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| 8-K - 8-K - Braemar Hotels & Resorts Inc. | bhr2020q3businessupdat.htm |
EXHIBIT 99.1
NEWS RELEASE
Contact: | Deric Eubanks | Jordan Jennings | Joseph Calabrese |
Chief Financial Officer | Investor Relations | Financial Relations Board | |
(972) 490-9600 | (972) 778-9487 | (212) 827-3772 | |
BRAEMAR HOTELS & RESORTS PROVIDES BUSINESS UPDATE
Completes Forbearance Agreement on Hilton Hotel Joint Venture Loan
DALLAS, September 24, 2020 - Braemar Hotels & Resorts Inc. (NYSE: BHR) (the “Company” or “Braemar”) today provided an update on its hotel operations. The table provided in this release includes monthly operating information for the Company’s portfolio since April. These results include days the hotels and resorts were open and operating during the months presented.
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
MONTHLY OPERATING INFORMATION
(unaudited)
All hotels operating in the month | April | May | June | July | August | |||||||||||||||
Resort | ||||||||||||||||||||
Number of hotels | 1 | 2 | 8 | 8 | 8 | |||||||||||||||
Number of rooms | 266 | 660 | 1,487 | 1,487 | 1,487 | |||||||||||||||
Room nights available | 7,980 | 9,428 | 35,745 | 46,097 | 46,097 | |||||||||||||||
Occupancy | 6.3 | % | 13.0 | % | 30.1 | % | 51.7 | % | 50.4 | % | ||||||||||
Average daily rate | $ | 314.49 | $ | 338.68 | $ | 334.23 | $ | 384.44 | $ | 350.52 | ||||||||||
RevPAR | $ | 19.90 | $ | 43.90 | $ | 100.73 | $ | 198.65 | $ | 176.64 | ||||||||||
Hotel EBITDA (in thousands) | $ | (397 | ) | $ | 202 | $ | (1,218 | ) | $ | 3,589 | $ | 1,507 | ||||||||
Urban | ||||||||||||||||||||
Number of hotels | 1 | 1 | 3 | 3 | 4 | |||||||||||||||
Number of rooms | 499 | 499 | 1,275 | 1,275 | 1,825 | |||||||||||||||
Room nights available | 14,970 | 15,469 | 25,436 | 39,525 | 46,125 | |||||||||||||||
Occupancy | 7.7 | % | 6.9 | % | 10.1 | % | 19.9 | % | 14.0 | % | ||||||||||
Average daily rate | $ | 145.68 | $ | 147.73 | $ | 147.18 | $ | 164.58 | $ | 166.26 | ||||||||||
RevPAR | $ | 11.17 | $ | 10.23 | $ | 14.89 | $ | 32.74 | $ | 23.23 | ||||||||||
Hotel EBITDA (in thousands) | $ | (370 | ) | $ | (290 | ) | $ | (1,545 | ) | $ | (937 | ) | $ | (1,017 | ) | |||||
All | ||||||||||||||||||||
Number of hotels in operation | 2 | 3 | 11 | 11 | 12 | |||||||||||||||
Number of rooms in operation | 765 | 1,159 | 2,762 | 2,762 | 3,312 | |||||||||||||||
Room nights available | 22,950 | 24,897 | 61,181 | 85,622 | 92,222 | |||||||||||||||
Occupancy | 7.2 | % | 10.4 | % | 20.9 | % | 37.0 | % | 30.3 | % | ||||||||||
Average daily rate | $ | 197.25 | $ | 283.75 | $ | 292.43 | $ | 329.88 | $ | 303.75 | ||||||||||
RevPAR | $ | 14.21 | $ | 29.40 | $ | 61.10 | $ | 122.06 | $ | 92.10 | ||||||||||
Hotel EBITDA - operating hotels (in thousands) | $ | (767 | ) | $ | (88 | ) | $ | (2,763 | ) | $ | 2,652 | $ | 490 | |||||||
Hotel EBITDA - suspended hotel operations (in thousands) | $ | (5,326 | ) | $ | (4,976 | ) | $ | (1,883 | ) | $ | (1,283 | ) | $ | (660 | ) | |||||
Hotel EBITDA - all hotels (in thousands) | $ | (6,093 | ) | $ | (5,064 | ) | $ | (4,646 | ) | $ | 1,369 | $ | (170 | ) | ||||||
(1) | The above information, excluding Hotel EBITDA, does not include the operations of ten condominium units not owned by the Lake Tahoe Ritz-Carlton. |
(2) | See Exhibit 1 for reconciliation of net income (loss) to hotel EBITDA |
The Company also announced that it has signed a forbearance agreement on its mortgage loan on the Capital Hilton and Hilton La Jolla Torrey Pines. Both properties are currently operational, with the Capital Hilton reopening to guests on August 20th after a temporary suspension of operations due to lack of demand as a result of governmental closure orders. The forbearance agreement allows the Company to defer interest on the loan for a period of six months through the September payment date. The forbearance agreement also allows the Company to utilize lender and manager-held reserve accounts, which are included in restricted cash on the Company’s balance sheet, in order to fund operating shortfalls at the hotels.
