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LTM Share Price Performance Global Hospitality Monitor July 12, 2021 LTM Share Price Performance Weekly Movers North American Hotel REITs Top 5 Performers One Week % Change American Hotel Income Properties 7.3% 220 Avingstone North America Hotel REIT Index EIH (Oberoi Hotels & Resorts) 5.2% S&P REIT Index 200 Pandox AB 3.6% 180 Scandic Hotels Group AB 3.5% Indian Hotels Co Ltd 3.5% 160 140 Top 5 Laggards One Week % Change 120 Ashford Hospitality Trust Inc. (41.4%) Huazhu Hotels Group (8.8%) 100 Marcus Corp (8.5%) 80 Dusit Thani Pcl (5.4%) Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Braemar Hotels and Resorts (4.7%) North American Hotel Stocks Ind ustry Intelligence & Commentary 220 Avingstone North America Hotel Index 9 Jul: KSL Capital Partners, the US-based hospitality and leisure private equity S&P 500 Index 200 group, has acquired a 379-key, four-hotel portfolio in Florida. The portfolio 180 comprises the beachfront properties of Amara Cay Resort, La Siesta Resort & Marina, Pelican Cove Resort & Marina and Postcard Inn Beach Resort & Marina. 160 Following the transaction, KSL has plans for extensive renovations and 140 impactful enhancements to the guest experience and has extended its partnership with Davidson Hospitality Group, the US-based hotel operator, to 120 manage the portfolio with its lifestyle operating vertical, Pivot. 100 8 Jul: Único Hotels, the Spain-based hotel owner and operator controlled by 80 the Guardens family, has reportedly sold the 146-key Grand Hotel Central in Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Barcelona, Spain, to Schroders, the UK-listed asset management group, for €93 European Hotel Stocks million (approx. US$753,000 per key), according to Hospitality Insights. According to the same source, following the transaction, Schroders and Único 220 Avingstone European Hotel Index Hotels plan to leverage the property’s recently completed refurbishment to FTSEurofirst 300 Returns 200 enhance its position in the city’s luxury hotel market. 180 7 Jul: Soho House, the UK-based hospitality and private members club group, 160 has disclosed further information about its upcoming initial public offering. Pursuant to company filings, the IPO will target raising as much as US$480 140 million through an NYSE listing, targeting a valuation of US$3.2 billion. The 120 group will plan to list under the name Membership Collective Group with the 100 ticker MCG and offer to investors 30 million shares priced at between US$14 and US$16 a share. Additionally, the company filings said approximately 59,000 80 membership applicants are on a waitlist after achieving 92%-member retention Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 in fiscal 2020 despite COVID-related closures. Asian Hotel Stocks 6 Jul: Host Hotels & Resorts, the US-listed hospitality real estate investment 220 Avingstone Asia Hotel Index trust, announced the acquisition of the fee simple interest in the 200-key MSCI Asia Pacific All Cap Index Baker’s Cay Resort in Key Largo, FL for approx. US$200 million (US$1 million 200 per key). According to the announcement, the purchase price represents an 180 estimated 6.2% capitalization rate and a 14.5x EBITDA multiple based on 2021 160 property forecasts. The property features 26,000 sqft of meeting space, four food and beverage outlets, a private beach, a spa, a dock, a fitness center, 140 and two swimming pools. 