Attached files
| file | filename |
|---|---|
| 8-K/A - 8-K/A - Watermark Lodging Trust, Inc. | cwi22015q28-kamarriotsawgr.htm |
| EX-99.1 - EXHIBIT 99.1 - Watermark Lodging Trust, Inc. | exhibit991marriottsawgrass.htm |
| EX-99.2 - EXHIBIT 99.2 - Watermark Lodging Trust, Inc. | exhibit992marriottsawgrass.htm |
Exhibit 99.3
CAREY WATERMARK INVESTORS 2 INCORPORATED
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION
Our pro forma condensed consolidated balance sheet as of March 31, 2015 has been prepared as if the significant transaction during the second quarter of 2015 (noted herein) had occurred as of March 31, 2015. Our pro forma condensed consolidated statements of operations for the three months ended March 31, 2015 and the year ended December 31, 2014 have been prepared based on our historical financial statements as if the significant investment and related financing had occurred on January 1, 2014. We were formed as a Maryland corporation on May 22, 2014, and did not own any properties as of March 31, 2015. Our historical statement of operations represents the results of operations from May 22, 2014 (Inception) to December 31, 2014. Pro forma adjustments are intended to reflect what the effect would have been had we held our ownership interest as of January 1, 2014 on amounts that have been recorded in our historical consolidated statement of operations. In our opinion, all adjustments necessary to reflect the effects of this investment have been made.
The pro forma condensed consolidated financial information for the three months ended March 31, 2015 should be read in conjunction with our historical consolidated financial statements and notes thereto in our Quarterly Report on Form 10-Q for the three months ended March 31, 2015. The pro forma condensed consolidated financial information for the year ended December 31, 2014 should be read in conjunction with our historical consolidated financial statements for the period from inception through December 31, 2014 included in our Registration Statement on Form S-11 (File No. 333-196681) filed on January 16, 2015. The pro forma information is not necessarily indicative of our financial condition had the significant transaction occurred on January 1, 2014, or results of operations had the significant transaction occurred on January 1, 2014, nor are they necessarily indicative of our financial position, cash flows or results of operations of future periods. In addition, the provisional accounting is preliminary and therefore subject to change. Any such changes could have a material effect on the pro forma condensed consolidated financial information.
1 | |
CAREY WATERMARK INVESTORS 2 INCORPORATED | ||||||||||||||
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) | ||||||||||||||
March 31, 2015 | ||||||||||||||
CWI 2 | Marriott Sawgrass | |||||||||||||
Historical | Golf Resort and Spa | Pro Forma | ||||||||||||
Assets | ||||||||||||||
Hotel, at cost | $ | — | $ | 128,880,307 | A | $ | 128,880,307 | |||||||
Cash | 500,050 | (91,463,564 | ) | A | 8,233,315 | |||||||||
66,700,000 | A | |||||||||||||
37,169,579 | A | |||||||||||||
(3,220,429 | ) | A | ||||||||||||
(3,411,177 | ) | A | ||||||||||||
1,958,856 | A | |||||||||||||
Accounts receivable | — | 5,634,553 | A | 5,634,553 | ||||||||||
Restricted cash | — | 3,220,429 | A | 3,220,429 | ||||||||||
Other assets | 1,745,616 | 2,628,593 | A | 4,374,209 | ||||||||||
Total assets | $ | 2,245,666 | $ | 148,097,147 | $ | 150,342,813 | ||||||||
Liabilities and Equity | ||||||||||||||
Liabilities: | ||||||||||||||
Non-recourse debt | $ | — | $ | 66,700,000 | A | $ | 66,700,000 | |||||||
Note payable to affiliate | — | 37,169,579 | A | 37,169,579 | ||||||||||
