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THE REZIDOR JOURNEY

Kurt Ritter President & Chief Executive Officer

1 WELCOME TO ONE OF THE FASTEST GROWING COMPANIES IN THE WORLD

2 THE REZIDOR HOTEL GROUP:

309 WITH MORE THAN 63,000 ROOMS IN 48 COUNTRIES

3 HOW IT BEGAN – the Journey

1960 First hotel: Radisson SAS Royal Hotel

1978 SAS International Hotels: 10 hotels in Norway, Sweden & Denmark

1980 First hotel outside Scandinavia: Radisson SAS Hotel Kuwait

1989 19 hotels in 5 countries Average growth: less than 1 hotel per year

The turning point : SAS buys 40% stakes in InterContinental

4 HOW IT BEGAN – the Journey

1992-94 Most challenging years

1994 Partnership with Hotels Worldwide

2001 SAS International Hotels is renamed: Rezidor SAS Hospitality

2002 Introduction of a multi-brand portfolio: Regent, Park Inn & Country Inn

2005 Carlson becomes 25% shareholder of Rezidor SAS Hospitality. A new lifestyle hotel brand is launched: Hotel Missoni

5 THE STORY SINCE YOU KNOW IT

Nov 2006 Listed on the Stock Exchange A new name marking the start of a new era: The Rezidor Hotel Group May 2007 Carlson becomes the largest shareholder

Dec 2007 One of the world’s fastest growing hotel companies, 309 hotels in operation and under development in 48 EMEA-countries, encompassing over 63,000 rooms

6 THE GROWTH

350 Owned Le a s e d Managed Franchised

300 309*

250 0% R 2 CAG 200

150

100

50

0 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Q3-2007

AFRICA IPO

42%

NOTE * Number of hotels in operation & under development dated 30-Sep-2007 7 THE GLOBAL POWER OF OUR BRANDS

ƒ EMEA → 48 countries → 309 hotels → Over 63,000 rooms → Over 25,000 employees ƒ Worldwide → Long-term MFAs with Carlson → 965 hotels → One of the world’s largest companies in

• Radisson SAS travel, cruise, hotel, • Park Inn restaurant & marketing • Others arenas

NOTE Map based on rooms in operation and under development dated 30-Sep-2007 MFAs = Master Franchise Agreements 8 SUMMARY / HOTEL INTENTORY

Brand Segment Hotels Rooms

Operation Development Operation Development

Upscale 157 38 35,169 8,404

Mid-market 68 32 12,227 5,228

Luxury 2 2 404 563

Luxury / Lifestyle - 3 - 427

Economy 3 - 169 -

UNBRANDED - 4 - 480 -

TOTAL 309 63,071

NOTE Dated 30-Sep-2007 9 THE PORTFOLIO OF BRANDS

Four Seasons Morgan Our luxury brand W Ritz Carlton Bvlgari Our lifestyle brand InterContinental Luxury Brand Our up-market Hilton core brand Management Marriott First class Sheraton Our mid-market growth brand Mid-market Scandic Our “up the sleeve” brand Culture of Service Economy

Formule 1 Budget Increased level of service

Source HVS International 10 THE STYLISH FOUR-STAR PLUS Our vehicle to market leadership

ƒ “New breed” hotels ƒ Spectacular architecture and interior design – creating “wow!” ƒ Responding to emerging demand for lifestyle hotels from a broader target audience ƒ With massive fresh inventory we have a strong competitive advantage ƒ Portfolio has reached 200 hotels ƒ Awarded by J.D. Power as the leading European hotel brand in the upper upscale segment 2007

11 RSH Bar & Restaurant Strategy text GMcK 13 Astana

14 Four Seasons

Morgan Ritz Carlton Our luxury brand W Bvlgari InterContinental Our lifestyle brand Luxury Our up-market Hilton Marriott core brand Sheraton First class ? Our mid-market Holiday Inn Novotel growth brand Scandic Mid-market Our “up the sleeve” Ibis brand Economy

Formule 1 Budget Increased level of service

15 Source: HVS YOUNG & INNOVATIVE HOTELS Sleep well. Live well.

ƒ Young, fresh and full of energy ƒ Mastering the essentials ƒ Warm and casual service ƒ Spotlessly clean, easy to use, safe and fun ƒ Aim to provide, quite simply, the “Best Sleep in Town” ƒ More than 100 hotels – and more flagships to come → Park Inn Stockholm Waterfront 2010 ƒ Awarded by J.D. Power as the leading European hotel brand in the economy segment

