legacy hotel real eastate trust
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Assumption
Revenue Growht rate 7.50%
EBITDA Margin 29.00%
Tax for Trust 0.96%
Terminal GR 2%Property taxes, rent and insurance 7%
Interest Expenses 6.12%
Debt 300,000,000
Advisory Fees 0.40%
Other trust expenses 0.20%
Year 1997 1998 1999 2000
Operating revenues 322,317 343,555 369,322 397,021
EBITDA 93,472 99,631 107,103 115,136
Less: Property taxes, rent and insurance 22,562 24,049 25,853 27,791
Less: Depreciation 12,408 13,040 13,040 13,040
NOI from hotel operations 58,502 62,542 68,211 74,305
Less: Advisory fee 3,412 3,485 3,000 3,000
Less: Other Trust expenses 580 575 739 794
NOI 54,510 58,482 64,472 70,511
Less: Interest Expenses 4,583 18,373 18,373 18,373
EBT 49,927 40,110 46,100 52,138
less : Income Tax Expenses 479 385 443 501
Net Income 49,447 39,725 45,657 51,637Add: Interest expenses after tax 4,539 18,196 18,196 18,196
Add: Depreciation 12,408 13,040 13,040 13,040
Net Cash Flow 66,394 70,961 76,893 82,874
Time 0 1 2 3
Net Cas Flow 66,394 70,961 76,893 82,874
Pv of Cash Flow 64,495 63,518 62,220
Total Trust Value 1,069,204
Less: Debt Servicing 300,000
Net Trust Value 769,204No. of Units 59200
Unit per price 12.99
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Rf Equity Beta
CAPM 5.74% 0.90
Cost Of Equity 10.46%
Cost Of Debt 6.12%
Return After Tax
Cost Of Debt 6.12% 6.07%Cost Of Equity 10.46%
WACC(Unadjusted)
Add: Business Risk Premium
WACC
Net Asset Value 750,000
Purchase price 835,600
Rquired Capital 920,900
2001 2002
426,797 458,807 Equity Beta D/E
123,771 133,054 CHIP REIT (HOT.IR) 0.86 41%
29,876 32,116 Legacy Hotel 0.90 48%
13,040 13,040
80,855 87,898
3,000 3,000
854 918
77,002 83,980
14,225 14,225
62,777 69,755
603 670
62,174 69,08514,088 14,088
13,040 13,040
89,303 96,214 Perpetual
4 5 5
89,303 96,214 1,222,782
60,938 59,671 758,362
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Risk Premium Market Return
5.22% 10.96%
Weight Total
32.58% 1.98%67.42% 7.05%
9.03%
1.00%
10.03%
Assets Beta Tax Rate
0.61 0.96%
0.61 0.96%
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Capital replacement reserve to NI 30.89%
No. of Units 59200
Year 1997 1998 1999 2000
Net Income 49,447 39,725 45,657 51,637
Add: Depreciation 12,408 13,040 13,040 13,040Less: capital replacement reserve 15,274 12,271 14,103 15,951
Distributable Income 46,581 40,494 44,594 48,727
Distributable income per Unit 0.79 0.68 0.75 0.82
Trailing Distributable Imcome per unit 0.79
Leading Distributable Imcome per unit 0.85
REIT prospective yield 8.00%
Trailing Price per unit 9.84
Leading Price per unit 10.58
Average 10.21
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2001 2002
62,174 69,085
13,040 13,04019,206 21,340
56,009 60,785
0.95 1.03
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Net Asset Value for Hotel Portfolio 750,000
less: Debt Issue 300,000
Net Asset Value for RIET 450,000
Number of Unit 59,200
Per unit Value 7.60
NAV Approach
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less: Debt Issue 300,000
Net Asset Value for 450,000
