DIAMONDROCK HOSPITALITY COMPANY REPORTS THIRD QUARTER 2025 RESULTS

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November 6, 2025 4:06 PM EST

Raises Midpoint of 2025 Adjusted EBITDA and Adjusted FFO Guidance

Repurchased 4.8 Million Common Shares Year To Date

BETHESDA, Md., Nov. 6, 2025 /PRNewswire/ -- DiamondRock Hospitality Company (NYSE: DRH) (the "Company"), a lodging 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, 2025.

HIGHLIGHTS

  • Net Income: Net income attributable to common stockholders was $20.1 million, or $0.10 per diluted share, a decrease of 16.3% compared to the third quarter of 2024.
  • Adjusted EBITDA: $79.1 million, an increase of 2.7% compared to the third quarter of 2024.
  • Adjusted FFO per Diluted Share: $0.29, an increase of 7.4% compared to the third quarter of 2024.
  • Comparable RevPAR: $214.21, a decrease of 0.3% compared to the third quarter of 2024.
  • Comparable Total RevPAR: $323.29, an increase of 1.5% compared to the third quarter of 2024, driven by a 5.1% increase in out-of-room revenues.
  • Comparable Hotel Adjusted EBITDA: $83.2 million, an increase of 1.5% compared to the third quarter of 2024.
  • Comparable Hotel Adjusted EBITDA Margin: 29.14%, a decrease of 3 basis points compared to the third quarter of 2024.
  • Credit Facility Refinanced and Upsized, Remaining Secured Debt Repaid: On July 22, 2025, the Company completed a $1.5 billion refinancing of its senior unsecured credit facility, increasing its size and extending its maturity schedule. In July 2025 and September 2025, the Company utilized the proceeds of the refinancing to repay the mortgage loans secured by the Hotel Clio and Westin Boston Seaport District, respectively, resulting in a fully unencumbered portfolio.
  • Share Repurchases: Year-to-date through November 6, 2025, the Company has repurchased 4.8 million shares of its common stock at a weighted average price of $7.72 per share, for total consideration of approximately $37.1 million.

"We are pleased to report that third quarter results exceeded our expectations.  A rebound in short term group and business transient demand contributed to stronger than expected room revenues, while robust banquet and catering spend drove incremental growth in out-of-room spending at our hotels.  Thanks to the innovative efficiency efforts of our operators and asset management team – executed without compromising the guest experience – expenses rose by only 1.6% during the quarter and 1.4% year-to-date.

Despite the ongoing political and economic environment, our team has skillfully navigated demand channels, enabling DiamondRock to outperform industry RevPAR trends.  Our success is anchored in a thoughtfully curated portfolio of hotels, each strategically positioned to deliver above-market growth and profitability. This foundation, combined with strong alignment with our operating partners and a best-in-class asset management team, positions us for continued growth.

In July, we successfully refinanced and expanded our senior unsecured credit facility to $1.5 billion and extended our earliest maturity to 2028. We also repaid two mortgage loans during the quarter, eliminating all secured debt. All our debt is now fully prepayable without penalty.  During the third quarter, we capitalized on the compelling total return potential of our shares by repurchasing 1.5 million common shares.  Our conservative balance sheet and growing free cash flow per share provide significant optionality with respect to capital allocation decisions made for the benefit of our shareholders."     

- Jeffrey J. Donnelly, 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 and statistics include all hotels owned as of September 30, 2025 for all periods presented.  See "Comparable Hotel Operating Statistics and Results" and "Reconciliation of Comparable Operating Results" attached to this press release for an explanation of our comparable hotels and a reconciliation to historical amounts.  "Actual" operating results and statistics include the operating results and statistics for all hotels for only the Company's respective ownership periods. 


Three Months Ended September 30,


Nine Months Ended September 30,


2025

2024

Change


2025

2024

Change


(unaudited, $ amounts in millions, except hotel statistics and per share amounts)

Comparable Operating Results(1)








ADR

$         281.05

$         282.05

(0.4) %


$       285.07

$       282.05

1.1 %

Occupancy

76.2 %

76.2 %

— %


73.4 %

73.8 %

(0.4) %

RevPAR

$         214.21

$         214.79

(0.3) %


$       209.25

$       208.07

0.6 %

Total RevPAR

$         323.29

$         318.60

1.5 %


$       321.78

$       317.33

1.4 %

Room Revenues

$           189.1

$           189.5

(0.2) %


$         548.1

$         546.7

0.3 %

Total Revenues

$           285.4

$           281.1

1.5 %


$         842.9

$         833.8

1.1 %

Hotel Adjusted EBITDA

$             83.2

$             82.0

1.5 %


$         239.9

$         239.3

0.3 %

Hotel Adjusted EBITDA Margin

29.14 %

29.17 %

(3) bps


28.46 %

28.69 %

(23) bps

Available Rooms

882,740

882,372

368


2,619,435

2,627,661

(8,226)









Actual Operating Results(2)








Total Revenues

$           285.4

$           285.1

0.1 %


$         846.0

$         850.8

(0.6) %

Net income attributable to
common stockholders

$             20.1

$             24.0

(16.3) %


$           67.9

$           51.9

30.8 %

Earnings per diluted share

$             0.10

$             0.11

(9.1) %


$           0.33

$           0.25

32.0 %

Adjusted EBITDA(3)

$             79.1

$             77.0

2.7 %


$         225.7

$         228.2

(1.1) %

Adjusted FFO(3)

$             59.2

$             57.1

3.7 %


$         171.1

$         170.7

0.2 %

Adjusted FFO per diluted share(3)

$             0.29

$             0.27

7.4 %


$           0.82

$           0.80

2.5 %



(1)     

Amounts include the pre-acquisition operating results for AC Hotel Minneapolis Downtown from January 1, 2024 to September 30, 2024 and exclude the operating results for Westin Washington D.C. City Center sold on February 19, 2025.  The pre-acquisition operating results were obtained from the seller of the hotel 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 and statistics of all hotels for the Company's respective ownership periods.

(3)       

Effective January 1, 2025, the Company excludes share-based compensation from its calculations of Adjusted EBITDA and Adjusted FFO.  Amounts reported for 2024 have been adjusted to reflect the current year presentation.

CAPITAL EXPENDITURES

The Company invested approximately $60.9 million in capital improvements at its hotels during the nine months ended September 30, 2025.  The Company currently expects to invest $85.0 to $90.0 million in capital improvements at its hotels in 2025, a reduction of $5.0 million from its prior expectation.  Significant projects in 2025 include the following:

  • Hilton Garden Inn New York / Times Square Central: The Company completed a renovation of the hotel's guestrooms during the first quarter of 2025.
  • Sedona Repositioning: The Company completed the repositioning of Orchards Inn as The Cliffs at L'Auberge during the third quarter 2025, which integrated the hotel with the adjacent L'Auberge de Sedona and included construction of a new hillside pool and path connecting the two properties, renovation of the guestrooms and creation of a new arrival experience and new outdoor event space. The renovation of the guestrooms, arrival experience and event space was completed in May 2025 and the pool and path connection were completed in September 2025.
  • Kimpton Hotel Palomar Phoenix: The Company completed a renovation of the hotel's guestrooms during the third quarter of 2025.

DEBT REFINANCING

On July 22, 2025, the Company successfully refinanced, upsized, and extended the maturities under its senior unsecured credit facility (the "Amended Credit Facility"), further enhancing the strength and flexibility of its conservative balance sheet.  The Amended Credit Facility was increased from $1.2 billion to $1.5 billion and is comprised of (i) a $400 million revolving credit facility maturing in January 2030, with two six-month extension options exercisable at the Company's option, (ii) a $500 million term loan maturing in January 2028, with two six-month extension options exercisable at the Company's option, (iii) a $300 million term loan maturing in January 2029, with two six-month extension options exercisable at the Company's option, and (iv) a $300 million term loan maturing in January 2030. The Amended Credit Facility bears interest pursuant to a leverage-based pricing grid ranging from 1.35% to 2.25% over SOFR. Based upon the Company's current leverage, the pricing is at the lowest end of the grid.

The Company utilized the incremental proceeds from the Amended Credit Facility to repay the $53.9 million mortgage loan secured by the Hotel Clio in July 2025 and the $166.2 million mortgage loan secured by the Westin Boston Seaport District in September 2025.  Following these repayments, the Company has no maturities until January 2028, its portfolio is fully unencumbered of secured debt, and its debt is fully prepayable without penalty.

BALANCE SHEET

As of September 30, 2025, the Company had total debt outstanding of $1.1 billion, consisting of three unsecured term loans bearing a weighted average interest rate of 5.3%, $400 million available under its undrawn revolving credit facility, and approximately $145.3 million of unrestricted cash on hand.

