Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 114 hotels in 23 states, today announced its results for the fourth quarter and year ended December 31, 2009.
Revenues from continuing operations for the 2009 fourth quarter decreased 10.5 percent to $19.6 million, compared to the year-ago period, and decreased 10.4 percent to $89.0 million for the full year. Net loss attributable to common shareholders was $(25.7) million, or $(1.17) per diluted share, for the 2009 fourth quarter, compared to net earnings available to common shareholders of $3.0 million, or $0.14 per diluted share, in the 2008 same quarter. For the full year 2009, net loss attributable to common shareholders was $(28.9) million, compared with net earnings available to common shareholders of $5.5 million in 2008.
The 2009 fourth quarter loss included an aggregate $23.3 million non-cash impairment charge, compared to $0.3 million of impairment charges recorded in the 2008 like period. Of this, $12.4 million was charged against hotels in discontinued operations, and $10.9 million was booked against hotels held for use. For the full year 2009, impairment charges against discontinued properties totaled $13.2 million. Total impairment charges for the year were $24.1 million.
Funds from operations (FFO) were $(23.5) million, or $(1.07) per diluted share, for the 2009 fourth quarter, compared to $1.2 million, or $0.06 per diluted share, in the same 2008 period. Adjusted FFO for the 2009 fourth quarter (excluding the effects of impairment charges) were $(0.2) million, or $(0.01) per diluted share, compared to $1.5 million or $0.07 per diluted share for the same 2008 period. FFO for the full year 2009 was $(16.9) million or $(0.78) per diluted share, compared to $14.9 million, or $0.70 per diluted share, for the full year 2008. Adjusted FFO for the full year 2009 (excluding the effects of impairment charges) were $7.3 million, or $0.34 per diluted share, compared to $15.1 million or $0.71 per diluted share for the full year 2008.
Earnings before interest, taxes, depreciation and amortization, noncontrolling interest and preferred stock dividends (Adjusted EBITDA) decreased to $(19.0) million for the 2009 fourth quarter and was $(1.9) million for the full year 2009.
2009 Fourth Quarter and Full Year Highlights
-- Sold two hotels in the 2009 fourth quarter. Divested eight properties
for the full year for net proceeds of $17.2 million.
-- Classified 18 properties as held for sale in the 2009 fourth quarter,
for a total of 19 properties held for sale as of December 31.
-- Refinanced a $9.0 million mortgage loan and extended the term of a
second $9.0 million loan.
-- Reduced total liabilities to $199.9 million at the end of fiscal 2009
from $216.5 million at the end of fiscal 2008.
-- Reorganized the senior management team, appointed a new chairman, and
expanded an existing executive position to include COO duties.
"Implementing this updated strategy has created impairment issues and short-term losses, but we believe it will result in a stronger, more resilient real estate portfolio that will be less susceptible to the value swings that occur in the hotel industry," he said.
Fourth Quarter Results
The company had a net loss of $(25.4) million for the 2009 fourth quarter, compared to net earnings of $3.6 million for the same 2008 period. The 2009 fourth quarter loss includes a $23.3 million non-cash impairment charge. Additionally, the 2008 fourth quarter resulted in net income due to a $5.6 million gain being recognized on the sale of two hotels in the fourth quarter, partially offset by a loss from continuing operations of $(0.7) million and a $(1.3) million loss from discontinued operations. All income and expenses related to sold hotels are classified as discontinued operations.
After recognition of non-controlling interest and dividends for preferred stock shareholders, the net loss attributable to common shareholders was $(25.7) million, or $(1.17) per diluted share, for the 2009 fourth quarter, compared with net earnings available to common shareholders of $3.0 million, or $0.14 per diluted share, for the like 2008 period.
Fourth quarter 2009 revenues from continuing operations decreased $2.3 million, or 10.5 percent, primarily due to the economic downturn. The company's 59 continuing operations economy hotels reported a 12.2 percent decrease in revenue per available room (RevPAR) to $24.34 in the 2009 fourth quarter, caused by a 9.8 percent drop in occupancy to 51.6 percent and a 2.7 percent decrease in average daily rate (ADR) to $47.12. The company's eight continuing operations extended-stay hotels reported a 6.5 percent increase in RevPAR to $15.62, as a result of an 11.4 percent increase in occupancy to 63.5 percent, offset by a 4.4 percent decline in ADR to $24.60.