Additionally, the Company has signed an agreement allowing it to utilize lender and manager-held reserve accounts to fund operating shortfalls for its mortgage loan on the Chicago Sofitel Magnificent Mile, Courtyard San Francisco Downtown, Seattle Marriott Waterfront and The Notary Hotel.
“We are happy to announce our recent property performance and the signing of these agreements,” commented Richard J. Stockton, Braemar’s President and Chief Executive Officer. “With these agreements in place, we are now out of default on all of our loans, and our present intention is to remain current on these obligations going forward. The cooperation we achieved with our lenders has given us the necessary time needed for our portfolio’s recovery to commence. We reached an important milestone in July, achieving positive Hotel EBITDA across our portfolio, driven by the strong occupancy performance of over 50% at our leisure properties for the month. As our portfolio continues to benefit from its focus on leisure demand, and with the flexibility we have agreed with our lenders, we have in place the appropriate runway to get back to positive cash flow.”
* * * * *
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts.
Ashford has created an Ashford App for the hospitality REIT investor community. The Ashford App is available for free download at Apple’s App Store and the Google Play Store by searching “Ashford.”
Certain statements and assumptions in this press release contain or are based upon "forward-looking" information and are being made pursuant to the safe harbor provisions of the federal securities regulations. When we use the words "will likely result," "may," "anticipate," "estimate," "should," "expect," "believe," "intend," or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Braemar’s control.
These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: the impact of COVID-19 on our business and investment strategy; anticipated or expected purchases or sales of assets; our projected operating results; completion of any pending transactions; our ability to obtain future financing arrangements or restructure existing property level indebtedness; our understanding of our competition; market trends; projected capital expenditures; and the impact of technology on our operations and business. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. These and other risk factors are more fully discussed in Braemar’s filings with the Securities and Exchange Commission.
The forward-looking statements included in this press release are only made as of the date of this press release. The Company can give no assurance that these forward-looking statements will be attained or that any deviation will not occur. We are not obligated to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise.
2
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Month Ended April 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Hilton Washington D.C. | La Jolla Hilton Torrey Pines | Chicago Sofitel Magnificent Mile | Bardessono Hotel & Spa | Key West Pier House Resort | Hotel Yountville | Park Hyatt Beaver Creek | The Notary Hotel | San Francisco Courtyard Downtown | Sarasota Ritz-Carlton | Lake Tahoe Ritz-Carlton | Seattle Marriott Waterfront | St. Thomas Ritz-Carlton | Hotel Total | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (1,415 | ) | $ | (1,036 | ) | $ | (1,098 | ) | $ | (926 | ) | $ | (799 | ) | $ | (624 | ) | $ | (977 | ) | $ | (1,092 | ) | $ | (1,788 | ) | $ | (1,245 | ) | $ | (902 | ) | $ | (614 | ) | $ | (1,140 | ) | $ | (13,656 | ) | |||||||||||||
Interest income | — | (2 | ) | — | — | — | — | — | — | (1 | ) | (2 | ) | — | (2 | ) | — | (7 | ) | ||||||||||||||||||||||||||||||||||||