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Purchase price paid now 654800
Purchase price will be paid later 180800
Acqisition of operator 60600
Acquisition cost of Initial Hotel Portfolio 14500
Capex and NWC 10200
Total 920900Debt 300000
Equity 620900
Unit Price Determination
Net Asset Value 7.60
Intrinsic Value(DFCF) 12.99
Yeald Spread 10.21
Trading Value(FFO Multiple) 13.46
TEV/EBITDA Multiple 14.31
Average 11.71
Price Volatility 20%
Upper Limit 14.06
Lower Limit 9.37
Price Range 10.50-14.00
CP Hotel Public Issue Total
Average price 11.71 11.71
Underpricing 10% 6%
Unit Price per share 10.5 11
Number of Unit 19536 39,664 59,200Procced from Issue 205128 436304 641,432
Less: Issue Cost (2%) 14500
Net Procced from Issue 626,932
Required procced 620900
Excess procced 6,032
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Series Years to maturity Amount Coupon rate
1998 1999
1A 3 75000 5.53% 4147.5 4147.5
1B 5 100000 5.93% 5930 5930
1C 7 75000 6.34% 4755 4755
1D 10 50000 7.08% 3540 3540Total 18373 18373
Series Years to maturity Amount Coupon rate Weight total
1A 3 75 5.53% 25% 1.382500%
1B 5 100 5.93% 33% 1.976667%
1C 7 75 6.34% 25% 1.585000%
1D 10 50 7.08% 17% 1.180000%
300 6.22% 6.124167%
Interest rate schedule
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2000 2001 2002
4147.5 0 0
5930 5930 5930
4755 4755 4755
3540 3540 354018373 14225 14225
INTEREST
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($000)
Dec. 31, March 31, June 30, Sept. 30,
1997 1998 1998 1998
Operating revenues 77450 64403 93945 101153
Direct operating expenses 55835 53624 60008 58940
Hotel management fees 2324 1932 2818 3035
Total Operating Expenses 58159 55556 62826 61975
Gross operating profit 19291 8847 31119 39178
Property taxes, rent and insurance 5328 5509 5545 5609
7% 9% 6% 6%
Depreciation 3102 3272 3273 3272
750000
0.44%
Net operating income from hotel operations 10861 66 22301 30297
Advisory fee 853 871 871 871
Other Trust expenses 145 144 144 144
Total Trust expenses 998 1015 1015 1015
Operating income 9863 -949 21286 29282
Interest expense, net 4583 4497 4498 4497
Income (loss) before income taxes 5280 -5446 16788 24785
Income tax expense 84 107 108 107
1.59%
Net income (loss) 5196 -5553 16680 24678
Add: depreciation 3102 3272 3223 3272
Less: capital replacement reserve -3098 -2576 -3758 -4046
Distributable income 5200 -4857 16145 23904
Estimated distribution 5180 10958 10959 10959
Distributable income per Unit .087 -.082 .273 .403
Estimated quarterly distribution per Unit .087 .185 .185 .185
Note:
Exhibit 7
LEGACY HOTELS INVESTMENT TRUST
FORECAST CONSOLIDATED STATEMENTS OF NET INCOME AND DIS
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(1) Capital replacement reserve is a deduction in determining Distributable Income. Based on the Trust acq
Hotel Portfolio. Revenue and operating expenses are based on the current individual budgets of the hotels.
intends to distribute 100 per cent of the Distributable Income in the period covered by the Financial Forecas
\"Distribution Policy.\" Based on 59.2 million Units outstanding.
