Company Results

DiamondRock Hospitality First Quarter 2014 Revenues Up 8%

Pro Forma RevPAR was $133.66, an increase of 8.4% from 2013.

DiamondRock

DiamondRock Hospitality Compan (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 25 premium hotels in the United States, announced results of operations for the quarter ended March 31, 2014.

First Quarter 2014 Highlights

  • Pro Forma RevPAR: Pro Forma RevPAR was $133.66, an increase of 8.4% from 2013.
  • Pro Forma Hotel Adjusted EBITDA Margin: Pro Forma Hotel Adjusted EBITDA margin was 22.57%, an increase of 95 basis points from 2013.
  • Pro Forma Hotel Adjusted EBITDA: Pro Forma Hotel Adjusted EBITDA was $42.5 million, an increase of 14% from 2013.
  • Adjusted EBITDA: Adjusted EBITDA was $37.3 million.
  • Adjusted FFO: Adjusted FFO was $29.5 million and Adjusted FFO per diluted share was $0.15.
  • Dividends: The Company declared a quarterly dividend of $0.1025 per share during the first quarter, representing a 21% increase over the prior quarterly dividend.

Recent Developments

  • Chief Investment Officer Hire: Troy Furbay, a proven leader with 25 years of experience in the lodging industry, joined the Company as Executive Vice President and Chief Investment Officer in April 2014.
  • Non-Core Hotel Disposition: The Company sold the 386-room Oak Brook Hills Resort on April 14, 2014 for $30.1 million.

Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company, stated, "Our strong first quarter results reflect the high quality of our portfolio, including the benefits from our recent $140 million capital investment program, brand conversion at the Lexington Hotel New York City, and our exposure to robust urban markets such as Boston and Los Angeles.  Moreover, we continue to enhance our portfolio through strategic capital recycling with the recent sale of Oak Brook Hills.  As we continue to execute on our strategy and strengthen our portfolio, our renovation programs are substantially complete and we believe we are increasingly well positioned to deliver growth and strong shareholder returns across the full lodging cycle."

Operating Results      

Please see "Certain Definitions" and "Non-GAAP Financial Measures" attached to this press release for an explanation of the terms "EBITDA," "Adjusted EBITDA," "Hotel Adjusted EBITDA Margin," "FFO" and "Adjusted FFO." Discussions of "Pro Forma" exclude the Oak Brook Hills Resort, which was sold in April 2014.

For the quarter ended March 31, 2014, the Company reported the following:

First Quarter

2014

2013

Change

ADR1

$180.81

$172.95

4.5%

Occupancy1

73.9%

71.3%

2.6 percentage points

RevPAR1

$133.66

$123.32

8.4%

Hotel Adjusted EBITDA Margin1

22.57%

21.62%

95 basis points

Adjusted EBITDA

$37.3 million

$34.3 million

$3.0 million

Adjusted FFO

$29.5 million

$26.8 million

$2.7 million

Adjusted FFO per diluted share

$0.15

$0.14

$0.01

Pro forma to exclude the operating results of hotels sold during 2014 and 2013.

Excluding the New York City hotels under renovation during the comparable period of 2013, the Company's Pro Forma RevPAR increased 4.8% from 2013 and Pro Forma Hotel Adjusted EBITDA margin increased 32 basis points from 2013.

Sale of Oak Brook Hills Resort        

The Company sold the 386-room Oak Brook Hills Resort to an unaffiliated third party for $30.1 million, which included $4 million of seller financing, on April 14, 2014. The hotel generated negative Hotel Adjusted EBITDA of approximately $1.4 million during the quarter ended March 31, 2014 and $2.0 million of Hotel Adjusted EBITDA in 2013.

Allerton Loan Repayment

The Company received a prepayment notice that the borrower intends to prepay the mortgage loan secured by the Allerton Hotel at par during the second quarter. The Company can provide no assurance that the loan will be prepaid, since the prepayment is subject to the borrower's ability to raise the capital required to prepay the loan.

