FibraHotel day 2013

Transcription

FibraHotel day 2013

FibraHotel
Day 2014
November 20, 2014
@FibraHotel
Disclaimer
This presentation has been prepared by FibraHotel (or the
“Trust”) for informational and discussion purposes. It
does not constitute or form part of any offer or
invitation to sell or issue, or any solicitation of any offer
to purchase or subscribe for, any Certificados Bursátiles
Fiduciarios Inmobiliarios (or the “CBFI”) in the Trust, nor
shall any part of it nor the fact of its dissemination form
part of or be relied on in connection with any contract or
investment decision relating thereto. Any such offering
may be made only by an offering memorandum and the
information contained herein will be superseded in its
entirety by such offering memorandum in final form.
This presentation does not contain all the information
you should consider before investing in CBFIs of the Trust
and no representation or warranty, express or implied, is
made by any party as to the accuracy, fairness,
completeness or materiality of the information furnished
in this presentation, which remains subject to
verification, completion and change without notice.
Investors should review the offering memorandum
(including the information therein as to risks) prior to
making an investment decision and should rely only on
the information contained in the offering memorandum.
The Trust has not authorized anyone to provide you with
information different from that contained in the offering
memorandum.
The securities mentioned in this document have not been
registered under the U.S. Securities Act of 1933, as amended
(the “Securities Act”), and may not be offered or sold in the
United States absent registration or exemption from
registration under the Securities Act.
The information in this presentation includes forwardlooking statements which are based on current expectations,
beliefs, and predictions about future events. These forward
looking statements are subject to known and unknown risks,
uncertainties and assumptions about the Trust, its prospects
and the economic environment in which it operates that may
prove to be incorrect. Accordingly, the events described in
such forward-looking statements may not occur and the
Trust’s objectives may not be realized.
By attending this presentation you agree to be bound by the
foregoing limitations and not to distribute, disclose or
provide any information discussed today to any other
person.
2
FibraHotel day 2014 objectives
1
Continue leading investor communication, transparency and corporate
governance
• Yearly investor day event to overview results and strategy
2
Business plan execution
• Fully committed with clear pipeline
• Continue diversifying our portfolio of leading business hotels in Mexico with new
operators, brands, cities and segments
• Developments have been delivered in time and on budget
3
FibraHotel´s strategy
• Disciplined cash deployment to maximize dividend per certificate in the long term
• Overview of near-term and long-term growth expectations
• Asset management to maximize cash-flow
4
Review of financial results
3
FibraHotel in November 2012 – hotel growth
4
5
6
FibraHotel in November 2012 – brand and operator growth
7
8
9
Overview of 2014
Execution
2014: Fully committed cash on hand, invested >Ps.2.5bn and added a new operating partner
Cash deployment
Developments on time
and budget
Growth
Strategic partnerships
Diversification
Operations
• Announced 15 new developments with 1,981 rooms and an investment of ~Ps. 2.0bn
• Opened 4 hotels with 306 rooms on time and budget
• New operator - partnership with Sheraton to operate FIHO hotels in Mexico
• Development agreement with Grupo Favier and Grupo Plan

•
• Addition of extended-stay and full service hotels to complement segments
• New states such as Baja California, San Luis Potosi, Veracruz
Added Starwood´s international brands to portfolio

• Same store ADR growth in 9mo 2014 y-o-y of 3.9%
• Same store RevPAR growth in 9mo 2014 y-o-y of 2.5%
Management team and
information systems

• Efficient team in place to manage 100 hotels
• Integrated systems with all operators. Conectum systems platform (Oracle)
Asset management and
margin expansion


• Focus on same store managed hotels operating margin (40 bps improvement y-o-y)
• Increased ancillary rents (celular towers, etc.) ~10% y-o-y
Organic growth
Distributions
Note:


• In 2014 to date, 12 hotels with 1,715 rooms acquired for a total investment of Ps. 1.7bn
• ~Ps 500mm invested in developments during the year
• Signed additional Ps. 1,000mm credit line agreement for firepower
Company estimates
• To date in 2014 Ps. 0.63 per CBFI in distributions
10
Overview of recent announcements
1
2
Development of a select-service hotel in Guadalajara. The 189-room hotel
will be located inside the iconic mixed-use project Torre Americas 1500.
Total investment of Ps. 246mm – October 21, 2014
Development of the 144-room limited-service One Perisur hotel. Located
adjacent to Fiesta Inn Perisur hotel in Mexico City. Total investment with
Courtyard Toreo of Ps. 285mm – October 22, 2014
3
Development of the 130-room select-service Courtyard Toreo hotel in
Mexico City. Total investment with One Perisur of Ps. 285mm – October
22, 2014
4
Agreement with Grupo Plan and Grupo Favier to acquire five Aloft hotels
to be developed over the next 24 months and delivered turn-key. The
hotels will have between 140 and 170 rooms and could represent a total
investment of over Ps. 900.0 million - October 28, 2014
11
Overview of recent announcements (cont´d)
5
Development of a 175 room select-service hotel in the mixed use project
Antea Lifestyle Queretaro. The hotel will be an AC by Marriott and will be
operated by Marriott International and will open in by the end of 2015.
Total investment of Ps. 212mm – October 31, 2014
6
Opening of two hotels in Monclova, the 66-room One
Monclova and the 37-room Fiesta Inn Lofts Monclova, on time
and below budget - November 4, 2014
7
Opening of the 50-room extended-stay Fiesta Inn Lofts
Queretaro hotel on time and budget - November 14, 2014
8
Acquisition of the 229-room full-service Sheraton Ambassador Monterrey
hotel from Starwood for US$13.5mm (including full renovation). Announced
partnership with Starwood including the 5 Favier/Plan hotels to be Aloft and
operated by Starwood - November 18, 2014
12
Overview of recent announcements (cont´d)
9
Announces international brands in three hotels. The 139-room limited
service Saltillo hotel currently in repositioning to be a Fairfield Inn &
Suites, the 189-room select-service Torre Americas 1500 hotel to be an AC
by Marriott and the 130-room select-service Toreo hotel to be a Courtyard
by Marriott – November 18, 2014
10
Acquisition of the 60-room full-service boutique Cacao hotel in
Playa del Carmen for US$15.0mm (plus a potential earn-out). The
hotel recently opened for operations and represents a strategic
investment in a boutique hotel in Mexico - November 19, 2014
11
Development of a 125-room select-service hotel in the mixed use
project Paseo Los Mochis. The hotel will be a Fiesta Inn and will be
operated by Grupo Posadas and will open in by the end of 2015. Total
investment of Ps. 112.5mm – November 20, 2014
13
Cash committed 100%
Clear pipeline with cash on hand fully committed
Additional
acquisitions
13 hotels
1,870 rooms
9 hotels
1,369 rooms
14 hotels
1,714 rooms
86 hotels
11,933 rooms
73 hotels
10,063 rooms
64 hotels
8,694 rooms
49 hotels
6,962rooms
+
Q3
Development
portfolio
49 hotels
6,962rooms
Devel.
Operat.
Q3
Operating
portfolio
Cash of
~Ps. 3.1bn
Note:
=
FibraHotel
Q3 Portfolio
+
Announced
transactions
=
FibraHotel
current
Portfolio
+
Commitments
by year end
=
FibraHotel
pro-forma
Portfolio
49 hotels
6,962rooms
2 hotels
289 rooms
54 hotels1
7,404 rooms1
2 hotels
280 rooms
56 hotels
7,684 rooms
14 hotels
1,714 rooms
15 hotels
1,732 rooms
7 hotels
1,080 rooms
19 hotels
2,659 rooms
11 hotels
1,590 rooms
30 hotels
4,249 rooms
Investment of
~(Ps. 1.3bn)
PF cash of
~Ps. 1.9bn
Investment of
~(Ps. 1.6bn)
PF cash of
~Ps. 0.2 bn
Investment of
~(Ps. 2.2bn)
PF net debt of
~Ps. 2.0bn
Company estimates. Current portfolio includes the opening of three hotels after Q3 2014; 1 Includes the opening of the Monclova hotels and the FI Lofts Queretaro.
14
Execution based on core tenets
Invest in a disciplined manner
Solid balance sheet to
take advantage of
market opportunities
Quality of assets
demonstrated in operating
indicators above market
Asset management.
Working with operators
to maximize property
level cash flows
Open architecture to work
with the best available
operator and brand
15
Discipline in cap rates and replacement costs
FibraHotel transactions
In itial portfolio
Total portafolio inicial FibraHotel
Acq u isition date
Addition al acq u isition s
FIHO acquisitions in 2013
Fiesta Americana Aguascalientes
Fiesta Inn Xalapa
One Xalapa
Fiesta Inn Cd Obregon
Fussion 5 Leon (Gamma)
Gamma Valle Grande Cd Obregon
Fairfield Inn Los Cabos
Fiesta Inn San Luis Oriente
Gamma Lausana Tijuana
Microtel Saltillo (to be repositioned)
Sheraton Ambassador Monterrey
Cacao Playa del Carmen
Acq u isition date
Category
Dec 2012 / Feb 2013
05/07/1905
15/01/2014
27/03/2014
27/03/2014
07/04/2014
16/05/2014
30/05/2014
20/06/2014
21/07/2014
24/07/2014
25/09/2014
17/11/2014
19/11/2014
In vestmen t ( Ps. mm)
3,671,814
# rooms
Price / key ( Ps. )
4,242
# rooms
865,585
Price / key ( Ps. )
882,647
227,329
140,917
80,000
148,000
120,000
110,000
110,000
126,000
120,000
112,000
182,250
202,500
1,024
192
119
126
141
165
135
128
140
140
140
229
60
861,960
1,184,003
1,184,178
634,921
1,049,645
727,273
814,815
859,375
900,000
857,143
800,000
795,852
3,375,000
Su b -total acq u isition s
2, 56 1, 6 43
2, 739
9 35, 247
F ib raHotel total portfolio
6 , 233, 456
6,981
8 9 2, 9 17
full-service
select-service
limited-service
select-service
select-service
select-service
limited-service
select-service
select-service
limited-service
full-service
Boutique / full-service
Other market announced transactions
Acq u isition s an n ou n ced in 2013 an d 2014 to date
Hilton Centro Historico
Jun 2013
Marriott Puebla
Jul 2013
Mexico Plaza Irapuato
Aug 2013
Camino Real Guanajuato
Aug 2013
Holiday Inn Coyoacan
Dec 2013
Melia Reforma Ciudad de Mexico
Dec 2013
Mexico Plaza Leon
Jan 2014
Mexico Plaza Celaya
Jan 2014
Aloft Guadalajara
Jan 2014
Holida Inn Tampico Altamira
Mar 2014
Mexico Plaza Silao
May 2014
Microtel hotels
Sep 2014
Crown Plaza Monterrey Airport
Sep 2014
Market tran saction average
full-service
full-service
limited-service
full-service
full-service
full-service
limited-service
limited-service
select-service
select-service
limited-service
limited-service
full-service
1
1,170,000
370,000
102,590
230,000
381,000
910,000
156,900
139,000
220,000
110,800
87,500
432,000
358,000
4, 6 6 7, 79 0
# rooms
Price / key ( Ps. )
458
192
102
105
214
489
126
150
142
98
143
667
219
3, 105
2,554,585
1,927,083
1,005,784
2,190,476
1,780,374
1,860,941
1,245,238
926,667
1,549,296
1,130,612
611,888
647,676
1,634,703
1, 503, 314
Continue investing at the right cost. FIHO´s Interests are aligned with investors
(1)
Estimated investment based on public disclosure including acquisition fees
16