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Dec. 31, Annual
1998 1998 1994 1995
84054 343555 343555 252976 272965
7%
58464 231036 231036
2522 10307 10307
60986 241343 241343
23068 102212 102212 44912 55233
18% 20%
5492 22155 22155
7% 6% 6%
3273 13090 13090
12.66892
14303 66967 66967
872 3485 3485
143 575 575
1015 4060 4060
13288 62907 62907
4498 17990 1799029%
8790 44917 44917
108 430 430
0.96% 0.96%
8682 44487 44487
3273 13040 13040
-3362 -13742 -13742
8593 43785 43785
10959 43785 43785
.146 .74 .74
.185 .74 .74
TRIBUTABLE INCOME
An
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uiring the Initial
The Trust
t. See
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1996 1997 1998 CS-
297175 322317 343555
8% 8% 6% 7%
231036
10307
241343
66200 83784 102212
22% 26% 30%
21312 22155
7% 6%
12408 13090
50064 66967
3412 3485
580 575
0.18% 0.17%
3992 4060
46072 62907
18332 1799040%
27740 44917
336 430 1.21% 0.96%
1.21% 0.96%
27404 44487
12408 13040
-12392 -13742
20800 43785
20720 43785
0.35 0.74 59200
0.35 0.74 59200
nual Data
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Exhibit 12
SELECTED DATA FOR U.S. REAL ESTATE INVESTMENT TR
Current Funds From Operat
Price Annualized (FFO)/Uni
Company Ticker 9/30/1997 Dist. Yield 1995 1996
American General Hospitality AGT 28.69 $1.71 6.% $1.84 $2.13
Equity Inns, Inc. ENN 15.44 $1.16 7.5% $1.23 $1.22FelCor Suite Hotels, Inc. FCH 40.5 $2.2 5.4% $2.31 $2.65
InnKeepers USA Trust KPA 16.63 $1.04 6.3% $1.03 $1.25
Patriot American Hospitality PAH 31.94 $1.06 3.3% $1.11 $1.53
RFS Hotel Investors Inc. RFS 19.63 $1.44 7.3% $1.65 $1.85
Starwood Lodging Trust (Westin) HOT 55.75 $1.92 3.4% $1.61 $2.13
Winston Hotels WXH 13.38 $.88 6.6% $1.37 $1.5
AVERAGE $1.43 5.7%
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USTS
ions Equity
t FFO Multiple Mkt Cap
1997 1998 1995 1996 1997 1998 (Mil)
$2.43 $2.85 15.59 13.47 11.81 10.07 $486.
$1.5 $1.65 12.55 12.66 10.29 9.36 $510.7$3.3 $3.8 17.53 15.28 12.27 10.66 $1,599.5
$1.45 $1.67 16.15 13.30 11.47 9.96 $649.4
$1.8 $2.45 28.77 20.88 17.74 13.04 $2,370.1
$2.05 $2.24 11.90 10.61 9.58 8.76 $532.6
$2.95 $3.9 34.63 26.17 18.90 14.29 $3.255.6
$1.51 $1.72 9.77 8.92 8.86 7.78 $229.3
18.4x 15.2x 12.6x 10.5x $1,204.1
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Debt Debt
Mkt Cap TEV to 5-year FFO Growth Rate
(Mil) (Mil) TEV Beta 96/95 97/96 98/97
$207.2 $693.2 29.9% .7 15.8% 14.1% 17.3%
$207.8 $718.5 28.9% .48 (0.8)% 23.% 10.%$504.9 $2,104.4 16.8% .6 14.7% 24.5% 15.2%
$100.4 $749.8 13.4% .63 21.4% 16.% 15.2%
$734.5 $3,104.6 23.7% .68 37.8% 17.6% 36.1%
$144.8 $677.4 21.4% .39 12.1% 10.8% 9.3%
$1,350.4 $4,606. 29.3% .66 32.3% 38.5% 32.2%
$63.1 $292.4 21.6% .46 9.5% .7% 13.9%
$414.1 $1,618.3 23.1% .57 17.8% 18.1% 18.6%
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1997E 1998E
70.40% 60.0%
77.3% 67.1%66.7% 57.9%
71.7% 62.7%
58.8% 47.1%
70.2% 64.3%
65.1% 49.2%
58.3% 61.4%
67.3% 58.7%
Dividend/FFO Payout Ratio
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Assumption 1997 1998
Revenue Growht rate 7.50%
EBITDA Margin 27% 25% 29%
Tax for Hotel Business 1%
Tax for Trust 0.96%
Terminal GR 3%Property taxes, rent and insurance 7%
Management Fees 3%
Year 1997 1998
Operating revenues 322,317 343,555
EBITDA 83,784 102,212
Less: Property taxes, rent and insurance 22,562 24,049
Less: Depreciation 12,408 13,040
NOI from hotel operations 48,814 65,123
Less: Advisory fee 3,412 3,485
Less: Other Trust expenses 580 575
NOI 44,822 61,063
Less: Interest Expenses 18,332 17,990
EBT 26,490 43,073
less : Income Tax Expenses 254 414
Net Income 26,236 42,660
