DIAMONDROCK HOSPITALITY COMPANY REPORTS THIRD QUARTER 2023 RESULTS

About this update from Diamondrock Hospitality Company

Comparable Total Revenues Flat to 2022 and 12% Higher than 2019 BETHESDA, Md. , Nov. 1, 2023 /PRNewswire/ -- DiamondRock Hospitality Company (the "Company") (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 36 premium hotels and resorts in the United States , today announced results of operations for the quarter ended September 30, 2023 . Third Quarter 2023 Highlights Net Income: Net income was $27.3 million and earnings per diluted share was $0.12 . Comparable Revenues: Comparable total revenues were $277.1 million , a 0.1% increase over 2022 and a 12.0% increase over 2019. Comparable RevPAR: Comparable RevPAR was $210.03 , a 1.1% decrease from 2022 and a 7.6% increase over 2019. Comparable Hotel Adjusted EBITDA : Comparable Hotel Adjusted EBITDA was $81.1 million , a 6.6% decrease from 2022 and a 8.9% increase over 2019. Comparable Hotel Adjusted EBITDA Margin : Comparable Hotel Adjusted EBITDA margin was 29.27%, a 210 basis point decrease from 2022 and a 85 basis point decrease over 2019. Adjusted EBITDA: Adjusted EBITDA was $73.2 million , a 4.1% decrease from 2022 and a 8.4% increase over 2019. Adjusted FFO: Adjusted FFO was $54.6 million and Adjusted FFO per diluted share was $0.26 . Hotel Acquisition : The Company acquired Chico Hot Springs Resort located in Paradise Valley, Montana for $33.0 million on August 1, 2023 . Hotel Rebranding : The Company completed the rebranding of the Hilton Boston Downtown/Faneuil Hall to The Dagny, an independent lifestyle boutique hotel, on August 1, 2023 . "DiamondRock's results for the third quarter were modestly ahead of our expectations. The team did a great job controlling expenses, which saw significant improvement over the prior quarter. Accomplishments in the third quarter also included the successful completion of the major repositioning of The Dagny in Boston . For the fourth quarter, we expect our RevPAR growth to improve approximately 100 basis points from the third quarter and be essentially flat compared to 2022 driven by improving results from our resort portfolio," said Mark W. Brugger , President and Chief Executive Officer of DiamondRock Hospitality Company . Operating Results Please see "Non-GAAP Financial Measures" attached to this press release for an explanation of the terms "EBITDAre," "Adjusted EBITDA," " Hotel Adjusted EBITDA ," " Hotel Adjusted EBITDA Margin ," "FFO" and "Adjusted FFO" and a reconciliation of these measures to net income. Comparable operating results include all hotels currently owned for all periods presented, except the Kimpton Fort Lauderdale Beach Resort , which opened in April 2021 . See "Reconciliation of Comparable Operating Results" attached to this press release for a reconciliation to historical amounts. Quarter Ended September 30 , Change From 2023 2022 2019 2022 2019 ($ amounts in millions, except hotel statistics and per share amounts) Comparable Operating Results (1) ADR $ 274.00 $ 282.49 $ 240.06 (3.0) % 14.1 % Occupancy 76.7 % 75.1 % 81.3 % 1.6 % (4.6) % RevPAR $ 210.03 $ 212.27 $ 195.19 (1.1) % 7.6 % Total RevPAR $ 312.35 $ 312.57 $ 280.00 (0.1) % 11.6 % Revenues $ 277.1 $ 276.8 $ 247.4 0.1 % 12.0 % Hotel Adjusted EBITDA $ 81.1 $ 86.8 $ 74.5 (6.6) % 8.9 % Hotel Adjusted EBITDA Margin 29.27 % 31.37 % 30.12 % (210 bps) (85 bps) Available Rooms 887,279 885,466 883,660 1,813 3,619 Actual Operating Results (2) Revenues $ 276.5 $ 268.2 $ 240.3 3.1 % 15.1 % Net income $ 27.3 $ 28.6 $ 11.6 (4.5) % 135.3 % Earnings per diluted share $ 0.12 $ 0.12 $ 0.06 0.0 % 100.0 % Adjusted EBITDA $ 73.2 $ 76.3 $ 67.5 (4.1) % 8.4 % Adjusted FFO $ 54.6 $ 60.6 $ 55.3 (9.9) % (1.3) % Adjusted FFO per diluted share $ 0.26 $ 0.28 $ 0.27 (7.1) % (3.7) % Nine Months Ended September 30 , Change From 2023 2022 2019 2022 2019 ($ amounts in millions, except hotel statistics and per share amounts) Comparable Operating Results (1) ADR $ 281.52 $ 288.43 $ 239.96 (2.4) % 17.3 % Occupancy 73.4 % 68.7 % 78.6 % 4.7 % (5.2) % RevPAR $ 206.60 $ 198.19 $ 188.72 4.2 % 9.5 % Total RevPAR $ 309.40 $ 294.71 $ 278.07 5.0 % 11.3 % Revenues $ 814.1 $ 773.7 $ 728.9 5.2 % 11.7 % Hotel Adjusted EBITDA $ 238.0 $ 245.2 $ 217.7 (2.9) % 9.3 % Hotel Adjusted EBITDA Margin 29.23 % 31.69 % 29.87 % (246 bps) (64 bps) Available Rooms 2,631,183 2,625,408 2,621,125 5,775 10,058 Actual Operating Results (2) Revenues $ 811.3 $ 746.4 $ 700.6 8.7 % 15.8 % Net income $ 75.7 $ 91.3 $ 49.6 (17.1) % 52.6 % Earnings per diluted share $ 0.32 $ 0.39 $ 0.24 (17.9) % 33.3 % Adjusted EBITDA $ 214.4 $ 213.2 $ 197.8 0.6 % 8.4 % Adjusted FFO $ 159.9 $ 168.0 $ 162.3 (4.8) % (1.5) % Adjusted FFO per diluted share $ 0.75 $ 0.78 $ 0.80 (3.8) % (6.3) % (1) Amounts represent the pre-acquisition operating results for Bourbon Orleans Hotel from January 1, 2019 to July 28, 2021 , Henderson Park Inn from January 1, 2019 to July 29, 2021 , Henderson Beach Resort from January 1, 2019 to December 22, 2021 , Tranquility Bay Beachfront Resort from January 1, 2019 to January 5, 2022 , Lake Austin Spa Resort from January 1, 2019 to November 20, 2022 Chico Hot Springs Resort from January 1, 2019 to July 31, 2023 and exclude the operating results of the Kimpton Fort Lauderdale Beach Resort as the hotel opened in April 2021 . The pre-acquisition operating results were obtained from the sellers of the hotels during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors. (2) Actual operating results include the operating results of all hotels for the Company's respective ownership periods. Hotel Acquisition On August 1, 2023 , the Company acquired the fee-simple interest in Chico Hot Springs Resort , a lifestyle resort, and adjacent ranch in Paradise Valley, Montana and near Yellowstone National Park for $33 million . The $27 million purchase price for the 117-room, 153-acre resort represents an 8.1% capitalization rate on 2022 net operating income ("NOI"). The adjacent ranch, a 595-acre parcel purchased for approximately $6 million , provides extensive on-site trails for hiking and horseback riding as well as potential for future expansion of the resort or residential lot sales. The acquisition was funded from corporate cash on hand. Capital Expenditures The Company invested approximately $67.1 million in capital improvements at its hotels during the nine months ended September 30, 2023 . The Company expects to spend $100 million on capital improvements at its hotels in 2023. Significant projects in 2023 include the following: The Dagny: The Company completed a comprehensive renovation to rebrand the Hilton Boston Downtown/Faneuil Hall as The Dagny, an independent lifestyle hotel, during the third quarter. Salt Lake City Marriott : The Company completed a renovation of the guestrooms during the third quarter. Hilton Burlington Lake Champlain : The Company commenced a repositioning of the hotel to rebrand it as a Curio Collection hotel. The repositioning is expected to be completed in the summer of 2024 and includes a new restaurant concept by a well-known, award-winning chef. Balance Sheet and Liquidity The Company ended the quarter with $611.6 million of liquidity, comprised of $102.7 million of unrestricted corporate cash, $108.9 million of unrestricted cash at its hotels and full capacity on its $400 million senior unsecured credit facility. As of September 30, 2023 , the Company had $1.2 billion of total debt outstanding, which consisted of $800.0 million of unsecured term loans and $380.6 million of property-specific, non-recourse mortgage debt. Dividends The Company declared a quarterly cash dividend of $0.03 per common share, which was was paid on October 12, 2023 to shareholders of record as of September 29, 2023 . The Company paid a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock on September 29, 2023 to shareholders of record as of September 18, 2023 . Earnings Call The Company will host a conference call to discuss its third quarter results on Wednesday, November 1, 2023 , at 10:00 a.m. Eastern Time (ET). The conference call will be accessible by telephone and through the internet. Interested individuals are requested to register for the call by visiting https://investor.drhc.com . A replay of the conference call webcast will be archived and available online. 