Pritiranjan Choudhury
$20/hr
Financial and Data Analyst
- Reply rate:
- -
- Availability:
- Full-time (40 hrs/wk)
- Age:
- 37 years old
- Location:
- New Delhi, Delhi, India
- Experience:
- 7 years
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Hotels, Restaurants and Leisure Sector Quarterly Performance
○●●●●
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Hotels, Restaurants and Leisure Sector Quarterly Performance
●○●●●
(Amounts in USD Millions Except Per Share and Per Unit Data)
Casinos and Gaming
Company Name
Caesars Entertainment Corporation
MGM Resorts International
Las Vegas Sands Corp.
Eldorado Resorts, Inc.
Penn National Gaming, Inc.
Wynn Resorts, Limited
Boyd Gaming Corporation
Everi Holdings Inc.
Red Rock Resorts, Inc.
Scientific Games Corporation
Maximum
3rd Quartile
Median
Mean
1st Quartile
Minimum
Ticker
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Q32019
Q42019
NasdaqGS:CZR
NYSE:MGM
NYSE:LVS
NasdaqGS:ERI
NasdaqGS:PENN
NasdaqGS:WYNN
NYSE:BYD
NYSE:EVRI
NasdaqGS:RRR
NasdaqGS:SGMS
3,6%
8,9%
5,5%
2,4%
3,3%
5,8%
1,9%
(55,2%)
5,2%
(1,3%)
7,9%
1,3%
(7,7%)
3,8%
1,8%
(6,4%)
1,8%
6,9%
(1,2%)
4,1%
3,0%
6,1%
2,1%
6,7%
(2,0%)
6,5%
(0,7%)
1,4%
(0,9%)
(2,8%)
(3,3%)
0,7%
3,1%
37,9%
47,0%
(1,3%)
29,3%
(0,7%)
4,6%
7,8%
(0,0%)
4,2%
4,9%
(5,3%)
11,0%
(2,1%)
4,5%
3,6%
3,6%
(5,4%)
5,1%
1,5%
(8,6%)
0,2%
3,2%
0,4%
2,3%
4,8%
8,0%
1,0%
0,7%
3,0%
(2,5%)
4,1%
2,4%
(0,6%)
(3,1%)
3,7%
(3,5%)
1,2%
(3,1%)
(4,0%)
8,0%
(10,7%)
(1,0%)
0,3%
1,7%
7,9%
(1,1%)
0,9%
8,9%
5,5%
3,5%
(2,0%)
2,0%
(55,2%)
7,9%
4,0%
1,8%
1,2%
(0,5%)
(7,7%)
6,7%
5,3%
1,7%
1,9%
(0,9%)
(2,8%)
47,0%
23,9%
3,8%
12,5%
(0,4%)
(3,3%)
11,0%
4,4%
3,6%
1,9%
(1,6%)
(5,4%)
8,0%
4,4%
1,9%
1,8%
0,5%
(8,6%)
4,1%
2,9%
0,9%
0,5%
(2,0%)
(3,5%)
8,0%
1,5%
(0,3%)
(0,1%)
(2,6%)
(10,7%)
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Hotels, Restaurants and Leisure Sector Quarterly Performance
●●○●●
(Amounts in USD Millions Except Per Share and Per Unit Data)
Hotels, Resorts and Cruise Lines
Company Name
Ticker
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Q32019
Q42019
Carnival Corporation & Plc
Royal Caribbean Cruises Ltd.
Extended Stay America, Inc.
Hilton Worldwide Holdings Inc.
Norwegian Cruise Line Holdings Ltd.
Marriott International, Inc.
Wyndham Hotels & Resorts, Inc.
Hyatt Hotels Corporation
Wyndham Destinations, Inc.
Hilton Grand Vacations Inc.
NYSE:CCL
NYSE:RCL
NasdaqGS:STAY
NYSE:HLT
NYSE:NCLH
NasdaqGS:MAR
NYSE:WH
NYSE:H
NYSE:WYND
NYSE:HGV
(0,6%)
1,2%
(2,2%)
(3,1%)
3,5%
(4,3%)
(4,8%)
(0,6%)
(2,5%)
(20,0%)
3,0%
15,3%
12,6%
17,2%
17,7%
10,4%
36,0%
(3,4%)
11,0%
58,6%
33,9%
19,6%
4,3%
(1,8%)
22,1%
(3,3%)
19,9%
(7,3%)
5,5%
(25,5%)
(23,6%)
(16,6%)
(17,9%)
(0,1%)
(25,7%)
(0,8%)
(11,9%)
7,5%
(10,1%)
54,7%
4,9%
4,6%
(4,2%)
(9,3%)
1,6%
(3,8%)
(7,7%)
3,5%
(3,9%)
(32,6%)
3,5%
15,0%
16,7%
17,4%
18,6%
11,6%
19,2%
2,9%
13,2%
0,7%
35,0%
13,5%
2,9%
(4,3%)
15,0%
(5,0%)
7,0%
(10,7%)
6,4%
2,9%
(26,8%)
(21,0%)
(14,7%)
(1,6%)
(22,6%)
3,8%
(13,5%)
7,0%
(11,1%)
1,2%
3,5%
(0,6%)
(2,3%)
(3,4%)
(4,0%)
(20,0%)
58,6%
17,6%
14,0%
17,8%
10,5%
(3,4%)
33,9%
19,9%
4,9%
6,7%
(2,9%)
(25,5%)
54,7%
(0,3%)
(11,0%)
(4,5%)
(17,6%)
(25,7%)
4,9%
3,0%
(3,8%)
(4,7%)
(6,8%)
(32,6%)
19,2%
17,2%
14,1%
11,9%
5,5%
0,7%
35,0%
11,9%
4,6%
6,3%
(2,5%)
(10,7%)
7,0%
0,5%
(12,3%)
(9,9%)
(19,4%)
(26,8%)
Maximum
3rd Quartile
Median
Mean
1st Quartile
Minimum
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Hotels, Restaurants and Leisure Sector Quarterly Performance
●●●○●
(Amounts in USD Millions Except Per Share and Per Unit Data)
Leisure Facilities
Company Name
Vail Resorts, Inc.
Six Flags Entertainment Corporation
Cedar Fair, L.P.
SeaWorld Entertainment, Inc.
Planet Fitness, Inc.
Town Sports International Holdings, Inc.
Drive Shack Inc.
RCI Hospitality Holdings, Inc.
Dover Motorsports, Inc.
Bowl America Incorporated
Maximum
3rd Quartile
Median
Mean
1st Quartile
Minimum
Ticker
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Q32019
Q42019
NYSE:MTN
NYSE:SIX
NYSE:FUN
NYSE:SEAS
NYSE:PLNT
NasdaqGM:CLUB
NYSE:DS
NasdaqGM:RICK
NYSE:DVD
AMEX:BWL.A
15,0%
(49,8%)
(76,0%)
(18,2%)
(17,3%)
1,7%
(5,3%)
0,0%
(98,8%)
19,7%
(74,9%)
245,4%
NM
80,5%
16,7%
4,9%
36,5%
3,4%
NM
(27,7%)
4,0%
39,2%
74,5%
23,3%
(3,2%)
(1,9%)
(3,9%)
(4,6%)
(99,1%)
(1,3%)
286,2%
(56,5%)
(62,4%)
(42,0%)
31,8%
3,0%
(20,7%)
8,2%
NM
16,3%
12,8%
(52,4%)
(73,2%)
(21,2%)
(17,0%)
2,7%
(22,1%)
1,8%
(99,4%)
17,6%
(74,5%)
272,3%
NM
84,1%
23,5%
1,8%
32,7%
4,9%
NM
(30,0%)
9,7%
30,2%
63,8%
16,7%
(8,9%)
(2,7%)
4,3%
(3,9%)
(99,2%)
(1,6%)
NA
(58,0%)
(64,0%)
(37,1%)
15,7%
NA
(3,8%)
7,1%
NM
20,3%
19,7%
1,3%
(11,3%)
(22,9%)
(41,9%)
(98,8%)
245,4%
47,5%
10,8%
35,6%
(4,4%)
(74,9%)
74,5%
18,5%
(1,6%)
2,7%
(3,7%)
(99,1%)
286,2%
16,3%
3,0%
18,2%
(42,0%)
(62,4%)
17,6%
2,5%
(19,1%)
(25,0%)
(44,9%)
(99,4%)
272,3%
45,6%
14,2%
39,3%
(6,2%)
(74,5%)
63,8%
14,9%
1,4%
0,8%
(3,6%)
(99,2%)
20,3%
11,4%
(3,8%)
(17,1%)
(47,5%)
(64,0%)
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Hotels, Restaurants and Leisure Sector Quarterly Performance
●●●●○
(Amounts in USD Millions Except Per Share and Per Unit Data)
Restaurants
Company Name
Starbucks Corporation
McDonald's Corporation
Aramark
Darden Restaurants, Inc.
Yum China Holdings, Inc.
Restaurant Brands International Inc.
Yum! Brands, Inc.
Chipotle Mexican Grill, Inc.
Bloomin' Brands, Inc.
Domino's Pizza, Inc.
