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  "documentTitle": "Playa Hotels | SPAC Presentation Deck | 40 slides",
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  "authorName": "Playa Hotels & Resorts",
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  "presentationDate": "2016-12-01 00:00:00",
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  "notes": "The slide uses a dual-chart layout to demonstrate valuation attractiveness on two different metrics.",
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      "kind": "callout",
      "text": "...And EBITDA - CapEx",
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      "text": "...at a discounted multiple to comparable companies",
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      "kind": "source-note",
      "text": "Note: Market data as of December 9, 2016; Select Lodging C-Corps is median of Hilton, Hyatt, and Melia; Cruises is median of Carnival, Royal Caribbean, and Norwegian Cruise Line; Ski Resorts is median of Vail Resorts and Intrawest Resorts; REITs is median of Host Hotels, Sunstone Hotel, LaSalle Hotel, DiamondRock, Pebblebrook, FelCor, Xenia, Ryman, Ashford. Note: 2017E projections based on a USDMXN FX rate of $18.25. See “Important Information – Use of Projections” at the beginning of this presentation for important qualifications and limitations on the use of projections. Actual results may differ materially. In addition, please refer to the Appendix for a reconciliation of Adjusted EBITDA to the most comparable GAAP Measure. Other companies may calculate Adjusted EBITDA differently than Playa, and Playa calculates Adjusted EBITDA – CapEx as Adjusted EBITDA – Maintenance CapEx. Therefore, Playa’s measures may not be directly comparable to similarly titled measures of other companies. Source: Capital IQ",
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      "text": "Playa Comparable Companies: Valuation",
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