J.P.Morgan Investment Banking Pitch Book
KEY TRANSACTION CONSIDERATIONS
Top financial candidates
Strategic rationale
JPMorgan relationship
Assessment of
actionability
The Blackstone Group
Have created large resort platform /
good asset fit
Bullish on lodging and leisure
industry
Took five hotel companies private
in last 12-18 months
Understand theme park element,
given ownership stake in
Universal, Orlando
Direct access to Steve Schwartzman,
John Schrieber and Jonathan Gray
Known John Schrieber since he was
at JMB Realty and worked with him
in our capacity as financial advisor to
Summit Properties where he was a
key Board Member
Will aggressively look at opportunity
Not afraid to "pay up" for
irreplaceable assets
■ Unlikely to need operating partner
JPMorgan
CERBERUS
CAPITAL MANAGEMENT, L.P.
Have previously owned Carribean
hotel assets
Will be attracted to growth pipeline
Recently acquired resort portfolio
from Japanese investor as well as
making a strategic investment in
Seibu Railways which includes Prince
Hotels
Direct access to Steve Feinberg
Advised Cerberus on $351mm
acquisition of Fila Holding and acted
as joint coordinating arranger for
$135mm senior secured credit
facility
$16bn fund, looking for attractive
investments
Will be attracted to destination
resort opportunity
KSL
RESORTS
Experienced in acquiring large resort
and leisure assets
Have operating expertise in resort
properties
Direct access to Mike Shannon and
Eric Resnick
Provided $275mm bridge loan on
Grand Wailea
Financial advisor on Boca Resorts
sale of Arizona Biltmore Resort & Spa
to KSL Resorts
Will be attracted to lodging play;
may look for partner
■ Recently raised $1bn hotel fund
STARWOOD
CAPITAL GROUP
Aggressively acquiring lodging, gaming
and leisure assets
■Barry Sternlicht knows Company well
through relationship with Butch and
Harborside timeshare project which is
operated by Starwood Vacation Club
■Will recognize value in various real
estate components
Extensive relationship with Barry
Sternlicht
■ Sole advisor on $455mm acquisition of
Wembley Inc in 2004
Various lead assignments with
Starwood Hotels when Sternlicht was
CEO
Will look at opportunity, but may call
Butch and try and join his consortium
■ Unlikely to compete against Kerzners
KERZNER INTERNATIONAL 18View entire presentation