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2019 European Hotel Transactions | Page 2 18%

2019 European Hotel Transactions | Page 2 18%

March 2020

2019 European Hot el Transactions

Nicolas Auer Associate

MattiaC avenati Consulting & Valuation Analyst

Shaffer Patrick Analyst

HVS.com HVS and HVS Hodges Ward Elliott HVSHWE.com 7-10 Chandos St, London W1G 9DQ, UK

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„ Total European transaction volume reached €27.1 billion¹ in 2019. This represents a significant increase of 46% on 2018 and is the highest annual level ever recorded (see Chart 1), surpassing the previous „ peak of €23.7 billion in 2015; „ Single assets transacted at a total volume of more than €12.0 billion (44% of the total), increasing 26% from 2018 and falling just shy (4.7% below) of the single asset record level of 2017. Portfolio volume² increased by 67% from 2018 to €15.1 billion (55% of total transaction volume), with the split between single assets and portfolios almost the reverse of the long- „ term average ratio of 60:40; Comprising 19 across six European countries and a total of some 3,000 rooms, Pentahotels’ European portfolio was sold to one of ’s „ Large increases in purchase volumes from institutional, largest publicly listed real estate investment companies. HVS Hodges Ward hotel owner-operator and real estate investment firms Elliott acted as the seller’s exclusive agent for the sale of Pentahotels, were the main drivers of transaction volume increases including all real estate, the operating platform and the brand. in 2019. These investors represent the three largest capital contributors in 2019. Real estate investment firms deployed the highest amount of capital in 2019, at „ €7.6 billion (+118%), followed closely by institutional investors at €6.7 billion (+189%) and hotel owner- „ London remained the leading European hotel operators at €6.1 billion (+102%), though hotel transaction market with a total volume of around owner-operators were ultimately net sellers, with €2.2 billion/£1.8 billion in 2019 (+7%), ahead of €8.9 billion in sales. Private equity saw a noticeable at €1.1 billion after a 91% increase over shift in 2019, with 60% less investment, after being the 2018. saw a substantial increase of €613 million largest capital contributors in 2018. Private equity also (+641%) in 2019, following relatively little activity had the largest net sales volume in 2019, with a reduced in 2018. Germany’s five largest cities – , „ inventory of €2.5 billion; , , Cologne and – jointly „ The UK maintained its leading role within reached a transaction volume of €1.5 billion, down , reaching a transaction volume of from €2.1 billion in 2018 (-25.5%), with regional €5.3 billion/£4.4 billion, although that was 16% lower investments bolstered through portfolio transactions such as Aroundtown’s acquisition of Pentahotels from than the previous year (€6.2 billion/£5.5 billion). „ Germany recorded a total investment volume of CTF Development; „ €4 billion, a €213 million increase on the 2018 volume; „ Moving into 2020, staffing pressures, potentially „ Breakout markets in 2019 include with a slowing performance in many markets led by new total investment volume of €317 million (+1,303%), supply coming online and the UK’s divorce from the with a total investment volume of €196 million European Union will influence the transactions market. (+487%), with a total investment volume of Furthermore, inflation risks, virus-related €1.2 billion (+485%), with a total investment sanctions and travel plan cancellations, trade wars and volume of €572 million (+389%), with a total concerns of a potential global economic slowdown and/ investment volume of €407 million (+277%), with or market correction might trigger hesitation in some a total investment volume of €1.8 billion (+207%) and investors’ minds. with a total investment volume of €275 million (+212%). The largest decline in total investment volume Could Volumes Grow Even was , which dropped €2.7 billion from €3.8 billion in 2018 to €1.1 billion in 2019 (-70%), though More? this figure is distorted by Blackstone’s €2.0 billion acquisition of the Hispania portfolio in 2018; After a tumultuous 2018 filled with Brexit uncertainty, data breaches and US- trade wars, 2019 was a year Ch art 1: Total Hotel Investment Volume 2007-19 for making decisions and taking action. The ongoing delays and uncertainty regarding Brexit, which 30 continued for most of 2019, fostered Portfolio Transactions scepticism and further fears of economic Single Asset Transactions 25 instability, both within the UK and Europe. 13-year average On the other hand, the increasing number 20 of operators now prepared to agree to operating leases has expanded the number 15 of hotel investment opportunities for institutional investors. In relation to the

€ Billions 10 UK, the weakening of sterling against most major currencies left investors weighing-up 5 potential currency gains against Brexit- related uncertainty or seeking investment 0 stability elsewhere. The result was 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 strong investment in the UK, with hotel transactions at €5.3 billion/£4.4 billion.This Source: HVS – London Office represents a 23% share of the European total of some €27.1 billion ¹Only transactions that sold for more than €7.5 million are considered in this analysis. 2For mixed-use portfolios, only the hotel components have been included in the totals. 2019 European Hotel Transactions | Page 2 18%

Ch art 2: REGIONAL SHARE OF TRANSACTION VOLUME 2018-19

Spain markets continued2020 on European an upward Hotel trend. Valuation The impact Index this Other - Nordic & Baltic 5% 2019 5% had on average values per key is explored in our sister UK publication, the . Other - CEE & Balkans 23% 6% The UK and Germany have taken the first two positions 21% for all the key metrics, while Spain saw one of the largest 2018 drops in investment among key European hotel transaction 34% 9% markets. Taking third position in 2018 in terms of total 2% transactions activity, 2019 saw Spain receive significantly 3% less capital (-70%), which was due to a decrease in both 5% single asset activity (-16%) and portfolio activity (-87%). The main reason for this sharp drop in spending was the 4% mega deals that took place in 2018, including the largest 10% 4% Germany transaction of the year, Blackstone’s acquisition of Hispania 6% 21% 18% REIT for €2.0 billion. France, which held fifth position in 2018 in terms of total Other - Southern Europe 11% transaction volume, almost tripled its investments to Other - Western Europe move to third place in 2019 with just shy of €2.2 billion of 13% Source: HVS – London Office investments and 128 hotels comprising 15,000 rooms. The Netherlands also saw an increased investment volume and climbed up to fourth position, capturing just €2.0 billion of investments, representing an increase of 93% in volume Record-low interest rates in various European countries compared to 2018 levels. and further yield compression in key markets helped 2019 was also largely shaped by a number of corporate drive record investment volumes during 2019. Asian mergers & acquisitions (M&As), which directly or indirectly investors deployed 84% more capital in 2019 than in 2018, influenced the European hospitality landscape. These deals, dominated by Singaporean and South Korean investment some of which are outlined below, are not included in our firms and sovereign wealth funds. Europe-based hotel transaction volumes as we solely focus on property-based investors accounted for the largest buyer region, recording transactions. a total of €22.7 billion, almost double 2018’s €11.8 billion. European-based investment volumes were driven by an The largest M&A deal was completed by Huazhu Group increased share from institutional investors, influenced which agreed to acquire for an by the increasing availability of operating leases, despite approximate €700 million from Egyptian travel and record-low yield conditions. company Travco Group. HVS’s Consulting and Valuation team was pleased to advise Huazhu on this acquisition. These factors, combined with the comparative affordability due to a weakening of the euro as well as the pound, with InterContinental Hotels Group’s (IHG) acquisition of the Brexit as the underlying factor, have made Europe an even brands and operating companies of Six Senses Hotels more sought-after hotel investment market. Spas for US$300 million/€278 million from private asset management firm Pegasus Capital Advisors was yet As previously mentioned, total hotel transactions of another significant entity transaction in 2019. €27.1 billion were recorded in Europe in 2019, representing a sharp increase in volume of 46%, or €8.6 billion, versus Another key corporate M&A in the 2018. The strong surge was primarily driven by a much was recorded when acquired the larger number of transactions closing, which resulted in remaining 40% of shares in AC Hotels from founder and the average price per room across the total transactions president of AC by Marriott, Antonio Catalán, for some landscape decreasing by roughly 5% to €173,000, from €140 million in April 2019. This deal follows the formation €182,000 the year before. of a joint venture between Marriott and Antonio Catalán dating back to 2011. With a total of 844 hotels and some 132,000 rooms exchanging owners, of which 318 hotels were single asset transactions and 526 hotels were sold as part of portfolio deals, the largest amount of capital, by some distance, was poured into the UK, while German destinations booked the second highest investment volumes. The UK saw some €5.3 billion/£4.4 billion (23% of total volumes) R adisson Blu Royal Hotel, Vienna invested while Germany received €4.0 billion (18% of total volumes). In terms of room count, however, Germany transacted 21% of all hotel rooms and 18% of all hotels while 20% of all hotel rooms and 22% of the total number of hotels transacted in the UK. Single asset transactions saw a surge of 26% in terms of volume over 2018, whereas portfolio volumes grew more than twice as much, recording an increase of 67% in 2019. The average price per room for single assets increased by 4% to €218,000, which further supports the argument of continuing yield compression, large amounts of capital available for investments and the relatively low cost of borrowing money on the basis of record-low interest rates, which may have made investors more willing to acquire hotel properties at premium prices. HVS Hodges Ward Elliott acted as the seller’s exclusive agent for the sale of the Park Royal Palace, situated near Vienna’s Schönbrunn Palace. In most cases, investment demand was supported by the continued strengthening of industry fundamentals as year-on-year value per room growth in 27 out of 33 major 2019 European Hotel Transactions | Page 3 Quarterly Activity Ch N art 3: I VESTMENT VOLUME IN 2019 BY QUARTER 30 5 Cumulative 28% of Total 25 Single Asset Total transaction volume in the first Portfolio 4 quarter of 2019 was stronger than the 25% of Total year before (+20%), reaching some 20 28% of Total 3 €5.2 billion. The largest part of 2019’s 19% of Total deal volume was recorded during Q2, 15

