Ashford Hospitality Trust Inc · NYSE:AHT
Ashford Hospitality Trust — The Americas Lodging Investment Summit 2009
9 slides from Ashford Hospitality Trust's conference presentation, Jan 26, 2009
Slide 1: The Americas Lodging Investment Summit January 2009
The Americas Lodging Investment Summit January 2009
Slide 2: Safe Harbor
Safe Harbor 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 r
Slide 3: Ashford Overview
Ashford Overview Ample liquidity Proactive capital preservation No material short-term debt maturities Attractive floating-rate debt structure Diversification reduces risk
Slide 4: Liquidity & Capital Preservation
Liquidity & Capital Preservation Significant Cash on Hand • Approximately $195 million of cash on hand • Proactively drew down $250 million revolver Asset Sales in 2008 • Sold 10 properties for $437 million • Represents $133,000 per key • TTM 6.6% cap rate and 12.0x EBITDA multiple • Paid off $252 m
Slide 5: Liquidity & Capital Preservation: Operating Margins and Capex
Liquidity & Capital Preservation Strong Operating Margins • Hotel EBITDA margins improved despite flat RevPAR in 3Q '08 • Implemented full range of contingency plans • Corporate G&A cuts • Property manager affiliate is adept at cutting costs and preserving margins quickly • Proactive in discussions
Slide 6: Minimal Exposure to Near-Term Maturities
Minimal Exposure to Near-Term Maturities Weighted average debt maturity of 6 years (fully extended) Significant cushion in current financial covenants Recently amended credit facility Note: maturity dates without extensions 2009: $29m - no extensions; $167m - extendable to 2012; $203m - extendable t
Slide 7: Floating-Rate Debt is Advantageous
Floating-Rate Debt is Advantageous AHT's Floating-Rate Debt Advantage • 95% of AHT's $2.8 billion of debt is floating-rate or swapped to floating-rate • Weighted average interest rate after swap of 3.33% assuming current 30-day LIBOR of 0.39% • For every 10 basis points decline in LIBOR, AHT saves a
Slide 8: AHT Diversity Reduces Risk
Select-service assets perform better in recessionary times 32% of AHT's TTM EBITDA is select-service(1) AHT geographic footprint mitigates market downturn risk AHT's portfolio is comprised of the strongest brands 87% of TTM EBITDA is from Hilton / Marriott(1) 97% of TTM EBITDA is from Hilton / Marri
Slide 9: Ashford Overview
Ashford Overview Ample liquidity Proactive capital preservation No material short-term debt maturities Attractive floating-rate debt structure Diversification reduces risk
Ashford Hospitality Trust — The Americas Lodging Investment Summit 2009 on 6ix