Hersha Hospitality Trust Non-Core Supplemental Slides

Transcription

1 Hersha Hospitality Trust Non-Core Supplemental Slides

2 Non-Core II Portfolio Sale Sale strengthens pure play, high-growth urban gateway markets strategy Announced definitive agreement to sell 16 non-core properties to Blackstone for approximately $217 million Results in higher RevPAR, improved hotel EBITDA margins, enhanced EBITDA growth potential, lower debt and a higher net asset value for the entire portfolio Transaction: Anticipated net proceeds of approximately $138 million Reduces consolidated mortgage debt by approximately $79 million Management contracts on entire portfolio are fully terminable on sale. This flexibility has been an advantage for the Company s ongoing portfolio recycling strategy Page 2

3 Non-Core II Portfolio Sale Hersha s sale of 16 non-core assets will yield positive portfolio-wide results Core Portfolio 2013 Actual/Forecast % Variance Non-Core Portfolio 2013 Actual/Forecast Absolute Variance Occupancy 79.9% 69.5% 1,040 bps ADR $ % $ $60 RevPAR $ % $85.82 $61 EBITDA % 38.8% 35.3% 350 bps Average Age 8 years 10 years Note: Reflects consolidated portfolio performance Page 3

4 Lodging REIT RevPAR Benchmarking HT s absolute RevPAR will be in-line with RevPAR of Full Service Assets following the sale of the Non-Core II Portfolio 2013 Estimated RevPAR $150 $130 $110 $90 $70 $149 BEE $191 PEB $185 LHO $169 CHSP $156 HST $148 SHO $145 DRH $137 FCH $109 AHT $105 $146 $132 Dollar figure reflects 2013E RevPAR based on the midpoint of 2013 guidance CLDT RLJ INN $96 $111 $104 $73 $86 $50 Full Service Average HT Core Portfolio HT Total Portfolio Limited Service Average HT Non-Core II Portfolio (1) Source Lodging REIT comp set RevPAR estimates: Citi (1) Reflects the 16 assets under definitive agreement to be sold to Blackstone Page 4

5 Portfolio RevPAR Growth Hersha s portfolio has evolved significantly over the last cycle. The E RevPAR CAGR for the HT Core Portfolio is 630bps higher than the peer median. 9.0% 8.3% $ % 7.0% 6.0% 6.0% $ Percentage represents the E RevPAR CAGR Dollar figure reflects 2013E RevPAR based on the midpoint of 2013 guidance 5.0% 4.0% 3.7% $ Median = 2.0% 3.0% 2.0% 1.0% 2.5% $ % $ % $ % $ % $ % HT Core Portfolio HT Total Portfolio SHO FCH LHO DRH HST BEE Source: Citi, company filings, SNL and FactSet Note: HT Core Portfolio figures exclude 16 assets being sold to Blackstone. Note: Table excludes REITs with IPO dates after Post-2008 IPO dates: PEB 12/08/2009, CHSP 01/21/2010, CLDT 04/15/2010, RLJ 05/10/2011, INN 02/08/2011. AHT did not publish 2013 RevPAR growth guidance. Page 5

6 Non-Core II Properties Property City State Year Opened / Complete Renovation Rooms Age (Years) Blackstone Disposition Philadelphia Metro 1. Courtyard by Marriott Langhorne PA Residence Inn Langhorne PA Holiday Inn Express Oxford Valley PA Courtyard by Marriott Ewing/Princeton NJ Holiday Inn Express & Suites King of Prussia PA Courtyard by Marriott Wilmington DE Inn at Wilmington Wilmington DE Central Pennsylvania 8. TownePlace Suites Harrisburg PA Holiday Inn Express Hershey PA Residence Inn Carlisle PA Hampton Inn Hershey PA NYC/NJ Metro 12. Holiday Inn Express Hauppauge NY Hampton Inn Brookhaven NY Hyatt House Bridgewater NJ Connecticut & Rhode Island 15. Hampton Inn West Haven CT Hampton Inn Smithfield RI Subtotal 1,734 Weighted Average 10.0 Page 6