Interest expense | — | — | — | 119 | 189 | 150 | 198 | — | — | 306 | 139 | — | 175 | 1,276 | |||||||||||||||||||||||||||||||||||||||||
Amortization of loan cost | — | — | — | 12 | 23 | 13 | — | — | — | 28 | 11 | — | 9 | 96 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 636 | 447 | 552 | 286 | 233 | 203 | 406 | 722 | 985 | 491 | 225 | 324 | 543 | 6,053 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 22 | 3 | 3 | 37 | 1 | 4 | (1 | ) | — | 2 | 25 | 47 | 2 | — | 145 | ||||||||||||||||||||||||||||||||||||||||
Hotel EBITDA | $ | (757 | ) | $ | (588 | ) | $ | (543 | ) | $ | (472 | ) | $ | (353 | ) | $ | (254 | ) | $ | (374 | ) | $ | (370 | ) | $ | (802 | ) | $ | (397 | ) | $ | (480 | ) | $ | (290 | ) | $ | (413 | ) | $ | (6,093 | ) | |||||||||||||
Hotel EBITDA - operating hotels | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (370 | ) | $ | — | $ | (397 | ) | $ | — | $ | — | $ | — | $ | (767 | ) | ||||||||||||||||||||||||
Hotel EBITDA - suspended hotel operations | (757 | ) | (588 | ) | (543 | ) | (472 | ) | (353 | ) | (254 | ) | (374 | ) | — | (802 | ) | — | (480 | ) | (290 | ) | (413 | ) | (5,326 | ) | |||||||||||||||||||||||||||||
Hotel EBITDA - all hotels | $ | (757 | ) | $ | (588 | ) | $ | (543 | ) | $ | (472 | ) | $ | (353 | ) | $ | (254 | ) | $ | (374 | ) | $ | (370 | ) | $ | (802 | ) | $ | (397 | ) | $ | (480 | ) | $ | (290 | ) | $ | (413 | ) | $ | (6,093 | ) | |||||||||||||
3
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Month Ended May 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Hilton Washington D.C. | La Jolla Hilton Torrey Pines | Chicago Sofitel Magnificent Mile | Bardessono Hotel & Spa | Key West Pier House Resort | Hotel Yountville | Park Hyatt Beaver Creek | The Notary Hotel | San Francisco Courtyard Downtown | Sarasota Ritz-Carlton | Lake Tahoe Ritz-Carlton | Seattle Marriott Waterfront | St. Thomas Ritz-Carlton | Hotel Total | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (1,206 | ) | $ | (1,162 | ) | $ | (1,309 | ) | $ | (814 | ) | $ | (737 | ) | $ | (562 | ) | $ | (1,481 | ) | $ | (1,029 | ) | $ | (1,513 | ) | $ | (42 | ) | $ | (978 | ) | $ | (638 | ) | $ | (1,175 | ) | $ | (12,646 | ) | |||||||||||||
Non-property adjustments | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Interest income | (1 | ) | — | — | — | — | — | — | — | (1 | ) | (2 | ) | — | (1 | ) | — | (5 | ) | ||||||||||||||||||||||||||||||||||||
Interest expense | — | — | — | 101 | 153 | 128 | 187 | — | — | 260 | 115 | — | 181 | 1,125 | |||||||||||||||||||||||||||||||||||||||||
Amortization of loan cost | — | — | — | 12 | 23 | 13 | — | — | — | 28 | 11 | — | 9 | 96 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 636 | 446 | 552 | 285 | 233 | 203 | 406 | 722 | 985 | 491 | 225 | 324 | 543 | 6,051 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 18 | 5 | 9 | 38 | 3 | 5 | — | 17 | 1 | 178 | 39 | 2 | — | 315 | |||||||||||||||||||||||||||||||||||||||||
Hotel EBITDA | $ | (553 | ) | $ | (711 | ) | $ | (748 | ) | $ | (378 | ) | $ | (325 | ) | $ | (213 | ) | $ | (888 | ) | $ | (290 | ) | $ | (528 | ) | $ | 913 | $ | (588 | ) | $ | (313 | ) | $ | (442 | ) | $ | (5,064 | ) | ||||||||||||||
Hotel EBITDA - operating hotels | $ | — | $ | (711 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (290 | ) | $ | — | $ | 913 | $ | — | $ | — | $ | — | $ | (88 | ) | ||||||||||||||||||||||||
Hotel EBITDA - suspended hotel operations | (553 | ) | — | (748 | ) | (378 | ) | (325 | ) | (213 | ) | (888 | ) | — | (528 | ) | — | (588 | ) | (313 | ) | (442 | ) | (4,976 | ) | ||||||||||||||||||||||||||||||
Hotel EBITDA - all hotels | $ | (553 | ) | $ | (711 | ) | $ | (748 | ) | $ | (378 | ) | $ | (325 | ) | $ | (213 | ) | $ | (888 | ) | $ | (290 | ) | $ | (528 | ) | $ | 913 | $ | (588 | ) | $ | (313 | ) | $ | (442 | ) | $ | (5,064 | ) | ||||||||||||||
