Dalata Hotel Group December 2016 Disclaimer IMPORTANT: You must - - PowerPoint PPT Presentation

Dalata Hotel Group December 2016

Disclaimer

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IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the attached document, and you are therefore advised to read this disclaimer carefully before reading, accessing or making any other use of it. In accessing the attached document, you agree to be bound by the following terms and conditions, including any modifications to them from time to time, each time you receive any information from us as a result of such access. You acknowledge that this document is confidential and is solely for your information and intended for you only, and you agree you will not forward, reproduce (in whole or in part), disclose or publish this document to any other person. This presentation document (hereinafter "this document") has been prepared by Dalata Hotel Group p.l.c. ("Dalata" or "the Company") for information purposes only. This document has been prepared in good faith but the information contained in it has not been the subject of a verification exercise. No representation or warranty, express or implied, is given by or on behalf of the Company or any of its respective shareholders, directors, officers, employees, advisers, agents or any other person as to the accuracy, fairness, or sufficiency of the information, projections, forecasts, or opinions contained in this document, in particular, some of the market data in this document has been sourced from third parties. Save in the case of fraud, no liability is accepted for any errors, omissions or inaccuracies in any of the information or opinions contained in this document. No investment decision should be made on the basis of this document and no reliance may be placed for any purpose whatsoever on the information or opinions contained in this document, or on their completeness, accuracy or fairness. Certain information contained herein constitutes "forward looking statements", which can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "intend", "target", "believe" (or the negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or actual performance of the Company may differ materially from those reflected or contemplated in such forward looking statements. By their nature, forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results because they depend on future circumstances, and relate to events, not all of which are within the Company's control or can be predicted by the Company. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. No representation or warranty is given as to the completeness or accuracy of the forward- looking statements contained in this document. Actual results could differ materially from those set out in the forward-looking statements. Nothing in this document should be construed as a profit forecast and no part of these results constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company, and must not be relied upon in any way in connection with any investment decision. No representation or warranty is made as to the achievement or reasonableness of and no reliance should be placed on such forward looking statements.

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Disclaimer

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(continued from previous page) Nothing in this document shall be relied upon as a promise or representation in this respect, whether as to the past or the future. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on, any projections, targets, estimates or forecasts. No person has been authorised to give any information or make any representation other than those contained in this document, and if given and/or made, such information or representation must not be relied upon as having been so

• authorised. There is no obligation on any person to update this document, correct any inaccuracies which may become apparent or to

publicly announce the result of any revision to the statements made herein except to the extent that they would be required to do so under applicable law or regulation. To the extent permitted by law, no responsibility or liability whatsoever is accepted by the Company or any member of its group or any of such persons' directors, officers, employees or affiliates or any other person for any loss howsoever arising, directly or indirectly, from any use of this document or such information or opinions contained herein or otherwise arising in connection herewith. Except where otherwise indicated herein, the information provided in this document is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect Information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. Neither the receipt of this document nor any information contained in it or supplied with it or subsequently communicated to any person in connection with this document either constitutes, or is taken as constituting, the giving of legal, financial, business or tax advice to any person and this document does not take into account the particular investment objectives, financial situation, taxation position or needs of any person.

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Contents

Company Overview & History Market Backdrop Acquisition and Development Projects Update Strategy Highlights and H1 2016 Financial Results Appendices

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Company Overview and History

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• Aug 2007:

Led by Pat McCann, Dalata Hotel Group Ltd established to acquire an

• perating business of 11 leased hotels in Ireland from Choice Hotels

Ireland.

• Mar 2009:

Dalata Management Services Limited set up to provide operational and management expertise to hotel asset owners and funders.

• Mar 2014:

Dalata Hotel Group floats on ESM (Dublin) and AIM (London) and raises €265m to purchase hotel assets.

• June - Feb 2015: Dalata completes the acquisition of six separate hotels in Ireland for

€78m.

