PALM BEACH, Fla., May 8 /PRNewswire-FirstCall/ -- Innkeepers USA
Trust (NYSE:KPA), a hotel real estate investment trust (REIT) and a
leading owner of upscale extended-stay hotel properties throughout
the United States, today announced results for the three months
ended March 31, 2007. % Q1 2007 Q1 2006 Change*
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Total revenue $80,194 $64,226 25 %
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Net income (loss) applicable to common shareholders $3,112 $3,200
(3)%
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Diluted income (loss) per share $0.07 $0.07 0 %
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Funds from operations (FFO) $14,430 $13,442 7 %
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Adjusted FFO $14,430 $12,947 11 %
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FFO per share $0.30 $0.28 7 %
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Adjusted FFO per share $0.30 $0.27 11 %
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Earnings before interest, taxes, depreciation and amortization
(EBITDA) $27,377 $22,483 22 %
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Adjusted EBITDA $27,408 $21,913 25 % *In thousands, except per
share and percentage change data FFO, Adjusted FFO, FFO per share,
Adjusted FFO per share, EBITDA and Adjusted EBITDA are not
generally accepted accounting principles (GAAP) financial measures
and are discussed in further detail and reconciled to net income
applicable to common shareholders later in this press release.
Adjusted FFO, Adjusted FFO per chare and Adjusted EBITDA exclude
other charges and discontinued operations. See reconciliations of
net income applicable to common shareholders to FFO per share,
Adjusted FFO per share and Adjusted EBITDA included in the tables
of this press release. FFO per share, Adjusted FFO per share, and
Adjusted EBITDA are not GAAP financial measures and are discussed
in further detail in this press release. In addition, as previously
announced, the company noted that it will not hold a 2007 first
quarter earnings conference call as a result of the proposed
acquisition of Innkeepers by affiliates of Apollo Investment
Corporation, pending approval of shareholders in a special meeting
to be held in the second quarter. Operating Results Revenue per
available room (RevPAR) for the 2007 first quarter at the company's
68 comparable hotels improved 6.1 percent to $84.72, led by an 8.3
percent increase in average daily rate (ADR) to $120.17, offset by
a 150-basis-point decline in occupancy to 70.5 percent. The 2007
first quarter comparable hotels exclude the two hotels in Montvale
and Atlantic City, N.J. that currently are closed and being
converted to the Courtyard by Marriott brand, and five hotels
acquired in the 2006 fourth quarter and a hotel acquired through an
unconsolidated joint venture in the fourth quarter. Gross operating
profit (GOP) margins (hotel revenue less hotel expenses, before
property taxes and insurance) for the company's comparable hotels
improved 160 basis points in the 2007 first quarter to 43.4
percent. For the quarter, GOP flowthrough (increase in GOP compared
to the increase in revenue) was 71 percent. "We had a good,
positive start to 2007 as FFO and EBITDA finished just above our
original guidance," said Jeffrey H. Fisher, chief executive officer
and president. "FFO was a penny over our FFO guidance and consensus
analyst expectations, and EBITDA exceeded the top end of our range
by a few hundred thousand dollars. We continued to see healthy
margin growth despite high utility and insurance costs, as our
operator continued to push rate in the quarter and did a good job
of driving those increases through to FFO and EBITDA. At 71
percent, our GOP flowthrough was approximately 15 percentage points
above what we projected for the first quarter, and our operating
team should be commended for producing these solid results. "Our
Silicon Valley properties experienced positive RevPAR increases for
the thirteenth consecutive quarter, and remain one of our leading
growth markets," he said. RevPAR at the company's eight Silicon
Valley, Calif. hotels improved 7.5 percent in the first quarter,
reflecting a 15.0 percent advance in ADR to $138.74, offset by a
5.1 percentage point decrease in occupancy to 73.3 percent.
Excluding Silicon Valley, RevPAR for the company's comparable
hotels increased 5.8 percent in the quarter. "In addition, we
reported strong results in Seattle, Philadelphia and Dallas, as
RevPAR at our four hotels in each of these cities rose an average
of more than 9 percent in the period." Residence Inn by Marriott
Generation 1 Franchise Extensions During the quarter, Marriott
extended the franchise terms on 21 of Innkeepers' 29 first
generation (Gen 1) Residence Inns through December 31, 2021, an
extension of approximately nine years, based on weighted average
number of rooms. Certain of the extensions are subject to receipt
of lender consent. The company must complete property improvement
plans mandated by Marriott for 23 Gen 1 Residence Inns over the
next five years. The company estimates that the completion of these
plans will cost approximately $40 million, or approximately $14,000
per room. This includes approximately $25 million, or $8,700 per
room, for required capital replacement cycle expenditures and
approximately $15 million, or $5,300 per room, to implement
Marriott's new "Innfusion" standards. The Innfusion upgrades
include the addition of stainless steel-looking appliances, granite
counter tops, new cabinets and ceramic cook tops. The company may
transfer any of the 23 hotels to a Marriott-approved transferee.