Fourth quarter RevPAR for the company's 29 continuing operations midscale without food and beverage hotels decreased 11.6 percent to $32.73, the result of a 7.6 percent drop in occupancy to 49.6 percent, and a 4.2 percent decrease in ADR to $66.03.
The portfolio of 96 hotels in continuing operations in the 2009 fourth quarter, compared with the same period a year earlier, reported a 5.9 percent decline in occupancy, and a 4.8 percent decrease in ADR, for a 10.5 percent decline in RevPAR, compared to an 11.7 percent RevPAR decline for the industry, as reported by Smith Travel Research.
"It remains a very difficult operating environment," Walters said. "We believe the past two years have been the most challenging from an operations standpoint since the Great Depression. As the year progressed, the rate of decline slowed, a trend that continues into the 2010 first quarter."
Hotel and property operations expenses from continuing operations for the 2009 fourth quarter declined $0.5 million, or 3.1 percent. The decrease primarily results from cost-saving measures implemented to compensate for lower occupancy.
Interest expense from continuing operations remained essentially unchanged at $2.6 million for the quarter. Depreciation and amortization expense from continuing operations remained flat at $3.1 million.
Property operating income (POI) is calculated as revenue from room rentals and other hotel services less hotel and property operations expenses. For the 2009 fourth quarter, POI from continuing operations decreased $1.8 million, or 32.9 percent, compared to the year-ago period. This decrease resulted from the decline in revenue, slightly offset by reduced expenses.
General and administration expense from continuing operations for the 2009 fourth quarter dropped $0.1 million, or 9.5 percent, compared to the year-ago period. The decrease is related primarily to reduction in professional fees, partially offset by an increase in payroll expense due to severance pay.
Disposition Program
During 2009, the company sold eight hotels for approximately $17.2 million, resulting in a gain on sale of approximately $2.5 million, which was used to strengthen the balance sheet by reducing debt. The properties sold are:
-- Super 8 Charles City, IA 43 rooms
-- Holiday Inn Express Gettysburg, PA 51 rooms
-- Masters Inn Kissimmee, FL 116 rooms
-- Comfort Inn Ellsworth, ME 63 rooms
-- Super 8 Anamosa, IA 35 rooms
-- Comfort Inn Dahlgren, VA 59 rooms
-- Masters Inn Orlando, FL 120 rooms
-- Masters Inn Kissimmee, FL 187 rooms
"Economy hotels will remain an important part of our portfolio," he noted. "However, over time, we intend to balance our portfolio with more properties in the midscale without food and beverage segment, which historically has been less volatile for us, with more moderate declines in the down-part of the economic cycle and greater upside potential during the up-portion of the economic cycle."
Balance Sheet
The company continued to improve its balance sheet in 2009 through dispositions, debt repayment, debt extensions and refinancings. In the second quarter, the company refinanced a $9.0 million, 8.4 percent loan scheduled to mature in November 2009. The loan was refinanced using a $10 million, 5.5 percent facility due in May 2012. A second $9.0 million loan was extended and currently is due in August 2010. "We are negotiating with the lender and with other credit sources to refinance this loan, which is our principal debt maturing in 2010. Sales of hotels in 2010 are also expected to reduce the amount of the loan we ultimately refinance," Walters said.
The company as of December 31, 2009 has $164.5 million in outstanding debt on hotels in continuing operations with an average term of 4.8 years and weighted average annual interest rate of 5.98 percent.
Dividends
The company did not declare a common stock dividend for the 2009 fourth quarter or full year. The company will monitor requirements to maintain its REIT status and will regularly evaluate the dividend policy.
Outlook
"The economy is showing signs of stabilizing, and the rate of decline in RevPAR appears to be slowing," Walters said. "The pace of declining occupancy is decelerating but getting traction in room rates remains a challenge. We continue to work closely with our management companies to enhance revenues while stringently controlling costs. We not only are looking at today, but at how we can continue to hold costs without sacrificing the guest experience when the economy begins to gain momentum. Our foremost priorities in 2010 are preserving and generating capital sufficient to fund our liquidity needs.
"We are finalizing our strategic plan and intend to provide greater detail in the near future," he noted. "Our senior management team is in harmony with a more clarified vision of the future, and we are taking the appropriate steps to optimize our opportunities as the economy rebounds."
About Supertel Hospitality, Inc.
