ARLINGTON, Va.–(BUSINESS WIRE)–Chesapeake Lodging Trust (NYSE:CHSP)(the “Trust”), a lodging real estate
investment trust (REIT), today announced that it has entered into a
definitive merger agreement to be acquired by Park Hotels & Resorts Inc.
(NYSE:PK) (“Park”). The details of the proposed merger are contained
within a joint press release issued by the two companies today. The
Trust also reported today its financial results for the quarter ended
March 31, 2019.
CONSOLIDATED FINANCIAL RESULTS
The following is a summary of the Trust’s consolidated financial results
for the three months ended March 31, 2019 and 2018 (in millions, except
share and per share amounts):
| Three Months Ended March 31, | |||||||||||
| 2019 | 2018 | ||||||||||
| Total revenue | $ | 133.7 | $ | 135.0 | |||||||
| Net income | $ | 8.3 | $ | 6.5 | |||||||
| Net income per diluted common share | $ | 0.14 | $ | 0.11 | |||||||
| Adjusted Hotel EBITDAre(1) | $ | 37.1 | $ | 37.7 | |||||||
| Adjusted Corporate EBITDAre(1) | $ | 32.3 | $ | 32.3 | |||||||
| AFFO available to common shareholders(1) | $ | 26.8 | $ | 25.7 | |||||||
| AFFO per diluted common share | $ | 0.45 | $ | 0.43 | |||||||
| Weighted-average number of diluted common shares outstanding | 59,938,676 | 59,718,986 | |||||||||
_____________
(1) See the discussion included in this press release for information
regarding this non-GAAP financial measure.
HOTEL OPERATING RESULTS
The Trust uses the term “comparable” to refer to metrics that include
only those hotels owned for the entirety of the two periods being
compared. As of March 31, 2019, the Trust owned 20 hotels. Since the
Hyatt Centric Santa Barbara was sold on July 26, 2018, it has been
excluded from the comparable hotel portfolio metrics for the three
months ended March 31, 2018. Included in the following table are
comparisons of the key operating metrics for the comparable 20-hotel
portfolio for the three months ended March 31, 2019 and 2018 (in
thousands, except for ADR and RevPAR):
| Three Months Ended March 31, | ||||||||||||||||
| 2019 | 2018 | Change | ||||||||||||||
| Comparable Occupancy | 78.6 | % | 80.8 | % | (220) bps | |||||||||||
| Comparable ADR | $ | 222.89 | $ | 214.03 | 4.1% | |||||||||||
| Comparable RevPAR | $ | 175.20 | $ | 172.95 | 1.3% | |||||||||||
| Comparable Adjusted Hotel EBITDAre(1) | $ | 37,128 | $ | 36,779 | 0.9% | |||||||||||
| Comparable Adjusted Hotel EBITDAre Margin(1) | 27.8 | % | 28.0 | % | (20) bps | |||||||||||
_____________
(1) See the discussion included in this press release for information
regarding this non-GAAP financial measure.
DIVIDEND
On January 15, 2019, the Trust paid a dividend in the amount of $0.40
per share to its common shareholders of record as of December 31, 2018.
On March 19, 2019, the Trust declared a dividend in the amount of $0.40
per share payable to its common shareholders of record as of March 29,
2019. The dividend was paid on April 15, 2019.
CONFERENCE CALL AND OUTLOOK
In light of the announcement of the Trust’s proposed merger with Park,
the Trust will not be hosting a conference call on Wednesday, May 8,
2019 to discuss earnings as previously scheduled, nor will the Trust be
providing or updating its outlook for the second quarter or full year
2019. The Trust does not intend to hold earnings conference calls during
the pendency of the proposed merger transaction, which is expected to
close in late third quarter or early fourth quarter of 2019.
NON-GAAP FINANCIAL MEASURES
The Trust reports the following seven non-GAAP financial measures
(within the meaning of the rules of the Securities and Exchange
Commission) that it believes are useful to investors as key measures of
its operating performance: (1) EBITDAre, (2) Adjusted Corporate
EBITDAre, (3) Adjusted Hotel EBITDAre, (4) Adjusted
Hotel EBITDAre Margin, (5) FFO, (6) FFO available to common
shareholders and (7) AFFO available to common shareholders.
