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No real surprises, although the numbers and guidance look a little disappointing relative to MAR but we can explain that.

Results look pretty much in-line with our numbers. Property level EBITDA was almost spot on with what we expected but there were a number of other items that reduced Adjusted EBITDA (to be honest – we don’t even know what they are).  RevPAR guidance is a lot lower than MAR’s, and we suspect that’s partly due to the fact that they have little international exposure and maybe a bit more group business, which lags.

Revenue comments:

  • RevPAR was a little better than we expected – by 1.8% (but that’s not a “comparable” number). Comparable RevPAR was down 2.3%.
  • Hotel revenue was basically in-line with our estimate – room revenue was $5MM better but other revenues were $6MM weaker.  
  • Cost comments – basically Room, F&B, Hotel departmental were a little lower than we expected but “other property level” costs increased more - so net-net property level costs were exactly in-line with our estimate.

We will have more details with our post call "notes".