Due to related parties and affiliates | 2,040,679 | 1,958,856 | A | 3,999,535 | ||||||||||
Accounts payable, accrued expenses and other | 241,370 | 11,921,487 | A | 12,162,857 | ||||||||||
Total liabilities | 2,282,049 | 117,749,922 | 120,031,971 | |||||||||||
Commitments and contingencies | ||||||||||||||
Equity: | ||||||||||||||
CWI 2 stockholders’ equity: | ||||||||||||||
Preferred stock | — | — | — | |||||||||||
Class A common stock | 22 | — | 22 | |||||||||||
Class T common stock | — | — | — | |||||||||||
Additional paid-in capital | 199,978 | — | 199,978 | |||||||||||
Accumulated losses | (536,383 | ) | (3,411,177 | ) | A | (3,947,560 | ) | |||||||
Total CWI 2 stockholders’ deficit | (336,383 | ) | (3,411,177 | ) | (3,747,560 | ) | ||||||||
Noncontrolling interest | 300,000 | 33,758,402 | A | 34,058,402 | ||||||||||
Total (deficit) equity | (36,383 | ) | 30,347,225 | 30,310,842 | ||||||||||
Total liabilities and equity | $ | 2,245,666 | $ | 148,097,147 | $ | 150,342,813 | ||||||||
The accompanying notes are an integral part of these pro forma condensed consolidated financial statements. | ||||||||||||||
2 | |
CAREY WATERMARK INVESTORS 2 INCORPORATED | |||||||||||||||
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) | |||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||
Pro Forma Adjustments (Including Pre-Acquisition Historical Amounts) | |||||||||||||||
CWI 2 | Marriott Sawgrass | ||||||||||||||
Historical | Golf Resort and Spa | Pro Forma | |||||||||||||
Hotel Revenues | |||||||||||||||
Rooms | $ | — | $ | 5,482,494 | B | $ | 5,482,494 | ||||||||
Food and beverage | — | 6,163,814 | B | 6,163,814 | |||||||||||
Other hotel income | — | 1,701,738 | B | 1,701,738 | |||||||||||
Total Revenues | — | 13,348,046 | 13,348,046 | ||||||||||||
Operating Expenses | |||||||||||||||
Hotel Expenses | |||||||||||||||
Rooms | — | 1,325,832 | C | 1,325,832 | |||||||||||
Food and beverage | — | 3,587,055 | C | 3,587,055 | |||||||||||
Other hotel operating expenses | — | 869,433 | C | 869,433 | |||||||||||
Sales and marketing | — | 1,151,943 | C | 1,151,943 | |||||||||||
General and administrative | — | 1,094,477 | C | 1,094,477 | |||||||||||
Repairs and maintenance | — | 621,262 | C | 621,262 | |||||||||||
Utilities | — | 574,683 | C | 574,683 | |||||||||||
Management fees | — | 342,651 | C | 342,651 | |||||||||||
Property taxes, insurance, rent and other | — | 557,329 | C | 557,329 | |||||||||||
Depreciation and amortization | — | 1,034,230 | C | 1,034,230 | |||||||||||
Total Hotel Expenses | — | 11,158,895 | 11,158,895 | ||||||||||||
Other Operating Expenses | |||||||||||||||
Corporate general and administrative expenses | 260,722 | — | 260,722 | ||||||||||||
Acquisition-related expenses | 167,642 | (14,732 | ) | D | 152,910 | ||||||||||
Asset management fees to affiliate and other | — | 104,372 | E | 104,372 | |||||||||||
Total Other Operating Expenses | 428,364 | 89,640 | 518,004 | ||||||||||||
Operating (Loss) Income | (428,364 | ) | 2,099,511 | 1,671,147 | |||||||||||
Other Income and (Expenses) | |||||||||||||||
Interest income (expense) | 15 | (672,003 | ) | F | (671,988 | ) | |||||||||
(Loss) Income from Operations Before Income Taxes | (428,349 | ) | 1,427,508 | 999,159 | |||||||||||
Provision for income taxes | — | (170,778 | ) | G | (170,778 | ) | |||||||||
Net (Loss) Income | (428,349 | ) | 1,256,730 | 828,381 | |||||||||||
Income attributable to noncontrolling interest | — | (673,185 | ) | H | (673,185 | ) | |||||||||
Net (Loss) Income Attributable to CWI 2 Stockholders | $ | (428,349 | ) | $ | 583,545 | $ | 155,196 | ||||||||
Basic and Diluted Net (Loss) Income Per Share | $ | (19.28 | ) | $ | 6.98 | ||||||||||
