BETHESDA, Md.--(BUSINESS WIRE)--Condor Hospitality Trust, Inc. (NYSE American:CDOR) (the “Company”) today announced results for the fourth quarter ended December 31, 2018.
FOURTH QUARTER AND FISCAL YEAR 2018 RELEASE FINANCIAL HIGHLIGHTS
- Revenue of $65.1 million in Fiscal Year 2018, a 17.3% Increase Over $55.5 million of Revenue in Fiscal Year 2017
- Revenue of $15.1 million, Comprised of $14.9 million from New Investment Platform Hotels and $0.2 million from Legacy Hotels, a 1% Decrease to Revenue of $15.3 million, Comprised of $12.8 million from New Investment Platform Hotels and $2.5 million from Legacy Hotels, in Last Year’s Fourth Quarter
- Same-Store RevPAR for the New Investment Platform Hotels Increased 1.9% and 2.6% in the Fourth Quarter and Full Year 2018, Respectively
- Net Earnings Attributable to Common Shareholders of $4.8 million, or $0.40 per Diluted Share, as Compared to a Net Loss of ($9.4) million, or ($1.00) per share, in Last Fiscal Year
- Adjusted Funds from Operations Increased to $12.2 million, or $1.02 per Diluted Share, a 4.1% per share Increase from $9.8 million, or $0.98 per Diluted Share, as Compared to Last Fiscal Year
- Hotel EBITDA Increased to $27.6 million from $22.0 million, a 25.9% Increase Over Last Fiscal Year
- Adjusted EBITDAre Increased to $21.9 million from $16.2 million, a 35.7% Over Last Fiscal Year
MANAGEMENT COMMENTARY
Bill Blackham, Condor’s Chief Executive Officer, commented:
“On September 27, 2018, Condor initiated a process to evaluate strategic alternatives to enhance shareholder value. Until the conclusion of this process, Condor is suspending the issuance of earnings guidance and the holding of earnings conference calls. The Quality Inn Solomons Island remains under contract for sale and has an expected closing in the first quarter of 2019; there can be no guarantee that this planned disposition will close. This final legacy asset sale will bring the total number of legacy assets sold to 55 since Condor launched the strategic repositioning of its portfolio in 2015. The New Investment Platform continued to perform well relative to our competitive sets and our publicly traded select-service peer group in terms of RevPAR change and operating margins.”
FINANCIAL SUMMARY
At December 31, 2018, the Company’s total
portfolio included 16 hotels, representing 1,967 rooms.
Total Company Financial Results | |||||||||||||||||||||||
($ in millions except per share amounts) |
|||||||||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2018 | 2017 | Change | 2018 | 2017 | Change | ||||||||||||||||||
Revenue | $ | 15.1 | $ | 15.3 | -1.3% | $ | 65.1 | $ | 55.5 | 17.3% | |||||||||||||
Net Earnings (Loss) Attributable to Common Shareholders | $ | (1.1) | $ | 1.2 | NA | $ | 4.8 | $ | (9.4) | NA | |||||||||||||
Diluted Earnings (Loss) per Share | $ | (0.10) | $ | 0.10 | NA | $ | 0.40 | $ | (1.00) | NA | |||||||||||||
Funds from Operations (FFO)* | $ | 1.6 | $ | 2.3 | -30.7% | $ | 10.3 | $ | 6.3 | 63.7 | |||||||||||||
FFO per Diluted Share* | $ | 0.12 | $ | 0.18 | -33.3% | $ | 0.81 | $ | (0.22) | NA | |||||||||||||
Adjusted FFO* | $ | 2.3 | $ | 3.3 | -29.2% | $ | 12.2 | $ | 9.8 | 25.2% | |||||||||||||
Adjusted FFO per Diluted Share* | $ | 0.20 | $ | 0.28 | -28.6% | $ | 1.02 | $ | 0.98 | 4.1% | |||||||||||||
Hotel EBITDA* | $ | 6.1 | $ | 6.0 | 1.7% | $ | 27.6 | $ | 22.0 | 25.9% | |||||||||||||
Adjusted EBITDAre* | $ | 4.8 | $ | 4.6 | 4.5% | $ | 21.9 | $ | 16.2 | 35.7% | |||||||||||||
*Please see the Reg. G reconciliation tables at the end of this release. |
|||||||||||||||||||||||
NEW INVESTMENT PLATFORM
At December 31, 2018, the Company’s
new investment platform included 15 hotels, representing 1,908 rooms.
New Investment Platform Operational Results** | |||||||||||||||||||||||
($ in millions except per share amounts and operating metrics) |
|||||||||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2018 | 2017 | Change | 2018 | 2017 | Change | ||||||||||||||||||
Same-Store RevPAR | $ | 93.18 | $ | 91.42 | 1.9% | $ | 98.89 | $ | 96.39 | 2.6% | |||||||||||||
Same-Store Occupancy | 76.54% | 75.54% | 1.3% | 79.89% | 79.26% | 0.8% | |||||||||||||||||
Same-Store ADR | $ | 121.74 | $ | 121.02 | 0.6% | $ | 123.79 | $ | 121.61 | 1.8% | |||||||||||||
Same-Store Hotel EBITDA* | $ | 5.5 | $ | 5.5 | 0.6% | $ | 23.6 | $ | 22.9 | 3.1% | |||||||||||||
Same-Store Hotel EBITDA Margin* | 36.6% | 37.1% | -0.5% | 37.5% | 37.3% | 0.2% | |||||||||||||||||
*Please see the Reg. G reconciliation tables at the end of this release. | |||||||||||||||||||||||
**Financial results presented above include results from prior to our ownership. | |||||||||||||||||||||||
LEGACY PLATFORM
At December 31, 2018, the Company’s legacy
platform included one hotel, representing 59 rooms.
Legacy Platform Operational Results* | |||||||||||||||||||||||
($ in millions except per share amounts and operating metrics) |
|||||||||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2018 | 2017 | Change | 2018 | 2017 | Change | ||||||||||||||||||
Same-Store RevPAR | $ | 28.87 | $ | 37.40 | -22.8% | $ | 42.88 | $ | 57.14 | -25.0% | |||||||||||||
Same-Store Occupancy | 35.29% | 49.00% | -28.0% | 49.59% | 71.77% | -30.9% | |||||||||||||||||
Same-Store ADR | $ | 81.80 | $ | 76.32 | 7.2% | $ | 86.46 | $ | 79.62 | 8.6% | |||||||||||||
Same-Store Hotel EBITDA* | $ | 0.01 | $ | 0.04 | -70.7% | $ | 0.3 | $ | 0.4 | -28.1% | |||||||||||||
Same-Store Hotel EBITDA Margin* | 5.0% | 14.1% | -9.1% | 21.6% | 24.0% | -2.4% | |||||||||||||||||
* Please see the Reg. G reconciliation tables at the end of this release. |
|||||||||||||||||||||||
PORTFOLIO ACTIVITY
The Company’s investment strategy is to
assemble a portfolio of premium-branded, select-service hotels in the
top 100 Metropolitan Statistical Areas (“MSAs”) with a particular focus
on MSAs ranked between 20 to 60. Since restarting its portfolio
transformation in 2015, the Company has acquired 14 high-quality
select-service hotels representing 1,808 rooms in its target markets for
a total purchase price of approximately $277 million. Additionally,
during this time, the Company has sold 54 legacy assets for a total
gross sales price of approximately $166 million.