Capital Expenditures

The Company expects to spend approximately $95 million on capital improvements at its hotels in 2014, of which approximately $45 million relates to the completion of 2013 capital projects in early 2014 and approximately $50 million relates to new 2014 capital projects.

The Company spent approximately $26.0 million on capital improvements during the quarter ended March 31, 2014, which primarily related to the substantial completion of its $140 million capital improvement program, including the comprehensive renovations of the Westin Washington D.C. City Center, Westin San Diego, Hilton Boston and Hilton Burlington, as well as the guest room renovation at the Hilton Minneapolis.

Balance Sheet

As of March 31, 2014, the Company had $111.5 million of unrestricted cash on hand and approximately $1.1 billion of total debt, which consists solely of property-specific mortgage debt.  The Company has no outstanding borrowings on its $200 million senior unsecured credit facility.

Dividends

The Company's Board of Directors declared a quarterly dividend of $0.1025 per share to stockholders of record as of March 31, 2014, representing a 21% increase over the prior quarterly dividend.  The dividend was paid on April 10, 2014.

Outlook and Guidance

The Company is providing annual guidance for 2014, but does not undertake to update it for any developments in its business.  Achievement of the anticipated results is subject to the risks disclosed in the Company's filings with the U.S. Securities and Exchange Commission.  The Company's outlook assumes the Hilton Garden Inn Times Square Central opens in August 2014.  The 2014 Pro Forma RevPAR growth excludes the Hilton Garden Inn Times Square Central, which is expected to positively impact the Company's RevPAR by approximately 75 basis points.

The Company is revising its full year 2014 guidance only to the extent it is impacted by the sale of the Oak Brook Hills Resort and the payoff of the Allerton Loan, as follows:

  • Oak Brook Hills Resort: The sale of the hotel reduces 2014 Adjusted EBITDA by approximately $3.5 million and 2014 Adjusted FFO by approximately $2.5 million.
  • Allerton Loan: The payoff of the Allerton Loan will reduce 2014 Adjusted EBITDA and 2014 Adjusted FFO by approximately $3.5 million.

The Company now expects the full year 2014 results to be as follows:

Metric

Previous Guidance

Impact

Revised Guidance

Low End

High End

Low End

High End

Pro Forma RevPAR Growth

 

9 percent

11 percent

N/A

9 percent

11 percent

Adjusted EBITDA

 

$230 million

$240 million

$7 million

$223 million

$233 million

Adjusted FFO

 

$169 million

$176 million

$6 million

$163 million

$170 million

Adjusted FFO per share

(based on 196.5 million shares)

 

$0.86 per share

$0.90 per share

$0.03 per share

$0.83 per share

$0.87 per share 

The Company expects approximately 29% of full year 2014 Adjusted EBITDA and Adjusted FFO to be earned during the second quarter 2014.

The midpoint of the guidance range above implies Hotel Adjusted EBITDA margin growth of over 250 basis points.  For comparison purposes, the Company's Pro Forma RevPAR growth outlook excluding the New York City hotels under renovation during 2013 is 5.5 percent to 7.5 percent.

The midpoint of the guidance range above implies Hotel Adjusted EBITDA margin growth of over 250 basis points.  For comparison purposes, the Company's Pro Forma RevPAR growth outlook excluding the New York City hotels under renovation during 2013 is 5.5 percent to 7.5 percent.

About the Company

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in top gateway markets and destination resort locations.  The Company owns 25 premium quality hotels with over 10,700 rooms. The Company has strategically positioned its hotels to generally be operated under the leading global brands such as Hilton, Marriott, and Westin.