• Feb 2015:

Dalata completes the acquisition of 9 hotels from Moran Bewley Hotel Group for €452m and raises €282m in debt and €50m in equity to part fund the transaction.

• Mar/Apr 2015:

Dalata completes the acquisition of two further hotels for €29m

• Oct 2015:

Company raises €160m in equity and €90m in debt.

• Nov 2015 to date: €206m spent on the acquisition of hotel development sites as well as

freehold and leasehold hotels.

• June 2016:

Dalata moves to main listing on Irish and London Stock Exchanges.

• November 2016: In partnership with Deka, Dalata enters into 25 year lease to operate 502

room Clayton Burlington Hotel

52.5% 22.1% 24.4%

% of Total Revenue H1 2016

Dublin Regional Ireland UK Mgt Fees 59.3% 13.2% 24.2% 3.3%

% of Total Segment EBITDA H1 2016

Dublin Regional Ireland UK Mgt Fees

Geographical Breakdown of the Group for H1 2016

6

7

Market Backdrop

Irish & UK Hotel Market Performance

Cities in ROI continue to perform strongly. Belfast had very strong Q3 with revpar up over 20% Provincial UK cities in which we operate had a very positive first 9 months, Cardiff back in Sept due to Rugby World Cup impact in 2015. London has been impacted by an increase in supply and terrorist attacks in Europe but Q3 was more positive with growth in both July & Sept. Impact of Brexit will be watched carefully over the coming months

RevPAR Growth Jan-Dec 2015 RevPAR Growth Jan- Sept 2016

Dublin 23.4% 19.4% Belfast 11.9% 5.0% Cork 9.6% 15.0% Galway 13.3% 10.6% Limerick 23.4% 16.7%

Source STR Global & Trending.ie

RevPAR Growth Jan-Dec 2015 RevPAR Growth Jan- Sept 2016

London 1.5%

• 1.9%

Manchester 7.2% 7.1% Cardiff 14.2% 0.7% Leeds 8.0% 4.5%

Source STR Global

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Per STR: Highest Occupancy in Europe and 11th in ARR

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% €0.00 €50.00 €100.00 €150.00 €200.00 €250.00 €300.00

Occupancy Rates July 2016 YTD Average Room Rate July 2016 YTD 9

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Dublin – Fragmented Market Catching Up with Other European Cities

Dublin Market Share – Total Market of 18,800 rooms

Dalata is market leader with 19% in fragmented competitive market – Limited international brands.

RevPAR forecasted to grow strongly until 2018

Forecasts Per STR

2015 Actual 2016 F’cast 2017 F’cast 2018 F’cast

Occupancy 82.0% 83.1% 83.6% 84.1% ARR 111.95 129.24 137.26 141.22 RevPAR 91.80 108.03 114.72 118.76 RevPAR % Variance 22.8% 17.7% 6.2% 4.7%

Savills forecast net additional 1,265 rooms by 2018

305 260 700 200 400 600 800 1000 2016 2017 2018

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Market Share

Dalata Hilton Tetrarch Windward Tifco Other

Irish Market Remains Very Strong

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• For first half of 2016:

– Increase in visitor numbers of 13.1% – 13% growth in passenger numbers through Dublin Airport –

increase of 1.5m passengers

– 8.5% growth in passenger numbers through Cork Airport – Dublin RevPAR up 21.6% – Very strong RevPAR growth in Regional Irish cities

• Visitor Numbers growing across all markets

– UK 15.7%; Other Europe 11%; North America 15%;

• Central Bank has reduced GDP growth forecast for 2016 (-0.2%) and

2017 (-0.6%) as a result of Brexit – Now forecasting 4.9% in 2016 and 3.6% in 2017 – Forecasting strong employment growth in 2016 and 2017 11

Impact of UK Visitors on Hotel Rooms Sold

12 Market Share of UK visitors into Ireland in 2015 Overseas Trip to Ireland 41% Hotel Stays (Proportion of Room Nights sold to International Visitors) 25%

