Hyatt Hotels Corporation · NYSE:H
Hyatt Hotels — Investor Day (March 2014)
118 slides from Hyatt Hotels's investor day presentation, Mar 14, 2014
Slide 1: Investor Meeting March 14, 2014
Investor Meeting March 14, 2014 Exhibit 99.2
Slide 2: Forward Looking Statements
Forward Looking Statements This document is incomplete without reference to, and should be viewed solely in conjunction with, the oral presentation that accompanies this document; an audio webcast of the oral presentation will be available at www.investors.hyatt.com for days from March 14, 2014. Thi
Slide 3: The power of preference
HYATT the power of PREFERENCE
Slide 4: Key Themes for the Day
Key Themes for the Day Solid track record Leveraging key strengths Superior long-term growth opportunity
Slide 5: Getting to know Hyatt
Getting to know Hyatt Our goal and track record Key strengths we are leveraging Q&A Key strengths we are leveraging Break Q&A Financial overview Delivering superior long-term growth: Concluding remarks Lunch and Q&A Hyatt Hotel Tours HYATT Tom Pritzker Mark 8. Hoplamazian Mark S. Hoplamazian Mark S.
Slide 6: Getting to Know Hyatt
Getting to Know Hyatt Tom Pritzker Executive Chairman
Slide 7: Getting to Know Hyatt
Getting to Know Hyatt My Background and Role at Hyatt Hyatt History Enduring Philosophy Building a st Century Hospitality Company
Slide 8: Key Historical Milestones
Key Historical Milestones Jay Pritzker purchases the first Hyatt House hotel, adjacent to LAX Hyatt goes public, changes its name to Hyatt Corporation Hyatt Regency brand debuts in Atlanta; first hotel to feature atrium lobby Hyatt goes international Hyatt Corporation goes private Park Hyatt & Grand
Slide 9: Key Historical Milestones
Key Historical Milestones Hyatt House rebrand debuts Andaz brand debuts Hyatt Hotels Corporation completes IPO Acquires portfolio of hotels from LodgeWorks Enters all inclusive segment with Hyatt Ziva & Hyatt Zilara Substantially all Pritzker hospitality assets consolidated under Global Hyatt Corpor
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Slide 13: Building a 21st Century Hospitality Company
Past Present Building a 21 st Century Hospitality Company Value Creation Utilize capital across industries Re-invest, grow, return in hospitality Ownership Private Public Branding Niche focus Multi-brand hospitality platform Model Own & manage full-service hotels Own, manage, franchise full & select
Slide 14: Our Enduring Philosophy
Our Enduring Philosophy Culture Relationships Value Creation
Slide 15: Our Goal and Track Record
Our Goal and Track Record Mark S. Hoplamazian President and Chief Executive Officer
Slide 16: Our Goal and Track Record
Our Goal and Track Record Our Goal Our Track Record Since 2009
Slide 17: Our Goal: Colleague, Guest and Owner Preference
Our Goal Colleague Preference Guest Preference Owner Preference To become the most preferred brand in each customer segment that we serve
Slide 18: Our Goal and Track Record
Our Goal and Track Record Our Goal Our Track Record Since 2009
Slide 19: Significant Earnings Growth
Significant Earnings Growth Adjusted EBITDA (Millions) Refer to www.investors.hyatt.com for reconciliation of GAAP to non-GAAP financial measures.
Slide 20: Earnings Growth: Owned Margin Improvement
Earnings Growth: Owned Margin Improvement Owned and Leased Hotel Operating Margin
Slide 21: Earnings Growth: Industry Leading System Growth
Earnings Growth: Industry Leading System Growth Hotels Rooms Excludes Hyatt Residence Club. “Industry leading” refers to percentage growth.
Slide 22: Earnings Growth: Driven by System Growth Across All Regions
Earnings Growth: Driven by System Growth Across All Regions Growth from 2009 to 2013. Excludes Hyatt Residence Club. Americas EAME / SW Asia ASPAC Hyatt Capital Gate Abu Dhabi Hyatt Regency Mexico City Grand Hyatt Shenyang 32% 22% Hotels Rooms 46% 33% Hotels Rooms 16% 11% Hotels Rooms
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Slide 24: System Growth Expected to Continue to Lead Industry
Earnings Growth: System Growth Expected to Continue to Lead Industry Represents potential entry into more than 100 new markets Hotels in Executed Contract Base Rooms in Executed Contract Base Excludes Hyatt Residence Club. New markets are based on STR market tracts.
