2020 Half Year Results Navigating the Storm & Positioning for - - PowerPoint PPT Presentation

2020 Half Year Results

Navigating the Storm & Positioning for Growth

| Dalata HY 2020 Results

PRESENTING TEAM

2

Pat McCann

Chief Executive Officer

Dermot Crowley

Deputy Chief Executive

| Dalata HY 2020 Results

CONTENTS

3

Overview

4

Phased Approach To Covid-19 Challenge

5-8

Growth Strategy

9-16

HY 2020 Financial Review

17-23

Summary

24-25

Appendices

26-33

DISCLAIMER The presentation contains forward-looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this presentation. Due to inherent uncertainties, including both economic and business risk factors underlying such forward- looking information, actual results may differ materially from those expressed or implied by these forward- looking statements. The Directors undertake no obligation to update any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise.

| Dalata HY 2020 Results 4

H1 2020 Growth Strategy Remains Compelling July / August Update Revenue of €80.8m Adjusted EBITDA of €10.1m Loss Before Tax of €70.9m

• Adj. EPS (13.1) cents

Well placed for recovery with young, well invested portfolio, experienced Senior Executive team and strong balance sheet Growth opportunity remains compelling Announcing two new leased hotel deals in Brighton & Manchester Experienced at identifying opportunities in a crisis 100% of hotels re-opened Very positive supports announced by Irish and UK governments Occupancy starts recovery phase – 30% in July and projecting 40% for August Projecting Adjusted EBITDA for the two month period to be in the range of €7.0m to €7.5m Debt facilities amended in July provide additional flexibility beyond our strong cash balance, providing total cash of €110m and undrawn facilities of €111m at the end of August

Navigating the Storm Positioning for Growth

OVERVIEW

Successful sale & leaseback

• f

Clayton Hotel Charlemont delivering €65m in liquidity Cash/available facilities increased by €13m from €162m in Dec 19 to €175m in June 20 Launch of accredited Dalata Keep Safe Programme

Slide |

PHASED APPROACH TO COVID-19 CHALLENGE

Slide | 5

Clayton Hotel Charlemont, Dublin

| Dalata HY 2020 Results

PHASED APPROACH TO COVID-19 CHALLENGE

6

Phase 1

Protect our people, cash and business

Phase 2

Using our time wisely & increasing liquidity

Phase 3

Re-opening the business

Phase 4

Drive long-term value March 2020 April - June 2020 July 2020

| Dalata HY 2020 Results

PHASE 3 | RE-OPENING THE BUSINESS

7

Getting back to business Protect cash and maintain strong liquidity Identify opportunities emerging from the crisis Phase 3 July

• nwards

Re-opening with social distancing

Current phase

• All 44 hotels open
• Anticipating low levels of

international travel. Focusing on domestic markets and value pricing

• Domestic demand is encouraging

– Group occupancy of 30% in July and projecting 40% for August

• Dalata Keep Safe Programme

well received by guests

• Leverage benefits of highly

skilled team & decentralised model

• Reducing cash outflow
• Utilise all available government

supports to protect cashflow and people

• Focused on aligning costs with

low occupancies

• Maintaining strong financial

position with cash of €110m and undrawn debt facilities of €111m at end of August

• Constructions sites have re-
• pened
• Assessing distressed
• pportunities as they arise

Our key priorities

| Dalata HY 2020 Results

PHASE 4 | DRIVE LONG-TERM VALUE

8

Getting back to business Protect cash and maintain strong liquidity Identify opportunities emerging from the crisis Phase 4 The New Normal

No visibility yet

• n when this

phase starts. Virus is under control through effective management or medical advances.