41.0% 17.5% 35.2% 6.2%

% of Visitors - 2015

UK Nth America Europe Other

12 Jan to Sept Dalata: % of Rooms sold to UK visitors – Dublin (16%) & Regional Ireland (7%)

Acquisition and Development Projects Update

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Clayton Hotel, Burlington Rd

• Previously traded as Doubletree by Hilton, Burlington Road
• Hotel has 502 rooms, bar, restaurant, coffee dock and significant conferencing facilities

incorporating banqueting room with capacity for over 1,100 people, variety of meeting rooms and a dedicated business centre

• Located in Dublin 4 and close to city centre of Dublin
• Acquired operating interests and committed to a leasehold interest in the hotel. Deka

Immobilien have purchased the hotel and is landlord. 25 year lease with rent reviews.

• In 2015 the Hotel recorded revenues of €29.5 million and full year profit before tax of

€2.2 million; if it had traded under the terms of the Operating Lease the hotel would have contributed €4.3 million to Dalata Group EBITDA in 2015.

• Transaction closed on 22nd November 2016 and now trades as Clayton Hotel Burlington

Road

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Over 500 Rooms in Dublin Development Pipeline

Project Approx No. Rooms Status Estimated Opening Date

Dublin Clayton Hotel Charlemont 180 Planning granted. Preparing supplemental application to get some amendments. Contractor selected. Construction to start in November Mid 2018 Maldron Hotel Kevin Street 135 Planning granted. Preparing supplemental application to get some amendments. Construction tender

• underway. Construction to start January 2017

Mid 2018 Clayton Hotel Ballsbridge Extension 35 Planning application lodged in August 2016. Depending on planning process, target construction commencement in Q2 2017 Q2 2018 Clayton Hotel Dublin Airport Extension 140 Planning application to be lodged Q4 2016. Depending

• n planning process, target construction

commencement in Q3 2017 Q4 2018 Maldron Hotel Parnell Square Extension 35 Planning application to be lodged Q4 2016. Depending

• n planning process, target construction

commencement in Q3 2017 Q3 2018 Total 525

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400 Rooms in Development Pipeline in Rest of Ireland

Project No. Rooms Status Estimated Opening Date

Regional Ireland Maldron Beasley Street 130 Currently in pre planning discussions with Cork City Council re. submission of revised planning

• application. Depending on planning process,

construction to commence in mid 2017 Mid 2018 Maldron Sandy Road, Galway Extension 40 Planning application to be submitted in Q4 2016. Plan to commence construction in Q4 2017 Mid 2018 Northern Ireland Maldron Brunswick Street Belfast 230 Construction has commenced Q2 2018 Total 400

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Growth Opportunities Identified Out to 2019

2017

Clayton Hotel, Burlington Road Full year of Choice Hotel Group Continued market strength in Ireland Improved Profitability of Recently Acquired Hotels

2018

Economies of scale throughout the Group Close to 1,000 new rooms in Ireland & 220 in Newcastle Counterbalanced by possible closure of Ballsbridge Hotel

2019

Full year impact of circa 1,000 new rooms Potential new hotels in the UK

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Strategy

A combination of hotel operational and asset acquisition / management expertise

HOTEL OPERATIONAL EXPERTISE

MARKETING Brand development, innovative online strategies, not constrained by big brand guidelines SALES Representation in all sales channels, leveraging size of group REVENUE MANAGEMENT Supporting hotels through training, recruitment, internal and external benchmarking OPERATIONS Ensuring service standards are maintained, food and beverage product developed, purchasing efficiencies, training/ development programmes for employees, health & safety

ASSET ACQUISITION / MANAGEMENT EXPERTISE

ACQUISITIONS

Ability to identify, analyse and execute a large number

• f hotel acquisitions and lease opportunities

DEVELOPMENT

Planning, development, construction expertise to build new hotels as well as construct extensions to existing hotels

