Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - STRATEGIC HOTELS & RESORTS, INC | d8k.htm |
| EX-99.1 - PRESS RELEASE - STRATEGIC HOTELS & RESORTS, INC | dex991.htm |
Exhibit 99.2
Strategic Hotels & Resorts
Supplemental Financial Information
March 31, 2010
| Supplemental Financial Information | ||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) | March 31, 2010 |
TABLE OF CONTENTS
| PAGE | ||
| CORPORATE INFORMATION |
||
| The Company |
1 | |
| Board of Directors |
2 | |
| Officers |
3 | |
| Equity Research Coverage |
4 | |
| FINANCIAL HIGHLIGHTS |
||
| Supplemental Financial Data |
5 | |
| Consolidated Statements of Operations |
6 | |
| Consolidated Balance Sheets |
7 | |
| Discontinued Operations |
8 | |
| Investment in the Hotel del Coronado |
9 | |
| Summary of Residential Activity |
10 | |
| Leasehold Information |
11 | |
| Non-GAAP Financial Measures |
12 | |
| Reconciliation of Net Loss Attributable to SHR Common Shareholders to EBITDA and Comparable EBITDA |
13 | |
| Reconciliation of Net Loss Attributable to SHR Common Shareholders to Funds From Operations (FFO), FFO - Fully Diluted and Comparable FFO |
14 | |
| Debt Summary |
15 | |
| PORTFOLIO DATA |
||
| Portfolio at March 31, 2010 |
16 | |
| Seasonality by Geographic Region |
17 | |
| Operating Statistics by Geographic Region |
18 | |
| Selected Financial and Operating Information by Property |
19-23 | |
| Reconciliation of Property EBITDA to EBITDA |
24 | |
| Reconciliation of Property EBITDA to Comparable EBITDA |
25 | |
| Supplemental Financial Information | ||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) | March 31, 2010 |
CORPORATE INFORMATION
The Company
Strategic Hotels & Resorts Inc. (SHR) is an industry-leading owner and asset manager of high-end hotels and resorts. We own a quality portfolio of upper upscale and luxury hotels and resorts in desirable North American and European locations. Our portfolio is currently made up of 17 properties totaling 8,002 rooms. We own unique hotels with complex operations, sophisticated customers and multiple revenue streams. Our properties include large convention hotels, business hotels and resorts, which are managed by internationally recognized hotel management companies.
We believe our asset management expertise is what truly distinguishes us. Asset management is our focus, our core competency, and our competitive advantage. Our business is driven by our team’s depth of knowledge and hands-on expertise in every aspect of the lodging industry. While our focus is to drive top line revenues, we importantly focus on every component of bottom line profitability. We use our experience to make selective, value added acquisitions and recycle capital through thoughtful and planned dispositions. Simply put, we are utilizing our expert management skills in building a great hotel company which we believe will provide attractive returns for our shareholders.
Strategic Hotels & Resorts is a real estate investment trust (REIT) and is traded on the New York Stock Exchange under the symbol BEE.
Fiscal Year End:
December 31
Number of Full-Time Equivalent Employees:
41
Corporate Headquarters:
200 West Madison Street, Suite 1700
Chicago, IL 60606
(312) 658-5000
Company Contacts:
Diane Morefield
Chief Financial Officer
(312) 658-5000
Jonathan Stanner
Vice President, Corporate Finance
(312) 658-5000
1
| Supplemental Financial Information | ||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) | March 31, 2010 |
Board of Directors
William A. Prezant
Chairman of the Board, Corporate Governance and Nominating Committee and Executive Committee
Laurence S. Geller
Director, President and Chief Executive Officer
Robert P. Bowen
Director and Chairman of the Audit Committee
James A. Jeffs
Director and Chairman of the Compensation Committee
Kenneth Fisher
Director
Raymond L. Gellein, Jr.
Director
Richard D. Kincaid
Director
Sir David M.C. Michels
Director
Eugene F. Reilly
Director
2
| Supplemental Financial Information | ||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) | March 31, 2010 |
Officers
Laurence S. Geller
President and Chief Executive Officer
Diane M. Morefield
Executive Vice President, Chief Financial Officer (Principal Financial Officer)
Richard J. Moreau
Executive Vice President, Asset Management
Stephen M. Briggs
Senior Vice President, Chief Accounting Officer (Principal Accounting Officer) & Treasurer
Jayson C. Cyr
Senior Vice President, Internal Audit
Paula C. Maggio
Senior Vice President, Secretary & General Counsel
Robert T. McAllister
Senior Vice President, Tax
Patricia A. Needham
Senior Vice President, Assistant Secretary
John K.T. Barrett
Vice President, Asset Management
Gregory A. Brenner
Vice President, Controller
D. Robert Britt
Vice President, Asset Management
Michael A. Dalton
Vice President, Design
Thomas G. Healy
Vice President, Asset Management
David R. Hogin, Jr.