SHARE REPURCHASE PROGRAM

During the quarter ended September 30, 2025, the Company repurchased 1.5 million shares of its common stock at an average price of $7.87 per share for a total purchase price of $11.8 million.  Year to date through November 6, 2025, the Company has repurchased 4.8 million shares of its common stock at an average price of $7.72 for a total purchase price of $37.1 million.  The Company currently has $137.0 million of remaining capacity under its $200.0 million share repurchase program.

DIVIDENDS

The Company declared a quarterly cash dividend of $0.08 per share on its common stock, which was paid on October 14, 2025 to shareholders of record as of September 30, 2025.  The Company paid a quarterly dividend of $0.515625 per share on its 8.250% Series A Cumulative Redeemable Preferred Stock on September 30, 2025 to shareholders of record as of September 19, 2025.

GUIDANCE

Achievement of the anticipated results is subject to the risks disclosed in the Company's filings with the U.S. Securities and Exchange Commission, which may cause actual results to differ materially from the anticipated results expressed or implied below.

The Company anticipates full year 2025 results to be in the following ranges:

Metric

Current Guidance

Previous Guidance

Change at
Midpoint


Low End

High End

Low End

High End



Comparable RevPAR Growth

(0.5) %

0.5 %

(1.0) %

1.0 %

— %


Comparable Total RevPAR Growth

0.0 %

1.0 %

(0.5 %)

1.5 %

— %


Adjusted EBITDA

$287 million

$295 million

$275 million

$295 million

$6.0 million


Adjusted FFO

$213  million

$221 million

$200.5 million

$220.5 million

$6.5 million


Adjusted FFO per share

$1.02 per share

$1.06 per share

$0.96 per share

$1.06 per share

$0.03


Full year 2025 guidance is based in part on the following assumptions:

  • Full year corporate expenses of approximately $24 million to $25 million, excluding share-based compensation, unchanged from prior guidance;
  • Full year cash interest expense of approximately $62 million to $63 million, a decrease of $1.0 million at the midpoint of prior guidance;
  • Fully diluted weighted average common shares and units of 208.5 million; and
  • 3,502,175 full year available rooms.

EARNINGS CALL

The Company will host a conference call to discuss its third quarter results on Friday, November 7, 2025, at 9:00 a.m. Eastern Time. The conference call will be accessible by telephone and through the internet. Interested individuals are requested to register for the call using this link to obtain dial-in and webcast details. Registration details are also available 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 approximately 9,600 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 any future pandemic, epidemic or outbreak of any highly infectious disease 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; negative developments or volatility in the economy, including, but not limited to elevated inflation and interest rates, job loss or growth trends, the imposition of trade sanctions or tariffs and any potential retaliatory responses thereto, an increase in unemployment or a decrease in corporate earnings and investment; risks associated with the lodging industry overall, including, without limitation, decreases in the frequency of travel, decreases in the demand for, or frequency of, international travel as a result of evolving global trade dynamics or otherwise, and increases in operating costs; relationships with property managers; the ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in 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, 2025


December 31, 2024

ASSETS

(Unaudited)


(Audited)

Property and equipment, net

$                  2,605,828


$                 2,631,221

Assets held for sale

—


93,400

Right-of-use assets

89,264


89,931

Restricted cash

50,081


47,408

Due from hotel managers

173,677


145,947

Prepaid and other assets

82,217


82,963

Cash and cash equivalents

145,336


81,381

Total assets

$                  3,146,403


$                 3,172,251





LIABILITIES AND EQUITY




Liabilities:




Debt, net of unamortized debt issuance costs

$                  1,098,756


$                 1,095,294

Lease liabilities

86,585


85,235

Due to hotel managers

132,574


121,734

Liabilities of assets held for sale

—


3,352

Deferred rent

76,680


73,535

Unfavorable contract liabilities, net

56,964


58,208

Accounts payable and accrued expenses

92,466


79,201

Distributions declared and unpaid

17,430


49,034

Deferred income related to key money, net

7,482


7,726

Total liabilities

1,568,937


1,573,319

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,
    2025 and December 31, 2024

48


48

   Common stock, $0.01 par value; 400,000,000 shares authorized; 203,903,882
    and 207,592,210 shares issued and outstanding at September 30, 2025 and
    December 31, 2024, respectively

2,039


2,076

Additional paid-in capital

2,233,400


2,268,521

Accumulated other comprehensive loss

(5,934)


(1,360)

Distributions in excess of earnings

(661,187)


(679,050)

Total stockholders' equity

1,568,366


1,590,235

Noncontrolling interests

9,100


8,697

Total equity

1,577,466


1,598,932

Total liabilities and equity

$                  3,146,403


$                 3,172,251

 

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,


2025


2024


2025


2024

Revenues:








Rooms

$              189,088


$             192,471


$             550,443


$             559,465

Food and beverage

67,415


65,787


213,084


212,279

Other

28,881


26,871


82,430


79,088

Total revenues

285,384


285,129


845,957


850,832

Operating Expenses:








Rooms

46,529


47,919


137,644


139,472

Food and beverage

47,181


47,319


144,146


145,275

Other departmental and support expenses

68,127


67,357


202,132


199,774

Management fees

7,096


7,093


19,520


20,411

Franchise fees

9,731


10,117


28,782


29,710

Other property-level expenses

24,967


24,752


77,883


78,558

Depreciation and amortization

28,340


28,356


84,388


84,542

Impairment losses

1,076


1,596


1,076


1,596

Corporate expenses

8,567


7,660


25,715


45,083

  Total operating expenses

241,614


242,169


721,286


744,421









Interest expense

17,111


16,986


47,137


49,434

Interest (income) and other (income) expense, net

(2,298)


(1,001)


(4,526)


(3,265)

Loss on debt extinguishment

5,850


—


5,850


—

  Total other expenses, net

20,663


15,985


48,461


46,169

Income before income taxes

23,107


26,975


76,210


60,242

Income tax expense

(469)


(418)


(618)


(696)

Net income

22,638


26,557


75,592


59,546

Less:  Net income attributable to noncontrolling
interests

(113)


(125)


(375)


(256)

Net income attributable to the Company

22,525


26,432


75,217


59,290

Distributions to preferred stockholders

(2,454)


(2,454)


(7,362)


(7,362)

Net income attributable to common
stockholders

$                20,071


$                23,978


$                67,855


$                51,928

Earnings per share:








Earnings per share available to common
stockholders - basic

$                     0.10


$                    0.11


$                    0.33


$                    0.25

Earnings per share available to common
stockholders - diluted

$                     0.10


$                    0.11


$                    0.33


$                    0.25









Weighted-average number of common shares
outstanding:








Basic

205,407,644


209,339,807


206,896,023


210,729,779

Diluted

206,392,934


210,208,081


207,918,506


211,600,114

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 Adjusted EBITDA, FFO and Adjusted FFO. We also present Comparable Total Revenue, Comparable Room Revenues, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin. 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 Adjusted EBITDA, FFO, Adjusted FFO, Comparable Total Revenue, Comparable Room Revenues, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin, 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 Adjusted EBITDA, FFO, Adjusted FFO, Comparable Total Revenue, Comparable Room Revenues, Comparable Hotel Adjusted EBITDA and Comparable Hotel Adjusted EBITDA Margin, 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 comprehensive income and consolidated statements of 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 and EBITDA re

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.

FFO

The Company computes FFO in accordance with standards established by Nareit, which defines FFO as net income (calculated 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.

Adjustments to EBITDAre and FFO

We adjust EBITDAre and FFO 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 and Adjusted FFO when combined with U.S. GAAP net income, EBITDAre and FFO, is beneficial to an investor's complete understanding of our consolidated and property-level operating performance.  We adjust EBITDAre and FFO 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 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 and comprehensive income 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 Debt Extinguishment: We exclude the effect of gains or losses recorded on debt extinguishment 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 and Hotel Pre-Opening Costs: We exclude the transition costs associated with a change in hotel manager and 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.
  • Share-Based Compensation Expense: We exclude share-based compensation expense as it is a non-cash item. This adjustment aligns with the calculation of Adjusted EBITDA for our financial covenant ratios under our credit facility, supporting consistency in our financial reporting and covenant compliance, as well as comparability with our peers.
  • 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: non-cash realized gains or losses on our deferred compensation plan assets; management or franchise contract termination fees; terminated transaction costs; 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 unrealized fair value adjustments to interest rate swaps and the portion of our non-cash ground lease expense recognized as interest expense.  We exclude these non-cash amounts because they do not reflect the underlying performance of the Company.

