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Hyatt Hotels Corporation reports third quarter 2015 net of $25 million compared to $32 million in Q3 2014. Comparable systemwide RevPAR increased 1.6%.

Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation, said, "Our RevPAR growth was strong due to greater transient business and increased market share. These positive results drove solid fee growth across our system."

Third quarter 2015 financial results are as follows:

  • Adjusted EBITDA was $172 million in the third quarter of 2015 compared to $179 million in the third quarter of 2014, a decrease of 3.9%. Adjusted EBITDA in the third quarter of 2015 was negatively impacted by $17 million due to net dispositions and $7 million due to net unfavorable currency impacts, compared to the third quarter of 2014.
  • Adjusted for special items, net income attributable to Hyatt was $42 million, or $0.30 per share, during the third quarter of 2015 compared to net income attributable to Hyatt of $30 million, or $0.20 per share, during the third quarter of 2014.
  • Net income attributable to Hyatt was $25 million, or $0.18 per share, during the third quarter of 2015 compared to net income attributable to Hyatt of $32 million, or $0.21 per share, in the third quarter of 2014.
  • Comparable owned and leased hotels RevPAR increased 2.5% (5.9% excluding the effect of currency) in the third quarter of 2015 compared to the third quarter of 2014.
  • Comparable owned and leased hotels operating margins decreased 60 basis points in the third quarter of 2015 compared to the third quarter of 2014. Owned and leased hotels operating margins decreased 100 basis points in the third quarter of 2015 compared to the third quarter of 2014.
  • Comparable systemwide RevPAR increased 1.6% (5.4% excluding the effect of currency) in the third quarter of 2015 compared to the third quarter of 2014.
  • Comparable U.S. full service hotel RevPAR increased 5.2% in the third quarter of 2015 compared to the third quarter of 2014. Comparable U.S. select service hotel RevPAR increased 7.1% in the third quarter of 2015 compared to the third quarter of 2014.
  • Nine hotels were opened during the third quarter of 2015. As of September 30, 2015, the Company's executed contract base consisted of approximately 260 hotels or approximately 56,000 rooms.
  • The Company repurchased 3,735,460 shares of common stock at a weighted average price of $52.11 per share, for an aggregate purchase price of approximately $195 million.

Mr. Hoplamazian continued, "Adjusted EBITDA grew nearly 10% in the third quarter, excluding the impact of foreign exchange and dispositions of hotels last year. This level of growth is a testament to the strength of our business model and reflects strong ongoing performance in our existing hotels and the positive effects of significant net growth in our hotel and rooms base around the world.

"Year-to-date through the third quarter, we added 37 hotels to our system, 28% more than the same period last year, and expect to open approximately 13 more hotels by year-end. Our base of executed contracts for new hotels increased to approximately 260 hotels or 56,000 rooms in the third quarter, reflecting a significant potential increase relative to our existing size. We remain focused on opening new hotels across multiple geographies to expand our differentiated offering in new and attractive markets.

"Our growth profile is expected to yield greater management and franchise fees in the years ahead. Total fees grew nearly 12% year-to-date through the third quarter, or 16% excluding the impact of foreign exchange. We expect this strong fee growth profile to progress as we continue to realize meaningful net hotel and net rooms growth.

"Looking ahead, we expect overall operating performance at our hotels in the U.S. to remain strong, based on continued economic growth and positive group and transient trends."

Owned and Leased Hotels Segment

Total segment Adjusted EBITDA decreased 10.6% in the third quarter of 2015 compared to the same period in 2014.

Owned and leased hotels Adjusted EBITDA decreased 14.4% in the third quarter of 2015 compared to the same period in 2014. Refer to the table on page 18 of the schedules for a detailed list of portfolio changes and the year-over-year net impact to third quarter owned and leased hotels Adjusted EBITDA.

Pro rata share of unconsolidated hospitality ventures Adjusted EBITDA increased 10.5% in the third quarter of 2015 compared to the same period in 2014.

