1. Anqi Guo, Ming Zhu, Hengyi Zhu, Sisi Miteva, Kah Wei Yoong
FIVE STARS PRESENT…
Anqi Guo, Ming Zhu, Hengyi Zhu, Sisi Miteva, Kah Wei Yoong

2. What is the lodging industry landscape right now?
Industry sequestration after financial crisis
Few companies competing for the same customer base
Sisi

3. What do we do?
Ming

4. Typical Projects
EXPANSION
RENOVATION
Zhu Ming

5. Financing Needs
Choice (franchisor): cash on hand (internal finance) & borrow
Marriott: (franchisor & management) sales & borrow
Wyndham: borrow
Hyatt: recycling strategy & borrow
Starwood: borrow
Angel, Sisi for Hyatt, LOW INTEREST RATES ALLOW FOR CHEAP CAPITAL

6. Investment Needs… All or nothing investment approach
Kah Wei

7. International Expansion (focus on emerging economies)
Exchange rates
Disposable income
Tourism
Emerging infrastructure growth
Sisi

8. Some examples…
Latin America– Wyndham (Peru, Brazil), Marriott (Mexico, Brazil), Hyatt (Mexico)
China and India- Wyndham, Marriott, Starwood
Africa- Hyatt (Tanzania), Marriott (North Africa), Starwood (Algeria, Libya, Senegal)
Sisi
China - Wyndham (4), Marriott – double hotels in china in next 3 years, Starwood (20)
Africa –Marriott just acquired Africa’s largest hotel, Starwood – 3 new Sheraton by 2017

9. RENOVATION Large-scale projects - Starwood
$ 350 million for Sheraton Hotels in major cities internationally over 3 years
$ 230 million for 4 Sheraton Hotels in Hawaii
Additional Strategies - Choice
Comfort Re-Imagined strategy - sets a property improvement plan with which each property must comply
Kah Wei and Harry

10. So, what else makes us a BUY?
Demand more than supply
Significant growth expected
Sisi

11. Sisi

12. Analysts agree
Angel

13. Low P/E Ratio
Kah Wei

14. WACC
Zhu Ming

15. Share Repurchase Programs
Sisi

16. Brand Strength Significant presence in top markets
Premier and distinctive properties
Kah Wei

17. Choice –Sell or Hold?
Harry

18. You should invest in us!
Sisi