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Host Hotels & Resorts, Inc. Reports Results for the Third Quarter 2019

BETHESDA, Md., Nov. 05, 2019 (GLOBE NEWSWIRE) -- Host Hotels & Resorts, Inc. (HST) (“Host Hotels” or the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for the third quarter of 2019.

Operating Results
(unaudited, in millions, except per share and hotel statistics)  

  Quarter ended September 30,     Percent     Year-to-date ended September 30,     Percent  
  2019     2018     Change     2019     2018     Change  
Revenues $ 1,262     $ 1,299       (2.8 )%   $ 4,135     $ 4,163       (0.7 )%
Comparable hotel revenues (1)   1,089       1,076       1.2 %     3,420       3,404       0.5 %
Net income   372       378       (1.6 )%     851       845       0.7 %
EBITDAre (1)   316       344       (8.1 )%     1,183       1,190       (0.6 )%
Adjusted EBITDAre (1)   312       344       (9.3 )%     1,179       1,190       (0.9 )%
Comparable hotel Total RevPAR -
  Constant US$
  272.92       269.69       1.2 %     288.89       287.31       0.5 %
Comparable hotel RevPAR -
  Constant US$
  180.24       180.61       (0.2 )%     183.22       184.96       (0.9 )%
                                               
Diluted earnings per common share   0.51       0.43       18.6 %     1.14       1.06       7.5 %
NAREIT FFO per diluted share (1)   0.35       0.37       (5.4 )%     1.36       1.34       1.5 %
Adjusted FFO per diluted share (1)   0.35       0.37       (5.4 )%     1.37       1.34       2.2 %
                                               

*Additional detail on the Company’s results, including data for 22 domestic markets and top 40 hotels by RevPAR, is available in the Third Quarter 2019 Supplemental Financial Information available on the Company’s website at www.hosthotels.com.

_______________________

(1) NAREIT Funds From Operations (“FFO”) per diluted share, Adjusted FFO per diluted share, EBITDAre, Adjusted EBITDAre and comparable hotel results are non-GAAP (U.S. generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission (“SEC”). See the Notes to Financial Information on why the Company believes these supplemental measures are useful, reconciliations to the most directly comparable GAAP measure, and the limitations on the use of these supplemental measures.

Highlights

  • Comparable hotel Total RevPAR improved 1.2% for the quarter and 0.5% year-to-date, on a constant dollar basis. Total RevPAR is a key performance metric for the Company’s luxury and upper upscale portfolio as approximately 35% of revenues are earned from food and beverage, conference and meeting space, spa and other amenities.
  • The Company repurchased 12.1 million shares of stock totaling $200 million during the quarter. At quarter end, the Company had $600 million of remaining capacity available under its current repurchase program.
  • As previously reported, the Company disposed of eight non-core assets during the quarter for $565 million and on October 30, 2019 also sold the Hyatt Regency Cambridge and the Sheraton San Diego Hotel & Marina for $297 million.
  • On September 26, 2019, the Company issued $650 million of 3⅜% Series H Senior Notes due 2029 for net proceeds of approximately $640 million. Subsequent to quarter end, the proceeds, along with cash on hand, were used to repay the $300 million of Series Z Senior Notes due 2021 and the $350 million of Series B Senior Notes due 2022.

James F. Risoleo, President and Chief Executive Officer, said, “We remained focused on maximizing stockholder value on multiple fronts in the third quarter, during which we delivered 120 basis points of comparable hotel Total RevPAR growth, our strongest growth rate year-to-date. We continued to successfully execute our capital allocation strategy by selling $862 million of low RevPAR, high capital expenditure assets, including two assets subsequent to quarter end, while also repurchasing $200 million of stock in the third quarter.

