BXP » Topics » Hotel Properties

This excerpt taken from the BXP 8-K filed Jan 27, 2010.

Hotel Properties

 

 

Hotel Properties

   Number of
Rooms
   Square
Feet

Cambridge Center Marriott, Cambridge, MA

   433    330,400
         

Total Hotel Properties

   433    330,400
         
This excerpt taken from the BXP 8-K filed Oct 27, 2009.

Hotel Properties

 

 

Hotel Properties

  Number of
Rooms
   Square
Feet

Cambridge Center Marriott, Cambridge, MA

  433    330,400
        

Total Hotel Properties

  433    330,400
        

Structured Parking

    Number of
Spaces
   Square
Feet

Total Structured Parking

  36,175    11,939,161
        

 

(1) For disclosures relating to our definition of In-Service Properties, see page 50.
(2) Portfolio Net Operating Income is a non-GAAP financial measure. For a quantitative reconciliation of Portfolio NOI to net income available to common shareholders, see page 42. For disclosures relating to our use of Portfolio NOI see page 50.
(3) Includes approximately 1,700,000 square feet of retail space.
(4) The calculation for percentage of Portfolio Net Operating Income excludes termination income.
(5) Includes 587,050 square feet at Metropolitan Square which is 51% owned by Boston Properties, 401,279 square feet at Market Square North which is 50% owned by Boston Properties, 539,229 square feet at 901 New York Avenue which is 25% owned by Boston Properties, 321,943 square feet at 505 9th Street, N.W. which is 50% owned by Boston Properties, 117,599 square feet at Annapolis Junction which is 50% owned by Boston Properties and 299,136 square feet at Wisconsin Place which is 66.67% owned by Boston Properties.
(6) Includes 1,773,952 square feet at the General Motors Building, 566,952 square feet at 125 West 55th Street, 635,161 square feet at Two Grand Central Tower and 286,540 square feet at 540 Madison Avenue, each of which is 60% owned by Boston Properties.

 

19


Boston Properties, Inc.

Third Quarter 2009

 

This excerpt taken from the BXP 8-K filed Jul 21, 2009.

Hotel Properties

 

 

Hotel Properties

   Number of
Rooms
   Square
Feet

Cambridge Center Marriott, Cambridge, MA

   433    330,400
         

Total Hotel Properties

   433    330,400
         
This excerpt taken from the BXP 8-K filed Apr 30, 2009.

Hotel Properties

 

 

Hotel Properties

   Number of
Rooms
   Square
Feet

Cambridge Center Marriott, Cambridge, MA

   433    330,400
         

Total Hotel Properties

   433    330,400
         
This excerpt taken from the BXP 8-K filed Jan 29, 2009.

Hotel Properties

 

 

Hotel Properties

   Number of
Rooms
   Square
Feet

Cambridge Center Marriott, Cambridge, MA

   433    330,400
         

Total Hotel Properties

   433    330,400
         
This excerpt taken from the BXP 8-K filed Jul 23, 2008.

Hotel Properties

 

     Number of
Rooms
   Square
Feet

Hotel Properties

     

Cambridge Center Marriott, Cambridge, MA

   431    330,400
         

Total Hotel Properties

   431    330,400
         
Structured Parking
     Number of    Square
     Spaces    Feet

Total Structured Parking

   32,414    10,286,047
         

 

(1) For disclosures relating to our definition of In-Service Properties, see page 50.
(2) Net Operating Income is a non-GAAP financial measure. For a quantitative reconciliation of consolidated NOI to net income available to common shareholders, see page 43. For disclosures relating to our use of NOI see page 50.
(3) Includes approximately 1,600,000 square feet of retail space.
(4) The calculation for percentage of Net Operating Income excludes termination income and includes the Company’s share of each unconsolidated joint venture.
(5) Includes 586,887 square feet at Metropolitan Square which is 51% owned by Boston Properties, 401,279 square feet at Market Square North which is 50% owned by Boston Properties and 539,229 square feet at 901 New York Avenue which is 25% owned by Boston Properties.
(6) Includes 1,786,637 square feet at General Motors Building which is 60% owned by Boston Properties.

 

20


Boston Properties, Inc.

Second Quarter 2008

 

This excerpt taken from the BXP 8-K filed Apr 30, 2008.

Hotel Properties

 

Hotel Properties

   Number of
Rooms
   Square
Feet

Cambridge Center Marriott, Cambridge, MA

   431    330,400
         

Total Hotel Properties

   431    330,400
         
This excerpt taken from the BXP 8-K filed Oct 24, 2007.

Hotel Properties


 

Hotel Properties

  

Number of

Rooms

  

Square

Feet

     

Cambridge Center Marriott, Cambridge, MA

   431    330,400
         

Total Hotel Properties

   431    330,400
         
This excerpt taken from the BXP 8-K filed Jul 25, 2007.