totalling €7.6 billion (+77%), mainly 2 (€ Billions) on account of LVMH’s acquisition of 10 Belmond for €2.8 billion, which was 1 Cumulative Cumulative Volume (€ Billions ) the largest portfolio transaction of the 5 Volume Portfolio & Asset Single year. 47% of the annual transactions occurred in the first half of the year, - - with 19% in Q1 and 28% in Q2 (see Q1 Q2 Q3 Q4 Chart 3). One significant portfolio Source: HVS – London Office transaction over €500 million in the first half of 2019 was Queensgate Investments’ acquisition of the Grange portfolio in London for £1.0 billion/€1.2 billion (£760,000/€890,000 per key). price per key only ranked 15th at €180,000, Germany’s large investment volume on single assets was driven by The largest monthly amount of single asset deals in 2019 quantity, with 62 properties representing an aggregate occurred in July, which had a total single asset transaction room count of 11,178. volume of €2.0 billion. Significant deals included AXA’s acquisition of the DoubleTree Amsterdam Centraal Station The German city that saw the most activity in 2019 was for €425 million (€760,000 per key), which was the largest Frankfurt, recording seven hotels changing hands for a single-asset transaction, and the sale of the Hilton Vienna total of €381 million. The highest-value sale in the country for €370 million (€640,000 per key). was the 533-room Maritim Hotel Düsseldorf which sold for €162 million (€300,000 per key); the property was Notable portfolio transactions over €500 million in the acquired by Commerz Real from Maritim Hotels. second half of 2019 include Aroundtown’s acquisition of the S potlight on the UK Blackstone Center Parcs portfolio for €1.1 billion (€220,000 per key) in Q3, AXA’s acquisition of 11 pan-European hotels for €531 million (€230,000 per key) in Q4 and In 2019, the UK ranked as the second most fluid investment DTGO Corporation’s acquisition of the Marathon portfolio market across the European region; this was also the case for £450 million/€535 million (£129,000/€150,000 per for 2018. The UK constituted 17% (€2 billion) of total key) in Q4. One of the largest pan-European hotel portfolio European single asset investments, closely behind the acquisitions of the year took place in November, with German market’s volume;STANDARD however, GRAPHS it is important to note the sale of the 19-hotel Pentahotels portfolio from CTF that the value per key of hotels sold in the UK was much Development to Aroundtown for an undisclosed sum, with higher than that of Germany at €232,000, a 3% decrease HVS Hodges Ward Elliott acting as the seller’s exclusive over 2018 and a 29% premium over Germany’s 2019 agent. The transaction included the platform, the brand and average. Overall, 55 single asset hotels totalling 8,779 keys all real estate. transacted in the UK. Single Assets There has been a notable change in the geographical disbursement of investment in the UK as London accounted for just 30% of the country’s 2019 volume, compared to Following a relatively weak 2018, which recorded a total 45% in 2018 and 63% in 2017. The capital’s most salient euro sales volume change of -22.9% on the previous year, single asset transaction recorded in 2019 was The Gate 2019 recuperated strongly with a 26.4% uplift. The volume Aparthotel in Whitechapel with 190 keys, which changed of single asset sales in 2019, which totalled €12.0 billion, hands for €168 million (€880,000 per guest room) in closely mirrored that of 2017 (€12.4 billion) which September, the buyer being Aviva Investors. marked a record year for single asset hotel transactions in Europe. In 2019, a total of 318 properties (55,295 rooms) changed hands across the region, 48 hotels more than in 2018. Interestingly, the average transacted Ch art 4: SinGLE ASSET INVESTMENT VOLUME 2007-19 property in 2019 stood at 174 keys, a largely unchanged figure for the past two 14 500 decades. Overall, single asset transactions Single Asset Transaction Volume 450 12 Number of Transactions in 2019 corresponded to 45% of the total Number of Transactions 400 European hotel investment volume. 10 S potlight on Germany 350 8 300 250

€ Billions 6 The remarkably positive trend for 200 Germany’s single asset investments in 4 150 recent years slowed down in 2019, with 100 a -23% year-on-year change in volume. 2 50 Nevertheless, single asset sales amounting to €2 billion in 2019 represented 17% - - of the total European volume, therefore 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 once more granting Germany first place Source: HVS – London Office for highest volume traded in single assets across the region. Considering the average 2019 European Hotel Transactions | Page 4

Page 1 Hyattege R ncy Charles de Gaulle Spotlight on France

France held on to its position in 2019 as the fifth largest country in terms of investment volume across Europe for single asset trades. The total sales amount grew by a substantial 93% over 2018, a move predominantly stimulated by an additional 11 deals seen over the previous year’s 20 transactions. While the average property price remained largely unchanged at around €30 million per hotel, the average property size went from 129 to 146 guest rooms, pushing price per key down by 6% to €205,000 on average. Similar to the dynamics for London, Paris’s share of volume in France contracted substantially from 62% in 2018 to 29% in 2019. Nevertheless, the French capital maintained the lead as expected, with the Côte d’Azur following with a 17% share. The Regency Paris Charles de Gaulle, boasting the area’s largest room The largest transaction of the year in France overall occurred inventory and conferencing capacity, was sold to Vivion Investments in in Saint-Tropez in June, when the 117-room Hotel Chateau January 2019 with HVS Hodges Ward Elliott as the seller’s exclusive agent. de la Messardiere was acquired by LOV Group Invest for a reportedOther €154Notable million Markets (€1.3 million per key).

Spotlight on the Netherlands Noteworthy countries which attracted substantial investor interest in 2019 were Spain, Austria and . Despite Spain’s year-on-year decline in total single asset investments, Throughout 2018, the total volume invested in the it represented roughly 6% of European volume with 30 Netherlands’ single asset class dipped owing to an sales constituting 4,367 guest rooms in 2019. The city that impressive 171% year-on-year growth in 2017 which was experienced the most activity was , with seven deals difficult to sustain. During the course of 2019, investors (32% of total volume invested in Spain) averaging around showed marked interest in the Dutch markets, proven by €36 million (€269,000 per key, on average). was a a 21% increment in total sales volume, which reached close second with five sales, although assets in this region €1.1 billion with 18 deals, the same number of sales as in traded at a discount on a price per key basis of approximately 2018 but at a 25% higher price per key of €324,000. 30% compared to Madrid. While Italy recorded the highest average price per key in a Austria ranked as the seventh top recipient of investment in single-asset transaction in 2019, the Netherlands saw the Europe in terms of single hotel assets in 2019. Unsurprisingly, most expensive sale in absolute terms, namely the 557- investors’ focus was largely on Vienna, which reported an room DoubleTree by Hilton Amsterdam Centraal Station, average of €80 million per property for the seven hotels sold, which transferred ownership from Anbang Insurance to 76% of the total €740 million volume . Overall, AXA for a reported €425 million (€760,000 per key). Austria saw 18 hotels change hands, a total of 2,745 guest As expected, Amsterdam has continued to be the all-time rooms. The key takeaway for this market is the staggering favourite Dutch investment market with 10 single-asset 47% surge in average price per key which reached €270,000. transactions in 2019, accounting for 47% of the country’s Ireland accounted for 4% of Europe’s total single asset total sales volume (€931 million, €422,000 per room, on volume in 2019. Total volume invested amounted to average). Spotlight on Italy €534 million across 1,513 guest rooms in 12 properties, with an average price per key of €353,000, a figure which more than doubled over 2018. More than half of the total sales in Ireland were recorded in at a total of €350 million; In 2019, Italy replaced Spain in the top-five countries the largest deals included The Marker Hotel (187 keys) which for single asset sales in Europe. While Italy saw further sold for €130 million (€700,000 per key) in September increased investment and moved up to third, the Spanish and the 191-room Conrad Dublin which transacted at markets continued the downtrend experienced in €116 million (€610,000 per room) in November. 2018, resulting in a -16% change in volume in 2019. Italy benefitted from €1.2 billion of total sales from 25 Hot el Don Giovanni properties, which constituted an overall 3,212 keys. Italy’s 2019 total volume represents an exceptional threefold surge over 2018’s figures, which is similarly reflected in the average price per key which grew 134% to €384,000, ranking as the highest price per key per country in Europe. Of the total deals executed in Italy in 2019, the majority occurred in (eight sales totalling €188 million). Nevertheless, Rome’s average price per property of €24 million (€229,000 per room) was dwarfed by that of which saw the 191-room change hands in June from the Bortolotto Possati family to Blue Skye Investment and Elliott Management for €400 million (€2.1 million per room), and the 41-room Hotel Palazzo Giovanelli sell for €50 million (€1.2 million per room) in October. Acting for the seller as joint agent, HVS Hodges Ward Elliott sold the Hotel Don Giovanni Prague, which is one of the largest hotels in the Czech capital.

2019 European Hotel Transactions | Page 5 STANDARD GRAPHS

P ortfolios Ch art 5: Portfolio INVESTMENT VOLUME 2007-19 16 80 Portfolio Transaction Volume 14 70 Number of Transactions Number of Transactions 2019 saw portfolio transactions soar by 67% 12 60 compared to 2018, totalling €15.1 billion with 72 transactions across Europe. These 10 50 statistics included 526 hotels and nearly