• Remain flexible and adapt to

changing situations

• Capitalise on the advantages of

well invested modern portfolio (average hotel age of 16 years)

• Leverage investment in new

technologies and enhanced processes and procedures

• Continue to challenge all costs
• Focus on sustainability
• Maintain asset backed balance

sheet with low gearing

• Continue to target strict

minimum rental cover for new leases (1.85x in year three)

• Reviewing acceptable levels of

leverage

• Likely to be distressed assets as

a result of Covid-19 crisis

• Pipeline of London opportunities

emerging

• Regional UK structural growth
• pportunity remains compelling
• Strong track record of securing
• pportunities that add value

Our key priorities

Slide | Slide | 12

GROWTH STRATEGY

Slide | 9

Maldron Hotel Victoria, Manchester

| Dalata HY 2020 Results

PROVEN TRACK RECORD OF GROWTH

10

63 85 105 120 135 (€million)

5 year Adjusted EBITDA1 5 year Adjusted Basic EPS1

39.6% 41.4% 42.4% 42.6% 42.6%

5 year growth in portfolio value

1 Pre IFRS 16

609 822 999 1,176 1,471 (€million)

5 year Hotel EBITDAR margin

20 27 38 43 46 (cents)

1 Pre IFRS 16

5 year Free Cash Flow1

Dublin Regional Ireland UK

1 Refer to glossary on slide 32 2 Includes owned & leased rooms

5 year rooms by region

5.5 7.1 7.4 8.5 8.9 Room Numbers2 (‘000)

48.5 59.3 71.7 86.6 100.6

(€million)

| Dalata HY 2020 Results Prime locations in larger cities with strong mix of corporate and leisure guests Quality assets through new and recently refurbished hotels which can outperform

• lder/tired competition

Operational expertise delivered through decentralised model Track record of securing opportunities in these cities Ownership and operating model provides a strong competitive advantage Maldron and Clayton are leading brands in the market with a winning customer proposition Growth continues through existing pipeline, optimisation of existing hotels and

• pportunistic acquisitions

GROWTH STRATEGY

11

Dublin

Growth strategy in three key markets remains compelling

3

Regional UK

2

Excellent reputation has been established amongst property developers and agents Two projects secured to date - Clayton Hotel City of London (opened Jan 2019) and Maldron Hotel Shoreditch Financial, developmental and operational expertise to expand further in the city

London

1

Strong balance sheet provides competitive advantage

| Dalata HY 2020 Results

KEY MARKETS POISED FOR STRONG RECOVERY IN PHASE 4

12

Strong recovery opportunity within existing portfolio footprint, which is located in key cities with strong underlying demand drivers Irish economy and Dublin market is underpinned by strong FDI from industries less impacted or positively affected by Covid-19 including pharma, medical devices, TMT sector and financial services (possible ongoing Brexit relocation drivers) Pent-up tourist demand is likely to emerge for key destination cities, including Dublin & London

• ver the medium-term

Rescheduling of postponed events, including sporting tournaments, concerts, weddings, trade conventions/conferences, and other events likely to aid recovery of demand Dislocation from Covid-19 has the potential to result in rationalisation of Regional UK hotel market due to the profile of the hotel owners and the age of room stock International tourism has proven its resilience to various demand shocks over the long-term

| Dalata HY 2020 Results

TOURISM INDUSTRY RESILIENT IN PAST CRISES

13

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 200 400 600 800 1,000 1,200 1,400 International tourism receipts (billion - USD) - LHS International tourist arrivals (billion) - RHS

International Tourism – History of Surviving Crises Upward trend in Irish Tourism over 40 years

9 11 Terrorist Attacks European Sovereign Debt Crisis Global Financial Crisis 0.0 2.0 4.0 6.0 8.0 10.0 12.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 Visitors to Ireland expenditure - excluding international fares (billion - EUR) - LHS Visitors to Ireland (million) - RHS Global Financial Crisis Source: CSO

€bn $bn

Source: UNWTO

| Dalata HY 2020 Results

PIPELINE OF CLOSE TO 3,300 ROOMS

14

Regional UK – 2,506 bedrooms

2020: Extension at Clayton Hotel Birmingham 2021: 1 leased hotel (Maldron Glasgow) 2022: 4 leased hotels in Glasgow, Bristol and Manchester (x2) Opening dates to be confirmed for 4 leased hotels located in Birmingham, Manchester Victoria, Liverpool and Brighton