Vice President, Asset Management
Gregory P. Kennealey
Vice President, Asset Management
Jonathan P. Stanner
Vice President, Corporate Finance
Cory P. Warning
Vice President, Development
3
| Supplemental Financial Information | ||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) | March 31, 2010 |
Equity Research Coverage
| Firm |
Analyst |
Telephone | ||
| Deutsche Bank North America |
Chris Woronka | (212) 250-5815 | ||
| Green Street Advisors, Inc. |
John Arabia | (949) 640-8780 | ||
| JMP Securities |
Will Marks | (415) 835-8944 | ||
| Keefe, Bruyette & Woods |
Smedes Rose | (212) 887-3696 | ||
| Raymond James & Associates |
William Crow | (727) 567-2594 | ||
| Robert W. Baird & Co. |
David Loeb | (414) 765-7063 | ||
| Wells Fargo Securities, LLC |
Jeffrey Donnelly | (617) 603-4262 | ||
Strategic Hotels & Resorts is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Strategic Hotels & Resorts’ performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Strategic Hotels & Resorts or its management. Strategic Hotels & Resorts does not by its reference here imply its endorsement of, or concurrence with, such information, conclusions or recommendations.
4
| Supplemental Financial Information | ||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) | March 31, 2010 |
FINANCIAL HIGHLIGHTS
Supplemental Financial Data
(in thousands, except per share information)
| March 31, 2010 | ||||||||
| Pro Rata Share | Consolidated | |||||||
| Capitalization |
||||||||
| Common shares outstanding |
75,378 | 75,378 | ||||||
| Operating partnership units outstanding |
955 | 955 | ||||||
| Restricted stock units outstanding |
944 | 944 | ||||||
| Combined shares, options and units outstanding |
77,277 | 77,277 | ||||||
| Common stock price at end of period |
$ | 4.25 | $ | 4.25 | ||||
| Common equity capitalization |
$ | 328,427 | $ | 328,427 | ||||
| Preferred equity capitalization (at $25.00 face value) |
370,236 | 370,236 | ||||||
| Consolidated debt (excludes discount on exchangeable senior notes) |
1,654,903 | 1,654,903 | ||||||
| Pro rata share of unconsolidated debt |
282,825 | — | ||||||
| Pro rata share of consolidated debt |
(107,065 | ) | — | |||||
| Cash and cash equivalents |
(96,659 | ) | (96,659 | ) | ||||
| Total enterprise value |
$ | 2,432,667 | $ | 2,256,907 | ||||
| Net Debt / Total Enterprise Value |
71.3 | % | 69.0 | % | ||||
| Preferred Equity / Total Enterprise Value |
15.2 | % | 16.4 | % | ||||
| Common Equity / Total Enterprise Value |
13.5 | % | 14.6 | % | ||||
5
| Supplemental Financial Information | ||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) | Three Months Ended March 31, 2010 and 2009 |
Consolidated Statements of Operations
(in thousands, except per share data)
| Three Months Ended March 31, |
||||||||
| 2010 | 2009 | |||||||
| Revenues: |
||||||||
| Rooms |
$ | 90,019 | $ | 91,092 | ||||
| Food and beverage |
57,896 | 54,629 | ||||||
| Other hotel operating revenue |
20,295 | 25,203 | ||||||
| 168,210 | 170,924 | |||||||
| Lease revenue |
1,187 | 1,120 | ||||||
| Total revenues |
169,397 | 172,044 | ||||||
| Operating Costs and Expenses: |
||||||||
| Rooms |
26,443 | 26,000 | ||||||
| Food and beverage |
42,212 | 40,849 | ||||||
| Other departmental expenses |
50,703 | 52,723 | ||||||
| Management fees |
5,969 | 6,292 | ||||||
| Other hotel expenses |
13,576 | 13,251 | ||||||
| Lease expense |
4,241 | 3,966 | ||||||
| Depreciation and amortization |
35,857 | 32,579 | ||||||
| Impairment losses and other charges |
— | 459 | ||||||
| Corporate expenses |