Hotel Properties


 

Hotel Properties

   Number of
Rooms
  

Square

Feet

Cambridge Center Marriott, Cambridge, MA

   431    330,400
         

Total Hotel Properties

   431    330,400
         

Structured Parking

 

     Number of
Spaces
  

Square

Feet

Total Structured Parking

   33,758    10,485,932
         

(1) For disclosures relating to our definition of In-Service Properties, see page 51.
(2) Net Operating Income is a non-GAAP financial measure. For a quantitative reconciliation of consolidated NOI to net income available to common shareholders, see page 44. For disclosures relating to our use of NOI see page 51. NOI from unconsolidated joint ventures has been excluded from consolidated NOI.
(3) Includes approximately 1,400,000 square feet of retail space.
(4) The calculation for percentage of Net Operating Income excludes termination income.
(5) Includes 586,478 square feet at Metropolitan Square which is 51% owned by Boston Properties, 401,279 square feet at Market Square North which is 50% owned by Boston Properties and 539,229 square feet at 901 New York Avenue which is 25% owned by Boston Properties.

 

20


Boston Properties, Inc.

Second Quarter 2007

 

This excerpt taken from the BXP 8-K filed Apr 25, 2007.

Hotel Properties


 

Hotel Properties

  

Number of

Rooms

  

Square

Feet

Cambridge Center Marriott, Cambridge, MA

   431    330,400
         

Total Hotel Properties

   431    330,400
         
This excerpt taken from the BXP 10-K filed Mar 1, 2007.

The Hotel Properties

 

We operate our two hotel properties through a taxable REIT subsidiary (“TRS”). The TRS, a wholly-owned subsidiary of BPLP, is the lessee pursuant to leases for each of the hotel properties. As lessor, BPLP is entitled to a percentage of gross receipts from the hotel properties. The hotel leases allow all the economic benefits of ownership to flow to us. Marriott International, Inc. continues to manage the hotel properties under the Marriott name and under terms of the existing management agreements. Marriott has been engaged under separate long-term incentive management agreements to operate and manage each of the hotels on behalf of the TRS. In connection with these arrangements, Marriott has agreed to operate and maintain the hotels in accordance with its system-wide standard for comparable hotels and to provide the hotels with the benefits of its central reservation system and other chain-wide programs and services. Under a separate management agreement for each hotel, Marriott acts as the TRS’ agent to supervise, direct and control the management and operation of the hotel and receives as compensation base management fees that are calculated as a percentage of the hotel’s gross revenues, and supplemental incentive fees if the hotel exceeds negotiated profitability breakpoints. In addition, the TRS compensates Marriott, on the basis of a formula applied to the hotel’s gross revenues, for certain system-wide services provided by Marriott, including central reservations, marketing and training. During 2006, 2005 and 2004, Marriott received an aggregate of approximately $4.7 million, $4.2 million and $4.0 million, respectively, under the management agreements.

 

This excerpt taken from the BXP 8-K filed Jan 30, 2007.

Hotel Properties

 

Hotel Properties

  

Number of

Rooms

  

Square

Feet

Long Wharf Marriott, Boston, MA

   402    420,000

Cambridge Center Marriott, Cambridge, MA

   431    330,400
         

Total Hotel Properties

   833    750,400
         
This excerpt taken from the BXP 8-K filed Oct 25, 2006.

Hotel Properties

 

      Number of
Rooms
   Square
Feet
Hotel Properties      

Long Wharf Marriott, Boston, MA

   402    420,000

Cambridge Center Marriott, Cambridge, MA

   431    330,400
         

Total Hotel Properties

   833    750,400
         
This excerpt taken from the BXP 8-K filed Jul 27, 2006.

Hotel Properties


 

Hotel Properties

   Number of
Rooms
   Square
Feet

Long Wharf Marriott, Boston, MA

   402    420,000

Cambridge Center Marriott, Cambridge, MA

   431    330,400
         

Total Hotel Properties

   833    750,400
         
This excerpt taken from the BXP 8-K filed Apr 26, 2006.

Hotel Properties

 

Hotel Properties

   Number of
Rooms
   Square
Feet

Long Wharf Marriott, Boston, MA

   402    420,000

Cambridge Center Marriott, Cambridge, MA

   431    330,400
         

Total Hotel Properties

   833    750,400
         
This excerpt taken from the BXP 10-K filed Mar 16, 2006.