Revenue decreased 9.9% in the third quarter of 2015 compared to the same period in 2014. Owned and leased hotels expenses decreased 8.8% in the third quarter of 2015 compared to the same period in 2014.

RevPAR for comparable owned and leased hotels increased 2.5% (5.9% excluding the effect of currency) in the third quarter of 2015 compared to the same period in 2014. Occupancy increased 100 basis points and ADR increased 1.2% (4.6% excluding the effect of currency) compared to the same period in 2014.

Comparable owned and leased hotels revenue increased 1.8% in the third quarter of 2015 compared to the same period in 2014. Excluding expenses related to benefit programs funded through rabbi trusts and non-comparable hotel expenses, expenses increased 2.6% in the third quarter of 2015 compared to the same period in 2014. Refer to the table on page 12 of the schedules for a reconciliation of comparable owned and leased hotels expenses to owned and leased hotels expenses.

Management and Franchise Fees

Total fee revenue increased 9.6% (13.8% excluding the effect of currency) to $103 million in the third quarter of 2015 compared to the same period in 2014. Base management fees increased 4.4% to $47 million in the third quarter of 2015 compared to the same period in 2014. Incentive management fees decreased 8.0% to $23 million in the third quarter of 2015 compared to the same period in 2014, primarily due to unfavorable foreign exchange translation. Franchise fees increased 33.3% to $24 million in the third quarter of 2015 compared to the same period in 2014, primarily due to new hotels and hotels recently converted from managed to franchised. Other fee revenues increased 50.0% to $9 million in the third quarter of 2015 compared to the same period in 2014 as a result of increased amortization of deferred gains from hotels sold subject to long-term management agreements and termination fees.

Americas Management and Franchising Segment

Adjusted EBITDA increased 12.1% in the third quarter of 2015 compared to the same period in 2014.

RevPAR for comparable Americas full service hotels increased 4.0% (5.3% excluding the effect of currency) in the third quarter of 2015 compared to the same period in 2014. Occupancy increased 50 basis points and ADR increased 3.2% (4.5% excluding the effect of currency) compared to the same period in 2014.

Group rooms revenue at comparable U.S. full service hotels increased 1.4% in the third quarter of 2015 compared to the same period in 2014. Group room nights decreased 3.2% and group ADR increased 4.7% in the third quarter of 2015 compared to the same period in 2014.

Transient rooms revenue at comparable U.S. full service hotels increased 9.2% in the third quarter of 2015 compared to the same period in 2014. Transient room nights increased 4.6% and transient ADR increased 4.4% in the third quarter of 2015 compared to the same period in 2014.

RevPAR for comparable Americas select service hotels increased 7.2% in the third quarter of 2015 compared to the same period in 2014. Occupancy increased 170 basis points and ADR increased 5.0% compared to the same period in 2014.

Revenue from management, franchise and other fees increased 6.3% in the third quarter of 2015 compared to the same period in 2014.

The following six hotels were added to the portfolio during the third quarter:

  • Hyatt Place Bloomington / Normal (franchised, 114 rooms)
  • Hyatt Place Buffalo / Amherst (franchised, 137 rooms)
  • Hyatt Place Charleston / Historic District (managed, 191 rooms)
  • Hyatt Place Tegucigalpa, Honduras (franchised, 126 rooms)
  • Hyatt House Atlanta / Downtown (franchised, 150 rooms)
  • Hyatt House Charleston / Historic District (managed, 113 rooms)

One hotel was removed from the portfolio during the third quarter.

Southeast Asia, China, Australia, South Korea and Japan (ASPAC) Management and Franchising Segment

Adjusted EBITDA increased 33.3% in the third quarter of 2015 compared to the same period in 2014.

RevPAR for comparable ASPAC full service hotels decreased 5.6% (increased 3.1% excluding the effect of currency) in the third quarter of 2015 compared to the same period in 2014. Occupancy increased 230 basis points and ADR decreased 8.6% (0.2% excluding the effect of currency) compared to the same period in 2014.