6,400 | 10,296 | ||||||
| Total operating costs and expenses |
185,401 | 186,415 | ||||||
| Operating loss |
(16,004 | ) | (14,371 | ) | ||||
| Interest expense |
(24,692 | ) | (23,966 | ) | ||||
| Interest income |
158 | 412 | ||||||
| Loss on early extinguishment of debt |
— | (883 | ) | |||||
| Equity in (losses) earnings of joint ventures |
(560 | ) | 139 | |||||
| Foreign currency exchange gain |
6,186 | 1,941 | ||||||
| Other income (expenses), net |
232 | (39 | ) | |||||
| Loss before income taxes and discontinued operations |
(34,680 | ) | (36,767 | ) | ||||
| Income tax benefit (expense) |
778 | (1,532 | ) | |||||
| Loss from continuing operations |
(33,902 | ) | (38,299 | ) | ||||
| (Loss) income from discontinued operations, net of tax |
(709 | ) | 1,631 | |||||
| Net loss |
(34,611 | ) | (36,668 | ) | ||||
| Net loss attributable to the noncontrolling interests in SHR’s operating partnership |
442 | 446 | ||||||
| Net loss attributable to the noncontrolling interests in consolidated affiliates |
1,599 | 753 | ||||||
| Net loss attributable to SHR |
(32,570 | ) | (35,469 | ) | ||||
| Preferred shareholder dividends |
(7,721 | ) | (7,721 | ) | ||||
| Net loss attributable to SHR common shareholders |
$ | (40,291 | ) | $ | (43,190 | ) | ||
| Basic and Diluted Loss Per Share: |
||||||||
| Loss from continuing operations attributable to SHR common shareholders |
$ | (0.52 | ) | $ | (0.59 | ) | ||
| (Loss) income from discontinued operations attributable to SHR |
(0.01 | ) | 0.02 | |||||
| Net loss attributable to SHR common shareholders |
$ | (0.53 | ) | $ | (0.57 | ) | ||
| Weighted average common shares outstanding |
75,572 | 75,166 | ||||||
6
| Supplemental Financial Information | ||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) | March 31, 2010 and December 31, 2009 |
Consolidated Balance Sheets
(in thousands, except share data)
| March 31, 2010 |
December 31, 2009 |
||||||||||
| (4.9 | ) pts | ||||||||||
| RevPAR |
$ | 509.57 | $ | 578.26 | -11.9 | % | |||||
| Total RevPAR |
$ | 905.14 | $ | 946.82 | -4.4 | % | |||||
| Property EBITDA Margin |
44.2 | % | 47.7 | % | (3.5 | ) pts | |||||
| North American Hotels (as of March 31, 2010)
12 Properties 6,166 Rooms
|
| ||||||||||
| Three Months Ended March 31, |
|||||||||||
| 2010 | 2009 | Change | |||||||||
| Average Daily Rate |
$ | 225.97 | $ | 242.65 | -6.9 | % | |||||
| Average Occupancy |
60.8 | % | 59.2 | % | 1.6 | pts | |||||
| RevPAR |
$ | 137.43 | $ | 143.61 | -4.3 | % | |||||
| Total RevPAR |
$ | 267.11 | $ | 277.26 | -3.7 | % | |||||
| Property EBITDA Margin |
15.3 | % | 17.1 | % | (1.8 | ) pts | |||||
| European Hotels (as of March 31, 2010)
4 Properties 1,079 Rooms
|
| ||||||||||
| Three Months Ended March 31, |
|||||||||||
| 2010 | 2009 | Change | |||||||||
| Average Daily Rate |
$ | 279.34 | $ | 256.31 | 9.0 | % | |||||
| Average Occupancy |
62.5 | % | 59.5 | % | 3.0 | pts | |||||
| RevPAR |
$ | 174.52 | $ | 152.46 | 14.5 | % | |||||
| Total RevPAR |
$ | 254.51 | $ | 230.07 | 10.6 | % | |||||
| Property EBITDA Margin |
33.3 | % | 30.7 | % | 2.6 | pts | |||||
18
| Supplemental Financial Information | ||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) | Three Months Ended March 31, 2010 and 2009 |
Selected Financial and Operating Information by Property
(In Thousands, Except Operating Information)
The following tables present selected financial and operating information by property for the three months ended March 31, 2010 and 2009. Property EBITDA reflects property net operating income plus depreciation and amortization.