Hotel Adjusted EBITDA

We believe that Hotel Adjusted 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.  With respect to Hotel Adjusted 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. Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues. 

Comparable Hotel Operating Statistics and Results

We believe that presenting comparable hotel operating statistics (such as ADR, occupancy, RevPAR, Total RevPAR and Available Rooms) and results (such as Room Revenues, Total Revenues, Hotel Adjusted EBITDA, and Hotel Adjusted EBITDA Margin) is useful to investors because these measures help facilitate year-over-year comparisons of the performance of hotels owned by us as of the reporting date.  Our comparable portfolio includes hotels (i) owned and in operation by us for the entirety of the periods presented and (ii) acquired by us during the period as though the acquisition happened at the beginning of the period presented.  We make adjustments for recently acquired hotels to include operating statistics and results for periods prior to our ownership.  As a result, changes as compared to periods prior to our ownership will not necessarily correspond to changes in our actual results.  In addition, comparable metrics excludes results and operating statistics for hotels that were sold during the reporting period or held for sale at the end of the period.  We believe these comparable measures provide more consistent metrics for comparing the performance of our hotels. 

Our comparable portfolio for the nine months ended September 30, 2025 includes all of our hotels owned as of September 30, 2025 and excludes the Westin Washington D.C. City Center sold on February 19, 2025.

Reconciliations of Non-GAAP Measures

EBITDA, EBITDAre, Adjusted EBITDA and Hotel Adjusted EBITDA

The following tables are reconciliations of our GAAP net income to EBITDA, EBITDAre and Adjusted EBITDA and Hotel Adjusted EBITDA (in thousands):        

Three Months Ended September 30,


Nine Months Ended September 30,          


2025


2024
(As Adjusted)(1)


2025


2024
(As Adjusted)(1)

Net income

$                22,638


$               26,557


$               75,592


$               59,546

Interest expense

17,111


16,986


47,137


49,434

Income tax expense

469


418


618


696

Real estate related depreciation and amortization

28,340


28,356


84,388


84,542

EBITDA

68,558


72,317


207,735


194,218

Impairment losses

1,076


1,596


1,076


1,596

EBITDAre

69,634


73,913


208,811


195,814

Non-cash lease expense and other amortization

1,279


1,531


3,862


4,604

Share-based compensation expense (2)

2,035


1,377


5,591


6,524

Hotel pre-opening costs

135


156


479


925

Terminated transaction costs

151


—


1,058


—

Loss on debt extinguishment

5,850


—


5,850


—

Severance costs

—


—


—


20,362

Adjusted EBITDA

79,084


76,977


225,651


228,229

Corporate expenses

6,365


6,263


18,368


18,147

Interest (income) and other (income) expense, net

(2,281)


(981)


(3,827)


(3,215)

Hotel Adjusted EBITDA

$                83,168


$               82,259


$            240,192


$             243,161



(1) 

Effective January 1, 2025, the Company excludes share-based compensation expense from its calculation of Adjusted EBITDA.  Amounts reported for 2024 have been adjusted to reflect the current year presentation.

(2)   

For each of the three months ended September 30, 2025 and 2024, amounts include less than $0.1 million of non-cash realized gains related to our deferred compensation plan. For the nine months ended September 30, 2025 and 2024, amounts include $0.7 million and less than $0.1 million, respectively, of non-cash realized gains related to our deferred compensation plan.

 

Full Year 2025 Guidance


Low End


High End

Net income

$                      88,433


$                      97,433

Interest expense

63,750


62,750

Income tax expense

1,183


2,183

Real estate related depreciation and amortization

113,000


112,000

EBITDA

266,366


274,366

Impairment losses

1,076


1,076

EBITDAre

267,442


275,442

Non-cash lease expense and other amortization

5,150


5,150

Share-based compensation expense

7,000


7,000

Terminated transaction costs

1,058


1,058

Loss on debt extinguishment

5,850


5,850

Hotel pre-opening costs

500


500

Adjusted EBITDA

$                   287,000


$                   295,000

 

FFO and Adjusted FFO

The following tables are reconciliations of our GAAP net income to FFO and Adjusted FFO (in thousands except per share amounts): 

Three Months Ended September 30,


Nine Months Ended September 30,          


2025


2024
(As Adjusted)(1)



2025


2024
(As Adjusted)(1)

Net income

$               22,638


$               26,557



$               75,592


$               59,546

Real estate related depreciation and amortization

28,340


28,356



84,388


84,542

Impairment losses

1,076


1,596



1,076


1,596

FFO

52,054


56,509



161,056


145,684

Distribution to preferred stockholders

(2,454)


(2,454)



(7,362)


(7,362)

FFO available to common stock and unit holders

49,600


54,055



153,694


138,322

Non-cash lease expense and other amortization

1,472


1,531



4,417


4,604

Share-based compensation expense (2)

2,035


1,377



5,591


6,524

Terminated transaction costs

151


—



1,058


—

Loss on debt extinguishment

5,850


—



5,850


—

Severance costs

—


—



—


20,362

Hotel pre-opening costs

135


156



479


925

Adjusted FFO available to common stock and
unit holders

$               59,243


$               57,119



$            171,089


$             170,737

Adjusted FFO available to common stock and
unit holders, per diluted share

$                   0.29


$                   0.27



$                   0.82


$                    0.80

Diluted weighted average shares and units

207,428


211,197



208,942


212,469



(1)   

Effective January 1, 2025, the Company excludes share-based compensation from its calculation of Adjusted FFO.  Amounts reported for 2024 have been adjusted to reflect the current year presentation.

(2)   

For each of the three months ended September 30, 2025 and 2024, amounts include less than $0.1 million of non-cash realized gains related to our deferred compensation plan. For the nine months ended September 30, 2025 and 2024, amounts include $0.7 million and less than $0.1 million, respectively, of non-cash realized gains related to our deferred compensation plan. 

 

Full Year 2025 Guidance


Low End


High End

Net income

$                      88,433


$                      97,433

Real estate related depreciation and amortization

113,000


112,000

Impairment losses

1,076


1,076

FFO

202,509


210,509

Distribution to preferred stockholders

(9,817)


(9,817)

FFO available to common stock and unit holders

192,692


200,692

Non-cash lease expense and other amortization

5,900


5,900

Share-based compensation expense

7,000


7,000

Terminated transaction costs

1,058


1,058

Loss on debt extinguishment

5,850


5,850

Hotel pre-opening costs

500


500

Adjusted FFO available to common stock and unit holders

$                   213,000


$                   221,000

Adjusted FFO available to common stock and unit holders, per diluted share

$                          1.02


$                          1.06

Diluted weighted average shares and units

208,500


208,500

                             

Reconciliation of Comparable Operating Results

The following presents the revenues, Hotel Adjusted EBITDA and Hotel Adjusted EBITDA Margin together with comparable prior year results (in thousands):           

Three Months Ended September 30,

Nine Months Ended September 30, 


2025


2024


2025


2024

Revenues

$          285,384


$          285,129


$          845,957


$          850,832

Hotel revenues from prior ownership (1)

—


3,333


—


7,833

Hotel revenues from sold hotel (2)

—


(7,335)


(3,077)


(24,830)

Comparable Revenues

$          285,384


$          281,127


$          842,880


$          833,835









Hotel Adjusted EBITDA

$             83,168


$             82,259


$          240,192


$          243,161

Hotel Adjusted EBITDA from prior ownership (1)

—


1,209


—


2,294

Hotel Adjusted EBITDA from sold hotel (2)

—


(1,465)


(330)


(6,199)

Comparable Hotel Adjusted EBITDA

$             83,168


$             82,003


$          239,862


$          239,256









Hotel Adjusted EBITDA Margin

29.14 %


28.85 %


28.39 %


28.58 %

Comparable Hotel Adjusted EBITDA Margin

29.14 %


29.17 %


28.46 %


28.69 %



(1)   

Amounts represent the pre-acquisition operating results for AC Hotel Minneapolis Downtown from January 1, 2024 to September 30, 2024.  The pre-acquisition operating results were obtained from the seller of the hotel 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 for Westin Washington D.C. City Center sold on February 19, 2025.

 

Selected Quarterly Comparable Operating Information

The following table is presented to provide investors with selected quarterly comparable operating information for the Company's current portfolio of 36 hotels.