Revenue from management, franchise and other fees decreased 4.5% in the third quarter of 2015 compared to the same period in 2014.

The following two hotels were added to the portfolio during the third quarter:

  • Hyatt Regency Naha, Okinawa, Japan (franchised, 294 rooms)
  • Hyatt Regency Wuhan Optics Valley, China (managed, 330 rooms)

Europe, Africa, Middle East and Southwest Asia (EAME/SW Asia) Management Segment

Adjusted EBITDA decreased 22.2% in the third quarter of 2015 compared to the same period in 2014.

RevPAR for comparable EAME/SW Asia full service hotels decreased 7.5% (increased 6.2% excluding the effect of currency) in the third quarter of 2015 compared to the same period in 2014. Occupancy increased 200 basis points and ADR decreased 10.3% (increased 2.9% excluding the effect of currency) compared to the same period in 2014.

Revenue from management and other fees decreased 11.1% in the third quarter of 2015 compared to the same period in 2014, primarily due to the impact from the stronger U.S. dollar and decreased performance at certain properties in the Middle East.

The following hotel was added to the portfolio during the third quarter:

  • Hyatt Place Dubai Baniyas Square, United Arab Emirates (managed, 126 rooms)

Selling, General, and Administrative Expenses

Selling, general, and administrative expenses decreased 29.9% in the third quarter of 2015 compared to the same period in 2014. Adjusted selling, general, and administrative expenses decreased 16.5% in the third quarter of 2015 compared to the same period in 2014, primarily due to the sale of the Company's vacation ownership business and lower stock-based compensation expenses in the quarter. Refer to the table on page 11 of the schedules for a reconciliation of adjusted selling, general, and administrative expenses to selling, general, and administrative expenses.

OPENINGS AND FUTURE EXPANSION

Nine hotels were added in the third quarter of 2015, each of which is listed above. The Company added 37 hotels year-to-date through September 30, 2015 and is on pace to open approximately 50 hotels during the 2015 fiscal year.

As of September 30, 2015, the Company had executed management or franchise contracts for approximately 260 hotels (or approximately 56,000 rooms). The executed contracts represent potential entry into several new countries and expansion into new markets or markets in which the Company is under-represented.

SHARE REPURCHASE

During the third quarter of 2015, the Company repurchased 3,735,460 shares of common stock at a weighted average price of $52.11 per share, for an aggregate purchase price of approximately $195 million. From October 1 through October 30, 2015, the Company repurchased 985,308 shares of common stock at a weighted average price of $49.07 per share, for an aggregate purchase price of approximately $48 million. As of October 30, 2015, the Company had approximately $257 million remaining under its share repurchase authorization.

CORPORATE FINANCE / ASSET RECYCLING

During the third quarter, the Company completed the following transactions:

  • Sold an unconsolidated hospitality venture interest which owned one hotel for approximately $3 million. The Company continues to manage the hotel.

BALANCE SHEET / OTHER ITEMS

As of September 30, 2015, the Company reported the following:

  • Total debt of approximately $1.4 billion.
  • Pro rata share of non-recourse unconsolidated hospitality venture debt of approximately $682 million compared with approximately $638 million as of December 31, 2014.
  • Cash and cash equivalents, including investments in highly-rated money market funds and similar investments, of $569 million, short-term investments of $65 million and restricted cash of $97 million.
  • Undrawn borrowing availability of approximately $1.5 billion under its revolving credit facility.

2015 INFORMATION

The Company is reaffirming the following information for the 2015 fiscal year:

  • Depreciation and amortization expense is expected to be approximately $310 million.
  • Interest expense is expected to be approximately $70 million.
  • The Company expects to open approximately 50 hotels in 2015.