| Three Months Ended March 31, | |||||||||||
| 2010 | 2009 | Change | |||||||||
| UNITED STATES HOTELS: |
|||||||||||
| FAIRMONT CHICAGO |
|||||||||||
| Selected Financial Information: |
|||||||||||
| Total revenues |
$ | 6,692 | $ | 8,974 | (25.4 | )% | |||||
| Property EBITDA |
$ | (2,729 | ) | $ | (1,580 | ) | (72.7 | )% | |||
| Selected Operating Information: |
|||||||||||
| Rooms |
687 | 687 | — | ||||||||
| Average occupancy |
35.0 | % | 46.7 | % | (11.7 | ) pts | |||||
| ADR |
$ | 164.92 | $ | 172.34 | (4.3 | )% | |||||
| RevPAR |
$ | 57.80 | $ | 80.49 | (28.2 | )% | |||||
| Total RevPAR |
$ | 108.24 | $ | 145.13 | (25.4 | )% | |||||
| FAIRMONT SCOTTSDALE |
|||||||||||
| Selected Financial Information: |
|||||||||||
| Total revenues |
$ | 23,605 | $ | 22,730 | 3.8 | % | |||||
| Property EBITDA |
$ | 5,835 | $ | 5,472 | 6.6 | % | |||||
| Selected Operating Information: |
|||||||||||
| Rooms |
649 | 649 | — | ||||||||
| Average occupancy |
81.4 | % | 69.2 | % | 12.2 | pts | |||||
| ADR |
$ | 235.07 | $ | 253.71 | (7.3 | )% | |||||
| RevPAR |
$ | 191.43 | $ | 175.60 | 9.0 | % | |||||
| Total RevPAR |
$ | 404.13 | $ | 389.14 | 3.9 | % | |||||
| FOUR SEASONS WASHINGTON, D.C. |
|||||||||||
| Selected Financial Information: |
|||||||||||
| Total revenues |
$ | 11,424 | $ | 13,946 | (18.1 | )% | |||||
| Property EBITDA |
$ | 1,240 | $ | 2,707 | (54.2 | )% | |||||
| Selected Operating Information: |
|||||||||||
| Rooms |
222 | 222 | — | ||||||||
| Average occupancy |
63.0 | % | 61.1 | % | 1.9 | pts | |||||
| ADR |
$ | 446.01 | $ | 578.43 | (22.9 | )% | |||||
| RevPAR |
$ | 280.93 | $ | 353.20 | (20.5 | )% | |||||
| Total RevPAR |
$ | 571.75 | $ | 697.99 | (18.1 | )% | |||||
| HOTEL DEL CORONADO |
|||||||||||
| Selected Financial Information (Amounts below are 100% of operations, of which SHR owns 45%): |
| ||||||||||
| Total revenues |
$ | 23,736 | $ | 28,192 | (15.8 | )% | |||||
| Property EBITDA |
$ | 5,554 | $ | 8,506 | (34.7 | )% | |||||
| Selected Operating Information: |
|||||||||||
| Rooms |
757 | 757 | — | ||||||||
| Average occupancy |
53.3 | % | 57.3 | % | (4.0 | ) pts | |||||
| ADR |
$ | 306.38 | $ | 322.98 | (5.1 | )% | |||||
| RevPAR |
$ | 163.31 | $ | 184.94 | (11.7 | )% | |||||
| Total RevPAR |
$ | 348.40 | $ | 413.80 | (15.8 | )% | |||||
19
| Supplemental Financial Information | ||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) | Three Months Ended March 31, 2010 and 2009 |
| Three Months Ended March 31, | |||||||||||
| 2010 | 2009 | Change | |||||||||
| HYATT REGENCY LA JOLLA |
|||||||||||
| Selected Financial Information: |
|||||||||||
| Total revenues |
$ | 7,008 | $ | 8,884 | (21.1 | )% | |||||
| Property EBITDA |
$ | 622 | $ | 1,465 | (57.5 | )% | |||||
| Selected Operating Information: |
|||||||||||
| Rooms |
419 | 419 | — | ||||||||
| Average occupancy |
66.7 | % | 70.3 | % | (3.6 | ) pts | |||||
| ADR |
$ | 143.65 | $ | 162.56 | (11.6 | )% | |||||
| RevPAR |
$ | 95.83 | $ | 114.24 | (16.1 | )% | |||||
| Total RevPAR |
$ | 185.84 | $ | 235.60 | (21.1 | )% | |||||
| INTERCONTINENTAL CHICAGO |
|||||||||||
| Selected Financial Information: |
|||||||||||
| Total revenues |
