
Hotel Adjusted EBITDA Reconciliation – First Quarter 2025
Net Income / (Loss)
Plus:
Plus:
Plus:
Equals: Hotel
Adjusted EBITDA
Total Revenues
Depreciation
Interest Expense
Adjustments (1)
AC Hotel Minneapolis Downtown
$ 1,406
$ (363)
$ 297
$ —
$ —
$ (66)
Atlanta Marriott Alpharetta
$ 4,788
$ 1,606
$ 363
$ —
$ —
$ 1,969
Bourbon Orleans Hotel
$ 5,192
$ 1,369
$ 1,057
$ —
$ 3
$ 2,429
Cavallo Point, The Lodge at the Golden Gate
$ 9,685
$ (270)
$ 1,459
$ —
$ 94
$ 1,283
Chicago Marriott Downtown Magnificent Mile
$ 17,116
$ (3,018)
$ 3,110
$ 6
$ (397)
$ (299)
Chico Hot Springs Resort & Day Spa
$ 3,300
$ (236)
$ 430
$ —
$ —
$ 194
Courtyard Denver Downtown
$ 2,141
$ 131
$ 383
$ —
$ —
$ 514
Courtyard New York Manhattan/Fifth Avenue
$ 3,683
$ (641)
$ 342
$ 283
$ 196
$ 180
Courtyard New York Manhattan/Midtown East
$ 6,641
$ 283
$ 530
$ —
$ —
$ 813
Embassy Suites by Hilton Bethesda
$ 2,584
$ (1,970)
$ 547
$ —
$ 1,450
$ 27
Havana Cabana Key West
$ 4,001
$ 1,364
$ 314
$ —
$ —
$ 1,678
Henderson Beach Resort
$ 6,591
$ (934)
$ 1,110
$ —
$ —
$ 176
Henderson Park Inn
$ 1,263
$ (33)
$ 279
$ —
$ —
$ 246
Hilton Garden Inn New York/Times Square Central
$ 4,060
$ (1,086)
$ 658
$ —
$ —
$ (428)
Hotel Champlain Burlington
$ 2,954
$ (1,220)
$ 781
$ —
$ —
$ (439)
Hotel Clio
$ 5,992
$ (704)
$ 855
$ 599
$ 5
$ 755
Hotel Emblem San Francisco
$ 1,514
$ (56)
$ 293
$ —
$ —
$ 237
Kimpton Hotel Palomar Phoenix
$ 7,412
$ 1,956
$ 508
$ —
$ 193
$ 2,657
Kimpton Shorebreak Fort Lauderdale Beach Resort
$ 3,646
$ 696
$ 369
$ —
$ —
$ 1,065
Kimpton Shorebreak Huntington Beach Resort
$ 4,749
$ 833
$ 341
$ —
$ —
$ 1,174
L’Auberge de Sedona
$ 7,655
$ 1,930
$ 411
$ —
$ —
$ 2,341
Lake Austin Spa Resort
$ 4,465
$ 280
$ 717
$ —
$ —
$ 997
Margaritaville Beach House Key West
$ 9,491
$ 3,952
$ 760
$ —
$ —
$ 4,712
Orchards Inn Sedona
$ 775
$ (458)
$ 96
$ —
$ 42
$ (320)
Salt Lake City Marriott Downtown at City Creek
$ 9,054
$ 2,575
$ 1,047
$ —
$ 11
$ 3,633
The Dagny Boston
$ 6,678
$ (985)
$ 1,560
$ —
$ —
$ 575
The Gwen
$ 6,113
$ (1,626)
$ 754
$ —
$ —
$ (872)
The Hythe Vail
$ 22,195
$ 10,600
$ 1,161
$ —
$ —
$ 11,761
The Landing Lake Tahoe Resort & Spa
$ 2,161
$ (113)
$ 318
$ —
$ —
$ 205
The Lindy Renaissance Charleston Hotel
$ 5,371
$ 1,924
$ 364
$ —
$ —
$ 2,288
The Lodge at Sonoma Resort
$ 5,867
$ 436
$ 492
$ —
$ —
$ 928
Tranquility Bay Beachfront Resort
$ 6,761
$ 1,934
$ 467
$ —
$ —
$ 2,401
Westin Boston Seaport District
$ 21,095
$ (1,168)
$ 2,295
$ 1,881
$ (122)
$ 2,886
Westin Fort Lauderdale Beach Resort
$ 22,234
$ 7,329
$ 1,114
$ —
$ —
$ 8,443
Westin San Diego Bayview
$ 9,842
$ 1,618
$ 1,349
$ —
$ —
$ 2,967
Westin Washington D.C. City Center
$ 3,077
$ 331
$ —
$ —
$ —
$ 331
Worthington Renaissance Fort Worth Hotel
$ 13,301
$ 2,604
$ 961
$ 677
$ —
$ 4,242
Total
$ 254,853
$ 28,870
$ 27,892
$ 3,446
$ 1,475
$ 61,664
Less: Sold Hotel (2)
$ (3,077)
$ (331)
$ —
$ —
$ —
$ (331)
Comparable Total
$ 251,776
$ 28,539
$ 27,892
$ 3,446
$ 1,475
$ 61,333