Maximum
3rd Quartile
Median
Mean
1st Quartile
Minimum
Ticker
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Q32019
Q42019
NasdaqGS:SBUX
NYSE:MCD
NYSE:ARMK
NYSE:DRI
NYSE:YUMC
NYSE:QSR
NYSE:YUM
NYSE:CMG
NasdaqGS:BLMN
NYSE:DPZ
(0,7%)
(3,8%)
(0,7%)
13,1%
18,6%
1,6%
(13,1%)
3,4%
3,7%
(11,9%)
4,6%
4,2%
0,8%
0,3%
(6,9%)
7,1%
(0,2%)
10,3%
(7,6%)
(0,8%)
(0,1%)
0,3%
(1,5%)
(3,4%)
7,0%
2,4%
1,7%
(3,3%)
(6,5%)
0,8%
5,2%
(3,8%)
9,0%
(4,3%)
(13,5%)
0,7%
12,0%
0,0%
5,0%
37,7%
(4,9%)
(4,0%)
(6,2%)
13,8%
20,4%
(8,6%)
(19,5%)
6,8%
11,4%
(22,7%)
8,2%
7,8%
0,3%
(0,8%)
(7,8%)
10,6%
4,5%
9,6%
(9,4%)
(2,9%)
(1,1%)
1,7%
(1,5%)
(4,3%)
9,2%
4,1%
2,2%
(2,1%)
(5,4%)
1,1%
5,2%
(1,5%)
7,7%
(3,6%)
(12,5%)
1,4%
26,5%
2,6%
5,7%
40,1%
18,6%
3,7%
0,5%
1,0%
(3,0%)
(13,1%)
10,3%
4,5%
0,5%
1,2%
(0,6%)
(7,6%)
7,0%
1,5%
0,1%
(0,3%)
(2,8%)
(6,5%)
37,7%
8,0%
2,9%
4,8%
(2,9%)
(13,5%)
20,4%
10,2%
(4,5%)
(1,4%)
(8,0%)
(22,7%)
10,6%
8,1%
2,4%
2,0%
(2,4%)
(9,4%)
9,2%
2,1%
0,0%
0,4%
(2,0%)
(5,4%)
40,1%
7,2%
3,9%
7,2%
(0,8%)
(12,5%)
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Hotels, Restaurants and Leisure Sector EBITDA Margin
○●●●●
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Hotels, Restaurants and Leisure Sector EBITDA Margin
●○●●●
(Amounts in USD Millions Except Per Share and Per Unit Data)
Casinos and Gaming
Company Name
Caesars Entertainment Corporation
MGM Resorts International
Las Vegas Sands Corp.
Eldorado Resorts, Inc.
Penn National Gaming, Inc.
Wynn Resorts, Limited
Boyd Gaming Corporation
Everi Holdings Inc.
Red Rock Resorts, Inc.
Scientific Games Corporation
Maximum
3rd Quartile
Median
Mean
1st Quartile
Minimum
Ticker
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Q32019
Q42019
NasdaqGS:CZR
NYSE:MGM
NYSE:LVS
NasdaqGS:ERI
NasdaqGS:PENN
NasdaqGS:WYNN
NYSE:BYD
NYSE:EVRI
NasdaqGS:RRR
NasdaqGS:SGMS
21,1%
22,2%
40,1%
22,5%
29,7%
30,2%
24,1%
50,2%
32,8%
30,8%
26,6%
22,8%
35,9%
24,6%
27,9%
26,0%
24,5%
46,3%
29,1%
31,2%
24,7%
21,7%
36,1%
26,8%
27,1%
25,1%
20,3%
47,4%
25,5%
31,4%
22,7%
21,9%
34,8%
23,3%
28,2%
26,3%
20,8%
44,4%
30,6%
31,1%
23,6%
21,4%
35,3%
25,4%
22,7%
23,5%
22,3%
47,7%
31,5%
31,7%
25,8%
22,0%
35,9%
26,4%
23,1%
21,4%
23,0%
46,3%
22,8%
33,4%
26,0%
24,1%
36,0%
28,9%
21,1%
21,1%
21,8%
46,6%
22,8%
32,0%
23,7%
19,7%
37,0%
25,2%
20,9%
25,3%
22,9%
40,9%
28,8%
32,0%
50,2%
32,3%
30,0%
30,4%
22,9%
21,1%
46,3%
30,7%
27,2%
29,5%
24,9%
22,8%
47,4%
30,3%
26,2%
28,6%
24,8%
20,3%
44,4%
30,9%
27,2%
28,4%
22,8%
20,8%
47,7%
31,6%
24,5%
28,5%
22,9%
21,4%
46,3%
31,6%
24,5%
28,0%
22,9%
21,4%
46,6%
31,3%
25,1%
28,0%
22,0%
21,1%
40,9%
31,2%
25,2%
27,6%
23,1%
19,7%
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Hotels, Restaurants and Leisure Sector EBITDA Margin
●●○●●
(Amounts in USD Millions Except Per Share and Per Unit Data)
Hotels, Resorts and Cruise Lines
Company Name
Ticker
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Q32019
Q42019
Carnival Corporation & Plc
Royal Caribbean Cruises Ltd.
Extended Stay America, Inc.
Hilton Worldwide Holdings Inc.
Norwegian Cruise Line Holdings Ltd.
Marriott International, Inc.
Wyndham Hotels & Resorts, Inc.
Hyatt Hotels Corporation
Wyndham Destinations, Inc.
Hilton Grand Vacations Inc.
NYSE:CCL
NYSE:RCL
NasdaqGS:STAY
NYSE:HLT
NYSE:NCLH
NasdaqGS:MAR
NYSE:WH
NYSE:H
NYSE:WYND
NYSE:HGV
21,8%
25,4%
43,3%
44,0%
23,3%
50,1%
37,7%
25,6%
18,7%
16,6%
25,5%
31,1%
49,7%
50,5%
28,4%
65,7%
38,6%
30,3%
23,2%
31,0%
39,5%
38,8%
48,9%
49,4%
37,4%
53,5%
41,3%
25,3%
24,5%
18,4%
23,7%
27,7%
43,2%
46,0%
25,7%
51,5%
36,3%
27,5%
24,3%
31,6%
19,3%
25,1%
41,2%
46,3%
23,4%
45,6%
34,2%
18,4%
20,6%
23,3%
21,9%
31,5%
46,8%
56,2%
28,0%
45,5%
41,6%
26,7%
24,1%
18,7%
37,3%
38,0%
46,9%
54,2%
34,9%
53,5%
40,6%
23,1%
22,9%
22,7%
21,7%
25,2%
38,1%
46,0%
25,0%
43,2%
42,6%
23,0%
26,3%
25,9%
50,1%
41,9%
25,5%
30,7%
22,2%
16,6%
65,7%
46,9%
31,1%
37,4%
28,9%
23,2%
53,5%
47,0%
39,2%
37,7%
28,3%
18,4%
51,5%
41,5%
29,6%
33,7%
26,2%
23,7%
46,3%
39,5%
24,2%
29,7%
21,3%
18,4%
56,2%
44,5%
29,8%
34,1%
24,7%
18,7%
54,2%
45,3%
37,7%
37,4%
26,0%
22,7%
46,0%
41,5%
26,1%
31,7%
25,0%
21,7%
Maximum
3rd Quartile
Median
Mean
1st Quartile
Minimum
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Hotels, Restaurants and Leisure Sector EBITDA Margin
●●●○●
(Amounts in USD Millions Except Per Share and Per Unit Data)
Leisure Facilities
Company Name
Vail Resorts, Inc.
Six Flags Entertainment Corporation
Cedar Fair, L.P.
SeaWorld Entertainment, Inc.
Planet Fitness, Inc.
Town Sports International Holdings, Inc.
Drive Shack Inc.
RCI Hospitality Holdings, Inc.
Dover Motorsports, Inc.
Bowl America Incorporated
Maximum
3rd Quartile
Median
Mean
1st Quartile
Minimum
Ticker
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Q32019
Q42019
NYSE:MTN
NYSE:SIX
NYSE:FUN
NYSE:SEAS
NYSE:PLNT
NasdaqGM:CLUB
NYSE:DS
NasdaqGM:RICK
NYSE:DVD
AMEX:BWL.A
50,1%
(18,3%)
(125,7%)
(2,9%)
43,7%
12,9%
(1,4%)
30,2%
NM
32,0%
(28,1%)
39,2%
32,6%
26,5%
44,5%
12,5%
7,8%
28,1%
38,0%
13,8%
(31,0%)
51,1%
50,7%
41,6%
41,9%
10,9%
9,6%
22,1%
NM
8,7%
42,0%
64,1%
26,0%
17,2%
37,9%
13,6%
(6,3%)
27,5%
32,4%
20,8%
50,0%
(27,8%)
(105,3%)
4,9%
46,2%
9,4%
(9,8%)
27,6%
NM
28,9%
(25,1%)
41,2%
36,6%
33,8%
44,8%
10,0%
(6,7%)
26,5%
34,0%
5,0%
(26,2%)
52,1%
49,2%
41,6%
42,1%
6,8%
(0,8%)
20,7%
NM
1,5%
NA
26,7%
19,6%
29,3%
42,2%
NA
(20,6%)
24,6%
32,0%
18,3%
50,1%
32,0%
12,9%
2,3%
(2,9%)
(125,7%)
44,5%
36,6%
27,3%
21,5%
12,8%
(28,1%)
51,1%
41,9%
22,1%
22,8%
9,6%
(31,0%)
64,1%
36,5%
26,7%
27,5%
18,1%
(6,3%)
50,0%
28,9%
9,4%
2,7%
(9,8%)
(105,3%)
44,8%
36,0%
30,1%
20,0%
6,2%
(25,1%)
52,1%
42,1%
20,7%
20,8%
1,5%
(26,2%)
42,2%
29,9%
25,6%
21,5%
19,3%
(20,6%)
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Hotels, Restaurants and Leisure Sector EBITDA Margin
●●●●○
(Amounts in USD Millions Except Per Share and Per Unit Data)
Restaurants
Company Name
Starbucks Corporation
McDonald's Corporation
Aramark
Darden Restaurants, Inc.
Yum China Holdings, Inc.
Restaurant Brands International Inc.
Yum! Brands, Inc.
Chipotle Mexican Grill, Inc.
Bloomin' Brands, Inc.
Domino's Pizza, Inc.
