Business Services Industry
Innkeepers USA Trust Announces Second Quarter Earnings; RevPAR Increases 9.3 Percent in Second Quarter
Business Wire, August 3, 2004
INNKEEPERS USA TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except share and per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
----------------------- -----------------------
Revenue:
Hotel Operating
Rooms $54,194 $335 $90,162 $335
----------------------- -----------------------
Food and beverage 294 0 371 0
----------------------- -----------------------
Telephone 489 1 920 1
----------------------- -----------------------
Other 1,282 22 1,976 22
----------------------- -----------------------
Percentage lease 0 16,532 5,073 32,867
----------------------- -----------------------
Other 117 107 227 236
----------------------- -----------------------
Total revenue $56,376 $16,997 $98,729 $33,461
----------------------- -----------------------
Expenses:
Hotel Operating
Rooms $11,995 $87 $20,289 $87
----------------------- -----------------------
Food and beverage 284 0 361 0
----------------------- -----------------------
Telephone 757 2 1,224 2
----------------------- -----------------------
Other 503 3 805 3
----------------------- -----------------------
General and
administrative 5,041 33 8,635 33
----------------------- -----------------------
Franchise and
marketing fees 3,704 26 6,389 26
----------------------- -----------------------
Amortization of
deferred franchise
conversion 274 0 500 0
----------------------- -----------------------
Advertising and
promotions 1,765 18 3,006 18
----------------------- -----------------------
Utilities 2,464 18 4,260 18
----------------------- -----------------------
Repairs and
maintenance 2,890 14 4,944 14
----------------------- -----------------------
Management fees 1,795 33 2,994 33
----------------------- -----------------------
Amortization of
deferred lease
acquisition 131 0 251 0
----------------------- -----------------------
Insurance 461 2 740 2
----------------------- -----------------------
Corporate
Depreciation 8,363 8,358 16,655 16,661
----------------------- -----------------------
Amortization of
franchise fees 14 16 27 30
----------------------- -----------------------
Ground rent 120 126 247 250
----------------------- -----------------------
Interest 4,599 4,400 9,093 8,715
----------------------- -----------------------
Amortization of loan
origination fees 214 268 483 537
----------------------- -----------------------
Property taxes and
insurance 2,889 3,185 5,796 6,042
----------------------- -----------------------
General and
administrative 1,199 1,212 2,830 2,615
----------------------- -----------------------
Amortization of
unearned
compensation 214 369 441 714
----------------------- -----------------------
Other charges(1) 117 344 488 999
----------------------- -----------------------
Total expenses $49,793 $18,514 $90,458 $36,799
----------------------- -----------------------
Income (Loss) before
minority interest $6,583 ($1,517) $8,271 ($3,338)
----------------------- -----------------------
Minority interest,
common (81) 144 76 301
----------------------- -----------------------
Minority interest,
preferred (1,068) (1,068) (2,136) (2,136)
----------------------- -----------------------
Income (Loss) from
continuing operations $5,434 ($2,441) $6,211 ($5,173)
----------------------- -----------------------
Discontinued
operations(2) 119 334 1,175 512
-----------------------------------------------
Net income (loss) $5,553 ($2,107) $7,386 ($4,661)
----------------------- -----------------------
Redemption of Series A
preferred share
issuance costs(3) 0 0 (4,249) 0
----------------------- -----------------------
Preferred share
dividends (2,900) (2,496) (5,689) (4,992)
----------------------- -----------------------
Net income (loss)
applicable to common
shareholders $2,653 ($4,603) ($2,552) ($9,653)
----------------------- -----------------------
Diluted income (loss)
per share $0.07 (0.12) (0.07) (0.26)
----------------------- -----------------------
Weighted average
number of
common shares 37,559,261 37,387,194 37,450,343 37,386,755
----------------------- -----------------------
(1) Other charges in 2004 include $250,000 paid to Innkeepers
Hospitality Management, Inc. (IHM) relating to reimbursement of
expenses incurred for the transition of 17 hotel properties
managed by affiliates of Marriott International, Inc. to the
management by IHM. and TRS transaction costs for the six months
ended June 30, 2004. Other charges in 2003 include TRS transaction
costs.
(2) Discontinued operations in 2004 include two hotel properties sold
in January 2004 and July 2004, respectively. The operations of the
hotel properties have been recognized and categorized as
discontinued operations for the six months ended June 30, 2004.