Slide 25: Industry Leading Expansion Potential
Earnings Growth: Industry Leading Expansion Potential 30% of existing system 46% of existing system 22% of existing system 37% of existing system Hotels in Executed Contract Base Rooms in Executed Contract Base Excludes Hyatt Residence Club.
Slide 26: A Very Active Four Years on the Capital Front
A Very Active Four Years on the Capital Front Deployed significant cash Sold assets and realized investments Increased balance sheet leverage Invested in new and existing hotels Returned significant amount of capital to shareholders
Slide 27: Case Study: Recycling Capital
Case Study: Recycling Capital Hyatt Regency New Orleans • $275M convention hotel redevelopment • Hyatt invested $63M of preferred equity in 2010-2011 • Investment was redeemed in 2013 • 21% annualized return on investment, unlevered and exclusive of fees going forward • Hyatt continues to manage hot
Slide 28: In Summary: A Company with a Clear Focus
IN SUMMARY A Company with a Clear Focus • Committed to our goal to be the Most Preferred Brand • Our track record since IPO demonstrates a consistency of strategy and execution
Slide 29: Key Strengths We Are Leveraging
Key Strengths We Are Leveraging Mark S. Hoplamazian President and Chief Executive Officer
Slide 30: Key Strengths We Are Leveraging
Key Strengths We Are Leveraging
Slide 31: Multiple Earnings Tools
Multiple Earnings Tools Our tools for driving growth
Slide 32: Three Tools: Ownership, Management and Franchising
Three Tools: Ownership, Management and Franchising 41% 59% Adjusted EBITDA Composition (2) Management and Franchising (1) Owned and Leased Year ended December 31, 2013. (1) Includes Americas, EAME/SWA and ASPAC management and franchising segments. (2) Excludes corporate and other.
Slide 33: Ownership Tool: Enables Strategic Growth with High Quality Hotels
Ownership Tool: Enables Strategic Growth with High Quality Hotels Grand Hyatt New York 1,305 Rooms Park Hyatt Zurich 142 Rooms Park Hyatt Paris – Vendôme 153 Rooms Hyatt Regency Orlando 1,641 Rooms Grand Hyatt San Francisco 660 Rooms Grand Hyatt Seoul 601 Rooms Andaz 5 th Avenue 184 Rooms Hyatt Plac
Slide 34: Ownership Tool: Operating Leverage, Owner Preference and Recycling
Ownership Tool: Operating Leverage, Owner Preference and Recycling Margin growth Contract base expansion Increased brand presence in targeted areas and investment returns Operating Leverage Owner Preference Recycling
Slide 35: Management Tool: Hyatt's DNA
Management Tool: Hyatt’s DNA 22% 78% Rooms Mix As of December 31, 2013. Managed includes owned hotels and managed hotels owned by unconsolidated hospitality ventures. Maintain brand quality and guest experience Agility Leverage through incentive management fees Focus on creating long-term asset valu
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Slide 37: Management Tool: Upside Incentive Fee Potential
Management Tool: Upside Incentive Fee Potential Strong upside to incentive management fees from existing hotels underpinned by ramping newly opened hotels Total Incentive Management Fees 25% below prior peak % of Hotels Paying Incentive Management Fees 66% (11 points below prior peak) % of Hotels Op
Slide 38: Franchising Tool: Early Stage Earnings Driver
Franchising Tool: Early Stage Earnings Driver • New markets, new capital base, new opportunities • Platform for accelerating fee growth • Focus on quality hotels, owners and operators
Slide 39: Multiple Earnings Tools: Group and Transient
Multiple Earnings Tools Our tools for driving growth Our Guest Mix Group and Transient
Slide 40: Group Tool: Strong Earnings Driver
Group Tool: Strong Earnings Driver Delivering distinctive experiences for group customers and transient guests 31% 7% 62% Global Room Revenue Mix Year ended December 31, 2013. Full Service managed hotels chain room revenue. • Strong group position and share • Strong base of business provides ability
Slide 41: Group Tool: Well Positioned for Evolution of Global Group Business
Group Tool: Well Positioned for Evolution of Global Group Business Group business represents 42% of U.S. revenue and provides Hyatt a strong experience base as group business expands outside the U.S. 5% 40% 55% 5% 21% 74% 15% 14% 71% Year ended December 31, 2013. Full Service managed hotels chain ro
Slide 42: Group Tool: U.S. Group Poised to Recover
Group Tool: U.S. Group Poised to Recover 2015 group revenue pace: +5% Room Revenue CAGR Since 2009 Transient 7% Group 3% Hyatt 2009-2013 CAGR for comparable U.S. managed full service hotels.
