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					AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY           HOTELS




International Advisory Services

Professional advisory services for
hotel owners, investors and operators




                                                         www.christiecorporate.com
AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY                                      HOTELS




Background to Christie + Co
+ A Member of Christie Group Plc:                                             International offices

     + Partnership founded in 1935
     + Publicly listed on Alternative Investment Market (AIM)
     + Group turnover £63.4m in 2008

+ Specialists in the Leisure and Licensed Sectors:
     + Hotels, restaurants, public houses, bars
     + Retail, care and nursing homes
+ 15 Offices in the UK
     + Birmingham, Bristol, Edinburgh, Enfield, Exeter, Glasgow, Ipswich,
       Leeds, London, Maidstone, Manchester, Milton Keynes, Newcastle,
       Nottingham, Winchester

+ 11 International Offices
     + Barcelona, Berlin, Dusseldorf, Frankfurt, Hamburg, Helsinki, London,
       Marseilles, Munich, Paris and Rennes




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International Hotel Advisory Services
+ Hotel Agents, Valuers and Advisors for over 70 years

+ 350 hotel sales and 450 hotel valuations each year

+ All hotel types in all locations

+ Specialist Valuers, Consultants and Property Advisors acting for:

      + Virtually all UK lending banks

      + Many international lending and investment banks

      + Virtually all major hotel operators

      + Many international developers and investors

      + Very many local and regional owners and investors

+ Dedicated Consultancy and Valuation teams in the UK, France,
  Germany, Scandinavia and Spain

+ Fully integrated with Hotel Agency and Hotel Investment &
  Development Teams

                                                                      London Bridge Tower, UK: Operator Search

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AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY                       HOTELS




International Advisory Services

                                                          International
         Hotels                   Corporate Hotels                              London
                                                         Hotel Advisory
                                                             Services
                                  Agency + Brokerage
          Pubs                                           Hotel Consultancy
                                                                               Barcelona


       Restaurants
                                    Advisory Services     Hotel Valuation
                                                             Services           Helsinki

         Leisure
                                      Investment +
                                      Development         Hotel Property
                                                             Advice              Paris
          Care


                                    Bank Support +
                                   Business Recovery       Local Market         Munich
          Retail                                            Knowledge




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AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY                                                             HOTELS




Services Throughout the Hotel Lifecycle

                                                                              Investment advice
  ACQUISITION
                                                                     Deal origination and buy-side advice

  DEVELOPMENT                                                             Commercial due diligence
                                                                                                                 Site
                                                         Valuation           Finance + Insurance            sourcing
  OPERATIONS                                                                                         + development
                                                                                  Valuation                    deals
                                                    Sales memoranda
                                                                                                     Operator search +
  DISPOSAL                                                                                            selection/ letting
                                                  Disposal advice and
                                                  brokerage                      INVESTMENT           Market, feasibility
                                                                                 & OWNERSHIP         and impact Studies
                                                   Expert witness +                               Management contract
                                                   litigation support                                 and lease advice
                                                                              Property advice                Valuation
                                                     Stock taking             and rent reviews
                                                                                                            Forward
                                                                           Strategic + business advice          sale
                                                                      Operational review, capex appraisal
                                                                     Performance analysis + benchmarking
                                                                      Finance, insurance + stock taking
                                                                             Asset management


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AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY                                       HOTELS




Scope of Work
Hotel Valuation, Consultancy and Property Advice:
+ Fully RICS and IVSC compliant valuations
+ Market and feasibility studies + development advice
+ Property advice on leases, management contracts, rent reviews
+ Investment appraisals and asset strategy
+ Operator search and selection (lease and management contract)
+ Detailed cash flow forecasts
+ Acquisition and disposal advice — High quality IMs and due diligence
+ Performance benchmarking, asset management, advice on non-
  performing assets
+ Specialist Bank Support and Business Recovery Solutions
+ Resort, urban destination and regeneration advice
+ Expert witness and litigation support
+ Strategic advice — Corporate and portfolio business planning and
  strategy                                                               Hilton Metropole hotels, London and Birmingham,
                                                                         UK: Information Memorandum and Agency