120 5 Jul: Lockwood Development Partners, the US-based real estate investment 100 group, has reportedly acquired a 2,539-key nine-hotel portfolio across the US 80 for US$225 million from an undisclosed seller, according to a press release Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 from Marcus and Millichap, the US-listed real estate broker that acted for the buyer. The portfolio is predominantly located in major metro areas across eight states, totals approx. 1.55 million sqft of area. According to the same source, following the transaction, Lockwood plans to repurpose and rebrand the portfolio to focus on eco-friendly and sustainable hotel operations, affordable multifamily housing and ‘ghost kitchens’. Avingstone 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 Jim Brown reliable, but we make no representation as to, and accept no responsibility or liability whatsoever for, Tel: +44 (0)20 7016 8016 the accuracy or completeness of the information included herein, including any third-party information, [email protected] and it should not be relied upon as such. Global Hospitality Monitor July 12, 2021 Key Performance Indices Unit Price Market Enterprise One Week One Month 52 Week Current EV/Fwd REITs Ticker Currency 9-Jul-21 Cap (m) Value (m) % Change % Change High Low Yield(1) EBITDA(2) North American REITs Group Average 0.2% 20.5x Ashford Hospitality Trust Inc. AHT US USD 2.32 465 4,524 (41.4%) (63.0%) 8.51 1.27 0.0% NM American Hotel Income Properties HOT-U CN CAD 4.58 360 1,326 7.3% (1.3%) 4.74 2.25 0.0% 15.2x Apple Hospitality REIT Inc. APLE US USD 15.04 3,364 6,728 (2.4%) (8.2%) 16.57 8.45 0.4% 17.8x Braemar Hotels and Resorts BHR US USD 5.82 284 1,486 (4.7%) (9.1%) 7.45 2.17 0.0% 18.6x Chatham Lodging Trust CLDT US USD 12.45 605 1,227 (1.7%) (10.9%) 14.95 5.02 0.0% 18.0x DiamondRock Hospitality Co. DRH US USD 9.40 1,976 3,079 (3.1%) (12.0%) 11.49 4.43 0.6% NM Hersha Hospitality Trust HT US USD 10.34 405 1,923 (4.3%) (15.2%) 13.05 4.57 0.0% 24.2x Host Hotels & Resorts Inc. HST US USD 17.11 12,081 16,351 (0.8%) (5.5%) 18.52 10.04 0.4% NM Park Hotels & Resorts Inc. PK US USD 19.65 4,647 9,089 (3.3%) (11.3%) 24.67 7.95 0.6% NM Pebblebrook Hotel Trust PEB US USD 23.00 3,022 6,114 (3.2%) (4.8%) 26.42 9.83 0.2% NM RLJ Lodging Trust RLJ US USD 14.39 2,373 4,612 (4.6%) (12.5%) 17.51 7.67 0.3% 20.8x Ryman Hospitality Properties, Inc. RHP US USD 77.89 4,289 7,194 1.3% (2.2%) 86.58 29.23 0.0% NM Service Properties Trust SVC US USD 12.49 2,059 8,318 (1.1%) (15.8%) 15.39 5.93 0.3% 14.9x Summit Hotel Properties, Inc. INN US USD 9.16 972 2,165 (2.7%) (10.8%) 11.32 4.72 0.0% 28.6x Sunstone Hotel Investors Inc. SHO US USD 12.07 2,610 3,313 (2.7%) (9.5%) 13.74 7.00 0.0% 24.6x Xenia Hotels & Resorts, Inc. XHR US USD 18.45 2,100 3,156 (1.2%) (10.2%) 21.40 7.56 0.0% 22.2x Share Price Market Enterprise One Week One Month 52 Week Price/Fwd EV/Fwd Corporates Ticker Currency 9-Jul-21 Cap (m) Value (m) % Change % Change High Low Earnings(2) EBITDA(2) North