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2020 Operation Budget Presentation
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2020 OPERATING BUDGET PRESENTATION
04 07
PIP HOTEL RENOVATION STATUS
2019 CLOSEOUT Charleston ES La Vista CYD Montgomery ES Omaha ES
DESIGN 2018 CONSTRUCTION 2019 Cary/Raleigh ES
Oklahoma City CYD Springfield RI N Charleston RI
Little Rock ES Madison MH Tucson MH Waikiki MH
11
DESIGN 2019 CONSTRUCTION 2020
Albuquerque MH Cedar Rapids MH Charlotte Hilton Columbia ES Coral Springs MH Houston MH
Normal MH Oklahoma City MH Portland ES Sioux Falls SH Tampa ES
14
DESIGN 2020 CONSTRUCTION 2021
Greensboro ES Kansas City E Lincoln E N Charleston E Rogers E St Charles ES Huntsville ES
Albuquerque ES Glendale RH Buckhead M Columbus Airport MH Des Moines ES Franklin ES Frisco ES
2015 – 2024 | RENOVATION RECAP | PERIOD BASED
16
30%
27%
14
14
25%
24%
12
11
11
21%
20%
10
10
9
16%
8
15%
14%
8
15%
14%
13%
13%
13%
6
11%
6
10%
10%
10%
10%
9%
10%
9%
8%
8%
8%
4
6%
3
6%
5%
5%
2
4%
2
3%
3%
3%
3%
1
3%
2%
0
0%
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
% of Keys
% of REV
% of EBITDA
# of Hotels
2015 – 2024 | RENOVATION RECAP | AGGREGATE
80
120%
75
70
67
100%
100%
100%
61
60
91%
90%
85%
80%
51
82%
50
69%
68%
40
60%
37
100%
30
90%
48%
26
83%
40%
42%
69%
33%
20
15
29%
45%
20%
21%
20%
10
30%
6
20%
11%
3
9%
11%
1
7%
2%
3%
3%
6%
6%
0
0%
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
% of Keys
% of REV
% of EBITDA # of Hotels
US HOTEL INDUSTRY AT A GLANCE | SEPTEMBER 2019
SUMMARY: LUXURY & UPPER UPSCALE CLASSES | SEPTEMBER 2019
DIVIDED THE PORTFOLIO INTO 4 SUBGROUPS
AH60 HOTELS UNAFFECTED BY RENOVATIONS IN 2019 OR 2020
AH11 EXITING RENOVATIONS IN 2019
AH8 UNDER RENOVATION IN 2020
AH3 WHR HOTELS NOT IN ENTERPRISE ROLL UP BELOW
2020 YOY %/$ Change
Rm Rev %
Rm Rev $
F&B %
F&B $
Total Rev %
Total Rev $
Occ
ADR
RevPAR
AH81 2.6% 1.8% AH60 1.1% 1.4%
4.4% 4.7% 31,244,289 0.8% 2,264,797 2.5% 2.8% 14,325,662 2.1% 4,824,988
3.5% 34,838,846 2.6% 20,005,296 33.6% 31,890,937
AH11 (2019 Renovations) 24.3% 6.3% 32.1% 32.5% 22,695,843 36.7% 8,240,619
AH8 (2020 Renovations) -11.4% 3.2% -8.6% -8.4% (5,629,772)
-22.6% -5,640,234 -12.2% (11,600,724)
Dept. Prof. %
Dept. Prof. $
Dept. Flow
GOP %
GOP $
GOP Flow
PFE %
PFE $
PFE Flow
AH81 5.1% 32,959,458 94.6% 7.3% 25,322,258 72.7% 7.3% 21,545,144 AH60 3.3% 17,003,920 85.0% 4.3% 11,937,972 59.7% 3.7% 8,766,130 AH11 (2019 Renovations) 43.0% 26,701,050 83.7% 79.2% 22,409,397 70.3% 99.2% 22,059,336
61.8% 43.8% 69.2% 28.6%
AH8 (2020 Renovations) -14.3% (9,230,976)
20.4% -23.2% (8,083,382)
30.3% -28.3% (8,279,011)
(Additionally, there are 2 hotels that are non-comparable for a reason other than renovations: OKC Renaissance due to the convention center closing in Q1 2020 and The Q due to the brand change in 2019)
INDUSTRY EXPERT FORYEAR PROJECTIONS AS OF
SUPPLY
DEMAND
OCC
ADR
REVPAR
STR
2020
AUG 2019
1.9%
1.6%
-0.3%
1.4%
1.1%
CBRE (PKF)
2020
AUG 2019
2.1%
1.3%
-0.8%
2.0%
1.2%
PWC
2020
AUG 2019
1.9%
1.9%
0.0%
1.0%
1.0%
MAJOR EVENTS | 2019 & 2020 The portfolio loses 2 large special events from 2019 worth $1.0M in Total Revenue, and picks up 2 new special events in 2020, worth $1.1M. In addition to the special event changes, we expect to recover the lost business due to the government shutdown in Q1 2019. In total, the net effect of these 5 events is worth just over $1.0M in Total Revenue for 2020 or 2.9% of the budgeted Total Revenue increase for the AH81.
E V E N T
L O C AT I ON
DAT E
N OT E S
Loss of Super Bowl
Atlanta
Feb 2019
worth $550K total revenue
Loss of US Open
Monterey
Jun 2019
worth $450K total revenue
worth $560k in total revenue between the two Des Moines hotels
Gain of Single Caucus
Des Moines
Jan – Feb 2020
Gain of Republican National Convention
Charlotte
Aug 2020
$550K total revenue
$950k in lost business in 2019, expect to recoup 100% of that in 2020
Government Shutdown
n/a
Q1 2019