We further strengthened our balance sheet by refinancing $650 million of Series Z and Series B bonds with the first green bond issuance in the lodging industry at the lowest effective bond pricing in our history. Finally, we’ve made significant progress on the Marriott transformational capital projects with work underway or expected to be completed on 13 of the 17 properties by year end. The timing of these projects has allowed us to minimize disruption by completing renovations in a softening economic environment, while leaving us well-positioned to make RevPAR yield index gains and deliver EBITDA growth in the future.”

Operating Performance

GAAP Metrics

  • Total revenues decreased 2.8% for the quarter and 0.7% year-to-date due to the net effect of acquisitions and dispositions, which led to a $60 million and $54 million reduction in revenues for the quarter and year-to-date, respectively, which was partially offset by the improvement in total revenues on a comparable hotel basis.
  • GAAP operating profit margin increased 1,800 basis points for the quarter and 710 basis points year-to-date, driven by an improvement of 1,960 basis points and 670 basis points for the quarter and year-to-date, respectively, due to a reduction in depreciation expense, as the third quarter 2018 depreciation expense included an impairment expense of $239 million.
  • Net income decreased by $6 million, to $372 million, for the quarter, and increased $6 million, to $851 million, year-to-date. For both the quarter and year-to-date, decreases in gain on sale of assets of $273 million and $331 million, respectively, were offset by the decline in depreciation expense which included the third quarter impairment expense described above. As described below, hotel operating results were little changed from prior year.
  • Diluted earnings per common share increased 18.6% and 7.5% for the quarter and year-to-date, respectively.

Other Metrics

  • Comparable hotel Total RevPAR on a constant dollar basis increased 1.2% and 0.5% for the quarter and year-to-date, respectively, due to improvement in food and beverage revenues and other revenues.
  • Comparable RevPAR on a constant dollar basis declined 0.2% for the quarter, driven by a  0.2% decline in average room rate. The decline includes an estimated 50 basis point decrease for the renovation disruption related to four comparable hotels affected by the Marriott transformational capital program in the quarter. Year-to-date, comparable RevPAR on a constant dollar basis declined 0.9% due to a 110 basis point decrease in occupancy, partially offset by a 0.5% increase in average room rate.
  • Comparable hotel EBITDA decreased by $5 million, or 1.9%, for the quarter and remained flat year-to-date.
  • Comparable hotel EBITDA margins declined 85 basis points for the quarter and 15 basis points year-to-date. The decline reflects the decrease in RevPAR, increases in wages and benefits, and a rebate received in the third quarter of 2018. However, margins continue to benefit from increases in ancillary revenues, synergies of the Marriott International merger with Starwood Hotels, and the receipt of operating profit guarantees from Marriott related to the transformational capital program.
  • Adjusted EBITDAre decreased $32 million for the quarter and $11 million year-to-date. The net effect of operations of properties acquired or disposed of in 2018 and 2019 reduced Adjusted EBITDAre for the quarter by $18 million and by $2 million year-to-date, in addition to a decrease of $13 million for the quarter and $36 million year-to-date due to the sale of the Company’s interest in the European Joint Venture in December 2018.
  • Adjusted FFO per diluted share decreased 5.4% for the quarter and increased 2.2% year-to-date.

Dispositions

During the third quarter, the Company sold the Courtyard Chicago Downtown/River North, Residence Inn Arlington Pentagon City, Scottsdale Marriott Suites Old Town, Scottsdale Marriott at McDowell Mountains, Costa Mesa Marriott, Atlanta Marriott Suites Midtown, The Westin Indianapolis and Chicago Marriott Suites O’Hare for a combined sales price of approximately $565 million. Subsequent to quarter end, the Company sold the Hyatt Regency Cambridge and the Sheraton San Diego Hotel & Marina for a combined sales price of $297 million. Year-to-date, the Company has sold 14 hotels for a total of $1.3 billion.

Capital Allocation

During the quarter, the Company invested approximately $152 million in capital expenditures, of which $89 million were return on investment (“ROI”) capital expenditures and $63 million were on renewal and replacement projects. Year-to-date, the Company has invested approximately $392 million in capital expenditures, of which $211 million were return on investment (“ROI”) capital expenditures and $181 million were on renewal and replacement projects.

