Xenia Hotels & Resorts, Inc. · NYSE:XHR
Xenia Hotels & Resorts — Investor Presentation (January 2015)
28 slides from Xenia Hotels & Resorts's investor presentation, Jan 23, 2015
Slide 1: Investor Presentation January 2015
Exhibit 99.2 Exhibit 99.2 Investor January 2015 Presentation
Slide 2: Forward-Looking Statements; Non-GAAP Financial Measures
Forward-Looking Statements; Non-GAAP Financial Measures This document has been prepared by Xenia Hotels & Resorts, Inc. (the “Company” or “Xenia”) solely for informational purposes. This presentation contains, and our responses to various questions from investors may include, “forward-looking statem
Slide 3: Spin-Off Transaction Overview
Spin-Off SpinCo Ticker Parent $125 Tender 21 Distribution % Inland Pro Shares Listing Financial 3(1)Retained business Reflects Forma million American Company /Outstanding¹ Offer Date Name Exchange Transaction Advisors Common by day common Ratio February Price Xenia 5.0% tender Inland shares XHR Rang
Slide 4: Seasoned Management Team
Seasoned along Marcel President Andrew Barry EVP Philip SVP Jeffrey Chairman¹ 4(1) Jeffrey &with A.N. A. H. Verbaas CIO CFO COO J.Wade & Management executive Donahue Welch H. Former aBloom, CEO Previously strong Previously Previously Donahue Joined IAJoined Previously EVP Lodging Ph.D. independent C
Slide 5: Strong Board Governance
7Strong travel Marcel (President Jeffrey (Chairman)* Chairman Dennis Practiced Formerly Thomas Former Senior Mary Managed Retirement Lead John Keith Served SVP Beverly Governance 5Note: of 8and H. independent E. Board /board Advisor Independent H. as leisure Verbaas D. EVP President Alschuler, K. M.
Slide 6: Timeline and Xenia Portfolio Evolution
Timeline Xenia portfolio Divested Acquired 2007: Marcel (CEO) Wade establish 2007 #Total RevPAR 10% ?Xenia % 32% ?IA 90% Source: (1) (2) (3) Hotels Xenia³ Includes RevPAR Calculated ?IA ?Xenia 68% 2008 IA Aug. (CIO) established and Verbaas Inland 100% Lodging /repositioning IA 89 of 55 ?Xenia Rooms
Slide 7: Xenia Overview
Overview 246 76% Upper National and Marriott, Lorien Invest service, assets 78.1% Unique investment potential $260mm Internally management of Hotel (1) (2) (3) 7(4) Hotels 26 Hotels, The Based Net key of years Monaco focused $138 primarily Upscale Occupancy2 Hotel Debt rooms Top market lifestyle lei
Slide 8: Differentiated Investment Strategy
Differentiated Range Premium Marriott Service Andaz Lifestyle Hilton Upscale Urban 8Shore /of Garden Savannah Evanston Woodlands target Full Investment Inn segments Chicago Waterway enable Strategy North Hotel investments that are well suited for specific markets
Slide 9: Strong Fundamentals in Top 25 and Seven Major Markets
Strong in Through `1relative 1.7% 2.2% 33.2% Demand 156 7.2% 124 Seven Source: (1) California; 9publically-traded 3.5% Strong …Yields Top The bpsMajor 25 Fundamentals “Seven to PKF 6.9% CAGR Demand 2016, Markets the aBoston, Superior Markets Hospitality Seven the Major (2013-2016E) minus U.S. Growth
Slide 10: Recent Property Acquisitions
Recent $1.7 Date Nov Oct Sep Apr Aug Feb Mar 22 (1) (2) (3) (4) (5) 10 Assets Andaz Westin Hotel Bohemian Marriott/Renaissance 2013 2014 2013 2013 2012 billion Property Acquisitions Monaco Lorien Loews Aston Andaz Hyatt Bohemian Acquired Residence Andaz Marriott/Renaissance Hilton Marriott Westin Po
Slide 11: Track Record of Portfolio Growth
Track Portfolio Number 45 31 24 $Average 2011 9/30/14 Note: (1) 11176.91 167.20 147.71 104.99 46 71.1% For 2012 Includes 75.2% Record only 9/30/14 of Daily $RevPAR 71.5% 2013 138.24 151.84 108.54 Hotels those 78.1% ofRate¹ only 9M Targeted hotels Occupancy¹ $has hotels 125.73 Ended RevPAR¹ grown ope
Slide 12: High Quality, Diversified Portfolio
Portfolio High and Chain Midscale 22% Brand 66% Upscale Upper 2% Sage 6% Marriott 15% 46% 4% Urgo 7% 14% 5% 16% Starwood Note: (1) 12 Other Upscale 4% Fairmont Hyatt 9% aAston 10% Davidson 7% quality, diversified Categories Scale Family Other Overview managers Hilton Luxury predominantly 32% Propert
Slide 13: National Portfolio Footprint
Portfolio National MT WA OR MN ID Aston IA NE NV UT CA KY AZ NC NM MS Marriott Operating HI FL LA TX Hyatt 13 PA SD WV NJ OK CO VT DC IL GA ND AR NH Regency Waikiki WI IN KS TN ME SC MA San footprint Overview OH Hotels NY MO Francisco DE Beach Orange Santa VAHotels in(cont.) MD 31 Clara Hotel County
Slide 14: Segment Acquired: Westin, Aston, Marriott
Segment Westin Aston — Marriott 14 All Acquired The Benefits Beachfront Flexibility Currently In Recent partnership Waikiki rooms Houston Galleria San Snapshot: amendment from in from undergoing Francisco refreshed to location Beach 2013 2014 is Galleria terminate connection with large Houston’s Pre