Acquisitions
During the fourth quarter of 2018, the Company
did not acquire any hotels.
Dispositions
The Company’s final legacy hotel is currently
under contract for sale.
BALANCE SHEET AND CAPITAL MARKETS ACTIVITY
As of December
31, 2018, the Company had cash and cash equivalents (including
restricted cash) of $9.2 million and available revolver borrowing
capacity of $7.4 million. As of December 31, 2018, the Company had total
outstanding long-term debt of $138 million associated with assets held
for use with a weighted average maturity of 2.1 years and a weighted
average interest rate of 5.15%.
During the fourth quarter of 2018, the Company did not sell any shares of common stock under the ATM program.
CAPITAL INVESTMENTS
The Company invested $2.0 million in
capital improvements throughout the portfolio in the twelve months ended
December 31, 2018, to upgrade its properties and maintain brand
standards.
OUTLOOK AND GUIDANCE
Due to the pursuit of Strategic
Alternatives, the Company has suspended guidance until further notice.
DIVIDENDS
On December 11, 2018, the Board of Directors
declared a quarterly cash common stock dividend of $0.195 per share for
the fourth quarter of 2018. The common stock dividend represented an
annualized yield of approximately 9.7% based on the closing price of the
Company’s common shares on December 12, 2018. The fourth quarter
dividend was paid on January 3, 2019 to shareholders of record as of
December 26, 2018.
EARNINGS CALL
Due to the pursuit of Strategic Alternatives,
the Company will not be conducting a fourth quarter earnings conference
call.
About Condor Hospitality Trust, Inc.
Condor Hospitality
Trust, Inc. (NYSE American:CDOR) is a self-administered real estate
investment trust that specializes in the investment and ownership of
upper midscale and upscale, premium-branded, select-service,
extended-stay, and limited-service hotels in the top 100 Metropolitan
Statistical Areas (“MSAs”) with a particular focus on the top 20 to 60
MSAs. The Company currently owns 16 hotels in 8 states. Condor’s hotels
are franchised by a number of the industry’s most well-regarded brand
families including Hilton, Marriott, and InterContinental Hotels.
Forward-Looking Statement
Certain matters within this press
release are discussed using forward-looking language as specified in the
Private Securities Litigation Reform Act of 1995, and, as such, may
involve known and unknown risks, uncertainties and other factors that
may cause the actual events, results or performance to differ from those
projected presented in the forward-looking statement. These
forward-looking statements are based on assumptions that management has
made in light of experience in the business in which the Company
operates, as well as other factors management believes to be appropriate
under the circumstances. As you read and consider this release, you
should understand that these statements are not guarantees of events,
performance or results. They involve risks, uncertainties (some of which
are beyond the Company’s control) and assumptions. Although management
believes that these forward-looking statements are based on reasonable
assumptions, you should be aware that many factors could affect events,
performance or results and cause them to differ materially from those
anticipated in the forward-looking statements. These factors include
among other things, risk factors described from time to time in the
Company’s filings with the Securities and Exchange Commission. The
Company cautions that any forward-looking statement included in this
press release is made as of the date of this press release and the
Company does not undertake to update any forward-looking statement.
SELECTED FINANCIAL DATA: | |||||||||
Condor Hospitality Trust, Inc. and Subsidiaries | |||||||||
Consolidated Balance Sheets | |||||||||
(In thousands, except share and per share data) | |||||||||
As of December 31, | |||||||||
2018 | 2017 | ||||||||
Assets |
|||||||||
Investment in hotel properties, net | $ | 230,178 | $ | 201,722 | |||||
Investment in unconsolidated joint venture | 5,866 | 7,747 | |||||||
Cash and cash equivalents | 4,151 | 5,441 | |||||||
Restricted cash, property escrows | 5,005 | 4,894 | |||||||
Accounts receivable, net | 1,290 | 1,707 | |||||||
Prepaid expenses and other assets | 2,227 | 3,220 | |||||||
Derivative assets, at fair value | 639 | 391 | |||||||
Investment in hotel properties held for sale, net | 4,092 | 17,858 | |||||||
Total Assets | $ | 253,448 | $ | 242,980 | |||||
Liabilities and Equity |
|||||||||
Liabilities | |||||||||
Accounts payable, accrued expenses, and other liabilities | $ | 5,336 | $ | 7,046 | |||||
Dividends and distributions payable | 2,330 | 2,470 | |||||||
Convertible debt, at fair value | 1,000 | 1,069 | |||||||
Long-term debt, net of deferred financing costs | 135,810 | 111,097 | |||||||
Long-term debt related to hotel properties held for sale, net of deferred financing costs | 1,120 | 9,484 | |||||||
Total Liabilities | 145,596 | 131,166 | |||||||
Equity | |||||||||
Shareholders' Equity | |||||||||
Preferred stock, 40,000,000 shares authorized: | |||||||||
6.25% Series E, 925,000 shares authorized, $.01 par value, 925,000 shares outstanding, liquidation preference of $9,250 and $9,395 | 10,050 | 10,050 | |||||||
Common stock, $.01 par value, 200,000,000 shares authorized; 11,886,003 and 11,833,573 shares outstanding | 119 | 118 | |||||||
Additional paid-in capital | 231,805 | 230,727 | |||||||
Accumulated deficit | (134,970) | (130,489) | |||||||
Total Shareholders' Equity | 107,004 | 110,406 | |||||||
Noncontrolling interest in consolidated partnership (Condor Hospitality Limited Partnership), redemption value of $435 and $871 | 848 | 1,408 | |||||||
Total Equity | 107,852 | 111,814 | |||||||
Total Liabilities and Equity | $ | 253,448 | $ | 242,980 | |||||
Condor Hospitality Trust, Inc. and Subsidiaries | |||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Revenue | |||||||||||||||||
Room rentals and other hotel services | $ | 15,082 | $ | 15,278 | $ | 65,057 | $ | 55,453 | |||||||||
Operating Expenses | |||||||||||||||||
Hotel and property operations | 9,690 | 10,028 | 41,008 | 37,134 | |||||||||||||
Depreciation and amortization | 2,349 | 2,085 | 9,475 | 6,898 | |||||||||||||
General and administrative | 1,144 | 1,847 | 6,217 | 6,552 | |||||||||||||
Acquisition and terminated transactions | 19 | 80 | 205 | 1,250 | |||||||||||||
Equity transactions | - | - | - | 343 | |||||||||||||
Total operating expenses | 13,202 | 14,040 | 56,905 | 52,177 | |||||||||||||
Operating income | 1,880 | 1,238 | 8,152 | 3,276 | |||||||||||||
Net gain (loss) on disposition of assets | (17) | 2,004 | 5,570 | 6,807 | |||||||||||||
Equity in earnings (loss) of joint venture | (469) | (105) | (218) | 190 | |||||||||||||
Net gain (loss) on derivatives and convertible debt | (402) | 20 | 317 | 436 | |||||||||||||
Other expense, net | (26) | (28) | (83) | (111) | |||||||||||||
Interest expense | (2,153) | (1,706) | (8,326) | (5,174) | |||||||||||||