€ Billions 8 40 77,000 rooms, with the largest number of rooms transacting in the UK at around 13,900. 6 30 Portfolio deals in 2019 were characterised 4 20 by more hotels trading per transaction than 2 10 in 2018 (with an average of 7.3 properties in 2019 versus 6.6 properties in 2018) and - - at larger volumes, with the average room 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 price increasing from around €159,000 in 2018 to €197,000 in 2019 (+23.6%). The Source: HVS – London Office deal volumes were predominantly recorded in Q2 and Q4 (28% of the total volume each), P ortfolio Investment by Region whereas Q1 recorded a slower start with 19% of the volume and Q3 saw 25% of all transaction investments being deployed. In 2019, in line with the year before, the UK was the most The largest hotel portfolio transactions of 2019 included active region in terms of portfolio transactions, recording LVMH’s acquisition of Belmond for €2.8 billion with a some €3.2 billion/£2.6 billion in total volume. 101 hotels, total of 46 luxury hotels, , train and river cruise comprising some 13,900 rooms across 17 portfolios, changed properties. The UK saw its largest portfolio transaction taking hands during 2019, where an average price per room of place in March: the four-hotel Grange portfolio for a sum of €233,000/£195,000 was achieved, which is 25% higher £1.0 billion/€1.2 billion (£760,000/€890,000 per room). than in 2018. The UK’s share of total European portfolio All of the assets are in London and will be rebranded under investments amounted to 22%, which is substantially lower Fattal Hotels’ Leonardo Royal and NYX brands under a lease than its 2018 share of 43%. This is primarily due to several agreement. This transaction also represented one of the other European countries receiving much more investment largest prices per key of all portfolio deals recorded in 2019. than in the previous 12 months. Page 1 Following the deal, the ground rent for the four Grange hotels also transacted, with Aviva Investors and Alpha Real Capital Germany, in second position, saw 69 hotels changing hands acquiring them. with a total of some 12,600 rooms, which amounted to more than €2 billion of hotel investments. This represented 14% Another notable pan-European portfolio transaction of the total portfolio volume being deployed in Germany, an was Blackstone’s sale of the Center Parcs portfolio to increase of one percentage point over 2018 when Germany Aroundtown, which included a total of seven Center Parcs was in third place behind the UK and Spain. properties across Germany, the Netherlands and Belgium, for a total of €1.1 billion (around €220,000 per key). The UK was While Germany was hotel investors’ second most popular also home to the fifth largest portfolio deal in 2019, receiving market in 2019, transaction volumes in France reached just £450 million/€535 million from Thai conglomerate DTGO for over €1 billion, placing it in third position. Noteworthy is the the acquisition of the Marathon hotel portfolio comprising 17 fact that France, despite only contributing 7% to the total DoubleTree, Hilton Garden , , Indigo, portfolio volume in 2019, transacted 21% of the total number Inn and AC Hotels-branded properties and some 3,500 rooms of hotels changing owners and 14% of the total room count. across various UK locations. This volume might feel insignificant next to the UK’s and Germany’s volumes; however, just over €1 billion is eight- For the first time since 2015, the split between single asset times the volume the country received in 2018, representing and portfolio transaction volumes leant towards portfolios, the largest percentage increase of the major European which recorded 55% of all transactions. Interestingly, 2015 markets in 2019. was (and remains) a record year, with the large proportion Main Buyers of portfolio deals as the underlying factor. c hart 6: Portfolio INVESTMENT BY REGION 2016-19 Institutional investors and real estate investment companies represented the largest share of buyers in 2019, 20 accounting for 25% and 28% of all purchases, respectively, followed by hotel owner-operators at 23%, hotel investment companies at 11% and 15 private equity at 6%. A breakdown of single asset and portfolio buyers can be seen in Chart 7. Institutional investors were responsible for 10 32% of total single asset investments and 19% of total portfolio investments in 2019. Their total investment increased by 125% over 2018. 5 This includes two of the five largest portfolio Total PortfolioVolume Total (€ Billions) transactions of the year by capital volume. Firstly, Queensgate Investments acquired the 1,311- 0 room Grange portfolio of four London hotels for 2016 2017 2018 2019 £1.0 billion/€1.2 billion (£760,000/€890,000 per UK Germany France Spain Other key). Secondly, the fifth largest portfolio of the year was AXA’s acquisition of 11 pan-European hotels Source: HVS – London Office from Principal Real Estate. The 2,339-key portfolio transacted for €531 million (€230,000 per key).

2019 European Hotel Transactions | Page 6 c hart 7: BUYER TYPES IN 2019 – SINGLE ASSET SALES VERSUS PORTFOLIO Single Assets Portfolios Asian investors took advantage Hotel Investment of the weakened pound during Undisclosed Hotel Investment Companies 10% Companies Real Estate the Brexit uncertainty to 10% Investment 12% increase investment in the Hotel Owner- Companies & UK. Asia-based investment Operators Trusts Real Estate increased by close to 11% 32% Investment €571 million in 2019 over Companies & 2018. Key transactions include Trusts Hotel Owner- DTGO’s aforementioned 31% Operators £450 million/€535 million 32% (£129,000/€150,000 per key) Private Equity acquisition of Marathon’s Institutional 5% portfolio. The highest price- Private Equity Investors Institutional per-key paid across all 2019 32% 6% Investors European transactions was Blue 19% Source: HVS - London Office Skye Investment and Elliott Management’s €400 million acquisition of the Bortolotto Possati family’s 191-room Real estate investment companies were also very active, Bauer Hotel in Venice for more than €2.1 million a key. accounting for 31% of total single asset investments and 32% of total portfolio investments in 2019. This also North American investments declined significantly in 2019 includes two of the five largest portfolio transactions as 2018 was a particularly active year for - of the year by capital volume. Aroundtown acquired based private equity firms. Falling yields and competitive Blackstone’s seven-property Center Parcs portfolio pricing may have played a role in the reduced hotel (4,897 keys) for a reported €1.1 billion (€220,000 per investment appetite from these companies. key) and -based DTGO corporation acquired Marathon’s 17-hotel, 3,481-key portfolio for a reported Middle Eastern investments also declined significantly in £450 million/€535 million (£129,000/€150,000 per key). 2019. Many Middle Eastern sovereign wealth funds rely REICs’ total investment increased by 102% in 2019. on surpluses from oil exports. Oil prices per barrel and total export volume from the both declined by Hotel owner-operator companies were particularly active approximately 10% from 2018 figures, which may have led with portfolio acquisitions, accounting for 32% of total to a reduced appetite for investment overall. In addition to portfolio investments, but only 11% of total single asset the economic impact, the unrest surrounding and its investments. This includes the largest portfolio transaction neighbouring countries may have further added to the halt – LVMH’s €2.8 billion acquisition of the Belmond portfolio. in capital spending on hotels. Hotel owner-operator total investment increased by a staggering 189% in 2019. Main Sellers Private equity, real estate investment trusts and hotel investment companies showed reduced investment totals in I2019,nvestment decreasing by 60%, Region 50% and 1%, respectively. Hotel owner-operators were the largest sellers in 2019, responsible for 33% of all sales, 16% of total single asset transactions and an impressive 47% of total portfolio transactions. The largest portfolio transactions from this In terms of percentage share of total investments, European segment include LVMH’s €2.8 billion acquisition of the investors remained responsible for the largest share of the Belmond portfolio and Queensgate Investments’ acquisition continent’s total transaction volume in 2019 (€22.7 billion), of the Grange portfolio for £1.0 billion/€1.2 billion accounting for 100% of all hotel investments. Investments (£760,000/€890,000 per key). from Europe saw the largest increase in capital deployed, increasing by €10.9 billion (+92%) over 2018 owing to a Real estate investment companies, institutional investors lot of activity from European institutional investors. Asian and private equity firms were also active in 2019. Real investors contributed 84% more capital than in 2018, while estate investment companies were responsible for 19% of North American and Middle Eastern investment totals sales, comprising 23% of total single asset sales and 19% decreased by 59% and 88%, respectively. of total portfolio sales in 2019. Institutional investors were responsible for 15% of sales, comprising 22% of total single asset sales and 9% of total portfolio sales in 2019. Private Ch N art 8: I VESTOR ORIGIN BY REGION 2010-19 equity firms were responsible for 15% of sales, comprising 15% of total single asset 30 sales and 15% of total portfolio sales in 2019. Europe 25 Several segments saw significant increases North America in sales, including institutional investors 20 Middle East (+162%), hotel owner-operators (+167%),

€ Billions high net worth individuals (+49%) and Asia 15 real estate investment companies (+32%). Segments that saw significant decreases were 10 Undisclosed real estate investment trusts (-85%) and hotel investment companies (-4%). 5

- 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: HVS - London Office

2019 European Hotel Transactions | Page 7 c hart 9: SELLER TYPES IN 2019 Single Assets Portfolios Hotel Investment Undisclosed Hotel Investment Companies Undisclosed Real Estate 3% Companies 7% 18% Investment 7% Hotel Owner- Companies & Operators Trusts 16% 19%

Real Estate Investment Companies & Private Equity Trusts 15% 23% Institutional Investors Hotel Owner- Institutional Operators Private Equity 22% Investors 47% 14% 9% Source: HVS - London Office

Conclusion and Outlook

The European hotel investment market continues to show a The destabilisation of the Middle Eastern region caused by rising popularity as an alternative asset class, as hotel yields tensions between the USA and the Iranian government may continue to compress, particularly for investors willing to have an impact on future transaction interest from the Gulf take on large deals. countries, as well as the absence of available luxury or five- star assets, which Middle Eastern buyers typically invest in. The increasing number of operating leases available in Europe has led to strong buyer interest from institutional Investment from Asian investors can be expected to investors which typically look for lower-risk, stable returns remain strong, with the continent recovering from the over the long term. This is in direct contrast to 2018’s buyer US-China trade wars as well as the attractiveness of the market which saw heavy investment from private equity European investment landscape owing to the low yields and firms seeking higher rates of return. Furthermore, given the favourable currency exchange environment, although the aforementioned yield compression, cash-flush institutional potential impact of a slowdown in investment activity as a investors are likely to continue to spend large sums on result of the coronavirus should not be ruled out. Continued European hotel opportunities in the future. RevPAR growth in around 70% of the key European cities in 2019, according to data from STR, further supports an With the UK’s divorce from the European Union in January increase in activity from around the globe. 2020, the pound is presumed to have hit the bottom and is – HVS – expected to rebound from its latest weakening in the near future. The notion of a reduced availability of prime hotel stock is an additional factor that may further reduce activity in 2020. We may therefore see slightly fewer transactions taking place in 2020 and onwards, although investors are always expected to gravitate towards regions of stability.

Huaz e hu D utsche Hospitality Hotels Portfolio

Angelo Gordon and EQ Group acquired five hotels in Paris from Gecina HVS’s Consulting and Valuation team was pleased to have advised Huazhu for €181 million (€220,000 a key). The 814-key portfolio consists of three on its acquisition of Deutsche Hospitality, which Huazhu agreed to and two hotels. HVS provided the purchase for around €700 million. bank valuation for Aareal Bank.