Maximum
3rd Quartile
Median
Mean
1st Quartile
Minimum
Ticker
Q12018
Q22018
Q32018
Q42018
Q12019
Q22019
Q32019
Q42019
NasdaqGS:SBUX
NYSE:MCD
NYSE:ARMK
NYSE:DRI
NYSE:YUMC
NYSE:QSR
NYSE:YUM
NYSE:CMG
NasdaqGS:BLMN
NYSE:DPZ
19,9%
45,9%
7,3%
14,7%
17,4%
38,1%
32,3%
12,6%
11,9%
18,4%
21,0%
47,7%
8,6%
13,7%
15,5%
39,5%
31,2%
12,6%
9,1%
17,8%
20,0%
49,9%
10,8%
13,1%
17,0%
39,1%
34,3%
10,9%
7,3%
18,4%
20,2%
47,6%
8,6%
11,8%
3,1%
40,6%
35,4%
9,5%
7,7%
17,5%
19,2%
49,0%
6,8%
15,7%
17,6%
37,7%
35,1%
13,4%
12,3%
18,8%
21,2%
50,5%
8,4%
13,8%
14,2%
39,4%
38,9%
12,5%
9,4%
18,8%
20,3%
51,1%
8,6%
13,5%
17,4%
40,1%
36,8%
12,6%
7,9%
19,0%
21,4%
48,8%
9,5%
4,9%
8,0%
40,4%
34,0%
11,2%
8,3%
18,7%
45,9%
29,2%
17,9%
21,8%
13,1%
7,3%
47,7%
28,7%
16,6%
21,7%
12,9%
8,6%
49,9%
30,7%
17,7%
22,1%
11,4%
7,3%
47,6%
31,6%
14,6%
20,2%
8,8%
3,1%
49,0%
31,1%
18,2%
22,6%
14,0%
6,8%
50,5%
34,4%
16,5%
22,7%
12,8%
8,4%
51,1%
32,7%
18,2%
22,7%
12,8%
7,9%
48,8%
30,9%
14,9%
20,5%
8,6%
4,9%
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Hotels, Restaurants and Leisure Stock Performance
Source: Capital IQ; data as of Dec 31, 2019. Casinos and Gaming Includes Caesars Entertainment Corporation, MGM Resorts International, Las Vegas Sands Corp., Eldorado Resorts, Inc., Penn National
Gaming, Inc., Wynn Resorts, Limited, Boyd Gaming Corporation, Everi Holdings Inc., Red Rock Resorts, Inc., Scientific Games Corporation. Hotels, Resorts and Cruise Lines Includes Carnival Corporation &
Plc, Royal Caribbean Cruises Ltd., Extended Stay America, Inc., Hilton Worldwide Holdings Inc., Norwegian Cruise Line Holdings Ltd., Marriott International, Inc., Wyndham Hotels & Resorts, Inc., Hyatt
Hotels Corporation, Wyndham Destinations, Inc., Hilton Grand Vacations Inc.. Leisure Facilities Includes Vail Resorts, Inc., Six Flags Entertainment Corporation, Cedar Fair, L.P., SeaWorld Entertainment,
Inc., Planet Fitness, Inc., Town Sports International Holdings, Inc., Drive Shack Inc., RCI Hospitality Holdings, Inc., Dover Motorsports, Inc., Bowl America Incorporated. Restaurants Includes Starbucks
Corporation, McDonald's Corporation, Aramark, Darden Restaurants, Inc., Yum China Holdings, Inc., Restaurant Brands International Inc., Yum! Brands, Inc., Chipotle Mexican Grill, Inc., Bloomin' Brands,
Inc., Domino's Pizza, Inc..
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Public Hotels, Restaurants and Leisure Sector Valuation
○●●●●●
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Public Hotels, Restaurants and Leisure Sector Valuation
●○●●●●
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Public Hotels, Restaurants and Leisure Sector Valuation
●●○●●●
(Amounts in USD Millions Except Per Share and Per Unit Data)
Casinos and Gaming
Company Name
Caesars Entertainment Corporation
MGM Resorts International
Las Vegas Sands Corp.
Eldorado Resorts, Inc.
Penn National Gaming, Inc.
Wynn Resorts, Limited
Boyd Gaming Corporation
Everi Holdings Inc.
Red Rock Resorts, Inc.
Scientific Games Corporation
Maximum
3rd Quartile
Median
Mean
1st Quartile
Minimum
Ticker
Stock Price
As of
31-Dec-19
% of
52-Week
High Price
Market
Value
Enterprise
Value
Enterprise Values as a Multiple of
Revenue
EBITDA
CY2020E CY2021E
LTM CY2020E CY2021E
LTM
NasdaqGS:CZR
NYSE:MGM
NYSE:LVS
NasdaqGS:ERI
NasdaqGS:PENN
NasdaqGS:WYNN
NYSE:BYD
NYSE:EVRI
NasdaqGS:RRR
NasdaqGS:SGMS
13,6
33,3
69,0
59,6
25,6
138,9
29,9
13,4
24,0
26,8
99,6%
98,2%
98,2%
99,5%
96,6%
91,7%
94,2%
96,3%
80,4%
84,7%
9.234,5
17.133,5
53.022,4
4.624,8
2.948,4
14.835,2
3.328,3
1.134,3
1.667,9
2.497,3
27.998,5
35.997,9
62.583,4
8.566,0
13.939,7
22.627,9
7.810,1
2.005,0
4.917,2
11.137,3
3,3x
2,9x
4,6x
3,3x
2,7x
3,4x
2,4x
4,0x
2,7x
3,3x
3,2x
2,7x
4,5x
3,4x
2,5x
3,1x
2,3x
3,6x
2,6x
3,1x
3,1x
2,7x
4,3x
3,4x
2,5x
3,0x
2,3x
3,4x
2,6x
3,0x
13,4x
13,0x
12,9x
12,6x
11,5x
14,7x
10,8x
8,5x
10,1x
10,2x
11,1x
10,8x
11,7x
11,6x
8,2x
10,9x
9,5x
7,2x
8,7x
7,9x
10,7x
10,4x
11,0x
11,3x
8,0x
10,1x
9,1x
6,8x
9,3x
7,6x
99,6%
98,2%
96,5%
93,9%
92,3%
80,4%
53.022,4
13.435,1
3.976,6
11.042,7
2.610,1
1.134,3
62.583,4
26.655,9
12.538,5
19.758,3
7.999,1
2.005,0
4,6x
3,4x
3,3x
3,2x
2,8x
2,4x
4,5x
3,3x
3,1x
3,1x
2,6x
2,3x
4,3x
3,3x
3,0x
3,0x
2,6x
2,3x
14,7x
13,0x
12,1x
11,8x
10,3x
8,5x
11,7x
11,0x
10,1x
9,8x
8,3x
7,2x
11,3x
10,6x
9,7x
9,4x
8,3x
6,8x
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Public Hotels, Restaurants and Leisure Sector Valuation
●●●○●●
(Amounts in USD Millions Except Per Share and Per Unit Data)
Hotels, Resorts and Cruise Lines
Company Name
Carnival Corporation & Plc
Royal Caribbean Cruises Ltd.
Extended Stay America, Inc.
Hilton Worldwide Holdings Inc.
Norwegian Cruise Line Holdings Ltd.
Marriott International, Inc.
Wyndham Hotels & Resorts, Inc.
Hyatt Hotels Corporation
Wyndham Destinations, Inc.
Hilton Grand Vacations Inc.
Maximum
3rd Quartile
Median
Mean
1st Quartile
Minimum
Ticker
Stock Price
As of
31-Dec-19
% of
52-Week
High Price
Market
Value
Enterprise
Value
Enterprise Values as a Multiple of
Revenue
EBITDA
CY2020E CY2021E
LTM CY2020E CY2021E
LTM
NYSE:CCL
NYSE:RCL
NasdaqGS:STAY
NYSE:HLT
NYSE:NCLH
NasdaqGS:MAR
NYSE:WH
NYSE:H
NYSE:WYND
NYSE:HGV
50,8
133,5
14,9
110,9
58,4
151,4
62,8
89,7
51,7
34,4
85,8%
99,2%
75,3%
98,3%
97,8%
98,7%
98,7%
98,4%
98,9%
94,1%
34.345,7
27.987,9
2.716,7
31.294,7
12.427,2
49.508,1
5.977,5
9.217,4
4.685,6
2.939,3
45.329,7
39.757,6
4.881,9
39.521,7
18.534,6
61.010,1
8.045,5
10.477,4
10.180,6
4.514,3
2,2x
3,7x
4,0x
10,5x
2,9x
11,5x
5,6x
4,1x
2,5x
2,4x
2,1x
3,4x
4,0x
4,0x
2,6x
2,8x
3,8x
2,1x
2,4x
2,2x
2,0x
3,0x
4,1x
3,7x
2,5x
2,6x
3,7x
2,0x
2,3x
2,0x
8,3x
11,9x
9,1x
21,2x
10,2x
23,5x
14,7x
17,1x
11,0x
9,8x
7,8x
10,6x
9,1x
16,2x
8,5x
16,2x
12,4x
13,6x
9,7x
10,1x
7,3x
9,5x
9,3x
15,4x
8,1x
15,4x
12,0x
13,4x
9,3x
9,1x
99,2%
98,7%
98,4%
94,5%
95,0%
75,3%
49.508,1
30.468,0
10.822,3
18.110,0
5.008,6
2.716,7
61.010,1
39.698,6
14.506,0
24.225,3
8.579,2
4.514,3
11,5x
5,3x
3,9x
5,0x
2,6x
2,2x
4,0x
3,7x
2,7x
2,9x
2,3x
2,1x
4,1x
3,6x
2,6x
2,8x
2,1x
2,0x
23,5x
16,5x
11,4x
13,7x
9,9x
8,3x
16,2x
13,3x
10,4x
11,4x
9,3x
7,8x
15,4x
13,1x
9,4x
10,9x
9,2x
7,3x
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Public Hotels, Restaurants and Leisure Sector Valuation
●●●●○●
(Amounts in USD Millions Except Per Share and Per Unit Data)
Leisure Facilities
Company Name
Vail Resorts, Inc.