Discipline in cap rates and replacement costs (cont´d)
FibraHotel announced developments
F ib raHotel developmen ts
Fiesta Inn Lofts / One Monclova
Category
1
# rooms
Price / key ( Ps. )
limited-service / ext. stay
80,000
103
776,699
Fiesta Inn Lofts Queretaro
extended stay
45,000
50
900,000
Microtel Saltillo (reposicionamiento)
limited-service
115,000
139
827,338
Fairfield Inn & Suites Villahermosa
limited-service
110,000
134
820,896
Courtyard Ciudad del Carmen
select-service
Fiesta Inn Lofts Ciudad del Carmen
extended stay
One Perisur
limited-service
Toreo servicios selectos
select-service
Fiesta Americana Grand Monterrey
full-service
255,000
130
1,003,937
124
285,000
144
1,040,146
130
600,000
180
2,654,867
Live Aqua Monterrey
Boutique / full-service
Torre Americas 1500
select-service
Courtyard Vallejo
select-service
Fairfield Inn & Suites Vallejo
limited-service
AC Antea Queretaro
select-service
212,000
175
1,211,429
Fiesta Inn Los Mochis
select-service
112,500
125
900,000
Negociacion con Plan/Favier
select-service
900,000
780
1,153,846
F ib raHotel developmen ts
46
246,000
230,000
189
121
1,301,587
938,776
124
3, 19 0, 500
2, 6 9 4
1, 18 4, 29 8
Development at the right prices as core strength
17
Note:
Company estimates
Takeaways and 2015 Path
1
Cash fully committed. Strong room growth in the near-future
2
Diversification as a core strength of the Fibra
3
Development continues to be a core focus
4
Organic growth - focus on increasing ADR and operating margins
• Development hotels to represent an important driver of 2015 and 2016 growth
• Continue to be active in acquisitions. We have an attractive pipeline of opportunities
• Available credit lines for short-term growth
• Open architecture as core tenet. Added leading international operator and brands
• Presence throughout the country to get full economic exposure
• Continue to focus on select-service. Selectively add full-service, boutique and extended stay segments
• Mixed-use projects with high quality developers (Vallejo, Torre Americas 1500, Trebol Monterrey)
• Expected tail-winds from an improved Mexican economy in 2015
• Optimize results with hotel campuses (such as Queretaro, Monclova, Xalapa). Better customer
segmentation, cost sharing, ability to service groups, etc.
• Asset management to increase profitability at hotel level
18
Developments and key strategic partnerships
1
Development is a core focus and strength of FibraHotel
• Access to markets with lack of supply with investment discipline
• Ability to grow with international brands in unique mixed use projects
2
We continue to grow through strategic partnerships
• Partnership with Grupo Plan and Grupo Favier for 5 Aloft hotels in Mexico
• Partnership to grow Starwood hotels in Mexico
• Currently negotiating a partnership with a leading shopping mall developer to acquire
eight hotel pads in leading shopping centers (existing and new)
3
Expertise to minimize development considerations
• Understand and supervise the development process, from planning and land acquisition
to hotel opening
• Local contacts and real estate know-how to achieve results
• Strong focus on project cost and efficiencies
• Leading execution team focusing on structuring and supervision
19
Development continues to be a core focus
Access to selected markets with higher returns, international brands and new hotels
Why development?
 Business lodging in Mexico is a growth market currently
offering attractive development opportunities and
returns
 Prime assets in strategic locations and unique mixed-use
projects
 Proprietary deal flow - access to best real estate
projects
Development characteristics
Criteria for development
 Prime assets in unique projects
 At least ~150-200bps higher return than acquisitions
 All projects are bid out to third parties with FIHO
supervising the process
 Maintains price discipline
 20 year development expertise – the cost is right
 Access highly dynamic cities at the right price
Considerations
 Balance portfolio with new assets
 Ability to build efficiencies to maximize returns and
 Preference of acquisitions vs. developments
 Develop in locations difficult to penetrate through
acquisitions (i.e. Villahermosa)
margins
 After permits and licenses, proper construction time
of 9-15 months and ramp-up of 12-18 months
 Growth with international brands
20
Development partnership with Grupo Plan/Favier
Agreement with Grupo Plan and Grupo Favier to acquire five Aloft hotels
• Five Aloft hotels turn-key with ~780 rooms and a total investment of ~Ps. 900mm
• Two hotels have permits and licenses and are expected to begin
construction in 2014. The remainder is expected to begin construction
during 2015
• Partner with well-known developers with extensive hotel experience including
projects such as the W hotel Mexico City, the Aloft Guadalajara hotel, the Torre
Americas 1500 project (FibraHotel recently acquired the hotel component) and
the Haciendas among others
• Agreement expected to be FIHO´s developer of Aloft hotels in Mexico
• The Aloft brand provides a select-service brand with a style designed to
accommodate today’s trends and the lifestyle of tomorrow’s traveler.
21
Starwood as new operating partner to FibraHotel
Partnership with Starwood to collaborate on hotels in Mexico
General agreement for FibraHotel to develop, acquire or convert hotels to be operated by Starwood under their
international brands with a long-term management agreements
• Agreement anchored by (i) five hotel deal with Grupo Favier/Grupo Plan; (ii) Sale by Starwood to FibraHotel of
the Sheraton Ambassador Monterrey hotel (closed November 14 2014)
• Second partnership with an international operator looking to grow their presence in the country with a
recognized partner
22
Overview of development process
1
• FIHO strategic growth plan. Site monitoring in target markets
• Strategic relationships with developers
2
• Independent third party market study
• Technical committee authorization
• Land acquisition &/or development agreement
3
• Design: segment, number of rooms, room-mix, amenities
• Detailed budget and operator/brand estimates
• Brand and operator decision. Maximize the value of the property
4
• Licenses and permits (time dependent on location)
• Development bidding process with third parties
5
6
7
• Hotel construction. Between 9 and 18 months
• Hotel opening and delivery to operator
• Stabilization period. Between 12 and 24 months depending on the location
23
FibraHotel´s development pipeline
24
FibraHotel´s development pipeline
Solid progress on development pipeline execution to date on time and budget
Overview of FibraHotel developments
Hotel Name
Total
rooms
Opening
Cash Investment (Ps. mm)
Under
Total
Remaining constructio
Q1
2015
Q2
Q3
Q4
Q1
2016
Q2
Q3
Q4
1
Microtel Saltillo (full repositioning)
139
Q1/2 2015
58.0
58.0

103
139
139
139
139
139
139
139
2
134
Q3 2015
110.0
96.9

0
0
134
134
134
134
134
134
3
130
4
124
Q3 2015
255.0
205.8
0
0
254
254
254
254
254
254
5
One Perisur
144
Q3 2015

0
0
144
144
144
144
144
144
6
130
Q4 2015

0
0
0
130
130
130
130
130
7
180
8
Live Aqua Monterrey
46
0
0
0
226
226
226
226
226
9
Torre Americas 1500
189
Q4 2015
246.0
111.0

0
0
0
189
189
189
189
189
10
AC Antea
175
Q4 2015
212.0
212.0

0
0
0
175
175
175
175
175
11
125
Q4 2015
112.5
112.5

0
0
0
125
125
125
125
125
12
Courtyard Via Vallejo
121
13
Fairfield Inn & SuitesVia Vallejo
124
Q1 2016
230.0
193.5
0
0
0
0
245
245
245
245
14
Hotel en Toluca Tollocan
100
TBD
TBD
TBD

0
0
0
0
0
100
100
100
15-19
5 Aloft Hotels Favier/Plan
780
2015/2016
900.0
900.0

0
0
0
336
480
480
780
780
3,009
2,403
103
139
19
FIHO´s development portfolio 2,641


Q4 2015
285.0
600.0
165.5
348.0




671 1,852
2,241 2,341 2,641 2,641
25
Note:
Company estimates
Fairfield Inn & Suites Saltillo
Fairfield Inn & Suites Saltillo (previously Microtel Saltillo)
 Full repositioning and expansion of a Microtel hotel
 Opening of 103 rooms and refurbished public areas on Q1 2015,
new tower with 36 rooms on Q2 2015
 Model room in process
 Refurbishing and expanding public areas
 Redeveloping rooms with new furniture, bathroom and AC
 Second hotel to be operated by Marriott (first conversion)
Project overview







Investment: Ps. 58mm
Opening:Q1/2 2015
Region: Northwest
Rooms: 139
Brand(s): Fairfield Inn & Suites
Segment: limited-services
Operator: Marriott International
26
 Construction and foundation preparations in progress
 Permits and licenses obtained and construction started
 Given Villahermosa terrain, 24 pillars ~30 meters deep are
required
 First new-build Fairfield Inn & Suites by FIHO to serve as
prototype
Project overview







Opening:Q4 2015
Region: South
Rooms: 134
Brand(s): Fairfield Inn & Suites
Segment: limited-services
27
Courtyard and Fiesta Inn Lofts Ciudad del Carmen
Courtyard and Fiesta Inn Lofts Ciudad del Carmen
 Currently building foundations of the hotel, with most of the pillars
finished
 Structure to start rising in December with delivery by February 2015
 Side-by-side hotels are expected to maximize property returns
Project overview







Opening:Q3 2015
Region: South
Rooms: 245
Brand(s): Courtyard / Fiesta Inn Lofts
Segment: select-service/extended stay
Operators: Marriott International and
Grupo Posadas
28
One Perisur
One Perisur
 Currently building foundations of the hotel, with the pillars
finished and pouring the first floor
 Structure started rising in November with delivery by January 2015
 Ahead of time, with potential opening Q2 or Q3 2015
 Will help Fiesta Inn optimize rate and groups
Project overview
 Investment: Ps. 285mm (including
Toreo)
 Opening:Q4 2015
 Region: Center (Mexico City)
 Rooms: 144
 Brand(s): One Hotels
 Segment: limited-service
 Operator: and Grupo Posadas
29
AC by Marriott Torre Americas 1500
AC by Marriott Torre Americas 1500
 Construction is currently under way with the foundations
finished and cement poured in the parking floors and several
hotel floors
 FIHO to receive the structure finished for all the hotel levels
by February/March 2015
Project overview







Opening:Q4 2015
Region: Center
Rooms: 189
Brand(s): AC by Marriott
Segment: select-service lifestyle
30
Trebol Monterrey – FA Grand and Live Aqua
Trebol Monterrey – FA Grand and Live Aqua
Project overview
 Construction is currently under way with the foundations
finished, and the structure of 11 hotel floors finished
 Model room in progress
 FIHO to receive the structure finished for all the hotel levels
by February/March 2015
 Studying the possibility of growing 2 floors in the Aqua hotel
Opening:Q4 2015
Region: Northeast
Rooms: 180 + 46
Brand(s): Fiesta Americana Grand
and Live Aqua
 Segment: full-service / boutique
 Operator: Grupo Posadas





AZOTEA
NIVEL 23
NIVEL 22
NIVEL 21
NIVEL 20
NIVEL 19
NIVEL 18
NIVEL 17
NIVEL 16
NIVEL 15
NIVEL 14
NIVEL 12
NIVEL 11
NIVEL 10
NIVEL 9
NIVEL 8
NIVEL 7
NIVEL 6
NIVEL 5
AMENIDADES
PLANTA LIBRE
PLANTA ALTA
PLANTA BAJA
31
AC by Marriott Antea Queretaro
AC by Marriott Antea Queretaro
 The land is currently being prepared to begin foundations
 Product, rooms and brand defined
 Second AC by Marriott hotel and first property that can serve
as a prototype
 Permits and licenses in process
 Synergies with other potential developments near-by
Project overview