The Company is revising the following information for the 2015 fiscal year:

  • Adjusted selling, general, and administrative expenses are expected to be approximately $305 million (compared to previous expectation of approximately $315 million).
  • Capital expenditures are expected to be approximately $290 million (compared to previous expectation of approximately $320 million), including investments in new properties of approximately $115 million (compared to previous expectation of approximately $150 million).
  • In addition to the capital expenditures described above, the Company intends to continue a strong level of investment spending. Investment spending includes acquisitions, equity investments in joint ventures, debt investments, contract acquisition costs or other investments.

To view full third quarter financial results and tables please visit:

http://investors.hyatt.com/files/doc_financials/q3-2015/Q3-2015-Earnings-Release.pdf 

Chesapeake Lodging Trust reports third quarter net income of $24.8 million compared to $26.3 million in Q3 2014. RevPAR for the hotel portfolio grew 7.2% over the same period in 2014.

Highlights:

  • RevPAR: 7.2% pro forma increase for the hotel portfolio over the same period in 2014.
  • Adjusted Hotel EBITDA Margin: 110 basis point pro forma increase to 35.2% for the hotel portfolio over the same period in 2014.
  • Adjusted Hotel EBITDA: $58.1 million.
  • Adjusted Corporate EBITDA: $54.1 million.
  • Adjusted FFO: $42.9 million or $0.73 per diluted common share.
  • Dividend: Increased third quarter 2015 dividend by 14% to $0.40 per common share (5.8% annualized yield based on the closing price of the Trust’s common shares on October 30, 2015).
  • Share Repurchase Program: Authorized to acquire up to $100.0 million of its common shares.

HOTEL OPERATING RESULTS

Management assesses the operating performance of its hotels irrespective of the hotel owner during the periods compared using the following key operating metrics: occupancy, ADR, RevPAR, Adjusted Hotel EBITDA, and Adjusted Hotel EBITDA Margin. The Trust uses the term "pro forma" to refer to metrics that include, or comparisons of metrics that are based on, the operating results of hotels under previous ownership for either a portion of or the entire period. As of September 30, 2015, the Trust owned 22 hotels. Since two of its hotels owned as of September 30, 2015 were acquired during 2015 and another one was acquired in October 2014, the key operating metrics below reflect the pro forma operating results for those hotels for all, or a certain period, of the three and nine months ended September 30, 2015 and 2014. 

To view full third quarter financial results and tables please visit:

http://www.chesapeakelodgingtrust.com/phoenix.zhtml?c=233098&p=irol-newsArticle&ID=2105469

Ryman Hospitality Properties reports third quarter 2015 net income of $26.7 million compared to $15.1 million over the same period in 2014. Third quarter shows gross advanced group bookings increase of 24.1%.

Ryman Hospitality Properties, Inc. (NYSE:RHP), a lodging real estate investment trust ("REIT") specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the third quarter ended September 30, 2015.

Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said, “Our businesses had a record third quarter performance in terms of revenue and profitability despite some occupancy-related challenges from the unfavorable shift in the holiday calendar and our accelerated room renovation program at Opryland.

“We are pleased with how our hotels are managing their expense structure. The healthy same-store Hospitality Adjusted EBITDA margin improvement we have seen this year again demonstrates the operating leverage associated with our group-centric model.

“We are similarly pleased with the robust 24.1 percent year-over-year increase in our gross advanced group bookings during the third quarter of 2015. This production growth was within the range we thought it would be going into the quarter, and we are on pace to meet our 2015 production goals that will position us for a very good 2016.” 