Reconciliations of all non-GAAP financial measures to the most
comparable GAAP measure are included in the accompanying financial
tables.
EBITDAre — The Trust calculates EBITDAre in accordance
with standards established by the National Association of Real Estate
Investment Trusts (“NAREIT”), which defines EBITDAre as
net income (calculated in accordance with GAAP) before interest, income
taxes, depreciation and amortization, gains (losses) from sales of real
estate, impairment charges of depreciated real estate, and adjustments
for unconsolidated partnerships and joint ventures. The Trust believes
that EBITDAre provides investors a useful financial measure to
evaluate the Trust’s operating performance, excluding the impact of the
Trust’s capital structure (primarily interest expense) and the Trust’s
asset base (primarily depreciation and amortization).
Adjusted Corporate EBITDAre — The Trust further adjusts EBITDAre
for certain additional recurring and non-recurring items that are not in
NAREIT’s definition of EBITDAre. Specifically, the Trust adjusts
for hotel acquisition costs and non-cash amortization of operating lease
right-of-use assets, intangible assets and liabilities, deferred
franchise costs, and deferred key money, all of which are recurring
items. The Trust believes that Adjusted Corporate EBITDAre
provides investors another financial measure of its operating
performance that provides for greater comparability of its core
operating results between periods.
Adjusted Hotel EBITDAre — The Trust further adjusts Adjusted
Corporate EBITDAre for corporate general and administrative
expenses, which is a recurring item. The Trust believes that Adjusted
Hotel EBITDAre provides investors a useful financial measure to
evaluate the Trust’s hotel operating performance by excluding the impact
of corporate-level expenses.
Adjusted Hotel EBITDAre Margin — Adjusted Hotel EBITDAre
Margin is defined as Adjusted Hotel EBITDAre as a percentage of
total revenues. The Trust believes that Adjusted Hotel EBITDAre
Margin provides investors another useful financial measure to evaluate
the Trust’s hotel operating performance.
FFO — The Trust calculates FFO in accordance with standards established
by NAREIT, which defines FFO as net income (calculated in accordance
with GAAP), excluding depreciation and amortization, gains (losses) from
sales of real estate, impairment charges of depreciated real estate,
adjustments for unconsolidated partnerships and joint ventures, and the
cumulative effect of changes in accounting principles. Historical cost
accounting for real estate assets implicitly assumes that the value of
real estate assets diminishes predictably over time. Since real estate
values instead have historically risen or fallen with market conditions,
most industry investors consider presentations of operating results for
real estate companies that use historical cost accounting to be
insufficient by themselves. By excluding the effect of depreciation and
amortization and gains (losses) from sales of real estate, both of which
are based on historical cost accounting and which may be of lesser
significance in evaluating current performance, the Trust believes that
FFO provides investors a useful financial measure to evaluate the
Trust’s operating performance.
FFO available to common shareholders — The Trust reduces FFO for
dividends declared on and earnings allocated to unvested time-based
awards (consistent with adjustments required by GAAP in reporting net
income available to common shareholders and related per share amounts).
FFO available to common shareholders provides investors another
financial measure to evaluate the Trust’s operating performance after
taking into account the interests of holders of the Trust’s unvested
time-based awards.
AFFO available to common shareholders — The Trust further adjusts FFO
available to common shareholders for certain additional recurring and
non-recurring items that are not in NAREIT’s definition of FFO.
Specifically, the Trust adjusts for hotel acquisition costs and non-cash
amortization of operating lease right-of-use assets, intangible assets
and liabilities, deferred franchise costs, and deferred key money, all
of which are recurring items. The Trust believes that AFFO available to
common shareholders provides investors another financial measure of its
operating performance that provides for greater comparability of its
core operating results between periods.
ABOUT CHESAPEAKE LODGING TRUST
Chesapeake Lodging Trust is a self-advised lodging real estate
investment trust (REIT) focused on investments primarily in
upper-upscale hotels in major business and convention markets and, on a
selective basis, premium select-service hotels in urban settings or
unique locations in the United States. The Trust owns 20 hotels with an
aggregate of 6,288 rooms in eight states and the District of Columbia.