$ | 7,995 | $ | 11,142 | (28.2 | )% | |||||
| Property EBITDA |
$ | (708 | ) | $ | 569 | (224.4 | )% | ||||
| Selected Operating Information: |
|||||||||||
| Rooms |
792 | 792 | — | ||||||||
| Average occupancy |
48.7 | % | 64.1 | % | (15.4 | ) pts | |||||
| ADR |
$ | 136.44 | $ | 148.31 | (8.0 | )% | |||||
| RevPAR |
$ | 66.44 | $ | 95.07 | (30.1 | )% | |||||
| Total RevPAR |
$ | 112.16 | $ | 156.32 | (28.2 | )% | |||||
| INTERCONTINENTAL MIAMI |
|||||||||||
| Selected Financial Information: |
|||||||||||
| Total revenues |
$ | 16,905 | $ | 14,306 | 18.2 | % | |||||
| Property EBITDA |
$ | 6,293 | $ | 5,130 | 22.7 | % | |||||
| Selected Operating Information: |
|||||||||||
| Rooms |
641 | 641 | — | ||||||||
| Average occupancy |
80.0 | % | 65.7 | % | 14.3 | pts | |||||
| ADR |
$ | 212.24 | $ | 226.29 | (6.2 | )% | |||||
| RevPAR |
$ | 169.83 | $ | 148.64 | 14.3 | % | |||||
| Total RevPAR |
$ | 293.02 | $ | 247.98 | 18.2 | % | |||||
| LOEWS SANTA MONICA BEACH HOTEL |
|||||||||||
| Selected Financial Information: |
|||||||||||
| Total revenues |
$ | 9,753 | $ | 8,654 | 12.7 | % | |||||
| Property EBITDA |
$ | 1,997 | $ | 1,286 | 55.3 | % | |||||
| Selected Operating Information: |
|||||||||||
| Rooms |
342 | 342 | — | ||||||||
| Average occupancy |
80.7 | % | 71.5 | % | 9.2 | pts | |||||
| ADR |
$ | 253.40 | $ | 260.88 | (2.9 | )% | |||||
| RevPAR |
$ | 204.40 | $ | 186.51 | 9.6 | % | |||||
| Total RevPAR |
$ | 316.85 | $ | 281.17 | 12.7 | % | |||||
| MARRIOTT LINCOLNSHIRE RESORT |
|||||||||||
| Selected Financial Information: |
|||||||||||
| Total revenues |
$ | 4,960 | $ | 5,807 | (14.6 | )% | |||||
| Property EBITDA |
$ | (1,052 | ) | $ | (225 | ) | (367.6 | )% | |||
| Selected Operating Information: |
|||||||||||
| Rooms |
389 | 389 | — | ||||||||
| Average occupancy |
35.0 | % | 36.2 | % | (1.2 | ) pts | |||||
| ADR |
$ | 110.01 | $ | 118.22 | (6.9 | )% | |||||
| RevPAR |
$ | 38.46 | $ | 42.84 | (10.2 | )% | |||||
| Total RevPAR |
$ | 151.78 | $ | 177.73 | (14.6 | )% | |||||
20
| Supplemental Financial Information | ||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) | Three Months Ended March 31, 2010 and 2009 |
| Three Months Ended March 31, | |||||||||||
| 2010 | 2009 | Change | |||||||||
| RITZ-CARLTON HALF MOON BAY |
|||||||||||
| Selected Financial Information: |
|||||||||||
| Total revenues |
$ | 10,238 | $ | 8,727 | 17.3 | % | |||||
| Property EBITDA |
$ | 553 | $ | (249 | ) | 322.1 | % | ||||
| Selected Operating Information: |
|||||||||||
| Rooms |
261 | 261 | — | ||||||||
| Average occupancy |
61.5 | % | 43.4 | % | 18.1 | pts | |||||
| ADR |
$ | 270.67 | $ | 276.43 | (2.1 | )% | |||||
| RevPAR |
$ | 166.52 | $ | 120.06 | 38.7 | % | |||||
| Total RevPAR |
$ | 435.86 | $ | 371.51 | 17.3 | % | |||||
| RITZ-CARLTON LAGUNA NIGUEL |
|||||||||||
| Selected Financial Information: |
|||||||||||
| Total revenues |
$ | 11,912 | $ | 12,905 | (7.7 | )% | |||||
| Property EBITDA |
$ | 1,662 | $ | 1,967 | (15.5 | )% | |||||
| Selected Operating Information: |
|||||||||||
| Rooms |
396 | 396 | — | ||||||||
| Average occupancy |
49.4 | % | 47.4 | % | 2.0 | pts | |||||
| ADR |
