Wyoming Hotel

Performance
STR Data

Kelsey Waite| business development executive

Source: 2020 STR, LLC / STR Global, Ltd. trading as "STR". © CoStar Realty Information, Inc. Any reprint, use or
republication of all or a part of this presentation without the prior written approval of STR is strictly prohibited.
Any such reproduction shall specifically credit STR as the source. This presentation is based on data collected by
STR. The information in the presentation should not be construed as investment, tax, accounting or legal advice.
Agenda

Total US Review

Wyoming State Overview

Competitive States Performance

Look to the Future

© 2019 STR. All Rights Reserved.

 Total U.S. Review

© 2019 STR. All Rights Reserved.

12 MMA December 2019: Persistent Weak ADR Change

Highest
Ever?
% Change
Room Supply  2.0%
Room Demand  2.0%
Occupancy  66.1% -0.0%
ADR  $131 1.0%
RevPAR  $87 0.9%
Room Revenue  3.0%
Total US Results, 12 MMA December 2019 Source: STR
2020 © CoStar Realty Information, Inc.
Number of Months with Positive ADR % Change of Less Than 1%

2011 – 2018 YTD 2019

0 5
Source: STR
2020 © CoStar Realty Information, Inc.
 Quarterly RevPAR Growth: Results Positive, But Slowing
10

0
Q1 '14 Q1 '15 Q1 '16 Q1 '17 Q1 '18 Q1 '19

Source: STR
*Total U.S., Quarterly RevPAR % Change, Q1 2014 – Q3 2019 2020 © CoStar Realty Information, Inc.
RevPAR Growth: Almost 10 Years in, Bouncing Around the “0%” Line
15

111 Months 56 Months 114 Months

-5 (out of 112) (out of 118)

-15

-25
1990 2000 2010

Total U.S., RevPAR % Change, 1/1990 – 12/2019 Source: STR

2020 © CoStar Realty Information, Inc.
Real ADR Growth (ADR% minus CPI%) Has Now Been Negative For Six Quarters

-5

-10
1990 2000 2010
Source: STR
Total U.S., Real ADR % Change (ADR minus CPI), by quarter, Q1/1990 – Q4/2019 2020 © CoStar Realty Information, Inc.
Wyoming
How is the state performing?
Wyoming
Room Demand
Twelve Month Moving Average – 1991 to December 2019
6000000

5,589,609
5,492,434 5,573,295
5500000

5000000

4500000 4,672,879
4,599,201

4000000

3500000

3000000
1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
Source: STR
2020 © CoStar Realty Information, Inc.
Wyoming
Occupancy and ADR
Twelve Month Moving Average – 1991 to December 2019
140
$128 - March 2018
130
Occupancy (%) ADR ($)
120
110 $102
100
90
80
67.7%
70
61.2% 58.3%
60
50
40
1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
Source: STR
2020 © CoStar Realty Information, Inc.
Wyoming
Occupancy and ADR % Change
Twelve Month Moving Average – 1991 to December 2019
15
12.3
10.6 10.5
9.5
10

-3.0 -2.8
-5
-6.4
Occ % Change
-10
ADR % Change
-12.7
-14.5
-15
2000 2003 2006 2009 2012 2015 2018
Source: STR
2020 © CoStar Realty Information, Inc. 12
Wyoming Feels the RevPAR Growth Peaks and Valleys more than US
40
US Wyoming
30

20

10

-10

-20

-30

-40
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018

Total U.S. & Wyoming, RevPAR % Change, 1/2000 – 12/2019 Source: STR
2020 © CoStar Realty Information, Inc.
Wyoming Performance 2019 Year End

Wyoming

Supply 9.6m -1%

Demand 5.6m 8%
Occupancy 58.3% 9.1%
ADR $125 -0.3%
RevPAR $73 8.7%
Year End 2019

Source: STR
Wyoming 2019 Year End 2020 © CoStar Realty Information, Inc.
 Year End Historical Performance
ADR RevPAR Occupancy
$140 90.0%
$128 $126 $125
$121
$120
80.0%

$100

70.0%
$80
$73
$67
$60 $64
$60
58.3% 60.0%

$40
53.5%
49.9% 49.8%
50.0%
$20

$0 40.0%

2016 2017 2018 2019

Source: STR
Wyoming – USD - YE 2016,2017,2018, 2019 2020 © CoStar Realty Information, Inc.
July is the Strongest Month for all Indicators
ADR RevPAR Occupancy
$175 100%

$150
80%
$125

60%
$100

$75
40%

$50
20%
$25

$0 0%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: STR
Wyoming 1/2019-12/2019, Occ, ADR, RevPAR by Month 2020 © CoStar Realty Information, Inc.
Teton County has biggest impact on Wyoming performance
County by Room Count
Johnson County, WY 492
Big Horn, Washakie, & Hot Springs Counties, WY 595
Converse County, WY 619
Sublette & Lincoln Counties, WY 827
Uinta County, WY 1052
Fremont County, WY 1076
Crook, Weston, Niobrara, Platte, & Goshen Counties, WY 1120
Sheridan County, WY 1336
Carbon County, WY 1381
Albany County, WY 1402
Park County, WY 1404
Campbell County, WY 2168
Sweetwater County, WY 2225
Laramie County, WY 2712
Natrona County, WY 2739
Teton County, WY 3869