2019 European Hotel Transactions | Page 8 *Partial Sales Seller Aedifica KKR Riviera Liburnia Undisclosed CapMan Murs) des (Fonciere Hotels Undisclosed LFPI Gecina Roland Bernard Roland Perseus Capital Partners Capital Perseus Undisclosed Undisclosed Arcona Group Arcona Residia Asset Management AG, Lambert Holding GmbH Holding Lambert AG, Management Asset Residia VW Zahnarztekammer Berlin, 12.18. IM Berlin, VW Zahnarztekammer HERECON GmbH Projekt HR Group HR Group Patrizia PrimeCity Investment PrimeCity Strabag Real Estate, ECE Estate, Real Strabag Hubert Haupt Immobilien Holding Immobilien Haupt Hubert Undisclosed Louis Group Undisclosed Castello Sgr Castello MTK Group First Sponsor Group, Event Hotels Event Group, Sponsor First Undisclosed Omnam Group B&B Hotels Minor International Minor Buyer (€) Price per Room perPrice Room Price (€) Price 72 Undisclosed Undisclosed Elegancia Extendam, 97 Undisclosed Undisclosed IM Tikehau 544 69,400,000 130,000 Hotels Atream SCPI Atream, 312 85,000,000 270,000 Hotels Estate Real Schroder 131 Undisclosed Undisclosed Cimex 442 Undisclosed Undisclosed Hoteliere Gestion Solaner Extendam, 814 181,000,000 220,000 Group EQ Gordon, Angelo 247 30,000,000 120,000 Honotel 245 Undisclosed Undisclosed Partners KSL Capital 793 118,000,000 150,000 Hotels Estate Real Elliot, Schroders Benson UBM, Warimpex 528 110,000,000 210,000 Investment Union 382 Undisclosed Undisclosed AG Estate Real MAGNA 197 Undisclosed Undisclosed GmbH TE Management 565 103,400,000 180,000 Pandox 332 Undisclosed Undisclosed SA Aroundtown 537 Undisclosed Undisclosed SA Aroundtown 479 111,000,000 230,000 (DWS) europa grundbesitz 738 Undisclosed Undisclosed BMO RE Partners 583 Undisclosed Undisclosed Partners Equity AGC Group, Financial Hana OfficeFirst 482 Undisclosed Undisclosed 145 21,600,000 150,000 AG Echo Partners 749 200,000,000 270,000 Immobilien Deka 902 Undisclosed Undisclosed Batipart 250 Undisclosed Undisclosed Group Hotel Fletcher 226 Undisclosed Undisclosed Group Hotel Fletcher 526 130,000,000 250,000 Hospitality Westmont 433 24,000,000 60,000 Murs) des Covivio (Fonciere Hotels 704 313,000,000 440,000 Estate Real Invesco 6 2 4 5 2 5 2 2 2 2 2 2 3 7 1,532 290,000,000 190,000 Pandox 2 4 2 2 2 3 5 1,466 178,600,000 120,000 Partners Hotel Investment 2 4 6 3 3 2 3 3 11 1,275 94,100,000 70,000 Adriatic Gitone 1059 1,406 4,638 Undisclosed 272,000,000 Undisclosed Hotels Choice Nordic 60,000 Sofidy Primonial, Immorente, 12 1,911 Undisclosed Undisclosed Hôtels Ferré Groupe 17 1,863 Undisclosed Undisclosed Vienna 15 1,600 300,000,000 190,000 Oaktree 2019 s ion t c a Country Hotels of No. Rooms of No. Belgium Belgium France France France France France France France France Germany Germany Germany Germany Germany Germany Germany Germany Germany Hungary Italy Italy Netherlands Netherlands Poland s an r T o i l Location Various Antwerp Opatija LazneMarianske Republic Czech 2 Various Various Various Various Lyon Various Paris Paris Magny-le-Hongre France Munich Various Boltenhagen Germany Munich Munich Various Various Various Cologne Nuremberg Germany Frankfurt am MainFrankfurt Germany Various Various Various Venice Luxembourg Various Various Amsterdam Netherlands Various rtfo o P n a e op r u a h Portfolio Aedifica Hotel Portfolio Aedifica Radisson Blu and Park Inn Antwerp* Park Inn and Blu Radisson Liburnia CRO Hotel PortfolioLiburnia 2019* Hotel Portfolio Czech Acquires Cimex Nordic Choice Hotels Acquisition of Collection Kämp Acquisition Hotels Choice Nordic Covivio B&B Portfolio Hotel Portfolio Extendam Various Ferré Group Acquires Alliance Hospitality Portfolio Hospitality Alliance Acquires Group Ferré Portfolio Hotels 2019 Gecina Honotel Lyon Hotel Portfolio Les Hotels d'en Haut Haut d'en Hotels Les Two Portfolio Hotel Paris Two Hotels Paris Vienna House Hotel Portfolio House Vienna Lambert Munich Hotels Munich Lambert Arcona Hotels Portfolio Hotels Arcona Magna German Hotel Portfolio German Magna Pair of Munich Hotels Munich Express Pair of Holiday Inn Pandox Dorint Hotel Portfolio Dorint Germany Pandox Pandox German HR Group Portfolio HR Group German Pandox Patrizia Hotel Patrizia Portfolio Germany PrimeCity Hotel Portfolio Hotel PrimeCity Southern Cross Hotel Portfolio Cross Southern Tafelhof Palais 2019 Tafelhof Palais The Squaire Frankfurt Squaire The Whitbread Acquires German Hotel Portfolio German Acquires Whitbread Louis Group Greece Hotel Portfolio Greece Louis Group Echo Fund Hungary Hotel Portfolio Hotel Hungary Echo Fund Castello Hotel PortfolioCastello Italy Deka Hotels Portfolio Hotels Deka Venice Accor Luxembourg Mixed-Use Portfolio Mixed-Use Accor Luxembourg Bilderberg Portfolio Fletcher Hotel Group Hotel Portfolio Fletcher Bilderberg Fletcher Hotel Portfolio Hotel Fletcher VEN Amsterdam Portfolio VEN Amsterdam B&B Poland Hotel PortfolioB&B Poland Minor Portugal Hotel Portfolio Hotel Portugal Minor Source: HVS London C rt 10: E

2019 European Hotel Transactions | Page 9 *Partial Sales Seller Kompas Hoteli Bled Hoteli Kompas Hotel Investment Partners Hotel Investment Arum Group Arum MedPlaya MP Hotels RICA Eiendom RICA Credit Suisse REF Hospitality Suisse Credit Undisclosed Commerz Real Cotswold and Hotels and Cotswold Inns Eclectic Hotel Group Undisclosed Brothers Matharu Topland Group Topland Undisclosed LXi REIT Pickstock Group M&G Real Estate Real M&G Macdonald Marathon Asset Management Asset Marathon Capital Ryobi Holdings Kiso Undisclosed Rotch Property Group, Farnsworth Group Farnsworth Group, Rotch Property Crédit Agricole Assurances & Amundi Immobilier & Amundi Assurances Agricole Crédit Accor Principal Real Estate Real Principal Belmond Blackstone AXA , Highgate Holdings Highgate Sachs, Goldman Grape Hospitality, AccorInvest Hospitality, Grape CTF Development Hotelbau HG Undisclosed Buyer (€) Price per Room perPrice Room ed u Price (€) Price 70 58,300,000 830,000 Group Hut The 155 10,000,000 60,000 International Elephant Gold 341 Undisclosed Undisclosed Hotusa 392 Undisclosed Undisclosed Hoteles Hesperia 564 67,400,000 120,000 Socimi Hoteles Atom 194 Undisclosed Undisclosed Balder AB Fastighets 640 301,300,000 470,000 Victoria Aevis 479 Undisclosed Undisclosed Accor 203 46,400,000 230,000 PLC & Turner Smith Fuller 227 60,500,000 270,000 LXI REIT 120 14,000,000 120,000 Undisclosed 620 233,200,000 380,000 Estate Real M&G 901 26,600,000 30,000 Investra 221 Undisclosed Undisclosed Partners Capital AJ 285 148,300,000 520,000 Murs) des Covivio (Fonciere Hotels 503650 8,700,000 98,800,000 20,000 150,000 Holdings Heeton UBS 661 Undisclosed Undisclosed Accor 422 83,000,000 200,000 Pandox 352 Undisclosed Undisclosed Thomas Cook Contin 2 2 2 72 1,636 Undisclosed Undisclosed Azora 2 8 2 7 2 44 1,338 1,311 Undisclosed 1,161,600,000 Undisclosed Investors Aviva Real Capital, Alpha 890,000 Investments Queensgate 3 2 2 6 2 2 5 5 9 1,439 272,300,000 190,000 Vivion Investments 4 79 4,897 1,058,100,000 1,120 220,000 94,000,000 SA Aroundtown 80,000 Hotel Investors Hamilton Partners, Centerbridge Hospitality Westmont 2 82 1,012 Undisclosed Undisclosed Hotel PLAZA 47 5,972 Undisclosed Undisclosed Estate Real M&G 26 2,467 285,200,000 120,000 Vivion Investments 17 3,481 534,500,000 150,000 DTGO Corporation 11 2,339 531,000,000 230,000 AXA 3432 3,10010 2,815,000,000 6,221 910,000 176,000,000 1,192 LVMH 30,000 385,000,000 Murs) des Covivio (Fonciere Hotels 320,000 Enterprises InterGlobe 19 2,964 Undisclosed Undisclosed SA Aroundtown n/a n/a 1,060,000,000 Undisclosed AccorInvest 2019 – s ion t c a Country Hotels of No. Rooms of No. Slovenia Spain Spain Spain Spain UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK Various Various Various Various Various Various Various Various Various Various Various Various s an r T o i l Location Bled Various Cartagena Various Various Various Various Various London Various UK London London Various Various Various London Various Various Various Various Various Various Various Various Various Various Various Various Various Various Various Various Various rtfo o P n a e op r u a h Portfolio Bled Hotel Portfolio Bled Western Best Eurostars Spain Hotel Portfolio Spain Eurostars MedGroup La Manga Club Sale 2019 Sale Club La Manga MedGroup MedPlaya Spain Hotel Portfolio Spain MedPlaya PortfolioMP Hotels Spain Balder Aquires Rica Hotel Portfolio Aquires Balder Credit Suisse Switzerland Hotel Portfolio Switzerland Suisse Credit Atlas Hotel Portfolio (Ground Rent) Hotel Portfolio (Ground Atlas Accor Portfolio Hotel Blackfriars Cotswolds Inn Portfolio Inn Cotswolds Eclectic Hotel Portfolio Grange Hotel Portfolio (Ground Rent) Hotel Portfolio (Ground Grange Portfolio London Grange PortfolioHallmark LXI REIT & Hotels LXI Inn REIT & Premier Travelodge LXI REIT Portfolio UK Hotel M&G London Paddington Hotel Development London Paddington M&G M&G Real Estate Portfolio Estate Real M&G Macdonald Hotels Macdonald Marathon Portfolio Marathon Principal Hotel Portfolio Hotel 2 Principal Tranche Ryobi Hotel Portfolio* Portfolio UK Hotel UBS Zinc PortfolioZinc Accor Pan-European Hotel PortfolioAccor 2019 Pan-European Accor's 85.8% stake in Orbis Acquired by AccorInvest by Acquired Orbis in Accor's 85.8% stake Portfolio 11-Hotel Pan-European Acquires AXA Various Belmond - LVMHBelmond Acquisition Portfolio Parcs Center Blackstone Portfolio* AXA in 32% Stake Covivio Acquires Leaf PortfolioFour Hotel PortfolioK+K 2019 Pandox Grape Hotel Portfolio Grape Pandox Pentahotels Portfolio Pentahotels Hotel Portfolio German Plaza acquires Thomas Cook Hotel Portfolio Source: HVS London C rt 11: E