Slide 43: Multiple Earnings Tools: Rooms / Food and Beverage
Multiple Earnings Tools Our tools for driving growth Our Revenue Mix Rooms / Food and Beverage
Slide 44: Food and Beverage Tool: Provides Opportunity as Business Evolves
Food and Beverage Tool: Provides Opportunity as Business Evolves Food and beverage mix varies by region; focus on high value and high profit 61% 59% 51% Banquet Room Other Restaurant / Bar Year ended December 31, 2013. Full service managed hotels chain revenue. Americas EAME / SWA ASPAC F&B Revenue
Slide 45: Case Study: Food and Beverage in Asia Pacific
Case Study: Food and Beverage in Asia Pacific • Leadership position • Driver of guest and owner preference • Significant local guest mix • 30%+ margins • 300 restaurants or bars • Average of 5 restaurants or bars per hotel • 20% of restaurants or bars earned more than $1M in profit Year ended Decemb
Slide 46: Case Study: Food and Beverage in Asia Pacific
Case Study: Food and Beverage in Asia Pacific Park Hyatt Tokyo New York Grill Grand Hyatt Singapore StraitsKitchen
Slide 47: Case Study: Food and Beverage in Asia Pacific
Case Study: Food and Beverage in Asia Pacific Park Hyatt Shanghai 100 Century Avenue Restaurant Grand Hyatt Beijing Made in China
Slide 48: Case Study: Food and Beverage in Asia Pacific
Case Study: Food and Beverage in Asia Pacific Park Hyatt Sydney The Dining Room Grand Hyatt Erawan Bangkok The Campus Cafeteria
Slide 49: Key Strengths: Strong Relationships
Key Strengths We Are Leveraging Strong Relationships
Slide 50: Q&A
Q&A
Slide 51: Key Strengths: Powerful Brands
Key Strengths We Are Leveraging Powerful Brands
Slide 52: Powerful Brands: Ten Brands Focused on High End Travelers
Powerful Brands: Ten Brands – All Focused on High End Travelers Industry leading luxury mix Upper Upscale Luxury Upscale Other Year ended December 31, 2013. Chain scale defined by STR. % of Systemwide Rooms 21% 54% 23% 2%
Slide 53: Powerful Brands: Strong Rate Profile
Powerful Brands: Strong Rate Profile Highest systemwide ADR ($175) in the industry Average Daily Rate (ADR) Year ended December 31, 2013 for comparable locations.
Slide 54: Park Hyatt Positioning
Positioning • Marquee global locations • 33 hotels • 6,535 rooms • 20 countries • 33% room growth since 2009 • Park Hyatt Paris-Vendôme recognized as a Palace Hotel in Growth Outlook • Executed contracts = ~50% room growth • 2014 expected openings include: NYC and Vienna As of December 31, 2013.
Slide 55: Andaz Positioning
Positioning • Urban and resort locations • 11 hotels • 2,269 rooms • 5 countries • Significant room growth since launch in 2007 • Recent resort openings in Maui and Costa Rica Growth Outlook • Executed contracts = ~70% room growth • 2014 expected openings include: Tokyo As of December 31, 2013.