Discontinued operations in 2003, in addition to the two hotel
properties noted above, also include another hotel property that
was sold in September 2003. The operations of the hotel properties
have been recognized and categorized as discontinued operations
for the six months ended June 30, 2003.
(3) Issuance costs pertaining to the Series A Cumulative Convertible
Preferred shares that were redeemed in January 2004.
INNKEEPERS USA TRUST
CALCULATION OF FFO AND EBITDA (UNAUDITED)
(in thousands, except share and per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
----------------------- -----------------------
CALCULATION OF FFO
Net income (loss)
applicable to common
shareholders $2,653 ($4,603) ($2,552) ($9,653)
----------------------- -----------------------
Depreciation 8,363 8,358 16,655 16,661
----------------------- -----------------------
Depreciation included
in discontinued
operations 0 154 119 308
----------------------- -----------------------
Gain on sale of hotel
included in
discontinued
operations 0 0 (1,029) 0
----------------------- -----------------------
Minority interest,
common 81 (144) (76) (301)
----------------------- -----------------------
Minority interest,
preferred 1,068 0 0 0
----------------------- -----------------------
FFO $12,165 $3,765 $13,117 $7,015
----------------------- -----------------------
Weighted average number
of common shares and
common share
equivalents 42,572,024 38,634,315 38,669,653 38,595,777
-----------------------------------------------
FFO per share $0.29 $0.10 $0.34 $0.18
-----------------------------------------------
FFO $12,165 $3,765 $13,117 $7,015
----------------------- -----------------------
Redeemed preferred
share issuance costs 0 0 $4,249 0
----------------------- -----------------------
Other charges 117 344 488 999
----------------------- -----------------------
Discontinued
operations (119) (488) (265) (820)
----------------------- -----------------------
Deferred percentage
lease revenue 0 4,429 0 7,892
----------------------- -----------------------
Adjusted FFO $12,163 $8,050 $17,589 $15,086
----------------------- -----------------------
Adjusted FFO per share $0.29 $0.21 $0.45 $0.39
----------------------- -----------------------
Three Months Ended Six Months Ended
June 30, June 30,
2004 2003 2004 2003
----------------------- -----------------------
CALCULATION OF EBITDA
Net income (loss) $5,553 ($2,107) $7,386 ($4,661)
----------------------- -----------------------
Interest 4,599 4,400 9,093 8,715
----------------------- -----------------------
Depreciation and
amortization 9,210 9,011 18,357 17,942
----------------------- -----------------------
Depreciation
included in
discontinued
operations 0 154 119 308
----------------------- -----------------------
Minority interest,
common and
preferred 1,149 924 2,060 1,835
----------------------- -----------------------
EBITDA $20,511 $12,382 $37,015 $24,139
----------------------- -----------------------
Other charges 117 344 488 999
----------------------- -----------------------
Discontinued
operations (119) (488) (265) (820)
----------------------- -----------------------
Gain on sale of
hotel included in
discontinued
operations 0 0 (1,029) 0
----------------------- -----------------------
Deferred percentage
lease revenue 0 4,429 0 7,892
----------------------- -----------------------
Adjusted EBITDA $20,509 $16,667 $36,209 $32,210
----------------------- -----------------------
INNKEEPERS USA TRUST
RECONCILIATION OF FFO AND ADJUSTED FFO,
EBITDA AND ADJUSTED EBITDA TO NET INCOME (UNAUDITED)
(2004 GUIDANCE)
(in thousands, except share and per share data)
Twelve Months Ended
December 31,
2004
------------
CALCULATION of FFO
------------
Net income (loss) applicable to common
shareholders ($3,800)
------------
Depreciation 34,000
------------
Gain on sale of hotel included in
discontinued operations (1,000)
------------
Minority interest, common (100)
------------
FFO $29,100
------------
Weighted average number of common shares
------------
and common share equivalents 38,737,377
------------
FFO per share $0.75
------------
------------
FFO $29,100
------------
Redeemed preferred share issuance costs 4,200
------------
Other charges 2,600
------------
Discontinued operations (300)
------------
Adjusted FFO $35,600
------------
Adjusted FFO per share $0.92
------------
Twelve Months Ended
December 31,
2004
------------
CALCULATION of EBITDA
Net income (loss) $11,900
------------
Interest 18,400
------------
Depreciation and amortization 37,600
------------
Minority interest, common and preferred 4,200
------------
EBITDA $72,100
------------
Other charges 2,600
