What changed in this filing

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Item 2. Properties

2022-02-22 compared with 2021-02-23 · 55 added, 34 removed, 85 unchanged (51% of the section changed)

We lease our headquarters located at 4747 Bethesda Avenue, Suite 1100, Bethesda, Maryland 20814.

We lease office space to use as our headquarters located at 4747 Bethesda Avenue, Suite 1100, Bethesda, Maryland 20814.

We lease office space that was formerly used as our headquarters at 7550 Wisconsin Avenue, 10th Floor, Bethesda, Maryland 20814.

At December 31, 2020, we owned 53 hotels with a total of 13,236 guest rooms.

The following table sets forth certain information about the hotels we owned as of December 31, 2020, all of which are consolidated in our financial statements.

Property Date Acquired Location Number of Guest Rooms

As of December 31, 2021, we owned 53 hotels with a total of 13,247 guest rooms, all of which are consolidated in our financial statements.

The following table sets forth certain information about our hotels.

Property Date Acquired Location Number of

L'Auberge Del Mar November 30, 2018 Del Mar, CA 121

Hotel Palomar Los Angeles Beverly Hills (1) November 20, 2014 Los Angeles, CA 264

Hotel Palomar Los Angeles Beverly Hills (1)

November 20, 2014 Los Angeles, CA 264

W Los Angeles - West Beverly Hills August 23, 2012 Los Angeles, CA 297

3 unchanged sentences

Mondrian Los Angeles May 3, 2011 West Hollywood, CA 236

Property Date Acquired Location Number of

Montrose West Hollywood November 30, 2018 West Hollywood, CA 133

Le Meridien Delfina Santa Monica November 19, 2010 Santa Monica, CA 310

Viceroy Santa Monica Hotel (1) November 30, 2018 Santa Monica, CA 169

Le Méridien Delfina Santa Monica November 19, 2010 Santa Monica, CA 310

Viceroy Santa Monica Hotel (1)

November 30, 2018 Santa Monica, CA 169

Embassy Suites San Diego Bay - Downtown January 29, 2013 San Diego, CA 341

Hilton San Diego Gaslamp Quarter November 30, 2018 San Diego, CA 286

Paradise Point Resort & Spa (1) November 30, 2018 San Diego, CA 462

San Diego Mission Bay Resort (formerly Hilton San Diego Mission Bay Resort) (1) November 30, 2018 San Diego, CA 357

Paradise Point Resort & Spa (1)

November 30, 2018 San Diego, CA 462

San Diego Mission Bay Resort (1)

November 30, 2018 San Diego, CA 357

Solamar Hotel November 30, 2018 San Diego, CA 235

The Westin San Diego Gaslamp Quarter April 6, 2011 San Diego, CA 450

Argonaut Hotel (1) February 16, 2011 San Francisco, CA 252

Harbor Court Hotel San Francisco (1) November 30, 2018 San Francisco, CA 131

Estancia La Jolla Hotel & Spa (1) (4)

December 1, 2021 La Jolla, CA 210

Argonaut Hotel (1)

February 16, 2011 San Francisco, CA 252

Harbor Court Hotel San Francisco (1)

November 30, 2018 San Francisco, CA 131

Hotel Spero November 30, 2018 San Francisco, CA 236

Hotel Vitale (1) November 30, 2018 San Francisco, CA 200

Hotel Zelos San Francisco (1) October 25, 2012 San Francisco, CA 202

Hotel Zephyr Fisherman's Wharf (1) December 9, 2013 San Francisco, CA 361

Hotel Zeppelin San Francisco (1) May 22, 2014 San Francisco, CA 196

Hotel Vitale (1)

November 30, 2018 San Francisco, CA 200

Hotel Zelos San Francisco (1)

October 25, 2012 San Francisco, CA 202

Hotel Zephyr Fisherman's Wharf (1)

December 9, 2013 San Francisco, CA 361

Hotel Zeppelin San Francisco (1)

May 22, 2014 San Francisco, CA 196

Hotel Zetta San Francisco April 4, 2012 San Francisco, CA 116

Hotel Zoe Fisherman's Wharf June 11, 2015 San Francisco, CA 221

Sir Francis Drake June 22, 2010 San Francisco, CA 416

The Marker San Francisco November 30, 2018 San Francisco, CA 208

Villa Florence San Francisco on Union Square November 30, 2018 San Francisco, CA 189

Chaminade Resort & Spa November 30, 2018 Santa Cruz, CA 156

Hotel Zena Washington DC (formerly Donovan Hotel) November 30, 2018 Washington, DC 191

George Hotel November 30, 2018 Washington, DC 139

Hotel Monaco Washington DC (1) September 9, 2010 Washington, DC 184

Viceroy Washington DC (formerly Mason & Rook Hotel) November 30, 2018 Washington, DC 178

Southernmost Beach Resort (2) November 30, 2018 Key West, FL 262

Hotel Monaco Washington DC (1)

September 9, 2010 Washington, DC 184

Hotel Zena Washington DC November 30, 2018 Washington, DC 191

Viceroy Washington DC November 30, 2018 Washington, DC 178

Southernmost Beach Resort (2)