DIAMONDROCK HOSPITALITY COMPANY 

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

March 31, 2014

December 31, 2013

(unaudited)

ASSETS

Property and equipment, at cost

$

3,188,753

$

3,168,088

Less: accumulated depreciation

(625,692)

(600,555)

2,563,061

2,567,533

Deferred financing costs, net

6,910

7,702

Restricted cash

97,949

89,106

Due from hotel managers

76,056

69,353

Note receivable

44,762

50,084

Favorable lease assets, net

39,677

39,936

Prepaid and other assets (1)

76,946

79,474

Cash and cash equivalents

111,482

144,584

Total assets

$

3,016,843

$

3,047,772

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Mortgage debt

$

1,088,259

$

1,091,861

Senior unsecured credit facility

Total debt

1,088,259

1,091,861

Deferred income related to key money, net

23,435

23,707

Unfavorable contract liabilities, net

77,625

78,093

Due to hotel managers

54,914

54,225

Dividends declared and unpaid

20,330

16,981

Accounts payable and accrued expenses (2)

88,564

102,214

Total other liabilities

264,868

275,220

Stockholders' Equity:

Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued and outstanding

Common stock, $0.01 par value; 400,000,000 shares authorized; 195,679,187 and 195,470,791 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively

1,957

1,955

Additional paid-in capital

1,978,800

1,979,613

Accumulated deficit

(317,041)

(300,877)

Total stockholders' equity

1,663,716

1,680,691

Total liabilities and stockholders' equity

$

3,016,843

$

3,047,772

 

(1) Includes $39.4 million of deferred tax assets, $26.9 million for the Hilton Garden Inn Times Square purchase deposit, $5.6 million of prepaid expenses and $5.0 million of other assets as of March 31, 2014.

(2) Includes $60.4 million of deferred ground rent, $4.1 million of deferred tax liabilities, $10.2 million of accrued property taxes,$3.3 million of accrued capital expenditures and $10.6 million of other accrued liabilities as of March 31, 2014.

 

DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

Three Months Ended March 31,

2014

2013

Revenues:

Rooms

$

129,736

$

120,381

Food and beverage

48,611

44,017

Other

11,737

11,465

Total revenues

190,084

175,863

Operating Expenses:

Rooms

38,105

35,181

Food and beverage

34,500

32,842

Management fees

5,293

4,735

Other hotel expenses

72,476

67,655

Depreciation and amortization

25,123

26,251

Corporate expenses

5,188

7,845

Gain on insurance proceeds

(663)

Total operating expenses

180,022

174,509

Operating profit

10,062

1,354

Other Expenses (Income):

Interest income

(1,652)

(1,285)

Interest expense

14,525

13,583

Total other expenses, net

12,873

12,298

Loss from continuing operations before income taxes

(2,811)

(10,944)

Income tax benefit

6,848

6,145

Income (loss) from continuing operations

4,037

(4,799)

Income from discontinued operations, net of income taxes

673

Net income (loss)

4,037

(4,126)

Earnings (loss) earnings per share:

Continuing operations

$

0.02

$

(0.02)

Discontinued operations

0.00

0.00

Basic and diluted earnings (loss) per share

$

0.02

$

(0.02)

 

Non-GAAP Financial Measures

We use the following non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: EBITDA, Adjusted EBITDA, FFO and Adjusted FFO. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP.  EBITDA, Adjusted EBITDA, FFO and Adjusted FFO, as calculated by us, may not be comparable to other companies that do not define such terms exactly as the Company.

EBITDA and FFO

EBITDA represents net income excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; and (3) depreciation and amortization. We believe EBITDA is useful to an investor in evaluating our operating performance because it helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization) from our operating results. In addition, covenants included in our indebtedness use EBITDA as a measure of financial compliance. We also use EBITDA as one measure in determining the value of hotel acquisitions and dispositions.

The Company computes FFO in accordance with standards established by NAREIT, which defines FFO as net income determined in accordance with GAAP, excluding gains or losses from sales of properties and impairment losses, plus depreciation and amortization. The Company believes that the presentation of FFO provides useful information to investors regarding its operating performance because it is a measure of the Company's operations without regard to specified non-cash items, such as real estate depreciation and amortization and gain or loss on sale of assets.  The Company also uses FFO as one measure in assessing its results.

