
|
%
|
67.9
|
%
|
2.7
|
%
|
$
|
142.24
|
$
|
149.90
|
(5.1
|
)%
|
$
|
99.21
|
$
|
101.84
|
(2.6
|
)%
|
1.8
|
%
|
|||||||||||||||||||||||
Mountain
|
19
|
79.6
|
%
|
77.1
|
%
|
3.2
|
%
|
$
|
140.54
|
$
|
135.59
|
3.6
|
%
|
$
|
111.88
|
$
|
104.55
|
7.0
|
%
|
12.4
|
%
|
|||||||||||||||||||||||
New England
|
4
|
61.4
|
%
|
69.6
|
%
|
(11.7
|
)%
|
$
|
126.26
|
$
|
126.16
|
0.1
|
%
|
$
|
77.57
|
$
|
87.81
|
(11.7
|
)%
|
0.9
|
%
|
|||||||||||||||||||||||
Pacific
|
32
|
82.6
|
%
|
81.3
|
%
|
1.6
|
%
|
$
|
154.71
|
$
|
155.23
|
(0.3
|
)%
|
$
|
127.81
|
$
|
126.27
|
1.2
|
%
|
22.5
|
%
|
|||||||||||||||||||||||
South Atlantic
|
63
|
75.3
|
%
|
74.9
|
%
|
0.5
|
%
|
$
|
131.97
|
$
|
130.20
|
1.4
|
%
|
$
|
99.39
|
$
|
97.53
|
1.9
|
%
|
27.5
|
%
|
|||||||||||||||||||||||
West North Central
|
17
|
69.6
|
%
|
66.4
|
%
|
4.9
|
%
|
$
|
117.07
|
$
|
116.17
|
0.8
|
%
|
$
|
81.48
|
$
|
77.10
|
5.7
|
%
|
4.8
|
%
|
|||||||||||||||||||||||
West South Central
|
46
|
72.5
|
%
|
73.3
|
%
|
(1.2
|
)%
|
$
|
124.82
|
$
|
124.41
|
0.3
|
%
|
$
|
90.45
|
$
|
91.23
|
(0.9
|
)%
|
17.4
|
%
|
|||||||||||||||||||||||
Total Portfolio
|
235
|
74.4
|
%
|
73.6
|
%
|
1.1
|
%
|
$
|
133.09
|
$
|
132.66
|
0.3
|
%
|
$
|
99.02
|
$
|
97.65
|
1.4
|
%
|
100.0
|
%
|
Location
|
Occupancy
|
ADR
|
RevPAR
|
% of Adjusted Hotel EBITDA
|
||||||||||||||||||||||||||||||||||||||||
# of
Hotels
|
Q1 2017
|
Q1 2016
|
%
Change
|
Q1 2017
|
Q1 2016
|
%
Change
|
Q1 2017
|
Q1 2016
|
%
Change
|
Q1 2017
|
||||||||||||||||||||||||||||||||||
STR Location
|
||||||||||||||||||||||||||||||||||||||||||||
Airport
|
16
|
80.4
|
%
|
80.1
|
%
|
0.4
|
%
|
$
|
135.95
|
$
|
134.40
|
1.2
|
%
|
$
|
109.32
|
$
|
107.64
|
1.6
|
%
|
7.4
|
%
|
|||||||||||||||||||||||
Interstate
|
8
|
66.8
|
%
|
67.6
|
%
|
(1.2
|
)%
|
$
|
109.36
|
$
|
111.33
|
(1.8
|
)%
|
$
|
73.01
|
$
|
75.23
|
(3.0
|
)%
|
2.2
|
%
|
|||||||||||||||||||||||
Resort
|
9
|
78.4
|
%
|
77.1
|
%
|
1.6
|
%
|
$
|
145.84
|
$
|
143.40
|
1.7
|
%
|
$
|
114.28
|
$
|
110.54
|
3.4
|
%
|
5.3
|
%
|
|||||||||||||||||||||||
Small Metro/Town
|
19
|
72.2
|
%
|
71.1
|
%
|
1.4
|
%
|
$
|
122.84
|
$
|
119.99
|
2.4
|
%
|
$
|
88.66
|
$
|
85.37
|
3.8
|
%
|
6.5
|
%
|
|||||||||||||||||||||||
Suburban
|
148
|
74.0
|
%
|
73.0
|
%
|
1.5
|
%
|
$
|
129.42
|
$
|
130.64
|
(0.9
|
)%
|
$
|
95.81
|
$
|
95.32
|
0.5
|
%
|
59.2
|
%
|
|||||||||||||||||||||||
Urban
|
35
|
74.6
|
%
|
74.6
|
%
|
0.1
|
%
|
$
|
148.04
|
$
|
144.14
|
2.7
|
%
|
$
|
110.50
|
$
|
107.49
|
2.8
|
%
|
19.4
|
%
|
|||||||||||||||||||||||
Total Portfolio
|
235
|
74.4
|
%
|
73.6
|
%
|
1.1
|
%
|
$
|
133.09
|
$
|
132.66
|
0.3
|
%
|
$
|
99.02
|
$
|
97.65
|
1.4
|
%
|
100.0
|
%
|
Chain Scale/Brand
|
Occupancy
|
ADR
|
RevPAR
|
% of Adjusted Hotel EBITDA
|
||||||||||||||||||||||||||||||||||||||||
# of
Hotels
|
Q1 2017
|
Q1 2016
|
%
Change
|
Q1 2017
|
Q1 2016
|
%
Change
|
Q1 2017
|
Q1 2016
|
%
Change