Loss on debt extinguishment | - | (167) | - | (967) | |||||||||||||
Impairment recovery (loss), net | - | (553) | 93 | (2,151) | |||||||||||||
Earnings (loss) from continuing operations before income taxes | (1,187) | 703 | 5,505 | 2,306 | |||||||||||||
Income tax benefit (expense) | (20) | 645 | (335) | 595 | |||||||||||||
Net earnings (loss) | (1,207) | 1,348 | 5,170 | 2,901 | |||||||||||||
Loss (earnings) attributable to noncontrolling interest | 242 | (10) | 195 | (20) | |||||||||||||
Net earnings (loss) attributable to controlling interests | (965) | 1,338 | 5,365 | 2,881 | |||||||||||||
Dividends declared and in kind dividends deemed on preferred stock | (144) | (164) | (578) | (12,243) | |||||||||||||
Net earnings (loss) attributable to common shareholders | $ | (1,109) | $ | 1,174 | $ | 4,787 | $ | (9,362) | |||||||||
Earnings (Loss) per Share |
|||||||||||||||||
Total - Basic Earnings (Loss) per Share | $ | (0.10) | $ | 0.10 | $ | 0.40 | $ | (1.00) | |||||||||
Total - Diluted Earnings (Loss) per Share | $ | (0.10) | $ | 0.10 | $ | 0.40 | $ | (1.00) | |||||||||
Reconciliation of Non-GAAP Financial Measures (Unaudited)
Non-GAAP financial measures are measures of our historical financial performance that are different from measures calculated and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We report Funds from Operations (“FFO”), Adjusted FFO (“AFFO”), Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”), EBITDA for real estate (“EBITDAre”), Adjusted EBITDAre, and Hotel EBITDA as non-GAAP measures that we believe are useful to investors as key measures of our operating results and which management uses to facilitate a periodic evaluation of our operating results relative to those of our peers. Our non-GAAP measures should not be considered as an alternative to U.S. GAAP net earnings as an indication of financial performance or to U.S. GAAP cash flows from operating activities as a measure of liquidity. Additionally, these measures are not indicative of funds available to fund cash needs or our ability to make cash distributions as they have not been adjusted to consider cash requirements for capital expenditures, property acquisitions, debt service obligations, or other commitments.
FFO and AFFO
The following table reconciles net earnings (loss) to FFO and AFFO for the three months and year ended December 31, 2018 and 2017 (in thousands). All amounts presented include our portion of the results of our unconsolidated Atlanta JV.
Three months ended | Year ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
Reconciliation of Net Earnings (Loss) to FFO and AFFO |
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net earnings (loss) | $ | (1,207) | $ | 1,348 | $ | 5,170 | $ | 2,901 | |||||||||
Depreciation and amortization expense | 2,349 | 2,085 | 9,475 | 6,898 | |||||||||||||
Depreciation and amortization expense from JV | 289 | 288 | 1,155 | 1,140 | |||||||||||||
Net (loss) gain on disposition of assets | 17 | (2,004) | (5,570) | (6,807) | |||||||||||||
Net loss on disposition of assets from JV | 128 | 3 | 157 | 7 | |||||||||||||
Impairment loss (recovery), net | - | 553 | (93) | 2,151 | |||||||||||||
FFO | 1,576 | 2,273 | 10,294 | 6,290 | |||||||||||||
Dividends declared and in kind dividends deemed on preferred stock | (144) | (165) | (578) | (12,244) | |||||||||||||
FFO attributable to common shares and common units | 1,432 | 2,108 | 9,716 | (5,954) | |||||||||||||
Net loss (gain) on derivatives and convertible debt | 402 | (20) | (317) | (436) | |||||||||||||
Net loss on derivatives from JV | 22 | - | 22 | 2 | |||||||||||||
Acquisitions and terminated transactions expense | 19 | 80 | 205 | 1,250 | |||||||||||||
Equity and terminated transactions | - | - | - | 343 | |||||||||||||
Loss on debt extinguishment | - | 167 | - | 967 | |||||||||||||
Stock-based compensation and LTIP expense | 62 | 572 | 974 | 1,237 | |||||||||||||
Amortization of deferred financing fees | 363 | 340 | 1,443 | 1,066 | |||||||||||||
Amortization of deferred financing fees from JV | 45 | 45 | 181 | 181 | |||||||||||||
Non-recurring dividends above stated rates declared and in kind dividends deemed on preferred stock | - | 20 | - | 11,110 | |||||||||||||
AFFO attributable to common shares and common units | $ | 2,345 | $ | 3,312 | $ | 12,224 | $ | 9,766 | |||||||||
FFO attributable to common shares and partnership units - Basic | $ | 1,432 | $ | 2,108 | $ | 9,716 | $ | (5,954) | |||||||||
Convertible note interest and fair value adjustments | (33) | - | (6) | - | |||||||||||||
FFO attributable to common shares and partnership units - Diluted | $ | 1,399 | $ | 2,108 | $ | 9,710 | $ | (5,954) | |||||||||
FFO per common share and partnership unit - Basic | $ | 0.12 | $ | 0.18 | $ | 0.82 | $ | (0.22) | |||||||||
FFO per common share and partnership unit - Diluted | $ | 0.12 | $ | 0.18 | $ | 0.81 | $ | (0.22) | |||||||||
Weighted average common shares and partnership units - Basic FFO | 11,878,418 | 11,698,642 | 11,870,477 | 9,558,182 | |||||||||||||
Weighted average common shares and partnership units - Diluted FFO | 11,986,970 | 11,718,966 | 11,982,047 | 9,558,182 | |||||||||||||
AFFO attributable to common shares and partnership units - Basic | $ | 2,345 | $ | 3,312 | $ | 12,224 | $ | 9,766 | |||||||||
Convertible note interest | 16 | 16 | 63 | 63 | |||||||||||||
Preferred dividends at stated rates | - | 144 | 578 | 1,134 | |||||||||||||
AFFO attributable to common shares and partnership units - Diluted | $ | 2,361 | $ | 3,472 | $ | 12,865 | $ | 10,963 | |||||||||
AFFO per common share and partnership unit - Basic | $ | 0.20 | $ | 0.28 | $ | 1.03 | $ | 1.02 | |||||||||
AFFO per common share and partnership unit - Diluted | $ | 0.20 | $ | 0.28 | $ | 1.02 | $ | 0.98 | |||||||||
Weighted average common shares and partnership units - Basic AFFO | 11,878,418 | 11,698,642 | 11,870,477 | 9,558,182 | |||||||||||||
Weighted average common shares and partnership units - Diluted AFFO | 11,986,970 | 12,484,346 | 12,650,158 | 11,213,584 | |||||||||||||
We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net earnings or loss computed in accordance with GAAP, excluding gains or losses from sales of real estate assets, impairment, and the depreciation and amortization of real estate assets. FFO is calculated both for the Company in total and as FFO attributable to common shares and common units, which is FFO reduced by preferred stock dividends. AFFO is FFO attributable to common shares and common units adjusted to exclude items we do not believe are representative of the results from our core operations, including non-cash gains or losses on derivatives and convertible debt, stock-based compensation expense, amortization of certain fees, losses on debt extinguishment, and in-kind dividends above stated rates, and cash charges for acquisition and equity transaction costs. All REITs do not calculate FFO and AFFO in the same manner; therefore, our calculation may not be the same as the calculation of FFO and AFFO for similar REITs.