Additional information can be found on the Trust’s website at www.chesapeakelodgingtrust.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements generally include statements regarding the potential
transaction between Park and the Trust, including any statements
regarding the expected timetable for completing the potential
transaction, the ability to complete the potential transaction, expected
benefits and synergies of the potential transaction, projected financial
information, future opportunities, and any other statements regarding
Park’s and the Trust’s future expectations, beliefs, plans, objectives,
results of operations, financial condition and cash flows, or future
events or performance. These statements are often, but not always, made
through the use of words or phrases such as “believe,” “expect,”
“anticipate,” “should,” “plan,” “will,” “may,” “intend,” “estimate,”
“aim,” “target,” “predict,” “project,” “seek,” “would,” “could,”
“continue,” possible,” “potential” and similar expressions. All such
forward-looking statements are based on current expectations of Park’s
and the Trust’s management and therefore involve estimates and
assumptions that are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from the results
expressed in the statements. Key factors that could cause actual results
to differ materially from those projected in the forward-looking
statements include the ability to obtain the requisite approval of the
Trust’s shareholders; uncertainties as to the timing to consummate the
potential transaction; the risk that a condition to closing the
potential transaction may not be satisfied; the risk that regulatory
approvals are not obtained or are obtained subject to conditions that
are not anticipated by the parties; the effects of disruption to Park’s
or the Trust’s respective businesses; the effect of this communication
on Park’s or the Trust’s share prices; the effects of industry, market,
economic, political or regulatory conditions outside of Park’s or the
Trust’s control; transaction costs; the Trust’s ability to achieve the
synergies and value creation contemplated by the potential transaction;
Park’s ability to promptly, efficiently and effectively integrate
acquired operations into its own operations; and the diversion of
management time on transaction-related issues. Other factors are
described in Park’s and the Trust’s respective filings with the SEC,
including Park’s and the Trust’s most recent Annual Reports on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Park and the Trust assume no obligation to update any forward-looking
statements, except as required by law. Readers are cautioned not to
place undue reliance on these forward-looking statements that speak only
as of the date hereof.
ADDITIONAL INFORMATION ABOUT THE PROPOSED TRANSACTION AND WHERE TO
FIND IT
In connection with the proposed transaction, Park intends to file with
the SEC a registration statement on Form S-4 that will include a proxy
statement of the Trust and also constitutes a prospectus of Park. Park
and the Trust also plan to file other relevant documents with the SEC
regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE
URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT
DOCUMENTS FILED WITH THE SEC, WHEN THEY BECOME AVAILABLE, BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. A
definitive proxy statement/prospectus will be sent to the Trust’s
shareholders. Investors may obtain a free copy of the proxy
statement/prospectus (if and when it becomes available) and other
relevant documents filed by Park and the Trust with the SEC at the SEC’s
website at www.sec.gov.
Copies of the documents filed by Park with the SEC will be available
free of charge on Park’s website at http://www.pkhotelsandresorts.com
or by contacting Park’s Investor Relations at (571) 302-5591. Copies of
the documents filed by the Trust with the SEC will be available free of
charge on the Trust’s website at http://www.chesapeakelodgingtrust.com
or by contacting the Trust’s Investor Relations at (571) 349-9452.
The Trust and its respective trustees and executive officers and other
members of management and employees may be deemed to be participants in
the solicitation of proxies in respect of the proposed transaction.
Information about trustees and executive officers of the Trust is
available in the proxy statement for its 2019 Annual Meeting, which was
filed with the SEC on April 30, 2019. Other information regarding the
participants in the proxy solicitation and a description of their direct
and indirect interests, by security holdings or otherwise, will be
contained in the proxy statement/prospectus and other relevant materials
filed with the SEC regarding the proposed transaction when they become
available. Investors should read the proxy statement/prospectus
carefully before making any voting or investment decisions when it
becomes available. Investors may obtain free copies of these documents
from Park or the Trust using the sources indicated above.
This communication and the information contained herein shall not
constitute an offer to sell or the solicitation of an offer to buy any
securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any
such jurisdiction. No offering of securities shall be made except by
means of a prospectus meeting the requirements of Section 10 of the U.S.
Securities Act of 1933, as amended.