2019 European Hotel Transactions | Page 10 Daguisa Hotels Group Hotels Daguisa Jausovec Josef Undisclosed AG GBI Undisclosed Erben Strolz Engelbert Edelweiss - Sporthotel Central Undisclosed Tobacco Fund Imperial Undisclosed GmbH Bautrager FM GmbH IPES Immobilienprojektentwicklung Immo CA VIY Management Immobilieninvest Estrella Group Signa KG Anlagen und & Co. GmbH Immobilien BPI Holding GmbH Roomz Hotelmanagement RWP 73 GmbH Revcap plc, Group Thornsett Blackstone Vetko Arabadjiev Holding Synergon Krumov George RREEF Europe Louis PLC Group, Investment Marfin Undisclosed Bank Raiffeisen Warimpex, Undisclosed Hotel Properties Best Westmont, Group, J&T Finance Hotels Corinthia Capital Mornington Cecopra Undisclosed A/S Holding Cah Skanska Undisclosed Undisclosed 14 Helgolandsgade K / S Kapitalforvaltning Artha ApS Capital Benjamin Tradeka-Kiinteistot Hotels Scandic Oyj House Investors Mutuel Crédit Undisclosed Fayat PromotionPitch SA, Alpes Des La Fonciere Undisclosed Undisclosed & Broad SA Kaufman Undisclosed Linkcity Capital CIB, Turenne Agricole Credit BPI France, Undisclosed Investissement Altur Capital, Turenne 123 Venture UBM Warimpex, Blackstone Seller Benefits United Invester Undisclosed Undisclosed Capital Hotel Archer Hotels Francimmo Buyer SA Hotels Soldeu Privathotels Lohbeck Dr Undisclosed Immobilien Deka GmbH Harisch Maria und Christian I+R Gruppe Unger Peter Gruppe Immobilien Rutter GmbH Imlauer GPH Estate Real Hotel PLAZA IM Tikehau Meritz & Securities, Inv NH Group, IM, Financial Hana Wealthcore Securities WertInvest Estate Vision Steiermark Arztekammer Niederosterreich Arztekammer Company Airport Undisclosed Partners Estate Real Invel of Bank Greece, National Group CPI Property Undisclosed Gruppe S+B Immobilier Amundi AB Midstar Niam Gruppen Thylander Dig til - Mere PFA Oy Hotels Greenstar AEW Ciloger Mgmt KEYS Asset Atream LaSalle Depots des Hotel, Conti Caisse / SCI France Invest Naos Ojirel, Vicartem Hotels & Immobilier Heintz Hotel Group Summer Hotels Estate Real Elliot, Schroders Benson Vivion Investments (€) 50,000 80,000 70,000 50,000 70,000 170,000 320,000 180,000 240,000 220,000 250,000 130,000 110,000 310,000 260,000 130,000 330,000 160,000 210,000 150,000 340,000 Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Price per Room perPrice Room 2019 s Price (€) Price 7,900,000 9,000,000 39,000,000 11,900,000 11,500,000 17,100,000 17,400,000 13,100,000 11,600,000 45,500,000 25,000,000 12,500,000 37,000,000 23,400,000 50,000,000 12,000,000 25,400,000 50,000,000 13,000,000 73,000,000 Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed 120,500,000 ion t 95 67 37 63 37 78 70 81 49 53 Undisclosed Undisclosed Palace Hotel 67 Undisclosed Undisclosed90 Hotels Milling 76 Undisclosed Undisclosed Cofoco 63 Undisclosed Undisclosed50 Capital Beauvau Group, Inn Paris O voyageurs, 88 Undisclosed Undisclosed 15,500,000 Hotel Group Summer 56 180,000 Groupe - Foncia Foncia, SCPI Cap'Hebergimmo Foncia 48 3087 Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed EasyGroup 169 229 100 101 101 233539 134 66,000,000 Undisclosed152 280,000 Undisclosed AG Echo Partners 150 15,900,000 Undisclosed 294 Undisclosed585 100,000 330 Undisclosed 25,800,000 Hotels Estate Real Schroder Extendam, 294 40,000200 126 55,500,000 Royal S.B. Hotels 185 Undisclosed372 190,000441 Undisclosed Pangea NBG Partners, Estate Real Invel 225,000,000412 Undisclosed 292 600,000 Undisclosed366 Undisclosed R2G 357 Wenaasgruppen 366 90,000,000225 250,000122 Pareto Securities 121 67,000,000139 Undisclosed120 300,000340 Undisclosed AB Midstar 9,600,000 Balder AB Fastighets 124 433 80,000185 100,000,000 Evli Bank 216 230,000106 Atream 125 Undisclosed112 Undisclosed Henotel Groupe 390 388 199 Undisclosed Undisclosed Accor 757 Undisclosed Undisclosed SA Aroundtown 579 370,000,000 640,000 1040 c Rooms Number of of Number a s an r T l e Hot Escaldes-Engordany Waltersdorf Bad Kitzbuhel See am Worther Portschach Salzburg Vienna Vienna Vienna Vienna Vienna Vienna Brussels Zaventem Nesebar Plovdiv Samokov Kouklia Brno Karlovy Vary Ostrava Prague Prague Prague Prague Aarhus Copenhagen Copenhagen Copenhagen Copenhagen Helsingor Lyngby-Taarbaek Lahti Pori Aime Bangor Bourg-Saint-Maurice Bourg-Saint-Maurice Cannes Courbevoie Ferney-Voltaire Le Havre Marcq-en-Baroeul Marseilles Metz Nice Paris Paris Bad Radkersburg Bad Lech Kitzbuhel bei Reith Salzburg Salzburg Mazan Nice Paris Paris Vienna t sse A le Andorra Austria Austria Austria Austria Austria Austria Austria Austria Austria Austria Austria Belgium Belgium Bulgaria Bulgaria Cyprus Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Denmark Denmark Denmark Denmark Denmark Denmark Denmark Denmark Finland Finland Finland France France France France France France France France France France France France France France France CountryAustria Location Austria Austria Austria Austria Austria France France France Austria g n Sin a e op r u a h Property d'Urgell Comtes Andorra Kyriad Romantik Hotel im Park Paierl Hotel Thermenhof Graz Hauptbahnhof Intercity Greif Hotel Goldener Hotel Edelweiss Pruller Strandhotel Hotel & Wellness Golf Cordial Hotel am Mirabellplatz City Salzburg Inn Holiday Plaza Hotel Center City Salzburg Hotel Meininger Park Royal Blu Palace Radisson Hotel Ananas Trend Austria Belvedere Vienna Adina Strudlhof Hotel & Palais Roomz Gasometer Vienna Hotel Townhouse 73 The Schuman Brussels Aloft Airport Brussels Sheraton Victoria Palace Hotel Hotel Plovdiv Grand & Spa Wellness Hotel Yastrebets Hills Aphrodite Cyprus Hilton Brno Inn Holiday Hotel Dvorak Spa City Ostrava Hotel Quality Prague InterContinental Panorama Hotel Prague Giovanni Hotel Don Old Prague Hotel Ritz Hotel Admiral Copenhagen Hotel Airport Copenhagen Towers PlazaCrowne Copenhagen Crown Copenhagen Hotel Zleep Strandhotel Marienlyst Hotel Lyngby Zleep Kallio Scandic Lahti Scandic Pori Scandic 2100 La Plagne Med Club & Spa Thalasso Clara Hotel Castel B&B Caps des Quai Panorama Arcs Les Med Club mmvMelezes Les Hotel Club Orangers Hotel des (Staycity) Highlight Ferney Genève La Réserve Residence Inn Garden Hilton Future Metropole Lille Tonic Hotel Grand Mazan de Chateau Center Metz Mercure Congrès des Palais Nice Ibis Hotel Locarno Center Hotel & Conference Gauche Rive Marriott Paris Hotel Explorers France Montparnasse Gare Paris Gaulle de Charles Paris Hyatt Regency Source: HVS London Hilton Vienna Hilton C rt 12: E

