American Realty Capital Hospitality Trust, Inc. Publicly Registered Non-Traded Real Estate Investment Trust*
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1 American Realty Capital Hospitality Trust, Inc. Publicly Registered Non-Traded Real Estate Investment Trust* Courtyard by Marriott Providence, RI Westin Hotel Norfolk/Virginia Beach, VA INVESTING IN Courtyard by Marriott Baltimore, MD Courtyard by Marriott Baltimore, MD * American Realty Capital Hospitality Trust, Inc. ( ARC Hospitality ), intends to qualify as a real estate investment trust ( REIT ) beginning with the taxable year ending December 31, THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. AN OFFERING IS MADE ONLY BY PROSPECTUS. THIS LITERATURE MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS. AS SUCH, A COPY OF THE CURRENT PROSPECTUS MUST BE MADE AVAILABLE TO YOU IN CONNECTION WITH THIS OFFERING. YOU SHOULD READ THE CURRENT PROSPECTUS IN ORDER TO UNDERSTAND FULLY ALL OF THE IMPLICATIONS AND RISKS OF THE OFFERING OF SECURITIES TO WHICH IT RELATES. AN INVESTMENT IN AMERICAN REALTY CAPITAL HOSPITALITY TRUST, INC. SHOULD BE MADE ONLY AFTER A CAREFUL REVIEW OF THE PROSPECTUS. No offering is made except by a prospectus filed with the Department of Law of the State of New York. Neither the Attorney-General of the State of New York nor any other state or federal regulator has passed on or endorsed the merits of this offering or these securities or confirmed the adequacy or accuracy of the prospectus. Any representation to the contrary is unlawful. The achievement of any goals is not guaranteed. All information contained in this material is qualified in its entirety by the terms of the current prospectus. SOME OF THE RISK FACTORS associated with an investment in this offering include, without limitation: 1 We have no prior operating history or established financing sources and will rely on our advisor to conduct our operations. Our advisor has no operating history and is a newly formed entity which has no experience operating a public company; 2 There is no guarantee that distributions will be paid. If distributions are declared and paid, the amount of the distributions paid may decrease or distributions may be eliminated at any time. Due to the risks involved in the ownership of real estate, there is no guarantee of any return on your investment, and you may lose all or a portion of your investment; 3 We are a blind pool offering because we currently do not own any properties and we have identified a limited amount of properties to acquire. Since we have neither identified nor acquired any investments, you will not have the opportunity to evaluate the merits of such investments. For additional risk factors, please see the back page of this brochure.
2 American Realty Capital Hospitality Trust, Inc. ( ARC Hospitality ) is a publicly registered non-traded REIT which seeks to acquire a diversified portfolio of strategically-located hotel properties throughout North America. Why Hospitality? The recent performance of key metrics in the hospitality sector such as revenue per available room ( RevPAR ) and the current disparity between demand and supply make ARC Hospitality s management optimistic about the Company s ability to provide shareholders with a stream of cash distributions with moderate growth potential through the ownership and operation of a best-in-class hotel property portfolio. Annual Percentage Change in RevPAR (Actual and Forecast) 10% 5% 92-00: 40.2% 03-07: 30.5% 10-16: 44.9% (yr/yr % change) 0% -5% * -10% Historical RevPAR Growth Forecasted RevPAR Growth -15% RevPAR% CAGR GDP Growth -20% * Cycle Through in RevPAR * F 14F 15F 16F Source: Smith Travel Research ( ) and PKF Hospitality Research: Hotel Horizons. US. Department of Commerce: Bureau of Economic Analysis/Federal Reserve Bank of St. Louis; U.S. Congress: Congressional Budget Office/Federal Reserve Bank of St. Louis. * (yr/yr % change) High Relative Demand with Limited New Supply Increases Occupancy and Rate 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% -8.0% Source: Smith Travel Research, Inc. Supply Demand Superior demand relative to supply drives profitability
3 Why Now? The current low cost of debt provides ARC Hospitality with a favorable acquisition environment. Moreover, management believes that hotel values lag behind other major property types such as office, multi-tenant and retail in their level of recovery from the Great Recession. Data indicates that lodging sector values remain approximately 27.4% below their peak prior to the downturn while other commercial real estate sectors have nearly achieved full recovery. Lastly, the large volume of expected commercial real estate loan maturities over the next five years will create a window of opportunity for buyers within the hotel real estate market to purchase quality assets at a discount to replacement cost from distressed sellers looking to realize their losses. Limited Capital to Refinance Maturing Commercial Real Estate Loans $200 $150 $100 $50 $0 $65 $ Source: Trepp, LLC (July 2013) $119 $171 $31 Property Type Value