With respect to hotel EBITDA, we believe that excluding the effect of corporate-level expenses, non-cash items, and the portion of these items related to discontinued operations, provides a more complete understanding of the operating results over which individual hotels and operators have direct control. We believe the property-level results provide investors with supplemental information on the ongoing operational performance of our hotels and effectiveness of the third-party management companies operating our business on a property-level basis.
We caution investors that amounts presented in accordance with our
definitions of EBITDA, adjusted EBITDA and hotel EBITDA may not be
comparable to similar measures disclosed by other companies, since not
all companies calculate this non-GAAP measure in the same manner.
EBITDA, adjusted EBITDA and hotel EBITDA should not be considered as an
alternative measure of our net income (loss) or operating performance.
EBITDA, adjusted EBITDA and hotel EBITDA may include funds that may not
be available for our discretionary use due to functional requirements to
conserve funds for capital expenditures and property acquisitions and
other commitments and uncertainties. Although we believe that EBITDA,
adjusted EBITDA and hotel EBITDA can enhance your understanding of our
financial condition and results of operations, this non-GAAP financial
measure is not necessarily a better indicator of any trend as compared
to a comparable GAAP measure such as net income (loss). Above we include
a quantitative reconciliation of EBITDA, adjusted EBITDA and hotel
EBITDA to the most directly comparable GAAP financial performance
measure, which is net income (loss). Dollar amounts in such
reconciliation are in thousands.
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