As of March 31, 2010, Supertel Hospitality, Inc. (NASDAQ: SPPR) owns 114 hotels comprised of 9,929 rooms in 23 states. The company's hotel portfolio includes Super 8, Comfort Inn/Comfort Suites, Hampton Inn, Holiday Inn Express, Supertel Inn, Days Inn, Ramada Limited, Guest House Inn, Sleep Inn, Savannah Suites, Masters Inn, Key West Inns and Baymont Inn. This diversity enables the company to participate in the best practices of each of these respected hospitality partners. The company specializes in limited service hotels, which do not normally offer food and beverage service.
SELECTED FINANCIAL DATA:
The following table sets forth the Company's balance sheet for the years ended December 31, 2009 and 2008. The Company owned 115 and 123 hotels, respectively.
(in thousands, except share and per share data).
As of
December 31, December 31,
2009 2008
-------------- --------------
ASSETS
Investments in hotel properties $ 319,770 $ 330,271
Less accumulated depreciation 86,069 77,028
-------------- --------------
233,701 253,243
Cash and cash equivalents 428 712
Accounts receivable, net of allowance for
doubtful accounts of $95 and $107 2,043 2,401
Prepaid expenses and other assets 4,779 2,903
Deferred financing costs, net 1,414 1,580
Investment in hotel properties held for
sale 32,030 60,638
-------------- --------------
$ 274,395 $ 321,477
============== ==============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Accounts payable, accrued expenses and
other liabilities $ 10,340 $ 13,697
Debt related to hotel properties held for
for sale 24,975 37,022
Long-term debt 164,538 165,784
-------------- --------------
199,853 216,503
-------------- --------------
Redeemable noncontrolling interest in
consolidated partnership,
at redemption value 511 1,778
Redeemable preferred stock
Series B, 800,000 shares authorized; $.01
par value, 332,500 shares outstanding,
liquidation preference of $8,312 7,662 7,662
SHAREHOLDERS' EQUITY
Preferred stock, 40,000,000 shares authorized;
Series A, 2,500,000 shares authorized,
$.01 par value, 803,270 shares
outstanding, liquidation preference
of $8,033 8 8
Common stock, $.01 par value, 100,000,000
shares authorized; 22,002,322
and 20,924,677 shares outstanding 220 209
Additional paid-in capital 120,153 112,804
Distributions in excess of retained
earnings (54,420) (25,551)
-------------- --------------
Total shareholder equity 65,961 87,470
Noncontrolling interest in consolidated
partnership, redemption value
$237 and $2,101 408 8,064
-------------- --------------
Total Equity 66,369 95,534
-------------- --------------
$ 274,395 $ 321,477
============== ==============
Three months Twelve months
ended December 31, ended December 31,
-------------------- --------------------
Unaudited Unaudited
2009 2008 2009 2008
--------- --------- --------- ---------
REVENUES
Room rentals and other hotel
services $ 19,622 $ 21,933 $ 88,970 $ 99,256
--------- --------- --------- ---------
EXPENSES
Hotel and property operations 15,963 16,479 67,360 71,132
Depreciation and amortization 3,105 3,115 12,457 12,067
General and administrative 675 746 3,813 3,696
--------- --------- --------- ---------
19,743 20,340 83,630 86,895
--------- --------- --------- ---------
EARNINGS BEFORE NET GAINS
(LOSSES) ON DISPOSITIONS
OF ASSETS, OTHER INCOME,
INTEREST EXPENSE, IMPAIRMENT
LOSSES, NONCONTROLLING
INTEREST AND INCOME TAX
BENEFIT (121) 1,593 5,340 12,361
Net gains (losses) on
dispositions of assets (67) - (146) 1
Other income 34 38 134 129
Interest expense (2,620) (2,684) (10,414) (10,738)
Impairment losses (10,872) - (10,872) -
EARNINGS (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME
TAXES AND NONCONTROLLING
INTEREST (13,646) (1,053) (15,958) 1,753
Income tax benefit 12 373 1,047 507
--------- --------- --------- ---------
EARNINGS (LOSS) FROM CONTINUING
OPERATIONS (13,634) (680) (14,911) 2,260
Earnings (loss) from
discontinued operations (11,800) 4,265 (12,614) 4,999
--------- --------- --------- ---------
NET EARNINGS (LOSS) (25,434) 3,585 (27,525) 7,259
Noncontrolling interest income
(expense) 150 (247) 130 (603)
--------- --------- --------- ---------
NET INCOME (LOSS) ATTRIBUTABLE
TO CONTROLLING INTERESTS (25,284) 3,338 (27,395) 6,656
Preferred stock dividends (368) (369) (1,474) (1,160)
NET EARNINGS (LOSS)
ATTRIBUTABLE TO --------- --------- --------- ---------
COMMON SHAREHOLDERS $ (25,652) $ 2,969 $ (28,869) $ 5,496
========= ========= ========= =========
NET EARNINGS (LOSS) PER COMMON
SHARE - BASIC AND DILUTED
EPS from continuing operations $ (0.63) $ (0.05) $ (0.75) $ 0.04
========= ========= ========= =========
EPS from discontinued
operations $ (0.54) $ 0.19 $ (0.58) $ 0.22
========= ========= ========= =========
EPS basic and diluted $ (1.17) $ 0.14 $ (1.33) $ 0.26
========= ========= ========= =========
AMOUNTS ATTRIBUTABLE TO COMMON
SHAREHOLDERS
Income from continuing
operations, net of tax $ (13,932) $ (1,036) $ (16,386) $ 826
Discontinued operations, net of
tax (11,720) 4,005 (12,483) 4,670
--------- --------- --------- ---------
Net earnings (loss) $ (25,652) $ 2,969 $ (28,869) $ 5,496
========= ========= ========= =========
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
In thousands, except per share data:
Three months Twelve months
ended December 31, ended December 31,
-------------------- --------------------
unaudited unaudited
2009 2008 2009 2008
--------- --------- --------- ---------
Weighted average number of
shares outstanding for EPS
basic 21,956 20,924 21,647 20,840
diluted 21,956 20,924 21,647 20,840
Weighted average number of
shares outstanding for FFO per
share
basic 21,956 20,924 21,647 20,840
diluted 21,956 20,924 21,647 22,346
Reconciliation of Weighted
average number of shares for
EPS diluted to FFO per share
diluted:
EPS diluted shares 21,956 20,924 21,647 20,840
Common stock issuable upon
exercise or conversion of:
Series A Preferred Stock - - - 1,506
--------- --------- --------- ---------
FFO per share diluted shares 21,956 20,924 21,647 22,346
========= ========= ========= =========
Reconciliation of net earnings
(loss) to FFO-Unaudited
Net earnings (loss) available
to common shareholders $ (25,652) $ 2,969 $ (28,869) $ 5,496
Depreciation and amortization,
including disc ops 3,370 3,837 14,241 14,982
Net (gains) losses on
disposition of assets (1,217) (5,583) (2,264) (5,581)
--------- --------- --------- ---------
FFO $ (23,499) $ 1,223 $ (16,892) $ 14,897
Impairment 23,305 250 24,148 250
Adjusted FFO (without
impairment expense) $ (194) $ 1,473 $ 7,256 $ 15,147
========= ========= ========= =========
FFO per share - basic $ (1.07) $ 0.06 $ (0.78) $ 0.71
========= ========= ========= =========
Adjusted FFO per share (without
impairment expense) - basic $ (0.01) $ 0.07 $ 0.34 $ 0.73
========= ========= ========= =========
FFO per share - diluted $ (1.07) $ 0.06 $ (0.78) $ 0.70
========= ========= ========= =========
Adjusted FFO per share (without
impairment expense) - diluted $ (0.01) $ 0.07 $ 0.34 $ 0.71
========= ========= ========= =========
We use FFO as a performance measure to facilitate a periodic evaluation of our operating results relative to those of our peers, who, like us, are typically members of NAREIT. We consider FFO a useful additional measure of performance for an equity REIT because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which assume that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, we believe that FFO provides a meaningful indication of our performance.
We view the impairment charges as a nonrecurring expense, and we have excluded the impairment charges in calculating Adjusted FFO.
Three months Twelve months
ended December 31, ended December 31,
-------------------- --------------------
2009 2008 2009 2008
--------- --------- --------- ---------
(Unaudited)(Unaudited)
RECONCILIATION OF NET EARNINGS
(LOSS) TO ADJUSTED EBITDA
Net earnings (loss)
available to common
shareholders $ (25,652) $ 2,969 $ (28,869) $ 5,496
Interest expense,
including disc ops 3,232 3,376 13,015 13,848
Income tax benefit,
including disc ops (141) (117) (1,647) (305)
Depreciation and
amortization, including
disc ops 3,370 3,837 14,241 14,982
--------- --------- --------- ---------
EBITDA (19,191) 10,065 (3,260) 34,021
Noncontrolling interest (150) 247 (130) 603
Preferred stock dividend 368 369 1,474 1,160
--------- --------- --------- ---------
Adjusted EBITDA $ (18,973) $ 10,681 $ (1,916) $ 35,784
========= ========= ========= =========
Adjusted EBITDA doesn't represent cash generated from operating activities determined by GAAP and should not be considered as an alternative to net income, cash flow from operations or any other operating performance measure prescribed by GAAP. Adjusted EBITDA is not a measure of our liquidity, nor is Adjusted EBITDA indicative of funds available to fund our cash needs, including our ability to make cash distributions. Neither does the measurement reflect cash expenditures for long-term assets and other items that have been and will be incurred. Adjusted EBITDA may include funds that may not be available for management's discretionary use due to functional requirements to conserve funds for capital expenditures, property acquisitions, and other commitments and uncertainties. To compensate for this, management considers the impact of these excluded items to the extent they are material to operating decisions or the evaluation of our operating performance. Adjusted EBITDA, as presented, may not be comparable to similarly titled measures of other companies.
The following table sets forth the operations of the Company's same store hotel properties for the three and twelve months ended December 31, 2009 and 2008, respectively. This presentation includes non-GAAP financial measures. The Company believes that the presentation of hotel property operating income (POI) is helpful to investors, and represents a more useful description of its core operations, as it better communicates the comparability of its hotels' operating results.
Three months Twelve months
ended December 31, ended December 31,
------------------------ ------------------------
2009 2008 2009 2008
----------- ----------- ----------- -----------
Same Store: * (Unaudited) (Unaudited)
Revenue per
available room
(RevPAR):
Midscale w/o
F&B ** $ 32.73 $ 37.01 $ 38.00 $ 43.49
Economy $ 24.34 $ 27.71 $ 28.19 $ 31.03
Extended Stay $ 15.62 $ 14.67 $ 15.58 $ 16.18
----------- ----------- ----------- -----------
Total $ 25.31 $ 28.29 $ 28.96 $ 32.20
=========== =========== =========== ===========
Average daily room
rate (ADR):
Midscale w/o
F&B ** $ 66.03 $ 68.94 $ 67.78 $ 71.17
Economy $ 47.12 $ 48.43 $ 48.83 $ 49.48
Extended Stay $ 24.60 $ 25.73 $ 24.78 $ 25.30
----------- ----------- ----------- -----------
Total $ 47.88 $ 50.31 $ 49.90 $ 51.54
=========== =========== =========== ===========
Occupancy
percentage:
Midscale w/o
F&B ** 49.6% 53.7% 56.1% 61.1%
Economy 51.6% 57.2% 57.7% 62.7%
Extended Stay 63.5% 57.0% 62.9% 63.9%
----------- ----------- ----------- -----------
Total 52.9% 56.2% 58.0% 62.5%
=========== =========== =========== ===========
Three months Twelve months
ended December 31, ended December 31,
------------------------ ------------------------
2009 2008 2009 2008
----------- ----------- ----------- -----------
(Unaudited) (Unaudited)
Total Hotels:
Revenue per available
room (RevPAR): $ 25.31 $ 28.29 $ 28.96 $ 32.20
Average daily room
rate (ADR): $ 47.88 $ 50.31 $ 49.90 $ 51.54
Occupancy
percentage: 52.9% 56.2% 58.0% 62.5%
Revenue from room
rentals and other
hotel services
consists of:
Room rental revenue $ 18,995 $ 21,245 $ 86,239 $ 96,258
Telephone revenue 73 67 299 319
Other hotel service
revenues 554 621 2,432 2,679
----------- ----------- ----------- -----------
Total revenue from room
rentals and other
hotel services $ 19,622 $ 21,933 $ 88,970 $ 99,256
=========== =========== =========== ===========
Room rentals and other
hotel services
Total room rental and
other hotel services $ 19,622 $ 21,933 $ 88,970 $ 99,256
=========== =========== =========== ===========
Hotel and property
operations expense
Total hotel and
property operations
expense $ 15,963 $ 16,479 $ 67,360 $ 71,132
=========== =========== =========== ===========
Property Operating
Income ("POI")
Total property
operating income $ 3,659 $ 5,454 $ 21,610 $ 28,124
=========== =========== =========== ===========
POI as a percentage of
revenue from room
rentals and other
hotel services
Total POI as a
percentage of
revenue 18.6% 24.9% 24.3% 28.3%
=========== =========== =========== ===========
** "w/o F & B" indicates without food and beverage.
RECONCILIATION OF NET
EARNINGS (LOSS) TO POI Three months Twelve months
ended December 31, ended December 31,
------------------------ ------------------------
2009 2008 2009 2008
----------- ----------- ----------- -----------
(Unaudited) (Unaudited)
Net earnings (loss) $ (25,434) $ 3,585 $ (27,525) $ 7,259
Depreciation and
amortization,
including disc ops 3,370 3,837 14,241 14,982
Net (gain) loss on
disposition of assets,
including disc ops (1,217) (5,583) (2,264) (5,581)
Other income (34) (38) (134) (129)
Interest expense,
including disc ops 3,232 3,376 13,015 13,848
General and
administrative expense 675 746 3,813 3,696
Impairment losses 23,305 250 24,148 250
Income tax benefit,
including disc ops (141) (117) (1,647) (305)
Room rentals and other
hotel services -
discontinued
operations (2,893) (5,262) (16,524) (25,729)
Hotel and property
operations expense -
discontinued
operations 2,796 4,660 14,487 19,833
----------- ----------- ----------- -----------
POI $ 3,659 $ 5,454 $ 21,610 $ 28,124
=========== =========== =========== ===========
Three months ended Three months ended
December 31, 2009 December 31, 2008
------------------------------- -------------------------------
Same Store Room Occup- Room Occup-
Region Count RevPAR ancy ADR Count RevPAR ancy ADR
------- ------- ------ ------- ------- ------- ------ -------
Mountain 214 $ 25.29 53.6% $ 47.15 214 $ 30.44 61.1% $ 49.81
West North
Central 2,670 24.48 52.2% 46.87 2,670 28.84 61.3% 47.04
East North
Central 1,081 32.77 52.0% 63.05 1,081 37.25 58.3% 63.84
Middle
Atlantic/
New England 142 35.01 54.9% 63.82 142 38.48 57.4% 67.01
South
Atlantic 2,772 22.12 53.6% 41.23 2,772 23.90 52.4% 45.59
East South
Central 822 26.64 46.9% 56.81 822 28.88 49.6% 58.22
West South
Central 456 26.48 63.6% 41.62 456 25.19 53.8% 46.82
------- ------- ------ ------- ------- ------- ------ -------
Total Same
Store 8,157 $ 25.31 52.9% $ 47.88 8,157 $ 28.29 56.2% $ 50.31
------- ------- ------ ------- ------- ------- ------ -------
States included in the Regions
Mountain Idaho and Montana
West North Central Iowa, Kansas, Missouri, Nebraska and South Dakota
East North Central Indiana and Wisconsin
Middle Atlantic/
New England Pennsylvania
South Atlantic Delaware, Florida, Georgia, Maryland, North Carolina,
South Carolina, Virginia and West Virginia
East South Central Alabama, Kentucky and Tennessee
West South Central Arkansas and Louisiana
2009 2008
------------------------------- -------------------------------
Same Store Room Occup- Room Occup-
Region Count RevPAR ancy ADR Count RevPAR ancy ADR
------- ------- ------ ------- ------- ------- ------ -------
Mountain 214 $ 31.96 62.1% $ 51.50 214 $ 38.02 73.2% $ 51.97
West North
Central 2,670 28.44 59.4% 47.86 2,670 31.47 65.2% 48.25
East North
Central 1,081 36.25 58.5% 61.96 1,081 41.85 65.3% 64.11
Middle
Atlantic/
New England 142 38.90 58.9% 66.04 142 43.47 64.3% 67.63
South
Atlantic 2,772 25.71 57.8% 44.48 2,772 28.39 60.3% 47.07
East South
Central 822 31.29 53.2% 58.82 822 33.59 55.5% 60.53
West South
Central 456 25.84 56.9% 45.38 456 27.91 59.7% 46.73
------- ------- ------ ------- ------- ------- ------ -------
Total Same
Store
Hotels 8,157 $ 28.96 58.0% $ 49.90 8,157 $ 32.20 62.5% $ 51.54
======= ======= ====== ======= ======= ======= ====== =======
States included in the Regions
Mountain Idaho and Montana
West North Central Iowa, Kansas, Missouri, Nebraska and South Dakota
East North Central Indiana and Wisconsin
Middle Atlantic/
New England Pennsylvania
South Atlantic Delaware, Florida, Georgia, Maryland, North Carolina,
South Carolina, Virginia and West Virginia
East South Central Alabama, Kentucky and Tennessee
West South Central Arkansas and Louisiana