For 2019, the Company expects capital expenditures of between $550 million and $590 million. This comprises between $315 million and $335 million in ROI projects and between $235 million and $255 million in renewal and replacement projects. The ROI projects include approximately $225 million that are part of the transformational capital program with Marriott International. Projects completed year-to-date include the Coronado Island Marriott Resort & Spa, New York Marriott Downtown and the San Francisco Marriott Marquis.

Share Repurchase Program and Dividends

During the third quarter, the Company repurchased 12.1 million shares at an average price of $16.51 per share through its common share repurchase program for a total of $200 million. Year-to-date, the Company has purchased 23.0 million shares at an average price of $17.36 per share for a total of $400 million. Under the share repurchase program, the common stock may be purchased from time to time, depending upon market conditions.

The Company paid a regular quarterly cash dividend of $0.20 per share on its common stock on October 15, 2019 to stockholders of record as of September 30, 2019. All future dividends, including any special dividends, are subject to approval by the Company’s Board of Directors.

Balance Sheet                                                                        

At September 30, 2019, the Company had approximately $2 billion of unrestricted cash, not including $184 million in the FF&E escrow reserves and $1.5 billion of available capacity under the revolver portion of its credit facility. Total debt as of September 30, 2019 was $4.4 billion, with an average maturity of 5.2 years and an average interest rate of 4.1%.

During the quarter, the Company issued $650 million of 3 3/8% Series H Senior Notes due 2029. Following the repayment of the Series Z Senior Notes and Series B Senior Notes in October, total debt is $3.8 billion, the Company has no material debt maturities until 2023, and since June 30, 2019 has lowered its average interest rate by 40 basis points to 3.9% and extended its weighted average debt maturity to 5.7 years. The Company’s proforma debt maturity schedule remains balanced with no more than 7% of its debt, as a percent of total market capitalization, maturing in any given year. The Company’s cash activity after quarter end included the following, which includes $50 million in prepayment premiums on the senior notes, (in millions):

Cash and cash equivalents at September 30, 2019 $ 2,030  
Proceeds from sale of Sheraton San Diego Hotel & Marina and Hyatt Regency Cambridge   296  
Repayment of Series Z and Series B Senior Notes   (702 )
Cash and cash equivalents adjusted for significant subsequent transactions $ 1,624  

2019 Outlook

For 2019, the Company’s forecast has been adjusted for the successful sale of the Hyatt Regency Cambridge and the Sheraton San Diego Hotel & Marina, subsequent to quarter end. The range provided for comparable hotel RevPAR guidance reflects an estimated 50 basis points of disruption impact from the incremental capital expenditures associated with the Marriott transformational capital program. However, the estimated effect to earnings caused by these expenditures is offset by the operating profit guarantees provided by Marriott. The Company expects to receive $23 million of operating profit guarantees in 2019, of which $10 million is included in comparable hotel EBITDA, to offset the disruption to operations caused by the incremental spend on those properties. The Company estimates its 2019 operating results as compared to the prior year will change in the following range:

    Previous Full Year 2019 Guidance   Current Full Year 2019 Guidance   Change in Full Year 2019 Guidance to the Mid-Point
Total comparable hotel RevPAR - Constant US$ (1)   (1.0)% to 0.0%   (1.0)% to (0.25)%   (12.5) bps
Total revenues under GAAP   (1.5)% to (0.5)%   (1.8)% to (0.9)%   (35) bps
Operating profit margin under GAAP   470 bps to 530 bps   480 bps to 510 bps   (5) bps
Comparable hotel EBITDA margins   (25) bps to 25 bps   (20) bps to 10 bps   (5) bps

_______________________

(1) Forecast comparable hotel results include 72 hotels that are assumed will be classified as comparable as of December 31, 2019. See the 2019 Forecast Schedules for a listing of hotels excluded from the full year 2019 comparable hotel set.