The transferee will obtain the remaining franchise term subject to
completion of a Marriott-approved property improvement plan. If the
transfer occurs before March 23, 2008, the transferee's property
improvement plan will be the same as the company's plan, but the
transferee must complete the plan by the earlier of two years after
the transfer or the date that the company would have had to
complete the plan. The terms for the company's two Sunnyvale,
Calif. Gen 1 hotels will remain unchanged at July 2023. Marriott
will not extend the franchises for six hotels with a total of 468
rooms. The franchise agreements for these hotels will terminate
between June 30, 2007 and December 31, 2010. The EBITDA for these
six hotels in 2006 was approximately 3 percent of company EBITDA,
and their return on investment was less than 7 percent in 2006.
Capital Recycling Update Innkeepers currently has two hotels closed
and undergoing renovation and one new property under construction.
The company expects to open the renovated Montvale, N.J. property
as a Courtyard by Marriott in June and its Atlantic City hotel as a
Courtyard by Marriott in September. The under- construction,
155-suite Embassy Suites in Valencia, Calif. is expected to open in
August. Fisher noted that after the end of the quarter, the company
sold the independent Sunrise Suites in Tinton Falls, N.J. Capital
Structure Innkeepers added $20 million in debt under its unsecured
line of credit in the quarter due primarily to the conversion and
development costs of the three hotels noted above, as well as the
seasonal cash shortfall that occurs in operations in the first and
fourth quarters. At year-end 2006, the company's average interest
rate on its fixed-rate debt interest was 6.84 percent with an
average maturity of 6.1 years. The company's debt to investment in
hotels at cost ratio was approximately 40 percent with 74 percent
at fixed rates. The company has $66 million available on its
unsecured line of credit. Dividend The company paid a first quarter
dividend of $0.23 per common share and unit. As required by its
agreement with affiliates of Apollo Investment Corporation, the
company has suspended any common share and unit dividend payments
pending its acquisition, which is expected to be voted upon by
shareholders in the 2007 second quarter. The company will continue
to pay its preferred share dividends. Innkeepers USA Trust owns 74
hotels with a total of 9,808 rooms or suites and one 355-room hotel
in which it owns a 49 percent equity interest in 21 states and
Washington, D.C., and focuses on acquiring or developing premium-
branded upscale extended-stay and select-service hotels, the core
of the company's portfolio; selected full-service hotels; and
turn-around opportunities for hotels that operate under or can be
converted to the industry's leading brands. For more information
about Innkeepers USA Trust, visit the company's web site at
http://www.innkeepersusa.com/. Included in this press release are
certain "non-GAAP financial measures," within the meaning of
Securities and Exchange Commission (SEC) rules and regulations,
that are different from measures calculated and presented in
accordance with GAAP (generally accepted accounting principles).
These non- GAAP financial measures are (i) funds from operations
(FFO), (ii) FFO per share, (iii) Adjusted FFO, (iv) Adjusted FFO
per share, (v) net income (loss) (computed in accordance with GAAP)
before interest, taxes, depreciation and amortization, common and
preferred minority interests and preferred dividends (EBITDA), and
(vi) Adjusted EBITDA. The following explains why we believe these
measures, when considered along with earnings per share, calculated
in accordance with GAAP, help provide investors with a more
complete understanding of our financial and operating performance.
FFO As Defined by NAREIT and Adjusted FFO The National Association
of Real Estate Investment Trusts (NAREIT) adopted the definition of
FFO in order to promote an industry standard measure of REIT
financial and operating performance. Management believes that the
presentation of FFO, FFO per share, Adjusted FFO (defined below)
and Adjusted FFO per share provide useful supplemental information
to investors regarding the company's financial condition and
results of operations, particularly in reference to the company's
ability to service debt, fund capital expenditures and pay cash
dividends. Many other real estate investment trusts use FFO as a
measure of their financial and operating performance, and therefore
provides another basis of comparison for management. FFO, as
defined, adds back historical cost depreciation. Historical cost
depreciation assumes the value of real estate assets diminishes
predictably over a certain period of time. In fact, real estate
asset values historically have increased or decreased with market
conditions. Consequently, FFO and Adjusted FFO may be useful
supplemental measures in evaluating financial and operating
performance by disregarding, or adding back, historical cost
depreciation in the calculation of FFO and Adjusted FFO.