2019 European Hotel Transactions | Page 11 Gecina Capital Turenne Undisclosed France de Esprit Hotel Trianon Pacific Rattez) Hotel (Vincent Undisclosed Undisclosed Monceau Elysées Groupe Undisclosed Vinci YnovIcade, & Broad SA Kaufman List Gruppe Development Merkur Bülow AG Vogtland Sparkasse & Resorts Hotels Precise & Söhne Fuchs Commerz Real Opengeym Mikhail Group, Cells Gruppe Kreer Hof Bielefelder Gesellschaft Bonnvisio AG Vicus AG Telekom Deutsche Murs) des Covivio Hotels, (Fonciere Event Hotels Investment Union Hotels Maritim Group Property Sellar GmbH Holding Dereco Undisclosed Bau Tecklenburg & Partner Gross & Partner Gross RE AG Dev Grounds The RFR Holding Aktiengesellschaft AAA Capital Corestate DREGER AG Bauwo Grundstücks Group & Partner Sontowski Undisclosed Pandox Navo Hotel Immobilien Lerche Hartmut and Silvia Undisclosed Undisclosed Estate Real Strabag AG Vicus Undisclosed Family Benke Honestis Grund Munchner Scheidel & Diringer Estate Real Consus Undisclosed Hypovereinsbank & Co Gmbh Fonds Equity Bridge E&G GmbH, Capital Bull BEMA Development Invest Warburg-HIH AG GBI & Resorts Hotels Park Seller ed u Buyer Raise Hôtel Central XENIA Undisclosed Bourgois François-Xavier Extendam, Extendam Elegancia Extendam, Elegancia Extendam, Hotels Ferre D'Epargne, Caisse Atream, CARAC, LOV Invest Group Hotel Groupe Naos Hotel Student The Fonciere Epargne RE Managers, La Francaise IMMO CSAM BaseCamp Investments Standard (SHR) & Restaurants-Gruppe Hotels Servus & Resort Hotels Orange Art-Invest Investors Capital GIC, Caleus Ionview Holdings HanseMerkur LFPI Art-Invest SA Aroundtown Group Sponsor First Commerz Real Patrizia Undisclosed Arzteversorgung Mecklenburg-Vorpommern, Arzteversorgung Niedersachsen, Arzteversorgung Tierarzteversorgung, Sachsen-Anhalt, Niedersachsen Steuerberaterversorgung Commerz Real Undisclosed Demire Undisclosed (EL7)Across Sarl Undisclosed AG IS Real Undisclosed & Co Reiss PEG Hamburg, AS Eiendomsspar GmbH Pflegeverwaltungs Sympathia AG Immobilien FCR & Co GmbH Peters Dr AM Corum Corum Origin, SCPI Ltd Properties Foremost Undisclosed EXXE Group & Co GmbH Peters Dr Vienna LLB Immo Kapitalanlagegesellschaft Lebensversicherung Wurttembergische Undisclosed Commerz Real Hines, Undisclosed (BVK) Versorgungskammer Bayerische Universal-Investment, Contin (€) 130,000 140,000 300,000 110,000 670,000 210,000 120,000 510,000 110,000 1,320,000 Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Price per Room perPrice Room 2019 – s Price (€) Price 45,000,000 48,500,000 14,000,000 21,200,000 21,900,000 25,400,000 24,000,000 Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed 154,000,000 162,000,000 100,000,000 ion t 45 46 45 46 30 42 79 85 88 86 57 50 144 173 211 117 123 354 114 144 160 170 108 180 146 155 161 336 324340 Undisclosed165533 Undisclosed Undisclosed190 Warimpex 164 Undisclosed Undisclosed159 & Hotels A&O 127 Undisclosed 20,400,000 SA Aroundtown 130,000150 AM Corum Corum Origin, SCPI 244 116 100 100 144 192 119 206 127 134 188 162 198 131 149 216 197150 Undisclosed105484 Undisclosed Undisclosed331 Undisclosed 100 Undisclosed Undisclosed316 ZREV, Bechtolsheim 241 Undisclosed152 61,000,000 Bay GmbH Capital 15,200,000 190,000 Pandox 100,000 Undisclosed 428 Undisclosed Undisclosed c Rooms a Number of of Number s an r T l e Hot Paris Paris Paris Paris Paris Paris Paris Paris Puteaux Saint-Tropez Strasbourg Toulouse Toulouse Aachen Aachen Aschheim Elster Bad Kissingen Bad Bayreuth Berlin Berlin Berlin Bielefeld Bonn Cologne Darmstadt Dresden Dusseldorf Dusseldorf Dusseldorf Dusseldorf Dusseldorf am Main Frankfurt am Main Frankfurt am Main Frankfurt am Main Frankfurt am Main Frankfurt am Main Frankfurt Gottingen Hamburg Hamburg Meinberg Horn-Bad Huy Karlsruhe Kelsterbach Leipzig Leipzig Lieser am Rhein Ludwigshafen Mannheim Mannheim Mannheim Munich Munich Neuss Nuremberg Nuremberg Nuremberg t sse A le France France France France France France France France France France France France France Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Country Location Germany am Main Frankfurt g n Sin a e op r u a h Property La Villette de Canal Express Inn Holiday CDG Roissy Paris Suites Novotel Hôtel Waldorf Madeleine Hotel Aiglon 15eme Tour Paris Montparnasse Ibis Nord Montmartre Paris Styles Hotel ibis Paris Hotel Comete Hotel Tamaris La Defense Tour - Mama shelter Litwin la Messardiere de Hotel Chateau NoLiStra Aloft Hotel Toulouse Student The Adagio Aparthotel B&B Hotel Aachen Express Inn Holiday Hotel Fury Niu Albert Hotel Konig Hotel Bristol (dual) Bayreuth Budget Ibis and Styles Ibis Rome Hotel de Grand Hotel Berlin Fürst Berlin Stayery Hof Hotel Bielefelder Center Conference World Marriott Hotel im Wasserturm Tagungshotel Commundo Fmr Dresden Bellevue Westin Hauptbahnhof Dresden A&O Hotel Dusseldorf Maritim Nord City Dusseldorf Mercure Express Inn Holiday South Dusseldorf Moxy Dusseldorf Niu Tower Spin Frankfurt Collection NH Frankfurt) (Four Terra 3 Hotel Terminal Hotel Roomers Lindenberg Lindley Joyn Aparthotel Hotel Neu-Isenburg Gottingen Express Inn Holiday Hamburg Bricks Niu Hamburg Ambassador Hotel Quality Hannover Novotel zum Stern Vitalhotel Western Best Westerburg Wasserschloss Hotel Karlsruhe Inn Star Kelsterbach Airport Frankfurt Moxy Leipzig Express Inn Holiday Leipzig Hotel Lindner Collection Autograph Lieser, Schloss Hotel Europa Parkhotel Herrenkrug Dorint 8 Super Mannheim Inn Garden Hilton Holiday Inn 1 Mannheim No Hotel Augusta Centro Park Munich Hilton CB Micro Living B&B Hotel Neuss Hotel Nuremberg Maritim Nuremberg Inn Premier Hotel Nuremberg Hilton Source: HVS London C rt 13: E

2019 European Hotel Transactions | Page 12 Dereco Holding GmbH Holding Dereco Undisclosed GmbH Immobilien DSR Bavaria Investments Development Merkur Weisenburger GmbH Estate Real DQuadrat Lloyd Fonds GmbH Pro Invest GmbH UCH Immobilien AG GBI Partners Rhino Koutras Nikos & Binui Shikun Europe, - Starwood Capital Hotel Group Danubius Undisclosed Estate Real Principal Zrt. Wing Family Reid Undisclosed Partners Capital Brehon AG, Holding Midwest PLC Fund Cashel Investors, Aviva & Resorts, Hotels Park RE Global Apollo & Phelps Duff Sachs Goldman Henciti Undisclosed Wilson Kennedy Capital Tetrarch Undisclosed Holding Dogus Group Monrif Marcia Acqua Undisclosed Art-Invest SRL Cedro S.r.l. ICE Estate Real / DV estate Real Group Igefi Mutua Reale Undisclosed Undisclosed BNP Paribas Partecipazioni Serenissima Group, Palladium Undisclosed BNP Paribas Toti / Gruppo Toti Silvano Spa Hotel & Resorts Royal Group Undisclosed RomanaDomus srl Undisclosed Torre Sgr Bortolotto family Possati Srl Giovannelli Nuova Group Generali Hotel Group Salute SHG DP Hotel Facility Insurance Anbang IES Immobilien Benefits, United Invester PC Hotels Europe BV Bricks Monumental Seller Principal Real Estate Real Principal Investments Street Union ed u Buyer Patrizia GmbH Immobilien Hirmer Undisclosed - PFOPerial SCPI Perial, Investment Capital Continuum AG Versicherung Stuttgarter Barings, Art-Invest Undisclosed CREAG Undisclosed Commerz Real KRE Estate Real Krakat Undisclosed Holding Appeninn Group Indotek Group Indotek FLE GmbH Hotusa B&B Hotels Oakmount Davy Real Estate Immobilien Deka Capital Hotel Archer Murs) des Covivio (Fonciere Hotels Davy Real Estate Hotels Fattal Quek Han Swee Stanley BCP Capital Finance, Deutsche Sandman & Sons Neville William (Finint) Internazionale Finanziaria (Lorenzo Village Giannuzzi) Forte Gruppo Inc IGG Estate Real Invesco LFPI Fonciere Group Sponsor First Hospitality Grape SpA SGR InvestiRE Hotels Fattal Brothers Reuben Elliott Management Investment, Skye Blue Leonardo Hotels DOO Serzman Investment Union InterSelect WestInvest Partners Capital Cedar Contin (€) 80,000 130,000 150,000 280,000 210,000 140,000 700,000 610,000 380,000 150,000 100,000 440,000 310,000 140,000 110,000 490,000 140,000 250,000 200,000 640,000 370,000 1,630,000 2,090,000 Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Price per Room perPrice Room 2019 – s Price (€) Price 9,000,000 9,300,000 32,000,000 33,400,000 18,800,000 20,800,000 45,000,000 18,000,000 17,500,000 12,000,000 45,000,000 32,900,000 16,500,000 19,500,000 90,000,000 55,000,000 20,000,000 58,000,000 44,700,000 Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed 100,000,000 130,000,000 116,400,000 400,000,000 ion t 65 77 27 70 68 105,000,000 1,540,00012 Holding Dubai Centricus, 7465 Undisclosed Undisclosed LFPI 65 77 4755 82 15,000,00041 Undisclosed 320,000 Undisclosed Mgmt KEYS Asset 50,000,000 JP Morgan Group, GWM 1,220,000 Group Barletta 90 164 100 244 159 254 198 156 159 148 104 216 130 710 225 360 234 134 101 200 187 191 120 122 175 134 200145 50,000,000236 176 250,000153 MHL Malone, Hotel Collection John 172 11,000,000 110,000,000115 60,000185 640,000 Undisclosed171 Undisclosed 151 Undisclosed Estate Real Invesco Undisclosed LFPI Undisclosed140 Group DWS 220 Undisclosed307 Undisclosed152 28,000,000 Group Hospitality Langham Undisclosed 90,000 Undisclosed Management Capital Sgr Castello 191 145 112102 557 7,500,000580 425,000,000 70,000 760,000 Siiq Nova Re 120 AXA 148300 60,000,000 Undisclosed 410,000 Undisclosed Immobilier Amundi Undisclosed c Rooms a Number of of Number s an r T l e Hot Dusseldorf Rottach-Egern Ruhpolding Stuttgart Stuttgart Stuttgart Sylt Ulm OPf. der in Weiden Worms Rodos Balatonvilagos Budapest Budapest Budapest Budapest Budapest Athlone County Donegal Dublin Dublin Dublin Dublin Dublin Dublin Dublin Portmarnock Wicklow County Wicklow County Anacapri Bologna Catania Fiuggi Florence Florence Genoa Milan Milan Milan Milan Milan Murano Rome Rome Rome Rome Rome Rome Rome Rome Venice Venice Verona Verona Kotor Amsterdam Amsterdam Amsterdam Amsterdam t sse A le Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Greece Hungary Hungary Hungary Hungary Hungary Hungary Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Italy Italy Italy Italy Italy Italy Italy Italy Italy Italy Italy Italy Italy Italy Italy Italy Italy Italy Italy Italy Italy Italy Italy Italy Italy Montenegro Netherlands Netherlands Netherlands Netherlands Country Location NetherlandsNetherlands Amsterdam Amsterdam g n Sin a e op r u a h Property Express Inn Holiday am Hotel Bachmair See Ruhpolding Resort A-Ja Hotel Stuttgart Inn Star Mesh Niu Kettle Niu Stuttgart Styles Ibis Sylt Dorfhotel Ulm Brera Hotel Weiden AMEDIA Wiesbaden IntercityHotel Hotel Gerbergasse Styles Ibis hotel Deluxe Imperial Akti Lake Balaton Resort Budapest Hotel Gellert Premium ACHAT Budapest Danube Eurostars Hotel Angel Club Hotel & Golf House Country Glasson Point Harvey's Hotel Marker The Dublin Conrad Kilmainham Dublin Hilton PlazaThe Hotel Portobello Hotel Development Hotel Citi Dublin Hotel Central Portmarnock Hotel HotelPowerscourt & Golf Glen Druids Palace Capri Royal Hotel Hotel Excelsior Grand Hotel Palazzo Fonte Grand della Firenze 25hours Palazzo Feroni Magnani CHC Airport Premier Western Best Citylife Collection NH Hotel Glam J24 Hotel Milano Hotel Milano Just Puccini Milan iH Hotels Site Hotel Development Luxury Murano Rome Mama Shelter PlazaCrowne RomePeter's St. Hotel Capo d'Africa Palace Hotel Ambasciatori Palace Hotel Venetia RomanaDomus Rome Corinthia Rome Adagio Hotel Bauer Hotel Palazzo Giovanelli Leonardo Hotel Verona Hotel Verona SHG Palazzi Kotor Bay Allure Station Centraal Amsterdam Hilton by DoubleTree Maritim Congreshotel Sofitel by Hotel MGallery INK Hotel Albert Sir Airport Amsterdam Inn Holiday Future Lloyd Hotel Source: HVS London C rt 14: E