Six Flags Entertainment Corporation
Cedar Fair, L.P.
SeaWorld Entertainment, Inc.
Planet Fitness, Inc.
Town Sports International Holdings, Inc.
Drive Shack Inc.
RCI Hospitality Holdings, Inc.
Dover Motorsports, Inc.
Bowl America Incorporated
Maximum
3rd Quartile
Median
Mean
1st Quartile
Minimum
Ticker
Stock Price
As of
31-Dec-19
% of
52-Week
High Price
Market
Value
Enterprise
Value
Enterprise Values as a Multiple of
Revenue
EBITDA
CY2020E CY2021E
LTM CY2020E CY2021E
LTM
NYSE:MTN
NYSE:SIX
NYSE:FUN
NYSE:SEAS
NYSE:PLNT
NasdaqGM:CLUB
NYSE:DS
NasdaqGM:RICK
NYSE:DVD
AMEX:BWL.A
239,8
45,1
55,4
31,7
74,7
1,7
3,7
20,5
1,9
15,5
95,2%
70,2%
85,5%
91,3%
91,2%
25,7%
65,1%
79,7%
84,6%
88,7%
9.668,3
3.812,9
3.141,4
2.496,3
6.108,3
48,0
245,4
197,1
67,8
80,0
12.087,1
6.625,0
5.076,5
4.132,6
7.194,5
835,3
556,4
332,7
63,2
74,2
5,2x
4,4x
3,5x
3,0x
11,5x
1,8x
2,1x
1,9x
1,4x
3,1x
4,6x
4,2x
3,3x
2,9x
9,2x
1,8x
2,2x
NA
NA
NA
4,4x
4,1x
3,2x
2,8x
8,2x
NA
1,7x
NA
NA
NA
17,1x
10,1x
10,0x
10,8x
NM
18,2x
NM
7,2x
6,8x
19,5x
14,8x
11,4x
9,5x
8,6x
22,0x
20,9x
NM
NA
NA
NA
14,2x
10,8x
9,2x
8,2x
18,9x
NA
NM
NA
NA
NA
95,2%
90,6%
85,0%
77,7%
72,6%
25,7%
9.668,3
3.645,0
1.370,9
2.586,6
109,3
48,0
12.087,1
6.237,9
2.483,9
3.697,7
388,7
63,2
11,5x
4,2x
3,0x
3,8x
1,9x
1,4x
9,2x
4,4x
3,3x
4,0x
2,6x
1,8x
8,2x
4,4x
3,7x
4,1x
2,9x
1,7x
19,5x
17,4x
10,4x
12,5x
9,3x
6,8x
22,0x
19,4x
13,1x
14,5x
10,0x
8,6x
18,9x
14,2x
10,8x
12,3x
9,2x
8,2x
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Public Hotels, Restaurants and Leisure Sector Valuation
●●●●●○
(Amounts in USD Millions Except Per Share and Per Unit Data)
Restaurants
Company Name
Starbucks Corporation
McDonald's Corporation
Aramark
Darden Restaurants, Inc.
Yum China Holdings, Inc.
Restaurant Brands International Inc.
Yum! Brands, Inc.
Chipotle Mexican Grill, Inc.
Bloomin' Brands, Inc.
Domino's Pizza, Inc.
Maximum
3rd Quartile
Median
Mean
1st Quartile
Minimum
Ticker
Stock Price
As of
31-Dec-19
% of
52-Week
High Price
Market
Value
Enterprise
Value
Enterprise Values as a Multiple of
Revenue
EBITDA
CY2020E CY2021E
LTM CY2020E CY2021E
LTM
NasdaqGS:SBUX
NYSE:MCD
NYSE:ARMK
NYSE:DRI
NYSE:YUMC
NYSE:QSR
NYSE:YUM
NYSE:CMG
NasdaqGS:BLMN
NYSE:DPZ
87,9
197,6
43,4
109,0
48,0
63,8
100,7
837,1
22,1
293,8
88,2%
89,0%
95,0%
84,9%
98,0%
80,3%
84,1%
97,6%
90,9%
97,3%
103.833,-,8
10.845,0
13.364,8
18.091,5
19.010,7
30.467,0
23.267,6
1.891,6
12.015,7
112.315,-,7
17.333,5
18.441,9
18.214,5
33.006,7
41.152,0
25.261,8
4.440,2
15.626,4
4,2x
9,2x
1,1x
2,1x
2,1x
6,0x
7,5x
4,7x
1,1x
4,4x
3,9x
8,9x
1,0x
2,0x
2,0x
5,6x
7,1x
4,1x
1,0x
4,0x
3,6x
8,6x
1,0x
1,9x
1,8x
5,4x
6,7x
3,6x
1,0x
3,8x
20,9x
18,6x
13,2x
15,6x
15,1x
15,2x
20,6x
NM
11,4x
24,2x
17,4x
17,2x
10,7x
14,0x
12,5x
13,4x
18,8x
NM
10,7x
20,8x
15,7x
16,4x
10,0x
13,3x
11,3x
12,6x
17,7x
22,9x
10,4x
19,3x
98,0%
96,7%
90,0%
90,5%
85,7%
80,3%
148.818,8
28.667,2
18.551,1
38.160,6
12.353,0
1.891,6
193.076,7
39.115,7
21.851,9
47.886,9
17.553,8
4.440,2
9,2x
5,7x
4,3x
4,3x
2,1x
1,1x
8,9x
5,2x
4,0x
4,0x
2,0x
1,0x
8,6x
5,0x
3,6x
3,8x
1,9x
1,0x
24,2x
20,6x
15,6x
17,2x
15,1x
11,4x
20,8x
17,4x
14,0x
15,0x
12,5x
10,7x
22,9x
17,4x
14,5x
15,0x
11,6x
10,0x
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Public Hotels, Restaurants and Leisure Sector Historical Valuation
○●●●●●
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Public Hotels, Restaurants and Leisure Sector Historical Valuation
●○●●●●
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Public Hotels, Restaurants and Leisure Sector Historical Valuation
●●○●●●
(Amounts in USD Millions Except Per Share and Per Unit Data)
Casinos and Gaming
Company Name
Caesars Entertainment Corporation
MGM Resorts International
Las Vegas Sands Corp.
Eldorado Resorts, Inc.
Penn National Gaming, Inc.
Wynn Resorts, Limited
Boyd Gaming Corporation
Everi Holdings Inc.
Red Rock Resorts, Inc.
Scientific Games Corporation
Maximum
3rd Quartile
Median
Mean
1st Quartile
Minimum
Enterprise Values as a Multiple of
Ticker
NasdaqGS:CZR
NYSE:MGM
NYSE:LVS
NasdaqGS:ERI
NasdaqGS:PENN
NasdaqGS:WYNN
NYSE:BYD
NYSE:EVRI
NasdaqGS:RRR
NasdaqGS:SGMS
Revenue
CY2014 CY2015 CY2016 CY2017 CY2018
EBITDA
CY2014 CY2015 CY2016 CY2017 CY2018
2,9x
2,6x
3,8x
2,5x
0,8x
3,6x
2,2x
0,8x
NM
2,3x
2,0x
3,1x
3,7x
1,7x
0,8x
3,4x
2,5x
1,6x
NM
3,3x
2,1x
3,5x
4,6x
1,7x
2,0x
3,8x
2,3x
1,4x
2,5x
3,2x
3,3x
3,3x
5,0x
3,1x
2,4x
4,0x
2,9x
1,6x
3,2x
4,1x
2,7x
2,7x
3,6x
2,7x
1,8x
2,6x
2,1x
3,0x
2,6x
3,1x
NM
NM
10,6x
NM
3,1x
NM
11,0x
6,5x
NM
NM
11,2x
NM
11,2x
9,8x
3,0x
NM
10,9x
7,0x
NM
11,9x
11,8x
NM
NM
9,5x
7,5x
NM
10,3x
6,4x
7,5x
11,2x
NM
NM
NM
NM
9,1x
NM
NM
7,4x
10,4x
NM
10,9x
NM
9,7x
11,2x
6,6x
9,7x
9,3x
6,3x
8,6x
9,8x
3,8x
2,9x
2,5x
2,4x
2,2x
0,8x
3,7x
3,3x
2,5x
2,5x
1,7x
0,8x
4,6x
3,4x
2,4x
2,7x
2,0x
1,4x
5,0x
3,8x
3,2x
3,3x
2,9x
1,6x
3,6x
2,9x
2,7x
2,7x
2,6x
1,8x
11,0x
10,7x
8,6x
7,8x
5,6x
3,1x
11,9x
11,2x
10,9x
9,3x
8,4x
3,0x
11,8x
10,7x
9,5x
9,2x
7,5x
6,4x
10,4x
9,7x
9,1x
8,9x
8,2x
7,4x
11,2x
9,8x
9,7x
9,1x
8,6x
6,3x
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Public Hotels, Restaurants and Leisure Sector Historical Valuation
●●●○●●
(Amounts in USD Millions Except Per Share and Per Unit Data)
Hotels, Resorts and Cruise Lines
Company Name
Carnival Corporation & Plc
Royal Caribbean Cruises Ltd.
Extended Stay America, Inc.
Hilton Worldwide Holdings Inc.
Norwegian Cruise Line Holdings Ltd.
Marriott International, Inc.
Wyndham Hotels & Resorts, Inc.
Hyatt Hotels Corporation
Wyndham Destinations, Inc.
Hilton Grand Vacations Inc.