Based upon the above parameters, the Company estimates its 2019 guidance as follows:

    Previous Full Year 2019 Guidance   Current Full Year 2019 Guidance   Change in Full Year 2019 Guidance to the Mid-Point
Net income (in millions)    $956 to $993   $912 to $935   $(51.0)
Adjusted EBITDAre (in millions)    $1,500 to $1,540   $1,505 to $1,530   $(2.5)
Diluted earnings per common share    $1.28 to $1.33   $1.23 to $1.26   $(.06)
NAREIT FFO per diluted share   $1.73 to $1.78   $1.67 to $1.70   $(.07)
Adjusted FFO per diluted share   $1.73 to $1.78   $1.75 to $1.78   $.01

See the 2019 Forecast Schedules and the Notes to Financial Information for other assumptions used in the forecasts and items that may affect forecast results.

About Host Hotels & Resorts

Host Hotels & Resorts, Inc. is an S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels. The Company currently owns 75 properties in the United States and five properties internationally totaling approximately 46,500 rooms. The Company also holds non-controlling interests in six domestic and one international joint ventures. Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, The Luxury Collection®, Hyatt®, Fairmont®, Hilton®, Swissôtel®, ibis® and Novotel®, as well as independent brands. For additional information, please visit the Company’s website at www.hosthotels.com.

Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements include forecast results and are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: changes in national and local economic and business conditions and other factors such as natural disasters, pandemics and weather that will affect occupancy rates at our hotels and the demand for hotel products and services; the impact of geopolitical developments outside the U.S. on lodging demand; volatility in global financial and credit markets; operating risks associated with the hotel business; risks and limitations in our operating flexibility associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; risks associated with our relationships with property managers and joint venture partners; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; the effects of hotel renovations on our hotel occupancy and financial results; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; risks associated with our ability to complete acquisitions and dispositions and develop new properties and the risks that acquisitions and new developments may not perform in accordance with our expectations; our ability to continue to satisfy complex rules in order for us to remain a REIT for federal income tax purposes; risks associated with our ability to effectuate our dividend policy, including factors such as operating results and the economic outlook influencing our board’s decision whether to pay further dividends at levels previously disclosed or to use available cash to make special dividends; and other risks and uncertainties associated with our business described in the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of November 5, 2019, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

* This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks has any responsibility or liability for any information contained in this press release.


*** Tables to Follow ***

Host Hotels & Resorts, Inc., herein referred to as “we” or “Host Inc.,” is a self-managed and self-administered real estate investment trust that owns hotel properties. We conduct our operations as an umbrella partnership REIT through an operating partnership, Host Hotels & Resorts, L.P. (“Host LP”), of which we are the sole general partner. When distinguishing between Host Inc. and Host LP, the primary difference is approximately 1% of the partnership interests in Host LP held by outside partners as of September 30, 2019, which is non-controlling interests in Host LP in our consolidated balance sheets and is included in net income attributable to non-controlling interests in our consolidated statements of operations. Readers are encouraged to find further detail regarding our organizational structure in our annual report on Form 10-K.



 
HOST HOTELS & RESORTS, INC.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except shares and per share amounts)
 
    September 30, 2019     December 31, 2018  
                 
ASSETS  
Property and equipment, net   $ 9,688     $ 9,760  
Right-of-use assets(1)     549        
Assets held for sale     349       281  
Due from managers      104       71  
Advances to and investments in affiliates     59       48  
Furniture, fixtures and equipment replacement fund     184       213  
Other      169       175  
Cash and cash equivalents      2,030       1,542  
Total assets    $ 13,132     $ 12,090  
                 
LIABILITIES, NON-CONTROLLING INTERESTS AND EQUITY  
Debt (2)                
Senior notes    $ 3,425     $ 2,782  
Credit facility, including the term loans of $997 and $998, respectively      989       1,049  
Other debt      28       6  
Total debt      4,442       3,837  
Lease liabilities(1)     558        
Accounts payable and accrued expenses     277       293  
Liabilities held for sale      38        
Other      179       266  
Total liabilities      5,494       4,396  
                 
Redeemable non-controlling interests - Host Hotels & Resorts, L.P      133       128  
                 
Host Hotels & Resorts, Inc. stockholders’ equity:                
Common stock, par value $.01, 1,050 million shares authorized,
  718.5 million shares and 740.4 million shares issued and outstanding,
  respectively
    7       7  
Additional paid-in capital      7,762       8,156  
Accumulated other comprehensive loss      (62 )     (59 )
Deficit     (208 )     (610 )
Total equity of Host Hotels & Resorts, Inc. stockholders     7,499       7,494  
Non-redeemable non-controlling interests—other consolidated partnerships      6       72  
Total equity     7,505       7,566  
Total liabilities, non-controlling interests and equity   $ 13,132     $ 12,090  
___________                

(1)  On January 1, 2019, we adopted Accounting Standard Update No. 2016-02, Leases (Topic 842), as amended. The new standard requires that all leases, including operating leases, be recognized as lease assets and lease liabilities on the balance sheet. As a result, we have recognized right of use assets of $549 million and lease liabilities of $558 million as of September 30, 2019. The adoption did not affect our statement of operations.
(2)  Please see our Third Quarter 2019 Supplemental Financial Information for more detail on our debt balances.                           

 

 
HOST HOTELS & RESORTS, INC.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts)
 
    Quarter ended
September 30,
    Year-to-date ended
September 30,
 
    2019     2018     2019     2018  
Revenues                                
Rooms   $ 830     $ 874     $ 2,618     $ 2,691  
Food and beverage     341       337       1,223       1,199  
Other     91       88       294       273  
Total revenues     1,262       1,299       4,135       4,163  
Expenses                                
Rooms     221       234       664       696  
Food and beverage     260       254       835       822  
Other departmental and support expenses     320       321       981       972  
Management fees     52       56       177       183  
Other property-level expenses     85       90       268       287  
Depreciation and amortization     165       412       501       779  
Corporate and other expenses(1)     26       24       80       82  
Gain on insurance and business interruption settlements     (4 )           (4 )      
Total operating costs and expenses     1,125       1,391       3,502       3,821  
Operating profit (loss)     137       (92 )     633       342  
Interest income     8       3       23       8  
Interest expense     (46 )     (45 )     (132 )     (134 )
Gain on sale of assets     274       547       336       667  
Gain (loss) on foreign currency transactions and derivatives     (1 )     1              
Equity in earnings of affiliates     4       6       13       25  
Income before income taxes     376       420       873       908  
Provision for income taxes     (4 )     (42 )     (22 )     (63 )
Net income     372       378       851       845  
Less: Net income attributable to non-controlling interests     (4 )     (56 )     (11 )     (61 )
Net income attributable to Host Inc    $ 368     $ 322     $ 840     $ 784  
Basic and diluted earnings per common share   $ .51     $ .43     $ 1.14     $ 1.06  
___________                                

(1)  Corporate and other expenses include the following items:

    Quarter ended
September 30,
    Year-to-date ended
September 30,
 
    2019     2018     2019     2018  
General and administrative costs   $ 22     $ 20     $ 69     $ 71  
Non-cash stock-based compensation expense      4       4       11       11  
Total   $ 26     $ 24     $ 80     $ 82  
                                 

 

 
HOST HOTELS & RESORTS, INC.
Earnings per Common Share
(unaudited, in millions, except per share amounts)
 
    Quarter ended
September 30,
    Year-to-date ended
September 30,
 
    2019     2018     2019     2018  
Net income   $ 372     $ 378     $ 851     $ 845  
Less: Net income attributable to non-controlling interests     (4 )     (56 )     (11 )     (61 )
Net income attributable to Host Inc.   $ 368     $ 322     $ 840     $ 784  
                                 
