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2017 Annual Report the Property Level - Which Leads to Significant Free Cash flow Generation

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2017 Annual Report the Property Level - Which Leads to Significant Free Cash flow Generation 2017 annual report the property level - which leads to significant free cash flow generation. Additionally, at our price point, supply growth has been low and is expected to remain that way for the foreseeable future as the larger hotel companies focus on upper midscale and upscale brand growth. This year, I am re-dedicating ESA’s internal efforts to target and cater to our core guest, both for our existing operations and new ESA 2.0 hotels that ESA and franchisees will build in the future. JONATHAN HALKYARD President & Chief Executive Officer Balance Sheet, Capital Investment and Capital Allocation To Our Shareholders In 2017, we reduced debt outstanding by more than $70 million, in turn reducing our net debt to Adjusted 2017 was a good year for Extended Stay America (ESA), EBITDA ratio to 3.9X from 4.2X at the end of 2016. We both in terms of our operating performance and progress further improved our balance sheet by refinancing our in executing our five year plan. term loan to reduce our LIBOR spread by 75 bps. At the end of 2017, we had approximately $2.6 billion in ESA increased comparable hotel RevPAR by 1.9% in debt outstanding and an average maturity of 6.5 years 2017. We increased Adjusted EBITDA to $623 million, with a weighted average interest rate of 4.5%. Our a new record for the Company, despite selling 5 hotels balance sheet is flexible, long dated and low cost with at attractive multiples during the year. In turn, Adjusted approximately two-thirds of our debt at fixed rates. FFO per Paired Share, EPS, and Adjusted Paired Share 1 Income per Paired Share all increased in 2017 . Along We returned more than $220 million to shareholders in the way, we returned more than $220 million to our 2017 through our dividend, which we increased again shareholders through dividends and share repurchases, last May – now at $0.84 per Paired Share annualized invested over $160 million in capital expenditures and – and share repurchases. Since the beginning of 2016 retired over $70 million in debt, illustrating the powerful and through the first quarter of 2018, we have returned operating model and cash flow characteristics of our over $640 million to shareholders through dividends Company. and share repurchases, illustrating our commitment to shareholder friendly capital allocation, all while We also announced in late 2017 that we were under continuing to de-lever the Company and invest in future contract to sell 25 hotels to our first third party ESA growth. hotel owners, which we completed in February 2018 at an accretive free cash flow multiple. The buyer also ESA invested $166 million in capital expenditures in signed an agreement to build 15 additional new ESA 2017, a reduction from recent years as we completed a hotels over the next few years. 5 year renovation program in May 2017. In total, in 2017 we spent over $450 million on debt retirement, capital Having been with the Company for over 4 years first as investments and returns to shareholders, and nearly COO, then as CFO and now embarking upon my first $1.2 billion in 2016 and 2017 combined, highlighting year as CEO, I would like to highlight the factors I think once again the strong operating model and cash flow make ESA and the extended stay segment so attractive. characteristics of ESA. The extended stay segment of the lodging industry represents less than 10% of total hotel room supply but Looking Ahead more than 20% of room night demand. Our core guests – business guests staying 5 nights or longer on projects, Looking to 2018 and beyond, we believe ESA is well training programs or in a transition – are self-sufficient positioned to deliver against our 5 year growth plan. and value conscious. Their long length of stay and self- This year and next, we expect to complete additional sufficiency allows very high margins for ESA – 55% at asset sales similar to the recently completed 25 hotel re-franchise sale and expect to receive additional commitments for new units, both from buyers of ESA hotels as well as other developers and franchisees. We have completed 3 land purchases for our own balance sheet development and expect to close on an additional 8 to 12 sites this year for future growth, with new units beginning to open in 2019. We remain excited about our segment and our growth prospects, both for the core business and our ability to grow unit count. Thank you for your continued interest in our Company. JONATHAN HALKYARD President & Chief Executive Officer This letter contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact included in this letter are forward- looking. For a description of the risks associated with forward-looking statements and the important factors that could cause the Company’s actual results or performance to differ materially from those implied in the forward-looking statements contained in this letter, please review the information under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in our combined Form 10-K for the year ended December 31, 2017. All forward-looking statements made in this letter are qualified by these cautionary statements. In particular, no assurance can be given that any of our planned or expected strategic initiatives will be initiated or completed on our expected timing or at all. 1 See pages 57-62 for additional information regarding Adjusted EBITDA, Adjusted FFO per Paired Share and Adjusted Paired Share Income per Paired Share, which are non-GAAP measures, including reconciliations to the most comparable GAAP measures, our reasons for providing these measures and limitations on their use. Comparable Hotels include the 624 hotels the Company owned and operated for the years ended December 31, 2017 and 2016. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________________ Form 10-K __________________________________________________ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED: DECEMBER 31, 2017 -OR- TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to __________________________________________________ Commission file number 001-36190 Commission file number 001-36191 Extended Stay America, Inc. ESH Hospitality, Inc. (Exact name of registrant as specified in its charter) (Exact name of registrant as specified in its charter) Delaware Delaware (State or other jurisdiction of (State or other jurisdiction of incorporation or organization) incorporation or organization) 46-3140312 27-3559821 (I.R.S. Employer (I.R.S. Employer Identification Number) Identification Number) 11525 N. Community House Road, Suite 100 Charlotte, North Carolina 28277 (Address of principal executive offices, including zip code) (980) 345-1600 (Registrants’ telephone number, including area code) __________________________________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, par value $0.01 per share, of Extended New York Stock Exchange Stay America, Inc. and Class B Common Stock, par value $0.01 per share, of ESH Hospitality, Inc., which are attached and trade together as a Paired Share. Securities registered pursuant to Section 12(g) of the Act: None None __________________________________________________ Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Extended Stay America, Inc. Yes No ESH Hospitality, Inc. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Extended Stay America, Inc. Yes No ESH Hospitality, Inc. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Extended Stay America, Inc. Yes No ESH Hospitality, Inc. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Extended Stay America, Inc. Yes No ESH Hospitality, Inc. Yes No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K Extended Stay America, Inc. ESH Hospitality, Inc. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. Extended Stay America, Inc. Large accelerated filer Accelerated filer Non-accelerated filer (Do not check if a smaller reporting company) Smaller reporting company Emerging growth company ESH Hospitality, Inc. Large accelerated filer Accelerated filer Non-accelerated filer (Do not check if a smaller reporting company) Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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