Additionally, FFO per share and Adjusted FFO per share targets have
historically been used to determine a significant portion of the
incentive compensation of the company's senior management. NAREIT
defines FFO as net income (loss) (computed in accordance with
GAAP), excluding gains (losses) from sales of property, plus real
estate depreciation and amortization and after adjustments for
unconsolidated partnerships and joint ventures. The company
calculates FFO in compliance with the NAREIT definition. The
company defines Adjusted FFO as FFO (as defined by NAREIT),
adjusted for non-recurring and/or non-cash items, including
discontinued operations and impairment losses. FFO, Adjusted FFO,
FFO per share, Adjusted FFO per share are reconciled to net income
(loss) applicable to common shareholders determined in accordance
with GAAP in the accompanying schedules. EBITDA and Adjusted EBITDA
EBITDA is defined as net income (loss) (computed in accordance with
GAAP) before interest, taxes, depreciation and amortization, common
and preferred minority interests and preferred dividends. The
company defines Adjusted EBITDA as EBITDA adjusted for
non-recurring and/or non-cash items, including gains (losses) from
sales of property, discontinued operations and impairment losses.
Management believes that the presentation of EBITDA and Adjusted
EBITDA provides useful supplemental information to investors
regarding the company's financial condition and results of
operations, particularly in reference to the company's ability to
service debt, fund capital expenditures and pay cash dividends.
Many other businesses measure their performance, in part, by their
EBITDA results, which provide another basis for comparison between
companies. EBITDA and Adjusted EBITDA are also factors in
management's evaluation of the financial and operating performance
of the company, hotel level performance, investment opportunities,
dispositions and financing transactions. EBITDA and Adjusted EBITDA
are reconciled to net income (loss) applicable to common
shareholders determined in accordance with GAAP in the accompanying
schedules. FFO, FFO per share, Adjusted FFO, Adjusted FFO per
share, EBITDA and Adjusted EBITDA, as presented, may not be
comparable to FFO, FFO per share, Adjusted FFO, Adjusted FFO per
share, EBITDA and Adjusted EBITDA as calculated by other real
estate companies. These measures do not reflect certain expenses
that the company incurred and will incur, such as depreciation and
interest (although we show such expenses in the reconciliation of
these measures to their most directly comparable GAAP measures).
None of these measures should be considered as an alternative to
net income, net cash provided by operating activities, or any other
financial and operating performance measure prescribed by GAAP.
These measures should only be used in conjunction with GAAP
measures. Forward-Looking Statement Safe Harbor This press release,
and other publicly available information on the company, includes
forward looking statements within the meaning of federal securities
law. These statements include terms such as "should," "may,"
"believe" and "estimate," or assumptions, estimates or forecasts
about future hotel and company performance and results, and the
company's future need for capital. Such statements should not be
relied on because they involve risks that could cause actual
results to differ materially from the company's expectations when
such statements are made. Some of these risks are set forth in
reports filed from time to time with the SEC and include, without
limitation, (i) the company engages in a number of related party
transactions that create conflicts of interest, (ii) the
operational risks of the hotel business (including decreasing hotel
revenues and increasing hotel expenses), (iii) risks that war,
terrorism or similar activities, widespread health alerts,
disruption in oil imports or higher oil prices, or changes in
domestic or international political environments negatively affect
the travel industry and the company, (iv) risk of declines in the
performance and prospects of businesses and industries (e.g.,
technology, automotive, aerospace, pharmaceuticals) that are
important hotel demand generators in the company's key markets
(e.g. the Silicon Valley, CA, Northern NJ, Washington, DC, etc.),
(v) risk that poor, declining and/or uncertain international,
national, regional and/or local economic conditions will, among
other things, negatively affect demand for the company's hotel