Adjustments to EBITDA and FFO

We adjust EBITDA and FFO when evaluating our performance because we believe that the exclusion of certain additional recurring and non-recurring items described below provides useful supplemental information to investors regarding our ongoing operating performance and that the presentation of Adjusted EBITDA and Adjusted FFO, when combined with GAAP net income, EBITDA and FFO, is beneficial to an investor's complete understanding of our operating performance.  We adjust EBITDA and FFO for the following items:

  • Non-Cash Ground Rent: We exclude the non-cash expense incurred from the straight line recognition of rent from our ground lease obligations and the non-cash amortization of our favorable lease assets.
  • Non-Cash Amortization of Favorable and Unfavorable Contracts: We exclude the non-cash amortization of the favorable management contract assets recorded in conjunction with our acquisitions of the Westin Washington D.C. City Center,Westin San Diego, and Hilton Burlington and the non-cash amortization of the unfavorable contract liabilities recorded in conjunction with our acquisitions of the Bethesda Marriott Suites, the Chicago Marriott Downtown, the Renaissance Charleston and the Lexington Hotel New York. The amortization of the favorable and unfavorable contracts does not reflect the underlying operating performance of our hotels.
  • Cumulative Effect of a Change in Accounting Principle: Infrequently, the Financial Accounting Standards Board (FASB) promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude the effect of these one-time adjustments because they do not reflect its actual performance for that period.
  • Gains or Losses from Early Extinguishment of Debt: We exclude the effect of gains or losses recorded on the early extinguishment of debt because we believe they do not accurately reflect the underlying performance of the Company.
  • Acquisition Costs: We exclude acquisition transaction costs expensed during the period because we believe they do not reflect the underlying performance of the Company.
  • Allerton Loan: We recognize interest income, which includes the amortization of the difference between the carrying basis of the old loan and face value of the new loan. Cash payments received during 2010 and 2011 that were included in Adjusted EBITDA and Adjusted FFO and reduced the carrying basis of the loan are now deducted from Adjusted EBITDA and Adjusted FFO on a straight-line basis over the anticipated five-year term of the new loan.
  • Other Non-Cash and /or Unusual Items: From time to time we incur costs or realize gains that we do not believe reflect the underlying performance of the Company. Such items include, but are not limited to, pre-opening costs, contract termination fees, severance costs, and gains from legal settlements or insurance proceeds.

In addition, to derive Adjusted EBITDA we exclude gains or losses on dispositions and impairment losses because we believe that including them in EBITDA does not reflect the ongoing performance of our hotels. Additionally, the gains or losses on dispositions and impairment losses represent either accelerated depreciation or excess depreciation in previous periods, and depreciation is excluded from EBITDA.

In addition, to derive Adjusted FFO we exclude any fair value adjustments to debt instruments.  Specifically, we exclude the impact of the non-cash amortization of the debt premium recorded in conjunction with the acquisition of the JW Marriott Denver at Cherry Creek and fair market value adjustments to the Company's interest rate cap agreement.

The following tables are reconciliations of our U.S. GAAP net income to EBITDA and Adjusted EBITDA (in thousands):    

Three Months Ended March 31,

2014

2013

Net income (loss)

$

4,037

$

(4,126)

Interest expense

14,525

13,583

Income tax expense (benefit) (1)

(6,848)

(6,143)

Real estate related depreciation and amortization (2)

25,123

26,834

EBITDA

36,837

30,148

Non-cash ground rent

1,696

1,693

Non-cash amortization of favorable and unfavorable contract liabilities, net

(353)

(354)

Gain on insurance proceeds

(663)

Reversal of previously recognized Allerton income

(291)

(291)

Acquisition costs

36

9

Pre-opening costs

14

Severance costs

3,065

Adjusted EBITDA

$

37,276

$

34,270

 

(1)     Includes $2 of income tax expense reported in discontinued operations for the three months ended March 31, 2013. 

(2)     Includes $0.6 million of depreciation expense reported in discontinued operations for the three months ended March 31, 2013. 

