Portfolio Re-Investment and Growth Opportunities Presentation
COMPANY
OVERVIEW
RECENT
HIGHLIGHTS
PORTFOLIO
UPDATE
GROWTH
OPPORTUNITIES
CORPORATE
RESPONSIBILITY
RECONCILIATIONS &
SUPPLEMENTAL INFO
Investment Thesis
Capital Allocation Track Record
Accretive capital recycling since current management team
began transitioning the portfolio in 2017.
EBITDA Multiples (1)
Significant EBITDA Growth Potential
Path to more than $2 billion in Adjusted EBITDAre through
operations, external investments, and portfolio re-investments
(see slides 36-37 for more detail).
2021 -
2024
2018-
2024
DISPOSITIONS
ACQUISITIONS
$5.0B @ 17.3x
$4.0B @ 13.5x
$1.5B @ 17.5x
$2.4B @ 13.0x
THE RITZ-CARLTON, NAPLES
Up to $440M
potential incremental future stabilized EBITDA (2)
on a 2023 Adjusted EBITDAre base of
$1.6B
1)
2)
Disposition multiples are calculated as the ratio between the sales price (plus estimated avoided capital expenditures over the five years following the disposition dates) and EBITDA on a TTM basis from the disposition date for 2018,
2019, and 2023 dispositions, while the 2020-2022 dispositions use 2019 full year results as the TTM are not representative of normalized operations. For 2018 - 2024 dispositions, combined estimated avoided capital expenditures over
the five years following the disposition dates totaled $976 million. The disposition net income multiple is 31x. For 2021 - 2024 dispositions, combined estimated avoided capital expenditures over the five years following the disposition
dates totaled $473 million. The 2021 - 2024 disposition net income multiple is 34x. Acquisition multiples are based on 2019 operations except for Baker's Cay Resort Key Largo, which is based on 2021 forecast operations at acquisition, as
the property was under renovation and closed for part of 2019; The Laura Hotel which is based on estimated normalized results that assume 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; Alila Ventana Big Sur which is based on 2021 forecast operations at acquisition as the property was under renovation for part of 2019; The Alida, Savannah, which adjusts 2019 results 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, which is based on 2022 forecast operations at acquisition; and 1
Hotel Nashville and Embassy Suites by Hilton Nashville Downtown which is based on 2024 forecast operations at acquisition. Acquisition EBITDA includes an upward adjustment of $13 million to reflect normalized operations for both
The Laura Hotel and The Alida, Savannah. The 2018-2024 acquisition net income multiple is 23x. The 2021-2024 acquisition net income multiple is 23x. See Reconciliations and Supplemental Information for reconciliations.
2023 net income was $752 million. Potential contributions are illustrative only and do not represent guidance or projections; actual results are expected to vary from these targets. See footnotes on slides 36-37 for factors that may cause
actual results to vary. See Reconciliations and Supplemental Information for reconciliations.
2024 Host Hotels & Resorts, Inc.
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