Quarter 1, 2024

Quarter 2, 2024

Quarter 3, 2024

Quarter 4, 2024

Full Year 2024

ADR

$           269.95

$           292.59

$           282.05

$           291.24

$           284.26

Occupancy

67.6 %

77.5 %

76.2 %

69.5 %

72.7 %

RevPAR

$           182.50

$           226.83

$           214.79

$           202.40

$           206.64

Total RevPAR

$           287.09

$           346.27

$           318.60

$           309.18

$           315.28

Revenues (in thousands)

$         250,491

$         302,217

$         281,127

$         272,783

$      1,106,618

Hotel Adjusted EBITDA (in thousands)

$           60,047

$           97,206

$           82,003

$           73,899

$         313,155

Hotel Adjusted EBITDA Margin

23.97 %

32.16 %

29.17 %

27.09 %

28.30 %

Available Rooms

872,508

872,781

882,372

882,280

3,509,941

 

Market Capitalization as of September 30, 2025

(in thousands)

Enterprise Value






Common equity capitalization (at September 30, 2025 closing price of $7.96/share)


$              1,643,078

Preferred equity capitalization (at liquidation value of $25.00/share)


119,000

Consolidated debt (face amount)


1,100,000

Cash and cash equivalents


(145,336)

Total enterprise value


$              2,716,742

Share Reconciliation






Common shares outstanding


203,904

Operating partnership units


1,135

Unvested restricted stock held by management and employees


842

Share grants under deferred compensation plan


536

Combined shares and units


206,417

 

Debt Summary as of September 30, 2025

(dollars in thousands)







Outstanding



Loan


Interest Rate


Term


Principal


Maturity

Unsecured term loan


SOFR + 1.35% (1)


Variable


$               500,000


January 2028 (3)

Unsecured term loan


SOFR + 1.35% (2)


Variable


300,000


January 2029 (3)

Unsecured term loan


SOFR + 1.35% (2)


Variable


300,000


January 2030

Senior unsecured credit facility


SOFR + 1.40%


Variable


—


January 2030 (3)

Total debt






1,100,000



     Unamortized debt issuance costs (4)






(1,244)



Debt, net of unamortized debt issuance costs




$           1,098,756












Debt Metrics









Total weighted-average interest rate (5)






5.3 %



Net debt to EBITDA (6)






3.3x



Net debt/ Preferred to EBITDA (6)






3.7x



Fixed charge coverage






4.7x



Average years to maturity






3.1














(1) 

Interest rate was 5.02% as of September 30, 2025, which includes the effect of interest rate swaps.

(2) 

Interest rate was 5.47% as of September 30, 2025.

(3) 

Maturity date may be extended for two six-month periods upon the payment of applicable fees and the satisfaction of certain customary conditions.

(4)  

Excludes debt issuance costs related to our senior unsecured credit facility, which are included within Prepaid and Other Assets on the accompanying consolidated balance sheet.

(5) 

Weighted-average interest rate includes the effect of interest rate swaps.

(6)  

Trailing 12 month Adjusted EBITDA as of September 30, 2025.

 

Operating Statistics – Third Quarter


Rooms

ADR


Occupancy


RevPAR


 Total RevPAR


3Q 2025

3Q 2024

Change


3Q 2025

3Q 2024

Change


3Q 2025

3Q 2024

Change


3Q 2025

3Q 2024

Change


















AC Hotel Minneapolis Downtown (1)