rooms and the availability and terms of financing, (vi) risk that
the company's ability to maintain its properties in competitive
condition becomes prohibitively expensive, (vii) risk that pricing
in the hotel acquisition market becomes prohibitively expensive or
non- financeable and that potential acquisitions or developments do
not perform in accordance with expectations, (viii) risk that the
company may invest in hotels of a size or nature (e.g., upscale
full service or resort) different than those it has focused on
historically (e.g., upscale extended-stay, and mid-scale limited
service); (ix) risks that the company may be uninsured or
underinsured against property, casualty or other risks that may
negatively affect its properties, or business, including but not
limited to earthquakes or hurricanes; (x) risks related to an
increasing focus on development, including permitting risks,
increasing the proportion of company assets not producing revenue
at a given time and risks that projects cost more, take longer to
complete or do not perform as anticipated; (xi) changes in travel
patterns or the prevailing means of commerce (i.e., e-commerce) may
reduce demand for hotels in general or the company's hotels in
particular, (xii) the complex tax rules that the company must
satisfy to qualify as a REIT and the potentially severe
consequences of failing to satisfy such requirements, (xiii)
governmental regulation that may increase the company's cost of
doing business or otherwise negatively effect its business or its
attractiveness as an investment and create risk of liability for
non-compliance (e.g., changes in laws affecting wages, taxes or
dividends, compliance with building codes, compliance with the
Americans with Disabilities Act, workers compensation law changes,
the Sarbanes-Oxley law, etc.), and (xiv) approval of the
transaction with Apollo by the shareholders of Innkeepers and the
satisfaction of closing conditions to the transaction. The company
undertakes no obligation to update any forward looking statement to
reflect actual results, changes in the company's expectation, or
for any other reason. INNKEEPERS USA TRUST CONSOLIDATED STATEMENTS
OF OPERATIONS (in thousands, except share and per share data) Three
Months Ended March 31, -------------------------- 2007 2006
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Revenue: Hotel operating Rooms $73,798 $60,195 Food and beverage
3,684 2,078 Telephone 397 360 Other 2,186 1,484 Other 129 109
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Total revenue 80,194 64,226
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Expenses: Hotel operating Rooms 14,614 12,522 Food and beverage
2,703 1,584 Telephone 848 731 Other 872 723 General and
administrative 8,031 6,310 Franchise and marketing fees 5,508 4,124
Amortization of deferred franchise conversion 292 292 Advertising
and promotions 2,495 2,225 Utilities 4,097 3,401 Repairs and
maintenance 4,040 2,725 Management fees 2,398 1,944 Amortization of
deferred lease acquisition 131 131 Insurance 406 408 Corporate
Depreciation 10,923 9,176 Amortization of franchise fees 30 18
Ground rent 149 138 Interest 8,493 5,049 Amortization of loan
origination fees 262 218 Property taxes and insurance 4,164 2,997
General and administrative 3,369 2,778 Other charges (income) --
(495)
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Total expenses 73,825 56,999
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Income before minority interest and equity in loss of
unconsolidated entity 6,369 7,227 Minority interest, common (68)
(55) Minority interest, preferred -- (1,045) Equity in loss of
unconsolidated entity (224) --
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Income from continuing operations 6,077 6,127 Loss from
discontinued operations (34) (102) Gain (loss) on disposition of
assets (31) 75
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Net income 6,012 6,100 Preferred share dividends (2,900) (2,900)
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Net income applicable to common shareholders $3,112 $3,200
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Earnings per share data: Basic - continuing operations $0.07 $0.07
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Basic $0.07 $0.07
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Basic - weighted average shares 46,839,919 42,864,826
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Diluted - continuing operations $0.07 $0.07
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Diluted $0.07 $0.07
