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Global Hospitality Monitor

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Global Hospitality Monitor Global Hospitality Monitor August 2, 2021 LTM Share Price Performance Weekly Movers North American Hotel REITs Top 5 Performers One Week % Change Hilton Worldwide Holdings Inc. 4.9% 200 Avingstone North America Hotel REIT Index Marriott International Inc. 4.9% S&P REIT Index 180 TUI AG 4.7% Chatham Lodging Trust 4.5% 160 Wyndham Hotels & Resorts Inc. 3.2% 140 Top 5 Laggards One Week % Change 120 Hong Kong & Shanghai Hotels/The (7.6%) 100 Ashford Hospitality Trust Inc. (4.6%) Huazhu Hotels Group (4.5%) 80 Miramar Hotel & Investment Co Ltd (3.8%) Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 NH Hotel Group SA (3.7%) North American Hotel Stocks Ind ustry Intelligence & Commentary 200 Avingstone North America Hotel Index 02 Aug: Hilton Grand Vacations (“HGV”), the US-listed timeshare vacation S&P 500 Index 180 group, announced the closing of its all-stock acquisition of Diamond Resorts International, the US-based timeshare vacation group, from a consortium 160 between Apollo Global Management, the US-listed asset management group, Reverance Capital Partners, the US-based investment group, and other 140 unnamed Diamond shareholders. The transaction creates the largest luxury 120 timeshare operator with an equity value of approximately US$1.4 billion. According to HGV, the combined company is expected to generate over US$125 100 million in run-rate cost synergies within 24 months from closing. 80 30 Jul: The Blackstone Group, the US-listed asset management group, has Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 reportedly acquired the 204-key Courtyard by Marriott Washington Capitol European Hotel Stocks Hill/Navy Yard Hotel for US$52.6 million (approx. US$258,000 per key) from Park Hotels and Resorts, the US-listed hotel real estate investment trust, 200 Avingstone European Hotel Index according to the Washington Business Journal. FTSEurofirst 300 Returns 180 29 Jul: Vacasa, the US-based vacation rental management platform, 160 announced that it has entered into an agreement to become a publicly-traded company through a business combination with TPG Pace Solutions, the US- 140 listed special purpose acquisition corporation, in a transaction that values the group at approximately US$4.5 billion. According to the announcement, the 120 transaction will see Vacasa being capitalized with approx. US$485 million in 100 cash proceeds to fund its growth plans. In 2021, Vacasa estimates that gross booking value will be approx. US$1.6 billion with five million nights sold, and it 80 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 is forecasting average revenue growth of 31% per annum from 2021, reaching US$1.3 billion by 2023. Asian Hotel Stocks 28 Jul: Varde Partners, the US-based asset management group, announced 200 Avingstone Asia Hotel Index that it has agreed to sell the 314-key Hotel Barcelona Apolo in Barcelona, MSCI Asia Pacific All Cap Index Spain, to Melia Hotels International, the Spain-listed hotel owner and 180 operator, for €96 million (approx. US$365,000 per key). According to the 160 announcement, the sale of the property, which Melia already operates, followed an open bidding process that attracted interest from more than 20 140 institutional investors. 