Basic and Diluted Weighted-Average Shares Outstanding | 22,222 | 22,222 | |||||||||||||
The accompanying notes are an integral part of these pro forma condensed consolidated financial statements. | |||||||||||||||
3 | |
CAREY WATERMARK INVESTORS 2 INCORPORATED | |||||||||||||||
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) | |||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||
Pro Forma Adjustments (Including Pre-Acquisition Historical Amounts) | |||||||||||||||
CWI 2 Historical | |||||||||||||||
May 22, 2014 (Inception) through December 31, 2014 | Marriott Sawgrass Golf Resort and Spa | Pro Forma | |||||||||||||
Hotel Revenues | |||||||||||||||
Rooms | $ | — | $ | 19,695,171 | B | $ | 19,695,171 | ||||||||
Food and beverage | — | 20,032,048 | B | 20,032,048 | |||||||||||
Other hotel income | — | 5,687,654 | B | 5,687,654 | |||||||||||
Total Revenues | — | 45,414,873 | 45,414,873 | ||||||||||||
Operating Expenses | |||||||||||||||
Hotel Expenses | |||||||||||||||
Rooms | — | 5,108,474 | C | 5,108,474 | |||||||||||
Food and beverage | — | 12,100,365 | C | 12,100,365 | |||||||||||
Other hotel operating expenses | — | 3,319,024 | C | 3,319,024 | |||||||||||
Sales and marketing | — | 3,681,196 | C | 3,681,196 | |||||||||||
General and administrative | — | 4,585,133 | C | 4,585,133 | |||||||||||
Repairs and maintenance | — | 2,398,801 | C | 2,398,801 | |||||||||||
Utilities | — | 2,249,728 | C | 2,249,728 | |||||||||||
Management fees | — | 1,160,325 | C | 1,160,325 | |||||||||||
Property taxes, insurance, rent and other | — | 2,346,721 | C | 2,346,721 | |||||||||||
Depreciation and amortization | — | 4,136,921 | C | 4,136,921 | |||||||||||
Total Hotel Expenses | — | 41,086,688 | 41,086,688 | ||||||||||||
Other Operating Expenses | |||||||||||||||
Corporate general and administrative expenses | 108,069 | — | 108,069 | ||||||||||||
Asset management fees to affiliate and other | — | 426,870 | E | 426,870 | |||||||||||
Total Other Operating Expenses | 108,069 | 426,870 | 534,939 | ||||||||||||
Operating (Loss) Income | (108,069 | ) | 3,901,315 | 3,793,246 | |||||||||||
Other Income and (Expenses) | |||||||||||||||
Interest income (expense) | 35 | (3,200,835 | ) | F | (3,200,800 | ) | |||||||||
(Loss) Income from Operations Before Income Taxes | (108,034 | ) | 700,480 | 592,446 | |||||||||||
Provision for income taxes | — | (581,047 | ) | G | (581,047 | ) | |||||||||
Net (Loss) Income | (108,034 | ) | 119,433 | 11,399 | |||||||||||
Income attributable to noncontrolling interest | — | (510,897 | ) | H | (510,897 | ) | |||||||||
Net Loss Attributable to CWI 2 Stockholders | $ | (108,034 | ) | $ | (391,464 | ) | $ | (499,498 | ) | ||||||
Basic and Diluted Net Loss Per Share | $ | (4.86 | ) | $ | (22.48 | ) | |||||||||
Basic and Diluted Weighted-Average Shares Outstanding | 22,222 | 22,222 | |||||||||||||
The accompanying notes are an integral part of these pro forma condensed consolidated financial statements. | |||||||||||||||
4 | |
CAREY WATERMARK INVESTORS 2 INCORPORATED
NOTES TO PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1. Basis of Presentation
The pro forma condensed consolidated balance sheet as of March 31, 2015 and the pro forma condensed consolidated statement of operations for the three months ended March 31, 2015 were derived from our historical unaudited consolidated financial statements included in our Quarterly Report on Form 10-Q as of and for the three months ended March 31, 2015. The pro forma condensed consolidated statement of operations for the year ended December 31, 2014 was derived from our historical consolidated financial statements included in our Registration Statement on Form S-11 (File No. 333-196681) filed on January 16, 2015.
