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  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 35 slides",
  "authorId": "morgan-stanley",
  "authorName": "Morgan Stanley",
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  "presentationDate": "2016-03-01 00:00:00",
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  "pageNumber": 10,
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  "notes": "Includes a line chart comparing Tier 1 Comps vs Lodging REITs and a data table of growth forecasts (ADR, Occ, RevPAR) for U.S., New York, Miami, and LA.",
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      "kind": "chart",
      "text": "Tier 1 Comps / REIT Peers AV/NTM EBITDA",
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      "text": "While average daily rates (“ADR”) increased marginally in October, minor declines in occupancy levels offset these gains. In November and December, both ADR and occupancy levels decreased, compared to year-ago levels, resulting in sizeable RevPAR declines. ADR was the primary factor contributing to declining RevPAR performance in the fourth quarter, declining 3.3 and 3.7 percent in November and December, respectively. Overall, Manhattan hotels experienced both decreasing occupancy and ADR in 2015, resulting in a RevPAR decline of 2.3 percent for the year.",
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      "text": "After uneven results throughout the year, performance of Manhattan hotels notably declined in November and December, resulting in a revenue per available room (“RevPAR”) decrease of 3.0 percent in the fourth quarter. For the year, Manhattan’s RevPAR declined for the first time since 2009.",
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      "kind": "source-note",
      "text": "Source: Capital IQ; PKF Hospitality Research",
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      "text": "PKF Growth Forecasts 2016E",
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      "kind": "title",
      "text": "Lodging Sector Recent Performance / Outlook",
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