Maximum
3rd Quartile
Median
Mean
1st Quartile
Minimum
Enterprise Values as a Multiple of
Ticker
NYSE:CCL
NYSE:RCL
NasdaqGS:STAY
NYSE:HLT
NYSE:NCLH
NasdaqGS:MAR
NYSE:WH
NYSE:H
NYSE:WYND
NYSE:HGV
Revenue
CY2014 CY2015 CY2016 CY2017 CY2018
EBITDA
CY2014 CY2015 CY2016 CY2017 CY2018
2,8x
3,1x
5,6x
11,9x
4,4x
9,3x
NA
3,8x
2,9x
NM
3,2x
3,7x
4,6x
10,0x
4,3x
7,5x
NM
2,9x
2,7x
NM
3,0x
3,2x
4,4x
NM
3,3x
11,5x
NM
3,2x
3,6x
2,6x
3,2x
3,8x
4,7x
9,3x
3,4x
11,5x
NM
3,7x
4,6x
3,2x
2,3x
3,3x
4,0x
7,7x
2,6x
8,8x
4,9x
3,0x
2,2x
2,0x
NM
NM
NM
NM
NM
NM
NA
NM
NM
NM
NM
NM
10,2x
NM
NM
NM
NM
11,3x
11,8x
NM
10,2x
11,5x
9,5x
NM
11,5x
NM
NM
NM
NM
9,9x
11,1x
NM
10,0x
NM
11,6x
NM
NM
NM
NM
NM
8,1x
10,4x
8,5x
NM
8,7x
NM
NM
11,2x
9,5x
7,8x
11,9x
6,6x
4,1x
5,5x
3,0x
2,8x
10,0x
5,4x
4,0x
4,9x
3,1x
2,7x
11,5x
3,8x
3,2x
4,3x
3,1x
2,6x
11,5x
4,7x
3,8x
5,3x
3,4x
3,2x
8,8x
4,7x
3,1x
4,1x
2,4x
2,0x
0,0x
NA
NA
NA
NA
0,0x
11,8x
11,5x
11,3x
11,1x
10,8x
10,2x
11,5x
11,5x
10,2x
10,5x
9,9x
9,5x
11,6x
11,4x
11,1x
10,9x
10,6x
10,0x
11,2x
10,0x
8,7x
9,2x
8,3x
7,8x
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Public Hotels, Restaurants and Leisure Sector Historical Valuation
●●●●○●
(Amounts in USD Millions Except Per Share and Per Unit Data)
Leisure Facilities
Company Name
Vail Resorts, Inc.
Six Flags Entertainment Corporation
Cedar Fair, L.P.
SeaWorld Entertainment, Inc.
Planet Fitness, Inc.
Town Sports International Holdings, Inc.
Drive Shack Inc.
RCI Hospitality Holdings, Inc.
Dover Motorsports, Inc.
Bowl America Incorporated
Maximum
3rd Quartile
Median
Mean
1st Quartile
Minimum
Enterprise Values as a Multiple of
Ticker
NYSE:MTN
NYSE:SIX
NYSE:FUN
NYSE:SEAS
NYSE:PLNT
NasdaqGM:CLUB
NYSE:DS
NasdaqGM:RICK
NYSE:DVD
AMEX:BWL.A
Revenue
CY2014 CY2015 CY2016 CY2017 CY2018
EBITDA
CY2014 CY2015 CY2016 CY2017 CY2018
3,1x
4,9x
3,5x
2,3x
NM
0,9x
7,7x
1,2x
2,4x
3,2x
3,6x
5,4x
3,7x
2,3x
3,2x
0,8x
4,3x
1,4x
2,1x
3,1x
4,6x
5,6x
3,9x
2,4x
3,8x
0,5x
5,1x
2,0x
2,0x
3,5x
5,1x
5,9x
3,8x
2,1x
8,3x
0,7x
1,4x
2,6x
1,7x
3,1x
4,8x
4,9x
3,1x
2,4x
10,0x
0,7x
1,2x
2,0x
1,5x
3,0x
NM
NM
9,9x
8,9x
NM
8,0x
NM
4,9x
9,7x
NM
NM
NM
10,2x
9,3x
10,1x
NM
NM
6,0x
8,5x
NM
NM
NM
10,8x
11,9x
9,9x
5,4x
NM
7,8x
9,0x
NM
NM
NM
11,1x
11,1x
NM
5,1x
NM
9,6x
7,3x
NM
NM
11,3x
9,1x
9,6x
NM
5,8x
NM
7,5x
6,6x
NM
7,7x
3,5x
3,1x
3,2x
2,3x
0,9x
5,4x
3,6x
3,1x
3,0x
2,1x
0,8x
5,6x
4,4x
3,6x
3,3x
2,1x
0,5x
8,3x
4,8x
2,8x
3,5x
1,8x
0,7x
10,0x
4,3x
2,7x
3,4x
1,6x
0,7x
9,9x
9,7x
8,9x
8,3x
8,0x
4,9x
10,2x
10,1x
9,3x
8,8x
8,5x
6,0x
11,9x
10,6x
9,5x
9,1x
8,1x
5,4x
11,1x
11,1x
9,6x
8,8x
7,3x
5,1x
11,3x
9,5x
8,3x
8,3x
6,8x
5,8x
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Public Hotels, Restaurants and Leisure Sector Historical Valuation
●●●●●○
(Amounts in USD Millions Except Per Share and Per Unit Data)
Restaurants
Company Name
Starbucks Corporation
McDonald's Corporation
Aramark
Darden Restaurants, Inc.
Yum China Holdings, Inc.
Restaurant Brands International Inc.
Yum! Brands, Inc.
Chipotle Mexican Grill, Inc.
Bloomin' Brands, Inc.
Domino's Pizza, Inc.
Maximum
3rd Quartile
Median
Mean
1st Quartile
Minimum
Enterprise Values as a Multiple of
Ticker
NasdaqGS:SBUX
NYSE:MCD
NYSE:ARMK
NYSE:DRI
NYSE:YUMC
NYSE:QSR
NYSE:YUM
NYSE:CMG
NasdaqGS:BLMN
NYSE:DPZ
Revenue
CY2014 CY2015 CY2016 CY2017 CY2018
EBITDA
CY2014 CY2015 CY2016 CY2017 CY2018
3,6x
3,8x
0,9x
1,4x
NM
8,2x
5,2x
5,0x
1,0x
3,3x
4,6x
4,9x
0,9x
1,2x
NM
5,2x
5,3x
3,1x
0,8x
3,4x
3,8x
5,2x
1,0x
1,3x
1,3x
5,7x
4,7x
2,7x
0,7x
4,0x
3,7x
7,1x
1,0x
1,7x
1,8x
6,2x
6,2x
1,7x
0,7x
4,1x
3,2x
7,9x
0,9x
1,6x
1,3x
4,9x
6,7x
2,3x
0,6x
4,0x
NM
10,7x
11,2x
NM
NM
NM
NM
NM
10,2x
NM
NM
NM
11,1x
9,7x
NM
NM
NM
NM
7,2x
NM
NM
NM
11,1x
10,0x
8,9x
NM
NM
NM
7,3x
NM
NM
NM
NM
NM
11,9x
NM
NM
NM
8,2x
NM
NM
NM
9,9x
11,7x
8,9x
NM
NM
NM
7,1x
NM
8,2x
5,0x
3,6x
3,6x
1,4x
0,9x
5,3x
4,9x
3,4x
3,3x
1,2x
0,8x
5,7x
4,5x
3,2x
3,0x
1,3x
0,7x
7,1x
5,7x
2,7x
3,4x
1,7x
0,7x
7,9x
4,7x
2,8x
3,4x
1,4x
0,6x
11,2x
11,0x
10,7x
10,7x
10,5x
10,2x
11,1x
10,4x
9,7x
9,3x
8,5x
7,2x
11,1x
10,3x
9,4x
9,3x
8,5x
7,3x
11,9x
11,0x
10,1x
10,1x
9,1x
8,2x
11,7x
10,4x
9,4x
9,4x
8,4x
7,1x
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Recent Hotels, Restaurants and Leisure Sector M&A Transaction Activity
○●●●●●●●
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Recent Hotels, Restaurants and Leisure Sector M&A Transaction Activity
●○●●●●●●
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Recent Hotels, Restaurants and Leisure Sector M&A Transaction Activity
●●○●●●●●
Target: Hotel Management Business of Remington Holdings, LP
Buyer: Ashford Inc.
Closed Date: November 06, 2019
1-Day Premium: NA
EV/Revenue: 0,97x
1-Week Premium: NA
EV/EBITDA: 11,75x
1-Month Premium: NA
Ashford Inc. (AMEX:AINC) entered in to a definitive agreement to acquire hotel management business from
Remington Holdings, LP for approximately $280 million on May 31, 2019. Under the terms of the agreement,
Ashford Inc. will acquire the business for a purchase price of $275 million, payable by the issuance of 11 million
new Series D Convertible Preferred Stock. Transaction will result in all Ashford-affiliated companies being
publicly held. In the event of termination, Ashford Inc. will pay a termination fee of $5.5 million. Based on 2018
financial results, the acquisition multiple equates to 11.8x adjusted EBITDA. The business had adjusted EBITDA
of approximately $23.4 million, revenues of $284.3 million and total assets of $31.4 million. Jarrad Evan
appointed as Chief Investment Officer, Sloan Dean appointed as new Chief Executive Officer and President, Stan
Kennedy appointed as Chief Operating Officer of Remington Hotels and a new role of Chief Commercial Officer
created.