Basic weighted average shares outstanding     725.5       739.9       735.0       739.6  
Assuming distribution of common shares granted under the comprehensive stock plans, less shares assumed purchased at market     .3       .6       .4       .6  
Diluted weighted average shares outstanding (1)     725.8       740.5       735.4       740.2  
Basic and diluted earnings per common share   $ .51     $ .43     $ 1.14     $ 1.06  
___________                                

(1)  Dilutive securities may include shares granted under comprehensive stock plans, preferred operating partnership units (“OP Units”) held by minority partners and other non-controlling interests that have the option to convert their limited partnership interests to common OP Units. No effect is shown for any securities that were anti-dilutive for the period. 

 

HOST HOTELS & RESORTS, INC.
Hotel Operating Data for Consolidated Hotels (1)

Comparable Hotels by Location in Constant US$

    As of September 30, 2019   Quarter ended September 30, 2019   Quarter ended September 30, 2018              
Location   No. of
Properties
  No. of
Rooms
  Average
Room Rate
  Average
Occupancy
Percentage
    RevPAR   Total RevPAR   Average
Room Rate
  Average
Occupancy
Percentage
    RevPAR   Total RevPAR   Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
Maui/Oahu     3     1,682   $ 354.84     91.9 %   $ 326.13   $ 498.71   $ 344.07     89.9 %   $ 309.41   $ 467.05     5.4 %   6.8 %
Jacksonville     1     446     363.69     69.0       251.05     516.90     360.43     77.7       280.14     604.87     (10.4 )   (14.5 )
New York     3     4,259     271.11     92.0       249.40     341.59     279.01     90.2       251.60     349.44     (0.9 )   (2.2 )
Phoenix     3     1,654     197.07     57.9       114.19     287.59     180.36     63.3       114.20     270.35         6.4  
Washington, D.C. (CBD)     5     3,238     211.15     84.4       178.19     254.63     205.95     83.7       172.41     239.43     3.4     6.4  
Florida Gulf Coast     3     940     212.88     64.4       137.03     246.66     205.16     61.6       126.32     227.56     8.5     8.4  
Los Angeles     4     1,726     238.54     87.3       208.32     303.73     238.09     87.2       207.53     300.81     0.4     1.0  
Boston     4     3,185     243.62     91.4       222.58     293.17     249.19     91.1       227.10     291.81     (2.0 )   0.5  
Seattle     2     1,315     260.45     90.2       234.96     291.64     280.39     92.6       259.59     318.83     (9.5 )   (8.5 )
San Diego     4     4,341     235.94     84.9       200.22     347.13     239.77     85.0       203.73     338.42     (1.7 )   2.6  
San Francisco/San Jose     5     2,353     237.15     81.8       193.89     261.50     235.07     87.2       205.07     269.79     (5.4 )   (3.1 )
Philadelphia     2     810     207.13     88.2       182.60     295.52     204.34     85.9       175.60     291.59     4.0     1.3  
Orange County     2     925     207.20     82.8       171.54     273.03     207.97     82.5       171.54     269.20         1.4  
Chicago     4     1,800     220.91     85.5       188.78     264.29     228.65     87.8       200.81     262.54     (6.0 )   0.7  
Atlanta     4     1,682     168.37     85.6       144.09     219.82     183.41     77.8       142.74     214.39     0.9     2.5  
New Orleans     1     1,333     156.82     77.0       120.78     175.05     138.93     73.9       102.70     153.27     17.6     14.2  
Northern Virginia     3     1,252     199.70     72.7       145.09     217.46     195.16     71.8       140.21     218.31     3.5     (0.4 )
San Antonio     1     512     163.90     77.4       126.91     168.52     171.79     72.4       124.29     166.99     2.1     0.9  
Denver     3     1,340     184.28     84.5       155.64     218.16     175.61     85.4       150.02     211.80     3.7     3.0  
Miami     2     843     123.77     73.9       91.44     126.89     119.78     73.0       87.49     121.12     4.5     4.8  
Houston     4     1,716     170.32     67.0       114.07     159.84     170.82     67.1       114.70     159.57     (0.5 )   0.2  
Orlando     1     2,004     155.29     59.2       91.97     231.78     150.91     64.1       96.80     238.77     (5.0 )   (2.9 )
Other     6     2,509     173.28     81.0       140.40     198.24     163.93     83.0       136.07     195.24     3.2     1.5  
Domestic     70     41,865     223.28     81.7       182.36     276.71     223.35     81.9       182.93     273.77     (0.3 )   1.1  
                                                                               