Dublin – 635 bedrooms

2020: Conference centre at Clayton Hotel Cardiff Lane 2021: 1 leased hotel (The Samuel) 2022: 1 owned hotel (Maldron Hotel Merrion Road) Opening dates to be confirmed for Maldron Hotel Croke Park and the extension at Clayton Hotel Cardiff Lane

Construction sites have re-opened Secured funding for all projects under construction

500 1,000 1,500 2,000 2020 2021 2022 Opening dates to be confirmed Opening date

Planning granted Under construction Planning stage

London - 149 bedrooms

Opening date to be confirmed for Maldron Hotel Shoreditch

New hotels projected to contribute over €50m in stabilised EBITDAR1 when fully operational

New rooms

1 Typically estimate stabilised EBITDAR in year three of normal operation

| Dalata HY 2020 Results

NEW PIPELINE SECURED

15

Signed agreement for lease on a new hotel in the city of Manchester Central location complements our two current hotel developments ongoing in the city 186-bedroom new build Maldron hotel, with reception & coffee dock at ground floor and bar/restaurant Signed agreement for lease on a new hotel in the city of Brighton Brighton is an ideal location as a city. It is consistently one of the top RevPAR performers in Regional UK, has a significant level of older, smaller hotels with no new supply since 2014 and limited rooms in the pipeline City benefits from strong leisure and conference business due to its excellent transport connections. Prime site, close to the waterfront and less than a two-minute walk to the Brighton Conference Centre 221-bedroom new build Maldron hotel with reception, bar, restaurant, gym and six meeting rooms

Manchester Brighton

| Dalata HY 2020 Results

MOVING TO A GEOGRAPHICALLY DIVERSIFIED PORTFOLIO

16

Dublin 50% Regl Ireland 21% London 7% Reg UK 22%

Geographical mix of rooms

Owned 70% Leased 30%

Ownership mix of rooms As at June 2020 8,955 rooms Average age of hotels: Group - 16 years UK – 11 years Expectation on completion of current pipeline 12,245 rooms Average age of hotels: Group - 15 years UK – 8 years

Dublin 42% Reg Ireland 15%

London 6%

Reg UK 37%

Geographical mix of rooms

Owned 54% Leased 46%

Ownership mix of rooms Impact on Dalata 37% increase in rooms Maintain a young pool

• f

assets which require less maintenance capex, increasing cash available to re-invest in the business Further diversifying business geography UK EBITDAR margins projected to increase

• nce

the new hotels are

• perating

at stabilised levels – targeting average of 43% in year three

• f normal operation

Slide |

HY 2020 FINANCIAL REVIEW

Slide | 17

Maldron Hotel Belfast City

| Dalata HY 2020 Results

POSITIVE EBITDA DESPITE COVID-19 CRISIS

18

Group Income Statement

Key Financials €million H1 2020 H1 2019 Revenue 80.8 201.9 Segments EBITDAR 15.6 81.5 Hotel variable rent (0.3) (3.6) Central costs (4.3) (3.7) Share-based payments expense (1.1) (1.4) Other income 0.2 0.6 Adjusted EBITDA 10.1 73.4 Net property revaluation movements (27.3) 0.9 Impairments (11.7)

• Other adjusting items

(1.6) (0.1) Group EBITDA (30.5) 74.2 Depreciation of PPE and amortisation (13.8) (12.9) Depreciation of RoU assets (10.6) (8.2) Interest on lease liabilities (10.9) (9.3) Other interest and finance costs (5.1) (6.0) (Loss)/profit before tax (70.9) 37.8 (Loss)/profit for the year (63.1) 32.7 Basic (loss)/earnings per share (cents) (34.0) 17.7 Adjusted basic (loss)/earnings per share (cents) (13.1) 17.2

Negative Adjusted EBITDA pre IFRS 16 of €5.3m (H1 2019: positive Adjusted EBITDA pre IFRS 16

• f €60.3m)

Proactive cost reductions and government support schemes minimised the impact of lost revenue on the bottom line Central costs in H1 2019 were lower than normal due to a €1.5m writeback

• f an

insurance

• provision. Excluding this impact, central costs

were cut by 17.4% in H1 2020 Main adjusting items for H1 2020 are the net property revaluation loss of €27.3m following the valuation of property assets and impairments of €11.7m on other assets which were significantly impacted by Covid-19