FINANCE

Raising equity and debt. Managing relationships with debt and equity providers. Providing financial information to shareholders, management and hotels. Financial analysis skills to maximise the performance of hotel portfolio

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1. Disciplined and agile in capital allocation 2. Focus on maximising profitability of hotel portfolio in Ireland and the UK through the following:

• Maximise RevPAR opportunities in all hotels and implement decentralised revenue

management systems in all recently acquired hotels

• Focus on developing our food and beverage offering to drive additional revenue and

profitability

• Driving further economies of scale given further increase in the size of the portfolio
• Continue current targeted refurbishment programme

3. Continue to look for further opportunities to grow our Clayton and Maldron brands:

• Complete acquisition programme in Ireland
• Exploit opportunities to extend existing hotels
• Look to secure leasehold opportunities for ‘new build’ and existing hotels in Dublin
• Will take a measured approach to rolling out Clayton and Maldron brands in the UK,

continually monitoring and taking account of any impact of Brexit on the market

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Dalata Hotel Group Strategy

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Highlights and H1 2016 Financial Results

H1 2016 | A Period of Strong Growth and Further Investment

►

Revenue up 33% to €130.1m - strong organic and acquisition growth

►

Adjusted EBITDA1 up 50% to €35.3m

►

€73.4m spent on the acquisition of hotels

►

€30.8m spent and €3.7m committed on the purchase of four development sites that will deliver circa 675 new bedrooms in 2018

►

Since the period end Dalata has spent €8.1m on freehold interest of Maldron Hotel Cork and €5m

• n three buildings adjacent to Maldron Hotel Parnell Square for conversion into bedrooms

►

Further net revaluation gain of €41.5m on properties acquired since 2014

►

Admitted to the main market listing of the Irish Stock Exchange and the London Stock Exchange

Performance Financial Performance Strong Pipeline Capability

Continued strong revenue growth being converted to higher EBITDA margins Development pipeline of over 900 rooms on island of Ireland creating 400 new jobs Proven, experienced team Decentralised structure

Revenue up 33% and Adjusted EBITDA up 50%

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1 EBITDA excluding acquisition-related costs, revaluation gains/losses and stock exchange listing costs

Increase in RevPAR of 11.2% over H1 2015 Segments EBITDAR margin up from 36.9% to 38.7% due to: – Strong conversion of revenue growth to EBITDAR (71% on ‘like for like’ revenues) – Closure of Clyde Court Hotel which had lower margins – Counterbalanced by inclusion

• f

(1) early months’ trading (tends to be lower margin) of hotels purchased in H1 2015 and (2) results from new hotels in 2016 having lower EBITDAR margins Central Overheads excluding acquisition/stock exchange listing costs increased by €0.8m to €3.8m reflecting ongoing investment in management team to manage the expanded portfolio Net finance costs have increased due to FX gain on cash in H1 2015 and FX loss on cash/loan in 2016 Weaker sterling exchange rate in H1 2016 reduced ‘euro denominated’ UK earnings by €0.6m Summary

Key Financials €’000 6 Months Ending 30th June 2016 6 Months Ending 30th June 2015 Revenue 130,050 97,711 Segments EBITDAR 50,350 36,027 Rent (11,704) (9,419) Segments EBITDA 38,646 26,608 Rental Income 537

• Central Overheads

(3,835) (3,024) Acquisition/listing costs (3,446) (13,539) Net Revaluation/Impairment Charges (910) (908) EBITDA 30,992 9,137 EBIT 23,827 5,133 Net Finance Costs (5,661) (2,481) Profit Before Tax 18,166 2,652

Adjusted EBITDA 35,348 23,584

Highlights

KPIs 2016 2015 Occupancy 79.0% 78.8% Average Room Rate (€) 94.78 85.48 RevPAR (€) 74.90 67.34

