Investor Presentaiton
Park Portfolio: Well Insulated from Supply
Favorable Supply Picture for Park's Hotels
~2% Supply Growth for Park
Against a backdrop of increased US supply
growth, Park is well positioned relative to its
peers
With outsized exposure to Orlando, Oahu, San
Francisco and New Orleans, Park anticipates just
2.2% supply growth per annum over the next
2+ years, or 50bps lower than its peer growth
average
ā Supply growth among big-box group houses has
been especially muted the past five years with
between just 0-3 new hotels (with meeting space
of 50k+ sq. ft.) opened annually vs. 6-9 new
hotels opened annually from 2008-2010
18%
16%
14%
12%
10%
4%
2%
0%
8%
6%
5%
4%
17%
#
New Hotels Opened with 50k sq. ft
ft
of Meeting Space
12|
8
9
6
2
2
2
Note: Charts presented above based on STR Global and Park estimates
(1) Comparable peers selected based on market exposure
32
2
New York City
Denver
0%
0% 0%
2%
0%
0% 0%
Seattle
Houston
Nashville
Miami
LA/Long Beach
Dallas
Philadelphia
Supply Growth (U/C)
PK EBITDA (%
Chicago
New Orleans
8%
5%
Boston
11%
11%
National Construction Pipeline (Growth)
San Fran Metro
DC-Metro
San Diego
4%
--3%
2%
1%
Oahu
Atlanta
Orlando
Supply Growth Exposure for Lodging REITs (1)
3.0%
2.9%
2.8%
2.8%
2.7%
2.5%
2.5%
2.4%
2.2%
0
2008
2009
2010
2011
2012
2013
2014
2015
YTD16
DRH
CHSP
LHO
HST
PEB
FCH
XHR
SHO
PK
PARK HOTELS & RESORTSView entire presentation