The Hotel Properties

 

On November 4, 2005, we sold our Residence Inn by Marriott® at Six Cambridge Center, leaving us with two hotel properties. We operate our two hotel properties through a taxable REIT subsidiary (“TRS”). The TRS, a wholly-owned subsidiary of BPLP, is the lessee pursuant to leases for each of the hotel properties. As lessor, BPLP is entitled to a percentage of gross receipts from the hotel properties. The hotel leases allow all the economic benefits of ownership to flow to us. Marriott® International, Inc. continues to manage the hotel properties under the Marriott® name and under terms of the existing management agreements. Marriott has been engaged under separate long-term incentive management agreements to operate and manage each of the hotels on behalf of the TRS. In connection with these arrangements, Marriott has agreed to operate and maintain the hotels in accordance with its system-wide standard for comparable hotels and to provide the hotels with the benefits of its central reservation system and other chain-wide programs and services. Under a separate management agreement for each hotel, Marriott acts as the TRS’ agent to supervise, direct and control the management and operation of the hotel and receives as compensation base management fees that are calculated as a percentage of the hotel’s gross revenues, and supplemental incentive fees if the hotel exceeds negotiated profitability breakpoints. In addition, the TRS compensates Marriott, on the basis of a formula applied to the hotel’s gross revenues, for certain system-wide services provided by Marriott, including central reservations, marketing and training. During 2005, 2004 and 2003, Marriott received an aggregate of approximately $4.2 million, $4.0 million and $3.4 million, respectively, under the management agreements.

 

This excerpt taken from the BXP 8-K filed Jan 31, 2006.

Hotel Properties (7)

 

Hotel Properties


  

Number of

Rooms


  

Square

Feet


Long Wharf Marriott, Boston, MA

   402    420,000

Cambridge Center Marriott, Cambridge, MA

   431    330,400
    
  

Total Hotel Properties

   833    750,400
    
  

 

This excerpt taken from the BXP 8-K filed Oct 26, 2005.

Hotel Properties

 

    

Number of

Rooms


   Square
Feet


Hotel Properties


         

Long Wharf Marriott, Boston, MA

   402    420,000

Cambridge Center Marriott, Cambridge, MA

   431    330,400

Residence Inn by Marriott, Cambridge, MA

   221    187,474
    
  

Total Hotel Properties

   1,054    937,874
    
  

Structured Parking

 

     Number of
Spaces


   Square
Feet


Total Structured Parking

   28,602    8,744,605
    
  

 


(1) For disclosures relating to our definition of In-Service Properties, see page 51.
(2) For a quantitative reconciliation of consolidated net operating income (NOI) to net income in accordance with GAAP, see page 44. For disclosures relating to our use of NOI see page 51. NOI from unconsolidated joint ventures has been excluded from consolidated NOI.
(3) Includes approximately 1,300,000 square feet of retail space.
(4) The calculation for percentage of Net Operating Income excludes termination income.
(5) Includes 344,587 square feet at 265 Franklin Street which is 35% owned by Boston Properties.
(6) Includes 586,482 square feet at Metropolitan Square which is 51% owned by Boston Properties, 401,279 square feet at Market Square North which is 50% owned by Boston Properties and 539,215 square feet at 901 New York Avenue which is 25% owned by Boston Properties.

 

19


Boston Properties, Inc.

Third Quarter 2005

 

This excerpt taken from the BXP 8-K filed Apr 27, 2005.

Hotel Properties

 

Hotel Properties


  

Number of

Rooms


   Square
Feet


Long Wharf Marriott, Boston, MA

   402    420,000

Cambridge Center Marriott, Cambridge, MA

   431    330,400

Residence Inn by Marriott, Cambridge, MA

   221    187,474
    
  

Total Hotel Properties

   1,054    937,874
    
  

 

This excerpt taken from the BXP 10-K filed Mar 15, 2005.

The Hotel Properties

 

We own our three hotel properties through a taxable REIT subsidiary (“TRS”). The TRS, a wholly-owned subsidiary of BPLP, is the lessee pursuant to leases for each of the hotel properties. As lessor, BPLP is entitled to a percentage of gross receipts from the hotel properties. The hotel leases allow all the economic benefits of ownership to flow to us. Marriott® International, Inc. continues to manage the hotel properties under the Marriott® name and under terms of the existing management agreements. Marriott has been engaged under

 

10


Table of Contents

separate long-term incentive management agreements to operate and manage each of the hotels on behalf of the TRS. In connection with these arrangements, Marriott has agreed to operate and maintain the hotels in accordance with its system-wide standard for comparable hotels and to provide the hotels with the benefits of its central reservation system and other chain-wide programs and services. Under a separate management agreement for each hotel, Marriott acts as the TRS’ agent to supervise, direct and control the management and operation of the hotel and receives as compensation base management fees that are calculated as a percentage of the hotel’s gross revenues, and supplemental incentive fees if the hotel exceeds negotiated profitability breakpoints. In addition, the TRS compensates Marriott, on the basis of a formula applied to the hotel’s gross revenues, for certain system-wide services provided by Marriott, including central reservations, marketing and training. During 2004, 2003 and 2002, Marriott received an aggregate of approximately $4.0 million, $3.4 million and $5.5 million, respectively, under all three management agreements.

 

This excerpt taken from the BXP 8-K filed Jan 26, 2005.

Hotel Properties

 

Hotel Properties


   Number of
Rooms


   Square
Feet


Long Wharf Marriott, Boston, MA

   402    420,000

Cambridge Center Marriott, Cambridge, MA

   431    330,400

Residence Inn by Marriott, Cambridge, MA

   221    187,474
    
  

Total Hotel Properties

   1,054    937,874
    
  

 

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