------------
Discontinued operations (300)
------------
Gain on sale of hotel included in
discontinued operations (1,000)
------------
Adjusted EBITDA $73,400
------------
INNKEEPERS USA TRUST
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except share and per share data)
June 30, December 31,
2004 2003
-------------------------
ASSETS
Investment in hotel properties:
-------------------------
Land and improvements $124,429 $102,823
-------------------------
Building and improvements 683,220 654,847
-------------------------
Furniture and equipment 96,978 92,206
-------------------------
Renovations in process 12,767 3,161
-------------------------
Hotels held for sale 4,885 2,979
-------------------------
922,279 856,016
-------------------------
Accumulated depreciation (203,784) (189,156)
-------------------------
Net investment in hotel properties 718,495 666,860
-------------------------
Cash and cash equivalents 15,142 9,586
-------------------------
Restricted cash and cash equivalents 8,521 7,586
-------------------------
Accounts receivable 7,082 8,091
-------------------------
Prepaids and inventory 1,639 1,794
-------------------------
Deferred and other 18,846 12,823
-------------------------
Total assets $769,725 $706,740
-------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
-------------------------
Debt $255,772 $232,174
-------------------------
Accounts payable and accrued expenses 18,530 8,982
-------------------------
Payable to manager 610 811
-------------------------
Franchise conversion fee obligations 10,741 5,249
-------------------------
Distributions payable 4,268 3,977
-------------------------
Minority interest in Partnership 51,081 51,689
-------------------------
Total liabilities 341,002 302,882
-------------------------
Shareholders' equity:
Preferred shares, $0.01 par value,
20,000,000 shares authorized,
5,800,000 and 4,630,000 shares
issued and outstanding, respectively 145,000 115,750
-------------------------
Common shares, $0.01 par value,
100,000,000 shares authorized,
37,673,256 and 37,563,499 issued
and outstanding, respectively 377 376
-------------------------
Additional paid-in capital 393,829 393,349
-------------------------
Unearned compensation (954) (897)
-------------------------
Distributions in excess of earnings (109,529) (104,720)
-------------------------
Total shareholders' equity 428,723 403,858
-------------------------
Total liabilities and
shareholders' equity $769,725 $706,740
-------------------------
INNKEEPERS USA TRUST
DEBT COMPOSITION (UNAUDITED)
As of June 30, 2004
(outstanding balance in thousands)
Stated
Outstanding Interest Maturity Encumbered
DEBT Balance Rate Date Properties
----------------------------------------------------------------------
-----------------------------------------------
Unsecured Line of
Credit(1) $26,000 2.89% July 2004(5) -
-----------------------------------------------
Industrial Revenue
Bonds(1) $10,000 2.28% December 2014 -
-----------------------------------------------
Term Loan #1 $25,000 8.17% October 2007 8
-----------------------------------------------
Term Loan #2 $37,000 8.15% March 2009 8
-----------------------------------------------
Term Loan #3 $37,000 7.02% April 2010 8
-----------------------------------------------
Term Loan #4 $56,000 7.16% October 2009 8
-----------------------------------------------
Term Loan #5 $50,000 7.75% January 2011 6
-----------------------------------------------
Mortgage $13,000 10.35% June 2010 1
-----------------------------------------------
Adjustment (2) $2,000 - - -
-----------------------------------------------
TOTAL $256,000 7.0%(3) 6 years(4) 39
-----------------------------------------------
(1) Variable rated debt. The stated interest rate of the industrial
revenue bonds includes an annual letter of credit fee of 1.25%
(2) Adjustment to record $13 million mortgage at a fair market
interest rate of 7% (the stated interest rate is 10.35%)
(3) Weighted average calculated using the stated interest rate
(4) Weighted average maturity
(5) The $135 million unsecured line of credit was replaced in July
2004 with a new $135 million unsecured line of credit that matures
in July 2007
INNKEEPERS USA TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Six Months Ended
June 30,
2004 2003
------------------------
------------------------
Cash flows from operating activities:
Net income (loss) $7,386 ($4,661)
------------------------
Adjustments to reconcile net income (loss)
to net cash provided by operating
activities:
------------------------
Depreciation and amortization 18,476 18,251
------------------------
Minority interests 2,060 1,835