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Diluted - weighted average shares 48,245,178 43,298,181
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INNKEEPERS USA TRUST CALCULATION OF FFO, ADJUSTED FFO, EBITDA,
ADJUSTED EBITDA AND RECONCILIATION TO NET INCOME APPLICABLE TO
COMMON SHAREHOLDERS (in thousands, except share and per share data)
Three Months Ended March 31, 2007 2006 ----------------------------
CALCULATION OF FFO Net income applicable to common shareholders
$3,112 $3,200 Depreciation 10,923 9,176 Depreciation included in
discontinued operations 44 41 Depreciation in unconsolidated entity
252 -- Loss (gain) on disposition of assets 31 (75) Minority
interest, preferred -- 1,045 Minority interest, common 68 55
---------------------------- Diluted FFO $14,430 $13,442
---------------------------- Weighted average number of common
shares and common share equivalents 48,245,178 47,766,481
---------------------------- Diluted FFO per share $0.30 $0.28
---------------------------- FFO 14,430 13,442 Other charges --
(495) ---------------------------- Adjusted FFO $14,430 $12,947
---------------------------- Adjusted FFO per share $0.30 $0.27
---------------------------- Three Months Ended March 31, 2007 2006
---------------------------- CALCULATION OF EBITDA Net income
applicable to common shareholders $3,112 $3,200 Interest 8,493
5,049 Depreciation and amortization 12,220 10,193 Depreciation
included in discontinued operations 44 41 Depreciation,
amortization and interest in unconsolidated entity 540 -- Minority
interest, common 68 55 Minority interest, preferred -- 1,045
Preferred share dividends 2,900 2,900 ----------------------------
EBITDA $27,377 $22,483 ---------------------------- Other charges
-- (495) Loss (gain) on disposition of assets 31 (75)
---------------------------- Adjusted EBITDA $27,408 $21,913
---------------------------- INNKEEPERS USA TRUST CONSOLIDATED
BALANCE SHEETS (in thousands, except share and per share data)
March 31, December 31, 2007 2006
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ASSETS Investment in hotels: Land and improvements $182,417
$182,382 Buildings and improvements 969,198 959,030 Furniture and
equipment 123,795 124,008 Renovations in process 49,344 33,778
Hotels held for sale, net 4,751 4,734 Hotels under development
13,389 8,688
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1,342,894 1,312,620 Accumulated depreciation (273,926) (263,381)
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Net investment in hotels 1,068,968 1,049,239 Cash and cash
equivalents 13,647 10,485 Restricted cash and cash equivalents
7,049 7,064 Investment in unconsolidated entity 3,941 4,132
Accounts receivable, net 7,339 5,991 Prepaid expenses 3,174 4,249
Deferred and other 20,363 20,846
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Total assets $1,124,481 $1,102,006
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LIABILITIES AND SHAREHOLDERS' EQUITY Debt $533,735 $515,290
Accounts payable and accrued expenses 26,567 26,987 Payable to
manager 878 176 Franchise conversion fee obligations 9,531 9,660
Distributions payable 13,185 13,110
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Total liabilities 583,896 565,223 Minority interest in Partnership
5,420 19,112 Shareholders' equity: Preferred shares, $0.01 par
value, 20,000,000 shares authorized, 5,800,000 shares issued and
outstanding 145,000 145,000 Common shares, $0.01 par value,
100,000,000 shares authorized, 47,805,765 and 45,732,800 issued and
outstanding, respectively 478 457 Additional paid-in capital
532,739 507,384 Distributions in excess of earnings (143,052)
(135,170)
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Total shareholders' equity 535,165 517,671
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Total liabilities and shareholders' equity $1,124,481 $1,102,006
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INNKEEPERS USA TRUST DEBT COMPOSITION As of March 31, 2007
(outstanding balance in thousands) Stated Outstanding Interest
Maturity Encumbered DEBT Balance Rate Date Properties
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Unsecured Line of Credit(1) $127,000 6.57% September 2008 --
Industrial Revenue Bonds(1) 10,000 3.65% December 2014 -- Term Loan
#1 21,640 8.17% October 2007 8 Term Loan #2 33,098 8.15% March 2009
8 Term Loan #3 27,322 7.02% April 2010 7 Term Loan #4 44,098 7.16%
October 2009 6 Term Loan #5 48,560 7.75% January 2011 6 Mortgage