120 23 Jul: Salter Brothers, the Australia-based asset management group, 100 announced that its joint venture with GIC, the Singapore-based sovereign wealth fund, and Partners Group, the Switzerland-based real estate 80 investment group, has bought an 11-hotel portfolio of Travelodge properties Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 for A$620 million (approx. US$456 million). The portfolio comprises over 2,000- keys across Australia, including seven properties in Sydney. 16 Jul: RLH Properties, the Mexico-listed hotel owner and developer, has reportedly acquired the 111-key Bless Collection Hotel in Madrid for €115 million (approx. US$1.2 million per key) from Aina Hospitality, the Luxembourg-based hotel investor, and Grupo Didra, the Spain-based Avingstone Limited investment group, according to Iberian Property, the Iberian real estate business journal. RLH also owns the nearby Rosewood Villa Magna hotel, and Leconfield House, Curzon Street Mayfair, London W1J 5JA UK both properties are expected to reopen in Q4 2021. David Mongeau Tel: +44 (0)20 7016 8020 [email protected] Jim Brown Tel: +44 (0)20 7016 8016 [email protected] Source: This material is based on current public information from Bloomberg that Avingstone considers reliable, but we make no representation as to, and accept no responsibility or liability whatsoever for, the accuracy or completeness of the information included herein, including any third-party information, and it should not be relied upon as such. Global Hospitality Monitor August 2, 2021 Key Performance Indices Unit Price Market Enterprise One Week One Month 52 Week Current EV/Fwd REITs Ticker Currency 23-Jul-21 Cap (m) Value (m) % Change % Change High Low Yield(1) EBITDA(2) North American REITs Group Average 0.2% 19.2x Ashford Hospitality Trust Inc. AHT US USD 16.98 450 4,509 (6.7%) (63.7%) 77.90 12.70 0.0% 23.0x American Hotel Income Properties HOT-U CN CAD 4.12 324 1,290 (4.8%) (6.2%) 4.74 2.25 0.0% 14.5x Apple Hospitality REIT Inc. APLE US USD 14.60 3,265 6,531 0.6% (7.5%) 16.57 8.45 0.4% 16.8x Braemar Hotels and Resorts BHR US USD 5.23 306 1,508 (3.3%) (14.0%) 7.45 2.17 0.0% 18.8x Chatham Lodging Trust CLDT US USD 11.75 571 1,193 (2.0%) (13.0%) 14.95 5.02 0.0% 15.8x DiamondRock Hospitality Co. DRH US USD 8.76 1,842 2,945 (3.4%) (13.9%) 11.49 4.43 0.6% 24.9x Hersha Hospitality Trust HT US USD 9.44 369 1,888 (3.3%) (18.3%) 13.05 4.57 0.0% 22.3x Host Hotels & Resorts Inc. HST US USD 15.78 11,142 15,412 (1.3%) (9.8%) 18.52 10.04 0.4% 23.0x Park Hotels & Resorts Inc. PK US USD 18.66 4,413 8,855 1.5% (12.6%) 24.67 7.95 0.6% NM Pebblebrook Hotel Trust PEB US USD 22.44 2,948 6,040 0.4% (4.0%) 26.42 9.83 0.2% NM RLJ Lodging Trust RLJ US USD 14.39 2,373 4,612 2.6% (7.4%) 17.51 7.67 0.3% 19.4x Ryman Hospitality Properties, Inc. RHP US USD 79.41 4,373 7,278 1.2% (3.6%) 86.58 29.23 0.0% NM Service Properties Trust SVC US USD 11.39 1,877 8,136 (2.8%) (15.4%) 15.39 6.33 0.4% 14.4x Summit Hotel Properties, Inc. INN US USD 9.07 963 2,155 2.1% (6.5%) 11.32 4.72 0.0% 26.9x Sunstone Hotel Investors Inc. SHO US USD 11.50 2,487 3,190 0.8% (11.9%) 13.74 7.00 0.0% 22.5x Xenia Hotels & Resorts, Inc. XHR US USD 17.75 2,020 3,076 (0.2%) (8.7%) 21.40 7.56 0.0% 20.3x Share Price Market Enterprise One Week One Month 52 Week