We consider FFO to be a useful additional measure of performance for an equity REIT because it facilitates an understanding of the operating performance of our properties without giving effect to real estate depreciation and amortization, which assumes that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, we believe that FFO provides a meaningful indication of our performance. We believe that AFFO provides useful supplemental information to investors regarding our ongoing operating performance that, when considered with net income and FFO, is beneficial to an investor’s understanding of our operating performance. We present FFO and AFFO per common share and common unit because our common units are redeemable for common shares. We believe it is meaningful for the investor to understand FFO and AFFO applicable to common shares and common units.
EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA
The following table reconciles net earnings (loss) to EBITDA, EBITDAre, Adjusted EBITDAre, and Hotel EBITDA for the three months and year ended December 31, 2018 and 2017 (in thousands). All amounts presented our portion of the results of our unconsolidated Atlanta JV.
Three months ended | Year ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
Reconciliation of Net Earnings (Loss) to EBITDA, Adjusted EBITDA, and Hotel EBITDA |
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net earnings (loss) | $ | (1,207) | $ | 1,348 | $ | 5,170 | $ | 2,901 | |||||||||
Interest expense | 2,153 | 1,706 | 8,326 | 5,174 | |||||||||||||
Interest expense from JV | 556 | 471 | 2,109 | 1,941 | |||||||||||||
Loss on debt extinguishment | - | 167 | - | 967 | |||||||||||||
Income tax expense (benefit) | 20 | (645) | 335 | (595) | |||||||||||||
Depreciation and amortization expense | 2,349 | 2,085 | 9,475 | 6,898 | |||||||||||||
Depreciation and amortization expense from JV | 289 | 288 | 1,155 | 1,140 | |||||||||||||
EBITDA | 4,160 | 5,420 | 26,570 | 18,426 | |||||||||||||
Net (gain) loss on disposition of assets | 17 | (2,004) | (5,570) | (6,807) | |||||||||||||
Net loss on disposition of assets from JV | 128 | 3 | 157 | 7 | |||||||||||||
Impairment loss (recovery), net | - | 553 | (93) | 2,151 | |||||||||||||
EBITDAre | 4,305 | 3,972 | 21,064 | 13,777 | |||||||||||||
Net (gain) loss on derivatives and convertible debt | 402 | (20) | (317) | (436) | |||||||||||||
Net loss on derivative from JV | 22 | - | 22 | 2 | |||||||||||||
Stock-based compensation and LTIP expense | 62 | 572 | 974 | 1,237 | |||||||||||||
Acquisition and terminated transactions expense | 19 | 80 | 205 | 1,250 | |||||||||||||
Equity and terminated transactions expense | - | - | - | 343 | |||||||||||||
Adjusted EBITDAre | 4,810 | 4,604 | 21,948 | 16,173 | |||||||||||||
General and administrative expense, excluding stock compensation and LTIP expense | 1,082 | 1,275 | 5,243 | 5,315 | |||||||||||||
Other expense, net | 26 | 28 | 83 | 111 | |||||||||||||
Unallocated hotel and property operations expense | 135 | 43 | 364 | 351 | |||||||||||||
Hotel EBITDA | $ | 6,053 | $ | 5,950 | $ | 27,638 | $ | 21,950 | |||||||||
Revenue | $ | 15,082 | $ | 15,278 | $ | 65,057 | $ | 55,453 | |||||||||
JV revenue | 1,923 | 1,987 | 9,510 | 9,266 | |||||||||||||
Total Company and JV revenue | $ | 17,005 | $ | 17,265 | $ | 74,567 | $ | 64,719 | |||||||||
Hotel EBITDA as a percentage of revenue | 35.6% | 34.5% | 37.1% | 33.9% | |||||||||||||
We calculate EBITDA, EBITDAre, and Adjusted EBITDAre by adding back to net earnings or loss certain non-operating expenses and certain non-cash charges which are based on historical cost accounting that we believe may be of limited significance in evaluating current performance. We believe these adjustments can help eliminate the accounting effects of depreciation and amortization and financing decisions and facilitate comparisons of core operating profitability between periods. In calculating EBITDA, we add back to net earnings or loss interest expense, loss on debt extinguishment, income tax expense, and depreciation and amortization expense. NAREIT adopted EBITDAre in order to promote an industry-wide measure of REIT operating performance. We adjust EBITDA by adding back net gain/loss on disposition of assets and impairment charges to calculate EBITDAre. To calculate Adjusted EBITDAre, we adjust EBITDAre to add back acquisition and terminated transactions expense and equity transactions expense, which are cash charges. We also add back stock –based compensation expense and gain/loss on derivatives and convertible debt, which are non-cash charges. EBITDA, EBITDAre, and Adjusted EBITDAre, as presented, may not be comparable to similarly titled measures of other companies.