CHESAPEAKE LODGING TRUST
CONSOLIDATED BALANCE SHEETS
(in
thousands, except share data)
| March 31, 2019 | December 31, 2018 | |||||||||||
| (unaudited) | ||||||||||||
| ASSETS | ||||||||||||
| Property and equipment, net | $ | 1,722,748 | $ | 1,732,154 | ||||||||
| Operating lease right-of-use assets, net | 74,883 | — | ||||||||||
| Intangible assets, net | 31,408 | 34,678 | ||||||||||
| Cash and cash equivalents | 46,101 | 71,259 | ||||||||||
| Restricted cash | 34,244 | 31,614 | ||||||||||
| Accounts receivable, net | 24,366 | 18,360 | ||||||||||
| Prepaid expenses and other assets | 21,821 | 21,012 | ||||||||||
| Total assets | $ | 1,955,571 | $ | 1,909,077 | ||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Long-term debt | $ | 748,562 | $ | 751,389 | ||||||||
| Operating lease liabilities | 71,937 | — | ||||||||||
| Accounts payable and accrued expenses | 67,582 | 72,555 | ||||||||||
| Other liabilities | 30,912 | 31,155 | ||||||||||
| Total liabilities | 918,993 | 855,099 | ||||||||||
| Commitments and contingencies | ||||||||||||
|
Preferred shares, $.01 par value; 100,000,000 shares authorized;
no shares issued and outstanding, respectively |
— | — | ||||||||||
|
Common shares, $.01 par value; 400,000,000 shares authorized; 60,765,796 shares and 60,263,670 shares issued and outstanding, respectively |
608 | 603 | ||||||||||
| Additional paid-in capital | 1,194,220 | 1,193,455 | ||||||||||
| Cumulative dividends in excess of net income | (160,396 | ) | (144,341 | ) | ||||||||
| Accumulated other comprehensive income | 2,146 | 4,261 | ||||||||||
| Total shareholders’ equity | 1,036,578 | 1,053,978 | ||||||||||
| Total liabilities and shareholders’ equity | $ | 1,955,571 | $ | 1,909,077 | ||||||||
| SUPPLEMENTAL CREDIT INFORMATION: | ||||||||||||
| Fixed charge coverage ratio(1) | 3.40 | 3.33 | ||||||||||
| Leverage ratio(1) | 33.3 | % | 33.1 | % | ||||||||
______________
(1) Calculated as defined under the Trust’s revolving credit facility.
CHESAPEAKE LODGING TRUST
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except share and per share data)
(unaudited)
| Three Months Ended March 31, | ||||||||||||
| 2019 | 2018 | |||||||||||
| REVENUE | ||||||||||||
| Rooms | $ | 99,082 | $ | 100,613 | ||||||||
| Food and beverage | 27,465 | 27,633 | ||||||||||
| Other | 7,190 | 6,779 | ||||||||||
| Total revenue | 133,737 | 135,025 | ||||||||||
| EXPENSES | ||||||||||||
| Hotel operating expenses: | ||||||||||||
| Rooms | 24,850 | 25,286 | ||||||||||
| Food and beverage | 20,459 | 21,059 | ||||||||||
| Other direct | 1,087 | 1,148 | ||||||||||
| Indirect | 50,150 | 49,793 | ||||||||||
| Total hotel operating expenses | 96,546 | 97,286 | ||||||||||
| Depreciation and amortization | 18,637 | 19,208 | ||||||||||
| Air rights contract amortization | 130 | 130 | ||||||||||
| Corporate general and administrative | 4,869 | 5,378 | ||||||||||
| Total operating expenses | 120,182 | 122,002 | ||||||||||
| Interest income | 256 | — | ||||||||||
| Interest expense | (8,000 | ) | (8,844 | ) | ||||||||
| Income before income taxes | 5,811 | 4,179 | ||||||||||
| Income tax benefit | 2,440 | 2,370 | ||||||||||
| Net income | $ | 8,251 | $ | 6,549 | ||||||||
| Net income per common share—basic and diluted | $ | 0.14 | $ | 0.11 | ||||||||
| Weighted-average number of common shares outstanding: | ||||||||||||
| Basic | 59,390,500 | 59,120,065 | ||||||||||
| Diluted | 59,938,676 | 59,718,986 | ||||||||||
CHESAPEAKE LODGING TRUST