Slide 15: Segment Acquired: Andaz, Hotel Monaco
Segment Hotel Grand — Andaz 15 Acquired OneMonaco Benefits Boutique Unique Bohemian Napa: Napa ofSnapshot: five environment from from Kimpton-branded hotel Denver: Denver Kessler-managed diverse affiliation Hotel institutional private branded located Lifestyle Orlando: Orlando and demand investor in
Slide 16: Segment Acquired: Hilton Garden Inn, Residence Inn
Segment Mixed-use Residence — Hilton 16 Acquired Walking Recently Modern, Only Significant Garden extended-stay Snapshot: Inn commercial distance high-rise renovated from inbusiness Denver Boston Inn a portfolio management Washington Urban tourban Cambridge: City lobby hotel the building is generate
Slide 17: Integrated Asset Management Platform
Assetcontainment Revenue Cost Frequent Existing Same Constantly Integrated 17 in-place Management platform enhancement interaction platform with Platform review asset asset provides opportunities Platform with and with management project multiple management capacity with management tostrategies Uniq
Slide 18: Low Leverage Relative to Peers
LowInclusive Xenia’s 9.7 9.1 2.4 6.7 1.2 0.4 4.4 7.9 7.2 0.5 5.5 4.0 3.5 2.8 2.3 FCH Net Source: (1) less (3) 18 Peer xDebt $41mm Leverage AHT 1.2balance 5.6 4.3 1.8 7.2 5.3 4.1 3.5Company 2014E xx³ +AHP Preferred 4.9 0.9 3.3 4.3 Preferred of ofxRelative excess EBITDA $125K HT sheet Peer 0.4 4.2 Fin
Slide 19: Staggered, Manageable Debt Maturity Profile
Staggered Manageable PF $Fixed 2015 WA #Maturing Note: (1) (3) 19Unencumbered 324 56 455 234 199 35 Mortgages All Debt¹ Based Fixed Floating $2016 Assumes $Floating 73 figures 17$1,169mm 438 100 Debt on Debt Rate 2017 $near-term 1Rate 30-Sep-2014 28 reflect 5all 5.45% Maturity 2018 7Assets NA 3exten
Slide 20: Strong Total Revenue and Adjusted EBITDA Growth
Strong Total $Adjusted 12M Note: (1) 20861 289 234 Hotel Ended Revenue All $Year-over-Year year-over-year 921 262 260 EBITDA2 EBITDA values 2013 $ 195 691 217 Hotel presented YTD reflects EBITDA1 performance Same 9MonTotal 2014 Store a same Revenues Annualized Growth onstore a same basis. less 9M st
Slide 21: Xenia Preliminary 2015E Guidance
Xenia Preliminary RevPAR Adjusted FFO Note: looking (1) reconciliation 21 2015E $212mm The 2015E statements Growth EBITDA¹ Adjusted 2015 2015E Forward found $232mm information 5.0% based Guidance $275mm EBITDA onGuidance 7.5% page on included a26. $295mm Range excludes numberLow on of one-time this
Slide 22: Dividend Policy Overview
Overview Dividend Xenia EBITDA 2015E 2,720 Annual AFFO 72.7% 4.6% 64.0% 59.4% 57.7% 53.3% 51.9% 20.8% 1.9% 2.7% 0.0% 0.8% Sources: Note: looking (1) manner (2) (4) (5) (6) 22 AFFO Reflects Xenia 0.0% The $Dividend Payout 64.9% 62.2% 3.6% 3.4% Peer 45.8% 1.2% EBITDA¹ Dividend consistent 2,862 stateme
Slide 23: Strong Governance Structure
Strong Expect Independent Non-staggered No Transition 23 Inland Corporate 7 ofAmerican Services the Board board 8 members Governance Chairman Agreement board with each representation of our Structure with director board Inland subject immediately American to re-election following coveringannually li
Slide 24: Key Investment Highlights
Key Investment Xenia Differentiated High Integrated Strong Experienced 24 quality isand a leading asset flexible management portfolio investment and Highlights hospitality balance project operated strategy team management sheet company under and with supported board premium capacity with platform wi
Slide 25: Appendix
Appendix
Slide 26: Adjusted EBITDA Reconciliation
9MAnnualized Net Interest D&A EBITDA Impairment loss Adjusted (x) Annualized 26 Ended income from related expense $188.9 EBITDA sale 12M Adjusted (loss) oftoof investment adjustment investment Ended 38.8 $208.9 investment attributable $195.3 EBITDA 51.9 09/30/2014 properties—21.0 Equity $233.9 4/3 i
Slide 27: Hotel EBITDA Calculation
9MAnnualized Total (Less): Hotel (x) Annualized 27 Ended Revenues EBITDA Total 12M Hotel hotel adjustment $217.1 $691.1 Ended EBITDA operating $261.9 09/30/2014 $861.1 4/3 Calculation $289.4 expenses 12/31/2013 (443.9) (563.7) (Less): Real estate taxes, personal property taxes and insurance (30.1) (
Slide 28: Pro Forma Debt Balance Reconciliation
30-Sep-2014 Hampton (12.7) Subtotal Plus: Debt (Less): Pro 28 Forma Balance Subsequent Hilton Non-cash Subsequent Pro $(98.1) Inn Debt forma Total Mortgage St. & Adjusted Suites Balance Louis capital events expected Debt Events Baltimore Downtown for Debt Balance –contribution Reconciliation $1,168.
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