Note 2. Pro Forma Adjustments
A. Investment
On April 1, 2015, we acquired a 50% controlling interest in a joint venture owning the Marriott Sawgrass Golf Resort and Spa from our affiliate, CWI 1, which acquired 100% of the property in October 2014. The joint venture acquired real estate and other hotel assets, net of assumed liabilities and inclusive of contributions from noncontrolling interests totaling $91,463,564. The 511-room resort is located in Ponte Vedra Beach, Florida.
Our investment was financed, in part, by a loan of $37,169,579 from a subsidiary of W. P. Carey Inc., which is the ultimate parent of our advisor, at a rate of LIBOR plus 1.1% and a maturity date of March 31, 2016.
CWI 1 obtained $78,000,000 in non-recourse debt financing at the time of the initial acquisition in October 2014, of which $66,700,000 had been drawn at the acquisition date, at a rate of LIBOR plus 3.85% and a maturity date of November 2019.
The effect of an increase or decrease in interest rates of 1/8% on pro forma interest expense is $20,844 for the three months ended March 31, 2015, and $98,760 and $32,235 for the Predecessor and Successor, respectively, for the year ended December 31, 2014.
In connection with this acquisition, we expensed acquisition costs of $3,411,177, including acquisition fees of $1,995,538 paid to our advisor, which represent 50% of acquisition costs incurred by CWI 1 on its acquisition of the hotel in October 2014. These costs are reflected as a charge to Accumulated losses in the pro forma condensed consolidated balance sheet as of March 31, 2015. We placed $2,687,361 into lender-held escrow accounts in connection with general repair and maintenance of the hotel. Additionally, as required by our lender, we placed $533,068 into lender-held escrow accounts for property taxes and insurance.
Distributions of $1,958,856 that will be paid to CWI 1 primarily representing the income earned from the joint venture owning the Marriott Sawgrass Golf Resort and Spa prior to our acquisition date has been reflected in Due to related parties and affiliates in the pro forma condensed consolidated balance sheet as of March 31, 2015.
Prior to our acquisition of the hotel, a subsidiary of CWI 1 (the "Successor") acquired the Marriott Sawgrass Golf Resort and Spa from MLQ SGR Holdco III, L.L.C. (the "Predecessor") on October 3, 2014.
5 | |
Notes to Pro Forma Condensed Consolidated Financial Statements
The following table presents a preliminary summary of assets acquired and liabilities assumed in this business combination, at the date of acquisition:
Marriott Sawgrass | |||||||
Golf Resort and Spa | |||||||
Acquisition consideration | |||||||
Cash consideration | $ | 91,463,564 | |||||
Assets acquired at fair value: | |||||||
Buildings | $ | 93,551,426 | |||||
Land | 26,400,000 | ||||||
Furniture, fixtures and equipment | 8,131,770 | ||||||
Building and site improvements | 26,913 | ||||||
Construction in progress | 770,198 | ||||||
Accounts receivable | 5,634,553 | ||||||
Other assets | 2,628,593 | ||||||
Liabilities assumed at fair value: | |||||||
Accounts payable, accrued expenses and other | (11,921,487 | ) | |||||
Contributions from noncontrolling interests at fair value | (33,758,402 | ) | |||||
Net assets acquired at fair value | $ | 91,463,564 | |||||
B. Hotel Revenue
Pro forma adjustments for hotel revenue are derived from the historical financial statements of our investment. The following pro forma adjustments for the three months ended March 31, 2015 and the year ended December 31, 2014 represent the incremental hotel revenues that would have been incurred in addition to those presented in our historical financial statements:
Pre-Acquisition Historical | |||||||
Three Months Ended March 31, 2015 | |||||||
Rooms | $ | 5,482,494 | |||||
Food and beverage | 6,163,814 | ||||||
Other hotel income | 1,701,738 | ||||||
$ | 13,348,046 | ||||||
Pre-Acquisition Historical | |||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||
Predecessor | Successor | Total | |||||||||||||
Rooms | $ | 15,477,871 | $ | 4,217,300 | $ | 19,695,171 | |||||||||
Food and beverage | 15,740,757 | 4,291,291 | 20,032,048 | ||||||||||||
Other hotel income | 4,127,024 | 1,560,630 | 5,687,654 | ||||||||||||
$ | 35,345,652 | $ | 10,069,221 | $ | 45,414,873 | ||||||||||
6 | |
Notes to Pro Forma Condensed Consolidated Financial Statements
C. Hotel Expenses