Target: Fox Restaurant Concepts, LLC
Buyer: The Cheesecake Factory Incorporated
Closed Date: October 02, 2019
1-Day Premium: NA
EV/Revenue: 1,34x
1-Week Premium: NA
EV/EBITDA: NM
1-Month Premium: NA
The Cheesecake Factory Incorporated (NasdaqGS:CAKE) entered into a definitive agreement to acquire Fox
Restaurant Concepts LLC (FRC) from Samuel Fox and others for approximately $220 million on July 30, 2019. The
consideration includes approximately $178 million in cash at closing and $45 million due ratably over the next
four years. The FRC acquisition also includes an earn-out provision based on the financial performance. In a
related transaction, The Cheesecake Factory Incorporated entered into an agreement to acquire remaining stake
in North Italia for $130 million. The cash due at closing will be funded by drawing on Cheesecake Factory's
upsized revolving credit facility, cash on hand and incremental debt. FRC will operate as a wholly-owned
subsidiary, and continue to be led by Sam Fox, Founder and Chief Executive Officer of FRC, from FRC’s
headquarters in Phoenix, Arizona. The transaction is subject to the expiration of the applicable Hart-Scott-Rodino
Act waiting period and other customary closing conditions. The Cheesecake Factory Incorporated's Board of
Directors has unanimously approved the transaction.
Target: Del Frisco's Restaurant Group, Inc.
Buyer: L Catterton Partners
Closed Date: September 25, 2019
1-Day Premium: 18,87%
EV/Revenue: 2,02x
1-Week Premium: 21,21%
EV/EBITDA: NM
1-Month Premium: 15,27%
L Catterton Partners entered into a definitive agreement to acquire Del Frisco's Restaurant Group, Inc.
(NasdaqGS:DFRG) from Engaged Capital, LLC and others for approximately $280 million on June 23, 2019. Under
the transaction, Del Frisco’s stockholders will receive $8 per share in an all cash transaction. Each restricted
share, restricted share unit and performance stock unit will also receive a consideration in cash equal to offer
price. Each option to purchase shares of Del Frisco's Restaurant that is outstanding immediately prior to the
effective time, whether vested or unvested, will be cancelled and automatically converted into the right to
receive an amount in cash equal to the product of $8 (less the exercise price per share attributable to such
option) and the total number of shares of Del Frisco's Restaurant issuable upon exercise in full of option. L
Catterton Partners has entered into debt commitment letters with lenders for the purpose of funding a portion of
the aggregate consideration for the merger.
Target: Peak Resorts, Inc.
Buyer: Vail Holdings, Inc.
Closed Date: September 24, 2019
1-Day Premium: 115,69%
EV/Revenue: 2,60x
1-Week Premium: 117,82%
EV/EBITDA: 9,65x
1-Month Premium: 177,78%
Vail Holdings Inc. (‘Vail’) entered into a definitive merger agreement to acquire Peak Resorts Inc.
(NasdaqGM:SKIS) (‘Peak’) from Cap 1 LLC, Richard and Beth Sackler Foundation Inc. and other shareholders for
approximately $170 million on July 20, 2019. Vail will acquire all outstanding shares of common stock of Peak for
$11 per share in cash. Further, 20,000 Series A cumulative convertible preferred stock of Peak will be converted
into the right to receive an amount equal to the sum of $1,748.81 and 20,000 Series A cumulative convertible
preferred stock of Peak will be converted into the right to receive an amount equal to the sum of $1,-
(consisting of $1,748.81, plus $20.2192 per share of accrued and unpaid dividends). Each outstanding restricted
stock unit (‘RSU’) that was granted pursuant to Peak’s 2014 Equity Incentive Plan will become fully vested, will
be cancelled and extinguished in exchange for the right to receive $11 in cash.
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Recent Hotels, Restaurants and Leisure Sector M&A Transaction Activity
●●●○●●●●
Target: Operating Assets of JACK Cincinnati Casino
Buyer: Hard Rock Cafe International, Inc.
Closed Date: September 20, 2019
1-Day Premium: NA
EV/Revenue: 0,85x
1-Week Premium: NA
EV/EBITDA: NA
1-Month Premium: NA
Hard Rock Cafe International, Inc. entered into definitive agreement to acquire operating assets from JACK
Cincinnati Casino for approximately $190 million on April 5, 2019. The consideration will be paid in cash. In
related transactions, VICI Properties Inc. (NYSE:VICI) entered into definitive agreements to acquire land and real
estate assets from JACK Cincinnati Casino for $558 million and Hard Rock Cafe International entered into
agreement to acquire Turfway Park, LLC from JACK Entertainment LLC for $35 million. VICI Properties Inc. will
enter into a triple-net lease agreement for the JACK Cincinnati Casino with a subsidiary of Hard Rock Cafe
International. Hard Rock Cafe International will be responsible for operations at JACK Cincinnati Casino. JACK
Entertainment will work with Hard Rock Cafe International to ensure a smooth transition for all guests and team
members. For the year ending on February 28, 2019, JACK Cincinnati Casino reported net revenues of $218.8
million, adjusted EBITDAM of $72.1 million and net income of $39.8 million. The transaction is subject to
regulatory approvals (both at the federal and state levels), antitrust approvals and customary closing conditions
and is expected to close in late 2019.
Target: Two Iconic Water Parks and One Resort in Texas of Schlitterbahn Waterparks, U.S.A
Buyer: Millennium Operations LLC
Closed Date: July 01, 2019
1-Day Premium: NA
EV/Revenue: 3,84x
1-Week Premium: NA
EV/EBITDA: NA
1-Month Premium: NA
Millennium Operations LLC entered into definitive agreement to acquire two iconic water parks and one resort in
Texas from a group of sellers for approximately $260 million on June 12, 2019. The consideration will be paid in
cash and is subject to certain working capital adjustments related to the timing of the closing. Additionally,
Millennium has the right to acquire a property located in Kansas City, Kansas, for a cash purchase price of $6
million. Cedar Fair, parent of Millennium, intends to finance the transaction through additional long-term
borrowings. As on June 18, 2019, Cedar Fair intends to commence a private offering of $500 million aggregate
principal amount of senior unsecured notes due 2029. Cedar Fair intends to use the net proceeds of the offering
for the proposed acquisition of Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark
Galveston. The two Texas water parks and the resort generated annual revenues of approximately $68 million in
2018. The transaction is subject to regulatory approval, including the expiration or termination of the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other customary terms
and conditions, and is expected to close during the second quarter of 2019.
Target: Papa Murphy's Holdings, Inc.
Buyer: MTY Franchising USA, Inc.
Closed Date: May 23, 2019
1-Day Premium: 31,90%
EV/Revenue: 1,53x
1-Week Premium: 27,72%
EV/EBITDA: 7,45x
1-Month Premium: 11,21%
MTY Franchising USA, Inc. signed a definitive agreement to acquire Papa Murphy's Holdings, Inc.
(NasdaqGS:FRSH) for approximately $110 million on April 10, 2019. As part of the consideration, MTY Food will
commence a tender offer to purchase all of the outstanding shares of Papa Murphy’s common stock for $6.45 per
share in cash without interest, and subject to any required withholding taxes. Under the transaction, MTY
Franchising will acquire the outstanding in-the-money options and performance-based restricted stock units of
Papa Murphy's Holdings. Following successful completion of the tender offer, MTY would acquire all remaining
shares not tendered in the offer through a merger at the same price as in the tender offer. The transaction will
be financed with the MTY’s cash on hand and its existing credit facility to fund the cash consideration and to
repay Papa Murphy’s net debt outstanding as of the close of the transaction, which is approximately $77.4
million. Pursuant to the terms of the merger agreement, Papa Murphy’s has agreed that it will not solicit or
initiate discussions regarding any other business combination or sale of material assets.
Target: All Operating Assets of Hard Rock Rocksino Northfield Park
Buyer: MGM Resorts International
Closed Date: April 01, 2019
1-Day Premium: NA
EV/Revenue: 0,94x
1-Week Premium: NA
EV/EBITDA: 2,93x
1-Month Premium: NA
MGM Resorts International (NYSE:MGM) entered into an agreement to acquire all operating assets of Northfield
Park Associates, LLC for approximately $280 million on September 18, 2018. The total consideration is subject to
adjustments for certain working capital changes. For the year ending June 2018, Northfield Park Associates, LLC
reported approximately $293 million in net revenues and approximately $94 million in adjusted EBITDA. The
transaction is subject to customary closing conditions and regulatory approvals. The transaction was approved
by MGM Growth Properties LLC’s Conflicts Committee. As on April 1, 2019, 950 employees of MGM Northfield
Park will join the MGM Resorts family. As consideration for the transaction, MGM Growth Properties Operating
Partnership LP redeemed approximately 9.4 million of its Operating Partnership units from a subsidiary of MGM
Resorts, representing a purchase price of $275 million subject to customary adjustments. Following the
redemption, MGM Resorts' economic ownership stake in the Operating Partnership is approximately 69%. The
transaction is expected to close in the first half of 2019. As of February 27, 2019, the transaction is expected to
be completed in April 2019.
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Recent Hotels, Restaurants and Leisure Sector M&A Transaction Activity
●●●●○●●●
Target: Real Property and Operations of Empire City Casino at Yonkers Raceway
Buyer: MGM Resorts International
Closed Date: January 29, 2019
1-Day Premium: NA
EV/Revenue: 3,94x
1-Week Premium: NA
EV/EBITDA: 12,95x
1-Month Premium: NA
MGM Resorts International (NYSE:MGM) entered into an agreement to acquire real property and operations of
Empire City Casino at Yonkers Raceway for approximately $930 million on May 28, 2018. The consideration is
subject to customary working capital and other adjustments. The consideration includes the refinancing of
Empire City’s outstanding debt, which is expected to be about $245 million at the time of closing. MGM Resorts
issued 9.372,336 million shares as part of the remaining consideration. Furthermore, MGM Resorts has agreed to
pay additional consideration of $50 million if Empire City is awarded a license for live table games on or prior to
December 31, 2022 and MGM Resorts accepts such license by December 31, 2024. The consideration is subject
to customary working capital and other adjustments. Subsequent to the purchase of Empire City, MGM Resorts
and MGM Growth Properties LLC (NYSE: MGP) have entered into an agreement under which MGM Resorts will
sell the developed real property to MGP for total consideration of approximately $625 million. Uri Clinton has
been names as Chief Operating Officer of Empire City Casino
Target: Bojangles', Inc.
