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LTM Share Price Performance G l o b a l Hospitality M o n i t o r July 19, 2021 L T M S h a r e P r i c e Performance W e e k l y M o v e r s North American Hotel REITs Top 5 Performers One Week % Change Indian Hotels Co Ltd 3.3% 200 Avington North America Hotel REIT Index Minor International Pcl 2.6% S&P REIT Index The Shilla (000's) 2.5% 180 Banyan Tree Holdings Ltd 1.5% 160 Dusit Thani Pcl 1.0% 140 Top 5 Laggards One Week % Change 120 Ashford Hospitality Trust Inc. (21.6%) Marcus Corp (12.2%) 100 TUI AG (9.8%) 80 MGM Resorts International (8.8%) Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Playa Hotels & Resorts NV (7.8%) North American Hotel Stocks Industry Intelligence & Commentary 15 Jul: Fort Partners, the US-based real estate development group, has 200 Avington North America Hotel Index reportedly acquired the 221-key Four Seasons Brickell in Miami, FL for S&P 500 Index 180 approximately US$130 million (approx. US$588,000 per key), according to The Real Deal. Following the transaction, Fort plans to renovate the property’s 160 rooms, pool deck, lobby and food and beverage areas. 140 13 Jul: Entities controlled by the Nakash family, the owners of the 231-key Setai Resort & Residences in Miami Beach, FL, have reportedly filed a lawsuit 120 challenging zoning amendments and the vacation of a right-of-way made by 100 the City of Miami Beach to enable the redevelopment of the 172-key Seagull Hotel, according to Hotels Mag. BHI Miami Ltd., the US-based subsidiary of 80 Blue Horizon Advisors, the UAE-based multi-family office led by Nabil Kobeissi, Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 purchased the leasehold interest in the Seagull Hotel for US$120 million E u r o p e a n Hotel Stocks (approx. US$700,000 per key) in 2020 and plans to expand and redevelop it into a Bvlgari-branded hotel. In its suit, the Nakash entity, which also owns the 88-key Dempsey-Vanderbilt Hotel, claims that it has protected ocean 200 Avington European Hotel Index views across the Seagull Hotel, which will be blocked if the property is FTSEurofirst 300 Returns 180 redeveloped as approved, a “taking” of their property rights. 160 13 Jul: Park Hotels & Resorts, the US-listed hospitality real estate investment trust, announced that it has entered into two separate, definitive contracts to 140 sell the 360-key Le Meridien and the 171-room Hotel Adagio, Autograph 120 Collection in San Francisco, CA for total proceeds of US$304 million (approx. US$572,000 per key). According to the announcement, upon the completion of 100 the two transactions Park will have exceeded its stated goal of selling US$300 80 to US$400 million of properties during 2021, with year-to-date disposition Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 efforts totaling approx. US$477 million. Asian Hotel Stocks 9 Jul: Deutsche Hospitality, the Germany-based hotel owner and operator owned by Huazhu Group Ltd, the China-based conglomerate, and Porsche Design, the Germany-based design group of the iconic Porsche car brand, 200 Avington Asia Hotel Index MSCI Asia Pacific All Cap Index announced the signing of an agreement for the creation of a joint hotel brand, 180 “Steigenberger Porsche Design Hotels”. The new brand is expected to be launched in selected international metropolises in the future and will be 160 positioned as a luxury lifestyle product. 