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
(unaudited)
| Three Months Ended March 31, | ||||||||||||
| 2019 | 2018 | |||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net income | $ | 8,251 | $ | 6,549 | ||||||||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||||
| Depreciation and amortization | 18,637 | 19,208 | ||||||||||
| Air rights contract amortization | 130 | 130 | ||||||||||
| Deferred financing costs amortization | 368 | 424 | ||||||||||
| Share-based compensation | 1,933 | 1,948 | ||||||||||
| Other | (71 | ) | (75 | ) | ||||||||
| Changes in assets and liabilities: | ||||||||||||
| Accounts receivable, net | (6,006 | ) | (4,596 | ) | ||||||||
| Prepaid expenses and other assets | (2,937 | ) | (3,310 | ) | ||||||||
| Accounts payable and accrued expenses | (4,416 | ) | 208 | |||||||||
| Other liabilities | — | (88 | ) | |||||||||
| Net cash provided by operating activities | 15,889 | 20,398 | ||||||||||
| Cash flows from investing activities: | ||||||||||||
| Improvements and additions to hotels | (8,961 | ) | (10,165 | ) | ||||||||
| Net cash used in investing activities | (8,961 | ) | (10,165 | ) | ||||||||
| Cash flows from financing activities: | ||||||||||||
| Borrowings under revolving credit facility | 5,000 | 20,000 | ||||||||||
| Repayments under revolving credit facility | (5,000 | ) | (15,000 | ) | ||||||||
| Scheduled principal payments on mortgage debt | (3,195 | ) | (3,292 | ) | ||||||||
| Payment of dividends to common shareholders | (25,098 | ) | (23,741 | ) | ||||||||
| Repurchase of common shares | (1,163 | ) | (1,146 | ) | ||||||||
| Net cash used in financing activities | (29,456 | ) | (23,179 | ) | ||||||||
| Net decrease in cash, cash equivalents, and restricted cash | (22,528 | ) | (12,946 | ) | ||||||||
| Cash, cash equivalents, and restricted cash, beginning of period | 102,873 | 74,916 | ||||||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 80,345 | $ | 61,970 | ||||||||
CHESAPEAKE LODGING TRUST
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
(in thousands, except per share data)
(unaudited)
The following table reconciles net income to EBITDAre, Adjusted
Corporate EBITDAre, Adjusted Hotel EBITDAre, and
Adjusted Hotel EBITDAre Margin for the three months ended
March 31, 2019 and 2018:
| Three Months Ended March 31, | ||||||||||||
| 2019 | 2018 | |||||||||||
| Net income | $ | 8,251 | $ | 6,549 | ||||||||
| Add: Interest expense | 8,000 | 8,844 | ||||||||||
| Depreciation and amortization | 18,637 | 19,208 | ||||||||||
| Less: Income tax benefit | (2,440 | ) | (2,370 | ) | ||||||||
| Interest income | (256 | ) | — | |||||||||
| EBITDAre | 32,192 | 32,231 | ||||||||||
| Add: Non-cash amortization(1) | 67 | 55 | ||||||||||
| Adjusted Corporate EBITDAre | 32,259 | 32,286 | ||||||||||
| Add: Corporate general and administrative | 4,869 | 5,378 | ||||||||||
| Adjusted Hotel EBITDAre | 37,128 | 37,664 | ||||||||||
| Less: Adjusted Hotel EBITDAre of hotel sold(2) | — | (885 | ) | |||||||||
| Comparable Adjusted Hotel EBITDAre | $ | 37,128 | $ | 36,779 | ||||||||
| Total revenue | $ | 133,737 | $ | 135,025 | ||||||||
| Less: Total revenue of hotel sold(2) | — | (3,570 | ) | |||||||||
| Comparable total revenue | $ | 133,737 | $ | 131,455 | ||||||||
| Comparable Adjusted Hotel EBITDAre Margin | 27.8 | % | 28.0 | % | ||||||||
_____________
(1) Reflects non-cash amortization of operating lease right-of-use
assets, deferred franchise costs, deferred key money, and air rights
contract.