Recovery Rates 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 27.4% 72.6% Hotel 81.9% Office 92.4% Multi Family 93.9% Retail Source: PKF Consulting USA, LLC & PKF Hospitality Research, LLC (May 2013) Market Opportunity Types Of Hotels ARC Hospitality Targets For Acquisition Core Hospitality Hotels: ARC Hospitality s investment strategy will focus on acquiring select-service and full-service hotels at a discount to replacement cost. Within these categories, the Company will target hotels with superior operating cash flows, strong average daily rates, strong and consistent occupancy, and minimal deferred maintenance needs. In comparison to other hotel types, in management s opinion, select-service and full-service hotels are largely insulated from many of the risks (food and beverage volatility and seasonal volatility) associated with budget, premium and luxury hotels. Hotel Types Luxury Hotels & Resorts Premium Hotels Full-Service Hotels Select-Service Hotels Budget Hotels
4 American Realty Capital Hospitality Trust, Inc. Publicly Registered Non-Traded Real Estate Investment Trust* INVESTING IN Property Manager Strength: Crestline Hotels & Resorts 45 Hotels 7,800 Rooms The ARC Difference By purchasing a 60% controlling interest in Crestline Hotels & Resorts, AR Capital, LLC, the parent of our sponsor, has created an alliance between ARC Hospitality and a seasoned operating partner. Crestline brings exceptional senior management talent and vast hotel operating experience in the select-service and full-service markets. This partnership provides: A property manager that is approved to manage the hotels of all the major hotel brands (Marriott, Hilton, Hyatt, Starwood and Intercontinental Hotels Group) and has enduring relationships and operating history with each company s senior management. Best-in-class team that has managed or is currently managing the following subbrands: Marriott, Renaissance, Courtyard, Residence Inn, Fairfield Inn, Springhill Suites, Hilton, Doubletree, Hilton Garden Inn, Homewood Suites, Hyatt, Westin, Sheraton, Four Points, Holiday Inn, Crowne Plaza, Holiday Inn Express and Staybridge Suites. Economies of scale with respect to operating efficiencies of a hotel and to providing consistent guest experiences at each property. An industry-leading team skilled at every facet of the acquisition process, underwriting, due diligence, expense management and revenue enhancement, and asset management. Crestline Hotels & Resorts offers vast experience in the hotel sector and best practices from an operational standpoint. Management believes that this will ultimately benefit the ARC Hospitality investor because management expects to operate the hotels within the ARC Hospitality portfolio at high margins, potentially leading to improved profitability and enhanced value. * Companies listed above do not endorse the investment security sold. Crestline has been contracted to manage the properties shown above for ARC Hospitality.
5 American Realty Capital Hospitality Trust, Inc. Publicly Registered Non-Traded Real Estate Investment Trust* INVESTING IN From the CEO There is a compelling opportunity to purchase quality, select-service and full-service hotels in what we believe to be an opportune entry point into the hospitality real estate cycle. ARC Hospitality was designed to afford individual investors the means and methods through which to capitalize on this potential opportunity. The company s experienced leadership, core investment fundamentals, capital structure and partnership with a world-renowned hotel manager, Crestline Hotels and Resorts, drives an incomefocused portfolio strategy that seeks to provide cash distributions to investors with the opportunity for capital appreciation. WILLIAM M. KAHANE CEO and President American Realty Capital Hospitality Trust, Inc. Seeks To Provide: Capital Preservation Stable Cash Distributions Capital Appreciation ARC Hospitality + Experienced Hotel Manager + Focused Business Strategy + Improving Macroeconomic Conditions + Specified Initial Portfolio + Promising Lodging Industry Fundamentals = Shareholder Distributions, Capital Preservation and Value Creation
6 INVESTING IN Investment Features Offering Size: $2.0 Billion Price Per Share: $25.00 (Following the earlier to occur of (a) our acquisition of $2.0 billion in total portfolio assets and (b) January 7, 2016, which is two years from the effective date of this offering, or the NAV pricing date) Minimum Initial Investment: $2,500 (100 shares) Anticipated Distribution Schedule: Monthly Suitability Standards: Gross annual income of $70,000 and net worth of $70,000 or a net worth of at least $250,000. (Suitability requirements may differ in certain states, including: AL; CA; IA; KS; KY; MA; ME; MI; ND; NE; NJ; NM; OH; OR; and TN For additional information, please consult the current prospectus.) Anticipated Distribution Yes Reinvestment Plan: Share Repurchase Plan: Prior to our calculation of NAV, repurchases for continuously held shares will proceed as follows 1 : One Year The lower of $23.13 or 92.5% of purchase price; Two Years The lower of $23.75 or 95.0% of purchase price; Three Years The lower of $24.38 or 97.5% of purchase price; and Four Years The lower of $25.00 or 100% of purchase price. Valuation: Valuation will occur with the filing of our second quarterly report following the earlier to occur of (i) our acquisition of $2.0 billion in total portfolio assets and (ii) January [ ], 2016, which is two years from the effective date of this offering ( the NAV pricing date ); and quarterly thereafter. Commencing with the NAV pricing date, NAV will be calculated by estimating the market value of our assets and liabilities, many of which may be illiquid. In calculating NAV, our advisor will consider an estimate provided by an independent valuer of the market value of our real estate assets. 