|
Q1 2017
|
||||||||||||||||||||||||||||||||||
Upscale
|
||||||||||||||||||||||||||||||||||||||||||||
Courtyard
|
40
|
70.6
|
%
|
70.6
|
%
|
(0.0
|
)%
|
$
|
135.73
|
$
|
137.42
|
(1.2
|
)%
|
$
|
95.80
|
$
|
97.01
|
(1.3
|
)%
|
18.9
|
%
|
|||||||||||||||||||||||
Hilton Garden Inn
|
41
|
72.2
|
%
|
71.9
|
%
|
0.4
|
%
|
$
|
132.84
|
$
|
131.60
|
0.9
|
%
|
$
|
95.92
|
$
|
94.62
|
1.4
|
%
|
18.5
|
%
|
|||||||||||||||||||||||
Homewood Suites
|
34
|
79.3
|
%
|
79.1
|
%
|
0.2
|
%
|
$
|
140.19
|
$
|
140.22
|
(0.0
|
)%
|
$
|
111.18
|
$
|
110.98
|
0.2
|
%
|
14.5
|
%
|
|||||||||||||||||||||||
Residence Inn
|
32
|
78.4
|
%
|
77.0
|
%
|
1.9
|
%
|
$
|
142.53
|
$
|
141.10
|
1.0
|
%
|
$
|
111.78
|
$
|
108.61
|
2.9
|
%
|
15.7
|
%
|
|||||||||||||||||||||||
SpringHill Suites
|
17
|
74.2
|
%
|
73.5
|
%
|
0.9
|
%
|
$
|
118.88
|
$
|
117.99
|
0.7
|
%
|
$
|
88.15
|
$
|
86.74
|
1.6
|
%
|
6.8
|
%
|
|||||||||||||||||||||||
Upscale Total
|
164
|
74.4
|
%
|
73.9
|
%
|
0.6
|
%
|
$
|
135.29
|
$
|
134.97
|
0.2
|
%
|
$
|
100.65
|
$
|
99.79
|
0.9
|
%
|
74.4
|
%
|
|||||||||||||||||||||||
Upper Midscale
|
||||||||||||||||||||||||||||||||||||||||||||
Fairfield Inn/Fairfield Inn & Suites
|
11
|
79.0
|
%
|
77.9
|
%
|
1.5
|
%
|
$
|
121.45
|
$
|
119.25
|
1.9
|
%
|
$
|
96.01
|
$
|
92.87
|
3.4
|
%
|
4.2
|
%
|
|||||||||||||||||||||||
Hampton
|
36
|
73.2
|
%
|
72.1
|
%
|
1.6
|
%
|
$
|
128.00
|
$
|
128.68
|
(0.5
|
)%
|
$
|
93.76
|
$
|
92.75
|
1.1
|
%
|
13.1
|
%
|
|||||||||||||||||||||||
Home2 Suites
|
6
|
80.8
|
%
|
80.8
|
%
|
(0.0
|
)%
|
$
|
122.37
|
$
|
117.25
|
4.4
|
%
|
$
|
98.87
|
$
|
94.76
|
4.3
|
%
|
2.4
|
%
|
|||||||||||||||||||||||
TownePlace Suites
|
12
|
74.5
|
%
|
73.8
|
%
|
0.9
|
%
|
$
|
103.45
|
$
|
99.32
|
4.2
|
%
|
$
|
77.05
|
$
|
73.30
|
5.1
|
%
|
3.3
|
%
|
|||||||||||||||||||||||
Upper Midscale Total
|
65
|
75.1
|
%
|
74.0
|
%
|
1.5
|
%
|
$
|
122.45
|
$
|
121.35
|
0.9
|
%
|
$
|
91.96
|
$
|
89.79
|
2.4
|
%
|
23.0
|
%
|
|||||||||||||||||||||||
Upper Upscale
|
||||||||||||||||||||||||||||||||||||||||||||
Embassy Suites
|
2
|
83.8
|
%
|
74.9
|
%
|
11.9
|
%
|
$
|
162.40
|
$
|
160.13
|
1.4
|
%
|
$
|
136.10
|
$
|
119.90
|
13.5
|
%
|
1.3
|
%
|
|||||||||||||||||||||||
Marriott
|
3
|
63.0
|
%
|
61.5
|
%
|
2.5
|
%
|
$
|
149.22
|
$
|
147.45
|
1.2
|
%
|
$
|
94.07
|
$
|
90.67
|
3.7
|
%
|
2.9
|
%
|
|||||||||||||||||||||||
Renaissance
|
1
|
86.6
|
%
|
79.6
|
%
|
8.8
|
%
|
$
|
184.12
|
$
|
206.98
|
(11.0
|
)%
|
$
|
159.45
|
$
|
164.72
|
(3.2
|
)%
|
(1.6
|
)%
|
|||||||||||||||||||||||
Upper Upscale Total
|
6
|
70.9
|
%
|
67.0
|
%
|
5.9
|
%
|
$
|
158.63
|
$
|
160.51
|
(1.2
|
)%
|
$
|
112.43
|
$
|
107.48
|
4.6
|
%
|
2.6
|
%
|
|||||||||||||||||||||||
Total Portfolio
|
235
|
74.4
|
%
|
73.6
|
%
|
1.1
|
%
|
$
|
133.09
|
$
|
132.66
|
0.3
|
%
|
$
|
99.02
|
$
|
97.65
|
1.4
|
%
|
100.0
|
%
|
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end