Loans 12,203 10.35% June 2010 1 Mortgage Loans 75,000 6.03%
September 2016 3 Mortgage Loans 13,700 5.41% July 2010 1 Mortgage
Loans 120,000 5.98% October 2016 3 Adjustments (4) 1,114 -- -- --
-------- TOTAL $533,735 6.78%(2) 6.1 years(3) 43 (5) ======== (1)
Variable rated debt. The stated interest rate of the industrial
revenue bonds includes an annual letter of credit fee of 1.25% (2)
Weighted average calculated using the stated interest rate (3)
Weighted average maturity of debt, excluding the unsecured line of
credit (4) Adjustment to record $13 million mortgage at a fair
market interest rate of 7% (the stated interest rate is 10.35%) (5)
Does not include the Sheraton Raleigh, of which we own a 49%
interest, which is encumbered but not consolidated INNKEEPERS USA
TRUST OTHER DATA (in thousands, except shares data) March 31, March
31, 2007 2006 ---------------------------- CAPITALIZATION Common
share market capitalization $789,000 $741,000
---------------------------- Total equity market capitalization
$935,000 $950,000 ---------------------------- Common share closing
price $16.28 $16.95 ---------------------------- Common share
dividend(1) $0.81 $0.55 ---------------------------- Common share
dividend yield(1) 5.0% 3.2% ---------------------------- Preferred
share closing price $25.11 $24.79 ----------------------------
Preferred share dividend(2) $2.00 $2.00
---------------------------- Preferred share dividend yield(2) 8.0%
8.1% ---------------------------- DEBT COVERAGE Debt weighted
average interest rate 6.8% 7.2% ---------------------------- Debt
to investment in hotel properties, at cost 40% 27%
---------------------------- Debt and preferred shares to
investment in hotel properties 51% 41% ----------------------------
LIQUIDITY/FLEXIBILITY Debt due 2006 -- $4,000
---------------------------- Debt due 2007 $25,000 $103,000
---------------------------- Debt due 2008 $133,000 $5,000
---------------------------- Debt due 2009 and thereafter $375,735
$168,475 ---------------------------- Unencumbered hotel assets(3)
57% 48% ---------------------------- Unsecured Line of Credit
outstanding balance $127,000 $76,574 ----------------------------
Unsecured Line of Credit available balance(4) $66,500 $46,926
---------------------------- SHARES AND UNITS OUTSTANDING Common
Shares 47,805,765 43,023,202 ---------------------------- Common
Partnership Units 665,981 666,891 ----------------------------
Preferred Partnership Units -- 3,801,409
---------------------------- Preferred Shares 5,800,000 5,800,000
---------------------------- (1) Regular common share dividends
declared for the trailing twelve months ended March 31, 2007 and
2006 (2) Regular annual preferred share dividends (3) Based upon
the number of hotels, excluding the Sheraton Raleigh (4) The actual
amount that may be borrowed is contingent upon many factors, such
as compliance with unsecured line of credit covenants and the use
of proceeds from borrowings. The $205 million unsecured line of
credit available balance has been reduced by $11.5 million in
letters of credit. INNKEEPERS USA TRUST HOTEL OPERATING RESULTS
(UNAUDITED) Three Months Ended March 31, % March 31, 2007 2007 2006
Inc (dec) ----------------------------------------- PORTFOLIO(1)
-------------------------------- Average Daily Rate $120.17 $110.97
8.29% ------------------------- Occupancy 70.50% 71.95% -2.02%
------------------------- RevPAR $84.72 $79.85 6.10%
------------------------- Number of hotel properties 68 ------
Percent of total rooms 100.0% ------ Percent of room revenue(2)
100.0% ------ BY SEGMENT -------------------------------- Upscale
Extended Stay Average Daily Rate $119.01 $109.35 8.84%
------------------------- Occupancy 73.83% 76.20% -3.11%
------------------------- RevPAR $87.87 $83.33 5.46%
------------------------- Number of hotel properties 49 ------
Percent of total rooms 71.1% ------ Percent of room revenue(2)
73.1% ------ Upscale(1) Average Daily Rate $153.11 $139.78 9.54%
------------------------- Occupancy 61.91% 63.33% -2.25%
------------------------- RevPAR $94.79 $88.52 7.08%
------------------------- Number of hotel properties 5 ------
Percent of total rooms 8.2% ------ Percent of room revenue(2) 10.1%
------ Mid Priced(1) Average Daily Rate $110.54 $104.77 5.50%
------------------------- Occupancy 62.84% 61.15% 2.76%
------------------------- RevPAR $69.46 $64.07 8.41%
------------------------- Number of hotel properties 14 ------
Percent of total rooms 20.7% ------ Percent of room revenue(2)
16.8% ------ BY FRANCHISE AFFILIATION