245

$       177.13

$       183.14

(3.3) %


71.7 %

72.3 %

(0.6) %


$       126.97

$       132.46

(4.1) %


$        145.13

$        147.85

(1.8) %

Atlanta Marriott Alpharetta

318

$       162.13

$       151.36

7.1 %


68.3 %

65.5 %

2.8 %


$       110.74

$         99.12

11.7 %


$        153.08

$        139.14

10.0 %

Bourbon Orleans Hotel

220

$       177.09

$       205.99

(14.0) %


61.4 %

51.1 %

10.3 %


$       108.73

$       105.26

3.3 %


$        148.88

$        138.34

7.6 %

Cavallo Point, The Lodge at the Golden Gate

142

$       630.83

$       603.32

4.6 %


64.1 %

66.8 %

(2.7) %


$       404.65

$       402.94

0.4 %


$        972.16

$        974.43

(0.2) %

Chicago Marriott Downtown Magnificent Mile

1,200

$       268.20

$       277.90

(3.5) %


78.5 %

73.8 %

4.7 %


$       210.63

$       205.06

2.7 %


$        330.22

$        311.99

5.8 %

Chico Hot Springs Resort & Day Spa

117

$       244.33

$       231.43

5.6 %


84.4 %

77.8 %

6.6 %


$       206.13

$       180.10

14.5 %


$        458.61

$        448.38

2.3 %

Courtyard Denver Downtown

177

$       234.38

$       234.62

(0.1) %


84.8 %

86.2 %

(1.4) %


$       198.72

$       202.34

(1.8) %


$        223.64

$        222.48

0.5 %

Courtyard New York Manhattan/Fifth Avenue

189

$       324.71

$       313.09

3.7 %


98.8 %

91.9 %

6.9 %


$       320.75

$       287.59

11.5 %


$        326.14

$        294.94

10.6 %

Courtyard New York Manhattan/Midtown East

321

$       349.37

$       361.67

(3.4) %


90.8 %

92.6 %

(1.8) %


$       317.16

$       334.84

(5.3) %


$        326.10

$        347.55

(6.2) %

Embassy Suites by Hilton Bethesda

272

$       161.77

$       171.55

(5.7) %


69.6 %

72.9 %

(3.3) %


$       112.65

$       125.15

(10.0) %


$        132.20

$        145.18

(8.9) %

Havana Cabana Key West

106

$       180.26

$       200.26

(10.0) %


42.3 %

67.9 %

(25.6) %


$         76.23

$       135.93

(43.9) %


$        129.32

$        205.44

(37.1) %

Henderson Beach Resort

270

$       421.36

$       448.94

(6.1) %


70.2 %

61.5 %

8.7 %


$       295.87

$       276.32

7.1 %


$        532.37

$        460.78

15.5 %

Henderson Park Inn

37

$       618.97

$       629.44

(1.7) %


82.1 %

69.4 %

12.7 %


$       508.05

$       437.13

16.2 %


$        846.00

$        693.67

22.0 %

Hilton Garden Inn New York/Times Square Central

282

$       277.38

$       280.91

(1.3) %


98.1 %

90.2 %

7.9 %


$       272.24

$       253.27

7.5 %


$        304.92

$        284.75

7.1 %

Hotel Champlain Burlington

258

$       292.04

$       292.90

(0.3) %


83.3 %

90.5 %

(7.2) %


$       243.38

$       264.96

(8.1) %


$        333.67

$        356.19

(6.3) %

Hotel Clio

199

$       332.38

$       330.21

0.7 %


85.9 %

84.1 %

1.8 %


$       285.36

$       277.62

2.8 %


$        463.09

$        444.31

4.2 %

Hotel Emblem San Francisco

96

$       188.89

$       184.77

2.2 %


58.7 %

66.3 %

(7.6) %


$       110.96

$       122.53

(9.4) %


$        137.19

$        155.02

(11.5) %

Kimpton Hotel Palomar Phoenix

242

$       183.97

$       173.90

5.8 %


52.5 %

70.0 %

(17.5) %


$         96.63

$       121.69

(20.6) %


$        171.59

$        215.62

(20.4) %

Kimpton Shorebreak Fort Lauderdale Beach Resort

96

$       121.60

$       137.87

(11.8) %


58.1 %

56.1 %

2.0 %


$         70.67

$         77.34

(8.6) %


$        163.04

$        166.79

(2.2) %

Kimpton Shorebreak Huntington Beach Resort

157

$       346.45

$       367.61

(5.8) %


87.8 %

87.2 %

0.6 %


$       304.02

$       320.50

(5.1) %


$        424.88

$        432.24

(1.7) %

L'Auberge de Sedona

88

$       640.97

$       698.04

(8.2) %


52.7 %

58.8 %

(6.1) %


$       337.58

$       410.76

(17.8) %


$        698.59

$        736.51

(5.1) %

Lake Austin Spa Resort

40

$     1,071.87

$       980.21

9.4 %


41.8 %

49.6 %

(7.8) %


$       448.26

$       485.84

(7.7) %


$     1,148.41

$     1,169.61

(1.8) %

Margaritaville Beach House Key West

186

$       281.34

$       301.33

(6.6) %


70.8 %

72.0 %

(1.2) %


$       199.20

$       216.95

(8.2) %


$        287.52

$        315.87

(9.0) %

Salt Lake City Marriott Downtown at City Creek

510

$       202.16

$       183.42

10.2 %


70.7 %

66.6 %

4.1 %


$       142.89

$       122.22

16.9 %


$        197.87

$        167.90

17.8 %

The Cliffs at L'Auberge

70

$       385.83

$       234.32

64.7 %


26.4 %

44.5 %

(18.1) %


$       101.79

$       104.21

(2.3) %


$        204.75

$        218.79

(6.4) %

The Dagny Boston

403

$       333.73

$       313.80

6.4 %


92.3 %

91.5 %

0.8 %


$       307.87

$       287.06

7.2 %


$        338.76

$        315.14

7.5 %

The Gwen

311

$       355.07

$       326.58

8.7 %


78.5 %

79.0 %

(0.5) %


$       278.81

$       257.90

8.1 %


$        425.56

$        389.24

9.3 %

The Hythe Vail

344

$       289.11

$       293.87

(1.6) %


68.4 %

66.3 %

2.1 %


$       197.67

$       194.73

1.5 %


$        366.12

$        353.27

3.6 %

The Landing Lake Tahoe Resort & Spa

82

$       550.14

$       555.15

(0.9) %


83.9 %

80.7 %

3.2 %


$       461.76

$       448.01

3.1 %


$        799.18

$        759.14

5.3 %

The Lindy Renaissance Charleston Hotel

167

$       307.34

$       314.33

(2.2) %


87.1 %

83.7 %

3.4 %


$       267.55

$       262.97

1.7 %


$        357.41

$        335.33

6.6 %

The Lodge at Sonoma Resort

182

$       462.55

$       442.44

4.5 %


79.5 %

80.9 %

(1.4) %


$       367.71

$       358.04

2.7 %


$        565.02

$        554.41

1.9 %

Tranquility Bay Beachfront Resort

103

$       460.04

$       452.06

1.8 %


63.2 %

72.8 %

(9.6) %


$       290.56

$       328.98

(11.7) %


$        385.28

$        432.58

(10.9) %

Westin Boston Waterfront

793

$       275.75

$       283.29

(2.7) %


89.7 %

91.5 %

(1.8) %


$       247.23

$       259.28

(4.6) %


$        367.80

$        366.39

0.4 %

Westin Fort Lauderdale Beach Resort

432

$       172.32

$       176.75

(2.5) %


64.4 %

69.5 %

(5.1) %


$       110.93

$       122.83

(9.7) %


$        276.99

$        292.94

(5.4) %

Westin San Diego Bayview

436

$       223.17

$       237.94

(6.2) %


82.5 %

83.2 %

(0.7) %


$       184.15

$       198.01

(7.0) %


$        233.79

$        259.03

(9.7) %

Worthington Renaissance Fort Worth Hotel

504

$       191.17

$       193.88

(1.4) %


66.1 %

67.0 %

(0.9) %


$       126.37

$       129.91

(2.7) %


$        224.60

$        232.89

(3.6) %

Comparable Total (2)

9,595

$       281.05

$       282.05

(0.4) %


76.2 %

76.2 %

— %


$       214.21

$       214.79

(0.3) %


$        323.29

$        318.60

1.5 %




















(1)

Hotel was acquired on November 12, 2024.  Amounts reflect the pre-acquisition operating results of the period from July 1, 2024 to September 30, 2024. 

(2)

Amounts include the pre-acquisition operating results of the AC Minneapolis Downtown acquired in 2024 and exclude the Westin Washington D.C. City Center which was sold in 2025. 

 

Operating Statistics – Year to Date



Rooms

ADR


Occupancy


RevPAR


 Total RevPAR


YTD 2025

YTD 2024

Change


YTD 2025

YTD 2024

Change


YTD 2025

YTD 2024

Change


YTD 2025

YTD 2024

Change


















AC Hotel Minneapolis Downtown (1)

