Hotel Market Trends 8 November 2016 Cover page V.4 with client logo To add the logo, right click the ‘client logo’ image and select ‘change picture’ Find your required image and click ‘insert’ Hotel Market Trends 8 November 2016

AGENDA 1. TRANSACTIONAL ACTIVITY 2. DEVELOPMENT PIPELINE 3. TRENDS

SETTING THE SCENE Divider slide V.5 with customizable background. To add an image, click on the picture placeholder icon OR Windows Explorer will open, find your required image and click ‘Insert’. Ensure headline is clearly legible against the image. SETTING THE SCENE

Irish Hotel Market 817 Registered Hotels in Ireland 45,873 60,217 57,346 Source: Fáilte Ireland

Transactional Activity Divider slide V.5 with customizable background. To add an image, click on the picture placeholder icon OR Windows Explorer will open, find your required image and click ‘Insert’. Ensure headline is clearly legible against the image. Transactional Activity

Hotel Spend 2006 – Forecast 2016 700M + This chart is embedded and can be edited when required STEPS To edit elements within the chart select the element and the ‘Chart Tools’ tabs will become available in your ribbon (alternatively select the element and right-click, ‘Format …’) Apply required changes To edit data, select the chart and right-click. Select ‘Edit Data’ – an Excel window containing the chart data will open Hotel Spend 2006 – Forecast 2016 700M + (55+) Source: CBRE Hotels

2 1 3 2 1 6 Q3 €75,700 Nationally €99,160 Nationally 2 €442 2.1m €270,000 Dublin City Centre €156,658 Dublin City Centre 3 5 25m 5 8 31m 74m 151m 9 9 14m 61m €52,016 Excluding Dublin €64,360 Excluding Dublin 14 15 44m 38m Source: CBRE Hotels

2 1 2 2 1 6 Price: €67,000,000 Purchaser: Blackstone €133,732 per bed 1 2 2 1 6 Price: €67,000,000 Purchaser: Blackstone €133,732 per bed Yield: 7.5% pre mgt fee DECEMBER: CapEx: €20,000,000 Rebranded: Hilton Purchaser: DEKA Price: Guide €180,000,000 € 359,300 per room Yield: 6.5% pre mgt fee NOVEMBER: New Brand: Clayton Source: CBRE Hotels

2 1 2 2 1 6 + €93,000,000 + 107% TOTAL INVESTMENT GUIDE PRICE 1 2 2 1 6 TOTAL INVESTMENT GUIDE PRICE Acquisition: €67,000,000 CapEx: €20,000,000 €87,000,000 €180,000,000 2012-2016 + €93,000,000 + 107% Source: CBRE Hotels

DUBLIN Yield EVOLUTION €110 RevPAR Source: STR Global €100 7.5% 7.5% 7.5% 7.5% +73% €90 100BPS 7.25% 7% 7% €80 6.5% 6.5% €70 6% €60 2012 2013 2014 2015 2016 Source: CBRE Hotels

DUBLIN PRICE PER BEDROOM EVOLUTION 359k DUBLIN PRICE PER BEDROOM EVOLUTION €110 RevPAR Source: STR Global 300k 282k €100 250k €90 206k 200k 195k €80 179k 150k 145k €70 100k €60 2012 2013 2014 2015 2016 Source: CBRE Hotels Morrison €159,420 Burlo€133,733 Trinity City € 179,672 Clarion IFSC 195.2 Temple Bar€206,061 Gresham €282,663 DT€359

2 1 5 2 1 6 F 1% €35.7 €442 5% 4% €302 41% €226 1% €225 €35.7 €180 62% 24% €5.5 €27 32% 30% €5.2 All figures in Millions Once 2015 is completed, speak as if countries are compared. That is why the country flags pop up first Source: CBRE Hotels

Hotel Buyers DOMESTIC BUYERS INTERNATIONAL BUYERS Source: CBRE Hotels