Add: Interest expenses after tax 252 410Add: Depreciation 12,408 13,040
Net Cash Flow 38,895 56,109 Perpetual
Time 0 1 1
Net Cas Flow 38,895 56,109 824,013
Pv of Cash Flow 51,002 749,010
Total Trust Value 800,013
Less: Debt Servicing 300,000
net Trust Value 500,013
No. of Units 59200Unit per price 8.45
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Rf Proxy Beta
CAPM 5.74% 0.9
Cost Of Equity 10.44%
Net Asset Value 750,000,000 Cost Of Debt 6.12%
Purchase price 835,600,000 Return After Tax
Rquired Capital 920,900,000 Cost Of Debt 6.12% 6.07%
Cost Of Equity 10.44%WACC
Add: Premium
WACC
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Risk Premium Market Return
5.22% 10.96%
Weight Total
32.58% 1.98%
67.42% 7.04%9.01%
1%
10.01%
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ADJ. Equity
Principal 52 Week Forward Mkt
Property Price High/Low Yield Cap
Type 9/30/1997 ($) (%) Units ($Mil)
CompanyAvista REIT (AVS.IR) Diversified 7.05 7.25/6.55 7.40% 18.16 128
CAP REIT (CAR.IR) Apartment 7.40 7.40/5.90 8.40% 7.97 59
CHIP REIT (HOT.IR) Hotel 9.85 10.40/6.75 8.20% 26.90 265
CPL (CPL.IR) Healthcare 13.35 13.65/5.95 7.80% 12.28 164
CREIT (REF.U) Diversified 14.40 15.25/10.40 7.60% 19.79 285
H&R REIT (HR.U) Office 7.50 8.15/6.20 8.10% 16.53 124
RealFund (RFN.U) Retail 15.65 18.25/14.05 8.40% 17.76 278
RioCan (RIO.U) Retail 19.90 21.00/13.70 8.40% 19.15 381
Summit REIT (SMU.U) Diversified 17.25 18.50/13.55 8.40% 7.25 125
AVERAGE 12.48 8.08%
Legacy Hotel 10.488176 59.2 620.9
Current Funds From Operatio
Price Annualized (FFO)/Uni
Company Ticker 9/30/1997 Dist. Yield
1995 1996Legacy 10.488176 0.35 3%
SELECTED DATA FOR CANADIAN REAL EST
Exhibit 11
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Debt Total Ent.
Mkt Value Debt TEV/ TEV/
Cap (TEV) to 1997 1997 1998 1998 1997
($Mil) ($Mil) TEV EBITDA EBITDA EBITDA EBITDA Dist.
Times ($)73 201 36.3% 11 18.3 25 8.0 N/A
32 91 35.2% 8 11.4 14 6.5 N/A
109 374 29.1% 14 26.7 32 11.7 N/A
98 262 37.4% 15 17.5 33 7.9 1.03
143 428 33.4% 45 9.5 47 9.1 1.04
74 198 37.4% 35 5.7 45 4.4 0.97
134 412 32.5% 42 9.8 41 10.0 1.32
208 589 35.3% 60 9.8 72 8.2 1.53
91 216 42.1% 23 9.4 39 5.5 1.38
35.42% 13 8
300 920.9 33% 81 11 99 9 0.35
ns Equity Debt
t FFO Multiple Mkt Cap Mkt Cap
(Mil) (Mil)
1997 1998 1995 1996 1997 19981.13 1.21 9.278556 8.681233 620.9 300
ATE INVESTMENT TRUSTS
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Est. 1997 Est. 1997
1998 Dist. Tax Dist. Tax MM/
Dist. Deferred Deferred BETA YY Occupancy
($) (%) (%) Est. (%)0.81 68 85 0.48 07/97 94
0.95 100 100 0.87 05/97 97
1.13 N/A 80 0.86 06/97 61
1.34 90 70 0.94 05/97 97
1.09 65 65 0.67 06/96 94
0.93 95 65 0.27 12/95 98
1.32 70 70 0.55 12/95 95
1.68 60 70 0.64 12/95 93
1.45 65 55 0.54 01/96 94
91
0.74
Debt
TEV to 5-year FFO Growth Rate
(Mil) TEV Beta 96/95 97/96 98/97
920.9 33%
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Largest Rental Markets
Greater Toronto, Southern Ontario
Greater Toronto
Alberta, Prairies, Ontario, Quebec, Maritimes
Ontario, Prairies
Ontario, British Columbia, Alberta
Toronto
Ontario, British Columbia, Alberta
Ontario, Alberta, Saskatchewan, New Brunswick
Ontario, Alberta, Nova Scotia, United States
1997E 1998E
Dividend/FFO Payout Ratio
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U. S. Yields
Bank Rate 3.5 Discount Rate 5
Prime Rate 4.75 Prime Rate 8.5Call Loan Average 3.35 Fed. Funds 5.69
1 Month 2.72 1 Month 4.55
3 Month 3.05 3 Month 4.86
6 Month 3.59 6 Month 4.96
1 Year 4.13 1 Year 5.16
2-Year 4.54 2-Year 5.785-Year 5.21 5-Year 5.99
7-Year 5.48 7-Year 6.07
10-Year 5.74 10-Year 6.09
30-Year 6.31 30-Year 6.38
Source: Financial Post, September 30, 1997.