Buyer: The Jordan Company, L.P.; Durational Capital Management LP; The Resolute Fund IV, L.P.; Durational Walker LP
Closed Date: January 28, 2019
1-Day Premium: 0,56%
EV/Revenue: 1,36x
1-Week Premium: 2,09%
EV/EBITDA: 11,12x
1-Month Premium: -2,48%
Durational Walker LP, a fund managed by Durational Capital Management LP and The Resolute Fund IV, L.P., a
fund managed by The Jordan Company LP entered into a definitive agreement to acquire Bojangles' Inc.
(NASDAQ:BOJA) from Advent International Corporation and others for approximately $610 million on November
5, 2018. Bojangles' stockholders will receive $16.1 per share in cash as consideration. Citigroup Global Markets
Inc. and KKR Capital Markets LLC provided fully committed financing in support of the transaction. Durational
Walker, The Resolute Fund IV and TEI Investment Pte. Ltd. financed an aggregate amount of $390 million through
equity contribution for the acquisition. Upon closing of the transaction, Bojangles' will continue to be operated
as an independent, privately-held company and will remain based in Charlotte, North Carolina. If the merger is
consummated, Bojangles's common stock will be delisted from Nasdaq and deregistered under the Securities
Exchange Act of 1934. If Bojangles terminate the agreement then Bojangles will pay a termination fee of $24
million and if Investment funds associated with Durational Capital Management and The Jordan Company
terminate the agreement, Bojangles entitled to receive a termination fee of $45 million.
Target: Sonic Corp.
Buyer: Inspire Brands, Inc.
Closed Date: December 07, 2018
1-Day Premium: 18,82%
EV/Revenue: 5,37x
1-Week Premium: 18,72%
EV/EBITDA: 15,99x
1-Month Premium: 25,98%
ARG Holding Corporation entered into a definitive agreement to acquire Sonic Corp. (NasdaqGS:SONC) from
Longleaf Partners Funds Trust - Longleaf Partners Small-Cap Fund (MutualFund:LLSC.X), managed by
Southeastern Asset Management, Inc. and others for $1.6 billion on September 24, 2018. Pursuant to the
agreement, ARG Holding Corporation will acquire Sonic for $43.50 per share in cash in a transaction valued at
approximately $2.3 billion including the assumption of Sonic's net debt. The in-the-money option holders will
receive the difference between the share cash consideration and the weighted average exercise price. Restricted
stock units will be converted into the right to receive the same per share consideration as common stock. As a
result of the deal, Sonic will become a wholly owned subsidiary of ARG. ARG has entered into commitment
letters with funds managed by Roark Capital Management LLC, parent of ARG, aggregating approximately $1.64
billion pursuant to which the funds have committed to capitalize ARG in connection with the merger. In the event
of termination, Sonic will pay a termination fee of $47.74 million.
Target: Zoe's Kitchen, Inc.
Buyer: Cava Group, Inc.
Closed Date: November 21, 2018
1-Day Premium: 33,37%
EV/Revenue: 0,89x
1-Week Premium: 45,88%
EV/EBITDA: 16,59x
1-Month Premium: 24,39%
Cava Group, Inc. entered into a definitive agreement to acquire Zoe's Kitchen, Inc. (NYSE:ZOES) for approximately
$250 million on August 16, 2018. Under the terms of the agreement, Zoe’s shareholders will receive $12.75 in
cash for each share of common stock they hold. The acquisition of Zoe’s will be financed through a significant
equity investment of up to $125 million in CAVA led by the investment vehicle created by Ron Shaich and upto
approximately $162 million through funds advised by The Invus Group with participation from SWaN & Legend
Venture Partners and Revolution Growth. Under the terms of the merger agreement, Zoe’s is permitted to
actively solicit, for a 35-day period, alternative acquisition proposals from potential buyer and business
combination candidates. Post-completion, Zoe's Kitchen will operate as a subsidiary of Cava Group. Zoe’s would
be required to pay to CAVA an $8.5 million termination fee if Zoe’s terminates the merger agreement to accept a
superior proposal under certain circumstances. CAVA has agreed to pay a $17 million termination fee if the
merger agreement is terminated under certain circumstances and the merger does not occur.
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Recent Hotels, Restaurants and Leisure Sector M&A Transaction Activity
●●●●●○●●
Target: Hojeij Branded Foods, Inc.
Buyer: Paradies LaGardere, Inc.
Closed Date: November 20, 2018
1-Day Premium: NA
EV/Revenue: 1,47x
1-Week Premium: NA
EV/EBITDA: NA
1-Month Premium: NA
Paradies LaGardere, Inc signed an agreement to acquire Hojeij Branded Foods, Inc. from Morgan Stanley Private
Equity for $330 million on August 15, 2018. The consideration will be paid in cash and is based on debt and cash
free valuation. The financing of the acquisition falls within the scope of the re-use of the proceeds from
disposals and divestment of non-core assets (Lagardre Active businesses and property assets), as part of the
group’s strategic refocusing launched earlier this year. Hojeij Branded Foods reported total revenue of $225
million in 2017. The management team of Hojeij Branded Foods will remain same at the helm of the company.
The transaction is subject to customary conditions including, regulatory board approval, third-party approval and
antitrust regulations. The transaction is expected to close in fourth quarter of 2018. Attractive synergy potential
with run rate of circa $10 million per annum will be in the fourth year following the acquisition.
Target: Pinnacle Entertainment, Inc.
Buyer: Penn National Gaming, Inc.
Closed Date: October 15, 2018
1-Day Premium: 4,91%
EV/Revenue: 2,27x
1-Week Premium: 4,00%
EV/EBITDA: 8,74x
1-Month Premium: 14,05%
Penn National Gaming, Inc. (NASDAQ:PENN) entered into a definitive agreement to acquire Pinnacle
Entertainment, Inc. (NASDAQ:PNK) for $2 billion on December 17, 2017. Under the terms of the agreement,
Pinnacle shareholders will receive $20 in cash and 0.42 shares of Penn National common stock for each Pinnacle
share. Upon completion of the transaction, Penn National and Pinnacle shareholders will hold 78% and 22%
respectively of the combined company’s outstanding shares. In connection with the transaction, Penn National
has entered into a definitive agreement with Boyd Gaming Corporation (‘Boyd’) in which Boyd will purchase
Pinnacle’s gaming operations at Ameristar Kansas City and Ameristar St. Charles in Missouri; Belterra Casino
Resort in Indiana; and Belterra Park in Ohio, for approximately $575 million in cash. These divestitures are
anticipated to occur immediately prior to, and are conditioned upon, the completion of the Pinnacle acquisition.
Gaming and Leisure Properties (“GLPI”), the landlord for Penn National and Pinnacle under their respective
master lease agreements, has entered into an agreement to amend the terms of the Pinnacle master lease to
permit the divestitures.
Target: Tropicana Entertainment Inc.
Buyer: Eldorado Resorts, Inc.
Closed Date: October 01, 2018
1-Day Premium: -51,18%
EV/Revenue: 0,69x
1-Week Premium: -50,27%
EV/EBITDA: 3,35x
1-Month Premium: -50,96%
Eldorado Resorts, Inc. (NasdaqGS:ERI) entered into an agreement and plan of merger to acquire Tropicana
Entertainment Inc. (OTCPK:TPCA) from American Entertainment Properties Corp. and others for approximately
$640 million on April 15, 2018. In a related transaction, Gaming and Leisure Properties, Inc. (NASDAQ:GLPI)
entered into a definitive agreement to acquire real estate assets from Tropicana Entertainment Inc. for $1.2
billion on April 15, 2018. The transaction consideration is subject to adjustment. Under the terms of the
agreement, each share of Tropicana Entertainment’s common stock, issued and outstanding, prior to the closing
of the transaction will be cancelled and converted into the right to receive the per share merger
consideration. Tropicana Entertainment intends to dispose of Tropicana Aruba Resort and Casino prior to closing.
Eldorado Resorts intends to fund the transaction consideration of approximately $640 million payable by
Eldorado and repay debt outstanding under Tropicana Entertainment’s credit facility with cash generated from its
current operations.
Target: Jamba, Inc.
Buyer: FOCUS Brands Inc.
Closed Date: September 12, 2018
1-Day Premium: 16,28%
EV/Revenue: 2,62x
1-Week Premium: 17,01%
EV/EBITDA: NM
1-Month Premium: 19,05%
Focus Brands Inc. ("FBI") entered into a definitive agreement to acquire Jamba Inc. (Nasdaq:JMBA) from Engaged
Capital LLC, Indus Capital Partners LLC (through its fund Indus Markor Master Fund LP) and other shareholders
for approximately $210 million on August 1, 2018. FBI will commence a tender offer to purchase all of the
outstanding shares of Jamba common stock for $13 per share in cash. Each option will be exchanged for the
excess of the excess of $13 over the applicable exercise price. Each restricted stock unit (‘RSU’) with respect to
shares that is outstanding immediately prior thereto shall immediately and fully vest and shall terminate and be
cancelled and the holder of such RSU will be entitled to receive $13 per unit as consideration. Each share of
restricted stock will be treated as outstanding share for the purpose of tendering pursuant to the offer. As on
August 15, 2018, the offer commenced. The offer will be open for acceptance until September 12, 2018, unless
the offer is terminated or extended. Following successful completion of the tender offer, FBI would acquire all
remaining shares not tendered in the offer through a merger at the same price as in the tender offer.