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AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY                                                HOTELS




Property Types and Markets
                                                                1 - 5 assignment(s)

Extensive Advisory Team Experience:                             6 - 10 assignments
                                                                               1 - 20 assignments
+ Christie + Co experience                                      11 - 20 assignments
                                                                               20 - 100 assignments
+ Individual team members’ experience                           20 - 100 assignments
                                                                               100+ assignments

+ Advisory experience in Europe (see map)                       100+ assignments




All Hotel Property Types:                                                                             Est onia
                                                                                                      Estonia


+ Full service hotels                   + Mid-market hotels                                               Estonia
                                                                                                          Eston ia




+ Boutique, design-oriented             + Serviced apartments
  and niche hotels                        condominium hotels
+ Limited service hotels                + Conference hotels
+ Resorts and holiday villages

Markets Covered:
+ Christie + Co ‘home territories’
  — UK, Germany, France, Scandinavia, Spain
+ Western Europe
+ Central and Eastern Europe
+ Middle East and Africa



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AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY                                     HOTELS




Approach, Methodology and Reporting

+ Fully ‘bank-able’ valuations – RICS, IVSC compliant
+ Focus on hotel property issues
+ Full diligence field and desk research
+ Analysis of current and historic marketwide trends
+ Forecast marketwide supply and demand
+ Subject property recommendations/assumptions
+ Market positioning and penetration analysis                         Sofitel St James London, UK: Valuation


+ Full analysis of historic performance
+ Detailed projections - Uniform System of Accounts
+ Concise, transparent reporting - Assumptions clearly stated
+ Reporting in English, French, Finnish, German, Spanish or Swedish
  language as appropriate

                                                                      Proposed Ramada Encore Gateshead, UK: Feasibility
                                                                      Study

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AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY                                            HOTELS




Why Christie + Co?
+ Experienced team of hotel specialist valuers and consultants
     + No ‘entry level’ consultants
     + International team — UK, France, Germany, Spain and Finland
+ Blend of agency and advisory services
     + Real life experience — real deals, real data
     + Understanding of investor and developer objectives and requirements
     + Access to very substantial transactional databases
     + Balanced view on valuation and investment appraisal
                                                                             Proposed Boutique Hotel, Greenwich, UK: Operator
+ Accessible and practical professionals                                     Search and Selection

+ Network of UK and international offices
     + Local knowledge, global expertise
     + Largest dedicated hotel team in Europe
+ Complete range of services to support investors and developers
  throughout the hotel investment lifecycle
+ And, finally, a superior value proposition

                                                                             The Royal York Hotel and Events Centre, York, UK:
                                                                             Investment Disposal

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      AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY                                                                  HOTELS



      Hotel Valuation Experience
                                                           Example of Portfolio Valuations
                                                      7 InterContinental Hotels in Europe for MSREF
                                                              24 Macdonald Hotels in the UK
                                                    9 Branded Hotels in Germany on behalf of Citibank
                                                               15 Menzies Hotels in the UK
                                                 40 Belambra VVF Resort Hotels and 15 Timhotels, France
                                                          62 IHG branded hotels the UK for LRG
                                                                10 Hilton Hotels in Europe
                                                              39 Shearings Hotels in the UK
                                                                19 Kew Green Hotels, UK
                                                      9 Rezidor Hotels and 19 Bonsai Hotels, France       InterContinental Amstel Hotel, Amsterdam, The
                                                                                                          Netherlands: Valuation