-------------------------------- Residence Inn Average Daily Rate
$119.59 $109.53 9.18% ------------------------- Occupancy 73.04%
76.07% -3.99% ------------------------- RevPAR $87.35 $83.32 4.83%
------------------------- Number of hotel properties 42 ------
Percent of total rooms 60.5% ------ Percent of room revenue(2)
61.7% ------ Hyatt Summerfield Suites Average Daily Rate $107.96
$102.62 5.20% ------------------------- Occupancy 77.25% 75.25%
2.65% ------------------------- RevPAR $83.40 $77.22 7.99%
------------------------- Number of hotel properties 6 ------
Percent of total rooms 8.9% ------ Percent of room revenue(2) 8.7%
------ Hampton Inn(1) Average Daily Rate $111.34 $104.50 6.54%
------------------------- Occupancy 61.40% 58.54% 4.89%
------------------------- RevPAR $68.36 $61.18 11.74%
------------------------- Number of hotel properties 12 ------
Percent of total rooms 17.9% ------ Percent of room revenue(2)
14.3% ------ BY MANAGEMENT COMPANY --------------------------------
Innkeepers Hospitality Management(1)(3)(4) Average Daily Rate
$120.47 $111.16 8.38% ------------------------- Occupancy 70.99%
72.28% -1.78% ------------------------- RevPAR $85.53 $80.34 6.45%
------------------------- Number of hotel properties 67 ------
Percent of total rooms 97.4% ------ Percent of room revenue(2)
98.4% ------ Third Party Managed Average Daily Rate $104.45 $102.51
1.89% ------------------------- Occupancy 51.81% 59.52% -12.96%
------------------------- RevPAR $54.11 $61.01 -11.31%
------------------------- Number of hotel properties 1 ------
Percent of total rooms 2.6% ------ Percent of room revenue(2) 1.6%
------ BY GEOGRAPHIC REGION -------------------------------- New
England [ME, NH, VT, MA, CT, RI] Average Daily Rate $110.60 $107.54
2.84% ------------------------- Occupancy 57.58% 59.90% -3.88%
------------------------- RevPAR $63.68 $64.42 -1.15%
------------------------- Number of hotel properties 5 ------
Percent of total rooms 4.4% ------ Percent of room revenue(2) 4.0%
------ Middle Atlantic(1) [NY, NJ, PA] Average Daily Rate $122.71
$119.12 3.01% ------------------------- Occupancy 68.02% 64.53%
5.41% ------------------------- RevPAR $83.46 $76.87 8.59%
------------------------- Number of hotel properties 11 ------
Percent of total rooms 16.2% ------ Percent of room revenue(2)
15.8% ------ South Atlantic(1) [DE, MD, WV, DC, VA, NC, SC, GA, FL]
Average Daily Rate $127.92 $119.93 6.67% -------------------------
Occupancy 69.81% 72.20% -3.31% ------------------------- RevPAR
$89.30 $86.58 3.13% ------------------------- Number of hotel
properties 15 ------ Percent of total rooms 22.7% ------ Percent of
room revenue(2) 23.7% ------ East North Central [OH, MI, IN, IL,
WI] Average Daily Rate $98.95 $94.04 5.23%
------------------------- Occupancy 65.31% 68.73% -4.98%
------------------------- RevPAR $64.63 $64.63 0.00%
------------------------- Number of hotel properties 12 ------
Percent of total rooms 15.9% ------ Percent of room revenue(2)
12.0% ------ East South Central(1) [KY, TN, AL, MS] Average Daily
Rate $98.71 $94.95 3.96% ------------------------- Occupancy 72.48%
63.00% 15.05% ------------------------- RevPAR $71.54 $59.82 19.60%
------------------------- Number of hotel properties 3 ------
Percent of total rooms 4.2% ------ Percent of room revenue(2) 3.5%
------ West North Central [MN, IA, MO, KS, NE, SD, ND] Average
Daily Rate $89.05 $83.54 6.59% ------------------------- Occupancy
73.33% 84.69% -13.41% ------------------------- RevPAR $65.30
$70.75 -7.70% ------------------------- Number of hotel properties
1 ------ Percent of total rooms 0.8% ------ Percent of room
revenue(2) 0.6% ------ West South Central [AR, LA, OK, TX] Average
Daily Rate $110.95 $100.00 10.95% -------------------------
Occupancy 80.97% 81.43% -0.58% ------------------------- RevPAR
$89.83 $81.43 10.32% ------------------------- Number of hotel
properties 5 ------ Percent of total rooms 8.3% ------ Percent of
room revenue(2) 8.7% ------ Mountain [MT, ID, WY, CO, UT, NM, AZ,
NV] Average Daily Rate $106.62 $92.60 15.13%
------------------------- Occupancy 69.69% 74.60% -6.57%
------------------------- RevPAR $74.31 $69.08 7.57%
------------------------- Number of hotel properties 2 ------
Percent of total rooms 3.4% ------ Percent of room revenue(2) 3.0%
------ Pacific [WA, OR, CA, AK, HI] Average Daily Rate $135.29
$118.52 14.15% ------------------------- Occupancy 75.21% 79.02%
-4.82% ------------------------- RevPAR $101.74 $93.65 8.64%
------------------------- Number of hotel properties 14 ------
