Ashford Hospitality Trust Inc · NYSE:AHT
Ashford Hospitality Trust — Barclays Capital 2011 Highland Hospitality Conference Update
22 slides from Ashford Hospitality Trust's conference presentation, Dec 5, 2011
Slide 1: Barclays Capital 2011 Highland Hospitality Conference Update
Exhibit 99.1 Exhibit 99.1 ASHFORD Barclays Highland December Capital Hospitality 2011 HOSPITALITY Conference UpdateTRUST
Slide 2: Safe Harbor
Safe In materially statements. results, These of industry Securities EBITDA terms This 2purchase keeping the Harbor overview are capital forward-looking and and or is non-GAAP and from with Such defined projected sale the markets Exchange isthose the of market for forward-looking any SEC’s as inform
Slide 3: Highland Portfolio
Highland Hilton Marriott 3Hyatt Regency Parsippany Plaza Portfolio San Savannah Renaissance Antonio Ritz-Carlton Boston PalmBack Springs Atlanta Bay The Hilton Westin Melrose Hilton Princeton –Tampa Washington, Renaissance Westshore DCPortsmouth Marriott Renaissance DFW The Nashville Airport Silvers
Slide 4: Highland Transaction Summary
Highland Transformational Primarily Expands Significant 42010 EBITDA Ashford’s Transaction upper-upscale growth flows 28-hotel, potential presence of Summary 18% and$1.3 with luxury in vs.key billion AHT’s affiliate markets full-service acquisition ofmanager 104% (Washington assets and with Remingto
Slide 5: Highland Portfolio: Top Luxury, Urban, Full-Service Markets
Portfolio Top 0.0% 10.0% 20.0% 25% 30.0% 40.0% 50.0% 57% 60.0% 61% 62% 68% 70.0% 72% 76% 75% 80.0% 90.0% 100.0% Luxury Legacy Urban 5Full-Service Highland 25 Markets Ashford / Upper- Upgradevs. Upscale Highland EBITDA Concentration (TTM Q3 ‘11)
Slide 6: Purchase Price Per Key Comparison
PricePurchase 41% $50 35% $244 $158 $269 $100 $150 $200 $250 $300 discount recent $— Peer purchase acquisitions Highland 2007 AHT 2009 Source: 6Purchase Highland to Per peer Current Real to Key Purchase Capital Comparison Avg. Price - Analytics Per Key & company Comparison filings. ($ Thousands)
Slide 7: Replacement Cost Per Key Comparison
Replacement $350,000 $158,000 discount $300,000 Legacy $— $50,000 $100,000 $150,000 $200,000 $233,000 $281,000 $218,000 $250,000 Source: Total 7Highland AHT Estimated towas per replacement Cost key purchased -based per Per a 44% Key cost on forEstimate JP Morgan Research Report
Slide 8: Highland: Improve Operational Goals
Highland When We Improve The Remington 8Our felt also portfolio sales expectation weconfident wanted the Operational forces took had non-brand was over to to was ofthat seriously fill see the the tonearly the Goals significant non-brand managed see portfolio Remington-managed positive neglected 2 do
Slide 9: Highland Portfolio GOP Margin Flow Comparisons
Highland Margin GOP BPS 1st 8.8% <95> 2nd 94.6% 218 Pre-Ashford 3rd 78.6% 9280 Post-Ashford Quarter Quart Quarter Flow Change Portfolio—Year er Over Year Comparisons
Slide 10: Portfolio Performance by Manager
Highland GOP 3rd Remington 93.3% 366 10 Non-Remington 58.7% 199 Quarter Margin FlowPortfolio Change – Performance BPS by Manager
Slide 11: Brand-Managed Portfolio GOP Flow by Month
Highland Brand-managed Brand-Managed GOP Pre-Ashford -80% -47.7% -60% -40% -20% 0% 17.3% 20% 40% 41.9% 36.7% 60% 61.4% 68.6% 69.2% 80% 78.2% 73.9% 100% Post-Ashford 11 TOD Sep-11 Aug-11 Jul-11 Jun-11 May-11 Apr-11 Mar-11 Feb-11 Jan-11 -100% -75.1%FlowPortfolio—GOP Takeover Takeover properties GOP Fl
Slide 12: RevPAR Index Improvement