Pro forma adjustments for hotel expenses are derived from the historical financial statements of our investment except for those related to depreciation and amortization, sales and marketing, and management fees as illustrated below. The following pro forma adjustments for the three months ended March 31, 2015 and the year ended December 31, 2014 represent the incremental hotel expenses that would have been incurred in addition to those presented in our historical financial statements:
Pre-Acquisition Historical | |||||||
Three Months Ended March 31, 2015 | |||||||
Rooms | $ | 1,325,832 | |||||
Food and beverage | 3,587,055 | ||||||
Other hotel operating expenses | 869,433 | ||||||
General and administrative | 1,094,477 | ||||||
Repairs and maintenance | 621,262 | ||||||
Utilities | 574,683 | ||||||
Property taxes, insurance, rent and other | 557,329 | ||||||
$ | 8,630,071 | ||||||
Pre-Acquisition Historical | |||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||
Predecessor | Successor | Total | |||||||||||||
Rooms | $ | 3,920,480 | $ | 1,187,994 | $ | 5,108,474 | |||||||||
Food and beverage | 9,285,427 | 2,814,938 | 12,100,365 | ||||||||||||
Other hotel operating expenses | 2,596,487 | 722,537 | 3,319,024 | ||||||||||||
General and administrative | 3,589,559 | 995,574 | 4,585,133 | ||||||||||||
Repairs and maintenance | 1,804,120 | 594,681 | 2,398,801 | ||||||||||||
Utilities | 1,794,326 | 455,402 | 2,249,728 | ||||||||||||
Property taxes, insurance, rent and other | 1,982,489 | 364,232 | 2,346,721 | ||||||||||||
$ | 24,972,888 | $ | 7,135,358 | $ | 32,108,246 | ||||||||||
7 | |
Notes to Pro Forma Condensed Consolidated Financial Statements
Adjusted Hotel Expenses
Pro forma adjustments reflect depreciation and amortization of the acquired assets at fair value on a straight-line basis using the estimated useful lives of the properties (limited to 40 years for buildings and ranging generally from four years up to the remaining life of the building at the time of addition for building improvements), site improvements (generally four to 15 years) and furniture, fixtures and equipment (generally one to 12 years). Pro forma adjustments for sales and marketing and management fees reflect expenses resulting from franchise and management agreements, respectively, entered into upon acquisition. The following pro forma adjustments for the three months ended March 31, 2015 and the year ended December 31, 2014 represent the incremental hotel expenses that would have been incurred in addition to those presented in our historical financial statements:
Three Months Ended | |||||||
March 31, 2015 | |||||||
Sales and marketing - pre-acquisition historical | $ | 1,151,943 | |||||
Sales and marketing - pro forma adjustments | — | ||||||
Sales and marketing - pro forma results | $ | 1,151,943 | |||||
Management fees - pre-acquisition historical | $ | 351,083 | |||||
Management fees - pro forma adjustments | (8,432 | ) | |||||
Management fees - pro forma results | $ | 342,651 | |||||
Depreciation and amortization - pre-acquisition historical | $ | 550,755 | |||||
Depreciation and amortization - pro forma adjustments | 483,475 | ||||||
Depreciation and amortization - pro forma results | $ | 1,034,230 | |||||
Year Ended December 31, 2014 | |||||||||||||||
Predecessor | Successor | Total | |||||||||||||
Sales and marketing - pre-acquisition historical | $ | 3,934,664 | $ | 1,046,082 | $ | 4,980,746 | |||||||||
Sales and marketing - pro forma adjustments | (1,299,550 | ) | — | (1,299,550 | ) | ||||||||||
Sales and marketing - pro forma results | $ | 2,635,114 | $ | 1,046,082 | $ | 3,681,196 | |||||||||
Management fees - pre-acquisition historical | $ | 951,139 | $ | 276,072 | $ | 1,227,211 | |||||||||
Management fees - pro forma adjustments | (35,100 | ) | (31,786 | ) | (66,886 | ) | |||||||||
Management fees - pro forma results | $ | 916,039 | $ | 244,286 | $ | 1,160,325 | |||||||||
Depreciation and amortization - pre-acquisition historical | $ | 4,132,621 | $ | 1,242,875 | $ | 5,375,496 | |||||||||
Depreciation and amortization - pro forma adjustments | (1,007,689 | ) | (230,886 | ) | (1,238,575 | ) | |||||||||
Depreciation and amortization - pro forma results | $ | 3,124,932 | $ | 1,011,989 | $ | 4,136,921 | |||||||||
D. Acquisition-Related Expenses
Acquisition costs of $14,732 related to the Marriott Sawgrass Golf Resort and Spa transaction, which are non-recurring in nature, are reflected in our historical condensed consolidated statement of operations for the three months ended March 31, 2015. We have reflected a pro forma adjustment to exclude this non-recurring charge from our pro forma condensed consolidated statement of operations.