245

$        158.85

$        173.39

(8.4) %


60.4 %

59.7 %

0.7 %


$         95.89

$        103.47

(7.3) %


$        110.98

$        116.69

(4.9) %

Atlanta Marriott Alpharetta

318

$        164.45

$        157.67

4.3 %


67.7 %

64.8 %

2.9 %


$        111.27

$        102.15

8.9 %


$        156.76

$        147.30

6.4 %

Bourbon Orleans Hotel

220

$        235.13

$        240.93

(2.4) %


67.7 %

68.7 %

(1.0) %


$        159.08

$        165.54

(3.9) %


$        208.23

$        209.34

(0.5) %

Cavallo Point, The Lodge at the Golden Gate

142

$        581.03

$        578.72

0.4 %


59.6 %

59.9 %

(0.3) %


$        346.57

$        346.52

— %


$        900.23

$        905.29

(0.6) %

Chicago Marriott Downtown Magnificent Mile

1,200

$        258.90

$        252.74

2.4 %


64.6 %

62.5 %

2.1 %


$        167.19

$        158.06

5.8 %


$        279.25

$        265.17

5.3 %

Chico Hot Springs Resort & Day Spa

117

$        233.04

$        205.30

13.5 %


69.4 %

74.0 %

(4.6) %


$        161.73

$        152.00

6.4 %


$        373.10

$        376.16

(0.8) %

Courtyard Denver Downtown

177

$        213.38

$        207.97

2.6 %


80.1 %

79.3 %

0.8 %


$        170.99

$        164.84

3.7 %


$        191.69

$        183.65

4.4 %

Courtyard New York Manhattan/Fifth Avenue

189

$        294.81

$        279.65

5.4 %


97.3 %

89.9 %

7.4 %


$        286.72

$        251.53

14.0 %


$        292.14

$        258.59

13.0 %

Courtyard New York Manhattan/Midtown East

321

$        319.48

$        324.06

(1.4) %


90.0 %

92.6 %

(2.6) %


$        287.66

$        299.98

(4.1) %


$        297.05

$        311.27

(4.6) %

Embassy Suites by Hilton Bethesda

272

$        169.96

$        175.22

(3.0) %


67.9 %

71.8 %

(3.9) %


$        115.35

$        125.78

(8.3) %


$        134.84

$        143.61

(6.1) %

Havana Cabana Key West

106

$        270.83

$        305.80

(11.4) %


72.4 %

78.8 %

(6.4) %


$        195.97

$        241.10

(18.7) %


$        283.08

$        320.53

(11.7) %

Henderson Beach Resort

270

$        401.22

$        427.29

(6.1) %


60.7 %

58.9 %

1.8 %


$        243.64

$        251.66

(3.2) %


$        470.89

$        451.28

4.3 %

Henderson Park Inn

37

$        589.54

$        592.59

(0.5) %


72.8 %

70.5 %

2.3 %


$        428.92

$        417.70

2.7 %


$        715.24

$        657.77

8.7 %

Hilton Garden Inn New York/Times Square Central

282

$        263.89

$        249.13

5.9 %


88.1 %

89.8 %

(1.7) %


$        232.51

$        223.67

4.0 %


$        262.76

$        254.03

3.4 %

Hotel Champlain Burlington

258

$        223.85

$        238.69

(6.2) %


71.6 %

74.3 %

(2.7) %


$        160.20

$        177.25

(9.6) %


$        230.50

$        238.23

(3.2) %

Hotel Clio

199

$        319.01

$        311.61

2.4 %


78.5 %

77.7 %

0.8 %


$        250.31

$        242.10

3.4 %


$        419.65

$        402.30

4.3 %

Hotel Emblem San Francisco

96

$        207.65

$        206.22

0.7 %


62.1 %

62.6 %

(0.5) %


$        128.86

$        129.00

(0.1) %


$        158.29

$        161.29

(1.9) %

Kimpton Hotel Palomar Phoenix

242

$        237.48

$        224.89

5.6 %


65.6 %

76.0 %

(10.4) %


$        155.74

$        170.98

(8.9) %


$        255.10

$        279.42

(8.7) %

Kimpton Shorebreak Fort Lauderdale Beach Resort

96

$        204.54

$        201.68

1.4 %


72.9 %

74.5 %

(1.6) %


$        149.04

$        150.23

(0.8) %


$        291.21

$        270.14

7.8 %

Kimpton Shorebreak Huntington Beach Resort

157

$        315.75

$        328.41

(3.9) %


81.1 %

83.8 %

(2.7) %


$        256.18

$        275.26

(6.9) %


$        381.81

$        395.12

(3.4) %

L'Auberge de Sedona

88

$        785.21

$        845.89

(7.2) %


67.3 %

66.0 %

1.3 %


$        528.31

$        558.05

(5.3) %


$        948.66

$        959.16

(1.1) %

Lake Austin Spa Resort

40

$     1,055.97

$     1,020.45

3.5 %


52.1 %

59.2 %

(7.1) %


$        550.61

$        604.45

(8.9) %


$     1,354.93

$     1,407.02

(3.7) %

Margaritaville Beach House Key West

186

$        382.35

$        402.31

(5.0) %


83.4 %

84.1 %

(0.7) %


$        318.88

$        338.15

(5.7) %


$        434.13

$        457.52

(5.1) %

Salt Lake City Marriott Downtown at City Creek

510

$        206.36

$        192.95

6.9 %


70.9 %

68.5 %

2.4 %


$        146.23

$        132.09

10.7 %


$        201.23

$        181.08

11.1 %

The Cliffs at L'Auberge

70

$        356.63

$        282.06

26.4 %


12.8 %

56.5 %

(43.7) %


$         45.52

$        159.41

(71.4) %


$        168.49

$        313.89

(46.3) %

The Dagny Boston

403

$        293.84

$        274.31

7.1 %


85.5 %

85.9 %

(0.4) %


$        251.34

$        235.63

6.7 %


$        280.84

$        263.02

6.8 %

The Gwen

311

$        316.48

$        295.55

7.1 %


75.0 %

75.5 %

(0.5) %


$        237.38

$        223.12

6.4 %


$        358.03

$        329.48

8.7 %

The Hythe Vail

344

$        439.91

$        418.51

5.1 %


61.6 %

64.5 %

(2.9) %


$        271.08

$        269.93

0.4 %


$        423.74

$        420.88

0.7 %

The Landing Lake Tahoe Resort & Spa

82

$        442.14

$        436.36

1.3 %


64.2 %

64.2 %

— %


$        283.84

$        279.94

1.4 %


$        512.31

$        498.39

2.8 %

The Lindy Renaissance Charleston Hotel

167

$        345.52

$        342.25

1.0 %


88.6 %

88.1 %

0.5 %


$        306.19

$        301.38

1.6 %


$        392.85

$        374.86

4.8 %

The Lodge at Sonoma Resort

182

$        423.67

$        410.10

3.3 %


71.6 %

66.3 %

5.3 %


$        303.17

$        271.77

11.6 %


$        485.83

$        441.68

10.0 %

Tranquility Bay Beachfront Resort

103

$        608.57

$        623.30

(2.4) %


74.2 %

76.0 %

(1.8) %


$        451.71

$        473.45

(4.6) %


$        579.97

$        607.68

(4.6) %

Westin Boston Waterfront

793

$        272.97

$        263.76

3.5 %


84.7 %

86.4 %

(1.7) %


$        231.30

$        228.01

1.4 %


$        358.71

$        357.07

0.5 %

Westin Fort Lauderdale Beach Resort

432

$        257.61

$        257.19

0.2 %


75.8 %

79.3 %

(3.5) %


$        195.37

$        203.94

(4.2) %


$        421.64

$        440.29

(4.2) %

Westin San Diego Bayview

436

$        231.56

$        231.87

(0.1) %


80.7 %

73.3 %

7.4 %


$        186.76

$        170.02

9.8 %


$        250.53

$        224.65

11.5 %

Westin Washington D.C. City Center

410

$        254.66

$        188.28

35.3 %


45.4 %

60.7 %

(15.3) %


$        115.57

$        114.25

1.2 %


$        153.18

$        146.08

4.9 %

Worthington Renaissance Fort Worth Hotel

504

$        202.77

$        207.28

(2.2) %


72.3 %

71.2 %

1.1 %


$        146.68

$        147.54

(0.6) %


$        271.01

$        271.93

(0.3) %

Comparable Total (2)

9,595

$        285.07

$        282.05

1.1 %


73.4 %

73.8 %

(0.4) %


$        209.25

$        208.07

0.6 %


$        321.78

$        317.33

1.4 %




















(1) 

Hotel was acquired on November 12, 2024.  Amounts reflect the pre-acquisition operating results of the period from January 1, 2024 to September 30, 2024. 

(2) 

Amounts include the pre-acquisition operating results of the AC Minneapolis Downtown acquired in 2024 and exclude the Westin Washington D.C. City Center which was sold in 2025. 

  

Hotel Adjusted EBITDA Reconciliation - Third Quarter 2025








Net Income / (Loss)

Plus:

Plus:

Plus:

Equals: Hotel
Adjusted EBITDA



Total Revenues


Depreciation

Interest Expense

Adjustments (1)

AC Hotel Minneapolis Downtown


$                     3,271


$                        913

$                       298

$                           —

$                          —

$                     1,211

Atlanta Marriott Alpharetta


$                     4,479


$                     1,253

$                       393

$                           —

$                          —

$                     1,646

Bourbon Orleans Hotel


$                     3,013


$                      (575)

$                    1,136

$                           —

$                           3

$                        564

Cavallo Point, The Lodge at the Golden Gate


$                   12,700


$                     2,201

$                    1,484

$                           —

$                         94

$                     3,779

Chicago Marriott Downtown Magnificent Mile


$                   36,457


$                     8,815

$                    3,042

$                            6

$                      (397)

$                   11,466

Chico Hot Springs Resort & Day Spa


$                     4,936


$                     1,153

$                       443

$                           —

$                          (1)

$                     1,595

Courtyard Denver Downtown


$                     3,642


$                     1,349

$                       398

$                           —

$                          —

$                     1,747

Courtyard New York Manhattan/Fifth Avenue


$                     5,671


$                        794

$                       343

$                        282

$                       214

$                     1,633

Courtyard New York Manhattan/Midtown East


$                     9,631


$                     2,431

$                       541

$                           —

$                          —

$                     2,972

Embassy Suites by Hilton Bethesda


$                     3,308


$                   (1,582)

$                       480

$                           —

$                    1,435

$                        333

Havana Cabana Key West


$                     1,261


$                      (665)

$                       230

$                           —

$                          —

$                      (435)

Henderson Beach Resort


$                   13,224


$                     3,056

$                    1,112

$                           —

$                          —

$                     4,168

Henderson Park Inn


$                     2,880


$                     1,200

$                       275

$                           —

$                          —

$                     1,475

Hilton Garden Inn New York/Times Square Central


$                     7,911


$                     1,514

$                       780

$                           —

$                          —

$                     2,294

Hotel Champlain Burlington


$                     7,920


$                     2,063

$                       795

$                           —

$                          —

$                     2,858

Hotel Clio


$                     8,478


$                     1,792

$                       847

$                          42

$                           5

$                     2,686

Hotel Emblem San Francisco


$                     1,212


$                      (364)

$                       292

$                           —

$                          —

$                        (72)

Kimpton Hotel Palomar Phoenix


$                     3,820


$                      (962)

$                       573

$                           —

$                       190

$                      (199)

Kimpton Shorebreak Fort Lauderdale Beach Resort


$                     1,440


$                      (766)

$                       371

$                           —

$                          —

$                      (395)

Kimpton Shorebreak Huntington Beach Resort


$                     6,137


$                     2,151

$                       343

$                           —

$                          —

$                     2,494

L'Auberge de Sedona


$                     5,656


$                        (37)

$                       505

$                           —

$                          —

$                        468

Lake Austin Spa Resort


$                     4,226


$                        419

$                       719

$                           —

$                          —

$                     1,138

Margaritaville Beach House Key West


$                     4,920


$                        386

$                       766

$                           —

$                          —

$                     1,152

Salt Lake City Marriott Downtown at City Creek


$                     9,284


$                     2,192

$                    1,050

$                           —

$                         11

$                     3,253

The Cliffs at L'Auberge


$                     1,319


$                      (457)

$                       538

$                           —

$                         42

$                        123

The Dagny Boston


$                   12,560


$                     4,480

$                    1,580

$                           —

$                          —

$                     6,060

The Gwen


$                   12,176


$                     2,824

$                       761

$                           —

$                          —

$                     3,585

The Hythe Vail


$                   11,587


$                     2,806

$                       919

$                           —

$                          —

$                     3,725

The Landing Lake Tahoe Resort & Spa


$                     6,029


$                     2,635

$                       321

$                           —

$                          —

$                     2,956

The Lindy Renaissance Charleston Hotel


$                     5,491


$                     1,861

$                       369

$                           —

$                          —

$                     2,230

The Lodge at Sonoma Resort


$                     9,461


$                     2,954

$                       481

$                           —

$                          —

$                     3,435

Tranquility Bay Beachfront Resort


$                     3,651


$                        301

$                       472

$                           —

$                          —

$                        773

Westin Boston Seaport District


$                   26,832


$                     3,893

$                    2,315

$                     1,422

$                      (124)

$                     7,506

Westin Fort Lauderdale Beach Resort


$                   11,009


$                      (769)

$                    1,062

$                           —

$                          —

$                        293

Westin San Diego Bayview


$                     9,378


$                     1,078

$                    1,352

$                           —

$                          —

$                     2,430

Worthington Renaissance Fort Worth Hotel


$                   10,414


$                     1,279

$                       954

$                           —

$                          —

$                     2,233

Total


$                 285,384


$                   51,616

$                  28,340

$                     1,752

$                     1,472

$                   83,168



 (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.