------------------------
Deferred percentage lease revenue 0 7,892
------------------------
Gain on sale of hotel (1,029) 0
------------------------
Changes in operating assets and
liabilities:
Accounts receivable 1,009 (745)
------------------------
Prepaids and inventory 155 843
------------------------
Accounts payable and accrued expenses 9,531 1,058
------------------------
Payable to manager (201) 0
------------------------
Net cash provided by operating
activities $37,387 $24,473
------------------------
Cash flows from investing activities:
Investment in hotel properties ($71,408) ($21,023)
------------------------
Proceeds from sale of hotel 4,028 0
------------------------
Net withdrawals (deposits) into restricted
cash (935) 4,440
------------------------
Lease acquisition (1,336) 0
------------------------
Payment of franchise fees (192) (10)
------------------------
Repayment of advances 25 0
------------------------
Net cash used in investing activities ($69,818) ($16,593)
------------------------
Cash flows from financing activities:
------------------------
Proceeds from debt issuance $26,000 $0
------------------------
Payments on debt (2,402) (2,258)
------------------------
Payments on franchise conversion
obligations (204) 0
------------------------
Distributions paid to unit holders (2,206) (2,416)
------------------------
Distributions paid to shareholders (7,654) (13,989)
------------------------
Redemption of shares and units (115,730) 0
------------------------
Proceeds from issuance of preferred shares 140,251 0
------------------------
Loan origination fees and costs paid (68) (181)
------------------------
Net cash provided (used) by financing
activities $37,987 ($18,844)
------------------------
Net increase (decrease) in cash and cash
equivalents 5,556 (10,964)
------------------------
Cash and cash equivalents at beginning of
period 9,586 21,367
------------------------
Cash and cash equivalents at end of period $15,142 $10,403
------------------------
Supplemental cash flow information:
Interest paid $8,636 $8,749
------------------------
INNKEEPERS USA TRUST
OTHER DATA (UNAUDITED)
(in thousands, except shares data)
June 30, June 30,
2004 2003
------------------------
CAPITALIZATION
Common share market capitalization $388,000 $256,000
------------------------
Market capitalization $841,000 $641,000
------------------------
Common share closing price $10.31 $6.80
------------------------
Common dividend(1) $0.12 $0.35
------------------------
Common share dividend yield(1) 1.2% 5.1%
------------------------
Preferred share closing price $24.10 $25.25
------------------------
Preferred share dividend(2) $2.00 $2.156
------------------------
Preferred share dividend yield(2) 8.3% 8.5%
------------------------
DEBT COVERAGE
Debt weighted average interest rate 7.0% 7.5%
------------------------
Debt to investment in hotel properties 28% 27%
------------------------
Debt and preferred shares to investment
in hotel properties 43% 40%
------------------------
Debt to market capitalization 30% 37%
------------------------
Debt and preferred shares to market
capitalization 48% 55%
------------------------
LIQUIDITY/FLEXIBILITY
Debt Due 2003 - $2,000
------------------------
Debt Due 2004 $3,000 $5,000
------------------------
Debt Due 2005 $6,000 $6,000
------------------------
Debt Due 2006 and thereafter $247,000 $221,000
------------------------
Unencumbered hotel assets(3) 43% 43%
------------------------
Unsecured Line of Credit Outstanding
Balance $26,000 $0
------------------------
Unsecured Line of Credit Available
Balance(4) $99,000 $125,000
------------------------
SHARES AND UNITS OUTSTANDING
Common Shares 37,673,256 37,684,570
------------------------
Common Partnership Units 1,117,056 1,167,236
------------------------
Preferred Partnership Units 3,884,469 3,884,469
------------------------
Preferred Shares(5) 5,800,000 6,857,493
------------------------
(1) Regular common share dividends declared for the twelve months
ended June 30, 2004 and regular and special common share dividends
declared for the twelve months ended June 30, 2003
(2) Regular preferred share dividend stated on an annual basis
(3) Based upon the number of hotels
(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 $135
million revolving unsecured line of credit available balance has
been reduced by a $10 million letter of credit.
(5) June 30, 2004 includes preferred shares issued in January 2004
that are not convertible into common shares. June 30, 2003
includes convertible preferred shares which were redeemed in
January 2004 and assumes conversion into common shares.
INNKEEPERS USA TRUST
HOTEL OPERATING RESULTS (UNAUDITED)
Three Months Ended Six Months Ended
As of June 30, % June 30, %
June 30, Inc Inc
2004 2004 2003 (dec) 2004 2003 (dec)
--------------------------------------------------
PORTFOLIO(1)
-------------------- --------------------------------------------
Average Daily
Rate $94.57 $91.64 3.20% $94.13 $92.57 1.69%
--------------------------------------------
Occupancy 76.77% 72.48% 5.92% 73.01% 69.39% 5.22%
--------------------------------------------
RevPAR $72.60 $66.42 9.30% $68.73 $64.23 7.01%
--------------------------------------------
------
Number of hotel
properties 67
------
Percent of total
rooms 100.0%
------
Percent of room
revenue(2) 100.0%
------
BY SEGMENT
--------------------
Upscale Extended
Stay
--------------------------------------------
Average Daily
Rate $96.41 $93.82 2.76% $95.65 $94.48 1.24%
--------------------------------------------
Occupancy 80.67% 75.02% 7.53% 77.12% 72.31% 6.65%
--------------------------------------------
RevPAR $77.78 $70.38 10.51% $73.76 $68.31 7.98%
--------------------------------------------
------
Number of hotel
properties 51
------
Percent of total
rooms 73.9%
------
Percent of room
revenue(2) 80.5%
------
Upscale
--------------------------------------------
Average Daily
Rate $111.70 $107.99 3.44%$109.45 $106.84 2.44%
--------------------------------------------
Occupancy 78.83% 75.12% 4.94% 79.75% 74.62% 6.87%
--------------------------------------------
RevPAR $88.05 $81.12 8.54% $87.28 $79.73 9.47%
--------------------------------------------
------
Number of hotel
properties 2
------
Percent of total
rooms 4.2%
------
Percent of room
revenue(2) 3.0%
------
Mid-Priced(1)
--------------------------------------------
Average Daily
Rate $84.00 $80.57 4.26% $85.41 $82.99 2.92%
--------------------------------------------
Occupancy 63.50% 63.68%-0.28% 58.69% 59.18%-0.83%
--------------------------------------------
RevPAR $53.34 $51.31 3.96% $50.12 $49.11 2.06%
--------------------------------------------
------
Number of hotel
properties 14
------
Percent of total
rooms 21.9%
------
Percent of room
revenue(2) 16.5%
------
BY FRANCHISE AFFILIATION
--------------------
Residence Inn
--------------------------------------------
Average Daily
Rate $96.38 $94.44 2.05% $95.95 $95.50 0.47%
--------------------------------------------
Occupancy 79.94% 72.66.02% 76.14% 70.15% 8.54%
--------------------------------------------
RevPAR $77.05 $68.62 12.29% $73.05 $66.99 9.05%
--------------------------------------------
------
Number of hotel
properties 44
------
Percent of total
rooms 63.2%
------
Percent of room
revenue(2) 70.0%
------
Three Months Ended Six Months Ended
As of June 30, % June 30, %
June 30, Inc Inc
2004 2004 2003 (dec) 2004 2003 (dec)
--------------------------------------------------
Summerfield Suites
--------------------------------------------
Average Daily
Rate $94.57 $88.27 7.14% $92.61 $87.59 5.73%
--------------------------------------------
Occupancy 85.57% 90.34%-5.28% 83.81% 86.80%-3.44%
--------------------------------------------
RevPAR $80.92 $79.74 1.48% $77.61 $76.03 2.08%
--------------------------------------------
------
Number of hotel
properties 6
------
Percent of total
rooms 8.9%
------
Percent of room
revenue(2) 10.5%
------
Hampton Inn
--------------------------------------------
Average Daily
Rate $84.94 $80.73 5.21% $86.57 $84.02 3.03%
--------------------------------------------
Occupancy 64.52% 63.83% 1.08% 60.45% 59.82% 1.05%
--------------------------------------------
RevPAR $54.80 $51.53 6.35% $52.32 $50.26 4.10%
--------------------------------------------
------
Number of hotel
properties 12
------
Percent of total
rooms 18.3%
------
Percent of room
revenue(2) 14.4%
------
BY MANAGEMENT COMPANY
--------------------
Innkeepers Hospitality
Management(1)(3)
--------------------------------------------
Average Daily
Rate $93.93 $90.99 3.23% $93.79 $92.23 1.69%
--------------------------------------------
Occupancy 76.52% 72.16% 6.04% 72.86% 69.21% 5.27%
--------------------------------------------
RevPAR $71.81 $65.65 9.47% $68.34 $63.83 7.07%