 

Full Year 2014 Guidance

Low End

High End

Net income

$

62,978

$

70,478

Interest expense

59,200

59,100

Income tax expense (benefit)

400

3,500

Real estate related depreciation and amortization

95,500

95,000

EBITDA

218,078

228,078

Non-cash ground rent

6,400

6,400

Non-cash amortization of favorable and unfavorable contracts, net

(1,400)

(1,400)

Gain on insurance proceeds

(663)

(663)

Reversal of previously recognized Allerton income

(415)

(415)

Acquisition costs

200

200

Pre-opening costs

800

800

Adjusted EBITDA

$

223,000

$

233,000

 

The following tables are reconciliations of our U.S. GAAP net income to FFO and Adjusted FFO (in thousands):

Three Months Ended March 31,

2014

2013

Net income (loss)

$

4,037

$

(4,126)

Real estate related depreciation and amortization (1)

25,123

26,834

FFO

29,160

22,708

Non-cash ground rent

1,696

1,693

Non-cash amortization of unfavorable contract liabilities, net

(353)

(354)

Gain on insurance proceeds

(663)

Acquisition costs

36

9

Pre-opening costs

14

Reversal of previously recognized Allerton income

(291)

(291)

Severance costs

3,065

Fair value adjustments to debt instruments

(85)

(65)

Adjusted FFO

$

29,514

$

26,765

Adjusted FFO per share

$

0.15

$

0.14

 

(1)     Includes $0.6 million of depreciation expense reported in discontinued operations for the three months ended March 31, 2013. 

 

Full Year 2014 Guidance

Low End

High End

Net income

$

62,978

$

70,478

Real estate related depreciation and amortization

95,500

95,000

FFO

158,478

165,478

Non-cash ground rent

6,400

6,400

Non-cash amortization of favorable and unfavorable contracts, net

(1,400)

(1,400)

Gain on insurance proceeds

(663

(663)

Reversal of previously recognized Allerton income

(415)

(415)

Acquisition costs

200

200

Pre-opening costs

800

800

Fair value adjustments to debt instruments

(400)

(400)

Adjusted FFO

$

163,000

$

170,000

Adjusted FFO per share

$

0.83

$

0.87

 

Use and Limitations of Non-GAAP Financial Measures

Our management and Board of Directors use EBITDA, Adjusted EBITDA, FFO and Adjusted FFO to evaluate the performance of our hotels and to facilitate comparisons between us and other lodging REITs, hotel owners who are not REITs and other capital intensive companies. The use of these non-GAAP financial measures has certain limitations. These non-GAAP financial measures as presented by us, may not be comparable to non-GAAP financial measures as calculated by other real estate companies. These measures do not reflect certain expenses or expenditures that we incurred and will incur, such as depreciation, interest and capital expenditures. We compensate for these limitations by separately considering the impact of these excluded items to the extent they are material to operating decisions or assessments of our operating performance. Our reconciliations to the most comparable GAAP financial measures, and our consolidated statements of operations and cash flows, include interest expense, capital expenditures, and other excluded items, all of which should be considered when evaluating our performance, as well as the usefulness of our non-GAAP financial measures.

These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. They should not be considered as alternatives to operating profit, cash flow from operations, or any other operating performance measure prescribed by GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. We strongly encourage investors to review our financial information in its entirety and not to rely on a single financial measure.

Certain Definitions

In this release, when we discuss "Hotel Adjusted EBITDA," we exclude from Hotel EBITDA the non-cash expense incurred by the hotels due to the straight lining of the rent from our ground lease obligations, the non-cash amortization of our favorable lease assets and other contracts, the non-cash amortization of the unfavorable contract liabilities recorded in conjunction with the acquisitions of the Bethesda Marriott Suites, the Chicago Marriott Downtown, the Renaissance Charleston and the Lexington Hotel New York. Hotel EBITDA represents hotel net income excluding: (1) interest expense; (2) income taxes; and (3) depreciation and amortization. Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues. Net debt is calculated as total debt outstanding less unrestricted cash.