7 Dispositions: 2008 to 2013 The Company has disposed of 46 hotels for approximately $460 million since 2008 Dispositions Rooms Sale Price ($ Thousands) Market Blackstone Portfolio (16 Properties - Under Agreement) 1,734 $217,000 1 TownePlace Suites, Harrisburg, PA 107 Central PA 2 Holiday Inn Express, Hershey, PA 78 Central PA 3 Residence Inn, Carlisle, PA 78 Central PA 4 Hampton Inn, Hershey, PA 110 Central PA 5 Courtyard by Marriott, Langhorne, PA 118 Suburban Philadelphia, PA 6 Residence Inn, Langhorne, PA 100 Suburban Philadelphia, PA 7 Holiday Inn Express, Langhorne, PA 88 Suburban Philadelphia, PA 8 Courtyard by Marriott, Ewing, NJ 130 Suburban Philadelphia, PA 9 Holiday Inn Express & Suites, King of Prussia, PA 155 Philadelphia Metro 10 Courtyard by Marriott, Wilmington, DE 78 Delaware 11 Inn at Wilmington, DE 71 Delaware 12 Hampton Inn, West Haven, CT 98 Connecticut 13 Hampton Inn, Smithfield, RI 101 Rhode Island 14 Holiday Inn Express, Hauppauge, NY 133 Long Island, NY 15 Hampton Inn, Brookhaven, NY 161 Long Island, NY 16 Hyatt House, Bridgewater, NJ 128 NYC / NJ Metro Starwood Capital Group Portfolio (18 Properties) 1,924 $154, Summerfield Suites, Charlotte, NC 135 Mid-Atlantic 18 Hampton Inn, Carlisle, PA 97 Central PA 19 Hampton Inn, Danville, PA 72 Central PA 20 Hampton Inn, Selinsgrove, PA 75 Central PA 21 Holiday Inn Express, Malvern, PA 88 Suburban Philadelphia 22 Courtyard by Marriott, Scranton, PA 120 Central PA 23 Hilton Garden Inn, Edison, NJ 132 NYC / NJ Metro 24 Fairfield Inn, Laurel, MD 109 Suburban Maryland 25 Fairfield Inn, Bethlehem, PA 103 Central PA 26 Hilton Garden Inn, Glastonbury, CT 150 Connecticut 27 Holiday Inn, Norwich, CT 134 Connecticut 28 Residence Inn, Danbury, CT 78 Connecticut 29 Residence Inn, Southington, CT 94 Connecticut 30 Springhill Suites, Waterford, CT 80 Connecticut 31 Residence Inn, Williamsburg, VA 108 Mid-Atlantic 32 Springhill Suites, Williamsburg, VA 120 Mid-Atlantic 33 Residence Inn, North Dartmouth, MA 96 Boston Metro 34 Residence Inn, Mystic, CT 133 Connecticut 35 Courtyard by Marriott, Warwick, RI 92 $7,150 Rhode Island 36 Holiday Inn Express, Camp Springs, MD 127 $8,500 Suburban Maryland 37 Comfort Inn, Harrisburg, PA 76 $3,700 Central PA 38 Comfort Inn, North Dartmouth, MA 84 $3,225 Suburban Boston 39 Comfort Inn, West Hanover, PA 81 $5,250 Central PA 40 Homewood Suites, Glastonbury, CT 136 $17,497 Connecticut 41 Holiday Inn Express, New Columbia, PA 81 $3,000 Central PA 42, 43 Mainstay Suites & Comfort Inn, Frederick, MD 145 $10,500 Suburban Maryland 44 Hilton Garden Inn, Gettysburg, PA 88 $7,750 Central PA 45 Four Points - Sheraton, Revere/Boston, MA 180 $12,987 Boston Metro 46 Holiday Inn - New Cumberland, PA 196 $6,500 Central PA Total 4,944 $458,009 Page 7