Highlights for third quarter 2015 for the Hospitality segment and at each property include:

  • Hospitality Segment (Same-Store): Total revenue increased 1.5 percent to $222.3 million in third quarter 2015 compared to third quarter 2014. RevPAR decreased 1.8 percent compared to third quarter 2014 due to lower levels of occupancy. The drop in overall occupancy during third quarter 2015 was primarily due to a drop in small and medium-sized group room nights as compared to third quarter 2014. Total RevPAR increased 1.5 percent compared to third quarter 2014, driven by strong group-related food and beverage revenue. Adjusted EBITDA increased 7.8 percent, as compared to third quarter 2014, to $66.2 million. Adjusted EBITDA margin grew by 180 basis points compared to the prior-year quarter. $2.4 million in insurance proceeds received in the third quarter 2015 related to the norovirus disruptions that occurred during first quarter 2015 favorably impacted Revenue, Adjusted EBITDA, and Adjusted EBITDA margin in third quarter 2015.
  • Gaylord Opryland: Total revenue for third quarter 2015 was flat at $76.4 million, driven by a 6.1 point decline in occupancy in third quarter 2015, compared to third quarter 2014, which was partially offset by strong banquet revenue. There were approximately 18,000 room nights out of service in third quarter 2015 due to a room renovation that was completed in September. Adjusted EBITDA decreased 2.1 percent, as compared to third quarter 2014, to $24.8 million due to the decline in occupancy and a non-recurring linen charge related to the rooms renovation. Adjusted EBITDA Margin was flat compared to the same period in 2014. A non-recurring $0.6 million charge related to an FCC settlement in September 2014 unfavorably impacted Adjusted EBITDA margin in the third quarter of 2014, while $2.4 million in insurance proceeds received in the third quarter 2015 related to the norovirus disruptions that occurred during first quarter 2015 favorably impacted Revenue, Adjusted EBITDA, and Adjusted EBITDA margin in third quarter 2015.
  • Gaylord Palms: Total revenue for third quarter 2015 was $31.7 million, a 16.7 percent decrease from the 2014 period, as a result of lower occupancy due to a decrease in group room nights driven by a shift in the holiday schedule when compared to the same period in 2014. Adjusted EBITDA decreased 38.7 percent, as compared to third quarter 2014, to $5.2 million, and Adjusted EBITDA margin decreased by 590 basis points from the same period in 2014 to 16.4 percent, primarily due to the adverse impact of the property’s operating leverage when occupancy levels decline.
  • Gaylord Texan: Total revenue for third quarter 2015 was $50.2 million, a 12.1 percent increase from the 2014 period, driven by an occupancy increase of 2.2 points as well as a 6.8 percent increase in ADR that resulted from a favorable shift to corporate group rooms and higher-rated transient rooms compared to third quarter 2014. During the third quarter of 2014, the hotel had approximately 9,600 room nights out of service due to the room renovation project that was completed in August 2014. Adjusted EBITDA increased 26.1 percent, as compared to third quarter 2014, to $16.5 million. Adjusted EBITDA margin increased by 370 basis points over the same period in 2014 to 32.9 percent.
  • Gaylord National: Total revenue for third quarter 2015 was $60.3 million, a 7.0 percent increase from the 2014 period, driven primarily by strong banquet revenue growth resulting from an increase in corporate group occupancy. Adjusted EBITDA increased 34.6 percent, as compared to third quarter 2014, to $18.7 million, and Adjusted EBITDA margin increased by 640 basis points to 31.0 percent.

Reed continued, “Our Hospitality segment performance this quarter was led by Gaylord Texan and Gaylord National, both of which enjoyed strong top- and bottom-line gains over the third quarter of 2014. Gaylord Texan continues to have a stellar year by all measures, and we remain optimistic that Gaylord National will continue to perform well for the remainder of this year and in the years to come as the momentum in National Harbor builds.” 

To view full third quarter financial results and tables please visit:

http://phoenix.corporate-ir.net/phoenix.zhtml?c=72635&p=irol-newsArticle&ID=2105832

Summit Hotel Properties reports third quarter 2015 net income of $9.4 million compared to a loss in the year ago quarter. Same-Store RevPAR increased 4.6% over the same period in 2014.

