Morgan Stanley Investment Banking Pitch Book
Project Roosevelt
Key Assumptions
Q2-Q4 2016
• Q2 2016 - No longer manage Shore Club
starting Q2 2016 and receive $2.9MM
termination fee
• Q2 2016 - No longer manage Mondrian
South Beach and received $1.0MM
termination fee. Only receive licensing fees
going forward
• Q3 2016 - No longer manage Morgans
starting Q3 2016 and receive $3.5MM
termination fee
Q4 2016 - No longer manage Royalton
starting Q4 2016 and receive $3.5MM
termination fee
Morgan Stanley
MONROE SELECTED INFORMATION
Management Company Financials
Management Company Financials - By Contract
(000s)
Hudson
Delano
Owned Hotel Contracts
Clift
Leased Hotel Contracts
Mondrian LA
St Martins Lane
Sanderson
Mondrian South Beach (Licensing Fee Only Commencing 2016)
Mondrian London - Sea Containers
Delano Vegas
10 Karakoy - Istanbul
In-Place Current Contracts
Total Revenue from Current Contracts
Management Company G&A (excluded Public Company Costs)
EBITDA from Current Contracts
Mondrian Doha
Delano Dubai
Mondrian Dubai
Signed Pipeline Contracts
Revenue including Pipeline
EBITDA including Pipeline
Total Revenue from Food & Beverage
Food & Beverage Operating Expenses
Public Company Expenses
Total EBITDA including Pipeline, F&B
Additional Information
Morgans
Royalton
Shore Club
Mondrian SoHo
Mondrian South Beach (2016 contribution In Excess of Licensing Fee)
Lost Contracts
Shore Club
Mondrian South Beach
Morgans
Royalton
Termination Fees (Excluded from EBITDA)
Source Management Projections
2015A
2,423
1,389
3,811
2,963
2,963
2,255
1,786
1,592
2,118
2,560
538
105
10,953
17,727
(15,667)
2,060
17,727
2,060
32,492
(29,508)
(4,233)
3,908
259
522
1,774
543
3,098
11:
2016E
2,551
1,447
3,998
3,116
3,116
2,447
2,178
1,691
600
2,861
500
120
10,397
17,511
(14,108)
3,403
17,511
3,403
24,903
(21,865)
(3,022)
3,419
121
381
658
594
1,754
2,882
1,000
3,500
3,500
10,882
2017E
2,629
1,481
4,110
3,249
3,249
2,465
2,272
1,765
600
2,980
500
126
10,708
18,067
(15,731)
2,336
2,160
2,160
20,227
4,496
25,650
(22,396)
(3,113)
4,637
111111
11:
Strictly Confidential
2018E
2,743
1,525
4,268
3,335
3,335
2,553
2,371
1,842
600
3,104
500
132
11,101
18,704
(16,203)
2,501
2,268
1,121
3,389
22,092
5,890
26,419
(23,027)
(3,206)
6,076
111
2019E
2,845
1,572
4,417
3,364
3,364
2,576
2,473
1,922
600
3,233
500
139
11,444
19,225
(16,689)
2,536
2,336
1,480
3,006
6,823
26,047
9,358
27,212
(23,676)
(3,302)
9,592
1:
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