RevPAR Remington -6.0% -5.2% -5.0% -4.0% -3.0% -1.9% -2.0% -0.7% -1.0% 0.0% 0.2% 0.9% 1.0% 1.4% 2.0% Brand-Managed Total Q2 Q3 12 2011 Highland forRevPAR Remington-managed RevPAR RevPAR Index Index Index Improvement properties is improving sooner than expected and is beginning to more closely match
Slide 13: Highland Portfolio TTM NOI vs Underwriting
Highland Mar $87 $79 $74 $76 $78 $80 $82 $84 $86 $88 Jun Sep Underwriting NOI 13 2011 2011 2011 $ (inTTM TTM NOI Portfolio TTM millions) for is exceeding Mar NOI Net2012 Operating TTM expectations, Incomecurrently at 88% of first 12 months underwriting growth in only six months’ time
Slide 14: Significant Operational Upside Opportunity
Significant 13 If This % 700 70% 75% 80% 85% 90% 95% 100% TTM 2010 2009 2008 2007 60% 65% Opportunity 14 Highland Legacy Highland’s ofbps would Peak Q3 2011 EBITDA Operational equate EBITDA toComparison about was Upside an theadditional same % of$1.40 its peak in share levelprice as ouratlegacy a 12
Slide 15: Key Scheduled Project Capex
Key Scheduled Project Property Budget Completed Hyatt $875,000 Exterior In $1,400,000 Early $1,350,000 Lobby $871,000 Mid-November $8,050,000 Late-November $2,475,000 Early-December Courtyard $3,815,000 Mid-December Hilton $5,781,000 January-February HVAC 66 Ritz-Carlton $2,160,000 Meeting HGI $757,
Slide 16: Case Study: Crowne Plaza Ravinia
Case Financial TOD ADR Occupancy 3.1% RevPAR -4.2% -1.2% 775 GOP Comp 5238% Since Eliminated Banquet Significantly Definite At As 16ofTakeover ofbps 8Study Margin Flow 2011 Growth 11/04/11 takeover, SetBookings and Growth Statistics Rank 6Growth –<21%> catering managerial/supervisory Improvement imp
Slide 17: Case Study: Hyatt Regency Savannah
Case Dramatically Since Asset Eliminated Increased For Financial TOD ADR Occupancy -4.5% RevPAR -0.6% 7-3.9% GOP Comp 167.9% 17bps of the 6Study Margin Flow 2011 Growth takeover, Management Set month Growth Statistics usage Rank 5Growth – supervisory/management Improvement improved Hyatt ofproperty
Slide 18: Case Study: Renaissance Palm Springs
Case Revenue 2011 ADR Occupancy 11.1% 9.3% YTD 21.4% 1,070 RevPAR Comp 3112.4% Improved Despite $20m Implemented Excellent Connected Attractive Achieved Strong Independent Pay Expanded More Cabana 18of per 7Study Fcst Sep Growth Treatment bps renovation Set E-Commerce Sales click great Growth Index
Slide 19: Case Study: Ritz-Carlton Atlanta
Case 2011 ADR Occupancy -1.6% 5.5% YTD 3.8% 1,470 RevPAR Comp 2133.9% ~$20m Renowned The Strong Optimizing Hotel Implemented Revenue 19of property 7Study Fcst Index Growth has bps Set RevPAR revenue renovation Growth Index Statistics management limited Rank Chef Growth –demand was premium Ritz manag
Slide 20: Case Study: Melrose Hotel Washington DC
Case Financial TTM Peak $3.6m NOI $122.45 75.9% Occupancy $161.29 ADR $6.2m Comp 784.7% Significant Last RevPAR Outstanding Over Good Underutilized Planned 20of 7renovation NOI Study sized Q3 curb Set $8.1m Index 2011 Statistics (2007) Rank appeal rooms repositioning –location Melrose street-level d
Slide 21: Highland Transaction Conclusion
Highland We In The Our 21 only purchased have Highland strategic six made Transaction months’ capex portfolio asignificant remarkable time will Conclusion ishelp our off progress portfolio asset realize its peak management inadditional for substantially achieving nearlyupside group half operational
Slide 22: Barclays Capital 2011 Highland Hospitality Conference Update
ASHFORD Barclays Highland December Capital Hospitality 2011 HOSPITALITY Conference UpdateTRUST
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