$ | 310.35 | $ | 353.30 | (12.2 | )% | |||||
| RevPAR |
$ | 153.36 | $ | 167.32 | (8.3 | )% | |||||
| Total RevPAR |
$ | 334.22 | $ | 362.09 | (7.7 | )% | |||||
| WESTIN ST. FRANCIS |
|||||||||||
| Selected Financial Information: |
|||||||||||
| Total revenues |
$ | 23,023 | $ | 22,401 | 2.8 | % | |||||
| Property EBITDA |
$ | 2,583 | $ | 2,659 | (2.9 | )% | |||||
| Selected Operating Information: |
|||||||||||
| Rooms |
1,195 | 1,195 | — | ||||||||
| Average occupancy |
65.1 | % | 59.4 | % | 5.7 | pts | |||||
| ADR |
$ | 179.45 | $ | 195.33 | (8.1 | )% | |||||
| RevPAR |
$ | 116.86 | $ | 116.06 | 0.7 | % | |||||
| Total RevPAR |
$ | 214.06 | $ | 208.28 | 2.8 | % | |||||
21
| Supplemental Financial Information | ||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) | Three Months Ended March 31, 2010 and 2009 |
| Three Months Ended March 31, | |||||||||||
| 2010 | 2009 | Change | |||||||||
| MEXICAN HOTEL: |
|||||||||||
| FOUR SEASONS PUNTA MITA RESORT |
|||||||||||
| Selected Financial Information: |
|||||||||||
| Total revenues |
$ | 14,093 | $ | 14,742 | (4.4 | )% | |||||
| Property EBITDA |
$ | 6,230 | $ | 7,025 | (11.3 | )% | |||||
| Selected Operating Information: |
|||||||||||
| Rooms |
173 | 173 | — | ||||||||
| Average occupancy |
63.4 | % | 68.3 | % | (4.9 | ) pts | |||||
| ADR |
$ | 804.01 | $ | 846.59 | (5.0 | )% | |||||
| RevPAR |
$ | 509.57 | $ | 578.26 | (11.9 | )% | |||||
| Total RevPAR |
$ | 905.14 | $ | 946.82 | (4.4 | )% | |||||
22
| Supplemental Financial Information | ||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) | Three Months Ended March 31, 2010 and 2009 |
| Three Months Ended March 31, | |||||||||||
| 2010 | 2009 | Change | |||||||||
| EUROPEAN HOTELS: |
|||||||||||
| INTERCONTINENTAL PRAGUE |
|||||||||||
| Selected Financial Information: |
|||||||||||
| Total revenues |
$ | 5,160 | $ | 5,978 | (13.7 | )% | |||||
| Property EBITDA |
$ | 905 | $ | 1,373 | (34.1 | )% | |||||
| Selected Operating Information: |
|||||||||||
| Rooms |
372 | 372 | — | ||||||||
| Average Occupancy |
46.1 | % | 47.3 | % | (1.2 | ) pts | |||||
| ADR |
$ | 165.94 | $ | 181.82 | (8.7 | )% | |||||
| RevPAR |
$ | 76.55 | $ | 85.93 | (10.9 | )% | |||||
| Total RevPAR |
$ | 154.12 | $ | 178.55 | (13.7 | )% | |||||
| MARRIOTT HAMBURG |
|||||||||||
| Selected Financial Information: |
|||||||||||
| Total revenues |
$ | 4,112 | $ | 4,637 | (11.3 | )% | |||||
| Property EBITDA |
$ | 1,393 | $ | 1,353 | 3.0 | % | |||||
| Selected Operating Information: |
|||||||||||
| Rooms |
278 | 278 | — | ||||||||
| Average occupancy |
64.8 | % | 77.2 | % | (12.4 | ) pts | |||||
| ADR |
$ | 177.09 | $ | 159.07 | 11.3 | % | |||||
| RevPAR |
$ | 114.80 | $ | 122.85 | (6.6 | )% | |||||
| Total RevPAR |
$ | 164.33 | $ | 185.33 | (11.3 | )% | |||||
| MARRIOTT LONDON GROSVENOR SQUARE |
|||||||||||
| Selected Financial Information: |
|||||||||||
| Total revenues |
$ | 7,083 | $ | 4,965 | 42.7 | % | |||||
| Property EBITDA |
$ | 2,528 | $ | 1,531 | 65.1 | % | |||||
| Selected Operating Information: |
|||||||||||
| Rooms |
237 | 237 | — | ||||||||
| Average occupancy |
76.2 | % | 55.7 | % | 20.5 | pts | |||||