2019 European Hotel Transactions | Page 13 Fletcher Hotel Group Hotel Fletcher Invesco Real Estate Real Invesco Groep van Erk Adriaan Undisclosed BV Vastel Vastgoed, Elburg Danny Group Hotel Fletcher REIT Century New BV Vastgoed Heuvel Bv, Van den Beheer Collina Tecity Group PC Hotels Europe International APF Management, Ares Management Ares International, APF AS Sostre Syv Hotell OBOS Eiendom AS Canica Elliot Benson Hotels, Estate Real Schroder Capital, Street Walton Capital Europa Capital Elliot, Walton Street Benson Undisclosed Orbis Undisclosed SA Turismadeira Rabobank Undisclosed Undisclosed Holding Delta Immocap Group International Hotels Melia Capital Elliot, Walton Street Benson Undisclosed Undisclosed Playa Senator Undisclosed Pacha Group Estate Real SafeGuard Partners Capital Signal Colonial SA Inmobiliaria Undisclosed Partners Hotel Investment Partners Hotel Investment International Hotels Melia PLC Securities Citygrove Inmobiliario Ayco Grupo Yaiza Princesa Managers Capital Orion Partners Hotel Investment Undisclosed Rosturisport Vicenç Miralles and Joan Capellà Enric Colony NorthStar Playa Senator Management Capital Cerberus Undisclosed AB Fastigheter NP3 AB Fastigheter Skandia Gillesvik AB Fastigheter Estea AB SERNEKE Group Seller Undisclosed Estates Platinum Soler Boluda Undisclosed OBOS Eiendom ed u Buyer Estate Real M&G AG Echo Partners Amerborgh Metroprop Piperis Quattuor Stichting Partners Capital Somerset BV Vanenburg De Kasteel Group Sponsor First InterSelect WestInvest Capital Avignon AS Eiendom Ragde Eiendom, Breidablikk AS Pensjonsforsikring Group Hospitality Norwegian Capital Patron Wenaasgruppen Capital Patron & Hostels Hotels A&O Undisclosed Undisclosed Commerz Real Life AM Swiss BPI France Inproiect Undisclosed Undisclosed Socimi Hoteles Atom Undisclosed Hotel Services Continuum Hotels Fergus Brothers Reuben Park Henderson Vita,Poste CBRE Investors Global Capital Meridia Socimi Hoteles Atom & Resorts Hotels Catalonia Hotels SB Undisclosed Perial Undisclosed Logitravel Alantra Hotels SB Messi Lionel 84 Vogue Socimi Hoteles Atom Undisclosed Hotels Hotell Vasterkulla Balder AB Fastighets Alecta Fastigheter Estancia Property Executive Hemporten, AB Fastighets Contin (€) 80,000 90,000 70,000 170,000 180,000 420,000 250,000 200,000 300,000 160,000 230,000 260,000 110,000 180,000 410,000 250,000 140,000 140,000 120,000 130,000 120,000 140,000 170,000 220,000 Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Price per Room perPrice Room 2019 – s Price (€) Price 7,600,000 42,800,000 40,000,000 21,900,000 13,000,000 49,800,000 35,900,000 16,200,000 82,800,000 90,000,000 10,300,000 35,000,000 12,900,000 20,000,000 57,000,000 40,000,000 27,500,000 21,300,000 12,000,000 15,000,000 12,000,000 42,300,000 14,500,000 14,400,000 Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed ion t 89 52 99 52 91 15,000,00057 160,000 Socimi Hoteles Atom 62 99 96 99 98 80 86 Undisclosed Undisclosed Globales Hoteles 59 83 65 254 227 207 254 120 100101 16,200,000156 160,000368 LTD Capital Avignon Partners, Real Estate ARC 176 350 311 350 200 112 220 146 163 312 205 125 222 181 240 211114 49,200,000175 230,000 Estate Real Hotels Millenium 139 161 199 149 128 116 144 300 303 192140 24,500,000127 130,000100 Life AM Swiss 292 181136 12,900,000 82,000,000 70,000 Socimi Hoteles Atom 600,000 Estate Real Hotels Millenium 101 Undisclosed162 Undisclosed Undisclosed Undisclosed Undisclosed Fagra Grupo 101386 9,100,000 82,800,000 90,000 210,000 ESRO BV AS Oslo Pensjonsforsikring c Rooms a Number of of Number s an r T l e Hot Amsterdam Amsterdam Amsterdam Amsterdam Deurne Eindhoven Putten Hague The Hague The Hague The Alstahaug Bergen Warsaw Warsaw Wrocław Lagos Lisbon Lisbon Portimao Constanta Coruna A Bilbao Bilbao Cadiz Calvia Ibiza Madrid Madrid Madrid Madrid Madrid Manises Manises Mijas la Cruz de Puerto Roque San los Reyes de Sebastian San Cardassar des Llorenc Sant Servera Son Valencia Valencia Valencia Valencia Borlange Lidingö Malmö Warsaw Coruña Madrid Madrid Valencia t sse A le Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Norway Norway Poland Poland Poland Poland Portugal Portugal Portugal Portugal Romania Spain Spain Spain Spain Spain Spain Spain Spain Spain Spain Spain Spain Spain Spain Spain Spain Spain Spain Spain Spain Spain Spain Spain Spain Spain Sweden Sweden Sweden Sweden Country Location NetherlandsNorway Wolfheze Norway Bergen Poland Larvik Spain Spain Spain Spain Spain Sweden Goteborg g n Sin a e op r u a h Property Sloterdijk Express Inn Holiday Hotel Ammonite Pillows Hotel Hotel Beethoven Willibrordhaeghe Fletcher Eindhoven Inn Holiday Vanenburg De Rotterdam Hilton Parkhotel Suites Staybridge Hague the Suites Staybridge Buunderkamp De Bilderberg Sostre Syv Hotell Ornen Hotel Scandic Ornen Scandic Bad Farris Warsaw Sheraton Warsaw Collection Radisson Warsaw Grand Sheraton Warsaw A&O WroclawIbis Centrum Lagos Algarve Selection Iberostar Park Fontana Hotel Lisbon Hilton by DoubleTree Liberdade Hotel Exe Delfim Pestana Hotel Perla Hotel Belgrade Park Central Gallery Hotel Lindner Coruna Hotel Tryp Barcelona Gates The Bilbao Melia Bilbao Express Inn Holiday Hotel Spa Cadiz Senator CalaSuites Blanca Style Fergus Coruña Hotel Tryp El Hotel Pacha W Hotel Madrid Hotel Aloft Moncloa Hotel Exe Chamartin Hotel Tryp Las NH Tablas Sur Madrid NH los Reyes de Sebastian NH Port Azafata Valencia Airport Valencia Travelodge Hotel Byblos la Cruz de Puerto Smy Sotogrande NH Los De Reyes Sebastian San NH Hotel Fona Sun Sea los Reyes de Hotel Virgen Cala Bona Suites Valencia Melia Hotel Central Parque Senator Valencia Hotel Feria Vincci Lys Feria Valencia Tryp ZaragozaTryp Wasa Gustaf Western Best Rubinen Scandic Hotel Lidingö Blue Lund StayAt Hotel More The by Source: HVS London C rt 15: E

