Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Pebblebrook Hotel Trust | radissonhotelfishermanswha.htm |
| EX-99.1 - EX-99.1 - Pebblebrook Hotel Trust | ex991radissonhotelfisherma.htm |
Hotels Map Marker Rooms Year Opened Radisson Hotel Fisherman’s Wharf 355 1964 Holiday Inn San Francisco Fisherman’s Wharf 1 585 1970 Courtyard San Francisco Fisherman’s Wharf 2 127 1967 Pier 2620 Hotel Fisherman’s Wharf 3 234 1980 Best Western Plus at Fisherman’s Wharf 4 221 1990 Holiday Inn Express & Suites Fisherman’s Wharf 5 252 2001 Hyatt Fisherman’s Wharf 6 313 1990 Sheraton Fisherman’s Wharf 7 531 1975 Total Comp Set (excluding Radisson Hotel) 2,263 Argonaut Hotel (PEB Owned) P 252 2003 Demand Generators: ▪ Tourism: -Fisherman’s Wharf - Ghirardelli Square - Alcatraz - Anchorage Square - PIER 39 - Golden Gate Park - The Cannery - Powell/Mason Cable Car Line ▪ The Moscone Convention Center ▪ Airports: three international airports ▪ Financial Center – Significant amount of multinational corporations in San Francisco ▪ High Technology – San Francisco and Silicon Valley ▪ Biotechnology – World leader in biotech investment ▪ San Francisco has varied environmental demand generators leading to a diverse tourism base: - Pacific Ocean - Mountains - San Francisco Bay - National Parks - Napa Valley Market Highlights: Market Overview: The Nob Hill/Wharf tract has a proven history of strong recovery from market downturns with a RevPAR compounded annual growth rate (CAGR) of 10.7% from 2003 to 2007 and 14.3% from 2009 to 2012 The Nob Hill/Wharf tract’s 84% TTM October occupancy rate is above the market’s all-time historical peak Major west coast gateway market benefitting from fast-growing Asian markets and leisure traveler segment Diverse economic base with strong component of growth industries san francisco, california radisson hotel fisherman’s wharf Competitive Set: This summary information sheet contains certain "forward-looking statements” relating to, among other things, hotel EBITDA and hotel net operating income after capital reserves. The forward-looking statements made are based on our beliefs, assumptions and expectations of future performance, taking into account all information currently available to us. Actual results could differ materially from the forward-looking statements made on this summary information sheet. When we use the words "projected," "expected,” “planned” and "estimated" or other similar expressions, we are identifying forward-looking statements. The forward-looking statements on this summary information sheet are subject to the safe harbor of the Private Securities Litigation Reform Act of 1995. All information on this sheet is as of December 9, 2013. We undertake no duty to update the information to conform to actual results or changes in our expectations. For additional information, please visit our website at www.pebblebrookhotels.com. exterior Property Highlights: 355 guest rooms 20 retail units, totaling 44,000 rentable square feet of premier ground level retail space 1,720 square feet of meeting space in two meeting rooms Unencumbered by brand and management 235 structured parking spaces Outdoor heated swimming pool Newly renovated fitness center Investment Highlights: Strengths Excellent Fisherman’s Wharf location in a key U.S. gateway market Unencumbered by Brand and Management Extremely high barriers to entry Diversified income stream, including stable retail and parking income Significant discount to replacement cost Opportunities Renovation and repositioning to significantly increase ADR No new supply under construction in Fisherman’s Wharf New property manager (Davidson Hotels & Resorts) Proximity to growth from Asia Improved cash flow through Pebblebrook asset management and best practices Estimated Discount to Replacement Cost: 35% - 45% 2013 Forecasted Occupancy: 89% 2013 Forecasted ADR: $184 2014 Estimated Cap Rate (Projected EBITDA)(2): 7.7% - 8.1% 2014 Estimated Cap Rate (Projected NOI)(2): 7.0% - 7.4% (2) Based on previously disclosed forecasted net operating income after capital reserves (“NOI”) and previously disclosed forecasted hotel earnings before interest, taxes, depreciation and amortization (“EBITDA”); includes the negative impacts of Prop 13 property tax reassessment increases, increases in insurance and a negative impact in the fourth quarter from a planned renovation of the hotel. Performance and Valuation Outlook: Property Information: Acquisition Price: $132.0M (Approximately $215K - $230K(1) per room) Location: San Francisco, CA Acquired: December 9, 2013 Rooms: 355 Type: Urban, Upscale Built / Expanded: 1964 / 1999 Last Renovated: 2012 (1) Approximately $50M – $56M of value associated with the 44,000 square feet of rentable retail space; per room estimate is the per room value associated with the hotel based on the aforementioned range. 60% 65% 70% 75% 80% 85% $70 $90 $110 $130 $150 $170 $190 ADR RevPAR Occupancy Prior Peak Occupancy* San Francisco - Nob Hill / Wharf Sub-Market Operating Performance Source: Smith Travel Research * Represents TTM peak occupancy for the San Francisco - Nob Hill / Wharf sub-market in the prior cycle. 2000-2012 ADR CAGR: 1.5% 2000-2012 RevPAR CAGR: 1.7% 4 2 3 1 5 P 7 6