--------------------------------------------
------
Number of hotel
properties 66
------
Percent of total
rooms 97.4%
------
Percent of room
revenue(2) 98.8%
------
Third Party
Managed(1)
--------------------------------------------
Average Daily
Rate $134.68 $129.71 3.83%$134.68 $129.71 3.83%
--------------------------------------------
Occupancy 96.36% 97.83%-1.50% 96.36% 97.83%-1.50%
--------------------------------------------
RevPAR $129.78 $126.89 2.28%$129.78 $126.89 2.28%
--------------------------------------------
------
Number of hotel
properties 1
------
Percent of total
rooms 2.6%
------
Percent of room
revenue(2) 1.2%
------
Three Months Ended Six Months Ended
As of June 30, % June 30, %
June 30, Inc Inc
2004 2004 2003 (dec) 2004 2003 (dec)
--------------------------------------------------
BY GEOGRAPHIC REGION
--------------------
New England (ME, NH, VT,
MA, CT, RI)
--------------------------------------------
Average Daily
Rate $92.60 $88.88 4.19% $91.63 $88.68 3.33%
--------------------------------------------
Occupancy 63.48% 65.17%-2.59% 56.16% 57.72%-2.70%
--------------------------------------------
RevPAR $58.78 $57.92 1.48% $51.46 $51.19 0.53%
--------------------------------------------
------
Number of hotel
properties 5
------
Percent of total
rooms 6.9%
------
Percent of room
revenue(2) 5.3%
------
Middle Atlantic(1)
(NY, NJ, PA)
--------------------------------------------
Average Daily
Rate $103.36 $99.41 3.97%$100.91 $97.45 3.55%
--------------------------------------------
Occupancy 76.53% 75.79% 0.98% 71.82% 72.03%-0.29%
--------------------------------------------
RevPAR $79.10 $75.35 4.98% $72.47 $70.20 3.23%
--------------------------------------------
------
Number of hotel
properties 10
------
Percent of total
rooms 13.5%
------
Percent of room
revenue(2) 14.7%
------
South Atlantic (DE, MD, WV, DC,
VA, NC, SC, GA, FL)
----------------------------------------------------------------------
Average Daily
Rate $92.86 $87.77 5.80% $94.32 $90.24 4.52%
--------------------------------------------
Occupancy 74.75% 68.84% 8.59% 73.41% 66.86% 9.80%
--------------------------------------------
RevPAR $69.42 $60.42 14.90% $69.23 $60.33 14.75%
--------------------------------------------
------
Number of hotel
properties 14
------
Percent of total
rooms 22.2%
------
Percent of room
revenue(2) 21.2%
------
East North Central (OH,
MI, IN, IL, WI)
--------------------------------------------
Average Daily
Rate $85.56 $86.94 -1.59% $85.25 $87.11 -2.14%
--------------------------------------------
Occupancy 73.64% 69.47% 6.00% 67.86% 65.48% 3.63%
--------------------------------------------
RevPAR $63.01 $60.40 4.32% $57.85 $57.04 1.42%
--------------------------------------------
------
Number of hotel
properties 12
------
Percent of total
rooms 15.9%
------
Percent of room
revenue(2) 13.8%
------
East South Central(1) (KY,
TN, AL, MS)
--------------------------------------------
Average Daily
Rate $84.51 $81.81 3.30% $79.21 $80.95 -2.15%
--------------------------------------------
Occupancy 90.15% 87.39% 3.16% 88.74% 79.88.09%
--------------------------------------------
RevPAR $76.19 $71.49 6.57% $70.29 $64.66 8.71%
--------------------------------------------
------
Number of hotel
properties 2
------
Percent of total
rooms 2.1%
------
Percent of room
revenue(2) 2.2%
------
Three Months Ended Six Months Ended
As of June 30, % June 30, %
June 30, Inc Inc
2004 2004 2003 (dec) 2004 2003 (dec)
--------------------------------------------------
West North Central (MN,
IA, MO, KS, NE, SD, ND)
--------------------------------------------
Average Daily
Rate $83.92 $77.38 8.45% $82.82 $77.11 7.41%
--------------------------------------------
Occupancy 86.44% 81.78% 5.70% 79.51% 80.36%-1.06%
--------------------------------------------
RevPAR $72.54 $63.28 14.63% $65.85 $61.97 6.26%
--------------------------------------------
------
Number of hotel
properties 1
------
Percent of total
rooms 0.8%
------
Percent of room
revenue(2) 0.8%
------
West South Central (AR,
LA, OK, TX)
--------------------------------------------
Average Daily
Rate $85.03 $83.52 1.81% $82.56 $81.61 1.16%