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Summary Profit & Loss

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All figures €’000 Six Months Ending 30th June 2015 Unaudited Dublin Hotels Uplift1 Clyde Court Hotel Closure Regional Ireland Hotels Uplift1 UK Hotels Uplift1 FX Impact Impact of Hotels Acquired in 2016 Full Period Impact of Hotels Acquired in 2015 Managed Hotels Central Office Six Months Ending 30th June 2016 Unaudited

Key Financials Revenue 97,711 10,036 (4,307) 1,755 1,682 (1,835) 16,411 9,287 (690)

• 130,050

Segments EBITDAR 36,027 7,462 (1,284) 1,118 1,046 (678) 5,414 1,935 (690) 50,350 Rent (9,419) (1,435) 1,072 (127) 56 83 (2,154) 220

• (11,704)

Segments EBITDA 26,608 6,027 (212) 991 1,102 (595) 3,260 2,155 (690)

• 38,646

Central Overheads (3,024) (811) (3,835) Rental income

• 537

537 Adjusted EBITDA 23,584 (274) 35,348 EBITDAR Margin (%) 36.9% 74.4% 29.8% 63.7% 62.2% 36.9% 33.0% 20.8% 100.0% 38.7%

1 Reflects improvement in trading performance on a ‘like for like’ basis

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EBITDA Bridge H1 2015 – H1 2016

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13 hotels with 3,196 rooms RevPAR increase of 24.2% which outperformed increase in total Dublin market of 21.6% On a ‘like for like’ basis, food and beverage revenue increased by 1.0% EBITDAR margin up from 41.2% to 46.1% showing a strong conversion of revenue growth to bottom line. On the improved performance

• n a ‘like for like’ period basis 74% of

additional revenue came through to EBITDAR Rent is up despite closure of Clyde Court due to acquisition of The Gibson Hotel leasehold interest and strong performance in hotels with performance related rent Dublin

All figures €’000

6 Months Ending 30th June 2016 6 Months Ending 30th June 2015

Room Revenue 48,229 36,294 Food and Beverage Revenue 15,704 13,488 Other Revenue 4,371 3,135 Total Revenue 68,304 52,917 EBITDAR 31,519 21,789 Rent (8,590) (7,051) EBITDA 22,929 14,738 EBITDAR % 46.1% 41.2%

Highlights

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Dublin Portfolio

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Dublin KPIs

6 Months Ending 30th June 2016 6 Months Ending 30th June 2015 % Var

Occupancy 82.8% 79.8% 3.0% Average Room Rate (€) 103.07 86.07 19.8% RevPAR (€) 85.34 68.70 24.2%

KPIs reflect full six month performance of all Dublin hotels in the portfolio regardless of when acquired

12 hotels with 1,637 rooms Strong growth in RevPAR throughout the

• portfolio. Outperformed the market in

Limerick and Galway. Behind the market in Cork due to one of the hotels undergoing significant refurbishment Food and beverage revenue increased by 2.2%

• n a ‘like for like’ basis

The EBITDAR margin uplift is due to: – the higher margins achievable at larger former Choice Group hotels (2%) – Uplifts on existing business (2%) Performance related rental increases in the Maldron hotels in Cork and Portlaoise; reduced rent in Maldron Hotel Wexford as freehold bought during H1 2015. Clarion Limerick leased for part of H1 2016 Regional Ireland

All figures €’000

6 Months Ending 30th June 2016 6 Months Ending 30th June 2015

Room Revenue 14,548 8,311 Food and Beverage Revenue 10,940 7,554 Other Revenue 3,251 2,094 Total Revenue 28,739 17,959 EBITDAR 6,209 3,164 Rent (1,119) (972) EBITDA 5,090 2,192 EBITDAR % 21.6% 17.6%