International     5     1,499     159.14     75.9       120.86     166.88     163.65     70.9       116.08     155.89     4.1     7.0  
All Locations -
 Constant US$
    75     43,364     221.21     81.5       180.24     272.92     221.56     81.5       180.61     269.69     (0.2 )   1.2  

All Owned Hotels in Constant US$ (2)

    As of September 30, 2019   Quarter ended September 30, 2019   Quarter ended September 30, 2018              
    No. of
Properties
  No. of
Rooms
  Average
Room Rate
  Average
Occupancy
Percentage
    RevPAR   Total RevPAR   Average
Room Rate
  Average
Occupancy
Percentage
    RevPAR   Total RevPAR   Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
Comparable Hotels     75     43,364   $ 221.21     81.5 %   $ 180.24   $ 272.92   $ 221.56     81.5 %   $ 180.61   $ 269.69     (0.2 )%   1.2 %
Non-comparable Hotels (Pro forma)     7     4,807     304.22     75.2       228.73     355.30     289.59     76.2       220.75     333.02     3.6     6.7  
All Hotels     82     48,171     228.98     80.8       185.11     281.20     227.99     81.0       184.65     276.06     0.3     1.9  

Comparable Hotels in Nominal US$

    As of September 30, 2019   Quarter ended September 30, 2019   Quarter ended September 30, 2018              
    No. of
Properties
  No. of
Rooms
  Average
Room Rate
  Average
Occupancy
Percentage
    RevPAR   Total RevPAR   Average
Room Rate
  Average
Occupancy
Percentage
    RevPAR   Total RevPAR   Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
International     5     1,499   $ 159.14     75.9 %   $ 120.86   $ 166.88   $ 165.21     70.9 %   $ 117.20   $ 157.38     3.1 %   6.0 %
Domestic     70     41,865     223.28     81.7       182.36     276.71     223.35     81.9       182.93     273.77     (0.3 )   1.1  
All Locations     75     43,364     221.21     81.5       180.24     272.92     221.60     81.5       180.65     269.75     (0.2 )   1.2  