Canadian Yields
Exhibit 10
FINANCIAL MARKET DATA
SEPTEMBER 30, 1997
T-Bills: T-Bills:
Government Bond Yields: Government Bond Yields:
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Estimated Long-Term Canadian Market Risk Premium, Arithmetic Means = 12.20 7.21
Estimated Long-Term Canadian Market Risk Premium, Geometric Means = 10.96 6.72
Estimated Medium-Term Canadian Market Risk Premium, Arithmetic Means = 12.20 7.31
Estimated Medium-Term Canadian Market Risk Premium, Geometric Means = 10.96 6.98
Estimated Short-Term Canadian Market Risk Premium, Arithmetic Means = 12.20 6.49
Estimated Short-Term Canadian Market Risk Premium, Geometric Means = 10.96 6.32
Source: TSE Common Equities CD-ROM.
VolatilityEstimated Legacy Hotels REIT Unit Price Volatility 20%
Canadian Equity Market Annual Risk Premiums January 1950 to December 199
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4.99
4.24
4.41
3.98
5.81
4.64
6
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($000)
Dec. 31, March 31, June 30, Sept. 30,
1997 1998 1998 1998
Operating revenues 77450 64403 93945 101153
Direct operating expenses 55835 53624 60008 58940
Hotel management fees 2324 1932 2818 3035
Total Operating Expenses 58159 55556 62826 61975
Gross operating profit 19291 8847 31119 39178
Gross Margin
EBITDA
EBITDA Margin 0.249077
EBITDA PER UNIT
Property taxes, rent and insurance 5328 5509 5545 5609
Depreciation 3102 3272 3273 3272
Net operating income from hotel operations 10861 66 22301 30297
Advisory fee 853 871 871 871
Other Trust expenses 145 144 144 144
Total Trust expenses 998 1015 1015 1015
Operating income 9863 -949 21286 29282
Interest expense, net 4583 4497 4498 4497
Income (loss) before income taxes 5280 -5446 16788 24785
Income tax expense 84 107 108 107
Net income (loss) 5196 -5553 16680 24678
Add: depreciation 3102 3272 3223 3272
0.463893 -0.2253 -0.16395
Less: capital replacement reserve -3098 -2576 -3758 -4046
Distributable income 5200 -4857 16145 23904
Estimated distribution 5180 10958 10959 10959
Distributable income per Unit .087 -.082 .273 .403
Estimated quarterly distribution per Unit .087 .185 .185 .185
Note:
(1) Capital replacement reserve is a deduction in determining Distributable Income. Based on the Trust acq
Hotel Portfolio. Revenue and operating expenses are based on the current individual budgets of the hotels.
Exhibit 7
LEGACY HOTELS INVESTMENT TRUST
FORECAST CONSOLIDATED STATEMENTS OF NET INCOME AND DIS
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intends to distribute 100 per cent of the Distributable Income in the period covered by the Financial Forecas
\"Distribution Policy.\" Based on 59.2 million Units outstanding.