Opening:Q4 2015
Region: Center-Bajio
Rooms: 175
Brand(s): AC by Marriott
Segment: select-service lifestyle
32
Via Vallejo (Fairfield Inn & Suites and Courtyard)
Via Vallejo (Fairfield Inn & Suites and Courtyard)
 The site is currently being prepared, undergoing excavations
and foundation preparations for the shopping center
 Water tanks for the hotel in process
 Hotels to be developed in the same building and above the
shopping center (solution for column displacement found)
 Project acquired by Fibra Danhos. Delayed a quarter from
FIHO´s initial expectations
Project overview
Opening:1H 2016
Region: Center (Mexico City)
Rooms: 225
Brands: Courtyard/Fairfield Inn & Suites
Segment: limited-service and selectservice
 Operator: Marriott International






33
Development case study – Hotel cluster in Monclova
Investment criteria
1 year ago
 Strategic location
 Adjacent to the leading Monclova hotel
 Campus to maximize returns (also in Puebla and Queretaro)
 Adequate price and return
 Land purchased for 10x the ballroom´s cash flow
 New hotel to have synergies and share areas with the new
tower
Today
 Hotels: 1
 Hotels: 2
 Rooms: 96. Extended-stay
 Rooms: 103; 37 extended
stay and 66 limited-service
 Budget: 80mm (ex-ballroom)
 Opening: Q4 2014
 Status: Announced
 Budget: <80mm (including
renovation of public areas)
 Opening: Nov 4, 2014
 Status: Operating
 High quality and unique assets
 New extended-stay rooms will improve asset perception,
quality and segmentation
 Portfolio diversification
 Market with need for extended stay product offering
Hotel campus




Fiesta Inn Monclova
Salon Fundicion ballroom
Fiesta Inn Lofts Monclova
One Monclova
Pictures of the development
FI Public areas
34
Development case study – AC Torre Americas 1500
Investment criteria
 Business district of Guadalajara, the third largest city in
Mexico
 Inside mixed-use project Torre Americas 1500
 Attractive lifestyle segment for business district
 Price per key <US$100,000
 Inside the 24-floor Sordo Madaleno LEED certified project,
including, ~2,000 square meters of retail area, ~14,300 square
meters of AAA offices and a hotel
Hotel overview and strategic rationale
 189-room select-service lifestyle hotel located in
business district in Guadalajara, Jalisco
 AC by Marriott hotel operated by Marriott
International. Looking to obtain attractive rates
with this segment category
 Budget of Ps. $246mm (Ps. $1.3mm per key)
 Acquired the structure finished from Grupo Favier.
Interiors and FF&E will be subcontracted through a
bidding process
 Opening in Q4 2015
 Expand AC by Marriott brand and presence in Guadalajara
 Started long-term relationship with quality developer
Pictures of the development
Hotel location
35
Select Service lifestyle brands
36
Overview of 2014 acquisitions
During 2014 we have added 12 properties with over 1,700 rooms with an investment of Ps.
1,700mm through a mix of stabilized properties and conversion of independent hotels
Overview of FibraHotel´s 2014 acquisitions
Hotel Name
Rooms
Investment
(Ps. mm)
Contribution to results
Q1´14 Q2´14 Q3´14 Q4´14 Q1´15 Stab.
Comments
1
Fiesta Americana Aguascalientes
192
227.3
160
192
192
192
192
192
Stabilized hotel
2
Fiesta Inn Xalapa
119
140.9
0
119
119
119
119
119
Stabilized hotel
3
One Xalapa
126
80.0
0
118
118
126
126
126
18 room expansion in Oct
4
Fiesta Inn Cd Obregon
141
148.0
0
123
123
123
141
141
18 room expansion in Dec
5
Fussion 5 Leon (Gamma)
165
120.0
0
0
55
110
165
165
Reconversion by YE 2014
6
Gamma Valle Grande Cd Obregon
135
110.0
0
0
45
90
135
135
Reconversion by YE 2014
7
Fairfield Inn Los Cabos
128
110.0
0
0
0
128
128
128
Hurricane impact. First Marriott
hotel. Re-opening Nov 2014
8
140
126.0
0
0
98
140
140
140
Stabilized. Leased during transition
9
Gamma Lausana Tijuana
140
120.0
0
0
0
70
140
140
Reconversion by Q4 2014
10
Microtel Saltillo (to be repositioned) 139
112.0
0
0
0
0
35
139
Repositioning. Open Q1/2´15
11
Sheraton Ambassador Monterrey
229
182.3
0
0
0
115
152.7
229
Stabilized with full remodelation
in ´15. First Starwood hotel
12
60
202.5
0
0
0
20
30
60
In ramp-up
12
2014 hotel acquisitions
160
552
1,714
$1,679.0
750 1,233 1,504 1,714
37
Acquisition case study – Fiesta Inn San Luis Oriente
Name
Operator
Posadas
No. of
rooms
140
Category
Location
select-service San Luis Potosi, SLP
Investment criteria
 In the industrial corridor of San Luis Potosi, close to the main
manufacturing plants
 10% LTM cap rate; Above that with the change to FIHO´s
management agreement and asset management
 Price per key of Ps. 893k
 Stabilized and well positioned hotel in San Luis Potosi, where on
top of existing demand, important new investment is expected
Investment
Total
Per key
(Ps. mm)
(Ps.000´s)
$125.0
$893
LTM cap
rate
10.0%
 140-room select-service hotel in San Luis Potosi, SLP
 The hotel has a lease with Posadas, we received lease
income during the two month transition period. After
transition period, hotel changed to a traditional
management agreement
 Price per key of ~Ps. 893k and cap rate above 10%
 Adds presence in San Luis Potosi, an important industrial
city with strong growth expected, including the
announcement of a US$1bn investment by BMW on a
manufacturing plant with capacity for 150k cars a year
 Adds presence in San Luis Potosi
Hotel pictures
Location in San Luis
38
Acquisition case study – Repositioning of Gamma Leon
Name
Gamma Leon
Operator
Grupo Posadas
No. of
Category
Location
rooms
165 limited-service Leon, Guanajuato
Investment criteria
 Acquired for Ps. 730k per key after repositioning
 In the entrance to Leon, a strategic city in the Bajio region
 Close to FIHO´s Fiesta Inn and also serving the Bajio airport, the
Guanajuato in-land port and the Silao area
 165-room limited-service hotel in Leon Guanajuato
 Acquired by FibraHotel in May 22, 2014 for Ps. 104mm (Ps.
630k per key)
 Converted from the independent Fussion 5 to the Gama by
Fiesta Inn Leon with a budget of Ps. 16mm
 Hotel did not close during repositioning. Currently in ramp-
 Well-built hotel with design opportunities. Attractive room size
for a limited-service hotel
 Conversion of an independent hotel into the Gamma brand
Fussion 5 Leon
Investment
Total
Per key
(Ps. mm)
(Ps.000´s)
$120.0
$727
up stage with new operator and expected to fully
contribute to results by the first quarter of 2015
 During the first month after acquisition the hotel had >15%
occupancy, by October occupancy was ~50%
Gamma by Fiesta Inn Leon
Location
4
1
1
2
3
2
3
4
1 – Leon, Guanajuato| 2 – Bajio International
Airport| 3 – Guanajuato Inland Port|
39
4 – Silao, Guanajuato
Acquisition case study – Sheraton Monterrey
Name
Operator
Sheraton Ambassador Monterrey Starwood
No. of
Category
Location
rooms
229 full-service Monterrey, Nuevo Leon
Investment criteria
 In the heart of downtown Monterrey, walking distance to the
Macro Plaza. Monterrey is an industrial and global business hub
 Acquired for Ps. 796k per key after full renovation
 After renovation, attractive expected cap rate
 Irreplaceable location, construction and available areas (over
13,000m2 constructed in a full city block)
 Historic hotel in Monterrey, with proposed renovation to bring
the property to latest standards
Investment
Total
Per key
(Ps. mm)
(Ps.000´s)
$182.3
$796
Sheraton Ambassador Monterr
 229-room full-service hotel in Monterrey, Nuevo Leon
 Acquisition closed in November with transition to the Fibra
structure and new operator successfully finished
 Total investment of US$13.5mm including comprehensive