| ADR |
$ | 304.37 | $ | 277.12 | 9.8 | % | |||||
| RevPAR |
$ | 231.93 | $ | 154.25 | 50.4 | % | |||||
| Total RevPAR |
$ | 332.08 | $ | 232.79 | 42.7 | % | |||||
| PARIS MARRIOTT CHAMPS ELYSEES |
|||||||||||
| Selected Financial Information: |
|||||||||||
| Total revenues |
$ | 8,361 | $ | 6,762 | 23.6 | % | |||||
| Property EBITDA |
$ | 3,405 | $ | 2,607 | 30.6 | % | |||||
| Selected Operating Information: |
|||||||||||
| Rooms |
192 | 192 | — | ||||||||
| Average occupancy |
73.8 | % | 62.2 | % | 11.6 | pts | |||||
| ADR |
$ | 514.77 | $ | 517.88 | (0.6 | )% | |||||
| RevPAR |
$ | 379.97 | $ | 322.00 | 18.0 | % | |||||
| Total RevPAR |
$ | 483.84 | $ | 391.32 | 23.6 | % | |||||
23
| Supplemental Financial Information | ||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) | Three Months Ended March 31, 2010 and 2009 |
Reconciliation of Property EBITDA to EBITDA
(in thousands)
| Three Months Ended March 31, | ||||||||||||||||
| 2010 | 2009 | |||||||||||||||
| Hotel |
Property EBITDA |
EBITDA | Property EBITDA |
EBITDA | ||||||||||||
| Fairmont Chicago |
$ | (2,729 | ) | $ | (2,729 | ) | $ | (1,580 | ) | $ | (1,580 | ) | ||||
| Fairmont Scottsdale |
5,835 | 5,835 | 5,472 | 5,472 | ||||||||||||
| Four Seasons Washington, D.C. |
1,240 | 1,240 | 2,707 | 2,707 | ||||||||||||
| Hotel del Coronado (a) |
5,554 | — | 8,506 | — | ||||||||||||
| Hyatt Regency La Jolla |
622 | 622 | 1,465 | 1,465 | ||||||||||||
| InterContinental Chicago |
(708 | ) | (708 | ) | 569 | 569 | ||||||||||
| InterContinental Miami |
6,293 | 6,293 | 5,130 | 5,130 | ||||||||||||
| Loews Santa Monica Beach Hotel |
1,997 | 1,997 | 1,286 | 1,286 | ||||||||||||
| Marriott Lincolnshire Resort |
(1,052 | ) | (1,052 | ) | (225 | ) | (225 | ) | ||||||||
| Ritz-Carlton Half Moon Bay |
553 | 553 | (249 | ) | (249 | ) | ||||||||||
| Ritz-Carlton Laguna Niguel |
1,662 | 1,662 | 1,967 | 1,967 | ||||||||||||
| Westin St. Francis |
2,583 | 2,583 | 2,659 | 2,659 | ||||||||||||
| Four Seasons Punta Mita Resort |
6,230 | 6,230 | 7,025 | 7,025 | ||||||||||||
| InterContinental Prague |
905 | 905 | 1,373 | 1,373 | ||||||||||||
| Marriott Hamburg (b) |
1,393 | (8 | ) | 1,353 | 18 | |||||||||||
| Marriott London Grosvenor Square |
2,528 | 2,528 | 1,531 | 1,531 | ||||||||||||
| Paris Marriott Champs Elysees (c) |
3,405 | 358 | 2,607 | (255 | ) | |||||||||||
| $ | 36,311 | $ | 26,309 | $ | 41,596 | $ | 28,893 | |||||||||
| Adjustments: |
||||||||||||||||
| Impairment losses and other charges |
$ | — | $ | (459 | ) | |||||||||||
| Corporate expenses |
(6,400 | ) | (10,296 | ) | ||||||||||||
| Interest income |
158 | 412 | ||||||||||||||
| Loss on early extinguishment of debt |
— | (883 | ) | |||||||||||||
| Equity in (losses) earnings of joint ventures |
(560 | ) | 139 | |||||||||||||
| Foreign currency exchange gain |
6,186 | 1,941 | ||||||||||||||
| Other income (expenses), net |
232 | (39 | ) | |||||||||||||
| (Loss) income from discontinued operations |
(709 | ) | 1,631 | |||||||||||||
| Depreciation expense - discontinued operations |
— | 1,524 | ||||||||||||||
| Income taxes - discontinued operations |
— | (1,432 | ) | |||||||||||||