Group KPIs H1 2020 H1 2019 Occupancy 34.3% 80.2% Average room rate (€) 95.28 110.30 RevPAR (€) 32.69 88.48

| Dalata HY 2020 Results

DUBLIN SUPPLY IMPACTED BY COVID-19

19

500 1,000 1,500 2,000 2,500 2018 2019 2020 2021 2022 2023 Estimate opening

Open Under construction

Pre- construction

Savills Ireland forecast additional 4,500 rooms from 2020 to 2023

11% 6% 4% 21% 51% 7%

Budget Aparthotel 2 Star 3 Star 4 star 5 star

Market segmentation including future supply Forecast for new rooms has decreased from 6,300 by 2022 to 4,500 by 2023 Government restrictions necessitated the closure of most construction sites during the Covid-19 lockdown. Some

• wner/operators showing signs of over-gearing. Possibility that additional supply above will be further reduced/delayed

Number of Airbnb listings also likely to significantly reduce

Estimated 60% of these current rooms are over 40 years old +12% +5% +2% +2% Very limited number of budget hotels New supply moving Dublin towards more normalised segmentation

Source: AM:PM and Savills

Expectation for 2023

6% 1% 5% 23% 57% 8%

Budget Aparthotel 2 Star 3 Star 4 star 5 star

Market segmentation with existing supply

Source: AM:PM

2020 market by rating

Current market size of 22,300 rooms Source: AM:PM and Savills

| Dalata HY 2020 Results

DUBLIN

20

All figures €million H1 2020 H1 2019 Total revenue 44.8 117.7 EBITDAR 13.4 55.6 EBITDAR margin 29.9% 47.2% KPIs2 H1 2020 H1 2019 Occupancy 36.9% 85.8% Average room rate (€) 100.65 123.14 RevPAR (€) 37.10 105.71 Proactive cost reductions and government support schemes reduced the impact of lost revenue on EBITDAR Approximately 50% of rooms sold to domestic market in a typical trading year Occupancy of 12% in Q2 Occupancy of 24% in July and projected to be 29% for August 30 June H1 2020 H1 2019 Number of hotels1 16 16 Number of rooms 4,488 4,478

1 9 owned hotels and 7 leased hotels at 30 June 2020 2 KPIs include half year performance of all hotels

| Dalata HY 2020 Results

REGIONAL IRELAND

21

All figures €million H1 2020 H1 2019 Total revenue 15.6 38.5 EBITDAR (0.3) 9.4 EBITDAR margin (2.0%) 24.5% KPIs2 H1 2020 H1 2019 Occupancy 30.1% 70.0% Average room rate (€) 86.27 93.59 RevPAR (€) 25.93 65.52 Proactive cost reductions and government support helped reduce losses in the region Approximately 70% of rooms sold to domestic market in a typical trading year Occupancy of 10% in Q2 Occupancy of 51% in July and projected to be 69% for August 30 June H1 2020 H1 2019 Number of hotels1 13 13 Number of rooms 1,867 1,867

1 12 owned hotels and 1 leased hotel at 30 June 2020 2 KPIs include half year performance of all hotels

| Dalata HY 2020 Results

UK

22

All figures £million H1 2020 H1 2019 Total revenue 17.5 39.9 EBITDAR 2.1 14.4 EBITDAR margin 12.0% 36.2% Like for Like KPIs2 H1 2020 H1 2019 Occupancy 33.0% 77.1% Average room rate (£) 78.07 86.38 RevPAR (£) 25.79 66.59 30 June H1 2020 H1 2019 Number of hotels1 12 11 Number of rooms 2,600 2,445

1 8 owned hotels and 4 leased hotels at 30 June 2020 2 KPIs include half year performance of all hotels regardless

• f when acquired

Proactive cost reductions and government support schemes enabled a positive EBITDAR despite the 56% reduction in revenue In a typical trading year, approximately 85% of rooms sold at our regional UK hotels are to the domestic