Percent of total rooms 24.2% ------ Percent of room revenue(2)
28.8% ------ BY SELECTED MSA --------------------------------
Atlanta Average Daily Rate $115.80 $109.82 5.45%
------------------------- Occupancy 72.33% 76.13% -4.98%
------------------------- RevPAR $83.76 $83.60 0.19%
------------------------- Number of hotel properties 2 ------
Percent of total rooms 3.4% ------ Percent of room revenue(2) 3.3%
------ Boston Average Daily Rate $112.50 $110.29 2.00%
------------------------- Occupancy 46.24% 44.23% 4.56%
------------------------- RevPAR $52.03 $48.78 6.66%
------------------------- Number of hotel properties 2 ------
Percent of total rooms 1.2% ------ Percent of room revenue(2) 1.3%
------ Chicago Average Daily Rate $105.82 $95.93 10.31%
------------------------- Occupancy 59.93% 65.22% -8.10%
------------------------- RevPAR $63.42 $62.56 1.37%
------------------------- Number of hotel properties 4 ------
Percent of total rooms 6.7% ------ Percent of room revenue(2) 5.0%
------ Dallas/Ft. Worth Average Daily Rate $98.95 $90.26 9.63%
------------------------- Occupancy 80.18% 80.36% -0.22%
------------------------- RevPAR $79.34 $72.53 9.39%
------------------------- Number of hotel properties 4 ------
Percent of total rooms 6.5% ------ Percent of room revenue(2) 6.0%
------ Denver Average Daily Rate $106.62 $92.60 15.13%
------------------------- Occupancy 69.69% 74.60% -6.57%
------------------------- RevPAR $74.31 $69.08 7.57%
------------------------- Number of hotel properties 2 ------
Percent of total rooms 3.4% ------ Percent of room revenue(2) 3.0%
------ Detroit Average Daily Rate $96.33 $100.55 -4.20%
------------------------- Occupancy 67.61% 70.78% -4.48%
------------------------- RevPAR $65.12 $71.17 -8.50%
------------------------- Number of hotel properties 3 ------
Percent of total rooms 4.3% ------ Percent of room revenue(2) 3.3%
------ Hartford Average Daily Rate $113.35 $110.99 2.12%
------------------------- Occupancy 67.74% 70.51% -3.92%
------------------------- RevPAR $76.79 $78.26 -1.89%
------------------------- Number of hotel properties 2 ------
Percent of total rooms 2.3% ------ Percent of room revenue(2) 2.1%
------ Philadelphia Average Daily Rate $108.47 $103.57 4.74%
------------------------- Occupancy 75.61% 72.08% 4.89%
------------------------- RevPAR $82.01 $74.65 9.86%
------------------------- Number of hotel properties 4 ------
Percent of total rooms 5.5% ------ Percent of room revenue(2) 5.3%
------ Richmond Average Daily Rate $108.00 $102.51 5.36%
------------------------- Occupancy 77.87% 74.03% 5.20%
------------------------- RevPAR $84.11 $75.88 10.84%
------------------------- Number of hotel properties 2 ------
Percent of total rooms 2.2% ------ Percent of room revenue(2) 2.2%
------ San Francisco/San Jose/Oakland (Silicon valley) Average
Daily Rate $138.74 $120.65 14.99% -------------------------
Occupancy 73.29% 78.43% -6.55% ------------------------- RevPAR
$101.69 $94.63 7.46% ------------------------- Number of hotel
properties 8 ------ Percent of total rooms 14.3% ------ Percent of
room revenue(2) 17.0% ------ Seattle/Portland Average Daily Rate
$136.69 $114.37 19.52% ------------------------- Occupancy 73.62%
80.36% -8.38% ------------------------- RevPAR $100.64 $91.91 9.50%
------------------------- Number of hotel properties 4 ------
Percent of total rooms 6.0% ------ Percent of room revenue(2) 7.1%
------ Washington, D.C.(1) Average Daily Rate $152.76 $144.08 6.02%
------------------------- Occupancy 62.78% 66.28% -5.29%
------------------------- RevPAR $95.90 $95.50 0.42%
------------------------- Number of hotel properties 4 ------
Percent of total rooms 6.4% ------ Percent of room revenue(2) 7.2%
------ (1) Hotel operating results exclude one hotel property
acquired in June 2003 which is closed for conversion to a Courtyard
hotel, one hotel property acquired in February 2005 which is closed
for conversion to a Courtyard hotel, and the five hotels acquired
during the fourth quarter of 2006. (2) Includes the Sunrise Suites
Tinton Falls, NJ. Contact: Dennis Craven (Company) Jerry Daly or
Carol McCune Chief Financial Officer Daly Gray (Media) (561)
227-1302 (703) 435-6293 DATASOURCE: Innkeepers USA Trust Contact:
Company, Dennis Craven, Chief Financial Officer of Innkeepers USA
Trust, +1-561-227-1302; or Media, Jerry Daly or Carol McCune, both
of Daly Gray, +1-703-435-6293 Web site:
http://www.innkeepersusa.com/
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