1 We will limit the number of shares repurchased during any calendar year to 5% of the weighted average number of shares of common stock outstanding during the prior calendar year. Investor Inquiries For more information on American Realty Capital Hospitality Trust, Inc., please contact your financial professional. Broker Dealer Inquiries Realty Capital Securities, LLC One Beacon Street, 14 th Floor, Boston, MA All Other Inquiries American Realty Capital Hospitality Trust, Inc. 405 Park Avenue New York, NY Realty Capital Securities, LLC is the dealer manager for ARC Hospitality. The achievement of any goals is not guaranteed. For more complete information about investing in ARC Hospitality including risks, charges and expenses, refer to our prospectus. Realty Capital Securities, LLC (Member FINRA/SIPC), One Beacon Street, 14 th Floor, Boston, MA 02108, Phone: , or visit our Web Site: RISK FACTORS (Continued): 4 Because we are dependent upon our advisor, our property manager, our sub-property manager and their affiliates to conduct our operations, any adverse changes in the financial health of such entities or our relationship with such entities could hinder our operating performance and the return on our stockholders investments; 5 No public market exists for our shares of common stock, nor may a public market ever exist and our shares are, and may continue to be, illiquid. Our share repurchase program may be the only way to dispose of your shares, but there are a number of limitations placed on such repurchases. See Share Repurchase Program; 6 Market conditions and other factors could cause us to delay our liquidity event beyond the sixth anniversary of the termination of the primary offering. We also cannot assure you that we will be able to achieve a liquidity event; 7 We established the initial offering price on an arbitrary basis; as a result, the actual value of your investment may be substantially less than what you pay; 8 There are substantial conflicts among the interests of our investors, our interests and the interests of our advisor, property manager, our sub-property manager, our sponsor, our dealer manager and our and their respective affiliates, which could result in decisions that are not in the best interests of our stockholders; 9 The parent of our sponsor is the direct or indirect sponsor of eleven other publicly offered investment programs which invest generally in real estate assets, but not primarily in our target assets, most of which has more resources than we do; 10 We may change our investment objectives and strategies without stockholder consent; 11 We are obligated to pay substantial fees to our advisor, which may result in our advisor recommending riskier investments; 12 We are obligated to pay the special limited partner a subordinated distribution upon termination of the advisory agreement, which may be substantial and therefore may discourage us from terminating the advisor; 13 We may incur substantial debt, which could hinder our ability to pay distributions to our stockholders or could decrease the value of your investment if income on, or the value of, the property securing the debt falls; 14 Our organizational documents permit us to pay distributions from any source, including unlimited amounts from offering proceeds and borrowings. Any of these distributions may reduce the amount of capital we ultimately invest in properties and other permitted investments and negatively impact the value of your investment, especially if a substantial portion of our distributions are paid from offering proceeds; 15 Our failure to qualify or remain qualified as a REIT would result in higher taxes, may adversely affect our operations, would reduce the amount of income available for distribution and would limit our ability to make distributions to our stockholders; 16 Commencing with the NAV pricing date, the offering price for shares in our primary offering and pursuant to our DRIP, as well as the repurchase price for our shares, will be based on NAV, which may not accurately reflect the value of our assets; 17 There are limitations on ownership and transferability of our shares. Please see Description of Securities Restrictions on Ownership and Transfer. PRIOR PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
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