(2) Reflects results of operations for the Hyatt Centric
Santa Barbara, which was sold on July 26, 2018.
The following table reconciles net income to FFO, FFO available to
common shareholders, and AFFO available to common shareholders for the
three months ended March 31, 2019 and 2018:
| Three Months Ended March 31, | ||||||||||||
| 2019 | 2018 | |||||||||||
| Net income | $ | 8,251 | $ | 6,549 | ||||||||
| Add: Depreciation and amortization | 18,637 | 19,208 | ||||||||||
| FFO | 26,888 | 25,757 | ||||||||||
| Less: Dividends declared on unvested time-based awards | (118 | ) | (121 | ) | ||||||||
| Undistributed earnings allocated to unvested time-based awards | — | — | ||||||||||
| FFO available to common shareholders | 26,770 | 25,636 | ||||||||||
| Add: Non-cash amortization(1) | 67 | 55 | ||||||||||
| AFFO available to common shareholders | $ | 26,837 | $ | 25,691 | ||||||||
| FFO per common share—basic and diluted | $ | 0.45 | $ | 0.43 | ||||||||
| AFFO per common share—basic and diluted | $ | 0.45 | $ | 0.43 | ||||||||
_____________
(1) Reflects non-cash amortization of operating lease right-of-use
assets, deferred franchise costs, deferred key money, and air rights
contract.
CHESAPEAKE LODGING TRUST
CURRENT HOTEL PORTFOLIO
| Hotel | Location | Rooms | Acquisition Date | |||||||||||||
| 1 | Hyatt Regency Boston | Boston, MA | 502 | March 18, 2010 | ||||||||||||
| 2 | Hilton Checkers Los Angeles | Los Angeles, CA | 193 | June 1, 2010 | ||||||||||||
| 3 | Boston Marriott Newton | Newton, MA | 430 | July 30, 2010 | ||||||||||||
| 4 | Le Meridien San Francisco | San Francisco, CA | 360 | December 15, 2010 | ||||||||||||
| 5 | Homewood Suites Seattle Convention Center | Seattle, WA | 195 | May 2, 2011 | ||||||||||||
| 6 | W Chicago – City Center | Chicago, IL | 403 | May 10, 2011 | ||||||||||||
| 7 | Hotel Indigo San Diego Gaslamp Quarter | San Diego, CA | 210 | June 17, 2011 | ||||||||||||
| 8 | Courtyard Washington Capitol Hill/Navy Yard | Washington, DC | 204 | June 30, 2011 | ||||||||||||
| 9 | Hotel Adagio San Francisco, Autograph Collection | San Francisco, CA | 171 | July 8, 2011 | ||||||||||||
| 10 | Hilton Denver City Center | Denver, CO | 613 | October 3, 2011 | ||||||||||||
| 11 | Hyatt Herald Square New York | New York, NY | 122 | December 22, 2011 | ||||||||||||
| 12 | W Chicago – Lakeshore | Chicago, IL | 520 | August 21, 2012 | ||||||||||||
| 13 | Hyatt Regency Mission Bay Spa and Marina | San Diego, CA | 438 | September 7, 2012 | ||||||||||||
| 14 | Hyatt Place New York Midtown South | New York, NY | 185 | March 14, 2013 | ||||||||||||
| 15 | W New Orleans – French Quarter | New Orleans, LA | 97 | March 28, 2013 | ||||||||||||
| 16 | Le Meridien New Orleans | New Orleans, LA | 410 | April 25, 2013 | ||||||||||||
| 17 | Hyatt Centric Fisherman’s Wharf | San Francisco, CA | 316 | May 31, 2013 | ||||||||||||
| 18 | JW Marriott San Francisco Union Square | San Francisco, CA | 344 | October 1, 2014 | ||||||||||||
| 19 | Royal Palm South Beach Miami, a Tribute Portfolio Resort | Miami Beach, FL | 393 | March 9, 2015 | ||||||||||||
| 20 | Ace Hotel and Theater Downtown Los Angeles | Los Angeles, CA | 182 | April 30, 2015 | ||||||||||||
| 6,288 | ||||||||||||||||
Contacts
Douglas W. Vicari (571) 349-9452