We believe EBITDA, EBITDAre, and Adjusted EBITDAre to be useful additional measures of our operating performance, excluding the impact of our capital structure (primarily interest expense), our asset base (primarily depreciation and amortization expense), and other items we do not believe are representative of the results from our core operations.
The Company further excludes general and administrative expenses, other non-operating income or expense, and certain hotel and property operations expenses that are not allocated to individual properties in assessing hotel performance (primarily certain general liability and other insurance costs, land lease costs, and office and banking fees) from Adjusted EBITDAre to calculate Hotel EBITDA. Hotel EBITDA, as presented, may not be comparable to similarly titled measures of other companies.
Hotel EBITDA is intended to isolate property level operational performance over which the Company’s hotel operators have direct control. We believe Hotel EBITDA is helpful to investors as it better communicates the comparability of our hotels’ operating results for all of the Company’s hotel properties and is used by management to measure the performance of the Company’s hotels and the effectiveness of the operators of the hotels.
Same-Store Revenue and Hotel EBITDA
The following tables present our same-store revenue, Hotel EBITDA, and Hotel EBITDA margin broken down by property type for the three months and year ended December 31, 2018 and 2017 (in thousands) and reconcile these same-store measures to total revenue and Hotel EBITDA as presented above. Same-store results include all our hotels owned at December 31, 2018, with the exception of the Austin TownePlace Suites (opened on January 3, 2017) and the Summerville Home2 Suites (opened on July 18, 2017), for which prior period results are not available for all periods presented, and reflect the performance of these hotels during the entire period, regardless of our ownership during the period presented. Results for the hotels for periods prior to our ownership were provided to us by prior owners and have not been adjusted by us or audited or reviewed by our independent auditors. All amounts presented include our portion of the results of our unconsolidated Atlanta Aloft JV. Results for periods prior to the Company’s ownership have not been included in the Company’s actual consolidated financial statements and are included here only for comparison purposes.
Revenue - Reconciliation of Actual to Same-Store | |||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Condor and JV Revenue - Actual | $ | 17,005 | $ | 17,265 | $ | 74,567 | $ | 64,719 | |||||||||
Revenue earned on properties owned at December 31, 2018 prior to the Company's ownership, excluding the Austin TownePlace Suites and the Summerville Home2 Suites | - | - | - | 11,441 | |||||||||||||
Revenue earned on properties disposed of prior to December 31, 2018 during the period of ownership | - | (2,227) | (3,091) | (13,028) | |||||||||||||
Revenue earned on Austin TownePlace Suites and Summerville Home2 Suites subsequent to ownership | (1,736) | - | (7,071) | - | |||||||||||||
Total Revenue - Same-Store | $ | 15,269 | $ | 15,038 | $ | 64,405 | $ | 63,132 | |||||||||
Revenue - Same-Store by Type | |||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
New investment platform | $ | 15,029 | $ | 14,747 | $ | 63,134 | $ | 61,547 | |||||||||
Legacy held for sale | 240 | 291 | 1,271 | 1,585 | |||||||||||||
Total Revenue - Same-Store | $ | 15,269 | $ | 15,038 | $ | 64,405 | $ | 63,132 | |||||||||
Hotel EBITDA - Reconciliation of Actual to Same-Store | |||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Condor and JV Hotel EBITDA - Actual | $ | 6,053 | $ | 5,950 | $ | 27,638 | $ | 21,950 | |||||||||
Hotel EBITDA earned on properties owned at December 31, 2018 prior to the Company's ownership, excluding the Austin TownePlace Suites and the Summerville Home2 Suites | - | - | - | 4,644 | |||||||||||||
Hotel EBITDA earned on properties disposed of prior to December 31, 2018 during the period of ownership | - | (444) | (866) | (3,283) | |||||||||||||
Hotel EBITDA earned on Austin TownePlace Suites and Summerville Home2 Suites subsequent to ownership | (544) | - | (2,849) | - | |||||||||||||
Total Hotel EBITDA - Same-Store | $ | 5,509 | $ | 5,506 | $ | 23,923 | $ | 23,311 | |||||||||
Hotel EBITDA - Same-Store by Type | |||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
New investment platform | $ | 5,497 | $ | 5,465 | $ | 23,649 | $ | 22,931 | |||||||||
Legacy held for sale | 12 | 41 | 274 | 380 | |||||||||||||
Total Hotel EBITDA - Same-Store | $ | 5,509 | $ | 5,506 | $ | 23,923 | $ | 23,311 | |||||||||
Hotel EBITDA Margin by Property Type | |||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
New investment platform | 36.6% | 37.1% | 37.5% | 37.3% | |||||||||||||
Legacy held for sale | 5.0% | 14.1% | 21.6% | 24.0% | |||||||||||||
Total Hotel EBITDA Margin - Same-Store | 36.1% | 36.6% | 37.1% | 36.9% | |||||||||||||
Condor Hospitality Trust, Inc. Operating Statistics
The following tables present our same-store occupancy, ADR, and RevPAR for all our hotels owned at December 31, 2018, with the exception of the Austin TownePlace Suites (opened on January 3, 2017) and Summerville Home2 Suites (opened on July 18, 2017), for which prior period results are not available for all periods presented. Same-store occupancy, ADR, and RevPAR reflect the performance of hotels during the entire period, regardless of our ownership during the period presented. Results for the hotels for periods prior to our ownership were provided to us by prior owners and have not been adjusted by us or audited or reviewed by our independent auditors. The performance metrics for the hotel acquired through our Atlanta JV, also presented below, reflect 100% of the operating results of the property, including our interest and the interest of our partner.