American Stocks Group Average 32.0x 18.5x Choice Hotels International Inc. CHH US USD 120.14 6,675 7,521 (1.5%) (2.1%) 123.77 78.83 31.5x 21.2x Extended Stay America Inc. STAY US USD 20.46 3,636 6,389 0.0% 1.1% 20.47 10.65 27.0x 13.9x Hilton Worldwide Holdings Inc. HLT US USD 126.05 35,109 43,636 (0.6%) (1.4%) 132.69 71.86 41.6x 23.0x Hyatt Hotels Corporation H US USD 79.45 8,086 10,093 0.3% (4.0%) 92.22 45.62 NM NM Marcus Corp MCS US USD 18.74 588 1,174 (8.5%) (16.8%) 24.71 6.84 15.9x 17.2x Marriott International Inc. MAR US USD 142.48 46,397 56,898 0.9% (2.2%) 159.98 81.30 39.2x 21.5x MGM Resorts International MGM US USD 41.60 20,406 40,975 (3.8%) (5.8%) 45.34 14.65 NM 13.7x Playa Hotels & Resorts NV PLYA US USD 7.19 1,211 2,185 (1.9%) (5.0%) 8.35 3.36 NM 21.9x Vail Resorts Inc. MTN US USD 325.63 13,113 15,100 0.2% (0.2%) 338.50 174.39 42.5x 18.3x Wyndham Hotels & Resorts Inc. WH US USD 72.10 6,734 8,795 (2.7%) (6.2%) 78.13 41.17 26.2x 16.1x European Stocks Group Average 25.8x 14.8x Accor SA AC FP EUR 31.41 8,210 9,596 (0.8%) (10.2%) 35.89 20.71 NM NM Compagnie des Alpes CDA FP EUR 13.16 323 1,197 (3.2%) (14.9%) 17.88 9.34 NM 7.4x InterContinental Hotels Group Plc IHG LN GBP 48.23 8,837 10,704 (1.9%) (6.6%) 55.68 34.45 37.7x 20.9x Meliá Hotels International MEL SM EUR 6.23 1,372 3,946 (3.7%) (11.7%) 7.40 2.88 NM 18.2x NH Hotel Group SA NHH SM EUR 3.57 1,400 4,189 (2.6%) (10.5%) 4.35 2.10 NM 11.0x Pandox AB PNDXB SS SEK 154.00 28,313 61,672 3.6% (6.6%) 168.10 85.50 27.6x NM Scandic Hotels Group AB SHOT SS SEK 36.25 6,933 44,095 3.5% (2.8%) 44.58 21.14 12.3x NM Société des Bains de Mer BAIN FP EUR 74.80 2,283 2,449 (0.5%) 5.6% 79.60 52.80 NM NM TUI AG TUI1 GR EUR 4.17 4,583 12,448 (3.5%) (14.1%) 5.47 1.82 NM 9.7x Whitbread Plc WTB LN GBP 31.36 6,334 9,612 (2.1%) (6.1%) 37.07 19.97 NM 21.8x Asian Stocks Group Average 27.3x 17.8x Ascott Residence Trust ART SP SGD 1.06 3,304 5,758 2.9% 2.9% 1.14 0.81 27.7x NM Banyan Tree Holdings Ltd BTH SP SGD 0.33 281 826 (2.9%) 0.0% 0.41 0.22 22.4x 18.4x Central Plaza Hotel Public Co Ltd CENTEL TB THB 32.50 43,875 62,706 (0.8%) (9.7%) 38.00 19.40 NM 16.0x Huazhu Hotels Group HTHT US USD 49.49 16,171 21,484 (8.8%) (13.0%) 64.53 32.45 38.3x 20.7x Dusit Thani Pcl DTC TB THB 9.65 8,203 21,145 (5.4%) 17.0% 10.50 6.85 NM NM EIH (Oberoi Hotels & Resorts) EIH IN INR 117.80 76,508 79,277 5.2% 1.7% 122.80 71.90 NM NM Frasers Hospitality Trust FHT SP SGD 0.53 1,011 1,932 0.0% (1.9%) 0.60 0.39 20.2x NM Hong Kong & Shanghai Hotels/The 45 HK HKD 8.12 13,393 27,629 (0.9%) 1.2% 8.60 5.60 NM NM Hotel Properties Ltd HPL SP SGD 3.28 1,709 3,112 0.0% (0.9%) 3.50 2.70 22.2x NM Indian Hotels Co Ltd IH IN INR 148.00 176,010 219,852 3.5% 9.5% 157.30 91.50 NM NM Mandarin Oriental International Ltd MAND SP USD 2.00 2,527 3,214 (0.5%) 2.6% 2.07 1.43 NM NM Minor International Pcl MINT TB THB 29.25 151,968 366,929 (1.7%) (10.7%) 33.75 16.40 NM 19.6x Miramar Hotel & Investment Co Ltd 71 HK HKD 15.22 10,516 5,642 (0.4%) (4.9%) 16.30 11.68 NM NM Shangri-La Asia Ltd 69 HK HKD 7.20 25,816 70,003 (3.9%) (1.6%) 9.06 5.51 NM NM The Shilla (000's) 008770 KS KRW 92.70 3,638 5,019 (3.4%) (6.1%) 103.00 71.70 33.0x 14.2x 1.
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