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 leisure destinations and top gateway markets. The Company currently owns 36 premium quality hotels with over 9,700 rooms. The Company has strategically positioned its portfolio to be operated both under leading global brand families as well as independent boutique hotels in the lifestyle segment. For further information on the Company and its portfolio, please visit DiamondRock Hospitality Company's website at www.drhc.com . This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "intend," "project," "forecast," "plan" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the adverse impact of the novel coronavirus (COVID-19) on the U.S. , regional and global economies, travel, the hospitality industry, and the financial condition and results of operations of the Company and its hotels; national and local economic and business conditions, including the potential for additional terrorist attacks, that will affect occupancy rates at the Company's hotels and the demand for hotel products and services; operating risks associated with the hotel business; relationships with property managers; the ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations which influence or determine wages, prices, construction procedures and costs; and other risk factors contained in the Company's filings with the Securities and Exchange Commission . Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. DIAMONDROCK HOSPITALITY COMPANY CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) September 30, 2023 December 31, 2022 ASSETS (unaudited) Property and equipment, net $ 2,765,646 $ 2,748,476 Right-of-use assets 97,552 99,047 Restricted cash 42,503 39,614 Due from hotel managers 167,695 176,708 Prepaid and other assets 80,188 76,131 Cash and cash equivalents 102,737 67,564 Total assets $ 3,256,321 $ 3,207,540 LIABILITIES AND EQUITY Liabilities: Mortgage and other debt, net of unamortized debt issuance costs $ 379,914 $ 386,655 Unsecured term loans, net of unamortized debt issuance costs 799,337 799,138 Senior unsecured credit facility — — Total debt 1,179,251 1,185,793 Lease liabilities 111,832 110,875 Due to hotel managers 122,746 123,682 Deferred rent 68,291 65,097 Unfavorable contract liabilities, net 59,825 61,069 Accounts payable and accrued expenses 48,940 43,120 Distributions declared and unpaid 6,380 12,946 Deferred income related to key money, net 8,457 8,780 Total liabilities 1,605,722 1,611,362 Equity: Preferred stock, $0.01 par value; 10,000,000 shares authorized; 8.250% Series A Cumulative Redeemable Preferred Stock (liquidation preference $25.00 per share), 4,760,000 shares issued and outstanding at September 30, 2023 and December 31, 2022 48 48 Common stock, $0.01 par value; 400,000,000 shares authorized; 209,627,197 and 209,374,830 shares issued and outstanding at September 30, 2023 and December 31, 2022 , respectively 2,096 2,094 Additional paid-in capital 2,289,501 2,288,433 Accumulated other comprehensive income 3,802 — Distributions in excess of earnings (651,533) (700,694) Total stockholders' equity 1,643,914 1,589,881 Noncontrolling interests 6,685 6,297 Total equity 1,650,599 1,596,178 Total liabilities and equity $ 3,256,321 $ 3,207,540 DIAMONDROCK HOSPITALITY COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (unaudited) Three Months Ended September 30 , Nine Months Ended September 30 , 2023 2022 2023 2022 Revenues: Rooms $ 186,334 $ 184,994 $ 544,325 $ 510,189 Food and beverage 64,723 61,940 192,869 176,294 Other 25,463 21,274 74,126 59,965 Total revenues 276,520 268,208 811,320 746,448 Operating Expenses: Rooms 45,773 43,899 131,092 120,374 Food and beverage 45,428 43,227 134,486 119,919 Other departmental and support expenses 65,952 62,271 193,365 170,328 Management fees 7,323 6,697 19,196 17,029 Franchise fees 8,913 8,709 26,393 23,212 Other property-level expenses 25,704 21,047 76,755 63,997 Depreciation and amortization 27,683 27,053 82,995 81,097 Impairment losses — — 941 2,843 Corporate expenses 7,526 7,516 23,677 22,275 Business interruption insurance income (537) — (647) (499) Total operating expenses, net 233,765 220,419 688,253 620,575 Interest expense 15,973 9,072 48,712 22,866 Interest (income) and other (income) expense, net (772) 152 (1,717) 1,044 Loss on early extinguishment of debt — 9,698 — 9,698 Total other expenses, net 15,201 18,922 46,995 33,608 Income before income taxes 27,554 28,867 76,072 92,265 Income tax expense (224) (312) (420) (949) Net income 27,330 28,555 75,652 91,316 Less: Net income attributable to noncontrolling interests (58) (99) (259) (315) Net income attributable to the Company 27,272 28,456 75,393 91,001 Distributions to preferred stockholders (2,454) (2,454) (7,362) (7,362) Net income attributable to common stockholders $ 24,818 $ 26,002 $ 68,031 $ 83,639 Earnings per share: Earnings per share available to common stockholders - basic $ 0.12 $ 0.12 $ 0.32 $ 0.39 Earnings per share available to common stockholders - diluted $ 0.12 $ 0.12 $ 0.32 $ 0.39 Weighted-average number of common shares outstanding: Basic 211,490,571 212,878,364 211,525,596 212,736,133 Diluted 212,204,989 213,657,373 212,129,712 213,459,354 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, EBITDAre, Adjusted EBITDA, Hotel EBITDA , Hotel 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 U.S. GAAP. EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA , Hotel 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. Use and Limitations of Non-GAAP Financial Measures Our management and Board of Directors use EBITDA, EBITDAre, Adjusted EBITDA, Hotel EBITDA , Hotel 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 U.S. 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 U.S. GAAP. They should not be considered as alternatives to operating profit, cash flow from operations, or any other operating performance measure prescribed by U.S. GAAP. These non-GAAP financial measures reflect additional ways of viewing our operations that we believe, when viewed with our U.S. GAAP results and the reconciliations to the corresponding U.S. 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. EBITDA, EBITDAre and FFO EBITDA represents net income (calculated in accordance with U.S. GAAP) excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; and (3) depreciation and amortization. The Company computes EBITDAre in accordance with the National Association of Real Estate Investment Trusts ("Nareit") guidelines, as defined in its September 2017 white paper "Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate." EBITDAre represents net income (calculated in accordance with U.S. GAAP) adjusted for: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; (3) depreciation and amortization; (4) gains or losses on the disposition of depreciated property including gains or losses on change of control; (5) impairment write-downs of depreciated property and of investments in unconsolidated affiliates caused by a decrease in value of depreciated property in the affiliate; and (6) adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates. We believe EBITDA and EBITDAre are useful to an investor in evaluating our operating performance because they help 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, and in the case of EBITDAre, impairment and gains or losses on dispositions of depreciated property) from our operating results. In addition, covenants included in our debt agreements use EBITDA as a measure of financial compliance. We also use EBITDA and EBITDAre as measures in determining the value of hotel acquisitions and dispositions. The Company computes FFO in accordance with standards established by the Nareit, which defines FFO as net income determined in accordance with U.S. GAAP, excluding gains or losses from sales of properties and impairment losses, plus real estate related 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 related depreciation and amortization and gains or losses on the sale of assets. The Company also uses FFO as one measure in assessing its operating results. Hotel EBITDA Hotel EBITDA represents net income excluding: (1) interest expense, (2) income taxes, (3) depreciation and amortization, (4) corporate general and administrative expenses (shown as corporate expenses on the consolidated statements of operations), and (5) hotel acquisition costs. We believe that Hotel EBITDA provides our investors a useful financial measure to evaluate our hotel operating performance, excluding the impact of our capital structure (primarily interest), our asset base (primarily depreciation and amortization), and our corporate-level expenses (corporate expenses and hotel acquisition costs). With respect to Hotel EBITDA , we believe that excluding the effect of corporate-level expenses provides a more complete understanding of the operating results over which individual hotels and third-party management companies have direct control. We believe property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis. Adjustments to EBITDAre, FFO and Hotel EBITDA We adjust EBITDAre, FFO and Hotel EBITDA when evaluating our performance because we believe that the exclusion of certain additional items described below provides useful supplemental information to investors regarding our ongoing operating performance and that the presentation of Adjusted EBITDA, Adjusted FFO and Hotel Adjusted EBITDA when combined with U.S. GAAP net income, EBITDAre, FFO and Hotel EBITDA , is beneficial to an investor's complete understanding of our consolidated and property-level operating performance. Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues. We adjust EBITDAre, FFO and Hotel EBITDA for the following items: Non-Cash Lease Expense and Other Amortization: We exclude the non-cash expense incurred from the straight line recognition of expense from our ground leases and other contractual obligations and the non-cash amortization of our favorable and unfavorable contracts, originally recorded in conjunction with certain hotel acquisitions. We exclude these non-cash items because they do not reflect the actual cash amounts due to the respective lessors and service providers in the current period and they are of lesser significance in evaluating our actual performance for that period. Cumulative Effect of a Change in Accounting Principle: The Financial Accounting Standards Board promulgates new accounting standards that require or permit the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude the effect of these adjustments, which include the accounting impact from prior periods, because they do not reflect the Company's actual underlying performance for the current 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 these gains or losses result from transaction activity related to the Company's capital structure that we believe are not indicative of the ongoing operating performance of the Company or our hotels. Hotel Acquisition Costs : We exclude hotel acquisition costs expensed during the period because we believe these transaction costs are not reflective of the ongoing performance of the Company or our hotels. Severance Costs: We exclude corporate severance costs, or reversals thereof, incurred with the termination of corporate-level employees and severance costs incurred at our hotels related to lease terminations or structured severance programs because we believe these costs do not reflect the ongoing performance of the Company or our hotels. Hotel Manager Transition Items : We exclude the transition items associated with a change in hotel manager because we believe these items do not reflect the ongoing performance of the Company or our hotels. Hotel Pre-Opening Costs : We exclude the pre-opening costs associated with the redevelopment or rebranding of a hotel because we believe these items do not reflect the ongoing performance of the Company or our hotels. Other Items: From time to time we incur costs or realize gains that we consider outside the ordinary course of business and that we do not believe reflect the ongoing performance of the Company or our hotels. Such items may include, but are not limited to, the following: lease preparation costs incurred to prepare vacant space for marketing; management or franchise contract termination fees; gains or losses from legal settlements; costs incurred related to natural disasters; and gains on property insurance claim settlements, other than income related to business interruption insurance. In addition, to derive Adjusted FFO we exclude any fair value adjustments to interest rate swaps. We exclude these non-cash amounts because they do not reflect the underlying performance of the Company. Reconciliations of Non-GAAP Measures EBITDA, EBITDAre and Adjusted EBITDA The following tables are reconciliations of our GAAP net income to EBITDA, EBITDAre and Adjusted EBITDA (in thousands): Three Months Ended September 30 , 2023 2022 2019 Net income $ 27,330 $ 28,555 $ 11,574 Interest expense 15,973 9,072 14,184 Income tax expense 224 312 1,217 Real estate related depreciation and amortization 27,683 27,053 29,474 EBITDAre 71,210 64,992 56,449 Non-cash lease expense and other amortization 1,533 1,551 1,750 Professional fees and pre-opening costs related to Frenchman's Reef (1) — — 6,378 Hotel pre-opening costs 496 — — Hotel manager transition items — 11 582 Loss on early extinguishment of debt — 9,698 2,373 Adjusted EBITDA $ 73,239 $ 76,252 $ 67,532 Nine Months Ended September 30 , 2023 2022 2019 Net income $ 75,652 $ 91,316 $ 49,628 Interest expense 48,712 22,866 38,264 Income tax expense 420 949 1,939 Real estate related depreciation and amortization 82,995 81,097 87,805 EBITDA 207,779 196,228 177,636 Impairment losses 941 2,843 — EBITDAre 208,720 199,071 177,636 Non-cash lease expense and other amortization 4,620 4,675 5,249 Professional fees and pre-opening costs related to Frenchman's Reef (1) — — 11,445 Loss on early extinguishment of debt — 9,698 2,373 Hotel pre-opening costs 1,038 — — Severance costs (2) — (532) — Hotel manager transition items — 247 1,050 Adjusted EBITDA $ 214,378 $ 213,159 $ 197,753 (1) Represents pre-opening costs related to the re-opening of Frenchman's Reef, as well as legal and professional fees and other costs incurred at Frenchman's Reef as a result of Hurricane Irma that were not covered by insurance. (2) Consists of severance costs incurred, and adjustments thereto, associated with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated statement of operations. Hotel EBITDA and Hotel Adjusted EBITDA The following table is a reconciliation of our GAAP net income to Hotel EBITDA and Hotel Adjusted EBITDA (in thousands): Three Months Ended September 30 , 2023 2022 2019 Net income $ 27,330 $ 28,555 $ 11,574 Interest expense 15,973 9,072 14,184 Income tax expense 224 312 1,217 Real estate related depreciation and amortization 27,683 27,053 29,474 EBITDA 71,210 64,992 56,449 Corporate expenses 7,526 7,516 6,318 Interest (income) and other (income) expense, net (772) 152 (102) Professional fees and pre-opening costs related to Frenchman's Reef (1) — — 6,378 Loss on early extinguishment of debt — 9,698 2,373 Hotel EBITDA 77,964 82,358 71,416 Non-cash lease expense and other amortization 1,533 1,551 1,750 Hotel pre-opening costs 496 — — Hotel manager transition items — 11 582 Hotel Adjusted EBITDA $ 79,993 $ 83,920 $ 73,748 Nine Months Ended September 30 , 2023 2022 2019 Net income $ 75,652 $ 91,316 $ 49,628 Interest expense 48,712 22,866 38,264 Income tax expense 420 949 1,939 Real estate related depreciation and amortization 82,995 81,097 87,805 EBITDA 207,779 196,228 177,636 Corporate expenses 23,677 22,275 20,785 Interest (income) and other (income) expense, net (1,717) 1,044 (510) Impairment losses 941 2,843 — Professional fees and pre-opening costs related to Frenchman's Reef (1) — — 11,445 Loss on early extinguishment of debt — 9,698 2,373 Hotel EBITDA 230,680 232,088 211,729 Non-cash lease expense and other amortization 4,620 4,675 5,249 Hotel pre-opening costs 1,038 — — Hotel manager transition items — 247 1,050 Severance costs (2) — (532) — Hotel Adjusted EBITDA $ 236,338 $ 236,478 $ 218,028 (1) Represents pre-opening costs related to the re-opening of Frenchman's Reef, as well as legal and professional fees and other costs incurred at Frenchman's Reef as a result of Hurricane Irma that were not covered by insurance. (2) Consists of severance costs incurred, or adjustments thereto, associated with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated statement of operations. FFO and Adjusted FFO The following tables are reconciliations of our GAAP net income to FFO and Adjusted FFO (in thousands): Three Months Ended September 30 , 2023 2022 2019 Net income $ 27,330 $ 28,555 $ 11,574 Real estate related depreciation and amortization 27,683 27,053 29,474 FFO 55,013 55,608 41,048 Distribution to preferred stockholders (2,454) (2,454) — FFO available to common stock and unit holders 52,559 53,154 41,048 Non-cash lease expense and other amortization 1,533 1,551 1,750 Professional fees and pre-opening costs related to Frenchman's Reef (1) — — 6,378 Loss on early extinguishment of debt — 9,698 2,373 Hotel pre-opening costs 496 — — Hotel manager transition items — 11 582 Fair value adjustments to interest rate swaps — (3,780) 3,143 Adjusted FFO available to common stock and unit holders $ 54,588 $ 60,634 $ 55,274 Adjusted FFO available to common stock and unit holders, per diluted share $ 0.26 $ 0.28 $ 0.27 Nine Months Ended September 30 , 2023 2022 2019 Net income $ 75,652 $ 91,316 $ 49,628 Real estate related depreciation and amortization 82,995 81,097 87,805 Impairment losses 941 2,843 — FFO 159,588 175,256 137,433 Distribution to preferred stockholders (7,362) (7,362) — FFO available to common stock and unit holders 152,226 167,894 137,433 Non-cash lease expense and other amortization 4,620 4,675 5,249 Professional fees and pre-opening costs related to Frenchman's Reef (1) — — 11,445 Hotel pre-opening costs 1,038 — — Hotel manager transition items — 247 1,050 Loss on early extinguishment of debt — 9,698 2,373 Severance costs (2) — (532) — Fair value adjustments to interest rate swaps 2,033 (14,002) 4,790 Adjusted FFO available to common stock and unit holders $ 159,917 $ 167,980 $ 162,340 Adjusted FFO available to common stock and unit holders, per diluted share $ 0.75 $ 0.78 $ 0.80 (1) Represents pre-opening costs related to the re-opening of Frenchman's Reef, as well as legal and professional fees and other costs incurred at Frenchman's Reef as a result of Hurricane Irma that were not covered by insurance. (2) Consists of severance costs incurred, or adjustments thereto, associated with the elimination of positions at our hotels, which are classified within other hotel expenses on the consolidated statement of operations. R econciliation of Comparable Operating Results The following presents the revenues, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin together with comparable prior year results, which excludes the results for our 2021 dispositions (in thousands): Three Months Ended September 30 , 2023 2022 2019 Revenues $ 276,520 $ 268,208 $ 240,279 Hotel revenues from prior ownership (1) 620 8,566 25,484 Hotel revenues from sold hotels (2) — — (18,338) Comparable Revenues $ 277,140 $ 276,774 $ 247,425 Hotel Adjusted EBITDA $ 79,993 $ 83,920 $ 73,748 Hotel Adjusted EBITDA from prior ownership (1) 1,125 2,915 5,720 Hotel Adjusted EBITDA from sold hotels (2) — — (4,938) Comparable Hotel Adjusted EBITDA $ 81,118 $ 86,835 $ 74,530 Hotel Adjusted EBITDA Margin 28.93 % 31.29 % 30.69 % Comparable Hotel Adjusted EBITDA Margin 29.27 % 31.37 % 30.12 % Nine Months Ended September 30 , 2023 2022 2019 Revenues $ 811,320 $ 746,448 $ 700,572 Hotel revenues from prior ownership (1) 2,767 27,277 76,162 Hotel revenues from sold hotels (2) — — (47,872) Comparable Revenues $ 814,087 $ 773,725 $ 728,862 Hotel Adjusted EBITDA $ 236,338 $ 236,478 $ 218,028 Hotel Adjusted EBITDA from prior ownership (1) 1,656 8,693 17,461 Hotel Adjusted EBITDA from sold hotels (2) — — (17,758) Comparable Hotel Adjusted EBITDA $ 237,994 $ 245,171 $ 217,731 Hotel Adjusted EBITDA Margin 29.13 % 31.68 % 31.12 % Comparable Hotel Adjusted EBITDA Margin 29.23 % 31.69 % 29.87 % (1) Amounts represent the pre-acquisition operating results for Bourbon Orleans Hotel from January 1, 2019 to July 28, 2021 , Henderson Park Inn from January 1, 2019 to July 29, 2021 , Henderson Beach Resort from January 1, 2019 to December 22, 2021 , Tranquility Bay Beachfront Resort from January 1, 2019 to January 5, 2022 , Lake Austin Spa Resort from January 1, 2019 to November 20, 2022 and Chico Hot Springs Resort from January 1, 2019 to July 31, 2023 . The pre-acquisition operating results of the Kimpton Fort Lauderdale Beach Resort are excluded from all periods as the hotel opened in April 2021 . The pre-acquisition operating results were obtained from the sellers of the hotels during the acquisition due diligence process. We have made no adjustments to the amounts provided to us by the seller. The pre-acquisition operating results were not audited or reviewed by the Company's independent auditors. (2) Amounts represent the operating results of Frenchman's Reef and The Lexington Hotel . Selected Quarterly Comparable Operating Information The following tables are presented to provide investors with selected quarterly comparable operating information. The operating information includes historical quarterly operating results for our portfolio, excluding the Kimpton Fort Lauderdale Beach Resort since the hotel opened in April 2021 . Quarter 1, 2019 Quarter 2, 2019 Quarter 3, 2019 Quarter 4, 2019 Full Year 2019 ADR $ 224.54 $ 253.23 $ 240.06 $ 243.26 $ 240.76 Occupancy 72.2 % 82.3 % 81.3 % 75.1 % 77.7 % RevPAR $ 162.14 $ 208.45 $ 195.19 $ 182.59 $ 187.17 Total RevPAR $ 247.08 $ 306.77 $ 280.00 $ 268.71 $ 275.71 Revenues (in thousands) $ 213,429 $ 268,008 $ 247,425 $ 237,449 $ 966,311 Hotel Adjusted EBITDA (in thousands) $ 52,197 $ 91,004 $ 74,530 $ 66,020 $ 283,751 Hotel Adjusted EBITDA Margin 24.46 % 33.96 % 30.12 % 27.80 % 29.36 % Available Rooms 863,804 873,661 883,660 883,660 3,504,785 Quarter 1, 2022 Quarter 2, 2022 Quarter 3, 2022 Quarter 4, 2022 Full Year 2022 ADR $ 281.93 $ 299.28 $ 282.49 $ 289.83 $ 288.78 Occupancy 56.0 % 74.8 % 75.1 % 67.2 % 68.3 % RevPAR $ 157.86 $ 223.81 $ 212.27 $ 194.91 $ 197.36 Total RevPAR $ 239.15 $ 331.55 $ 312.57 $ 293.70 $ 294.45 Revenues (in thousands) $ 206,858 $ 290,093 $ 276,774 $ 260,150 $ 1,033,875 Hotel Adjusted EBITDA (in thousands) $ 53,958 $ 104,378 $ 86,835 $ 77,431 $ 322,602 Hotel Adjusted EBITDA Margin 26.08 % 35.98 % 31.37 % 29.76 % 31.20 % Available Rooms 864,972 874,970 885,466 885,776 3,511,184 Quarter 1, 2023 Quarter 2, 2023 Quarter 3, 2023 ADR $ 276.48 $ 293.44 $ 274.00 Occupancy 66.7 % 76.7 % 76.7 % RevPAR $ 184.39 $ 225.09 $ 210.03 Total RevPAR $ 281.32 $ 334.17 $ 312.35 Revenues (in thousands) $ 243,859 $ 293,088 $ 277,140 Hotel Adjusted EBITDA (in thousands) $ 62,450 $ 94,426 $ 81,118 Hotel Adjusted EBITDA Margin 25.61 % 32.22 % 29.27 % Available Rooms 866,846 877,058 887,279 Market Capitalization as of September 30, 2023 (in thousands) Enterprise Value Common equity capitalization (at September 30, 2023 closing price of $8.03 /share) $ 1,716,306 Preferred equity capitalization (at liquidation value of $25.00 /share) 119,000 Consolidated debt (face amount) 1,180,625 Cash and cash equivalents (102,737) Total enterprise value $ 2,913,194 Share Reconciliation Common shares outstanding 209,627 Operating partnership units 1,037 Unvested restricted stock held by management and employees 1,201 Share grants under deferred compensation plan 1,872 Combined shares and units 213,737 Debt Summary as of September 30, 2023 (dollars in thousands) Loan Interest Rate Term Outstanding Principal Maturity Courtyard New York Manhattan / Midtown East 4.40 % Fixed $ 74,808 August 2024 Worthington Renaissance Fort Worth Hotel 3.66 % Fixed 74,210 May 2025 Hotel Clio 4.33 % Fixed 56,443 July 2025 Westin Boston Seaport District 4.36 % Fixed 175,164 November 2025 Unamortized debt issuance costs (711) Total mortgage debt, net of unamortized debt issuance costs 379,914 Unsecured term loan SOFR + 1.35% Variable 500,000 January 2028 Unsecured term loan SOFR + 1.35% Variable 300,000 January 2025 (1) Unamortized debt issuance costs (663) Unsecured term loans, net of unamortized debt issuance costs 799,337 Senior unsecured credit facility SOFR + 1.40% Variable — September 2026 (1) Total debt, net of unamortized debt issuance costs $ 1,179,251 Weighted-average interest rate of fixed rate debt 3.86 % Total weighted-average interest rate (2) 5.07 % (1) May be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. (2) Weighted-average interest rate includes effect of interest rate swaps. Operating Statistics – Third Quarter Number of Rooms ADR Occupancy RevPAR 3Q 2023 3Q 2022 B/(W) 2022 3Q 2023 3Q 2022 B/(W) 2022 3Q 2023 3Q 2022 B/(W) 2022 Atlanta Marriott Alpharetta 318 $ 154.82 $ 155.35 (0.3) % 69.4 % 60.7 % 8.7 % $ 107.43 $ 94.35 13.9 % Bourbon Orleans Hotel 220 $ 201.95 $ 198.82 1.6 % 66.4 % 67.0 % (0.6) % $ 134.04 $ 133.24 0.6 % Cavallo Point , The Lodge at the Golden Gate 142 $ 589.26 $ 723.68 (18.6) % 57.8 % 50.8 % 7.0 % $ 340.41 $ 367.33 (7.3) % Chicago Marriott Downtown Magnificent Mile 1,200 $ 250.00 $ 253.84 (1.5) % 71.4 % 72.9 % (1.5) % $ 178.61 $ 185.02 (3.5) % Chico Hot Springs Resort 117 $ 183.71 $ 175.42 4.7 % 79.6 % 75.3 % 4.3 % $ 146.31 $ 132.01 10.8 % Courtyard Denver Downtown 177 $ 241.09 $ 232.76 3.6 % 82.6 % 83.0 % (0.4) % $ 199.12 $ 193.21 3.1 % Courtyard New York Manhattan/Fifth Avenue 189 $ 299.95 $ 288.20 4.1 % 97.2 % 96.8 % 0.4 % $ 291.65 $ 279.10 4.5 % Courtyard New York