Slide 56: Grand Hyatt Positioning
Exciting Bold Dramatic Positioning • Dominant presence in gateway cities across Asia (from Mumbai to Tokyo) • 40 hotels • More than 250 restaurants and bars • 22,262 rooms • 20 countries Growth Outlook • Executed contracts = ~35% room growth • 2014 expected openings include: Lijiang As of December 3
Slide 57: Hyatt Positioning
Positioning • Popular destinations • Transient greater than 70% of room revenue • Key locations in NYC, Chicago, Key West, Paris and India • 38 hotels • 8,609 rooms • 4 countries Growth Outlook • Executed contracts = ~20% room growth • 2014 expected openings include: Atlanta and Chicago As of Decemb
Slide 58: Hyatt Regency Positioning
Positioning • Predominant meetings-oriented brand • Presence in key group markets of Orlando, San Diego, Atlanta, Chicago, Dallas, Boston, San Antonio, Dubai, Paris and Mexico City • 149 hotels – Nine 1,000+ room hotels – 4.5M sq. ft. of meeting space • 70,995 rooms • 33 countries Growth Outlook • E
Slide 59: Hyatt Place Positioning
Positioning • Select service focused on today’s multi-tasking traveler • Focused on expanding in urban locations • New urban locations in 2013: NYC, Chicago, Minneapolis, Nashville, Omaha and Austin • 192 hotels • 25,575 rooms • 5 countries Growth Outlook • Executed contracts = ~65% room growth • 20
Slide 60: Hyatt House Positioning
Positioning • Select service extended stay rebranded in 2012 • 58 hotels • 8,154 rooms • 1 country Growth Outlook • Executed contracts = ~40% room growth • 2014 expected openings include: San Juan As of December 31, 2013.
Slide 61: Hyatt Ziva and Zilara Positioning
Positioning • First multi-brand company to enter all inclusive segment • Hyatt Zilara: Adult only • Hyatt Ziva: Guests of all ages • 2 resorts • 925 rooms • 1 country Growth Outlook • Large market potential • Focused on growing in the Caribbean basin • 2014 expected openings include: Hyatt Ziva Rose
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Slide 63: Andaz
ANAAZ
Slide 64: Andaz
ANAAZ
Slide 65: Powerful Brands: Ability to Roll Out New Brands
Brand Launch Date # Hotels Key Locations Future Locations Long-Term Global Hotel Potential Powerful Brands: Ability to Roll Out New Brands NYC, Maui, London, West Hollywood, Amsterdam, Shanghai, Costa Rica Riviera Maya, Delhi, Bali >75 hotels NYC, Chicago, Austin, Nashville, Minneapolis, Costa Rica,
Slide 66: Powerful Brands: Increased Gold Passport Penetration
Powerful Brands: Increased Gold Passport Penetration Gold Passport Penetration (Total Room Nights)
Slide 67: Case Study: Powerful Brands
Case Study: Powerful Brands Hyatt House Emeryville/ San Francisco Bay Area 15 of the hotels acquired in 2011 were converted to Hyatt House Hyatt House San Jose/Silicon Valley Hyatt House Shelton Hyatt House Charlotte/City Center Hyatt House Branchburg
Slide 68: Case Study: Powerful Brands
Case Study: Powerful Brands Comparable RevPAR Index Gold Passport Penetration Change from 2011 to 2013. RevPAR index as reported by STR. 8 points 15 of the hotels acquired in 2011 were converted to Hyatt House Corporate Group Meetings 50%
Slide 69: In Summary: Hyatt: A Differentiated Hospitality Company
IN SUMMARY Hyatt: A Differentiated Hospitality Company Colleague, guest and owner preference Multiple Earnings Tools Relationships Powerful Brands
Slide 70: Q&A
Q&A
Slide 71: Financial Overview
Financial Overview Gebhard F. Rainer Executive Vice President, Chief Financial Officer
Slide 72: Agenda
Agenda Our Business Model Three-Year Earnings Potential Based on STR RevPAR Forecast Capital Allocation
Slide 73: Executing a Successful Business Model
Executing a Successful Business Model
Slide 74: Strong Track Record Since 2009
Strong Track Record Since 2009 Owned and Leased Segment Adjusted EBITDA (Millions) Management and Franchising Segments Adjusted EBITDA (1) (Millions) Total Adjusted EBITDA (2) (Millions) (1) Includes Americas, EAME/SWA and ASPAC management and franchising segments. (2) Includes corporate and other.