Source: STR
Number of Rooms Dec 2019, Counties and custom regions within Wyoming 2020 © CoStar Realty Information, Inc.
Occupancy by County – Converse is the Highest YE 2019
Uinta County, WY 41.2
Johnson County, WY 45.1
Sublette & Lincoln Counties, WY 47.3
Big Horn, Washakie, & Hot Springs Counties, WY 48.3
Fremont County, WY 49.2
Sheridan County, WY 51.9
Campbell County, WY 53.9
Albany County, WY 54.4
Sweetwater County, WY 54.8
Carbon County, WY 56.9
Crook, Weston, Niobrara, Platte, & Goshen Counties, WY 57.2
Park County, WY 62.7
Teton County, WY 63.4
Laramie County, WY 65.4
Natrona County, WY 67.6
Converse County, WY 73.5
0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0
Source: STR
Occupancy YE 2019, Counties and custom regions within Wyoming 2020 © CoStar Realty Information, Inc.
ADR by County – Teton is the Highest in 2019
Teton County, WY $246
Park County, WY $176
Fremont County, WY $108
Sublette & Lincoln Counties, WY $102
Big Horn, Washakie, & Hot Springs Counties, WY $97
Laramie County, WY $96
Albany County, WY $92
Converse County, WY $91
Natrona County, WY $88
Sheridan County, WY $88
Sweetwater County, WY $86
Crook, Weston, Niobrara, Platte, & Goshen Counties, WY $85
Carbon County, WY $85
Campbell County, WY $82
Johnson County, WY $82
Uinta County, WY $74
$0 $50 $100 $150 $200 $250 $300
Source: STR
ADR ($) YE 2019, Counties and custom regions within Wyoming 2020 © CoStar Realty Information, Inc.
RevPAR by County

Source: STR
RevPAR ($) YE 2019, Counties and custom regions within Wyoming 2020 © CoStar Realty Information, Inc.
RevPAR Percent Change by County

Source: STR
ADR % Change ($) YE 2019, Counties and custom regions within Wyoming 2020 © CoStar Realty Information, Inc.
Competition
Where does WY rank?
Occupancy Rate Growth
2019 Year End % Change – by State

0.5% 8%
State ‘19 YE Occ
3.7% Wyoming 58.3%
9.1% Montana 58.9%
South Dakota 57.2%
North Dakota 55.3%
-1%
1.3% Colorado 68.2%
Utah 63.4%

Source: STR. 2020 © CoStar Realty Information, Inc. 23

 40.0
45.0
50.0
55.0
60.0
65.0
70.0
75.0
80.0
Arkansas
North Dakota
Iowa
Oklahoma
Kansas
Wisconsin
South Dakota
Nebraska

50 US States – YE 2019 Occ

Wyoming
Mississippi
Montana
Kentucky
Missouri
West Virginia
Michigan
Indiana
Delaware
Ohio
Maine
New Hampshire
Louisiana
Minnesota
Vermont
Connecticut
Pennsylvania
South Carolina
Alabama
Utah
Idaho
New Mexico
Virginia
Maryland
State Level Occupancy – WY Ranked #41

Texas
Illinois
Georgia
Rhode Island
Tennessee
North Carolina
Oregon
Total United States
New Jersey
Alaska
Colorado
Massachusetts
Arizona
Source: STR

Washington
Nevada
Florida
New York
California
Washington, DC
Hawaii
2020 © CoStar Realty Information, Inc.
 0.0
2.0
4.0
6.0
8.0

-6.0
-4.0
-2.0
West Virginia
New Hampshire
Hawaii
Michigan
Massachusetts
Nevada
Virginia
Pennsylvania
Oklahoma
Louisiana
New Mexico
Wisconsin
California
New Jersey

50 US States – YE 2019 Demand % Change

Vermont
Idaho
Montana
Connecticut
Minnesota
Maine
Florida
Washington, DC
Total United States
Georgia
South Carolina
New York
Ohio
Illinois
North Carolina
Utah
Indiana
Oregon
Missouri
Arizona
Mississippi
Kansas
Rhode Island
Rooms Sold Growth over 2018 – WY Ranked #2

Iowa
Maryland
Texas
Kentucky
Washington
Delaware
Alabama
Arkansas
Source: STR

Alaska
Tennessee
Colorado
South Dakota
Nebraska
Wyoming
North Dakota
2020 © CoStar Realty Information, Inc.
Average Daily Rate Growth
2019 Year End % Change – by State

2.7% 0.9%
State ‘19 YE ADR
-0.4% Wyoming $125.10
-0.3% Montana $108.49
South Dakota $92.51
North Dakota $81.02
0.6%
2.8% Colorado $145.61
Utah $123.62

Source: STR. 2020 © CoStar Realty Information, Inc. 26

 $50
$100
$200
$250
$300

$150

$0
Oklahoma
North Dakota
Arkansas
Mississippi
Kansas
Alabama
Nebraska
South Dakota

50 US States – YE 2019 ADR

Iowa
New Mexico
West Virginia
Ohio
Missouri
Kentucky
Indiana
Texas
North Carolina
Idaho
Georgia
Michigan
Montana
Wisconsin
Louisiana
Virginia
Nevada
Minnesota
State Level ADR – WY Ranked #16

South Carolina
Tennessee
Connecticut
Maryland
Utah
Pennsylvania
Oregon
Delaware
Arizona
Wyoming
New Jersey
Illinois
Total United States
Washington
New Hampshire
Maine
Florida
Colorado
Alaska
Source: STR

Vermont
Rhode Island
California
Massachusetts
New York
Washington, DC
Hawaii
2020 © CoStar Realty Information, Inc.
Revenue per Available Room Growth
2019 Year End % Change – by State

3.3% 9%
State ’19 RevPAR
3.3% Wyoming $72.99
8.7% Montana $63.94
South Dakota $52.96
North Dakota $44.78
0.5%
4.2% Colorado $99.26
Utah $78.34

Source: STR. 2020 © CoStar Realty Information, Inc. 28

 $50
$150
$200
$250

$100

$0
North Dakota
Oklahoma
Arkansas
Kansas
Mississippi
Iowa
South Dakota
Nebraska
Alabama
West Virginia

50 US States – YE 2019 RevPAR

Missouri
Kentucky
Ohio
Indiana
Wisconsin
New Mexico
Montana
Michigan
Texas
Idaho
Louisiana
Georgia
North Carolina
Minnesota
Virginia
Wyoming
South Carolina
Connecticut
Delaware
Tennessee
Pennsylvania
Utah
Maryland
Nevada
Oregon
New Jersey
Illinois
New Hampshire
Arizona
Total United States
Maine
Washington
Vermont
State Level RevPAR – WY Ranked #26 (up 5 from 2018)

Alaska
Colorado
Source: STR

Rhode Island
Florida
California
Massachusetts
New York
Washington, DC
Hawaii
2020 © CoStar Realty Information, Inc.
 1.0
3.0
5.0
7.0
9.0

-3.0
-1.0
West Virginia
Massachusetts
Michigan
New Hampshire
New York
Oklahoma
Minnesota
Illinois
Washington
Texas
Utah
South Carolina
Louisiana

50 US States – YE 2019 RevPAR % Change

New Jersey
Iowa
Indiana
Rhode Island
Wisconsin
Florida
Connecticut
Washington, DC
Pennsylvania
Oregon
Total United States
Virginia
Ohio
California
Missouri
Kansas
Mississippi
Maryland
Kentucky
Idaho
New Mexico
Georgia
North Carolina
Delaware
Montana
Nevada
State RevPAR Growth over 2018 – WY Ranked #3

South Dakota
Vermont
Maine
Hawaii
Tennessee
Arkansas
Source: STR

Colorado
Nebraska
Arizona
Alabama
Wyoming
North Dakota
Alaska
2020 © CoStar Realty Information, Inc.
Look to the Future
What’s in store for 2020?
Cities with New Supply Pipeline
in Pipeline Rooms

Gillette 78
Rock Springs 87
Cody 187
Powell 70
Jackson 96
Cheyenne 182

Source: STR. 2020 © CoStar Realty Information, Inc.

Even a Sharp Demand Decline Would Still Lead to Occ Around 60%

Year 2007 2009

Occupancy 62.8% 54.6%
-8.6%
Demand 1.0 Billion 943 million

Year 2019F 2020F

Occupancy 66.1% 59.3%
-8.6%
Demand 1.3 billion 1.17 billion
Source: STR
2020 © CoStar Realty Information, Inc.
Total United States
Key Performance Indicator Outlook (% Change vs. Prior Year)
2020F – 2021F
Outlook
2020 2020 2021 2021
Metric
Forecast Forecast Forecast Forecast

Supply 1.9% 1.9%

Demand 1.6% 1.7%

Occupancy -0.3% 65.9% -0.1% 65.8%

ADR 0.3% $131.63 0.6% $132.47

RevPAR 0.0% $86.73 0.5% $87.18

Source: STR
2020 © CoStar Realty Information, Inc.
ADR Increases Translate Into Very Small Real Results

Outlook
2020 2021
Metric
Forecast Forecast

ADR % Change 0.3% 0.6%

Translates To ~$0.40 ~$0.80

Source: STR
2020 © CoStar Realty Information, Inc.
 Questions

Source: 2020 STR, LLC / STR Global, Ltd. trading as "STR". © CoStar Realty Information, Inc.
Any reprint, use or republication of all or a part of this presentation without the prior written approval of STR is strictly prohibited.
Any such reproduction shall specifically credit STR as the source. This presentation is based on data collected by STR.
The information in the presentation should not be construed as investment, tax, accounting or legal advice.