• market. However, the international market typically

represents approximately 50% at our London hotels Occupancy of 8% in Q2 Occupancy of 26% in July and projected to be 38% for August

| Dalata HY 2020 Results

HIGH QUALITY ASSETS, STRONG LIQUIDITY

23

Balance Sheet

All figures €million 30 June 2020 31 Dec 2019 Non-current assets Property, plant and equipment 1,215.4 1,471.3 IFRS 16 Right-of-use assets 414.0 386.4 Goodwill & intangible assets 31.8 36.1 Contract fulfilment costs 15.5 13.3 Other non-current assets1 21.8 12.6 Current assets Trade and other receivables and inventories 25.7 23.7 Cash 103.1 40.6 Total assets 1,827.3 1,984.0 Equity 885.7 1,072.8 Loans and borrowings 441.9 411.7 IFRS 16 Lease liabilities 395.0 362.1 Trade and other payables 49.6 66.2 Other liabilities2 55.1 71.2 Total equity and liabilities 1,827.3 1,984.0

Strong balance sheet supports the Group through challenging times.

€1.2bn of prime hotel assets €161m decrease in property valuations Contract fulfilment costs relate to the spend on the pre- sold residential development as part of the overall site development including building the new Maldron Hotel Merrion Road Strong liquidity - cash of €103m and undrawn committed debt facilities of €72m at end of June Net Debt to Adjusted EBITDA3 of 7.4x (pre IFRS 16: 4.9x)

• 1. Other non-current assets include deferred tax assets, investment property and other receivables
• 2. Other liabilities include deferred tax liabilities, derivatives, provision for liabilities and current tax liabilities
• 3. Refer to glossary on slide 32

Slide |

Maldron Hotel Dublin Airport

SUMMARY

Slide | 24

| Dalata HY 2020 Results 25

SUMMARY

H1 2020 Compelling Growth Opportunity July / August Protected our people, our business and our cashflow Planned for the re-opening of our hotels Team with history of delivering growth & identifying opportunities in a crisis Delivering two new leased hotel deals in Brighton & Manchester Re-opened all our hotels Increased and amended our debt facilities Occupancy for the Group amounted to 30% in July and projecting 40% for August Adjusted EBITDA in range of €7.0m to €7.5m Secured new opportunities Next Phase Near term outlook remains uncertain, we believe global tourism will see a strong resurgence in the medium term, with Dalata well placed to grow market share in a dislocated marketplace Supply dynamics likely to be favourable - elimination of less well resourced competitors and reduced new hotel developments Well positioned for recovery:

• Strong decentralised management structure
• Young well invested portfolio
• Experienced Senior Executive team

Slide |

Clayton Whites Hotel, Wexford

APPENDICES

Slide | 26

| Dalata HY 2020 Results

UK

10 new hotels (9 leased, 1 owned) 2 extensions to existing hotels 2,655 rooms

PIPELINE OF CLOSE TO 3,300 ROOMS

27

Dublin

3 new hotels (2 leased, 1 owned) 2 extensions to existing hotels 635 rooms

Property New Extension Owned

• r leased

Rooms Planning Granted Construction started Estimated Completion Dublin Clayton Hotel Charlemont x Leased 3 x x Q1 2021 The Samuel1 x Leased 204 x x mid 2021 Maldron Hotel Merrion Road x Owned 140 x x Q1 2022 Clayton Hotel Cardiff Lane:

• New conference centre
• Additional rooms

x x Owned 88 x x x Q4 2020 TBC2 Maldron Hotel Croke Park1 x Leased 200 TBC2 London Maldron Hotel Shoreditch x Owned 149 x TBC2 Regional UK Clayton Hotel Birmingham x Leased 44 x x Nov 2020 Maldron Hotel Glasgow1 x Leased 300 x x Q1 2021 Clayton Hotel Glasgow1 x Leased 303 x x Q1 2022 Clayton Hotel Manchester1 x Leased 329 x x Q1 2022 Clayton Hotel Bristol1 x Leased 255 x x Q1 2022 Maldron Hotel Manchester1 x Leased 278 x x Q1 2022 Maldron Hotel Birmingham1 x Leased 325 x TBC2 Maldron Hotel Liverpool1 x Leased 260 x TBC2 Clayton Hotel Cambridge x Leased 5 TBC2 Maldron Hotel Victoria, Manchester1 x Leased 186 TBC2 Maldron Hotel Brighton1 x Leased 221 TBC2 Total 3,290