Slide 75: Agenda
Agenda Our Business Model Three-Year Earnings Potential Based on STR RevPAR Forecast Capital Allocation
Slide 76: Earnings Potential Based on STR RevPAR Forecast
Earnings Potential Based on STR RevPAR Forecast • Food and Beverage revenue growth in line with global RevPAR growth • 5% annualized Adjusted SG&A growth • 25% increase in system size based on openings from executed contract base • Excludes asset recycling - Based on current Owned and Leased hotels
Slide 77: Earnings Potential Based on STR RevPAR Forecast
Earnings Potential Based on STR RevPAR Forecast Earnings potential predicated on assumptions on slide 69. Refer to www.investors.hyatt.com for reconciliation of GAAP to non-GAAP financial measures. Adjusted EBITDA (Millions) Please refer to the Cautionary Note on slide 69.
Slide 78: Earnings Potential Based on STR RevPAR Forecast
Earnings Potential Based on STR RevPAR Forecast Owned and Leased Segment Adjusted EBITDA (Millions) Management and Franchising Segments Adjusted EBITDA (1) (Millions) (1) Includes Americas, EAME/SWA and ASPAC management and franchising segments. Earnings potential predicated on assumptions on slide
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Slide 82: Sensitivities Based on STR RevPAR Forecast
Metric 2016 Adjusted EBITDA Based on STR RevPAR Forecast Sensitivity to 1 point of RevPAR Growth in 2016 Sensitivities Based on STR RevPAR Forecast Owned and Leased Adjusted EBITDA ~$675M +/- $15M-$18M Management and Franchising Adjusted EBITDA (1) ~$475M +/- $5M-$7M Total Adjusted EBITDA ~$1,000M +
Slide 83: Agenda
Agenda Our Business Model Three-Year Earnings Potential Based on STR RevPAR Forecast Capital Allocation
Slide 84: Record of Disciplined Capital Deployment (2010-2013)
Record of Disciplined Capital Deployment (2010-2013) Cash Flow $1.8B and Realized Investments $1.5B Balance Sheet $1.4B Deployed Capital $4.7B Maintenance CapEx $0.4B Investments in New and Existing Hotels $3.5B Return of Capital $0.8B Operating Cash from Asset Sales Use of Cash and
Slide 85: A Closer Look: Improved Use of Balance Sheet
A Closer Look: Improved Use of Balance Sheet • Utilized existing cash for investments in key priorities and return of capital • Expanded balance sheet and availability • Balance sheet remains strong • Maintained investment grade credit rating Debt includes pro rata share of unconsolidated hospitalit
Slide 86: Jan 2010 Feb 2014
173.9 155.8 By Jan 2010 Feb 2014
Slide 87: Operating Cash Flow Potential Based on STR RevPAR Forecast
Operating Cash Flow Potential Based on STR RevPAR Forecast ~14% Adjusted EBITDA CAGR Based on STR RevPAR Forecast ~$1.9B of Cumulative Operating Cash Flow Potential Illustration Earnings potential predicated on assumptions on slide 69.
Slide 88: Capital Allocation Framework
Capital Allocation Framework Invest to Grow Maintain Strong Balance Sheet Return of Capital • Expand to serve guests in underrepresented locations • ROI projects to improve margins • Maintain investment grade credit rating • Maintain flexibility to invest to grow • Continued return of capital
Slide 89: Invest to Grow
1 Invest to Grow Resorts 30% ~$900 ~$200 Identified Investments and Identified ROI CapEx (excluding ~$400M of Maintenance CapEx) (Millions) Identified Investments (%) 2014-16 Earnings potential predicated on assumptions on slide 69. Identified Investments ROI CapEx Key Gateway City Hotels 40% Select
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Slide 91: Maintain Strong Balance Sheet
($ in millions) 2013 2016 Based on STR RevPAR Forecast Maintain Strong Balance Sheet 2 Adjusted EBITDA $680 ~$1,000 Gross Debt $2,155 ~$3,000 Gross Debt/Adjusted EBITDA 3.2x 3.0x • Maintain investment grade credit rating • Significant capacity as Adjusted EBITDA grows • Potential for increase in deb
Slide 92: Return of Capital Illustration 2014-2016
Return of Capital Illustration 2014-2016 Potential Available Cash Based on STR RevPAR Forecast = ~ $1.2B 3 Return of Capital New Investments Return of Capital New Investments Earnings potential predicated on assumptions on slide 69.