                                                         Example of Single Asset Valuations
                                                             Hilton Caledonian, Edinburgh
                                                              Four Seasons George V, Paris
                                                          Sofitel Cannes, Mandelieu and Nice
                                                            Crowne Plaza London — The City
                                                   Great Eastern Hotel and Sofitel St James, London
                                                                     K Club, Ireland
                                                               Kasbah Tamadot, Morocco
                                                               Hotel Don Carlos, Marbella
                                                  Courtyard by Marriott, Neuilly — Paris and Dusseldorf
                                                           Gran Hotel La Florida, Barcelona
Four Seasons George V Paris, France: Valuation                      Marriott Prague                       Crowne Plaza London-The City, UK: Valuation

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      AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY                                                                  HOTELS



      Experience – Hotel Consultancy

                                                            Market and Feasibility Studies
                                             Feasibility and Market Studies for proposed hotels in many UK and
                                           European markets such as Bulgaria, Latvia, Poland, Portugal, France,
                                           Italy, Switzerland, Greece, Montenegro, Germany, Austria, Spain, DR
                                                                 Congo, Romania, Morocco
                                            Market Research Studies have included – the UK’s branded budget
                                                   hotel market; and the aparthotel market in Europe

                                                   Example of Acquisition and Investment Advice
                                                               Portfolio of 6 Marriott Hotels
                                                                7 InterContinental Hotels
Proposed Hyatt Regency, Riga, Latvia:                                                                             Hotel Villa Magna, a Park Hyatt, Madrid,
Feasibility Study
                                                 Great Eastern and SAS Radisson Portman Hotels, London            Spain: Market Study

                                                        Example of Agency Support Projects
                                            Information Memoranda for portfolio and single asset disposal (see
                                                      slide Experience – Intelligent Documentation)
                                             Sector Due Diligence for Menzies Hotels, Kew Green Hotels and
                                                               European Hotel Portfolios

                                                Example of Lease and Management Contract Advice
                                                            Proposed Hotels, Greater London
                                                         Proposed Five-Star Hotel in Riga, Latvia
                                                        Proposed Four-Star Hotel in Newcastle, UK
                                                          Le Meridien Hotel, Hamburg, Germany
                                                               73 UK Holiday Inns for LRG
Menzies Hotels, UK: Sector Due Diligence             24 Former Macdonald Hotels – now Mercure, UK                 Aparthotels in Europe: Market Research

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      AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY                                                                       HOTELS



      Experience – Investment & Development

                                                           Example of Completed Instructions
                                                 The Tannery, Canterbury – Development site for Hotel du Vin
                                                 Sale-and-Lease-Back of the Radisson SAS Hotel Nice, France
                                             Sale of Investment Interest in the Maritim Hotel Reichshof Hamburg to
                                                                     Blackstone, Germany
                                                   Sale of Three-Star Hotel Investment in Barcelona, Spain
                                                 Sale/Acquisition of Travelodge investments in Leeds/Walsall
                                                 Acquisition of the Radisson SAS Portman Hotel in London, UK
                                                    Development of Staybridge Suites Hotel, Liverpool, UK
Radisson SAS Hotel Nice, France: Sale-and-                                                                           Maritim Hotel Reichshof Hamburg, Germany:
Leaseback                                                                                                            Investment Disposal
                                                Example of Operator Search and Selection Instructions
                                                             (Letting and Management Contract)


                                                Identification and Selection of Operator/Lessee for many hotel
                                                       developments in the UK, Germany, France, Spain
                                              Proposed Hotels in London, Manchester, Glasgow, Southport, East
                                                                      Midlands Airport
                                                  Battersea Power Station and London Bridge Tower, London
                                                  24 Macdonald Hotels subject to management with Mercure


King’s Waterfront, Liverpool, UK:                                                                                    Fair Grounds, Frankfurt, Germany:
Development of Staybridge Suites Hotel                                                                               Identification and Selection of Operator/Lessee

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      AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY                                                           HOTELS