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Dec. 31, Annual
1998 1998 1994 1995
84054 343555 343555 252976 272965
7%
58464 231036 231036
2522 10307 10307
60986 241343 241343
23068 102212 102212 44912 55233
43564.64 53576.01
5492 22155 22155
3273 13090 13090
14303 66967 66967
872 3485 3485
143 575 575
1015 4060 4060
13288 62907 62907
4498 17990 17990
8790 44917 44917
108 430 430
8682 44487 44487
3273 13040 13040
-0.38724 -0.3089 -0.308899229
-3362 -13742 -13742
8593 43785 43785
10959 43785 43785
.146 .74 .74
.185 .74 .74
uiring the Initial
The Trust
TRIBUTABLE INCOME
An
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t. See
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1996 1997 1998 CS-
297175 322317 343555
8% 8% 6% 7%
231036
10307
241343
66200 83784 102212
26% 30%
64214 81270.48 99145.64
25% 29%
1.37 1.67
21312 22155
12408 13090
50064 66967
3412 3485
580 575
3992 4060
46072 62907
18332 17990
27740 44917
336 430 1.21% 0.96%
27404 44487
12408 13040
-12392 -13742
20800 43785
20720 43785
0.35 0.74 59200
0.35 0.74 59200
nual Data
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Location
1 Vancouver, BC2 Vancouver, BC
3 Calgary, AB
4 Calgary, AB
5 Edmonton, AB
6 Toronto, ON
7 Ottawa, ON
8 Montral, QC
9 Charlottetown, PEI
10 Halifax, NS
11 Moncton, NB
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Property Year Built
(Year of Major
Renovations)
Hotel Vancouver 1939 (1996)Waterfront Centre Hotel 1991
Calgary Airport Hotel 1979 (1989/1990) 1979(1989/1990)
The Palliser 1914 (1990/1991)
Hotel Macdonald 1915 (1991)
Royal York 1929 (1990/1991)
Chteau Laurier 1912 (1991)
The Queen Elizabeth 1958 (1990/1991)
The Prince Edward 1984 (1995)
Hotel Halifax 1975 (1989/1990)
Hotel Beausjour 1972 (1996)
INITIAL HOTEL PORTFOLIO
Notes:
(1) Total revenues for the 12 months ended December 31, 1996.
(2) Average daily rate for the 12 months ended December 31, 1996.
(3) Average occupancy for the 12 months ended December 31, 1996.
(4) Leasehold interest.
SELECTED INFORMATION CONCERNING THE INITIAL HOT
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Total ADR, Occupancy,
Number of Guest Room Revenues, 1,996. 1,996.
1,996. ($) (%)
($ millions)
550 38.2 146.32 80489 32.6 156.41 81.5
296 13.1 99.25 78.7
405 22.7 125.65 70.4
198 11.5 114.36 70.6
1365 75.3 117.5 75.1
425 28.9 124.2 75.5
1020 48.3 115.74 66.7
211 8.4 107.87 57
300 8.8 86.33 65.5
310 9.4 80.52 63.3
5569 297 116 71
EL PORTFOLIO
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Exhibit 6
1994 1995 1996 1997
Occupancy 69.3% 72.1% 72.3% N/A
ADR $103.27 $109.29 $120.71 N/A
RevPAR $71.53 $78.82 $87.3 N/A
Total Revenue (thousands) $252,976. $272,965. $297,175. $244,867.
Net operating income before depreciation, interest $44,912. $55,233. $66,200. $64,492.
and income and capital taxes (EBITDA) (thousands)
EBITDA Margin 17.8% 20.2% 22.3% 26.3%
Increase 1994 - 1995 1995 - 1996
Occupancy (percentage points) 2.8 .2
ADR 5.8% 10.4%
RevPAR 10.2% 10.8%
Total Revenue 7.9% 8.%
EBITDA 23.% 19.9%
EBITDA Margin (percentage points) 2.4 2.1
KEY FINANCIAL AND OPERATING STATISTICS FOR THE INITIAL HOTEL PORTFOLIO
(1) The Initial Hotel Portfolio was operated by Canadian Pacific Hotels as 100 per cent-owned or leased hotelsaccordingly the Portfolio EBITDA figures do not reflect the deduction of management fees.
Note:
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