Three months ended December 31, | |||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||
Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | ||||||||||||||||||
Solomons Hilton Garden Inn | 60.21% | $ | 115.31 | $ | 69.43 | 74.48% | $ | 113.86 | $ | 84.80 | |||||||||||||
Atlanta Hotel Indigo | 68.98% | $ | 104.96 | $ | 72.40 | 71.90% | $ | 101.34 | $ | 72.86 | |||||||||||||
Jacksonville Courtyard by Marriott | 73.73% | $ | 113.02 | $ | 83.33 | 73.03% | $ | 113.20 | $ | 82.67 | |||||||||||||
San Antonio SpringHill Suites | 82.52% | $ | 136.78 | $ | 112.88 | 83.78% | $ | 120.32 | $ | 100.80 | |||||||||||||
Leawood Aloft | 76.40% | $ | 122.33 | $ | 93.46 | 77.34% | $ | 126.88 | $ | 98.13 | |||||||||||||
Lexington Home2 Suites | 71.79% | $ | 121.24 | $ | 87.04 | 79.97% | $ | 114.35 | $ | 91.44 | |||||||||||||
Round Rock Home2 Suites | 78.15% | $ | 112.49 | $ | 87.92 | 80.47% | $ | 114.07 | $ | 91.80 | |||||||||||||
Tallahassee Home2 Suites | 95.41% | $ | 131.19 | $ | 125.18 | 77.92% | $ | 133.72 | $ | 104.19 | |||||||||||||
South Haven Home2 Suites | 88.29% | $ | 111.30 | $ | 98.27 | 87.07% | $ | 109.76 | $ | 95.56 | |||||||||||||
Lake Mary Hampton Inn & Suites | 82.92% | $ | 129.02 | $ | 106.98 | 88.50% | $ | 128.98 | $ | 114.15 | |||||||||||||
Austin Residence Inn | 76.22% | $ | 133.77 | $ | 101.96 | 69.38% | $ | 131.24 | $ | 91.06 | |||||||||||||
El Paso Fairfield Inn | 86.10% | $ | 101.35 | $ | 87.26 | 71.46% | $ | 99.54 | $ | 71.13 | |||||||||||||
Wholly owned new investment platform properties | 78.62% | $ | 119.92 | $ | 94.28 | 77.75% | $ | 117.89 | $ | 91.66 | |||||||||||||
Atlanta Aloft JV | 64.78% | $ | 134.20 | $ | 86.93 | 63.02% | $ | 142.94 | $ | 90.09 | |||||||||||||
Total new investment platform | 76.54% | $ | 121.74 | $ | 93.18 | 75.54% | $ | 121.02 | $ | 91.42 | |||||||||||||
Total legacy held for sale | 35.29% | $ | 81.80 | $ | 28.87 | 49.00% | $ | 76.32 | $ | 37.40 | |||||||||||||
Total Same-Store Portfolio | 75.14% | $ | 121.10 | $ | 91.00 | 74.63% | $ | 120.02 | $ | 89.57 | |||||||||||||
Austin TownePlace Suites (1) | 67.55% | $ | 108.73 | $ | 73.45 | 78.34% | $ | 126.65 | $ | 99.22 | |||||||||||||
Summerville Home2 Suites (1) | 81.36% | $ | 125.63 | $ | 102.21 | 74.06% | $ | 123.22 | $ | 91.27 | |||||||||||||
1 | Excluded from the total new investment platform calculation because the hotel was not operational for the entirety of the year ended December 31, 2017 (prior period results are not available for all periods presented) |
Year ended December 31, | |||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||
Occupancy | ADR | RevPAR | Occupancy | ADR | RevPAR | ||||||||||||||||||
Solomons Hilton Garden Inn | 73.72% | $ | 123.86 | $ | 91.30 | 79.21% | $ | 118.73 | $ | 94.04 | |||||||||||||
Atlanta Hotel Indigo | 75.94% | $ | 103.80 | $ | 78.83 | 73.86% | $ | 101.62 | $ | 75.06 | |||||||||||||
Jacksonville Courtyard by Marriott | 78.52% | $ | 115.66 | $ | 90.81 | 74.40% | $ | 114.03 | $ | 84.84 | |||||||||||||
San Antonio SpringHill Suites | 84.05% | $ | 137.45 | $ | 115.53 | 80.24% | $ | 128.61 | $ | 103.19 | |||||||||||||
Leawood Aloft | 74.42% | $ | 126.39 | $ | 94.06 | 81.18% | $ | 126.94 | $ | 103.05 | |||||||||||||
Lexington Home2 Suites | 78.50% | $ | 114.68 | $ | 90.02 | 82.70% | $ | 114.67 | $ | 94.84 | |||||||||||||
Round Rock Home2 Suites | 83.65% | $ | 117.07 | $ | 97.93 | 83.18% | $ | 118.31 | $ | 98.41 | |||||||||||||
Tallahassee Home2 Suites | 88.95% | $ | 123.12 | $ | 109.51 | 81.48% | $ | 125.71 | $ | 102.42 | |||||||||||||
South Haven Home2 Suites | 86.91% | $ | 113.76 | $ | 98.87 | 90.40% | $ | 115.25 | $ | 104.18 | |||||||||||||
Lake Mary Hampton Inn & Suites | 82.22% | $ | 134.93 | $ | 110.94 | 84.51% | $ | 122.91 | $ | 103.87 | |||||||||||||
Austin Residence Inn | 80.43% | $ | 131.49 | $ | 105.75 | 76.02% | $ | 132.12 | $ | 100.43 | |||||||||||||
El Paso Fairfield Inn | 82.76% | $ | 100.85 | $ | 83.46 | 72.26% | $ | 104.49 | $ | 75.51 | |||||||||||||
Wholly owned new investment platform properties | 80.68% | $ | 120.39 | $ | 97.14 | 79.72% | $ | 118.90 | $ | 94.78 | |||||||||||||
Atlanta Aloft JV | 75.37% | $ | 144.43 | $ | 108.85 | 76.66% | $ | 137.60 | $ | 105.49 | |||||||||||||
Total new investment platform | 79.89% | $ | 123.79 | $ | 98.89 | 79.26% | $ | 121.61 | $ | 96.39 | |||||||||||||
Total legacy held for sale | 49.59% | $ | 86.46 | $ | 42.88 | 71.77% | $ | 79.62 | $ | 57.14 | |||||||||||||
Total Same-Store Portfolio | 78.85% | $ | 122.99 | $ | 96.98 | 79.00% | $ | 120.31 | $ | 95.05 | |||||||||||||
Austin TownePlace Suites (1) | 75.85% | $ | 115.80 | $ | 87.83 | 68.25% | $ | 116.57 | $ | 79.56 | |||||||||||||
Summerville Home2 Suites (1) | 84.16% | $ | 128.22 | $ | 107.91 | 64.13% | $ | 123.89 | $ | 79.46 | |||||||||||||