Manhattan/ Midtown East 321 $ 356.68 $ 338.74 5.3 % 91.2 % 90.7 % 0.5 % $ 325.19 $ 307.21 5.9 % Embassy Suites by Hilton Bethesda 272 $ 159.76 $ 140.80 13.5 % 73.8 % 56.9 % 16.9 % $ 117.93 $ 80.12 47.2 % Havana Cabana Key West 106 $ 236.66 $ 259.31 (8.7) % 78.0 % 80.0 % (2.0) % $ 184.58 $ 207.40 (11.0) % Henderson Beach Resort 254 $ 470.03 $ 501.78 (6.3) % 67.4 % 76.7 % (9.3) % $ 316.76 $ 385.06 (17.7) % Henderson Park Inn 37 $ 648.09 $ 711.75 (8.9) % 80.5 % 81.3 % (0.8) % $ 521.86 $ 578.98 (9.9) % Hilton Burlington Lake Champlain 258 $ 323.75 $ 315.25 2.7 % 86.1 % 88.5 % (2.4) % $ 278.74 $ 279.11 (0.1) % Hilton Garden Inn New York/Times Square Central 282 $ 276.77 $ 276.98 (0.1) % 97.0 % 98.4 % (1.4) % $ 268.48 $ 272.65 (1.5) % Hotel Clio 199 $ 331.92 $ 329.77 0.7 % 77.4 % 76.3 % 1.1 % $ 256.83 $ 251.56 2.1 % Hotel Emblem San Francisco 96 $ 234.01 $ 244.50 (4.3) % 70.3 % 80.7 % (10.4) % $ 164.57 $ 197.39 (16.6) % Hotel Palomar Phoenix 242 $ 164.84 $ 172.35 (4.4) % 76.1 % 61.7 % 14.4 % $ 125.47 $ 106.41 17.9 % Kimpton Fort Lauderdale Beach Resort 96 $ 134.25 $ 157.26 (14.6) % 46.4 % 57.5 % (11.1) % $ 62.25 $ 90.40 (31.1) % Kimpton Shorebreak Resort 157 $ 378.69 $ 406.55 (6.9) % 85.0 % 88.0 % (3.0) % $ 321.77 $ 357.63 (10.0) % L'Auberge de Sedona 88 $ 765.90 $ 766.54 (0.1) % 54.6 % 68.8 % (14.2) % $ 418.24 $ 527.38 (20.7) % Lake Austin Spa Resort 40 $ 983.07 $ 1,019.44 (3.6) % 53.1 % 60.8 % (7.7) % $ 521.72 $ 619.70 (15.8) % Margaritaville Beach House Key West 186 $ 313.67 $ 353.53 (11.3) % 77.8 % 70.5 % 7.3 % $ 244.18 $ 249.32 (2.1) % Orchards Inn Sedona 70 $ 240.57 $ 228.40 5.3 % 49.4 % 65.4 % (16.0) % $ 118.79 $ 149.38 (20.5) % Salt Lake City Marriott Downtown at City Creek 510 $ 181.37 $ 173.45 4.6 % 61.6 % 67.9 % (6.3) % $ 111.69 $ 117.76 (5.2) % The Dagny 403 $ 289.64 $ 334.30 (13.4) % 87.3 % 88.2 % (0.9) % $ 252.93 $ 294.90 (14.2) % The Gwen Hotel 311 $ 320.89 $ 329.43 (2.6) % 79.9 % 78.7 % 1.2 % $ 256.33 $ 259.15 (1.1) % The Hythe Vail 344 $ 282.10 $ 269.70 4.6 % 65.0 % 64.9 % 0.1 % $ 183.45 $ 174.94 4.9 % The Landing Lake Tahoe Resort & Spa 82 $ 569.67 $ 670.73 (15.1) % 76.9 % 63.1 % 13.8 % $ 437.83 $ 423.03 3.5 % The Lindy Renaissance Charleston Hotel 167 $ 326.08 $ 340.67 (4.3) % 88.9 % 85.6 % 3.3 % $ 289.98 $ 291.51 (0.5) % The Lodge at Sonoma Resort 182 $ 490.51 $ 502.90 (2.5) % 68.3 % 70.5 % (2.2) % $ 334.84 $ 354.59 (5.6) % Tranquility Bay Beachfront Resort 103 $ 495.75 $ 588.88 (15.8) % 79.3 % 63.7 % 15.6 % $ 393.05 $ 375.17 4.8 % Westin Boston Waterfront 793 $ 250.75 $ 249.19 0.6 % 92.4 % 86.4 % 6.0 % $ 231.78 $ 215.40 7.6 % Westin Fort Lauderdale Beach Resort 433 $ 187.46 $ 201.15 (6.8) % 58.6 % 67.8 % (9.2) % $ 109.90 $ 136.47 (19.5) % Westin San Diego Bayview 436 $ 223.42 $ 216.33 3.3 % 85.5 % 87.4 % (1.9) % $ 191.04 $ 189.13 1.0 % Westin Washington D.C. City Center 410 $ 185.80 $ 196.28 (5.3) % 81.5 % 61.3 % 20.2 % $ 151.37 $ 120.35 25.8 % Worthington Renaissance Fort Worth Hotel 504 $ 186.10 $ 176.37 5.5 % 70.4 % 65.8 % 4.6 % $ 130.98 $ 115.99 12.9 % Comparable Total (1) 9,649 $ 274.00 $ 282.49 (3.0) % 76.7 % 75.1 % 1.6 % $ 210.03 $ 212.27 (1.1) % (1) Amounts include the pre-acquisition operating results of hotels acquired in 2023 and 2022 and exclude the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021. Operating Statistics – Third Quarter Number of Rooms ADR Occupancy RevPAR 3Q 2023 3Q 2019 B/(W) 2019 3Q 2023 3Q 2019 B/(W) 2019 3Q 2023 3Q 2019 B/(W) 2019 Atlanta Marriott Alpharetta 318 $ 154.82 $ 163.80 (5.5) % 69.4 % 72.9 % (3.5) % $ 107.43 $ 119.41 (10.0) % Bourbon Orleans Hotel 220 $ 201.95 $ 193.21 4.5 % 66.4 % 75.3 % (8.9) % $ 134.04 $ 145.55 (7.9) % Cavallo Point , The Lodge at the Golden Gate 142 $ 589.26 $ 469.36 25.5 % 57.8 % 68.1 % (10.3) % $ 340.41 $ 319.72 6.5 % Chicago Marriott Downtown Magnificent Mile 1,200 $ 250.00 $ 239.22 4.5 % 71.4 % 82.5 % (11.1) % $ 178.61 $ 197.32 (9.5) % Chico Hot Springs Resort 117 $ 183.71 $ 147.95 24.2 % 79.6 % 93.3 % (13.7) % $ 146.31 $ 137.97 6.0 % Courtyard Denver Downtown 177 $ 241.09 $ 218.40 10.4 % 82.6 % 85.9 % (3.3) % $ 199.12 $ 187.70 6.1 % Courtyard New York Manhattan/Fifth Avenue 189 $ 299.95 $ 256.72 16.8 % 97.2 % 91.6 % 5.6 % $ 291.65 $ 235.21 24.0 % Courtyard New York Manhattan/ Midtown East 321 $ 356.68 $ 266.37 33.9 % 91.2 % 97.4 % (6.2) % $ 325.19 $ 259.56 25.3 % Embassy Suites by Hilton Bethesda 272 $ 159.76 $ 167.95 (4.9) % 73.8 % 70.4 % 3.4 % $ 117.93 $ 118.20 (0.2) % Havana Cabana Key West 106 $ 236.66 $ 170.13 39.1 % 78.0 % 85.9 % (7.9) % $ 184.58 $ 146.13 26.3 % Henderson Beach Resort 254 $ 470.03 $ 333.54 40.9 % 67.4 % 65.7 % 1.7 % $ 316.76 $ 219.30 44.4 % Henderson Park Inn 37 $ 648.09 $ 520.73 24.5 % 80.5 % 87.7 % (7.2) % $ 521.86 $ 456.78 14.2 % Hilton Burlington Lake Champlain 258 $ 323.75 $ 244.03 32.7 % 86.1 % 90.1 % (4.0) % $ 278.74 $ 219.97 26.7 % Hilton Garden Inn New York/Times Square Central 282 $ 276.77 $ 249.41 11.0 % 97.0 % 98.7 % (1.7) % $ 268.48 $ 246.24 9.0 % Hotel Clio 199 $ 331.92 $ 262.04 26.7 % 77.4 % 85.9 % (8.5) % $ 256.83 $ 225.20 14.0 % Hotel Emblem San Francisco 96 $ 234.01 $ 247.06 (5.3) % 70.3 % 91.7 % (21.4) % $ 164.57 $ 226.47 (27.3) % Hotel Palomar Phoenix 242 $ 164.84 $ 143.55 14.8 % 76.1 % 73.4 % 2.7 % $ 125.47 $ 105.30 19.2 % Kimpton Shorebreak Resort 157 $ 378.69 $ 306.54 23.5 % 85.0 % 81.8 % 3.2 % $ 321.77 $ 250.72 28.3 % L'Auberge de Sedona 88 $ 765.90 $ 533.79 43.5 % 54.6 % 71.7 % (17.1) % $ 418.24 $ 382.61 9.3 % Lake Austin Spa Resort 40 $ 983.07 $ 795.98 23.5 % 53.1 % 68.7 % (15.6) % $ 521.72 $ 546.80 (4.6) % Margaritaville Beach House Key West 186 $ 313.67 $ 205.47 52.7 % 77.8 % 61.4 % 16.4 % $ 244.18 $ 126.16 93.5 % Orchards Inn Sedona 70 $ 240.57 $ 207.09 16.2 % 49.4 % 74.3 % (24.9) % $ 118.79 $ 153.97 (22.8) % Salt Lake City Marriott Downtown at City Creek 510 $ 181.37 $ 179.29 1.2 % 61.6 % 76.1 % (14.5) % $ 111.69 $ 136.50 (18.2) % The Dagny 403 $ 289.64 $ 342.48 (15.4) % 87.3 % 92.6 % (5.3) % $ 252.93 $ 317.16 (20.3) % The Gwen Hotel 311 $ 320.89 $ 280.57 14.4 % 79.9 % 91.3 % (11.4) % $ 256.33 $ 256.27 — % The Hythe Vail 344 $ 282.10 $ 212.25 32.9 % 65.0 % 70.4 % (5.4) % $ 183.45 $ 149.45 22.8 % The Landing Lake Tahoe Resort & Spa 82 $ 569.67 $ 376.60 51.3 % 76.9 % 86.4 % (9.5) % $ 437.83 $ 325.43 34.5 % The Lindy Renaissance Charleston Hotel 167 $ 326.08 $ 239.40 36.2 % 88.9 % 77.9 % 11.0 % $ 289.98 $ 186.38 55.6 % The Lodge at Sonoma Resort 182 $ 490.51 $ 349.59 40.3 % 68.3 % 83.8 % (15.5) % $ 334.84 $ 292.92 14.3 % Tranquility Bay Beachfront Resort 103 $ 495.75 $ 331.66 49.5 % 79.3 % 80.5 % (1.2) % $ 393.05 $ 267.05 47.2 % Westin Boston Waterfront 793 $ 250.75 $ 261.88 (4.3) % 92.4 % 84.5 % 7.9 % $ 231.78 $ 221.26 4.8 % Westin Fort Lauderdale Beach Resort 433 $ 187.46 $ 144.14 30.1 % 58.6 % 69.6 % (11.0) % $ 109.90 $ 100.29 9.6 % Westin San Diego Bayview 436 $ 223.42 $ 192.85 15.9 % 85.5 % 86.0 % (0.5) % $ 191.04 $ 165.84 15.2 % Westin Washington D.C. City Center 410 $ 185.80 $ 178.69 4.0 % 81.5 % 90.7 % (9.2) % $ 151.37 $ 162.01 (6.6) % Worthington Renaissance Fort Worth Hotel 504 $ 186.10 $ 177.73 4.7 % 70.4 % 69.5 % 0.9 % $ 130.98 $ 123.48 6.1 % Comparable Total (1) 9,649 $ 274.00 $ 240.06 14.1 % 76.7 % 81.3 % (4.6) % $ 210.03 $ 195.19 7.6 % (1) Amounts include the pre-acquisition operating results of hotels acquired in 2023, 2022 and 2021 and exclude the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021. Operating Statistics – Year to Date Number of Rooms ADR Occupancy RevPAR YTD 2023 YTD 2022 B/(W) 2022 YTD 2023 YTD 2022 B/(W) 2022 YTD 2023 YTD 2022 B/(W) 2022 Atlanta Marriott Alpharetta 318 $ 154.52 $ 150.91 2.4 % 68.5 % 54.9 % 13.6 % $ 105.84 $ 82.78 27.9 % Bourbon Orleans Hotel 220 $ 236.68 $ 231.33 2.3 % 76.9 % 60.9 % 16.0 % $ 182.12 $ 140.87 29.3 % Cavallo Point , The Lodge at the Golden Gate 142 $ 590.72 $ 714.46 (17.3) % 55.8 % 51.7 % 4.1 % $ 329.54 $ 369.12 (10.7) % Chicago Marriott Downtown Magnificent Mile 1,200 $ 246.14 $ 241.50 1.9 % 60.7 % 53.9 % 6.8 % $ 149.41 $ 130.14 14.8 % Chico Hot Springs Resort 117 $ 183.71 $ 175.42 4.7 % 79.6 % 75.3 % 4.3 % $ 146.31 $ 132.01 10.8 % Courtyard Denver Downtown 177 $ 220.51 $ 208.00 6.0 % 78.4 % 75.2 % 3.2 % $ 172.83 $ 156.32 10.6 % Courtyard New York Manhattan/Fifth Avenue 189 $ 270.33 $ 251.64 7.4 % 95.1 % 92.0 % 3.1 % $ 257.20 $ 231.47 11.1 % Courtyard New York Manhattan/ Midtown East 321 $ 314.26 $ 299.94 4.8 % 90.5 % 81.3 % 9.2 % $ 284.44 $ 243.72 16.7 % Embassy Suites by Hilton Bethesda 272 $ 163.58 $ 144.33 13.3 % 71.9 % 48.8 % 23.1 % $ 117.54 $ 70.50 66.7 % Havana Cabana Key West 106 $ 305.56 $ 