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Recent Hotels, Restaurants and Leisure Sector M&A Transaction Activity
●●●●●●○●
Target: Hotels Union Square LLC
Buyer: Westbrook Partners LLC
Closed Date: September 06, 2018
1-Day Premium: NA
EV/Revenue: 4,41x
1-Week Premium: NA
EV/EBITDA: NM
1-Month Premium: NA
Westbrook Partners entered into an agreement to acquire Hotels Union Square LLC from Host Hotels & Resorts
LP for approximately $170 million during the quarter ended June 30, 2018. Westbrook Partners has secured a
$100 million loan from HSBC to finance the deal. Under Westbrook, the hotel will lose its W Hotels flag. For the
year ended December 31, 2017, Union Square reported revenues of $38.8 million, net income of $0.7 million and
EBITDA of $6.4 million. The sale is subject to customary closing conditions and is expected to close in the third
quarter of 2018.
Target: ILG, Inc. (nka:ILG, LLC)
Buyer: Marriott Vacations Worldwide Corporation
Closed Date: September 01, 2018
1-Day Premium: 13,11%
EV/Revenue: 3,53x
1-Week Premium: 13,49%
EV/EBITDA: 17,97x
1-Month Premium: 18,71%
Marriott Vacations Worldwide Corporation (NYSE:VAC) (‘MVW’) entered into a definitive agreement to acquire
ILG Inc. (NasdaqGS:ILG) from Liberty USA Holdings LLC and other shareholders for $4.7 billion on April 30, 2018.
ILG shareholders will receive $14.75 in cash and 0.165 of an MVW common share for each ILG share. Each ILG
equity award (including RSU awards, PSU awards, restricted share awards and deferred stock unit awards) will
be converted into an equivalent equity award of MVW on the same terms and conditions, including applicable
vesting conditions. Each ILG equity award will receive $14.75 in cash and 0.165 of an MVW common share.
Following the closing of the transaction, MVW’s stockholders hold approximately 57% and ILG’s stockholders will
hold approximately 43% of the outstanding MVW’s common stock. The merger agreement provides that MVW
will combine with ILG in a series of transactions and after completion of the combination transactions, ILG will
be an indirect wholly-owned subsidiary of MVW. The combined company will trade on the NYSE under ticker
symbol VAC.
Target: Elgin Riverboat Resort-Riverboat Casino
Buyer: Eldorado Resorts, Inc.
Closed Date: August 07, 2018
1-Day Premium: NA
EV/Revenue: 1,84x
1-Week Premium: NA
EV/EBITDA: 7,09x
1-Month Premium: NA
Eldorado Resorts, Inc. (NasdaqGS:ERI) agreed to acquire Elgin Riverboat Resort-Riverboat Casino from MGM
Resorts International (NYSE:MGM) and ILLINOIS RBG, L.L.C. for approximately $330 million on April 15, 2018. As
per the terms of agreement consideration will be paid in cash and is subject to a customary working capital
adjustment. Eldorado Resorts will deposit $15 million in escrow account managed by Citibank. Consideration for
the transaction represents a purchase multiple of approximately 9.0x trailing twelve months Adjusted EBITDA.
Eldorado Resorts, Inc. in its last twelve months financials for the period ending December 31, 2017 reported total
revenues of approximately $175 million, total assets of $68 million, operating income of $27.61 million, net
income worth $27.61 million and total common equity worth $49.44 million. Transaction is subject to certain
conditions, including, among others, receipt of required approvals of gaming authorities, expiration of the
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, receipt of required third party
consents, no material adverse effect on Elgin and other customary closing conditions.
Target: Northfield Park Associates, LLC
Buyer: MGM Growth Properties Operating Partnership LP
Closed Date: July 06, 2018
1-Day Premium: NA
EV/Revenue: 4,30x
1-Week Premium: NA
EV/EBITDA: 14,73x
1-Month Premium: NA
MGM Growth Properties Operating Partnership LP (‘MGP’) entered into an agreement to acquire Northfield Park
Associates, LLC from Milstein Entertainment LLC for $1.1 billion on April 4, 2018. The purchase price is on a debt
and cash free basis and is subject to a post-closing working capital adjustment. MGP plans to fund the purchase
with a combination of cash on hand and debt. The adjusted escrow amount in the transaction is $5 million and
retention escrow amount is $5.3 million. Additionally, MGP is expected to sell the entities holding the licenses
and operating assets to a third-party operator and retain ownership of the real estate. The transaction is subject
to customary closing conditions, including the receipt of applicable gaming approvals, regulatory approvals,
approval under the HSR Act, execution of ancillary agreements, third party approvals, execution of escrow
agreement and Milstein Entertainment obtaining debt pay off letters. On April 27, 2018, Federal Trade
Commission approved the deal. The transaction is expected to close in second half of 2018. Albert Adams of
Baker & Hostetler LLP acted as legal advisor to Milstein Entertainment LLC and John M. Williams III of Gibson,
Dunn & Crutcher LLP acted as legal advisor to MGP.
Hotels, Restaurants and Leisure Sector in the United States | Quarterly Update | December 2019
Recent Hotels, Restaurants and Leisure Sector M&A Transaction Activity
●●●●●●●○
Target: Barteca Restaurant Group, LLC
Buyer: Del Frisco's Restaurant Group, Inc.
Closed Date: June 27, 2018
1-Day Premium: NA
EV/Revenue: 2,93x
1-Week Premium: NA
EV/EBITDA: 21,91x
1-Month Premium: NA
Del Frisco's Restaurant Group, Inc. (NasdaqGS:DFRG) entered into a definitive agreement to acquire Barteca
Restaurant Group, LLC from Rosser Capital Partners, General Atlantic LLC and others for approximately $330
million on May 6, 2018. The consideration will paid in cash. JPMorgan Chase and Citizens Financial Group are
providing committed financing for the transaction. Barteca reported total revenue of $127.9 million, net income
of $7 million and EBITDA of $31.7 million for the period ended on December 31, 2017. Post-acquisition, Barteca
will continue to be led by Jeff Carcara, its current Chief Executive Officer, who will now report up to Norman
Abdallah, Chief Executive Officer of Del Frisco’s.
Target: W New York
Buyer: Highgate Holdings; Capstone Equities
Closed Date: May 09, 2018
1-Day Premium: NA
EV/Revenue: 2,48x
1-Week Premium: NA
EV/EBITDA: NM
1-Month Premium: NA
Capstone Equities and Highgate Holdings signed a contract to acquire W New York from Host Hotels & Resorts,
Inc. (NYSE:HST) for $190 million in the fourth quarter ending December 31, 2017. The buyer has a $13 million
deposit at risk. The transaction will be financed through $130 million financing provided by LoanCore Capital. W
hotel will be renamed as Maxwell. For the year ended December 31, 2017, the hotel reported net loss of $6.2
million, revenue of $76.7 million and EBITDA of $3.4 million. The transaction is subject to customary closing
conditions and the sale is expected to close in the second quarter 2018. Eastdil Secured acted as broker in both
the transaction and financing.
The transaction is subject to receipt of U.S. antitrust clearance and other customary closing conditions. Del
Frisco’s Board of Directors has unanimously approved the transaction. As of May 21, 2018, the transaction was
granted early termination notice by FTC. The transaction is expected to be completed by the end of second
quarter of 2018. As on June 22, 2018, the transaction is expected to close on or about June 27, 2018.
Target: Fogo de Chão, Inc.
Buyer: Rhone Capital, L.L.C.; Rhone Capital V L.P.
Closed Date: April 05, 2018
1-Day Premium: 25,50%
EV/Revenue: 1,78x
1-Week Premium: 26,51%
EV/EBITDA: 10,57x
1-Month Premium: 14,55%
Rhone Capital V L.P., a fund managed by Rhone Capital, L.L.C. entered into an agreement to acquire Fogo de
Chao, Inc. (NasdaqGS:FOGO) from Thomas H. Lee Partners, L.P., Putnam Investments Employees’ Securities
Company III LLC, Great-West Investors Holdco Inc., Lawrence J. Johnson, George B. McGowan, Selma Oliveira
and others for approximately $450 million on February 20, 2018. Under the terms of the agreement, Fogo de
Chao's stockholders will receive $15.75 per share in cash. Each Fogo de Chao outstanding stock option will be
cancelled and will be entitled to receive an amount in cash. The outstanding restricted stock subject to
performance-based vesting conditions will lapse, with the holder of such performance-based restricted stock
becoming entitled to receive an amount in cash. Each outstanding restricted stock will lapse, with the holder of
such restricted stock becoming entitled to receive an amount in cash. Currently, all directors and executive
officers holds 18.5 million shares of Fogo de Chao and Funds affiliated with Thomas H. Lee Partners, L.P. hold
17.15 million shares of Fogo de Chao. Credit Suisse AG, Credit Suisse Securities (USA) LLC, Wells Fargo Bank,
National Association and Wells Fargo Securities, LLC are providing financing for the transaction.
Target: PlasmaNet, Inc.
Buyer: LottoGopher Holdings Inc.
Closed Date: July 19, 2018
1-Day Premium: NA
EV/Revenue: 0,78x
1-Week Premium: NA
EV/EBITDA: NA
1-Month Premium: NA
LottoGopher Holdings Inc. (CNSX:LOTO) entered into a binding agreement to acquire 88% of PlasmaNet, Inc. for
$4.3 million on July 12, 2018. Under the terms, LottoGopher will issue 11.6 million shares, an unsecured
promissory note in the aggregate principal amount of CAD 1.5 million ($1.96 million) convertible into up to 21.23
million LottoGopher Common Shares at a price of CAD 0.0705 per Common Share, subject to certain restrictions
and a promissory note in the aggregate principal amount of $1.76 million secured against the PlasmaNet shares.
PlasmaNet generated revenues of $6.3 million in 2017.