1 35 year operating lease 2 Opening dates to be confirmed

| Dalata HY 2020 Results

GROWING A SUSTAINABLE BUSINESS

28

Formation

• f

ESG board committee demonstrating commitment Identified priorities including: People development and employee wellbeing Health and safety Community engagement Environment Starting journey, focused on improvement

AA B- Progress to date

Our People

Currently have 688 people on structured development

• programmes. 1,800 enrolments

in our UK and Ireland Share Save schemes since 2016.

Health and Safety

Reducing the number of incidents and accidents.

Community engagement

Dalata Digs Deep raises

• ver €1.3m for partner charities.

Environment

All of our hotels use 100% green electricity contracts, which is verified as being sourced from renewable generation.

| Dalata HY 2020 Results

SIGNIFICANT SHAREHOLDER VALUE CREATED DURING PANDEMIC

29

February 2016

• Site purchased for

€11.9m located in the centre of Dublin city

Mar 2016 – Nov 2018

• New 187 room hotel

built for €29.7m

• Total development

cost of €220k per room

April 2020

• Sold for €65m with 35

year lease

• Annual rent of €3.05m
• Projected stabilised

EBITDAR1 of €5.5m to €6.0m

Sale & leaseback of Clayton Hotel Charlemont

Retained leased asset with projected stabilised EBITDA1 of €2.5m to €3.0m p.a. Development Profit of €23m Enhanced liquidity during Covid-19 pandemic

Achieved exceptional yield despite Covid-19 pandemic

1 Stabilised EBITDA/EBITDAR is calculated pre impact of Covid-19. It is now uncertain when

stabilised EBITDA/EBITDAR will be achieved given the impact of Covid-19 on the market.

| Dalata HY 2020 Results

NEW MALDRON HOTEL VICTORIA, MANCHESTER

30

Signed agreement for lease on a new hotel in the city of Manchester with a RJR Securities limited vehicle Central location complements our two current hotel developments ongoing in the city 186-bedroom new build Maldron hotel, with reception & coffee dock at ground floor and bar/restaurant

Ideally located close to the Victoria train station, the Manchester Arena, the Spinningfields Commercial district and the retail core

• f the city.

| Dalata HY 2020 Results

NEW MALDRON HOTEL BRIGHTON

31

Signed agreement for lease on a new hotel in the city of Brighton with Topland Group Brighton is an ideal location as a city. It is consistently one of the top RevPAR performers in Regional UK, has a significant level of older, smaller hotels with no new supply since 2014 and limited rooms in the pipeline City benefits from strong leisure and conference business, with a growing corporate base, due to its excellent transport connections 221-bedroom new build Maldron hotel with reception, bar , restaurant, gym and six meeting rooms

Prime site, close to the waterfront. Less than a two-minute walk to the Brighton Conference Centre. 10-15 minute walk to Brighton Pier and the mainline train station.

| Dalata HY 2020 Results

GLOSSARY

32

Pre IFRS 16 numbers Pre IFRS 16 numbers and KPIs calculated thereon are prepared using the previous accounting treatment for leases (IAS 17) and are disclosed to provide more clarity to the reader on how the Group has performed in comparison with previous periods before the application of IFRS 16 Leases. Adjusted EBITDA EBITDA adjusted to show the underlying operating performance of the Group and excludes items which are not reflective of normal trading activities or distort comparability either ‘period on period’ or with other similar businesses. Adjusted basic (loss)/earnings per share (Loss)/earnings per share excluding the tax adjusted effects of the adjusting items referred to above. Net Debt Loans and borrowings (gross of unamortised debt costs) less cash and cash equivalents. Net Debt to Adjusted EBITDA Net Debt and Lease liabilities divided by Adjusted EBITDA for a 12 month period. Net Debt to Adjusted EBITDA pre IFRS 16 Net Debt divided by Adjusted EBITDA for a 12 month period and after deducting fixed rent. Free Cash Flow Net cash from operating activities (after tax), less amounts paid for interest, finance costs and refurbishment capital expenditure. Following the adoption of IFRS 16, fixed rent is also deducted. ‘Like for Like’ hotels ‘Like for Like’ hotels include the half year performance of all hotels regardless of when acquired.