8 | |
Notes to Pro Forma Condensed Consolidated Financial Statements
E. Asset Management Fees
We pay our advisor an annual asset management fee equal to 0.55% of the aggregate average monthly market value of our investments. Pro forma adjustments for such fees are reflected in the accompanying pro forma condensed consolidated statement of operations in order to reflect what the fee would have been had the acquisition of investments occurred on January 1, 2014. The following pro forma adjustments for the three months ended March 31, 2015 and year ended December 31, 2014 represent incremental asset management fees that would have been incurred in addition to asset management fees presented in our historical financial statements:
Three Months Ended | Year Ended | |||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||
Marriott Sawgrass Golf Resort and Spa | $ | 104,372 | $ | 426,870 | ||||||||
F. Interest Expense
The following pro forma adjustments for the three months ended March 31, 2015 and year ended December 31, 2014 represent the incremental interest expense that would have been incurred in addition to the amount presented in our historical financial statements:
Three Months Ended | |||||||
March 31, 2015 | |||||||
Interest expense - pre-acquisition historical | $ | 716,108 | |||||
Interest expense - pro forma adjustments | (44,105 | ) | |||||
Interest expense - pro forma results | $ | 672,003 | |||||
Year Ended December 31, 2014 | |||||||||||||||
Predecessor | Successor | Total | |||||||||||||
Interest expense - pre-acquisition historical | $ | — | $ | 709,363 | $ | 709,363 | |||||||||
Interest expense - pro forma adjustments | 2,412,252 | 79,220 | 2,491,472 | ||||||||||||
Interest expense - pro forma results | $ | 2,412,252 | $ | 788,583 | $ | 3,200,835 | |||||||||
G. Provision for Income Taxes
We have reflected pro forma adjustments related to our investment based upon an estimated effective tax rate, which takes into account the fact that certain activities are taxable and other activities are pass-through items for income tax purposes. The following pro forma adjustments for the three months ended March 31, 2015 and year ended December 31, 2014 reflect the incremental income tax provisions that would have been incurred, based on the new entity structure, in addition to the amounts presented in the historical financial statements, if any:
Three Months Ended | |||||||
March 31, 2015 | |||||||
Provision for income taxes - pre-acquisition historical | $ | — | |||||
Provision for income taxes - pro forma adjustments | 170,778 | ||||||
Provision for income taxes - pro forma results | $ | 170,778 | |||||
9 | |
Notes to Pro Forma Condensed Consolidated Financial Statements
Year Ended December 31, 2014 | |||||||||||||||
Predecessor | Successor | Total | |||||||||||||
Benefit for income taxes - pre-acquisition historical | $ | — | $ | (432,861 | ) | $ | (432,861 | ) | |||||||
Provision for income taxes - pro forma adjustments | 452,219 | 561,689 | 1,013,908 | ||||||||||||
Provision for income taxes - pro forma results | $ | 452,219 | $ | 128,828 | $ | 581,047 | |||||||||
H. Income Attributable to Noncontrolling Interest
The pro forma adjustment to income attributable to noncontrolling interest related to the Marriott Sawgrass Golf Resort and Spa held by CWI 1 was $673,185 and $510,897 for the three months ended March 31, 2015 and year ended December 31, 2014, respectively.
10 | |