Valuation Trading Multiples & Precedent Transactions: Full-Service Hotel and Resort Operators
Valuation benchmarks for Full-Service Hotel and Resort Operators. Access public trading comps, EV/EBITDA acquisition multiples, and private market data for pitch books and valuation analysis.
1.1 - Full-Service Hotel and Resort Operators Market Context & Valuation Drivers
Companies in this public trading comparables group operate full-service hotels and integrated resorts offering rooms, food & beverage, entertainment, and ancillary services. Models span owned, leased, and managed assets with diversified revenue beyond lodging. They are comparable because of shared demand drivers, operating economics, seasonality, asset intensity, and reliance on RevPAR, occupancy, ADR, and EBITDA performance across urban, destination, and mixed-use hospitality portfolios.
Typical capabilities include branded hotel accommodation with upscale and midscale room inventories, on-site restaurants and bars, conference and meeting facilities, event planning and MICE services, wellness and leisure amenities such as spas and fitness centers, casino gaming and entertainment within integrated resorts, retail leasing and operations, as well as property development, asset management, and revenue-management systems that optimize pricing, distribution, and occupancy across multi-property portfolios.
Primary customers include leisure travelers, business travelers, and MICE organizers, with certain operators serving gaming patrons and destination tourists. Key valuation outcomes center on RevPAR growth, occupancy and ADR levels, non-room revenue mix and flow-through, EBITDA margins, and same-property performance, supported by loyalty program engagement and distribution efficiency. These metrics underpin cash flow durability, capital efficiency, and scalability across branded hospitality portfolios.
2. Valuation Analysis: Public Trading Comps & Multiples for Full-Service Hotel and Resort Operators companies
2.1 - Public Peer Groups & Median Valuation Multiples for Full-Service Hotel and Resort Operators sector
Comparable group 1: Full-Service Hotel and Resort Operators
Shanghai Jin Jiang
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of hospitality services through a wide range of hotels and catering businesses, offering full-service and limited-service accommodations, catering to business and leisure travelers with commitment to quality and comfort.
- Key Products:
- Hotel Management: Provides comprehensive management solutions for luxury and high-end hotels
- Accommodation Services: Offers full-service and limited-service hotels with modern amenities
- Catering Services: Delivers diverse culinary experiences across various in-house restaurants
- Conference Facilities: Equips business meetings and events with state-of-the-art technology
- Franchising Opportunities: Facilitates partnerships for hotel management and expansion.
Sands China
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of integrated resort development and operation. Offers gaming areas, meeting spaces, convention and exhibition halls, retail and dining areas, and entertainment venues across multiple segments in Macao. Connected by a wide range of branded hotel and resort offerings.
- Key Products:
- Gaming Areas: Spaces for casino gaming and gambling activities
- Meeting Spaces: Facilities for business meetings and conferences
- Convention and Exhibition Halls: Large halls for events, exhibitions, and conventions
- Retail Areas: Shops and stores for a variety of products
- Dining Areas: Restaurants and cafes offering diverse cuisine.