140 5 Jul: Portobello Capital, the Spain-based private equity group, is reportedly 120 exploring a potential sale of Blue Sea Hotels, the Spain-based hotel owner and operator, according to Cinco Dias, the Spanish newspaper. Blue Sea has a 100 portfolio of 24 midscale all-inclusive properties across Spain and one in 80 Marrakesh, Morocco. According to the same source, a potential sale comes Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 following an unsuccessful attempt for Portobello to sell the group’s real estate portfolio whilst keeping the management operations in 2019. However, initial offers have reportedly been below a 2019 valuation of the group at €230 million, when it only had 17 properties. Avington Financial Limited Leconfield House, Curzon Street Mayfair, London W1J 5JA UK David Mongeau Tel: +44 (0)20 7016 8020 [email protected] Source: This material is based on current public information from Bloomberg that Avington 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, Authorized and Regulated by the Financial Conduct Authority and it should not be relied upon as such. G l o b a l Hospitality M o n i t o r July 19, 2021 Key Performance Indices Unit Price Market Enterprise One Week One Month 52 Week Current EV/Fwd R E I T s Ticker Currency 16-Jul-21 Cap (m) Value (m) % Change % Change High Low Yield(1) EBITDA(2) North American REITs Group Average 0.2% 20.2x Ashford Hospitality Trust Inc. AHT US USD 18.20 483 4,541 (21.6%) (66.9%) 85.10 12.70 0.0% NM American Hotel Income Properties HOT-U CN CAD 4.33 340 1,306 (5.5%) (4.0%) 4.74 2.25 0.0% 14.7x Apple Hospitality REIT Inc. APLE US USD 14.52 3,247 6,495 (3.5%) (10.3%) 16.57 8.45 0.4% 17.2x Braemar Hotels and Resorts BHR US USD 5.41 316 1,519 (7.0%) (16.3%) 7.45 2.17 0.0% 18.8x Chatham Lodging Trust CLDT US USD 11.99 583 1,204 (3.7%) (13.7%) 14.95 5.02 0.0% 17.4x DiamondRock Hospitality Co. DRH US USD 9.07 1,907 3,010 (3.5%) (12.8%) 11.49 4.43 0.6% NM Hersha Hospitality Trust HT US USD 9.76 382 1,900 (5.6%) (17.2%) 13.05 4.57 0.0% 23.6x Host Hotels & Resorts Inc. HST US USD 15.98 11,283 15,553 (6.6%) (10.0%) 18.52 10.04 0.4% 23.8x Park Hotels & Resorts Inc. PK US USD 18.39 4,349 8,791 (6.4%) (14.8%) 24.67 7.95 0.6% NM Pebblebrook Hotel Trust PEB US USD 22.35 2,936 6,028 (2.8%) (8.7%) 26.42 9.83 0.2% NM RLJ Lodging Trust RLJ US USD 14.02 2,312 4,551 (2.6%) (12.4%) 17.51 7.67 0.3% 20.2x Ryman Hospitality Properties, Inc. RHP US USD 78.43 4,319 7,224 0.7% (5.6%) 86.58 29.23 0.0% NM Service Properties Trust SVC US USD 11.72 1,932 8,191 (6.2%) (16.0%) 15.39 6.33 0.3% 14.5x Summit Hotel Properties, Inc. INN US USD 8.88 942 2,135 (3.1%) (12.3%) 11.32 4.72 0.0% 27.5x Sunstone Hotel Investors Inc. SHO US USD 11.41 2,467 3,171 (5.5%) (13.2%) 13.74 7.00 0.0% 22.9x Xenia Hotels & Resorts, Inc. XHR US USD 17.78 2,023 3,079 (3.6%) (13.2%) 21.40 7.56 0.0% 21.2x Share Price Market Enterprise One Week One Month 52 Week Price/Fwd EV/Fwd C o r p o r a t e s Ticker Currency 16-Jul-21 Cap (m) Value (m) % Change % Change High Low Earnings(2) EBITDA(2) North American Stocks Group Average 30.4x 18.3x Choice Hotels International Inc. CHH US USD 114.92 6,385 7,231 (4.3%) (6.6%) 123.77 80.76 30.0x 20.3x 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 119.75 33,354 41,881 (5.0%) (7.4%) 132.69 73.50 39.0x 21.8x Hyatt Hotels Corporation H US USD 75.53 7,687 9,694 (4.9%) (7.9%) 92.22 45.62 NM 24.7x Marcus Corp MCS US USD 16.45 516 1,102 (12.2%) (23.9%) 24.71 6.84 15.9x 15.9x Marriott International Inc. MAR US USD 135.05 43,977 54,478 (5.2%) (6.3%) 159.98 81.30 36.6x 20.4x MGM Resorts International MGM US USD 37.93 18,606 39,175 (8.8%) (10.2%) 45.34 14.65 NM 12.5x Playa Hotels & Resorts NV PLYA US USD 6.63 1,117 2,091 (7.8%) (14.1%) 8.35 3.49 NM 20.4x Vail Resorts Inc. MTN US USD 308.52 12,424 14,411 (5.3%) (4.5%) 338.50 185.28 39.8x 17.3x Wyndham Hotels & Resorts Inc. WH US USD 68.18 6,368 8,429 (5.4%) (8.3%) 78.13 42.00 24.6x 15.4x European Stocks Group Average 24.6x 14.2x Accor SA AC FP EUR 30.01 7,858 9,244 (4.5%) (13.1%) 35.89 20.71 NM NM Compagnie des Alpes CDA FP EUR 13.00 319 1,193 (1.2%) (11.6%) 17.88 9.34 NM 7.1x InterContinental Hotels Group Plc IHG LN GBP 47.03 8,617 10,484 (2.5%) (6.7%) 55.68 34.45 35.5x 20.0x Meliá Hotels International MEL SM EUR 5.81 1,280 3,854 (6.7%) (16.2%) 7.40 2.88 NM 17.5x NH Hotel Group SA NHH SM EUR 3.56 1,396 4,186 (0.3%) (8.8%) 4.35 2.10 NM 11.1x Pandox AB PNDXB SS SEK 142.90 26,272 59,944 (7.2%) (10.7%) 168.10 85.50 26.0x NM Scandic Hotels Group AB SHOT SS SEK 35.89 6,864 44,717 (1.0%) (2.3%) 44.58 21.14 12.3x NM Société des Bains de Mer BAIN FP EUR 74.40 2,270 2,436 (0.5%) 4.8% 79.60 54.00 NM NM TUI AG TUI1 GR EUR 3.76 4,115 11,981 (9.8%) (18.6%) 5.47 1.82 NM 9.1x Whitbread Plc WTB LN GBP 29.24 5,906 9,184 (6.8%) (10.4%) 37.07 19.97 NM 20.5x Asian Stocks Group Average 27.3x 17.8x Ascott Residence Trust ART SP SGD 1.04 3,242 5,695 (1.9%) 0.0% 1.14 0.81 27.3x NM Banyan Tree Holdings Ltd BTH SP SGD 0.34 285 830 1.5% (1.5%) 0.41 0.22 22.4x 18.4x Central Plaza Hotel Public Co Ltd CENTEL TB THB 32.75 44,213 63,044 0.8% (7.7%) 38.00 19.40 NM 15.9x Huazhu Hotels Group HTHT US USD 49.67 16,230 21,543 0.4% (11.7%) 64.53 32.45 37.8x 20.5x Dusit Thani Pcl DUSIT TB THB 9.75 8,288 21,230 1.0% 0.5% 10.50 6.85 NM NM EIH (Oberoi Hotels & Resorts) EIH IN INR 115.90 75,218 77,987 (1.6%) 1.1% 122.80 71.90 NM NM Frasers Hospitality Trust FHT SP SGD 0.53 1,021 1,942 1.0% (2.8%) 0.60 0.39 20.3x NM Hong Kong & Shanghai Hotels/The 45 HK HKD 7.85 12,948 27,184 (3.3%) (3.9%) 8.60 5.60 NM NM Hotel Properties Ltd HPL SP SGD 3.30 1,719 3,123 0.6% (0.9%) 3.50 2.70 22.2x NM Indian Hotels Co Ltd IH IN INR 152.85 181,778 225,620 3.3% 7.1% 157.30 91.50 NM NM Mandarin Oriental International Ltd MAND SP USD 2.00 2,527 3,214 0.0% (1.5%) 2.07 1.44 NM NM Minor International Pcl MINT TB THB 30.00 155,865 370,826 2.6% (9.1%) 33.75 16.40 NM 19.5x Miramar Hotel & Investment Co Ltd 71 HK HKD 15.18 10,489 5,615 (0.3%) (2.1%) 16.30 11.68 NM NM Shangri-La Asia Ltd 69 HK HKD 7.14 25,601 69,788 (0.8%) (5.1%) 9.06 5.51 NM NM The Shilla (000's) 008770 KS KRW 95.00 3,729 5,110 2.5% (3.3%) 103.00 72.00 33.6x 14.6x 1.
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