4
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Month Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Hilton Washington D.C. | La Jolla Hilton Torrey Pines | Chicago Sofitel Magnificent Mile | Bardessono Hotel & Spa | Key West Pier House Resort | Hotel Yountville | Park Hyatt Beaver Creek | The Notary Hotel | San Francisco Courtyard Downtown | Sarasota Ritz-Carlton | Lake Tahoe Ritz-Carlton | Seattle Marriott Waterfront | St. Thomas Ritz-Carlton | Hotel Total | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (1,288 | ) | $ | (47 | ) | $ | (1,009 | ) | $ | (454 | ) | $ | (274 | ) | $ | (482 | ) | $ | (1,793 | ) | $ | (1,209 | ) | $ | (1,616 | ) | $ | (386 | ) | $ | (1,075 | ) | $ | (868 | ) | $ | (1,269 | ) | $ | (11,770 | ) | |||||||||||||
Non-property adjustments | — | — | — | 100 | 200 | 128 | — | — | — | 250 | 135 | — | — | 813 | |||||||||||||||||||||||||||||||||||||||||
Interest income | — | — | — | — | — | — | — | — | (1 | ) | (2 | ) | — | (1 | ) | — | (4 | ) | |||||||||||||||||||||||||||||||||||||
Interest expense | — | — | — | 93 | 140 | 119 | 1,093 | — | — | 443 | 106 | — | 175 | 2,169 | |||||||||||||||||||||||||||||||||||||||||
Amortization of loan cost | — | — | — | 12 | 23 | 13 | — | — | — | 28 | 11 | — | 9 | 96 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 638 | 459 | 563 | 305 | 277 | 204 | 414 | 725 | 995 | 501 | 245 | 327 | 795 | 6,448 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | (806 | ) | — | — | — | — | — | 2 | — | — | — | — | — | (804 | ) | |||||||||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | (683 | ) | (2 | ) | (24 | ) | 9 | (19 | ) | (12 | ) | (138 | ) | 38 | 72 | (140 | ) | 8 | (89 | ) | (614 | ) | (1,594 | ) | |||||||||||||||||||||||||||||||
Hotel EBITDA | $ | (1,333 | ) | $ | (396 | ) | $ | (470 | ) | $ | 65 | $ | 347 | $ | (30 | ) | $ | (424 | ) | $ | (444 | ) | $ | (550 | ) | $ | 694 | $ | (570 | ) | $ | (631 | ) | $ | (904 | ) | $ | (4,646 | ) | ||||||||||||||||
Hotel EBITDA - operating hotels | $ | — | $ | (396 | ) | $ | (470 | ) | $ | 65 | $ | 347 | $ | (30 | ) | $ | (424 | ) | $ | (444 | ) | $ | — | $ | 694 | $ | (570 | ) | $ | (631 | ) | $ | (904 | ) | $ | (2,763 | ) | ||||||||||||||||||
Hotel EBITDA - suspended hotel operations | (1,333 | ) | — | — | — | — | — | — | — | (550 | ) | — | — | — | — | (1,883 | ) | ||||||||||||||||||||||||||||||||||||||
Hotel EBITDA - all hotels | $ | (1,333 | ) | $ | (396 | ) | $ | (470 | ) | $ | 65 | $ | 347 | $ | (30 | ) | $ | (424 | ) | $ | (444 | ) | $ | (550 | ) | $ | 694 | $ | (570 | ) | $ | (631 | ) | $ | (904 | ) | $ | (4,646 | ) | ||||||||||||||||
5
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Month Ended July 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Hilton Washington D.C. | La Jolla Hilton Torrey Pines | Chicago Sofitel Magnificent Mile | Bardessono Hotel & Spa | Key West Pier House Resort | Hotel Yountville | Park Hyatt Beaver Creek | The Notary Hotel | San Francisco Courtyard Downtown | Sarasota Ritz-Carlton | Lake Tahoe Ritz-Carlton | Seattle Marriott Waterfront | St. Thomas Ritz-Carlton | Hotel Total | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (1,265 | ) | $ | 161 | $ | (949 | ) | $ | 106 | $ | 121 | $ | (196 | ) | $ | (572 | ) | $ | (862 | ) | $ | (1,537 | ) | $ | (142 | ) | $ | 201 | $ | (514 | ) | $ | 226 | $ | (5,222 | ) | ||||||||||||||||||
Non-property adjustments | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Interest income | — | — | — | — | — | — | — | — | (1 | ) | (2 | ) | — | (1 | ) | — | (4 | ) | |||||||||||||||||||||||||||||||||||||
Interest expense | — | — | — | 96 | 145 | 123 | 173 | — | — | 250 | 109 | — | 181 | 1,077 | |||||||||||||||||||||||||||||||||||||||||