Comparable Hotels by Location in Constant US$

    As of September 30, 2019   Year-to-date ended September 30, 2019   Year-to-date ended September 30, 2018              
Location   No. of
Properties
  No. of
Rooms
  Average
Room Rate
  Average
Occupancy
Percentage
    RevPAR   Total RevPAR   Average
Room Rate
  Average
Occupancy
Percentage
    RevPAR   Total RevPAR   Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
Maui/Oahu     3     1,682   $ 369.14     91.2 %   $ 336.78   $ 515.00   $ 360.97     91.0 %   $ 328.41   $ 497.81     2.5 %   3.5 %
Jacksonville     1     446     383.37     77.2       296.02     652.91     373.17     77.9       290.68     636.50     1.8     2.6  
New York     3     4,259     268.50     83.0       222.99     329.67     279.51     86.3       241.30     353.53     (7.6 )   (6.7 )
Phoenix     3     1,654     292.22     71.7       209.42     472.19     271.38     73.1       198.34     431.59     5.6     9.4  
Washington, D.C. (CBD)     5     3,238     246.65     83.1       204.99     293.15     248.62     81.8       203.28     285.16     0.8     2.8  
Florida Gulf Coast     3     940     273.15     74.9       204.59     375.07     266.35     72.9       194.20     353.39     5.3     6.1  
Los Angeles     4     1,726     230.36     87.6       201.87     297.83     232.82     88.6       206.29     301.32     (2.1 )   (1.2 )
Boston     4     3,185     237.01     82.6       195.81     268.56     235.72     83.7       197.34     265.35     (0.8 )   1.2  
Seattle     2     1,315     231.59     84.3       195.17     256.01     248.28     85.5       212.25     276.50     (8.0 )   (7.4 )
San Diego     4     4,341     236.69     81.5       192.90     345.20     234.70     83.8       196.79     338.84     (2.0 )   1.9  
San Francisco/San Jose     5     2,353     240.77     79.6       191.72     260.86     230.22     84.2       193.86     265.58     (1.1 )   (1.8 )
Philadelphia     2     810     216.10     85.4       184.46     301.70     207.10     86.2       178.43     295.01     3.4     2.3  
Orange County     2     925     199.26     80.4       160.27     264.63     201.82     80.5       162.45     261.90     (1.3 )   1.0  
Chicago     4     1,800     207.76     76.2       158.28     224.27     214.14     79.2       169.50     230.06     (6.6 )   (2.5 )
Atlanta     4     1,682     193.72     79.7       154.41     241.44     187.34     78.4       146.83     231.77     5.2     4.2  
New Orleans     1     1,333     188.24     79.9       150.35     219.33     178.86     80.6       144.23     206.59     4.2     6.2  
Northern Virginia     3     1,252     208.03     72.1       150.02     245.90     203.30     73.4       149.26     250.07     0.5     (1.7 )
San Antonio     1     512     186.29     78.3       145.78     198.15     192.78     75.5       145.47     194.45     0.2     1.9  
Denver     3     1,340     175.15     76.3       133.61     195.92     167.17     78.1       130.63     188.15     2.3     4.1  
Miami     2     843     162.96     80.2       130.67     180.26     159.30     80.7       128.63     178.90     1.6     0.8  
Houston     4     1,716     178.46     72.4       129.22     184.58     176.15     72.8       128.23     188.05     0.8     (1.8 )
Orlando     1     2,004     182.58     69.5       126.97     303.48     185.03     73.5       136.06     311.50     (6.7 )   (2.6 )
Other     6     2,509     172.53     79.1       136.41     193.77     168.87     79.5       134.31     194.29     1.6     (0.3 )
Domestic     70     41,865     232.30     80.0       185.85     293.54     231.03     81.3       187.90     292.17     (1.1 )   0.5  
                                                                               
International     5     1,499     154.30     71.1       109.74     159.00     154.55     66.5       102.82     151.78     6.7     4.8  
All Locations -
  Constant US$
    75     43,364     229.90     79.7       183.22     288.89     228.85     80.8       184.96     287.31     (0.9 )   0.5  

All Owned Hotels in Constant US$ (2)

    As of September 30, 2019   Year-to-date ended September 30, 2019   Year-to-date ended September 30, 2018              
    No. of
Properties
  No. of
Rooms
  Average
Room Rate
  Average
Occupancy
Percentage
    RevPAR   Total RevPAR   Average
Room Rate
  Average
Occupancy
Percentage
    RevPAR   Total RevPAR   Percent
Change in
RevPAR
  Percent
Change in
Total RevPAR
 
Comparable Hotels     75     43,364   $ 229.90     79.7 %   $ 183.22   $ 288.89   $ 228.85     80.8 %   $ 184.96   $ 287.31     (0.9 )%   0.5 %
Non-comparable Hotels (Pro forma)     7     4,807     356.31     78.3       279.11     449.49     340.27     81.6       277.73     437.53     0.5     2.7  
All Hotels     82     48,171     242.42     79.6       192.87     305.05     240.16     80.9       194.29     302.42     (0.7 )   0.9  

Comparable Hotels in Nominal US$ 

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