Highlights

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Regional Ireland Portfolio

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Regional Ireland KPIs

6 Months Ending 30th June 2016 6 Months Ending 30th June 2015 % Var

Occupancy 69.3% 68.1% 1.2% Average Room Rate (€) 80.46 73.13 10.0% RevPAR (€) 55.79 49.78 12.1%

KPIs reflect full six month performance of all Regional Ireland hotels in the portfolio regardless of when acquired

8 hotels with 1,768 rooms – three hotels in London with 590 rooms; three hotels in Provincial UK with 915 rooms; two hotels in Northern Ireland with 263 rooms RevPAR increased by 1.7%, slightly skewed by higher no. rooms in Chiswick in 2016. London down 3.6%. Provincial UK up 7.7% where Clayton Cardiff performed very strongly. Northern Ireland down 11.1% - significant level

• f projects in Belfast in H1 2015 which

generated large number of room nights Food and beverage revenue increased by 0.4%

• n a ‘like for like’ basis

Revenue growth was converted strongly to EBITDAR at 62.1% on a ‘like for like’ period

• basis. This conversion was offset by (i) addition
• f lower margin Croydon hotel and (ii) impact
• f including lower margin early months of 2016

for hotels acquired during H1 2015 Increase in rent reflects the addition of Croydon Park Hotel to the portfolio UK & Northern Ireland

All figures £’000

6 Months Ending 30th June 2016 6 Months Ending 30th June 2015

Room Revenue 16,952 12,285 Food and Beverage Revenue 5,995 4,519 Other Revenue 1,782 1,257 Total Revenue 24,729 18,061 EBITDAR 8,811 6,639 Rent (1,554) (947) EBITDA 7,257 5,692 EBITDAR % 35.6% 36.8%

Highlights

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UK Portfolio

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UK & NI KPIs

6 Months Ending 30th June 2016 6 Months Ending 30th June 2015 % Var

Occupancy 78.0% 79.3%

• 1.3%

Average Room Rate (£) 70.68 68.32 3.4% RevPAR (£) 55.10 54.20 1.7%

KPIs reflect full six month performance of all UK and Northern Ireland hotels in the portfolio regardless of when acquired

Large increase in Tangible Assets since December 2015 reflects – the significant acquisition activity during the period – Amounts expended on refurbishment and development projects in hotels – net revaluation uplift of €41.5m – Counterbalanced by sterling translation adjustment of €27m Goodwill increased by €36.9m due to Choice acquisition (€38.9m), counterbalanced by impact of fall in value of sterling (€2.0m) Bank loans remain largely unchanged. Additional drawdowns

• ffset

by currency movements and repayments Reduction in cash reflects acquisition activity during the period Net Debt to Adjusted EBITDA

• f

2.6x. (calculation based on earnings for 12 months to 30 June 2016) Ratio will rise as remaining funds are spent and development projects commence Summary

30 June 2016 €m 31 Dec 2015 €m Non-Current Assets Tangible Fixed Assets 734.1 646.1 Goodwill 83.7 46.8 Other 5.6 6.2 Current Assets Trade Receivables, Inventory and Other 24.5 13.1 Cash and Cash Equivalents 75.4 149.1 Total Assets 923.3 861.3 Equity 577.9 537.3 Bank Loans 266.8 266.1 Trade and Other Payables and Taxation 52.5 41.2 Other Non Current Liabilities 26.1 16.7 Total Equity and Liabilities 923.3 861.3

Highlights

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Balance Sheet

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Illustration of what the business generated in excess cash ignoring items such as working capital released

• n

new acquisitions, development capital expenditure, fees and stamp duty relating to acquisitions etc. Maintenance capital expenditure is budgeted at 4% of turnover. This equates to €5.2m in H1

• 2016. Actual spend is higher due to a carry

forward of an underspend from 2015 Development capital expenditure is excluded as this is project related spend on hotels that are undergoing extensions