Amortization of loan cost | — | — | — | 12 | 24 | 13 | 2 | — | — | 28 | 11 | — | 9 | 99 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 629 | 394 | 553 | 228 | 243 | 203 | 408 | 723 | 987 | 500 | 229 | 325 | 574 | 5,996 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | — | 7 | 7 | |||||||||||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | (68 | ) | (38 | ) | (14 | ) | 53 | — | 5 | 1 | (84 | ) | (28 | ) | (55 | ) | (141 | ) | (114 | ) | (101 | ) | (584 | ) | |||||||||||||||||||||||||||||||
Hotel EBITDA | $ | (704 | ) | $ | 517 | $ | (410 | ) | $ | 495 | $ | 533 | $ | 148 | $ | 12 | $ | (223 | ) | $ | (579 | ) | $ | 579 | $ | 409 | $ | (304 | ) | $ | 896 | $ | 1,369 | ||||||||||||||||||||||
Hotel EBITDA - operating hotels | $ | — | $ | 517 | $ | (410 | ) | $ | 495 | $ | 533 | $ | 148 | $ | 12 | $ | (223 | ) | $ | — | $ | 579 | $ | 409 | $ | (304 | ) | $ | 896 | $ | 2,652 | ||||||||||||||||||||||||
Hotel EBITDA - suspended hotel operations | (704 | ) | — | — | — | — | — | — | — | (579 | ) | — | — | — | — | (1,283 | ) | ||||||||||||||||||||||||||||||||||||||
Hotel EBITDA - all hotels | $ | (704 | ) | $ | 517 | $ | (410 | ) | $ | 495 | $ | 533 | $ | 148 | $ | 12 | $ | (223 | ) | $ | (579 | ) | $ | 579 | $ | 409 | $ | (304 | ) | $ | 896 | $ | 1,369 | ||||||||||||||||||||||
6
Exhibit 1
BRAEMAR HOTELS & RESORTS INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO HOTEL EBITDA
(in thousands)
(unaudited)
Month Ended August 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Hilton Washington D.C. | La Jolla Hilton Torrey Pines | Chicago Sofitel Magnificent Mile | Bardessono Hotel & Spa | Key West Pier House Resort | Hotel Yountville | Park Hyatt Beaver Creek | The Notary Hotel | San Francisco Courtyard Downtown | Sarasota Ritz-Carlton | Lake Tahoe Ritz-Carlton | Seattle Marriott Waterfront | St. Thomas Ritz-Carlton | Hotel Total | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (943 | ) | $ | (560 | ) | $ | (954 | ) | $ | (66 | ) | $ | (81 | ) | $ | (218 | ) | $ | (890 | ) | $ | (1,210 | ) | $ | (1,630 | ) | $ | (248 | ) | $ | 263 | $ | (521 | ) | $ | (819 | ) | $ | (7,877 | ) | ||||||||||||||
Non-property adjustments | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Interest income | — | — | — | — | — | — | — | — | — | (2 | ) | — | (1 | ) | — | (3 | ) | ||||||||||||||||||||||||||||||||||||||
Interest expense | — | — | — | 96 | 145 | 123 | 170 | — | — | 250 | 109 | — | 181 | 1,074 | |||||||||||||||||||||||||||||||||||||||||
Amortization of loan cost | — | — | — | 12 | 24 | 13 | 2 | — | — | 28 | 11 | — | 9 | 99 | |||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 629 | 393 | 553 | 229 | 245 | 203 | 408 | 723 | 987 | 502 | 229 | 325 | 574 | 6,000 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Non-hotel EBITDA ownership expense | 11 | (44 | ) | (2 | ) | 35 | (14 | ) | (1 | ) | (2 | ) | 230 | (17 | ) | 106 | 6 | 143 | 86 | 537 | |||||||||||||||||||||||||||||||||||
Comparable hotel EBITDA | $ | (303 | ) | $ | (211 | ) | $ | (403 | ) | $ | 306 | $ | 319 | $ | 120 | $ | (312 | ) | $ | (257 | ) | $ | (660 | ) | $ | 636 | $ | 618 | $ | (54 | ) | $ | 31 | $ | (170 | ) | |||||||||||||||||||
Hotel EBITDA - operating hotels | $ | (303 | ) | $ | (211 | ) | $ | (403 | ) | $ | 306 | $ | 319 | $ | 120 | $ | (312 | ) | $ | (257 | ) | $ | — | $ | 636 | $ | 618 | $ | (54 | ) | $ | 31 | $ | 490 | |||||||||||||||||||||
Hotel EBITDA - suspended hotel operations | — | — | — | — | — | — | — | — | (660 | ) | — | — | — | — | (660 | ) | |||||||||||||||||||||||||||||||||||||||
Total | $ | (303 | ) | $ | (211 | ) | $ | (403 | ) | $ | 306 | $ | 319 | $ | 120 | $ | (312 | ) | $ | (257 | ) | $ | (660 | ) | $ | 636 | $ | 618 | $ | (54 | ) | $ | 31 | $ | (170 | ) | |||||||||||||||||||
7