"We are very pleased with our third quarter results, including our 4.9 percent pro forma RevPAR growth, which comes on top of the outsized RevPAR growth of 15.1 percent our portfolio delivered in the comparable period of last year," said Dan Hansen, Summit's President and CEO.  "Our operational team continues to drive initiatives that deliver strong operational performance, and we remain confident in achieving full-year margin expansion at the high end of the 50 to 100 basis point range communicated at the beginning of the year.  We are thrilled with the progress of our capital recycling program as we continue to enhance our portfolio with higher RevPAR assets with greater margins in strategic markets that exhibit strong growth profiles," commented Mr. Hansen.

Third Quarter 2015 Highlights

  • Pro Forma RevPAR: Pro forma revenue per available room ("RevPAR") in the third quarter of 2015 grew to $106.27, an increase of 4.9 percent over the same period of 2014. Pro forma average daily rate ("ADR") grew to $133.33 in the third quarter of 2015, an increase of 5.1 percent from the same period of 2014. Pro forma occupancy decreased by 0.2 percent to 79.7 percent.
  • Pro Forma Hotel EBITDA:  Pro forma hotel EBITDA in the third quarter of 2015 grew to $47.1 million, an increase of 5.5 percent over the same period in 2014. 
  • Pro Forma Hotel EBITDA Margin: Pro forma hotel EBITDA margin contracted by 38 basis points in the third quarter of 2015 to 37.4 percent compared with the same period of 2014.
  • Same-Store RevPAR: Same-store RevPAR in the third quarter of 2015 grew to $100.21, an increase of 4.6 percent over the same period in 2014.  Same-store ADR in the third quarter of 2015 grew to $125.93, an increase of 4.0 percent from the same period of 2014. Same-store occupancy increased by 0.6 percent in the third quarter of 2015 to 79.6 percent compared to the same period in 2014.
  • Adjusted EBITDA: Adjusted EBITDA increased to $43.7 million in the third quarter of 2015 from $36.7 million in the same period of 2014, an increase of $7.0 million or 19.1 percent.
  • Adjusted FFO: Adjusted Funds from Operations ("AFFO") for the third quarter of 2015 increased to $32.0 million, or $0.37 per diluted unit, which is a 24.6 percent increase from the same period of 2014.
  • Net Income: Net Income attributable to common stockholders in the third quarter of 2015 increased to $9.4 million, or $0.11 per diluted share, compared to a net loss of $0.4 million, or $(0.01) per diluted share, in the same period of 2014.
  • Acquisitions: The Company acquired two hotels during the third quarter of 2015 comprising 242 guestrooms, for a total purchase price of $56.8 million. 

 

Acquisitions

During the third quarter of 2015, the Company acquired two hotels with an aggregate of 242 guestrooms for a total purchase price of $56.8 million. The Company entered into management agreements with Interstate Hotels & Resorts for the acquisitions completed in the quarter.

  • On July 24, 2015, the Company acquired the 141-guestroom Residence Inn located in Baltimore (Hunt Valley), Maryland for $31.1 million and anticipates spending approximately $1.5 million on capital improvements through the end of 2016. 
  • Also on July 24, 2015, the Company acquired the 101-guestroom Residence Inn located in Branchburg, New Jersey for $25.7 million and anticipates spending approximately $1.1 million on capital improvements through the end of 2016.

Dispositions

At September 30, 2015, the Company was under contract to sell a portfolio portfolio of 26 hotels, containing 2,793 guestrooms, to affiliates of American Realty Capital Hospitality Trust, Inc. ("ARCH") for an total sales price of $347.4 million.  The aggregate sales price of $347.4 million represents a capitalization rate of 7.5 percent, including estimated capital improvements, for the trailing twelve months ended September 30, 2015.

Capital Investment

The Company invested $8.4 million in capital improvements during the third quarter of 2015. Among the properties renovated during the quarter, the scope of work ranged from common space improvements to complete guestroom renovations, including furniture, soft goods and guest bathrooms.

To view full third quarter financial results and tables please visit:

http://www.snl.com/Cache/1001203938.PDF?Y=&O=PDF&D=&FID=1001203938&T=&IID=4264301

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