Portfolio Re-Investment and Growth Opportunities Presentation
COMPANY
OVERVIEW
RECENT
HIGHLIGHTS
PORTFOLIO
UPDATE
GROWTH
OPPORTUNITIES
CORPORATE
RESPONSIBILITY
RECONCILIATIONS &
SUPPLEMENTAL INFO
Acquisitions & Dispositions Metrics.
The following tables reconcile net income to Hotel EBITDA for the 2018-2024 acquisitions and dispositions (in millions, except for room count and multiples):
Net income
multiple
1.
2.
3.
Hotel
No. of
Rooms
Price
Hotel Net
Income(3)
Plus:
Depreciation
Plus: Interest
Expense
Equals: Hotel
EBITDA
EBITDA
multiple
2018-2024 Acquisitions (1)
2021-2024 Acquisitions (1)
4,589 $
2,712 $
4,014 $
2,404 $
173.5 $
106.6 $
120.6 $
73.8 $
4.7
4.7 $
$
298.8
23x
13.5x
185.1
23x
13x
No. of
Rooms
19,045
6,402
Hotel Net
Price Income(3)
$ 5,003 $ 163.4
$ 1,530 $ 45.7
Plus:
Depreciation
Plus: Interest
Expense
Plus:
Income Tax
Equals: Hotel
EBITDA
Net income
multiple
EBITDA
multiple
$
$
169.5
69.1
$
10.4
$
$
$
2.3
$
345.6
31x
17.3x
$
114.8
34x
17.5x
Hotel
2018-2024 Dispositions (2)
2021-2024 Dispositions (2)
2018-2024 Acquisitions include 14 properties and two Ka'anapali golf courses acquired since January 1, 2018, through May 1, 2024. Baker's Cay Resort Key Largo and Alila Ventana Big Sur are based on 2021 forecast
operations at acquisition, as the hotels experienced renovation disruption and closures in 2019. The Laura Hotel is based on estimated normalized results, which assumes results are in-line with the 2019 results of
comparable Houston properties, as the property was re-opened with a new manager and brand in 2021. The Alida, Savannah is based on estimated normalized 2019 results, adjusting for construction disruption to the
surrounding Plant Riverside District and for initial ramp-up of hotel operations. The Four Seasons Resort and Residences Jackson Hole is based on 2022 forecast operations at acquisition. The 1 Hotel Nashville and Embassy
Suites by Hilton Nashville downtown acquisition is based on 2024 forecast operations at acquisition. The other seven properties and Ka'anapali golf courses use full year 2019 results. Due to the impact of COVID-19, actual
results in 2020 and 2021 are not reflective of normal operations of the hotels. Any forecast incremental increases to net income compared to net income at underwriting would be equal to the incremental increases in Hotel
EBITDA. Some operating results are based on actual results from the manager for periods prior to our ownership. Since the operations include periods prior to our ownership, the results may not necessarily correspond to
our actual results.
2018-2024 Dispositions include the sale of 30 hotels since January 1, 2018, through May 1, 2024, as well as the sale of the European Joint Venture and the New York Marriott Marquis retail, theater and signage commercial
condominium units. European Joint Venture balances included in this total represent our approximate 33% previous ownership interest, except for the number of rooms of 4,335, which represents the total room count of
the European Joint Venture properties. The 2018, 2019 and 2023 dispositions use trailing twelve-month results from the disposition date, while the 2020, 2021 and 2022 dispositions use 2019 full year results as the TTM is not
representative of normalized operations. For 2018-2024 dispositions, combined avoided capital expenditures over the 5 years following the disposition dates totaled $976 million. For 2021-2024 dispositions, combined
avoided capital expenditures over the 5 years following the disposition dates totaled $473 million.
Certain items from our statement of operations are not allocated to individual properties, including interest on our senior notes, corporate and other expenses, and the benefit (provision) for income taxes.
The following table reconciles hotel net income to Hotel-level EBITDA from $3 billion of potential net acquisitions at a 14x EBITDA multiple (in millions, except multiples):
Net Acquisitions
Price
Hotel Net
Income
Plus:
Depreciation
Equals: Hotel
EBITDA
$
3,000
$
115
85
$
200
Net income
multiple
EBITDA multiple
26x
14x
The following table reconciles net income to Hotel EBITDA for the AC Hotel Scottsdale North for the year ended December 31, 2023 (in millions, except for room count and multiples):
Hotel
AC Scottsdale
No. of Rooms
Price
165
$
36.1
$
Hotel Net
Income
Plus:
Depreciation
Equals: Hotel
EBITDA
Net income
multiple
EBITDA multiple
5.2
$
1.6
$
6.8
7x
5.3x
2024 Host Hotels & Resorts, Inc.
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