• r

complete refurbishment Summary

6 Months Ending 30th June 2016 €m Adjusted EBITDA 35.3 Interest relating to Bank Loans (5.1) Tax Paid (1.6) Maintenance Capital Expenditure (5.2) Scheduled Loan Repayments (8.4) Cash Generated 15

Highlights

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Cashflow Generated From Operations

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Appendices

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Brand Proposition Hotels that provide a gateway to a great

• experience. Situated in unrivalled urban and rural

locations perfect for visiting local tourist attractions, attending an event, seeing a show. Service delivered with a smile and a fun attitude Go further at a Maldron Hotel Collection of distinctive hotels each with its own sense of individuality and character providing a home away from home experience. Service delivered by staff who are warm, engaging, inquisitive and empathetic Your Stay Your Way Bedrooms Generally standard rooms, with family and executive rooms in some locations Standard, superior and executive rooms Food & Beverage Integrated bar and restaurant in some locations. Simple menus made from fresh quality produce Modern bar, restaurant and coffee dock. Food and beverage offering based on local influences and freshly sourced premium ingredients Conference Facilities Meeting room facilities Extensive choice of modern meeting rooms and events facilities Target Customers Both leisure and corporate with main focus on leisure guests and family Focus on corporate and conference midweek. Leisure, functions and weddings at weekend

Ireland’s two largest hotel brands

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Hotel Portfolio

Owned Hotels / Freehold Equivalent Hotel Rooms Clayton Hotel Dublin Airport 469 Clayton Hotel Ballsbridge, Dublin 304 Clayton Hotel Leopardstown, Dublin 354 Clayton Hotel Cardiff, Wales 216 Clayton Hotel Galway 195 Clayton Whites Hotel, Wexford 157 Clayton Hotel Silver Springs, Cork 109 Clayton Hotel Chiswick, London 227 Clayton Crown Hotel, London 152 Clayton Hotel Leeds 334 Clayton Hotel Belfast 170 Clayton Hotel Manchester Airport 365 Clarion Hotel Cork (1) (3) 190 Clarion Hotel Limerick (3) 158 Clarion Hotel Sligo (3) 162 Maldron Hotel Parnell Square, Dublin 129 Maldron Hotel Pearse Street, Dublin 115 Maldron Hotel Newlands Cross, Dublin 297 Maldron Hotel Cork 101 Maldron Hotel Limerick 142 Maldron Hotel Sandy Road, Galway, 104 Maldron Hotel Wexford 108 Maldron Hotel Derry 93 Tara Towers Hotel, Dublin 111 Total 4,770 Lease Agreements Hotel Rooms Clayton Hotel Burlington Road, Dublin 502 Clayton Hotel Cardiff Lane , Dublin (2) 304 The Gibson Hotel, Dublin 252 Croydon Park Hotel, London 211 Maldron Hotel Smithfield, Dublin 92 Maldron Hotel Tallaght, Dublin 119 Maldron Hotel Galway (Oranmore) 113 Maldron Hotel Portlaoise 90 Maldron Hotel Dublin Airport 251 Ballsbridge Hotel, Dublin 400 Total 2,334 Summary by Hotel Category Hotels Rooms Owned 24 4,785 Leased 10 2,316 Mgmt Agreement – Receivers 1 352 Mgmt Agreement – Owners 6 557 Total 41 8,013 Management Contracts Hotel Rooms With Receivers 352 Clarion Liffey Valley Hotel 352 Directly with Owners 557 Cavan Crystal Hotel, Co. Cavan 85 Maldron Hotel Belfast 103 The Belvedere Hotel, Dublin 101 Fitzwilton Hotel, Co. Waterford 90 Aghadoe Heights Hotel & Spa, Co Kerry 74 Shearwater Hotel, Ballinasloe, Co. Galway 104 Total 909

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(1) Dalata own 191 rooms & lease 7 apartments (2) Dalata lease 281 rooms & own 23 rooms (3) Will be rebranded as Clayton in early December