2019 European Hotel Transactions | Page 14 Industrifastighetsgruppen AB Industrifastighetsgruppen Pandox AB i Kalix Concentus Hotels Connect AB Profi Fastigheter Properties Tobin AB Invest Viamare Group Investis Lark AG Hill Starwood Capital Collection Kaleidoscope Homes Plc Inland Undisclosed Undisclosed Hotels O'Callaghan Group Ability Total Developments Starwood Capital RBH Properties Undisclosed Undisclosed Management Capital Cerberus Undisclosed Hldngs Property GSC Group Nine Group Rushe & McAleer Hotels Maritim IM Properties Hotels Arora Undisclosed Wilson Kennedy Starwood Capital Undisclosed Olayan Group Hotel Holdco LLC Aldgate Limited Group Fragrance Limited, Corporation Aspial & Williamson Smith Undisclosed Starwood Capital Fund, Pension Manchester Greater Property, Select Capital Catalyst Undisclosed Undisclosed Group Dominvs Undisclosed Undisclosed Commercial Shell Oaktree Undisclosed Capital Longmead Holdings Caudwell Undisclosed Ltd Estates Reef Wilson Kennedy family McCombe Undisclosed IM Starwood Capital Investments Aprirose Management, Capital Cindat DF Group Seller Seiler Hotels Seiler Investments Standard Aberdeen Hotels Crest Government Dutch Management Plc, Ares & Centric Capital Group Alliance Property ed u Buyer Group Property Genova Sweden Pop House AB Midstar Alecta Gillesvik Spycher Matthias & Inabnit Walter Hotels Britannia LTD Holdings Guest Investors Aviva Group City BMO RE Partners Group Ability The Partners Capital AJ Investments Standard Aberdeen Partners Capital Cedar Collection The Management Investment Lothbury UBS Regional London + AXA Investors Aviva EEH Ventures Investments Standard Aberdeen LXi REIT Investment Congyar Pension BAE Systems Schroders, Investments Standard Aberdeen Undisclosed Ziz Hospitality Investors Aviva Hotel Group Dalata Palm Holdings Group Dominvs Undisclosed Investors Aviva Investors Aviva CBRE Investors Global Fund, BBC Pension Management Cortez Asset Estate Real M&G OLIM LXi REIT Regional London + Group Property Azure Estate Real M&G Undisclosed Undisclosed Undisclosed Frank Knight Authority, Fund London Pensions Century Great Collection Galgorm The LaSalle Council Borough Real Capital Alpha Estates Depho Intergal-Bud Contin (€) 70,000 60,000 90,000 90,000 60,000 80,000 90,000 120,000 400,000 210,000 360,000 150,000 160,000 130,000 410,000 110,000 470,000 140,000 140,000 210,000 170,000 150,000 110,000 100,000 330,000 100,000 880,000 470,000 380,000 270,000 330,000 180,000 110,000 100,000 150,000 110,000 420,000 240,000 190,000 100,000 160,000 140,000 210,000 760,000 340,000 130,000 100,000 Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Price per Room perPrice Room 2019 – s Price (€) Price 8,600,000 7,800,000 9,000,000 8,900,000 7,600,000 8,000,000 9,600,000 8,400,000 8,100,000 8,100,000 9,500,000 45,200,000 11,500,000 14,500,000 15,300,000 10,000,000 10,700,000 64,200,000 19,600,000 17,500,000 15,900,000 10,400,000 12,800,000 43,700,000 14,100,000 17,300,000 61,600,000 81,500,000 52,400,000 49,800,000 32,400,000 26,300,000 11,700,000 65,300,000 15,300,000 12,200,000 12,000,000 13,200,000 17,800,000 27,600,000 10,000,000 45,000,000 13,400,000 Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed 169,500,000 168,100,000 100,600,000 159,800,000 ion t 70 79 54 40 62 80 37 73 43 77 70 80 87 63 65 82 24 71 53 41 Undisclosed Undisclosed Victoria Aevis 113 202 100156 Undisclosed116 Undisclosed227 14,800,000 Fastigheter Humlegarden Undisclosed 130,000175 Undisclosed Undisclosed SA Développement 105 155 148 117 184 115 101 140 300 518 152 100 185 190 200212 155,600,000163162 780,000 96,900,000115 Portfolio London(LCP) Central Group, APG 590,000297 Holdings Heeton Ho Group, Lee Holdings, KSH 158 278 298 180 126 105 155 126 129 130 211 125 429 146 128241 18,700,000 35,600,000 150,000 Undisclosed 150,000 11 Hospitality 624 Undisclosed166 Undisclosed329 92,600,000 Group Dominvs 70,700,000 560,000 Immobilien Deka 210,000 Investors Aviva c Rooms a Number of of Number s an r T l e Hot Sollentuna Stockholm Stockholm Vasby Upplands Uppsala Varmdo Heremence Konolfingen Aviemore Bath Edmunds St Bury Cambridge Edinburgh Edinburgh Edinburgh Edinburgh Edinburgh Edinburgh Faringdon Flamstead Gosport Holyhead Horley Leeds HorwoodLittle London London London London London London Manchester Manchester Manchester Keynes Milton Pitlochry Thames upon Richmond Saint Salisbury Solihull Southend-on-Sea Albans St Andrews St Templepatrick Walsall Warrington Windsor York Kiev Barnet Market Burnham Cambridge Crewe London Manchester Manchester Manchester Manchester Newbury t sse A le Country Location SwitzerlandUK Zermatt UK UK UK UK UK UK UK UK UK UK Sweden Sweden Sweden Sweden Sweden Sweden Sweden Switzerland Switzerland UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK UK g n Sin a e op r u a h Property 5-6 Sjoborren Hasselbacken Scandic Stockholm Plus Western Best Hotel City Connect Hotel Bredden Scandic Hotel Linne First Seglarhotell Sandhamn Resort Dixence Hunigen Schloss Parkhotel Rosa Hotel Monte Hotel Coylumbridge Cross Brent Travelodge Pulteney 15 Great No. Airport Birmingham Inn Holiday Bournemouth Inn Premier Hoste The Edmunds St Bury Travelodge Hotel Tamburlaine Centre City Hotel Cambridge Hilton by DoubleTree Rent) (Ground Hall Crewe Grosvenor Edinburgh Hilton Suites Street Princes Toll Cameron Edinburgh Travelodge Haymarket Travelodge West City Edinburgh Inn Holiday Central Edinburgh Travelodge Park Park Faringdon Luton South Inn Holiday Glasgow Maldron The Gosport Travelodge Holyhead Inn Premier London Gatwick Sofitel Rent) Hotel (Ground Hall Oulton Central Leeds Travelodge Horwood Vere De Estate Aparthotel Gate The Hotel Hall Harrington NH London Hotel Aldgate Clayton PlazaCrowne Kensington London Waterloo Inn Days Elms Development Nine Hilton) by Hampton (future Hotel City Arbor Warehouse Street Ducie Centre Manchester Inn Holiday Hotel Clayton Hotel Square Circle Hotel Manchester Maldron Rent) (Ground Piccadilly Inn Holiday Park Central Inn Holiday Keynes Milton Inn Premier Chieveley Travelodge Pitlochry Inn Premier Hotel Lensbury Apartments Wharf Liberty South Salisbury Inn Premier CityGate Inn Premier Solihull Travelodge Southend Inn Holiday North Albans St Travelodge Andrews St Fairmont Hotel Templeton Rent) (Ground Hotel Walsall Village Park Apollo Gemini Travelodge Rent) (Ground Estate Beaumont Vere De Manor Aldwark QHotel Hotel Petersburg Saint Source: HVS London C rt 16: E

2019 European Hotel Transactions | Page 15 A bout HVS HV S, the world’s leading consulting and services organisation focused on the hotel, mixed-use, shared ownership, gaming, and leisure industries, celebrates its 40th anniversary in 2020. Established in 1980, the company performs 4,500+ assignments each year for hotel and real estate owners, operators and developers worldwide. HVS principals are regarded as the leading experts in their respective regions of the globe. Through a network of 60 offices and more than 350 professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. About the Authors HVS.com Nicolas Auer

is an associate at HVS Superior Results through Unrivalled Hospitality Intelligence. Hodges Ward Elliott, having Everywhere. previously worked at Hilton’s Regional Headquarters in Watford, UK; STR’s London office; and With offices in London since 1990,HVS London serves clients with operationally in Switzerland. interests in the UK, Europe, the Middle East and Africa (EMEA). Nicolas is a native German speaker of Swiss origin and also speaks We have appraised some 4,000 hotels or projects in more than 50 French. He holds a BSc (Hons) in International Hospitality Management from Ecole countries in all major markets within the EMEA region for leading hôtelière de with a specialisation in strategic hotel companies, hotel owners and developers, investment groups hotel investment andMattia hotel development.Cavenati

and banks. Known as one of the foremost providers of hotel is a consulting valuations and feasibility studies, and for our ability, experience and and valuation analyst with the HVS London office. Before joining relationships throughout Europe, HVS London is on the valuation HVS, Mattia gained valuable panels of numerous top international banks which finance hotels and operational experience in Hong Kong, Barcelona and London. portfolios. After growing up in several countries, he achieved a BBA (Hons) in Hospitality Business with a specialisation in Real Estate and Finance from Glion Institute of Higher Education. Recent projects A bout HVS Hodges Ward Elliott undertaken at HVS include valuations of single assets and portfolios to assist in the preparation of IPOs and HVS Hodges Ward Elliottis the hotel brokerage and investment cross-border M&As, economic feasibility studies and banking division of HVS. Operating within the European marketplace, extensive market researchShaffer in Patrick the EMEA region. HVS Hodges Ward Elliott acts on behalf of its clients in the sale is an analyst at HVS Hodges Ward Elliott in the and financing of hotels. Assignments include individual assets and London office, having previously portfolios, with transactions having been successfully concluded in worked for Hodges Ward Elliott in the USA, as well as several tech most major European markets. start-ups. He graduated from the University of Pennsylvania’s For further information about the services of the London office, Wharton School of Business with a degree in business and logistical please contact Charles Human on +44 20 7878 7771 or statistics. [email protected].

HVS.com HVS London and HVS Hodges Ward Elliott HVSHWE.com 7-10 Chandos St, London W1G 9DQ, UK

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