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Slide 94: Illustrative Metrics 2014-2016
Based on STR RevPAR Forecast Illustrative Metrics 2014-2016 ~ 50% Adjusted EBITDA Growth ~ $1.9B Operating Cash Flow Potential ~ $1.2B Potential Available Cash for Return of Capital or New Investments Earnings potential predicated on assumptions on slide 69.
Slide 95: In Summary: Key Messages
IN SUMMARY: Key Messages Executing Successful Model Strong Track Record of Execution Disciplined Capital Allocation
Slide 96: Delivering Superior Long-Term Growth
Delivering Superior Long-Term Growth Mark S. Hoplamazian President and Chief Executive Officer
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Slide 98: The Hyatt Difference: High Mix of Luxury and Upper Upscale Owned Hotels
The Hyatt Difference: High Mix of Luxury and Upper Upscale Owned Hotels Luxury and Upper Upscale >80% of Owned and Leased Adjusted EBITDA Luxury Upper Upscale Upscale Year ended December 31, 2013; Chain scale defined by STR. Excludes unconsolidated hospitality ventures. Owned and leased Adjusted EBI
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Slide 100: Well Positioned in High Quality Markets and Locations
Well Positioned in High Quality Markets and Locations Year ended December 31, 2013. Markets defined according to STR. Excludes unconsolidated hospitality ventures. Owned and leased Adjusted EBITDA was $403M in 2013. Owned and Leased Hotels in 11 Countries 69% • New York, NY • Atlanta, GA • San Franc
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Slide 102: Owned Hotels Have High Embedded Value
Owned Hotels Have High Embedded Value >$7.5B illustrative gross market value Chain Scale Owned Rooms Illustrative Gross Market Value per Room Illustrative Gross Market Value As of December 31, 2013. Chain scale defined by STR. Excludes leased hotels and hotels owned by unconsolidated hospitality ven
Slide 103: Expect Owned Portfolio to Evolve
Expect Owned Portfolio to Evolve More Less • Upscale • United States • Secondary and tertiary markets • Legacy assets • Upper upscale and luxury • Outside the United States • Key gateway cities and resorts • Institutional quality • Expect a significant level of disposition activity per year, conting
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Slide 107: Key Considerations When Buying and Selling Owned Hotels
When Buying When Selling Key Considerations When Buying and Selling Owned Hotels Price (including CapEx) Price Recyclability Terms of Agreement Market and Location CapEx over Time Strategic Rationale Owner Profile
Slide 108: Case Study: Demonstrating our Successful Approach to Asset Recycling
Case Study: Demonstrating our Successful Approach to Asset Recycling Acquired 23 hotels in 2011 for more than $725M Rebranded to: Sold Kept Returns Future 11% annualized return, unlevered and exclusive of fees going forward Sold 11 of 23 hotels, with management agreements, for more than $400M 12 rem
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Slide 110: Executed Contract Base: High Quality
Luxury Upper Upscale / All Inclusive Upscale High Quality Executed Contract Base 24% 39% 37% As of December 31, 2013. Chain scale defined by STR. Statistics based on executed contract base rooms.
Slide 111: Executed Contract Base Composition: Large Growth Opportunity with Limited Hyatt Capital
Executed Contract Base Composition: Large Growth Opportunity with Limited Hyatt Capital ~45% ~80% ~$15B ~15% As of December 31, 2013. Statistics based on executed contract base rooms. Under construction Outside U.S. Estimated third party capital investment Require material Hyatt investment
Slide 112: Deliver High Quality, Durable Fees
Deliver High Quality, Durable Fees Fees • Strong base and incentive fee structure • Stabilized fees > $150M per year Contract Profile • Typical management and franchise contract: >20 year term • New contracts are additive as existing contract expirations minimal
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Slide 114: Looking Ahead: Hyatt 3-5 Years Out
Looking Ahead: Hyatt 3-5 Years Out Growth Quality Return of Capital Superior Long-Term Growth • Industry leading system size growth rate • Continued executed contract base expansion • Strong operating leverage • Best locations in key markets • Evolution to higher quality owned portfolio – Expect sig
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Slide 116: Concluding Remarks
Concluding Remarks Tom Pritzker Executive Chairman
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Slide 118: Investor Meeting
Investor Meeting