property renovation (~Ps. 796k per key)
 Over 13,000 ft2 of meeting space, full-service restaurant,
lobby bar, health club, outdoor pool and tennis court
 Adds a new international brands and operator. Additionally,
is part of a broader relationship with Starwood
 Renovation of the hotel to be executed in 2015 without a
closing of the hotel in phases
 Expands full-service segment, new brand and operator
Hotel pictures
Location in MTY
40
Note:
Company estimates
Acquisition case study – Cacao Playa del Carmen
Name
Operator
Cornerstone
No. of
Category
rooms
60Boutique/full-service
Location
Playa del Carmen, QR
Investment criteria
 In the 5th Avenue of Playa del Carmen blocks from the beach
 Inside mixed-use project with shopping center and apartments
 Luxury boutique hotel for US$250k per key
 Attractive real-estate value in the city
 Irreplaceable asset and location in the 5th Avenue
 Adds a new state, boutique service segment and new operator
Investment
Total
Per key
(US. mm)
(US.000´s)
$15.0
$250
 60-room boutique full-service hotel in Playa del Carmen,
Quintana Roo, on the 5th Avenue 2 blocks from the beach
 Acquired turnkey for US$250k/key, with a potential “earnout” of a percentage of the over performance above 10% of
cash-flow (EBITDA-capex) in the first three years
 Property is currently in pre-operation
 Full-service restaurant, rooftop bar
 Located in a mixed-use project with shopping center
(including high-end restaurants) and apartments
 Adds boutique segment and operator in strategic location
Hotel pictures
Location Playa del Carmen
41
Note:
Company estimates
Capex investments and portfolio renovations
Public areas of Fiesta Inn Leon
Camino Real Puebla
Before
Restaurant
Public Areas
Before
After
Lobby
Facade
Restaurant
Public Areas
Lobby
Meeting rooms
Lobby
Meeting rooms
Lobby
Facade
Public Areas
Facade
Public Areas
Facade
Public areas of Fiesta Inn Monclova
Real Inn Mexicali
Before
Hallways
Public Areas
Before
After
Lobby
Facade
Hallways
Public Areas
After
Lobby
Public Areas
After
Public Areas
Facade
FIHO constantly analyzes investment opportunities in its portfolio with a proper return
Above market capex reserve of 5% of sales yearly
42
Overview of investments and deployment
FibraHotel pro-forma cash position
Q3 2014 operating portfolio
Q3 2014 development portfolio
Fiesta Inn Lofts / One Monclova
Fiesta Inn Lofts Queretaro
Microtel Saltillo (reposicionamiento)
One Perisur
Live Aqua Monterrey
Torre Americas 1500
Courtyard Vallejo
Fairfield Inn & Suites Vallejo
Hotel en Toluca Tollocan
Q3 FibraHotel portfolio
Hoteles Rooms
Cash
49
6,962 $3,100.0
15
1,732 ($1,226.7)
2
103
27.7
1
50
20.3
1
139
58.0
1
134
96.9
1
130
205.8
1
124
1
144
165.5
1
130
1
180
348.0
1
46
1
189
111.0
1
121
193.5
1
124
1
100
NOI contribution
2015
2016
2017
95%
100%
100%
18%
58%
97%
60%
100%
100%
60%
100%
100%
60%
90%
100%
20%
60%
100%
20%
60%
100%
20%
60%
100%
30%
70%
100%
20%
60%
100%
20%
60%
100%
0%
40%
90%
0%
40%
90%
0%
40%
90%
0%
40%
90%
0%
25%
50%
Cash deployment
2015
2016
2017
100%
100%
100%
98%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
80%
100%
100%
80%
100%
100%
30%
70%
100%
2014
87%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Room contribution
2015
2016
95%
100%
19%
54%
60%
100%
60%
100%
60%
90%
20%
60%
20%
60%
20%
60%
30%
70%
20%
60%
20%
60%
0%
40%
0%
40%
0%
40%
0%
40%
0%
25%
2017
100%
85%
100%
100%
100%
100%
100%
100%
100%
100%
100%
90%
90%
90%
90%
50%
64
8,694
$1,873.3
77%
90%
99%
99%
100%
100%
70%
80%
92%
99%
Announcements since Q3
AC Queretaro
Sheraton Monterrey
1
1
5
1
1
175
125
780
229
60
(212.0)
(112.5)
(900.0)
($183.6)
($204.0)
0%
0%
0%
70%
50%
50%
50%
40%
100%
100%
100%
100%
90%
100%
100%
100%
100%
80%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
0%
0%
0%
0%
0%
0%
0%
0%
70%
50%
50%
50%
40%
100%
100%
100%
100%
90%
100%
100%
Additional announcements
9
1,369
($1,612.1)
14%
56%
94%
89%
100%
100%
0%
14%
55%
94%
FIHO portafolio Nov 20 2014
73
10,063
$261.2
66%
84%
98%
98%
100%
100%
60%
71%
87%
98%
Cash in developments to be spent in 2015, with NOI contribution in 2016/2017
43
Note:
Illustrative estimates
Overview of investments and deployment
FibraHotel pro-forma cash position
Q3 2014 operating portfolio
Q3 2014 development portfolio
Type
Hoteles Rooms
Cash
Operation
49
6,962 $3,100.0
Development 15
1,732 ($1,226.7)
Q3 FibraHotel portfolio
64
8,694
$1,873.3
1
1
5
1
1
175
125
780
229
60
(212.0)
(112.5)
(900.0)
($183.6)
($204.0)
Additional announcements
9
1,369
($1,612.1)
FIHO portafolio Nov 20 2014
73
10,063
$261.2
2
1
1
8
1
280
134
126
1,200
130
($267.0)
($110.0)
($70.0)
($1,500.0)
($260.0)
86
11,933
($1,945.8)
Announcements since Q3
AC Queretaro
Sheraton Monterrey
Commited and to be anounced before year end
Acquisition of two hotels in Cuernavaca
Development hotel in Queretaro
Development hotel in Durango
Development partnership in shopping malls
Development hotel in San Miguel de Allende
FIHO pro-forma portafolio
Development
Development
Development
Operation
Operation
Acquisition
Development
Development
Development
Development
On top of cash commitment, solid pipeline of opportunities
44
Portfolio overview - positive trends in ADR
2007 / 2013 Yearly KPIs + 3Q 2014 LTM
• Since 2012 (FIHO IPO), our stabilized portfolio
demonstrated the following:
1,000
80.0%
900
70.0%
• ADR from Ps. $835 to Ps. $898, a 7.5% increase,
60.0%
demonstrating our hotels portfolio’s Pricing
Power
800
700
600
50.0%
500
40.0%
• During the period, inflation rate was 6.2%
400
30.0%
• Occupancy Rate from 65.6% to 63.6%, a (2.0%)
20.0%
decrease, due to a weakness in the Mexican
economy since August 2013
300
200
10.0%
100
0
0.0%
2007
2008
ADR
2009
2010
2011
RevPAR
2012
2013
2014
LTM
Occupancy
 RevPar increased 4.3%, from Ps. $548 to Ps. 571
FibraHotel is mainly focused on increasing RevPAR through increase in ADR
45
2014 FIHO’s KPI at a glance
1st quarter 2014
60.3%
2nd quarter 2014
65.6%
59.7%
905
872
1Q 2013
63.6%
930
891