--------------------------------------------
Occupancy 82.47% 82.84%-0.45% 79.77% 79.46% 0.39%
--------------------------------------------
RevPAR $70.13 $69.18 1.37% $65.86 $64.85 1.56%
--------------------------------------------
------
Number of hotel
properties 5
------
Percent of total
rooms 8.3%
------
Percent of room
revenue(2) 6.8%
------
Mountain (MT, ID, WY, CO,
UT, NM, AZ, NV)
--------------------------------------------
Average Daily
Rate $86.30 $87.32 -1.17% $86.37 $88.76 -2.69%
--------------------------------------------
Occupancy 72.43% 78.08%-7.24% 69.01% 72.14%-4.34%
--------------------------------------------
RevPAR $62.51 $68.18 -8.32% $59.60 $64.03 -6.92%
--------------------------------------------
------
Number of hotel
properties 2
------
Percent of total
rooms 3.4%
------
Percent of room
revenue(2) 3.1%
------
Pacific (WA, OR, CA,
AK, HI)
--------------------------------------------
Average Daily
Rate $101.55 $98.18 3.43%$101.43 $100.63 0.79%
--------------------------------------------
Occupancy 81.38% 72.36.47% 78.00% 71.20% 9.55%
--------------------------------------------
RevPAR $82.64 $71.05 16.31% $79.11 $71.65 10.41%
--------------------------------------------
------
Number of hotel
properties 16
------
Percent of total
rooms 26.9%
------
Percent of room
revenue(2) 32.1%
------
BY SELECTED MSA
--------------------
Atlanta
--------------------------------------------
Average Daily
Rate $82.88 $81.99 1.09% $85.25 $85.47 -0.26%
--------------------------------------------
Occupancy 67.25% 52.72'.56% 63.73% 52.38!.67%
--------------------------------------------
RevPAR $55.73 $43.23 28.92% $54.33 $44.77 21.35%
--------------------------------------------
------
Number of hotel
properties 3
------
Percent of total
rooms 5.1%
------
Percent of room
revenue(2) 4.2%
------
Three Months Ended Six Months Ended
As of June 30, % June 30, %
June 30, Inc Inc
2004 2004 2003 (dec)2004 2003 (dec)
--------------------------------------------------
Boston
--------------------------------------------
Average Daily
Rate $80.21 $79.81 0.50% $79.44 $79.65 -0.26%
--------------------------------------------
Occupancy 51.96% 56.54%-8.10% 43.07% 45.38%-5.09%
--------------------------------------------
RevPAR $41.68 $45.13 -7.64% $34.21 $36.15 -5.37%
--------------------------------------------
------
Number of hotel
properties 2
------
Percent of total
rooms 3.6%
------
Percent of room
revenue(2) 1.9%
------
Chicago
--------------------------------------------
Average Daily
Rate $88.98 $87.86 1.27% $88.71 $88.71 0.00%
--------------------------------------------
Occupancy 68.40% 67.84% 0.83% 61.14% 61.94%-1.29%
--------------------------------------------
RevPAR $60.86 $59.60 2.11% $54.23 $54.94 -1.29%
--------------------------------------------
------
Number of hotel
properties 4
------
Percent of total
rooms 6.7%
------
Percent of room
revenue(2) 5.5%
------
Dallas/Ft. Worth
--------------------------------------------
Average Daily
Rate $80.82 $79.18 2.07% $80.24 $79.22 1.29%
--------------------------------------------
Occupancy 82.33% 81.84% 0.60% 79.56% 78.78% 0.99%
--------------------------------------------
RevPAR $66.54 $64.80 2.69% $63.84 $62.41 2.29%
--------------------------------------------
------
Number of hotel
properties 4
------
Percent of total
rooms 6.5%
------
Percent of room
revenue(2) 6.3%
------
Denver
--------------------------------------------
Average Daily
Rate $86.30 $87.32 -1.17% $86.37 $88.76 -2.69%
--------------------------------------------
Occupancy 72.43% 78.08%-7.24% 69.01% 72.14%-4.34%
--------------------------------------------
RevPAR $62.51 $68.18 -8.32% $59.60 $64.03 -6.92%
--------------------------------------------
------
Number of hotel
properties 2
------
Percent of total
rooms 3.4%
------
Percent of room
revenue(2) 3.1%
------
Detroit
--------------------------------------------
Average Daily
Rate $84.51 $92.48 -8.62% $85.37 $92.23 -7.44%
--------------------------------------------
Occupancy 82.15% 73.70.47% 76.89% 71.19% 8.01%
--------------------------------------------
RevPAR $69.42 $68.16 1.85% $65.64 $65.66 -0.03%