 

Hotel Adjusted EBITDA Reconciliation - Third Quarter 2024





Net Income / (Loss)

Plus:

Plus:

Plus:

Equals: Hotel



Total Revenues


Depreciation

Interest Expense

Adjustments (1)

Adjusted EBITDA

Atlanta Marriott Alpharetta


$                     4,071


$                     1,067

$                       382

$                           —

$                          —

$                     1,449

Bourbon Orleans Hotel


$                     2,800


$                       (900)

$                       937

$                           —

$                            3

$                          40

Cavallo Point, The Lodge at the Golden Gate


$                   12,730


$                     2,108

$                    1,453

$                           —

$                          94

$                     3,655

Chicago Marriott Downtown Magnificent Mile


$                   34,444


$                     8,595

$                    3,212

$                            6

$                       (397)

$                   11,416

Chico Hot Springs Resort & Day Spa


$                     4,661


$                        818

$                       418

$                           —

$                            1

$                     1,237

Courtyard Denver Downtown


$                     3,623


$                     1,245

$                       374

$                           —

$                           —

$                     1,619

Courtyard New York Manhattan/Fifth Avenue


$                     5,128


$                        323

$                       358

$                           —

$                        253

$                        934

Courtyard New York Manhattan/Midtown East


$                   10,264


$                     2,894

$                       538

$                        340

$                           —

$                     3,772

Embassy Suites by Hilton Bethesda


$                     3,633


$                    (1,403)

$                       576

$                           —

$                     1,448

$                        621

Havana Cabana Key West


$                     2,003


$                       (405)

$                       323

$                           —

$                           —

$                        (82)

Henderson Beach Resort


$                   11,403


$                     1,800

$                    1,096

$                           —

$                           —

$                     2,896

Henderson Park Inn


$                     2,361


$                        801

$                       277

$                           —

$                           —

$                     1,078

Hilton Garden Inn New York/Times Square Central


$                     7,388


$                     1,320

$                       653

$                           —

$                           —

$                     1,973

Hotel Champlain Burlington


$                     8,454


$                     2,440

$                       780

$                           —

$                           —

$                     3,220

Hotel Clio


$                     8,134


$                     1,185

$                       853

$                        620

$                            5

$                     2,663

Hotel Emblem San Francisco


$                     1,369


$                       (271)

$                       295

$                           —

$                           —

$                          24

Kimpton Hotel Palomar Phoenix


$                     4,801


$                       (116)

$                       506

$                           —

$                        193

$                        583

Kimpton Shorebreak Fort Lauderdale Beach Resort


$                     1,473


$                       (752)

$                       366

$                           —

$                           —

$                      (386)

Kimpton Shorebreak Huntington Beach Resort


$                     6,243


$                     2,127

$                       340

$                           —

$                           —

$                     2,467

L'Auberge de Sedona


$                     5,963


$                        482

$                       390

$                           —

$                           —

$                        872

Lake Austin Spa Resort


$                     4,304


$                       (146)

$                       701

$                           —

$                           —

$                        555

Margaritaville Beach House Key West


$                     5,405


$                        566

$                       763

$                           —

$                           —

$                     1,329

Salt Lake City Marriott Downtown at City Creek


$                     7,878


$                     1,700

$                       945

$                           —

$                          11

$                     2,656

The Cliffs at L'Auberge


$                     1,409


$                         (61)

$                         87

$                           —

$                          42

$                          68

The Dagny Boston


$                   11,684


$                     3,575

$                    1,532

$                           —

$                           —

$                     5,107

The Gwen


$                   11,137


$                     2,661

$                       745

$                           —

$                           —

$                     3,406

The Hythe Vail


$                   11,180


$                     2,628

$                    1,168

$                           —

$                           —

$                     3,796

The Landing Lake Tahoe Resort & Spa


$                     5,727


$                     2,424

$                       214

$                           —

$                           —

$                     2,638

The Lindy Renaissance Charleston Hotel


$                     5,152


$                     1,717

$                       362

$                           —

$                           —

$                     2,079

The Lodge at Sonoma Resort


$                     9,283


$                     2,736

$                       492

$                           —

$                           —

$                     3,228

Tranquility Bay Beachfront Resort


$                     4,099


$                        589

$                       456

$                           —

$                           —

$                     1,045

Westin Boston Seaport District


$                   26,731


$                     3,680

$                    2,412

$                     1,949

$                       (122)

$                     7,919

Westin Fort Lauderdale Beach Resort


$                   11,670


$                       (354)

$                    1,046

$                           —

$                           —

$                        692

Westin San Diego Bayview


$                   10,390


$                     2,014

$                    1,361

$                           —

$                           —

$                     3,375

Westin Washington D.C. City Center


$                     7,335


$                        430

$                    1,035

$                           —

$                           —

$                     1,465

Worthington Renaissance Fort Worth Hotel


$                   10,799


$                     1,239

$                       910

$                        701

$                           —

$                     2,850

Total


$                 285,129


$                   48,756

$                  28,356

$                     3,616

$                     1,531

$                   82,259

Add: Prior Ownership Results (2)


$                     3,333


$                        885

$                       324

$                           —

$                           —

$                     1,209

Less: Sold Hotel (3)


$                    (7,335)


$                       (430)

$                   (1,035)

$                           —

$                           —

$                    (1,465)

Comparable Total


$                 281,127


$                   49,211

$                  27,645

$                     3,616

$                     1,531

$                   82,003



(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 the AC Minneapolis Downtown acquired in 2024. 

(3) 

Represents the operating results of the Westin Washington D.C. City Center sold in 2025.  

 

Hotel Adjusted EBITDA Reconciliation - Year to Date 2025



Total Revenues


Net Income / (Loss)

Plus: Depreciation

Plus: Interest
Expense

Plus: Adjustments (1)

Equals: Hotel
Adjusted EBITDA




AC Hotel Minneapolis Downtown


$                  7,423


$                     1,105

$                        893

$                           —

$                               —

$                     1,998

Atlanta Marriott Alpharetta


$                13,609


$                     4,128

$                     1,134

$                           —

$                               —

$                     5,262

Bourbon Orleans Hotel


$                12,506


$                     1,301

$                     3,302

$                           —

$                                9

$                     4,612

Cavallo Point, The Lodge at the Golden Gate


$                34,898


$                     4,200

$                     4,422

$                           —

$                            281

$                     8,903

Chicago Marriott Downtown Magnificent Mile


$                91,482


$                   14,217

$                     9,200

$                          18

$                        (1,192)

$                   22,243

Chico Hot Springs Resort & Day Spa


$                11,917


$                     1,252

$                     1,315

$                           —

$                               (1)

$                     2,566

Courtyard Denver Downtown


$                  9,263


$                     2,634

$                     1,167

$                           —

$                               —

$                     3,801

Courtyard New York Manhattan/Fifth Avenue


$                15,074


$                     1,102

$                     1,028

$                        849

$                            620

$                     3,599

Courtyard New York Manhattan/Midtown East


$                26,031


$                     5,487

$                     1,607

$                           —

$                               —

$                     7,094

Embassy Suites by Hilton Bethesda


$                10,013


$                    (4,538)

$                     1,509

$                           —

$                         4,322

$                     1,293

Havana Cabana Key West


$                  8,192


$                     1,221

$                        779

$                           —

$                               —

$                     2,000

Henderson Beach Resort


$                34,710


$                     6,153

$                     3,334

$                           —

$                               —

$                     9,487

Henderson Park Inn


$                  7,225


$                     2,593

$                        826

$                           —

$                               —

$                     3,419

Hilton Garden Inn New York/Times Square Central


$                20,229


$                     2,400

$                     2,215

$                           —

$                               —

$                     4,615

Hotel Champlain Burlington


$                16,235


$                     1,144

$                     2,357

$                           —

$                               —

$                     3,501

Hotel Clio


$                22,799


$                     2,036

$                     2,549

$                     1,242

$                              14

$                     5,841

Hotel Emblem San Francisco


$                  4,148


$                      (609)

$                        878

$                           —

$                               —

$                        269

Kimpton Hotel Palomar Phoenix


$                16,853


$                     1,448

$                     1,590

$                           —

$                            573

$                     3,611

Kimpton Shorebreak Fort Lauderdale Beach Resort


$                  7,632


$                      (142)