337.36 (9.4) % 84.2 % 87.9 % (3.7) % $ 257.20 $ 296.70 (13.3) % Henderson Park Resort 254 $ 458.10 $ 494.31 (7.3) % 61.7 % 69.8 % (8.1) % $ 282.64 $ 344.91 (18.1) % Henderson Park Inn 37 $ 627.97 $ 668.31 (6.0) % 70.2 % 77.7 % (7.5) % $ 440.90 $ 519.31 (15.1) % Hilton Burlington Lake Champlain 258 $ 252.40 $ 246.52 2.4 % 76.2 % 74.7 % 1.5 % $ 192.25 $ 184.15 4.4 % Hilton Garden Inn New York/Times Square Central 282 $ 252.61 $ 247.70 2.0 % 89.4 % 91.5 % (2.1) % $ 225.73 $ 226.63 (0.4) % Hotel Clio 199 $ 320.35 $ 305.20 5.0 % 71.2 % 69.6 % 1.6 % $ 227.96 $ 212.32 7.4 % Hotel Emblem San Francisco 96 $ 245.70 $ 227.72 7.9 % 67.0 % 73.5 % (6.5) % $ 164.55 $ 167.44 (1.7) % Hotel Palomar Phoenix 242 $ 221.99 $ 215.33 3.1 % 76.0 % 67.9 % 8.1 % $ 168.72 $ 146.24 15.4 % Kimpton Fort Lauderdale Beach Resort 96 $ 217.03 $ 231.86 (6.4) % 66.3 % 66.4 % (0.1) % $ 143.81 $ 154.03 (6.6) % Kimpton Shorebreak Resort 157 $ 338.09 $ 357.34 (5.4) % 81.3 % 81.7 % (0.4) % $ 274.92 $ 292.03 (5.9) % L'Auberge de Sedona 88 $ 907.24 $ 964.94 (6.0) % 60.0 % 72.6 % (12.6) % $ 544.22 $ 700.49 (22.3) % Lake Austin Spa Resort 40 $ 1,071.67 $ 1,084.98 (1.2) % 58.5 % 68.9 % (10.4) % $ 627.30 $ 747.66 (16.1) % Margaritaville Beach House Key West 186 $ 403.61 $ 469.76 (14.1) % 84.3 % 83.1 % 1.2 % $ 340.19 $ 390.37 (12.9) % Orchards Inn Sedona 70 $ 281.82 $ 298.31 (5.5) % 59.6 % 66.4 % (6.8) % $ 167.87 $ 197.97 (15.2) % Salt Lake City Marriott Downtown at City Creek 510 $ 190.89 $ 176.93 7.9 % 63.3 % 60.2 % 3.1 % $ 120.75 $ 106.44 13.4 % The Dagny 403 $ 291.35 $ 291.00 0.1 % 75.3 % 79.0 % (3.7) % $ 219.35 $ 229.86 (4.6) % The Gwen Hotel 311 $ 299.15 $ 296.79 0.8 % 74.5 % 72.4 % 2.1 % $ 222.97 $ 214.85 3.8 % The Hythe Vail 344 $ 435.10 $ 416.30 4.5 % 61.1 % 56.8 % 4.3 % $ 265.81 $ 236.33 12.5 % The Landing Lake Tahoe Resort & Spa 82 $ 472.57 $ 527.40 (10.4) % 53.0 % 52.8 % 0.2 % $ 250.32 $ 278.45 (10.1) % The Lindy Renaissance Charleston Hotel 167 $ 352.01 $ 357.66 (1.6) % 89.2 % 86.7 % 2.5 % $ 313.99 $ 310.06 1.3 % The Lodge at Sonoma Resort 182 $ 455.78 $ 464.17 (1.8) % 62.7 % 63.4 % (0.7) % $ 285.78 $ 294.12 (2.8) % Tranquility Bay Beachfront Resort 103 $ 652.82 $ 786.68 (17.0) % 77.8 % 76.1 % 1.7 % $ 507.60 $ 598.62 (15.2) % Westin Boston Waterfront 793 $ 243.78 $ 238.48 2.2 % 85.3 % 75.5 % 9.8 % $ 207.90 $ 180.00 15.5 % Westin Fort Lauderdale Beach Resort 433 $ 274.94 $ 271.85 1.1 % 73.3 % 79.2 % (5.9) % $ 201.56 $ 215.27 (6.4) % Westin San Diego Bayview 436 $ 214.93 $ 203.80 5.5 % 79.9 % 74.1 % 5.8 % $ 171.62 $ 151.06 13.6 % Westin Washington D.C. City Center 410 $ 216.66 $ 210.68 2.8 % 75.9 % 58.8 % 17.1 % $ 164.39 $ 123.90 32.7 % Worthington Renaissance Fort Worth Hotel 504 $ 194.08 $ 186.23 4.2 % 74.5 % 68.0 % 6.5 % $ 144.59 $ 126.62 14.2 % Comparable Total (1) 9,649 $ 281.52 $ 288.43 (2.4) % 73.4 % 68.7 % 4.7 % $ 206.60 $ 198.19 4.2 % (1) Amounts include the pre-acquisition operating results of hotels acquired in 2023 and 2022 and exclude the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021. . Operating Statistics – Year to Date Number of Rooms ADR Occupancy RevPAR YTD 2023 YTD 2019 B/(W) 2019 YTD 2023 YTD 2019 B/(W) 2019 YTD 2023 YTD 2019 B/(W) 2019 Atlanta Marriott Alpharetta 318 $ 154.52 $ 166.97 (7.5) % 68.5 % 72.7 % (4.2) % $ 105.84 $ 121.42 (12.8) % Bourbon Orleans Hotel 220 $ 236.68 $ 217.20 9.0 % 76.9 % 82.8 % (5.9) % $ 182.12 $ 179.87 1.3 % Cavallo Point , The Lodge at the Golden Gate 142 $ 590.72 $ 458.60 28.8 % 55.8 % 65.2 % (9.4) % $ 329.54 $ 298.90 10.3 % Chicago Marriott Downtown Magnificent Mile 1,200 $ 246.14 $ 225.86 9.0 % 60.7 % 72.7 % (12.0) % $ 149.41 $ 164.20 (9.0) % Chico Hot Springs Resort 117 $ 183.71 $ 147.95 24.2 % 79.6 % 93.3 % (13.7) % $ 146.31 $ 137.97 6.0 % Courtyard Denver Downtown 177 $ 220.51 $ 200.80 9.8 % 78.4 % 81.1 % (2.7) % $ 172.83 $ 162.75 6.2 % Courtyard New York Manhattan/Fifth Avenue 189 $ 270.33 $ 248.54 8.8 % 95.1 % 86.7 % 8.4 % $ 257.20 $ 215.49 19.4 % Courtyard New York Manhattan/ Midtown East 321 $ 314.26 $ 244.82 28.4 % 90.5 % 95.6 % (5.1) % $ 284.44 $ 234.03 21.5 % Embassy Suites by Hilton Bethesda 272 $ 163.58 $ 176.98 (7.6) % 71.9 % 73.0 % (1.1) % $ 117.54 $ 129.23 (9.0) % Havana Cabana Key West 106 $ 305.56 $ 210.19 45.4 % 84.2 % 90.3 % (6.1) % $ 257.20 $ 189.78 35.5 % Henderson Beach Resort 254 $ 458.10 $ 315.85 45.0 % 61.7 % 60.0 % 1.7 % $ 282.64 $ 189.66 49.0 % Henderson Park Inn 37 $ 627.97 $ 480.49 30.7 % 70.2 % 77.1 % (6.9) % $ 440.90 $ 370.28 19.1 % Hilton Burlington Lake Champlain 258 $ 252.40 $ 193.56 30.4 % 76.2 % 81.7 % (5.5) % $ 192.25 $ 158.11 21.6 % Hilton Garden Inn New York/Times Square Central 282 $ 252.61 $ 235.87 7.1 % 89.4 % 98.5 % (9.1) % $ 225.73 $ 232.29 (2.8) % Hotel Clio 199 $ 320.35 $ 258.63 23.9 % 71.2 % 70.8 % 0.4 % $ 227.96 $ 183.12 24.5 % Hotel Emblem San Francisco 96 $ 245.70 $ 240.00 2.4 % 67.0 % 78.9 % (11.9) % $ 164.55 $ 189.34 (13.1) % Hotel Palomar Phoenix 242 $ 221.99 $ 185.74 19.5 % 76.0 % 82.7 % (6.7) % $ 168.72 $ 153.51 9.9 % Kimpton Shorebreak Resort 157 $ 338.09 $ 268.57 25.9 % 81.3 % 78.7 % 2.6 % $ 274.92 $ 211.27 30.1 % L'Auberge de Sedona 88 $ 907.24 $ 596.05 52.2 % 60.0 % 78.6 % (18.6) % $ 544.22 $ 468.42 16.2 % Lake Austin Spa Resort 40 $ 1,071.67 $ 825.66 29.8 % 58.5 % 63.6 % (5.1) % $ 627.30 $ 524.81 19.5 % Margaritaville Beach House Key West 186 $ 403.61 $ 259.71 55.4 % 84.3 % 80.5 % 3.8 % $ 340.19 $ 209.08 62.7 % Orchards Inn Sedona 70 $ 281.82 $ 244.33 15.3 % 59.6 % 77.7 % (18.1) % $ 167.87 $ 189.96 (11.6) % Salt Lake City Marriott Downtown at City Creek 510 $ 190.89 $ 173.43 10.1 % 63.3 % 69.4 % (6.1) % $ 120.75 $ 120.42 0.3 % The Dagny 403 $ 291.35 $ 308.79 (5.6) % 75.3 % 88.9 % (13.6) % $ 219.35 $ 274.58 (20.1) % The Gwen Hotel 311 $ 299.15 $ 256.86 16.5 % 74.5 % 83.3 % (8.8) % $ 222.97 $ 213.95 4.2 % The Hythe Vail 344 $ 435.10 $ 298.07 46.0 % 61.1 % 65.6 % (4.5) % $ 265.81 $ 195.66 35.9 % The Landing Lake Tahoe Resort & Spa 82 $ 472.57 $ 321.13 47.2 % 53.0 % 65.4 % (12.4) % $ 250.32 $ 210.11 19.1 % The Lindy Renaissance Charleston Hotel 167 $ 352.01 $ 260.92 34.9 % 89.2 % 84.0 % 5.2 % $ 313.99 $ 219.09 43.3 % The Lodge at Sonoma Resort 182 $ 455.78 $ 310.27 46.9 % 62.7 % 74.3 % (11.6) % $ 285.78 $ 230.57 23.9 % Tranquility Bay Beachfront Resort 103 $ 652.82 $ 417.59 56.3 % 77.8 % 87.4 % (9.6) % $ 507.60 $ 365.09 39.0 % Westin Boston Waterfront 793 $ 243.78 $ 251.43 (3.0) % 85.3 % 78.4 % 6.9 % $ 207.90 $ 197.05 5.5 % Westin Fort Lauderdale Beach Resort 433 $ 274.94 $ 204.38 34.5 % 73.3 % 81.8 % (8.5) % $ 201.56 $ 167.26 20.5 % Westin San Diego Bayview 436 $ 214.93 $ 194.30 10.6 % 79.9 % 82.0 % (2.1) % $ 171.62 $ 159.39 7.7 % Westin Washington D.C. City Center 410 $ 216.66 $ 206.84 4.7 % 75.9 % 86.9 % (11.0) % $ 164.39 $ 179.77 (8.6) % Worthington Renaissance Fort Worth Hotel 504 $ 194.08 $ 186.24 4.2 % 74.5 % 75.4 % (0.9) % $ 144.59 $ 140.50 2.9 % Comparable Total (1) 9,649 $ 281.52 $ 239.96 17.3 % 73.4 % 78.6 % (5.2) % $ 206.60 $ 188.72 9.5 % (1) Amounts include the pre-acquisition operating results of hotels acquired in 2023, 2022 and 2021 and exclude the Kimpton Fort Lauderdale Beach Resort as the hotel opened during 2021. Hotel Adjusted EBITDA Reconciliation - Third Quarter 2023 Net Income / (Loss) Plus: Plus: Plus: Equals: Hotel Adjusted EBITDA Total Revenues Depreciation Interest Expense Adjustments (1) Atlanta Marriott Alpharetta $ 4,328 $ 1,018 $ 367 $ — $ — $ 1,385 Bourbon Orleans Hotel $ 3,437 $ 76 $ 866 $ — $ 6 $ 948 Cavallo Point , The Lodge at the Golden Gate $ 11,114 $ 1,348 $ 1,410 $ — $ 94 $ 2,852 Chicago Marriott Downtown Magnificent Mile $ 32,302 $ 8,332 $ 3,517 $ 6 $ (397) $ 11,458 Chico Hot Springs Resort $ 2,595 $ 357 $ 195 $ — $ — $ 552 Courtyard Denver Downtown $ 3,562 $ 1,386 $ 372 $ — $ — $ 1,758 Courtyard New York Manhattan/Fifth Avenue $ 5,327 $ 780 $ 350 $ — $ 253 $ 1,383 Courtyard New York Manhattan/ Midtown East $ 9,921 $ 2,073 $ 519 $ 895 $ — $ 3,487 Embassy Suites by Hilton Bethesda $ 3,361 $ (1,765) $ 570 $ — $ 1,463 $ 268 Havana Cabana Key West $ 2,517 $ (35) $ 290 $ — $ — $ 255 Henderson Beach Resort $ 11,721 $ 2,034 $ 1,015 $ — $ — $ 3,049 Henderson Park Inn $ 2,846 $ 1,071 $ 283 $ — $ — $ 1,354 Hilton Burlington Lake Champlain $ 8,421 $ 3,555 $ 551 $ — $ — $ 4,106 Hilton Garden Inn New York/Times Square Central $ 7,700 $ 2,341 $ 646 $ — $ — $ 2,987 Hotel Clio $ 7,679 $ 836 $ 768 $ 635 $ 5 $ 2,244 Hotel Emblem San Francisco $ 1,684 $ (263) $ 296 $ — $ — $ 33 Hotel Palomar Phoenix $ 4,724 $ (200) $ 496 $ — $ 178 $ 474 Kimpton Fort Lauderdale Beach Resort $ 1,022 $ (938) $ 312 $ — $ — $ (626) Kimpton Shorebreak Resort $ 6,203 $ 2,048 $ 381 $ — $ — $ 2,429 L'Auberge de Sedona $ 5,950 $ 641 $ 362 $ — $ — $ 1,003 Lake Austin Spa Resort $ 4,543 $ 118 $ 647 $ — $ — $ 765 Margaritaville Beach House Key West $ 5,933 $ 934 $ 775 $ — $ — $ 1,709 Orchards Inn Sedona $ 1,586 $ 6 $ 93 $ — $ 42 $ 141 Salt Lake City Marriott Downtown at City Creek $ 7,630 $ 2,035 $ 677 $ — $ 11 $ 2,723 The Dagny $ 10,420 $ 2,096 $ 1,522 $ — $ — $ 3,618 The Gwen Hotel $ 10,747 $ 2,725 $ 1,030 $ — $ — $ 3,755 The Hythe Vail $ 10,420 $ 1,897 $ 1,201 $ — $ — $ 3,098 The Landing Lake Tahoe Resort & Spa $ 5,767 $ 2,676 $ 135 $ — $ — $ 2,811 The Lindy Renaissance Charleston Hotel $ 5,507 $ 1,798 $ 477 $ — $ — $ 2,275 The Lodge at Sonoma Resort $ 8,746 $ 2,337 $ 635 $ — $ — $ 2,972 Tranquility Bay Beachfront Resort $ 4,888 $ 713 $ 449 $ — $ — $ 1,162 Westin Boston Seaport District $ 26,082 $ 3,135 $ 2,473 $ 1,999 $ (122) $ 7,485 Westin Fort Lauderdale Beach Resort $ 10,846 $ (1,632) $ 1,028 $ — $ — $ (604) Westin San Diego Bayview $ 10,006 $ 2,585 $ 850 $ — $ — $ 3,435 Westin Washington D.C. City Center $ 6,826 $ (244) $ 1,026 $ — $ — $ 782 Worthington Renaissance Fort Worth Hotel $ 10,159 $ 651 $ 1,099 $ 718 $ — $ 2,468 Total $ 276,520 $ 46,525 $ 27,683 $ 4,253 $ 1,533 $ 79,993 Add: Prior Ownership Results (2) $ 620 $ 1,362 $ (237) $ — $ — $ 1,125 Comparable Total $ 277,140 $ 47,887 $ 27,446 $ 4,253 $ 1,533 $ 81,118 (1) Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities. (2) Represents the pre-acquisition operating results of our 2023 acquisition and excludes the Kimpton Fort Lauderdale Beach Resort . Hotel Adjusted EBITDA Reconciliation - Third Quarter 2022 Net Income / (Loss) Plus: Plus: Plus: Equals: Hotel Total Revenues Depreciation Interest Expense Adjustments (1) Adjusted EBITDA Atlanta Marriott Alpharetta $ 3,654 $ 843 $ 369 $ — $ — $ 1,212 Bourbon Orleans Hotel $ 3,763 $ 218 $ 838 $ — $ 6 $ 1,062 Cavallo Point , The Lodge at the Golden Gate $ 10,963 $ 808 $ 1,844 $ — $ 94 $ 2,746 Chicago Marriott Downtown Magnificent Mile $ 31,715 $ 10,640 $ 3,838 $ 6 $ (397) $ 14,087 Courtyard Denver Downtown $ 3,448 $ 1,398 $ 377 $ — $ — $ 1,775 Courtyard New York Manhattan/Fifth Avenue $ 4,907 $ 490 $ 332 $ — $ 253 $ 1,075 Courtyard New York Manhattan/ Midtown East $ 9,332 $ 1,742 $ 485 $ 915 $ — $ 3,142 Embassy Suites by Hilton Bethesda $ 2,378 $ (2,396) $ 567 $ — $ 1,477 $ (352) Havana Cabana Key West $ 2,715 $ 526 $ 276 $ — $ — $ 802 Henderson Beach Resort $ 13,113 $ 2,703 $ 990 $ — $ — $ 3,693 Henderson Park Inn $ 2,750 $ 1,010 $ 228 $ — $ — $ 1,238 Hilton Burlington Lake Champlain $ 8,088 $ 3,323 $ 574 $ — $ — $ 3,897 Hilton Garden Inn New York/Times Square Central $ 7,727 $ 1,903 $ 634 $ — $ — $ 2,537 Hotel Clio $ 7,683 $ 864 $ 876 $ 650 $ 5 $ 2,395 Hotel Emblem San Francisco $ 2,065 $ 132 $ 296 $ — $ — $ 428 Hotel Palomar Phoenix $ 3,609 $ (551) $ 649 $ — $ 181 $ 279 Kimpton Fort Lauderdale Beach Resort $ 1,275 $ (585) $ 294 $ — $ — $ (291) Kimpton Shorebreak Resort $ 6,941 $ 2,657 $ 396 $ — $ — $ 3,053 L'Auberge de Sedona $ 6,727 $ 614 $ 352 $ — $ — $ 966 Margaritaville Beach House Key West $ 5,834 $ 766 $ 795 $ — $ — $ 1,561 Orchards Inn Sedona $ 1,772 $ 27 $ 85 $ — $ 42 $ 154 Salt Lake City Marriott Downtown at City Creek $ 7,649 $ 1,620 $ 571 $ 621 $ 11 $ 2,823 The Dagny $ 11,999 $ 3,846 $ 1,000 $ — $ — $ 4,846 The Gwen Hotel $ 11,129 $ 3,115 $ 1,062 $ — $ — $ 4,177 The Hythe Vail $ 9,529 $ 1,248 $ 1,207 $ — $ — $ 2,455 The Landing Lake Tahoe Resort & Spa $ 5,007 $ 2,144 $ 218 $ — $ — $ 2,362 The Lindy Renaissance Charleston Hotel $ 5,571 $ 1,910 $ 454 $ — $ — $ 2,364 The Lodge at Sonoma Resort $ 9,203 $ 1,966 $ 645 $ 261 $ — $ 2,872 Tranquility Bay Beachfront Resort $ 4,429 $ 714 $ 412 $ — $ — $ 1,126 Westin Boston Seaport District $ 24,663 $ 2,904 $ 2,448 $ 2,048 $ (122) $ 7,278 Westin Fort Lauderdale Beach Resort $ 13,223 $ 987 $ 967 $ — $ — $ 1,954 Westin San Diego Bayview $ 9,415 $ 1,808 $ 842 $ 587 $ — $ 3,237 Westin Washington D.C. City Center $ 6,019 $ (1,189) $ 1,026 $ 597 $ — $ 434 Worthington Renaissance Fort Worth Hotel $ 9,913 $ 690 $ 1,106 $ 736 $ 1 $ 2,533 Total $ 268,208 $ 48,895 $ 27,053 $ 6,421 $ 1,551 $ 83,920 Add: Prior Ownership Results (2) $ 8,566 $ 2,684 $ 231 $ — $ — $ 2,915 Comparable Total $ 276,774 $ 51,579 $ 27,284 $ 6,421 $ 1,551 $ 86,835 (1) Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities. (2) Represents the pre-acquisition operating results of our 2023 and 2022 acquisitions and excludes the Kimpton Fort Lauderdale Beach Resort . Hotel Adjusted EBITDA Reconciliation - Third Quarter 2019 Net Income / (Loss) Plus: Plus: Plus: Equals: Hotel Total Revenues Depreciation Interest Expense Adjustments (1) Adjusted EBITDA Atlanta Marriott Alpharetta $ 4,787 $ 1,123 $ 455 $ — $ — $ 1,578 Cavallo Point , The Lodge at the Golden Gate $ 10,633 $ 1,327 $ 1,828 $ — $ 79 $ 3,234 Chicago Marriott Downtown Magnificent Mile $ 32,503 $ 6,887 $ 4,166 $ (8) $ (397) $ 10,648 Courtyard Denver Downtown $ 3,344 $ 1,393 $ 298 $ — $ — $ 1,691 Courtyard New York Manhattan/Fifth Avenue $ 4,191 $ 103 $ 449 $ — $ 253 $ 805 Courtyard New York Manhattan/ Midtown East $ 7,909 $ 570 $ 697 $ 970 $ — $ 2,237 Embassy Suites by Hilton Bethesda $ 3,880 $ (1,078) $ 471 $ — $ 1,514 $ 907 Frenchman's Reef & Morning Star Marriott Beach Resort $ 1 $ (2) $ — $ — $ — $ (2) Havana Cabana Key West $ 1,996 $ 87 $ 260 $ — $ — $ 347 Hilton Burlington Lake Champlain $ 6,121 $ 2,451 $ 486 $ — $ — $ 2,937 Hilton Garden Inn New York/Times Square Central $ 6,508 $ 944 $ 838 $ — $ — $ 1,782 Hotel Clio $ 5,907 $ 269 $ 746 $ 692 $ 6 $ 1,713 Hotel Emblem San Francisco $ 2,305 $ 399 $ 297 $ — $ — $ 696 Hotel Palomar Phoenix $ 4,325 $ (424) $ 662 $ 39 $ 295 $ 572 Kimpton Shorebreak Resort $ 5,281 $ 1,808 $ 348 $ — $ 40 $ 2,196 L'Auberge de Sedona $ 5,636 $ 727 $ 508 $ — $ — $ 1,235 Margaritaville Beach House Key West $ 2,666 $ (55) $ 351 $ — $ — $ 296 Orchards Inn Sedona $ 1,598 $ (11) $ 238 $ — $ 42 $ 269 Salt Lake City Marriott Downtown at City Creek $ 8,849 $ 2,368 $ 575 $ 608 $ — $ 3,551 The Dagny $ 12,504 $ 4,271 $ 1,231 $ — $ — $ 5,502 The Gwen Hotel $ 10,771 $ 3,256 $ 1,077 $ — $ — $ 4,333 The Hythe Vail $ 8,109 $ 1,140 $ 1,011 $ — $ — $ 2,151 The Landing Lake Tahoe Resort & Spa $ 4,060 $ 1,086 $ 418 $ — $ — $ 1,504 The Lexington Hotel $ 18,337 $ 1,319 $ 3,607 $ 6 $ 8 $ 4,940 The Lindy Renaissance Charleston Hotel $ 3,398 $ 642 $ 421 $ — $ (32) $ 1,031 The Lodge at Sonoma Resort $ 7,549 $ 2,070 $ 508 $ 281 $ — $ 2,859 Westin Boston Seaport District $ 24,009 $ 2,413 $ 2,418 $ 2,182 $ (60) $ 6,953 Westin Fort Lauderdale Beach Resort $ 8,131 $ (949) $ 1,675 $ — $ — $ 726 Westin San Diego Bayview $ 8,654 $ 1,439 $ 1,135 $ 637 $ — $ 3,211 Westin Washington D.C. City Center $ 7,829 $ 280 $ 1,310 $ 663 $ — $ 2,253 Worthington Renaissance Fort Worth Hotel $ 8,488 $ (132) $ 990 $ 784 $ 2 $ 1,644 Total $ 240,279 $ 35,721 $ 29,474 $ 6,854 $ 1,750 $ 73,748 Add: Prior Ownership Results (2) $ 25,484 $ 3,456 $ 2,264 $ — $ — $ 5,720 Less: Sold Hotels (3) $ (18,338) $ (1,317) $ (3,607) $ (6) $ (8) $ (4,938) Comparable Total $ 247,425 $ 37,860 $ 28,131 $ 6,848 $ 1,742 $ 74,530 (1) Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities. (2) Represents the pre-acquisition operating results of our 2023, 2022 and 2021 acquisitions (excluding the Kimpton Fort Lauderdale Beach Resort ). (3) Represents the operating results of Frenchman's Reef and The Lexington Hotel . Hotel Adjusted EBITDA Reconciliation - Year to Date 2023 Total Revenues Net Income / (Loss) Plus: Depreciation Plus: Interest Expense Plus Adjustments (1) Equals: Hotel Adjusted EBITDA Atlanta Marriott Alpharetta $ 12,584 $ 3,080 $ 1,090 $ — $ — $ 4,170 Bourbon Orleans Hotel $ 13,449 $ 2,831 $ 2,553 $ — $ 19 $ 5,403 Cavallo Point , The Lodge at the Golden Gate $ 33,762 $ 4,447 $ 4,198 $ — $ 281 $ 8,926 Chicago Marriott Downtown Magnificent Mile $ 79,569 $ 14,293 $ 10,709 $ 18 $ (1,192) $ 23,828 Chico Hot Springs Resort $ 2,595 $ 357 $ 195 $ — $ — $ 552 Courtyard Denver Downtown $ 9,215 $ 2,899 $ 1,126 $ — $ — $ 4,025 Courtyard New York Manhattan/Fifth Avenue $ 13,671 $ 874 $ 1,097 $ — $ 760 $ 2,731 Courtyard New York Manhattan/ Midtown East $ 25,890 $ 3,351 $ 1,524 $ 2,672 $ — $ 7,547 Embassy Suites by Hilton Bethesda $ 10,113 $ (4,917) $ 1,713 $ — $ 4,409 $ 1,205 Havana Cabana Key West $ 9,856 $ 2,294 $ 877 $ — $ — $ 3,171 Henderson Beach Resort $ 32,520 $ 4,492 $ 3,047 $ — $ — $ 7,539 Henderson Park Inn $ 7,044 $ 2,210 $ 785 $ — $ — $ 2,995 Hilton Burlington Lake Champlain $ 17,899 $ 4,837 $ 1,679 $ — $ — $ 6,516 Hilton Garden Inn New York/Times Square Central $ 19,308 $ 3,322 $ 1,929 $ — $ — $ 5,251 Hotel Clio $ 19,814 $ 118 $ 2,490 $ 1,898 $ 14 $ 4,520 Hotel Emblem San Francisco $ 5,224 $ (740) $ 890 $ — $ — $ 150 Hotel Palomar Phoenix $ 18,580 $ 2,724 $ 1,646 $ — $ 538 $ 4,908 Kimpton Fort Lauderdale Beach Resort $ 6,168 $ (751) $ 921 $ — $ — $ 170 Kimpton Shorebreak Resort $ 16,579 $ 4,662 $ 1,177 $ — $ — $ 5,839 L'Auberge de Sedona $ 21,566 $ 4,622 $ 1,106 $ — $ — $ 5,728 Lake Austin Spa Resort $ 15,462 $ 1,837 $ 1,916 $ — $ — $ 3,753 Margaritaville Beach House Key West $ 23,355 $ 7,819 $ 2,366 $ — $ — $ 10,185 Orchards Inn Sedona $ 6,225 $ 1,106 $ 273 $ — $ 126 $ 1,505 Salt Lake City Marriott Downtown at City Creek $ 23,233 $ 6,549 $ 1,912 $ — $ 32 $ 8,493 The Dagny $ 27,018 $ 3,674 $ 4,195 $ — $ — $ 7,869 The Gwen Hotel $ 27,126 $ 3,510 $ 3,163 $ — $ — $ 6,673 The Hythe Vail $ 37,727 $ 11,374 $ 3,603 $ — $ — $ 14,977 The Landing Lake Tahoe Resort & Spa $ 10,074 $ 2,520 $ 666 $ — $ — $ 3,186 The Lindy Renaissance Charleston Hotel $ 17,758 $ 6,584 $ 1,418 $ — $ — $ 8,002 The Lodge at Sonoma Resort $ 23,812 $ 4,918 $ 1,933 $ — $ — $ 6,851 Tranquility Bay Beachfront Resort $ 18,222 $ 4,401 $ 1,315 $ — $ — $ 5,716 Westin Boston Seaport District $ 71,511 $ 5,271 $ 7,421 $ 5,969 $ (367) $ 18,294 Westin Fort Lauderdale Beach Resort $ 50,066 $ 9,178 $ 3,096 $ — $ — $ 12,274 Westin San Diego Bayview $ 27,124 $ 6,023 $ 2,561 $ — $ — $ 8,584 Westin Washington D.C. City Center $ 22,481 $ 1,435 $ 3,070 $ — $ — $ 4,505 Worthington Renaissance Fort Worth Hotel $ 34,720 $ 4,824 $ 3,335 $ 2,145 $ — $ 10,304 Total $ 811,320 $ 136,028 $ 82,995 $ 12,702 $ 4,620 $ 236,338 Add: Prior Ownership Results (2) $ 2,767 $ 2,052 $ (396) $ — $ — $ 1,656 Comparable Total $ 814,087 $ 138,080 $ 82,599 $ 12,702 $ 4,620 $ 237,994 (1) Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities. (2) Represents the pre-acquisition operating results of our 2023 acquisition and excludes the Kimpton Fort Lauderdale Beach Resort . Hotel Adjusted EBITDA Reconciliation - Year to Date 2022 Net Income /(Loss) Plus: Plus: Plus: Equals: Hotel Total Revenues Depreciation Interest Expense Adjustments (1) Adjusted EBITDA Atlanta Marriott Alpharetta $ 9,908 $ 2,010 $ 1,112 $ — $ — $ 3,122 Bourbon Orleans Hotel $ 11,027 $ 1,429 $ 2,486 $ — $ 19 $ 3,934 Cavallo Point , The Lodge at the Golden Gate $ 33,993 $ 4,712 $ 5,535 $ — $ 281 $ 10,528 Chicago Marriott Downtown Magnificent Mile $ 67,600 $ 12,805 $ 11,686 $ 17 $ (1,192) $ 23,316 Courtyard Denver Downtown $ 8,453 $ 2,917 $ 1,129 $ — $ — $ 4,046 Courtyard New York Manhattan/Fifth Avenue $ 12,144 $ (141) $ 994 $ — $ 760 $ 1,613 Courtyard New York Manhattan/ Midtown East $ 22,049 $ 1,178 $ 1,456 $ 2,730 $ — $ 5,364 Embassy Suites by Hilton Bethesda $ 6,233 $ (7,305) $ 1,681 $ — $ 4,449 $ (1,175) Havana Cabana Key West $ 11,119 $ 4,044 $ 830 $ — $ — $ 4,874 Henderson Beach Resort $ 35,406 $ 5,599 $ 2,913 $ — $ — $ 8,512 Henderson Park Inn $ 7,187 $ 2,261 $ 666 $ — $ — $ 2,927 Hilton Burlington Lake Champlain $ 16,350 $ 4,689 $ 1,698 $ — $ — $ 6,387 Hilton Garden Inn New York/Times Square Central $ 19,138 $ 3,348 $ 1,878 $ — $ — $ 5,226 Hotel Clio $ 19,594 $ 709 $ 2,527 $ 1,941 $ 14 $ 5,191 Hotel Emblem San Francisco $ 5,297 $ (112) $ 891 $ — $ — $ 779 Hotel Palomar Phoenix $ 15,334 $ 1,978 $ 1,995 $ — $ 548 $ 4,521 Kimpton Fort Lauderdale Beach Resort $ 3,237 $ (547) $ 609 $ — $ — $ 62 Kimpton Shorebreak Resort $ 17,721 $ 5,892 $ 1,201 $ — $ — $ 7,093 L'Auberge de Sedona $ 25,120 $ 7,056 $ 1,101 $ — $ — $ 8,157 Margaritaville Beach House Key West $ 25,524 $ 9,623 $ 2,387 $ — $ — $ 12,010 Orchards Inn Sedona $ 6,788 $ 1,724 $ 254 $ — $ 126 $ 2,104 Salt Lake City Marriott Downtown at City Creek $ 20,333 $ 4,064 $ 1,657 $ 1,578 $ 32 $ 7,331 The Dagny $ 28,099 $ 6,564 $ 3,072 $ — $ — $ 9,636 The Gwen Hotel $ 27,302 $ 5,168 $ 3,207 $ — $ — $ 8,375 The Hythe Vail $ 32,526 $ 7,491 $ 3,607 $ — $ — $ 11,098 The Landing Lake Tahoe Resort & Spa $ 9,947 $ 3,256 $ 793 $ — $ — $ 4,049 The Lindy Renaissance Charleston Hotel $ 17,672 $ 6,528 $ 1,372 $ — $ — $ 7,900 The Lodge at Sonoma Resort $ 23,733 $ 4,335 $ 1,905 $ 782 $ — $ 7,022 Tranquility Bay Beachfront Resort $ 19,650 $ 5,325 $ 1,277 $ — $ — $ 6,602 Westin Boston Seaport District $ 63,111 $ 2,872 $ 7,346 $ 6,112 $ (367) $ 15,963 Westin Fort Lauderdale Beach Resort $ 53,957 $ 16,539 $ 2,942 $ — $ — $ 19,481 Westin San Diego Bayview $ 22,978 $ 3,507 $ 2,484 $ 1,756 $ — $ 7,747 Westin Washington D.C. City Center $ 17,814 $ (1,145) $ 3,078 $ 1,781 $ — $ 3,714 Worthington Renaissance Fort Worth Hotel $ 30,104 $ 3,440 $ 3,328 $ 2,196 $ 5 $ 8,969 Total $ 746,448 $ 131,813 $ 81,097 $ 18,893 $ 4,675 $ 236,478 Add: Prior Ownership Results (2) $ 27,277 $ 7,717 $ 976 $ — $ — $ 8,693 Comparable Total $ 773,725 $ 139,530 $ 82,073 $ 18,893 $ 4,675 $ 245,171 (1) Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities. (2) Represents the pre-acquisition operating results of our 2023 and 2022 acquisitions and excludes the Kimpton Fort Lauderdale Beach Resort . Hotel Adjusted EBITDA Reconciliation - Year to Date 2019 Plus: Plus: Plus: Equals: Hotel Total Revenues Net Income / (Loss) Depreciation Interest Expense Adjustments (1) Adjusted EBITDA Atlanta Marriott Alpharetta $ 14,959 $ 3,891 $ 1,389 $ — $ — $ 5,280 Cavallo Point , The Lodge at the Golden Gate $ 30,600 $ 2,374 $ 5,557 $ — $ 221 $ 8,152 Chicago Marriott Downtown Magnificent Mile $ 83,224 $ 12,127 $ 12,461 $ 110 $ (1,192) $ 23,506 Courtyard Denver Downtown $ 8,881 $ 3,407 $ 881 $ — $ — $ 4,288 Courtyard New York Manhattan/Fifth Avenue $ 11,417 $ (519) $ 1,330 $ — $ 760 $ 1,571 Courtyard New York Manhattan/ Midtown East $ 21,213 $ (70) $ 2,077 $ 2,891 $ — $ 4,898 Embassy Suites by Hilton Bethesda $ 13,051 $ (2,031) $ 1,422 $ — $ 4,555 $ 3,946 Frenchman's Reef & Morning Star Marriott Beach Resort $ — $ 8,798 $ — $ — $ — $ 8,798 Havana Cabana Key West $ 7,351 $ 2,035 $ 740 $ — $ — $ 2,775 Hilton Burlington Lake Champlain $ 14,031 $ 3,917 $ 1,500 $ — $ — $ 5,417 Hilton Garden Inn New York/Times Square Central $ 18,222 $ 1,731 $ 2,509 $ — $ — $ 4,240 Hotel Clio $ 14,380 $ (944) $ 1,975 $ 2,062 $ 18 $ 3,111 Hotel Emblem San Francisco $ 5,649 $ 323 $ 868 $ — $ — $ 1,191 Hotel Palomar Phoenix $ 18,008 $ 2,319 $ 1,991 $ 116 $ 885 $ 5,311 Kimpton Shorebreak Resort $ 13,704 $ 3,586 $ 1,046 $ — $ 121 $ 4,753 L'Auberge de Sedona $ 19,259 $ 3,688 $ 1,525 $ — $ — $ 5,213 Margaritaville Beach House Key West $ 12,906 $ 3,557 $ 1,033 $ — $ — $ 4,590 Orchards Inn Sedona $ 5,890 $ 884 $ 713 $ — $ 126 $ 1,723 Salt Lake City Marriott Downtown at City Creek $ 23,586 $ 5,120 $ 1,680 $ 1,818 $ — $ 8,618 The Dagny $ 32,337 $ 9,124 $ 3,708 $ — $ — $ 12,832 The Gwen Hotel $ 25,709 $ 4,030 $ 3,285 $ — $ — $ 7,315 The Hythe Vail, a Luxury Collection Resort $ 27,989 $ 6,063 $ 3,035 $ — $ — $ 9,098 The Landing Lake Tahoe Resort & Spa $ 7,618 $ 294 $ 1,179 $ — $ — $ 1,473 The Lexington Hotel $ 47,872 $ (1,778) $ 10,697 $ 17 $ 24 $ 8,960 The Lindy Renaissance Charleston Hotel $ 11,566 $ 3,438 $ 1,242 $ — $ (95) $ 4,585 The Lodge at Sonoma Resort $ 19,023 $ 3,234 $ 1,571 $ 840 $ — $ 5,645 Westin Boston Seaport District $ 70,991 $ 6,286 $ 7,266 $ 6,506 $ (180) $ 19,878 Westin Fort Lauderdale Beach Resort $ 38,246 $ 7,223 $ 4,853 $ — $ — $ 12,076 Westin San Diego Bayview $ 26,333 $ 4,769 $ 3,397 $ 1,901 $ — $ 10,067 Westin Washington D.C . City Center $ 25,238 $ 2,075 $ 3,948 $ 1,986 $ — $ 8,009 Worthington Renaissance Fort Worth Hotel $ 31,319 $ 5,597 $ 2,927 $ 2,340 $ 6 $ 10,870 Total $ 700,572 $ 104,548 $ 87,805 $ 20,587 $ 5,249 $ 218,028 Add: Prior Ownership Results (2) $ 76,162 $ 10,670 $ 6,791 $ — $ — $ 17,461 Less: Sold Hotels (3) $ (47,872) $ (7,020) $ (10,697) $ (17) $ (24) $ (17,758) Comparable Total $ 728,862 $ 108,198 $ 83,899 $ 20,570 $ 5,225 $ 217,731 (1) Includes non-cash expenses incurred by the hotels due to the straight lining of the rent from ground lease obligations and the non-cash amortization of intangible assets and liabilities. (2) Represents the pre-acquisition operating results of our 2023, 2022 and 2021 acquisitions (excluding the Kimpton Fort Lauderdale Beach Resort). (3) Represents the operating results of Frenchman's Reef and The Lexington Hotel. View original content: https://www.prnewswire.com/news-releases/diamondrock-hospitality-company-reports-third-quarter-2023-results-301973355.html SOURCE DiamondRock Hospitality Company

View stock analysis, news, and events for Diamondrock Hospitality Company