| Noncontrolling interest in consolidated affiliates |
1,599 | 753 | ||||||||||||||
| Adjustments from consolidated affiliates |
(1,482 | ) | (1,564 | ) | ||||||||||||
| Adjustments from unconsolidated affiliates |
3,402 | 3,899 | ||||||||||||||
| Other adjustments |
(56 | ) | 70 | |||||||||||||
| EBITDA |
$ | 28,679 | $ | 24,589 | ||||||||||||
| (a) | We account for this property under the equity method of accounting. Therefore, EBITDA related to our 45% interest in this property is reflected in adjustments from unconsolidated affiliates. Property EBITDA represents 100% of revenue and expenses generated by the property. |
| (b) | We have a leasehold interest in this property. Therefore, EBITDA represents the lease revenue less the lease expense recorded in our statements. Property EBITDA represents the revenue less expenses generated by the property. |
| (c) | We have a leasehold interest in this property. Therefore, EBITDA represents revenue less lease expense and expenses generated by the property. Property EBITDA represents the revenue less expenses generated by the property. |
24
| Supplemental Financial Information | ||
| Strategic Hotels & Resorts, Inc. and Subsidiaries (SHR) | Three Months Ended March 31, 2010 |
Reconciliation of Property EBITDA to Comparable EBITDA
(in thousands)
| Three Months Ended March 31, 2010 | ||||||||||||
| Property EBITDA |
Adjustments | Comparable EBITDA |
||||||||||
| Meetings & Business Hotels: |
||||||||||||
| Fairmont Chicago |
$ | (2,729 | ) | $ | — | $ | (2,729 | ) | ||||
| Fairmont Scottsdale |
5,835 | — | 5,835 | |||||||||
| Four Seasons Washington, D.C. |
1,240 | — | 1,240 | |||||||||
| Hyatt Regency La Jolla |
622 | (305 | ) | 317 | ||||||||
| InterContinental Chicago |
(708 | ) | 347 | (361 | ) | |||||||
| InterContinental Miami |
6,293 | — | 6,293 | |||||||||
| Westin St. Francis |
2,583 | — | 2,583 | |||||||||
| Total Meetings & Business Hotels |
13,136 | 42 | 13,178 | |||||||||
| Ocean Front Resorts: |
||||||||||||
| Four Seasons Punta Mita Resort |
6,230 | — | 6,230 | |||||||||
| Hotel del Coronado |
5,554 | (3,118 | ) | 2,436 | ||||||||
| Loews Santa Monica Beach Hotel |
1,997 | — | 1,997 | |||||||||
| Ritz-Carlton Half Moon Bay |
553 | — | 553 | |||||||||
| Ritz-Carlton Laguna Niguel |
1,662 | — | 1,662 | |||||||||
| Total Ocean Front Resorts |
15,996 | (3,118 | ) | 12,878 | ||||||||
| European Hotels: |
||||||||||||
| InterContinental Prague |
905 | — | 905 | |||||||||
| Marriott Hamburg |
1,393 | (1,455 | ) | (62 | ) | |||||||
| Marriott London Grosvenor Square |
2,528 | — | 2,528 | |||||||||
| Paris Marriott Champs Elysees |
3,405 | (4,211 | ) | (806 | ) | |||||||
| Total European Hotels |
8,231 | (5,666 | ) | 2,565 | ||||||||
| Non-Core Assets: |
||||||||||||
| Marriott Lincolnshire Resort |
(1,052 | ) | — | (1,052 | ) | |||||||
| Total Non-Core Assets |
(1,052 | ) | — | (1,052 | ) | |||||||
| $ | 36,311 | $ | (8,742 | ) | $ | 27,569 | ||||||
| % of QTD Comparable EBITDA |
|||
| Meetings & Business Hotels |
48 | % | |
| Ocean Front Resorts |
47 | % | |
| European Hotels |
9 | % | |
| Non-Core Assets |
-4 | % | |
| Total |
100 | % | |
25