--------------------------------------------
------
Number of hotel
properties 3
------
Percent of total
rooms 4.3%
------
Percent of room
revenue(2) 4.3%
------
Three Months Ended Six Months Ended
As of June 30, % June 30, %
June 30, Inc Inc
2004 2004 2003 (dec) 2004 2003 (dec)
--------------------------------------------------
Hartford
--------------------------------------------
Average Daily
Rate $105.81 $101.36 4.39%$104.67 $100.84 3.80%
--------------------------------------------
Occupancy 74.90% 75.74%-1.11% 68.34% 69.90%-2.23%
--------------------------------------------
RevPAR $79.25 $76.77 3.23% $71.53 $70.48 1.49%
--------------------------------------------
------
Number of hotel
properties 2
------
Percent of total
rooms 2.3%
------
Percent of room
revenue(2) 2.5%
------
Philadelphia
--------------------------------------------
Average Daily
Rate $94.31 $91.22 3.39% $93.51 $89.87 4.05%
--------------------------------------------
Occupancy 79.03% 78.03% 1.28% 75.73% 78.01%-2.92%
--------------------------------------------
RevPAR $74.54 $71.18 4.72% $70.81 $70.10 1.01%
--------------------------------------------
------
Number of hotel
properties 4
------
Percent of total
rooms 5.5%
------
Percent of room
revenue(2) 5.8%
------
Richmond
--------------------------------------------
Average Daily
Rate $91.82 $83.12 10.47% $91.95 $83.60 9.99%
--------------------------------------------
Occupancy 80.75% 71.83.42% 75.04% 68.50% 9.55%
--------------------------------------------
RevPAR $74.14 $59.71 24.17% $69.00 $57.27 20.48%
--------------------------------------------
------
Number of hotel
properties 2
------
Percent of total
rooms 2.2%
------
Percent of room
revenue(2) 2.3%
------
San Francisco/San
Jose/Oakland
--------------------------------------------
Average Daily
Rate $103.05 $102.54 0.50%$103.44 $106.71 -3.06%
--------------------------------------------
Occupancy 78.80% 64.06#.01% 74.41% 64.51.35%
--------------------------------------------
RevPAR $81.20 $65.68 23.63% $76.97 $68.84 11.81%
--------------------------------------------
------
Number of hotel
properties 8
------
Percent of total
rooms 14.3%
------
Percent of room
revenue(2) 16.6%
------
Seattle/Portland
--------------------------------------------
Average Daily
Rate $97.60 $91.97 6.12% $97.14 $93.47 3.93%
--------------------------------------------
Occupancy 81.08% 79.40% 2.12% 77.81% 74.42% 4.56%
--------------------------------------------
RevPAR $79.14 $73.03 8.37% $75.59 $69.56 8.67%
--------------------------------------------
------
Number of hotel
properties 6
------
Percent of total
rooms 8.8%
------
Percent of room
revenue(2) 10.0%
------
Three Months Ended Six Months Ended
As of June 30, % June 30, %
June 30, Inc Inc
2004 2004 2003 (dec) 2004 2003 (dec)
--------------------------------------------------
Washington, D.C.
--------------------------------------------
Average Daily
Rate $104.53 $101.36 3.13%$104.73 $101.51 3.17%
--------------------------------------------
Occupancy 84.17% 74.74.62% 78.16% 67.09.50%
--------------------------------------------
RevPAR $87.98 $75.76 16.13% $81.86 $68.10 20.21%
--------------------------------------------
------
Number of hotel
properties 3
------
Percent of total
rooms 5.2%
------
Percent of room
revenue(2) 6.4%
------
(1) Hotel operating results exclude one hotel acquired in June 2003
which will be converted to a Courtyard by Marriott and one hotel
acquired in June 2004 which will be converted to a Hampton Inn.
(2) Room revenue for the six months ended June 30, 2004
(3) 17 of the 60 hotel properties managed by Innkeepers Hospitality
Management, Inc. (IHM) were previously managed by affiliates of
Marriott International, Inc. for the three months ended March 31,
2003. IHM assumed management of one Sunrise Suites previously
managed by affiliates of Wyndham International, Inc. on March 1,
2004, and five Summerfield Suites by Wyndham previously managed by
affiliates of Wyndham International, Inc. on April 1, 2004.
COPYRIGHT 2004 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning
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