1 | Excluded from the total new investment platform calculation because the hotel was not operational for the entirety of the year ended December 31, 2017 |
The following table presents RevPAR changes quarter-over-quarter for all new investment portfolio hotels:
Hotel | 4Q18 | 4Q17 | Growth | |||||||||
Solomons Hilton Garden Inn | $ | 69.43 | $ | 84.80 | -18.1% | |||||||
Atlanta Hotel Indigo | $ | 72.40 | $ | 72.86 | -0.6% | |||||||
Jacksonville Courtyard by Marriott | $ | 83.33 | $ | 82.67 | 0.8% | |||||||
San Antonio SpringHill Suites | $ | 112.88 | $ | 100.80 | 12.0% | |||||||
Atlanta Aloft | $ | 86.93 | $ | 90.09 | -3.5% | |||||||
Leawood Aloft | $ | 93.46 | $ | 98.13 | -4.8% | |||||||
Lexington Home2 Suites | $ | 87.04 | $ | 91.44 | -4.8% | |||||||
Round Rock Home2 Suites | $ | 87.92 | $ | 91.80 | -4.2% | |||||||
Tallahassee Home2 Suites | $ | 125.18 | $ | 104.19 | 20.1% | |||||||
Southaven Home2 Suites | $ | 98.27 | $ | 95.56 | 2.8% | |||||||
Hampton Inn & Suites Lake Mary | $ | 106.98 | $ | 114.15 | -6.3% | |||||||
Residence Inn Austin Airport | $ | 101.96 | $ | 91.06 | 12.0% | |||||||
Fairfield Inn El Paso | $ | 87.26 | $ | 71.13 | 22.7% | |||||||
Total Same-Store Hotels | $ | 93.18 | $ | 91.42 | 1.92% | |||||||
TownePlace Suites Austin Tech Ridge | $ | 73.45 | $ | 99.22 | -26.0% | |||||||
Home2 Suites Summerville | $ | 102.21 | $ | 91.27 | 12.0% | |||||||
Total New Investment Platform Hotels | $ | 92.35 | $ | 91.91 | 0.5% | |||||||
Same-Store Hotel Comparison | 4Q18 | 4Q17 | Growth | |||||||||
6 Positive RevPAR Same-Store Hotels | $ | 101.8 | $ | 90.86 | 12.04% | |||||||
7 Negative RevPAR Same-Store Hotels | $ | 86.84 | $ | 91.83 | -5.43% | |||||||
Total Same-Store Hotels | $ | 93.18 | $ | 91.42 | 1.92% | |||||||
Condor Hospitality Trust, Inc. | ||||||||||||||||||
Property List | As of the Date of this Release | ||||||||||||||||||
New Investment Platform | Acquired from January 1, 2012 - March 11, 2019 | ||||||||||||||||||
Hotel Name |
City |
State |
Rooms |
Acquisition Date |
Purchase Price |
|||||||||||||
1 | Hilton Garden Inn | Dowell/Solomons | MD | 100 | 05/25/2012 | $11.5 | ||||||||||||
2 | SpringHill Suites | San Antonio | TX | 116 | 10/01/2015 | $17.5 | ||||||||||||
3 | Courtyard by Marriott | Jacksonville | FL | 120 | 10/02/2015 | $14.0 | ||||||||||||
4 | Hotel Indigo | College Park | GA | 142 | 10/02/2015 | $11.0 | ||||||||||||
5 | Aloft1 | Atlanta | GA | 254 | 08/22/2016 | $43.6 | ||||||||||||
6 | Aloft | Leawood | KS | 156 | 12/14/2016 | $22.5 | ||||||||||||
7 | Home2 Suites | Lexington | KY | 103 | 03/24/2017 | $16.5 | ||||||||||||
8 | Home2 Suites | Round Rock | TX | 91 | 03/24/2017 | $16.8 | ||||||||||||
9 | Home2 Suites | Tallahassee | FL | 132 | 03/24/2017 | $21.5 | ||||||||||||
10 | Home2 Suites | Southaven | MS | 105 | 04/14/2017 | $19.0 | ||||||||||||
11 | Hampton Inn & Suites | Lake Mary | FL | 130 | 06/19/2017 | $19.3 | ||||||||||||
12 | Fairfield Inn & Suites | El Paso | TX | 124 | 08/31/2017 | $16.4 | ||||||||||||
13 | Residence Inn | Austin | TX | 120 | 08/31/2017 | $22.4 | ||||||||||||
14 | TownePlace Suites | Austin | TX | 122 | 01/18/2018 | $19.8 | ||||||||||||
15 | Home2 Suites | Summerville | SC | 93 | 02/21/2018 | $16.3 | ||||||||||||
Total New Investment Platform | 1,908 | $288.1 | ||||||||||||||||
Current Legacy Hotel Portfolio | ||||||||||||||||||
Hotel Name |
City |
State |
Rooms |
Acquisition Date |
Status (2) |
|||||||||||||
16 | Quality Inn | Solomons | MD | 59 | 06/01/1986 | HFS | ||||||||||||
Total | 59 | |||||||||||||||||
Total Portfolio | As of March 11, 2019 | 1,967 | |||||||||||||||||
1 | Owned 80% by Condor |
2 | HFS indicates the asset was marketed as held for sale at December 31, 2018; Property is current under contract to be sold |
54 Dispositions | For Period January 1, 2015 - March 11, 2019 | ||||||||||||||||||
Hotel Name |
City |
State |
Rooms |
Disposition Date |
Gross Proceeds |
|||||||||||||
1 | Super 8 | West Plains | MO | 49 | 01/15/2015 | $1.5 | ||||||||||||
2 | Super 8 | Green Bay | WI | 83 | 01/29/2015 | $2.2 | ||||||||||||
3 | Super 8 | Columbus | GA | 74 | 03/16/2015 | $0.9 | ||||||||||||
4 | Sleep Inn & Suites | Omaha | NE | 90 | 03/19/2015 | $2.9 | ||||||||||||
5 | Savannah Suites | Chamblee | GA | 120 | 04/01/2015 | $4.4 | ||||||||||||
6 | Savannah Suites | Augusta | GA | 172 | 04/01/2015 | $3.4 | ||||||||||||
7 | Super 8 | Batesville | AR | 49 | 04/30/2015 | $1.5 | ||||||||||||
8 | Days Inn | Ashland | KY | 63 | 07/01/2015 | $2.2 | ||||||||||||
9 | Comfort Inn | Alexandria | VA | 150 | 07/13/2015 | $12.0 | ||||||||||||
10 | Days Inn | Alexandria | VA | 200 | 07/13/2015 | $6.5 | ||||||||||||
11 | Super 8 | Manhattan | KS | 85 | 08/28/2015 | $3.2 | ||||||||||||