      Experience – Hotel Agency

                                                        Example of Completed Instructions
                                                   Hilton Metropole Hotels in London and Birmingham
                                                             The Dylan Hotel, Amsterdam
                                                              Sofitel Nice Centre, France
                                                              Four Pillars Hotel Group, UK
                                                                8 Thistle Hotels for CIT
                                                             Le Meridien Phoenicia, Malta
                                                             St David’s Hotel & Spa, Cardiff
St David’s Hotel and Spa, Cardiff, UK: Disposal      10 Acorn International Hotels, Balearic Islands    The Dylan Hotel, Amsterdam: Disposal
                                                  8 German hotels on an unencumbered basis for Accor
                                                             Le Meridien Hotel, Hildesheim
                                                           10 Jardin de Paris Hotels, France
                                                     The Scotsman Group – Paris, Leeds, Edinburgh
                                                      7 Holiday Inns, 7 Hilton Hotels, 9 QMH Hotels
                                                              Oakley Court Hotel, Windsor
                                                           One Devonshire Gardens, Glasgow
                                                  Four Branded Hotels, Cologne, Dusseldorf and Kassel




Le Méridien Phoenicia, Malta: Disposal                                                                  Columbus Hotel, Monaco: Sales Instruction


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AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY        HOTELS




Intelligent Documentation
High quality marketing collateral and information memoranda




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AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY                                                  HOTELS




Operators Trust Us
+ Accor, Ascott/Citadines,                 + Maritim, Marriott, Mövenpick,
  Alternative Hotel Group                    Macdonald
+ Barceló, Boscolo, Bespoke Hotels + Malmaison / Hotel du Vin, Le
                                     Méridien, Marston
+ Carlton Hotel Collection
                                   + NH, Orient Express
+ Derby, Dorint, De Vere, The
  Doyle Collection                 + Principal Hayley, Pestana, Prestige
                                     Hotels, Premier Inn
+ Four Seasons, Furlong Hotels,
  Frasers Hospitality              + Queens Moat Houses, QHotels
+ Golden Tulip                             + Rocco Forte Collection, Rezidor,
                                             Raffles, Rafael Hoteles               Alias Hotels, UK: Information Memorandum and Agency
+ Hilton, Husa, Hotusa
                                           + Starwood, Sol Meliá, Steigenberger,
+ Hyatt, Hoteles Catalonia                   Shire
+ InterContinental Hotels Group            + Thistle, Travelodge, Virgin Hotels
+ Jarvis, JJW, Jolly, Kew Green            + Warwick, Westmont, Whitbread
+ Lindner, Louvre Hotels



                                                                                   Kasbah Tamadot, Morocco: Valuation

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AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY                                                  HOTELS




Investors and Lenders Trust Us

+ Allied Irish, Apollo Real Estate           + Kingdom Hotel Investments
+ Bank of Ireland, Barclays                  + La Caixa, Lloyds Banking Group,
                                               LRG, Lonestar
+ Calyon, Credit Suisse
                                             + Morgan Stanley, Merrill Lynch,
+ Co-Operative Bank, Citi                      MWB, MSREF, Moorfield
+ Deka, Deutsche Bank, DKW                   + Nomura, Northern Rock, NatWest
+ Eurohypo                                   + RREEF
+ Farnsworth, Goldman Sachs                  + Pandox, RBS                         Proposed Deluxe Spa Resort, Baden-Baden, Germany:
  (Whitehall / Westmont),                                                          Feasibility Study
  Generali                                   + SBC Warburg, SSSB, Société
                                               Générale, Strategic Hotel Capital
+ HSBC, HBoS, HVB, Hudson
  Advisors                                   + UBS
+ IKB, JER Real Estate Advisors              + Yorkshire Bank




                                                                                   Malmaison Hotels, UK: Disposal and Valuation

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AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY   HOTELS




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AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY                                     HOTELS




Christie + Co Publications
You can find all our publications on our website:
www.christiecorporate.com/ccc/news/publications/



2009 Business               Hotel Focus                  Corporate     UK and European   Articles and
Outlook                                                  Newsletters   City Reviews      Market Insight




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AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY   HOTELS




www.christiecorporate.com


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