2Q 2013
1Q 2014
ADR: +4.0%
Occupancy: (0.5%)
RevPAR: +3.1%
66.4%
2Q 2014
ADR: +4.2%
Occupancy: (2.2%)
RevPAR: +0.7%
66.2%
886
855
591
585
540
526
3rd quarter 2014
587
568
3Q 2013
3Q 2014
ADR: +3.7%
Occupancy: (0.1%)
RevPAR: +3.6%
January to September 2014
64.1%
63.2%
908
874
560
9M 2013
574
9M 2014
ADR: +3.9%
Occupancy: (0.9%)
RevPAR: +2.5%
46
LTM Financials - Results - Total
Total Revenues (Ps. $ million)
Last 12 months
1,032
4Q 2013
1,164
1,394
1,294
+35% vs. 4Q 2013
LTM
1Q 2014
2Q 2014
3Q 2014
Lodging Contribution – Total (Ps. $ million - margin)
479
Last 12 months
450
411
377
+27% vs. 4Q
2013 LTM
36.6%
35.4%
34.8%
34.4%
4Q 2013
1Q 2014
2Q 2014
3Q 2014
EBITDA (Ps. $ million - % of revenues)
Last 12 months
260
Note:
277
301
EBITDA per room (Ps. $)
327
Last 12 months
46,838
45,249
45,240
+26% vs. 4Q
2013 LTM
25.2%
23.8%
23.3%
23.5%
4Q 2013
1Q 2014
2Q 2014
3Q 2014
47,092
+4% vs. 2Q 2014
LTM
4Q 2013
FibraHotel made an equity follow-on on May 2013 (impact on EBITDA, dilution due to CBFI issuance, increase in net cash position…)
For more detailed information, please refer to 3Q 2014 Excel Fact Sheet (http://www.fibrahotel.com/news/26_en.xlsx)
1Q 2014
2Q 2014
3Q 2014
47
LTM Financials - Results - Managed Hotels
Managed Hotels Revenues (Ps. $ million)
Last 12 months
1,073
1,206
936
4Q 2013
1,311
+40% vs. 4Q
2013 LTM
1Q 2014
2Q 2014
3Q 2014
Managed Hotels Lodging Contribution per room (Ps. $)
Last 12 months
59,026
56,974
58,526
62,670
Managed Hotels Lodg. Contr. (Ps. $ mm - margin)
396
Last 12 months
362
321
+41% vs. 4Q 2013
281
LTM
30.1%
29.9%
30.0%
30.2%
4Q 2013
1Q 2014
2Q 2014
3Q 2014
• Strong increase in LTM revenues
• External growth (M&A / Development)
• Organic growth (increase in RevPAR)
• Improvement in Contribution Margin and Contribution per room
thanks to better 2Q / 3Q vs. last year
• Improvement while several hotels where acquired over the
last two quarters and are in process of brand and/or
operator substitution:
• Gamma León, Ciudad Obregón and Tijuana
4Q 2013
1Q 2014
2Q 2014
3Q 2014
• Fairfield Inn Los Cabos
48
Understanding FIHO’s NOI margin trend
Revenues (Ps. $ million)
1,394
1,032
Net Operating Income (Ps. $ million)
NOI margin
94.6%
458
1,311
381
361
936
270
34.9%
91
96
2013
93.7%
78
32.9%
28.8%
29.0%
83
2014
2013
2014
2013
2014
1. Fibra Hotel is mainly involved in hotels under management contracts
2. Revenues from managed hotels strongly increased from 3Q 2013 LTM to 3Q 2014 LTM
3. NOI margin from managed hotels increased from 3Q 2013 LTM to 3Q 2014 LTM and despite:
• Weaker economic conditions (RevPAR increasing 2.5% for the stabilized portfolio)
• Increased number of hotel under ramp-up period
Decrease of NOI margin over the past quarters due to revenue mix change (not operating)
49
Operating Leverage: seeking efficiencies
Note: The financial data presented in this slide is for Operating Leverage illustration purpose only, and does not take into account revenues/expenses other that items related to managed hotels
and corporate expenses, we assume (illustration purpose) that corporate expenses are only related to managed hotels
Top-line growth
Asset Management
Corporate Structure
381
1,311
249
270
936
29.0% +19bp
169
19.0% +95bp
28.8%
18.1%
2013
2014
1. Internal Growth: RevPAR increase
2. External Growth
• M&A
• Development
Fuelling FIHO’s growth
2013
2014
1. Benchmark between hotels / brands /
operator
2. Economies of scale
3. CAPEX deployment
2013
2014
1. Corporate structure almost sized to
reach the 100-hotel target
• Capped advisory fee
• Increase in administrative expenses
but in lesser extent than NOI
increase
Enhancing value creation for FIHO’s shareholders
50
Cash flow generation: Jan. to Sep. 2014
Cash
Dec. 2013
4,788
Operating Activities
(operating / leased hotels,
other rents)
Investing activities
(acquisitions, development,
VAT and related expenses)
Cash
Sept. 2014
401
(1,748)
31/12/2013
Distribution
4Q-13 / 1H-14
Operating Activities
Investing Activities
3,122
(318)
Shareholders Return
30/09/2014
As of September 2014, Ps. $3.122 million available
During the January-September, almost 37% of the end-2013 available cash deployed
51
A healthy financing structure
• As of September 30th, 2014, Ps. 3,122 million of cash available
• Approximately 3,000 million available for the growth of FibraHotel
• Available cash is placed in debt instruments issued by the Mexican Federal Government
• Current leverage status
• No outstanding debt
• 2 credit line available for a total amount of Ps. $2,000 million at very attractive terms
• Tranche A: revolving / Tranche B: term loan up to 12 years
• Spread: les than 200bps over TIIE
• Indebtedness metrics (Q3 2014)
FIHO bylaws
FIBRA Regulation
FIHO Level
Loan to Value
Max. 40%
Max 50%
0%
DSCR
Min. 1.2x
Min. 1.0x
3.7x
 As of today, available fire power of Ps. $5,000 million
 Pro Forma LTV of 17% with Ps. $2,000 million indebtedness
52
Ps. $650 million distributed since 1Q 2013
Quarterly distribution to holders (Ps. $ million)
4Q 2013: Mexican
Central Bank cut rate
from 4.0% to 3.5%
2Q 2013: CBFIs
issuance
2Q 2014: Mexican
Central Bank cut rate
from 3.5% to 3.0%
114.3
Distribution from non
operating income (mainly
interests income)
Distribution from
operating income
99.5
100.1
98.6
40.9
74.4
59.0
105.0
44.4
49.2
22.4
50.5
18.6
14.6
73.4
77.7
55.8
55.1
55.8
1Q 2013
2Q 2013
3Q 2013
4Q 2013
1Q 2014
2Q 2014
3Q 2014
Aver. % of balance
sheet held in cash
and dev. portfolio
37%
32%
50%
49%
48%
43%
39%
Distribution / CBFI
(Ps. $)
0.2005
0.1512
0.2023
0.2134
0.2001
0.2313
0.2025
44.4
48.1
53

FibraHotel day 2013

Transcription

Similar documents

(Microsoft PowerPoint

monte tauro12

RADISSON BLU PALACE HOTEL NOORDWIJK AAN ZEE

Villa Athena Hotel overview

A000657 . Managers Specials_Dec

Best Western Plus Brochure

expose - Mallorca Immobilien 24

Coral Azur Beach Resort

The Balmoral, A Rocco Forte Hotel Hotel overview

A su y, rlxghldy… - Hotel Ambassador Grottammare