Price/Fwd EV/Fwd Corporates Ticker Currency 23-Jul-21 Cap (m) Value (m) % Change % Change High Low Earnings(2) EBITDA(2) North American Stocks Group Average 30.5x 18.1x Choice Hotels International Inc. CHH US USD 119.90 6,662 7,508 1.6% 2.0% 123.77 80.76 30.6x 20.7x Extended Stay America Inc. STAY US USD 20.46 3,636 6,389 0.0% 0.0% 20.47 10.86 27.0x 13.9x Hilton Worldwide Holdings Inc. HLT US USD 131.45 36,633 45,311 4.9% 10.5% 136.89 73.50 39.4x 22.4x Hyatt Hotels Corporation H US USD 79.87 8,129 10,136 3.1% 4.1% 92.22 45.62 NM 24.7x Marcus Corp MCS US USD 16.07 504 1,090 0.0% (22.6%) 24.71 6.84 15.9x 14.4x Marriott International Inc. MAR US USD 145.98 47,537 58,038 4.9% 8.1% 159.98 81.30 38.2x 21.3x MGM Resorts International MGM US USD 37.53 18,410 38,979 (3.2%) (11.0%) 45.34 15.58 NM 12.2x Playa Hotels & Resorts NV PLYA US USD 6.69 1,127 2,101 (1.8%) (10.0%) 8.35 3.50 NM 19.3x Vail Resorts Inc. MTN US USD 305.20 12,290 14,277 (2.4%) (3.6%) 338.50 185.62 38.4x 16.9x Wyndham Hotels & Resorts Inc. WH US USD 72.06 6,739 8,728 3.2% 0.3% 78.13 42.00 24.0x 15.2x European Stocks Group Average 24.3x 16.9x Accor SA AC FP EUR 29.86 7,819 9,603 (0.1%) (4.1%) 35.89 20.71 NM NM Compagnie des Alpes CDA FP EUR 12.30 604 1,478 (2.7%) (10.9%) 17.88 9.34 23.2x 8.4x InterContinental Hotels Group Plc IHG LN GBP 47.51 8,705 10,572 (0.0%) (0.7%) 55.68 34.45 35.0x 20.0x Meliá Hotels International MEL SM EUR 5.81 1,281 4,008 1.9% (5.3%) 7.40 2.88 NM 19.2x NH Hotel Group SA NHH SM EUR 3.63 1,422 4,162 (3.7%) 3.6% 4.35 2.10 NM 24.6x Pandox AB PNDXB SS SEK 144.10 26,493 59,696 2.2% (0.3%) 168.10 85.50 26.8x NM Scandic Hotels Group AB SHOT SS SEK 35.07 6,707 44,560 1.5% 5.0% 44.58 21.14 12.3x NM Société des Bains de Mer BAIN FP EUR 73.80 2,252 2,418 (1.6%) 0.0% 79.60 54.40 NM NM TUI AG TUI1 GR EUR 3.97 4,369 12,235 4.7% (6.2%) 5.47 1.82 NM 8.7x Whitbread Plc WTB LN GBP 30.46 6,152 9,430 0.4% (2.3%) 37.07 19.97 NM 20.4x Asian Stocks Group Average 26.1x 19.1x Ascott Residence Trust ART SP SGD 1.03 3,211 5,602 2.0% 2.0% 1.14 0.81 26.2x 23.9x Banyan Tree Holdings Ltd BTH SP SGD 0.31 259 804 0.0% (10.3%) 0.41 0.22 22.4x 18.4x Central Plaza Hotel Public Co Ltd CENTEL TB THB 28.50 38,475 57,306 (3.4%) (14.3%) 38.00 19.40 NM 15.3x Huazhu Hotels Group HTHT US USD 44.98 14,697 20,011 (4.5%) (15.4%) 64.53 33.50 36.8x 18.5x Dusit Thani Pcl DTC TB THB 9.25 7,863 20,805 (0.5%) (2.1%) 10.50 6.85 NM NM EIH (Oberoi Hotels & Resorts) EIH IN INR 111.25 72,060 74,829 (1.4%) (5.3%) 122.80 80.00 NM NM Frasers Hospitality Trust FHT SP SGD 0.52 992 1,913 (1.0%) (1.0%) 0.60 0.39 19.5x NM Hong Kong & Shanghai Hotels/The 45 HK HKD 6.85 11,299 25,535 (7.6%) (17.4%) 8.60 5.60 NM NM Hotel Properties Ltd HPL SP SGD 3.30 1,719 3,123 0.0% 0.6% 3.50 2.70 22.2x NM Indian Hotels Co Ltd IH IN INR 145.10 172,561 216,403 (1.2%) (4.8%) 157.30 93.75 NM NM Mandarin Oriental International Ltd MAND SP USD 1.99 2,514 3,226 (0.5%) (1.0%) 2.07 1.45 NM NM Minor International Pcl MINT TB THB 29.75 154,566 369,527 2.6% (0.8%) 33.75 16.40 NM 18.8x Miramar Hotel & Investment Co Ltd 71 HK HKD 14.50 10,019 5,145 (3.8%) (4.6%) 16.30 12.02 NM NM Shangri-La Asia Ltd 69 HK HKD 6.90 24,740 68,927 (1.7%) (9.0%) 9.06 5.51 NM 24.9x The Shilla (000's) 008770 KS KRW 93.50 3,670 5,200 (0.8%) (2.6%) 103.00 73.50 29.6x 14.0x 1.
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