12 | Quality Inn | Sheboygan | WI | 59 | 10/06/2015 | $2.3 | ||||||||||||
13 | Super 8 | Hays | KS | 76 | 10/14/2015 | $1.9 | ||||||||||||
14 | Days Inn | Glasgow | KY | 58 | 10/16/2015 | $1.8 | ||||||||||||
15 | Super 8 | Tomah | WI | 65 | 10/21/2015 | $1.4 | ||||||||||||
16 | Rodeway Inn | Fayetteville | NC | 120 | 11/03/2015 | $2.6 | ||||||||||||
17 | Savannah Suites | Savannah | GA | 160 | 12/22/2015 | $4.0 | ||||||||||||
Total 2015 | 1,673 | $54.7 | ||||||||||||||||
18 | Super 8 | Kirksville | MO | 61 | 01/04/2016 | $1.5 | ||||||||||||
19 | Super 8 | Lincoln | NE | 133 | 01/07/2016 | $2.8 | ||||||||||||
20 | Savannah Suites | Greenville | SC | 170 | 01/08/2016 | $2.7 | ||||||||||||
21 | Super 8 | Portage | WI | 61 | 03/30/2016 | $2.4 | ||||||||||||
22 | Super 8 | O'Neill | NE | 72 | 04/25/2016 | $1.7 | ||||||||||||
23 | Quality Inn | Culpeper | VA | 49 | 05/10/2016 | $2.2 | ||||||||||||
24 | Super 8 | Storm Lake | IA | 59 | 05/19/2016 | $2.8 | ||||||||||||
25 | Clarion Inn | Cleveland | TN | 59 | 05/24/2016 | $2.2 | ||||||||||||
26 | Super 8 | Coralville | IA | 84 | 05/26/2016 | $3.4 | ||||||||||||
27 | Super 8 | Keokuk | IA | 61 | 05/27/2016 | $2.2 | ||||||||||||
28 | Comfort Inn | Chambersburg | PA | 63 | 06/06/2016 | $2.1 | ||||||||||||
29 | Super 8 | Pittsburg | KS | 64 | 08/08/2016 | $1.6 | ||||||||||||
30 | Super 8 | Mount Pleasant | IA | 54 | 09/09/2016 | $1.9 | ||||||||||||
31 | Quality Inn | Danville | KY | 63 | 09/19/2016 | $2.3 | ||||||||||||
32 | Super 8 | Menomonie | WI | 81 | 09/26/2016 | $3.0 | ||||||||||||
33 | Comfort Inn | Glasgow | KY | 60 | 10/14/2016 | $2.4 | ||||||||||||
34 | Days Inn | Sioux Falls | SD | 86 | 11/04/2016 | $2.1 | ||||||||||||
35 | Comfort Inn | Shelby | NC | 76 | 11/07/2016 | $4.1 | ||||||||||||
36 | Comfort Inn | Rocky Mount | VA | 61 | 11/17/2016 | $2.2 | ||||||||||||
37 | Days Inn | Farmville | VA | 59 | 11/17/2016 | $2.4 | ||||||||||||
38 | Comfort Suites | Marion | IN | 62 | 11/18/2016 | $3.0 | ||||||||||||
39 | Comfort Inn | Farmville | VA | 50 | 11/30/2016 | $2.6 | ||||||||||||
40 | Quality Inn | Princeton | WV | 50 | 12/05/2016 | $2.1 | ||||||||||||
41 | Super 8 | Burlington | IA | 62 | 12/21/2016 | $2.8 | ||||||||||||
42 | Savannah Suites | Atlanta | GA | 164 | 12/22/2016 | $2.9 | ||||||||||||
Total 2016 | 1,864 | $61.4 | ||||||||||||||||
43 | Comfort Inn | New Castle | PA | 79 | 03/27/2017 | $2.5 | ||||||||||||
44 | Super 8 | Billings | MT | 106 | 03/28/2017 | $4.2 | ||||||||||||
45 | Comfort Inn | Harlan | KY | 61 | 04/03/2017 | $1.9 | ||||||||||||
46 | Comfort Suites | Lafayette | IN | 62 | 04/18/2017 | $3.9 | ||||||||||||
47 | Key West Inn | Key Largo | FL | 40 | 05/17/2017 | $7.6 | ||||||||||||
48 | Quality Inn | Morgantown | WV | 81 | 08/30/2017 | $2.6 | ||||||||||||
49 | Days Inn | Bossier City | LA | 176 | 09/13/2017 | $1.4 | ||||||||||||
50 | Comfort Inn & Suites | Warsaw | IN | 71 | 12/20/2017 | $5.0 | ||||||||||||
Total 2017 | 676 | $29.1 | ||||||||||||||||
51 | Supertel Inn/Conference Center | Creston | IA | 41 | 01/25/2018 | $2.1 | ||||||||||||
52 | Comfort Suites | South Bend | IN | 135 | 03/15/2018 | $6.1 | ||||||||||||
53 | Comfort Suites | Ft. Wayne | IN | 127 | 05/30/2018 | $7.1 | ||||||||||||
54 | Super 8 | Creston | IA | 121 | 08/30/2018 | $5.1 | ||||||||||||
Total 2018 | 424 | $20.4 | ||||||||||||||||
Total Dispositions | 4,637 | $165.6 | ||||||||||||||||
Acquisitions | For Period January 1, 2015 - March 11, 2019 |
||||||||||||||||||
Hotel Name |
City |
State |
Rooms |
Acquisition Date |
Purchase Price |
|||||||||||||
1 | SpringHill Suites | San Antonio | TX | 116 | 10/01/2015 | $17.5 | ||||||||||||
2 | Courtyard by Marriott | Jacksonville | FL | 120 | 10/02/2015 | $14.0 | ||||||||||||
3 | Hotel Indigo | College Park | GA | 142 | 10/02/2015 | $11.0 | ||||||||||||
4 | Aloft1 | Atlanta | GA | 254 | 08/22/2016 | $43.6 | ||||||||||||
5 | Aloft | Leawood | KS | 156 | 12/14/2016 | $22.5 | ||||||||||||
6 | Home2 Suites | Lexington | KY | 103 | 03/24/2017 | $16.5 | ||||||||||||
7 | Home2 Suites | Round Rock | TX | 91 | 03/24/2017 | $16.8 | ||||||||||||
8 | Home2 Suites | Tallahassee | FL | 132 | 03/24/2017 | $21.5 | ||||||||||||
9 | Home2 Suites | Southaven | MS | 105 | 04/14/2017 | $19.0 | ||||||||||||
10 | Hampton Inn & Suites | Lake Mary | FL | 130 | 06/19/2017 | $19.3 | ||||||||||||
11 | Fairfield Inn & Suites | El Paso | TX | 124 | 08/31/2017 | $16.4 | ||||||||||||
12 | Residence Inn | Austin | TX | 120 | 08/31/2017 | $22.4 | ||||||||||||
13 | TownePlace Suites | Austin | TX | 122 | 01/18/2018 | $19.8 | ||||||||||||
14 | Home2 Suites | Summerville | SC | 93 | 02/21/2018 | $16.3 | ||||||||||||
Total Acquisitions | 1,808 | $276.6 | ||||||||||||||||
1 | Owned 80% by Condor |
||||||||||||||||||