Ashford Hospitality Trust Inc · NYSE:AHT
Ashford Hospitality Trust — Shareholder Meeting (May 2014)
12 slides from Ashford Hospitality Trust's shareholder meeting presentation, May 13, 2014
Slide 1: Annual Shareholder Meeting - May 2014
1 Annual Shareholder Meeting - May 2014
Slide 2: Safe Harbor
Safe Harbor 2 In keeping with the SEC's "Safe Harbor" guidelines, certain statements made during this presentation could be considered forward-looking and subject to certain risks and uncertainties that could cause results to differ materially from those projected. When we use the words "will likely
Slide 3: Total Shareholder Return: 10-Year Track Record of Outperformance
3 Peer average includes: BEE, CHSP, CLDT, DRH, FCH, HST, HT, INN, LHO, PEB, RLJ, SHO Trailing Total Shareholder Returns as of 5/9/14 Source: Bloomberg 26% 108% 43% 113% 245% 82% 116% 145% 202% 197% 23% 46% 41% 45% 152% 4% -24% -8% 17% 78% 113% -50% 0% 50% 100% 150% 200% 250% AHT Peer Avg 382% 500% •
Slide 4: Total Shareholder Return - Volatility
4 Peer average includes: BEE, CHSP, CLDT, DRH, FCH, HST, HT, INN, LHO, PEB, RLJ, SHO Trailing Volatility as of 5/9/2014 Source: Bloomberg • Ashford's volatility has been lower than peer average Total Shareholder Return - Volatility 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% AHT Peer Avg
Slide 5: Highest Insider Ownership
5 Highest Insider Ownership 18%* 14%* 4% 3% 3% 3% 3% 2% 2% 2% 1% 1% 1% 1% 1% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% Public Lodging REITs include: BEE, CHSP, CLDT, DRH, FCH, HST, HT, INN, LHO, PEB, RLJ, SHO Source: Company filings. * Insider ownership for Ashford entities includ
Slide 6: Real RevPAR Growing
6 Real RevPAR Growing • Real RevPAR remains well below the previous peak and each recent new peak has exceeded prior cycles $54.00 $56.00 $58.00 $60.00 $62.00 $64.00 $66.00 $68.00 $70.00 $72.00 $74.00 $76.00 Seasonally-Adjusted Real RevPAR (as of March 2014) Average 3-mo Avg Source: Smith Travel Res
Slide 7: Attractive Supply/Demand Imbalance
7 Source: PKF Attractive Supply/Demand Imbalance • Demand expected to exceed supply through at least 2015 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 2005 2006 2007 2008 2009 2010 2011 2012 2013F 2014F 2015F Y ea r- o v e r- Y ea r % Gro w th Supply Growth Demand Growth PKF Forecast
Slide 8: Historical Industry Stock Returns
8 Historical Industry Stock Returns • Historically, attractive returns remain for investors from this point in the lodging cycle % 50% 100% 150% 200% 250% 300% 350% 0 12 24 36 48 60 72 84 96 108 T S R Months from Peak to Peak 1989-1997 1997-2007 2007-Current Index includes AHT, BEE, DRH, FCH, HST, H
Slide 9: Historical Flow-Through vs. Peers
9 • Ashford consistently beats peers in hotel EBITDA flow throughs Historical Flow-Through vs. Peers 51% 37% 53% 104% 63% 65% 49% 39% 8% 49% 41% 50% 53% 38% 0% 20% 40% 60% 80% 100% 120% 2007 2008 2009 2010 2011 2012 2013 Ashford Portfolio Peer Average Average Annual Peer Outperformance: 2,100 bps As
Slide 10: Asset Performance – Ashford Trust
10 Asset Performance – Ashford Trust 50.1% 42.8% 60.0% 69.4% 55.3% 0% 20% 40% 60% 80% 2009 2010 2011 2012 2013 Hotel EBITDA Flow-Through Annual Hotel EBITDA Flow-Through 2012 2013 Q1 2013 Q1 2014 Var RevPAR $94.65 $97.14 $94.47 $101.55 7.5% Hotel Revenue $1,013,117 $1,034,819 $249,518 $264,325 5.9%
Slide 11: Ashford Inc. Growth Opportunities
11 Ashford Inc. Growth Opportunities Real Estate Hedged Equity Strategy Ashford Inc. Pro Forma Structure To be spun-off as a publicly traded entity (ticker "AINC") Asset management platform Fee structure based on 70bps of total enterprise value plus incentive fees based on total shareholder
Slide 12: Annual Shareholder Meeting - May 2014
12 Annual Shareholder Meeting - May 2014
Ashford Hospitality Trust — Shareholder Meeting (May 2014) on 6ix