| Dalata HY 2020 Results

HOTEL PORTFOLIO AT SEPTEMBER 2020

33

(1) Remaining 15 rooms owned by third parties (2) Dalata own 257 rooms and lease 47 rooms (3) Dalata own 194 rooms and lease 7 apartments (4) Effective ownership of hotel on 99 year lease

29 owned hotels with 6,229 rooms 12 leased hotels with 2,726 rooms 13 new hotels in pipeline 3,290 rooms 3 management agreements with 256 rooms

Clayton Hotel Portfolio in Ireland Owned Hotels / Freehold Equivalent Hotel Rooms Clayton Hotel Dublin Airport 608 Clayton Hotel Leopardstown, Dublin 357 Clayton Hotel Liffey Valley, Dublin (1) 346 Clayton Hotel Ballsbridge, Dublin 335 Clayton Hotel Cardiff Lane, Dublin (2) 304 Clayton Hotel Cork City (3) 201 Clayton Hotel Galway 195 Clayton Hotel Sligo 162 Clayton Whites Hotel, Wexford 160 Clayton Hotel Limerick 158 Clayton Hotel Silver Springs, Cork 109 Leased hotels Clayton Hotel Burlington Road, Dublin 502 Ballsbridge Hotel, Dublin 400 The Gibson Hotel, Dublin 252 Clayton Hotel Charlemont, Dublin 187 Total Clayton rooms in Ireland 4,276 Maldron Hotel Portfolio in Ireland Owned Hotels / Freehold Equivalent Hotel Rooms Maldron Hotel Newlands Cross, Dublin 297 Maldron Hotel Parnell Square, Dublin 182 Maldron Hotel Sandy Road, Galway 165 Maldron Hotel South Mall, Cork City 163 Maldron Hotel Limerick 142 Maldron Hotel Kevin Street, Dublin 137 Maldron Hotel Pearse Street, Dublin 119 Maldron Hotel Wexford 108 Maldron Hotel Shandon, Cork City 101 Maldron Hotel Portlaoise 90 Leased hotels Maldron Hotel Dublin Airport 251 Maldron Hotel Tallaght, Dublin 119 Maldron Hotel Oranmore Galway 113 Maldron Hotel Smithfield, Dublin 92 Total Maldron rooms in Ireland 2,079 UK Hotel Portfolio Owned Hotels / Freehold Equivalent Hotel Rooms Clayton Hotel Manchester Airport (4) 365 Clayton Hotel Leeds 334 Maldron Hotel Belfast City 237 Clayton Hotel Chiswick, London 227 Clayton Hotel City of London 212 Clayton Hotel Belfast 170 Clayton Crown Hotel, London 152 Maldron Hotel Derry 93 Leased hotels Maldron Hotel Newcastle 265 Clayton Hotel Cardiff, Wales 216 Clayton Hotel Birmingham 174 Clayton Hotel Cambridge 155 Total UK rooms 2,600 Pipeline Owned Maldron Hotel Shoreditch, London 149 Maldron Hotel Merrion Road, Dublin 140 Extension at Clayton Hotel Cardiff Lane, Dublin 88 Leased Clayton Hotel Manchester City 329 Maldron Hotel Birmingham 325 Clayton Hotel Glasgow 303 Maldron Hotel Glasgow 300 Maldron Hotel Manchester 278 Maldron Hotel Liverpool 260 Clayton Hotel Bristol 255 Maldron Hotel Brighton 221 The Samuel, Dublin 204 Maldron Hotel Croke Park, Dublin 200 Maldron Hotel Victoria, Manchester 186 Extension at Clayton Hotel Birmingham 44 Extension at Clayton Hotel Cambridge 5 Extension at Clayton Hotel Charlemont, Dublin 3 Total pipeline rooms 3,290