Morgan Stanley Investment Banking Pitch Book
Project Roosevelt
Hotel REIT Comparables
Credit Statistics as of March 11, 2016 (Including Share of Joint Ventures)
On SMM, except per share data)
ADDITIONAL INFORMATION
Credit Statistics: Hotel REIT Comparables
Company Name
Ashford Hospitality Trust Inc.
Ashford Hospitality Prime, Inc.
Apple Hospitality REIT, Inc.
Chatham Lodging Trust
Chesapeake Lodging Trust
DiamondRock Hospitality Co
FelCor Lodging Trust, Inc.
Hersha Hospitality Trust
Hospitality Properties Trust
Host Hotels & Resorts, Inc.
LaSalle Hotel Properties
UPREIT Equity
Ticker
Price Mkt. Cap.
AHT 5.86 668.4
AHP 10.44 297.2
APLE 19.97 3,481.7
CLDT 21.04 806.6
CHSP 26.30 1,580.2
DRH 9.54 1,915.1
FCH 7.86 1,101.9
HT 21.14 980.2
HPT 25.53 3,869.0
HST 16.63 12,666.7
LHO 25.09 2,837.2
Pebblebrook Hotel Trust
PEB 26.59 1,886.1
RLJ Lodging Trust
RLJ 22.26 2,841.5
Ryman Hospitality Properties, Inc. RHP 50.12 2,568.5
Summit Hotel Properties
INN 11.81 1,031.7
SHO 13.59 2,935.5
XHR 16.15 1,758.9
Mean: 2,542.7
Median: 1,886.1
Total: 43,226.5
Sunstone Hotel Investors, Inc.
Xenia Hotels & Resorts, Inc.
Morgan Stanley
Total
Market Aggregate Debt-to-Market Debt-to-Book
Value Capitalization Capitalization
78.4%
72.2%
22.3%
43.0%
31.3%
38.1%
50.1%
50.0%
44.1%
25.6%
32.2%
37.3%
35.7%
35.8%
35.2%
26.5%
38.1%
Capitalization
4,932.1 4,717.0
1,053.0 967.3
4,479.8 4,479.8
1,414.5 1,393.5
2,483.8 2,433.3
3,092.8 2,879.2
2,871.1 2,811.3
2,338.1 2,310.2
7,446.5 7,432.8
17,048.7 16,809.7
4,445.8 4,440.1
3,572.4 3,546.1
4,430.4 4,296.2
4,000.3 3,944.0
1,924.3 1,895.0
4.217.8 3,718.8
2,869.4 2,747.3
4,271.8 4,166.0
3,572.4 3,546.1
72,620.8 70,821.3
40.9%
37.3%
82.7%
68.7%
27.4%
46.6%
39.1%
39.2%
82.2%
63.3%
53.9%
38.1%
37.6%
43.1%
42.0%
79.0%
44.1%
32.7%
38.6%
50.5%
43,1%
Secured Debt
Total Debt (Cons.)
100.0%
100.0%
42.6%
89.2%
69.7%
100.0%
47.5%
44.1%
0.0%
8.7%
35.8%
28.7%
25.8%
0.5%
54.2%
91.0%
100.0%
55.2%
47.5%
Variable Rate Debt
Total Debt (Cons.)
72.0%
45.5%
57.9%
10.8%
30.3%
14.5%
19.3%
57.0%
26.3%
35.0%
80.0%
62.2%
97.8%
48.0%
40.5%
20.2%
53.3%
45.3%
45.5%
Notes
(1) Includes shares and operating partnership units
(2) Equals the sum of equity market value, noncontrolling interest, preferred securities at liquidation preference, consolidated and company's share of unconsolidated debt
(3) Aggregate Value equals Total Market Capitalization less cash
(4) Includes share of unconsolidated debt
(5) Book capitalization equals the sum of debt outstanding and total equity
Sources: SNL Financial, Capital IQ, Morgan Stanley and Company reports
LTM Coverage Statistics
EBITDA/ Debt/ Net Debt
Interest EBITDA EBITDA
2.2x 9.5x 9.0x
2.4x 8.5x 7.5x
9.7x
3.1x
3.1x
ΝΑ 4.8x
4.6x
6.0x
4.1x
3.8x
5.0x
4.4x
3.6x
2.9x
6.1x
5.9x
3.5x
6.6x
4.7x
4.9x
ΝΑ
7.1x
6.4x
4.9x
Strictly Confidential
EBITDA)
FC
1.8x
2.3x
9.7x
NA
4.6x
5.0x
2.0x
2.6x
3.3x BBB- Baa2
2,9x
NA BB+ Baa2 BBB-
3.7x
5.7x
5.0x
3.5x
3.8x
6.6x
4.2x
5.1x
4.2x 5.0x
4.6x
5.8x
3.1x
3.7x
5.4x
5.1x
6.9x
4.2x
5.1x 4.4x
5.0x
5.3x
4.4x
3.2x
1.8x
5.8x 3.7x 3.3x
5.1x
4.6x
4.9x
4.4x
5.1x
4.2x
4.5x
4.6x
S&P Moody's
.
.
Credit Ratings
B
-
.
B+
B3
Ba3
Fitch
34View entire presentation