November 30, 2018 Key West, FL 293

The Marker Key West Harbor Resort November 30, 2018 Key West, FL 96

Hotel Colonnade Coral Gables, Autograph Collection November 12, 2014 Miami, FL 157

LaPlaya Beach Resort and Club May 21, 2015 Naples, FL 189

Margaritaville Hollywood Beach Resort (1) (4)

September 23, 2021 Hollywood, FL 369

LaPlaya Beach Resort & Club May 21, 2015 Naples, FL 189

Jekyll Island Club Resort (1)

July 22, 2021 Jekyll Island, GA 200

Hotel Chicago Downtown, Autograph Collection November 30, 2018 Chicago, IL 354

The Westin Michigan Avenue Chicago November 30, 2018 Chicago, IL 752

Hyatt Regency Boston Harbor (1) November 30, 2018 Boston, MA 270

Hyatt Regency Boston Harbor (1)

November 30, 2018 Boston, MA 270

Revere Hotel Boston Common December 18, 2014 Boston, MA 356

1 unchanged sentence

November 30, 2018 Boston, MA 298

The Westin Copley Place, Boston (1) November 30, 2018 Boston, MA 803

The Westin Copley Place, Boston (1)

November 30, 2018 Boston, MA 803

W Boston June 8, 2011 Boston, MA 238

The Roger New York (1) November 30, 2018 New York, NY 194

Hotel Vintage Portland July 9, 2012 Portland, OR 117

7 unchanged sentences

Total number of guest rooms 13,247

______________________

(1) This property is subject to a long-term ground, air rights or hotel lease.

1 unchanged sentence

(3) We own a 99.99% controlling interest in this property.

(4) This property is subject to mortgage debt.

Hotel Managers and Hotel Management Agreements

We are a party to hotel management agreements with Access Hotels and Resorts, AccorHotels, Benchmark Hotels and Resorts, CoralTree Hospitality Group, Davidson Hotels and Resorts, HEI Hotels and Resorts, Highgate, Hyatt, JRK Property Holdings, Kimpton Hotels and Restaurants, Marriott International, Noble House Hotels & Resorts, Provenance Hotels, Sage Hospitality, sbe Hotel Group, Schulte Hospitality Group, Springboard Hospitality and Viceroy Hotel Group.

We are a party to hotel management agreements with Access Hotels and Resorts, AccorHotels, Benchmark Hotels and Resorts, Davidson Hospitality Group, HEI Hotels and Resorts, Highgate, Hyatt, Kimpton Hotels and Restaurants, Marriott International, Noble House Hotels & Resorts, Provenance Hotels, Sage Hospitality, sbe Hotel Group, SH Hotels & Resorts, Springboard Hospitality and Viceroy Hotel Group.

Our management agreements generally have the terms described below:

10 unchanged sentences

Most of the agreements also provide us the ability to terminate based on failure to achieve defined operating performance thresholds.

Termination fees range from zero to up to seven times the annual base management and incentive management fees, depending on the agreement and the reason for termination.

Termination fees range from zero to up to six times the annual base management and incentive management fees, depending on the agreement and the reason for termination.

• Operational Services.

13 unchanged sentences

Our management agreements typically require us to maintain working capital for a hotel and to fund the cost of supplies such as linens and other similar items.

We are also responsible for providing funds to meet the cash needs for the hotel operations if at any time the funds available from the hotel operations are insufficient to meet the financial requirements of the hotel.

We are also responsible for providing funds to meet the cash needs for the hotel operations if the funds available from the hotel operations are insufficient to meet the financial requirements of the hotel.

• Furniture, Fixtures and Equipment Replacements.

8 unchanged sentences

Franchise and Sub-License Agreements

We have franchise or sub-license agreements for certain of our hotels.

We have franchise and sub-license agreements for certain of our hotels.

Pursuant to these agreements, we pay franchise or sub-license fees based on a percentage of gross room revenues, as well as certain other fees for marketing and reservations services.

Franchise or sub-license fees for room revenues are approximately one to five percent of gross room revenues.

Franchise or sub-license fees for room revenues are approximately 1% to 5% of gross room revenues.

Some of these agreements provide us with termination rights.

1 unchanged sentence

Property Expiration Date

Le Meridien Delfina Santa Monica September 2033

Embassy Suites San Diego Bay - Downtown January 2028

Margaritaville Hollywood Beach Resort July 2028

Le Méridien Delfina Santa Monica September 2033

The Nines, a Luxury Collection Hotel, Portland October 2033

Hotel Colonnade Coral Gables, Autograph Collection April 2039

The Liberty, A Luxury Collection Hotel, Boston January 2036

Hilton San Diego Gaslamp Quarter April 2021

Hotel Chicago Downtown, Autograph Collection February 2034

The Liberty, a Luxury Collection Hotel, Boston January 2036

Hotel Colonnade Coral Gables, Autograph Collection April 2039

Hilton San Diego Gaslamp Quarter June 2041

Paradise Point Resort & Spa 15th anniversary after hotel is re-branded as a Margaritaville

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties