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  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 33 slides",
  "authorId": "morgan-stanley",
  "authorName": "Morgan Stanley",
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  "presentationDate": "2016-05-01 00:00:00",
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  "density": "dense",
  "nDataPoints": 140,
  "notes": "Starwood is excluded from the Tier 1 average, min, and max calculations due to its pending merger with Marriott.",
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      "text": "The tier one peers' 2016E EBITDA multiple range is 9.6x to 12.5x. Starwood is the target of a potential merger with Marriott so its trading multiples are excluded from the ranges used in valuation.",
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      "text": "1. Starwood excluded from average, min, and max statistics due to its pending merger with Marriott",
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      "text": "Source: SNL Financial, Capital IQ, Morgan Stanley and Company reports",
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