Extended Stay America (STAY) 2017年年度报告「NYSE」.pdf

1、2017 annual reportJONATHAN HALKYARDPresident&Chief Executive OfficerTo Our Shareholders2017 was a good year for Extended Stay America(ESA),both in terms of our operating performance and progress in executing our five year plan.ESA increased comparable hotel RevPAR by 1.9%in 2017.We increased Adjuste

2、d EBITDA to$623 million,a new record for the Company,despite selling 5 hotels at attractive multiples during the year.In turn,Adjusted FFO per Paired Share,EPS,and Adjusted Paired Share Income per Paired Share all increased in 20171.Along the way,we returned more than$220 million to our shareholders

3、 through dividends and share repurchases,invested over$160 million in capital expenditures and retired over$70 million in debt,illustrating the powerful operating model and cash flow characteristics of our Company.We also announced in late 2017 that we were under contract to sell 25 hotels to our fi

4、rst third party ESA hotel owners,which we completed in February 2018 at an accretive free cash flow multiple.The buyer also signed an agreement to build 15 additional new ESA hotels over the next few years.Having been with the Company for over 4 years first as COO,then as CFO and now embarking upon

5、my first year as CEO,I would like to highlight the factors I think make ESA and the extended stay segment so attractive.The extended stay segment of the lodging industry represents less than 10%of total hotel room supply but more than 20%of room night demand.Our core guests business guests staying 5

6、 nights or longer on projects,training programs or in a transition are self-sufficient and value conscious.Their long length of stay and self-sufficiency allows very high margins for ESA 55%at the property level-which leads to significant free cash flow generation.Additionally,at our price point,sup