DIAMONDROCK HOSPITALITY COMPANY

HOTEL OPERATING DATA

Schedule of Property Level Results - Pro Forma (1)

(in thousands)

(unaudited)

Three Months Ended March 31,

2014

2013

% Change

Revenues:

Rooms

$

128,863

$

118,680

8.6

%

Food and beverage

47,594

42,365

12.3

%

Other

11,657

11,339

2.8

%

Total revenues

188,114

172,384

9.1

%

Operating Expenses:

Rooms departmental expenses

$

37,560

$

34,498

8.9

%

Food and beverage departmental expenses

33,546

31,322

7.1

%

Other direct departmental

5,320

5,228

1.8

%

General and administrative

15,841

14,786

7.1

%

Utilities

7,171

6,778

5.8

%

Repairs and maintenance

8,897

8,572

3.8

%

Sales and marketing

13,305

11,928

11.5

%

Franchise fees

3,308

2,847

16.2

%

Base management fees

4,688

4,181

12.1

%

Incentive management fees

565

467

21.0

%

Property taxes

10,165

9,572

6.2

%

Ground rent

3,718

3,661

1.6

%

Other fixed expenses

2,812

2,501

12.4

%

Total hotel operating expenses

$

146,896

$

136,341

7.7

%

Hotel EBITDA

41,218

36,043

14.4

%

Non-cash ground rent

1,589

1,584

0.3

%

Non-cash amortization of unfavorable contract liabilities

(353)

(354)

(0.3)

%

Hotel Adjusted EBITDA

$

42,454

$

37,273

13.9

%

 

(1)       Pro forma to exclude hotels sold in 2014 and 2013.

 

Market Capitalization as of March 31, 2014

(in thousands, except per share data)

 

Enterprise Value

Common equity capitalization (at March 31, 2014 closing price of  $11.75/share)

$

2,306,405

Consolidated debt

1,088,259

Cash and cash equivalents

(111,482)

Total enterprise value

$

3,283,182

Share Reconciliation

Common shares outstanding

195,679

Unvested restricted stock held by management and employees

534

Share grants under deferred compensation plan held by directors

77

Combined shares outstanding

196,290

 

 

 

Debt Summary as of March 31, 2014

(dollars in thousands)

 

Property

Interest Rate

Term

Outstanding Principal

Maturity

Courtyard Manhattan / Midtown East

8.810%

Fixed

$

41,424

October 2014

Lexington Hotel New York

LIBOR + 3.00

Variable

170,368

March 2015

Los Angeles Airport Marriott

5.300%

Fixed

82,600

July 2015

Renaissance Worthington

5.400%

Fixed

53,563

July 2015

JW Marriott Denver at Cherry Creek

6.470%

Fixed

39,507

July 2015

Frenchman's Reef Marriott

5.440%

Fixed

57,397

August 2015

Orlando Airport Marriott

5.680%

Fixed

56,558

January 2016

Chicago Marriott Downtown

5.975%

Fixed

207,580

April 2016

Courtyard Manhattan / Fifth Avenue

6.480%

Fixed

49,429

June 2016

Salt Lake City Marriott Downtown

4.250%

Fixed

62,525

November 2020

Hilton Minneapolis

5.464%

Fixed

94,499

May 2021

Westin Washington D.C. City Center

3.990%

Fixed

71,971

January 2023

The Lodge at Sonoma

3.960%

Fixed

30,511

April 2023

Westin San Diego

3.940%

Fixed

69,875

April 2023

Debt premium (1)

452

Total mortgage debt

$

1,088,259

Senior unsecured credit facility

LIBOR + 1.90

Variable

-

January 2017

Total debt

$

1,088,259

 

(1)       Non-cash GAAP adjustment recorded upon the assumption of the mortgage loan secured by the JW Marriott Denver Cherry Creek in 2011.

 

Operating Statistics – First Quarter

ADR

Occupancy

RevPAR

Hotel Adjusted EBITDA Margin

1Q 2014

1Q 2013

B/(W)

1Q 2014

1Q 2013

B/(W)

1Q 2014

1Q 2013

B/(W)

1Q 2014

1Q 2013

B/(W)

Atlanta Alpharetta Marriott

$

171.40

$

146.57

16.9

%

67.1

%

73.0

%

(5.9)

%

$

115.01

$

106.94

7.5

%

35.13

%

35.25

%

-12 bps

Bethesda Marriott Suites

$

165.22

$

177.66

(7.0)

%

54.9

%

48.7

%

6.2

%

$

90.66



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