$                     1,111

$                           —

$                               —

$                        969

Kimpton Shorebreak Huntington Beach Resort


$                16,365


$                     4,616

$                     1,023

$                           —

$                               —

$                     5,639

L'Auberge de Sedona


$                22,791


$                     4,945

$                     1,337

$                           —

$                               —

$                     6,282

Lake Austin Spa Resort


$                14,796


$                     2,049

$                     2,154

$                           —

$                               —

$                     4,203

Margaritaville Beach House Key West


$                22,044


$                     6,815

$                     2,286

$                           —

$                               —

$                     9,101

Salt Lake City Marriott Downtown at City Creek


$                28,018


$                     7,456

$                     3,160

$                           —

$                              32

$                   10,648

The Cliffs at L'Auberge


$                  3,220


$                    (1,545)

$                        978

$                           —

$                            126

$                      (441)

The Dagny Boston


$                30,898


$                     6,871

$                     4,706

$                           —

$                               —

$                   11,577

The Gwen


$                30,398


$                     4,257

$                     2,272

$                           —

$                               —

$                     6,529

The Hythe Vail


$                39,795


$                   12,051

$                     3,229

$                           —

$                               —

$                   15,280

The Landing Lake Tahoe Resort & Spa


$                11,469


$                     3,081

$                        954

$                           —

$                               —

$                     4,035

The Lindy Renaissance Charleston Hotel


$                17,911


$                     6,952

$                     1,101

$                           —

$                               —

$                     8,053

The Lodge at Sonoma Resort


$                24,139


$                     6,171

$                     1,452

$                           —

$                               —

$                     7,623

Tranquility Bay Beachfront Resort


$                16,308


$                     3,754

$                     1,405

$                           —

$                               —

$                     5,159

Westin Boston Seaport District


$                77,653


$                     7,875

$                     6,917

$                     5,188

$                           (367)

$                   19,613

Westin Fort Lauderdale Beach Resort


$                49,727


$                     8,732

$                     3,290

$                           —

$                               —

$                   12,022

Westin San Diego Bayview


$                29,820


$                     4,513

$                     4,050

$                           —

$                               —

$                     8,563

Westin Washington D.C. City Center


$                  3,077


$                        330

$                           —

$                           —

$                               —

$                        330

Worthington Renaissance Fort Worth Hotel


$                37,289


$                     7,141

$                     2,858

$                        940

$                               —

$                   10,939

Total


$              845,957


$                 143,196

$                   84,388

$                     8,237

$                         4,417

$                 240,192

Less: Sold Hotel (2)


$                 (3,077)


$                      (330)

$                           —

$                           —

$                               —

$                      (330)

Comparable Total


$              842,880


$                 142,866

$                   84,388

$                     8,237

$                         4,417

$                 239,862



(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 operating results of the Westin Washington D.C. City Center sold in 2025.

 

Hotel Adjusted EBITDA Reconciliation - Year to Date 2024





Net Income /(Loss)

Plus:

Plus:

Plus:

Equals: Hotel



Total Revenues


Depreciation

Interest Expense

Adjustments (1)

Adjusted EBITDA

Atlanta Marriott Alpharetta


$                   12,834


$                     3,517

$                     1,105

$                           —

$                           —

$                     4,622

Bourbon Orleans Hotel


$                   12,619


$                     1,550

$                     2,694

$                           —

$                         (23)

$                     4,221

Cavallo Point, The Lodge at the Golden Gate


$                   35,223


$                     4,283

$                     4,324

$                           —

$                        281

$                     8,888

Chicago Marriott Downtown Magnificent Mile


$                   87,188


$                   15,319

$                     9,685

$                          18

$                    (1,192)

$                   23,830

Chico Hot Springs Resort & Day Spa


$                   11,647


$                        620

$                     1,201

$                           —

$                            4

$                     1,825

Courtyard Denver Downtown


$                     8,907


$                     2,587

$                     1,085

$                           —

$                           —

$                     3,672

Courtyard New York Manhattan/Fifth Avenue


$                   13,391


$                      (239)

$                     1,041

$                           —

$                        760

$                     1,562

Courtyard New York Manhattan/Midtown East


$                   27,378


$                     4,630

$                     1,554

$                     2,086

$                           —

$                     8,270

Embassy Suites by Hilton Bethesda


$                   10,703


$                   (4,368)

$                     1,789

$                           —

$                     4,368

$                     1,789

Havana Cabana Key West


$                     9,310


$                     1,607

$                     1,065

$                           —

$                           —

$                     2,672

Henderson Beach Resort


$                   33,139


$                     4,697

$                     3,249

$                           —

$                           —

$                     7,946

Henderson Park Inn


$                     6,668


$                     2,029

$                        818

$                           —

$                           —

$                     2,847

Hilton Garden Inn New York/Times Square Central


$                   19,628


$                     2,301

$                     1,953

$                           —

$                           —

$                     4,254

Hotel Champlain Burlington


$                   16,841


$                     2,233

$                     1,975

$                           —

$                           —

$                     4,208

Hotel Clio


$                   21,936


$                     1,623

$                     2,497

$                     1,859

$                          14

$                     5,993

Hotel Emblem San Francisco


$                     4,242


$                      (621)

$                        910

$                           —

$                           —

$                        289

Kimpton Hotel Palomar Phoenix


$                   18,527


$                     2,791

$                     1,471

$                           —

$                        584

$                     4,846

Kimpton Shorebreak Fort Lauderdale Beach Resort


$                     7,106


$                      (577)

$                     1,074

$                           —

$                           —

$                        497

Kimpton Shorebreak Huntington Beach Resort


$                   16,997


$                     4,991

$                     1,061

$                           —

$                           —

$                     6,052

L'Auberge de Sedona


$                   23,127


$                     5,303

$                     1,121

$                           —

$                           —

$                     6,424

Lake Austin Spa Resort


$                   15,421


$                     1,550

$                     2,083

$                           —

$                           —

$                     3,633

Margaritaville Beach House Key West


$                   23,317


$                     7,386

$                     2,064

$                           —

$                           —

$                     9,450

Salt Lake City Marriott Downtown at City Creek


$                   25,304


$                     6,425

$                     2,828

$                           —

$                          49

$                     9,302

The Cliffs at L'Auberge


$                     6,020


$                     1,047

$                        265

$                           —

$                        126

$                     1,438

The Dagny Boston


$                   29,043


$                     5,278

$                     4,718

$                           —

$                           —

$                     9,996

The Gwen


$                   28,076


$                     3,722

$                     2,475

$                           —

$                           —

$                     6,197

The Hythe Vail


$                   39,671


$                   12,333

$                     3,520

$                           —

$                           —

$                   15,853

The Landing Lake Tahoe Resort & Spa


$                   11,198


$                     2,967

$                        653

$                           —

$                           —

$                     3,620

The Lindy Renaissance Charleston Hotel


$                   17,153


$                     6,395

$                     1,143

$                           —

$                           —

$                     7,538

The Lodge at Sonoma Resort


$                   22,026


$                     4,471

$                     1,615

$                           —

$                           —

$                     6,086

Tranquility Bay Beachfront Resort


$                   17,150


$                     4,048

$                     1,361

$                           —

$                           —

$                     5,409

Westin Boston Seaport District


$                   77,585


$                     7,568

$                     7,336

$                     5,842

$                       (367)

$                   20,379

Westin Fort Lauderdale Beach Resort


$                   52,237


$                   10,671

$                     3,182

$                           —

$                           —

$                   13,853

Westin San Diego Bayview


$                   26,838


$                     4,099

$                     3,761

$                           —

$                           —

$                     7,860

Westin Washington D.C. City Center


$                   24,830


$                     2,968

$                     3,231

$                           —

$                           —

$                     6,199

Worthington Renaissance Fort Worth Hotel


$                   37,552


$                     6,809

$                     2,635

$                     2,100

$                           —

$                   11,544

Total


$                 850,832


$                 142,013

$                   84,542

$                   11,905

$                     4,604

$                 243,161

Add: Prior Ownership Results (2)


$                     7,833


$                     1,322

$                        972

$                           —

$                           —

$                     2,294

Less: Sold Hotel (3)


$                 (24,830)


$                   (2,968)

$                   (3,231)

$                           —

$                           —

$                   (6,199)

Comparable Total


$                 833,835


$                 140,367

$                   82,283

$                   11,905

$                     4,604

$                 239,256



(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 the AC Minneapolis Downtown acquired in 2024. 

(3) 

Represents the operating results of the Westin Washington D.C. City Center sold in 2025.  

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/diamondrock-hospitality-company-reports-third-quarter-2025-results-302607634.html

SOURCE DiamondRock Hospitality Company


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