16 17 18 19 LUXURY FOR ALL SENSES A legend of hospitality

ƒ The TAO of Regent ƒ Supreme luxury ƒ Personalized service ƒ Architectural excellence ƒ Traditional values, a modern touch ƒ Established hotels in Berlin and Zagreb ƒ New properties to be opened in Bordeaux and Dubrovnik

20 21 22 Bordeaux

23 THE NEXT GENRE OF LIFESTYLE New luxury

ƒ Premium brand Æ premium performance

ƒ Entering into fashion hotel segment

ƒ Global Master License Agreement: 2005

ƒ First Missoni hotel to debut in 2008

ƒ Flexible brand model Æ Hotel, Bar, Cucina, Spa, Mocha, Restaurant

24 25 26 WHO WE ARE Our USPs Innovative and flexible approach

ƒ Living the Z-factor: Do things differently –

Make difference! Contract flexibility ƒ A spirit of pioneering:  first to go “asset light” Experienced  first to focus on managing development other peoples’ brands team  first to establish Responsible Business program  first to arrive in emerging markets such as Russia Strong market recognition

27 WHO WE ARE Our USPs

ƒ Unique culture of service ƒ Re-inventing genuine hospitality ƒ A fun & rewarding environment ƒ Always going the extra mile

28 WE ARE A PEOPLE COMPANY

29 OUR EMPLOYEES

ƒ 25,000+ ƒ We focus on individuality & personality ƒ We hire attitude and train for skills ƒ We promote from within → 95% of our GMs are “home grown” ƒ We offer ongoing training → Rezidor Business School ƒ We build loyalty

30 OUR GUESTS

ƒ Benefit from a culture of innovative hospitality and pioneering initiatives  first to offer Free Internet  first to have a marketingContract partnership flexibility with Nespresso  first to offer 100% Guest Satisfaction Guarantee

ƒ Experience a strong service culture fuelledExperienced by Yes I Can! development ƒ Experience new F&B concepts team → Filini, Verres en Vers, Sure ƒ Get Best Price Guarantee  Good value for money Strong market  Attractive packages recognition  Priced to sell, not to discount

31 OUR OWNERS & DEVELOPERS

Contract flexibility Quick response time

Innovative and flexible approach Experienced development We promise team We deliver

“First mover” Increasingly homogeneous portfolio

One-stop-shop Strong market recognition

32 A DYNAMIC INDUSTRY

REVPAR GROWTH IN Q3-2007 REVPAR GROWTH YTD-2007

FIRST-CLASS MID-MARKET FIRST-CLASS MID-MARKET

14% 13.5% 16% 15.0%

14% 12% 10.5% 12% 10% 9.1% 10.6% 9.8% 10% 8.8% 8% 7.5% 6.7% 6.1% 8% 6% 4.9% 5.3% 5.9% 6% 4% 4.7% 5.1%

4% 3.0% 2% 1.1% 2.9%

2% 1.2% 0% -1.3% 0% -2% Eastern Europe The Middle East The Middle East The Nordics Rest of Western Eastern Europe The Middle East The Middle East The Nordics Rest of Western (EUR) (USD) Europe (EUR) (USD) Europe

ƒ 4 years of positive RevPAR growth ƒ Strong market development in EMEA ƒ Continued RevPAR growth in the Nordics

NOTE Eastern Europe Mid-Market excludes Russia & CIS (no data available) 33 SOURCE HotelBenchmark™ Survey by Deloitte CONTINUED REVPAR GROWTH

JAN-SEP JAN-SEP Q3-2007 Q3-2006 VAR % VAR % 2007 2006

LIKE-FOR-LIKE 88.1 79.9 10.3% 84.4 77.8 8.5% REVPAR PER BRAND 57.5 51.5 11.7% 51.3 47.2 8.7%

82.6 74.5 10.9% 79.6 73.3 8.6%

JAN-SEP JAN-SEP Q3-2007 Q3-2006 VAR % VAR % 2007 2006 TOTAL REVPAR 87.8 79.7 10.2% 83.9 77.5 8.3% PER BRAND 56.6 51.5 9.9% 49.2 48.1 2.3%

81.3 74.4 9.3% 76.7* 72.5 5.8%

NOTE * Negative impact of 1.1% due to foreign exchange Including Managed & Leased hotels only 34 Like-for-like: same hotels in operation during the previous period compared REZIDOR HOTEL GROUP What we stand for

ƒ Our business is all about trust & loyalty ƒ We create value for all stakeholders ƒ We keep changing the game ƒ We are opportunity-driven and not afraid of the new ƒ We offer an enterpreneurial flair & a unique culture

WE PROMISE … WE DELIVER

35 WE PROMISE…WE DELIVER

EBITDA margin over business cycle

New hotel rooms to be opened by end 2009

36