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presents the participant list 5th Annual European Finance & Investment Summit 28th and 29th September 2005 • St James, London Including the separately bookable Limited Service Briefing Day 30th September 2005 • Sofitel St James, London Outstanding speaker panel including: ■ Grant Hearn, CEO, Travelodge ■ Robert Cook, Chief Executive, ■ Michael Flaxman, Managing Director, Hotels & Hotels Accor Hotels, Northern, ■ Philippe Baretaud, Development Director, Central & Eastern Europe Accor UK & Ireland ■ Jeremy Richardson, Managing Director, ■ Amar Lalvani, Vice President, Kew Green Hotels Development W Hotels, EAME, ■ Simon Allison, Managing Director, Starwood Hotels & Resorts Worldwide, Inc Finance and Development, ■ David Stein, Chairman, The Stein Group Six Senses Hotels and Resorts ■ Russell Kett, Managing Director, ■ Gill Baker, Sales & Marketing Director, HVS International Premier Travel Inn ■ Robert Shepherd, VP Operations Support, ■ Graham Snell, Managing Director, Development & Franchising, Capital Hotels Express by ■ Lloyd Lee, Director, ■ Richard Arman, Franchise Development Starwood Capital Europe Director, Choice Hotels Europe ■ Jochen Schaefer-Suren, Senior Vice ■ Edward Teather, European Economist, President, Head of Hotel and Leisure, UBS Investment Research Invesco Real Estate Advisors ■ Cris Tarrant, Managing Director, BDRC ■ Rod Taylor, National & European Hotels ■ Gareth Gaston, Director of Online Retailing Team Leader, Barclays Bank PLC & Marketing, Hilton International ■ James Struthers, Chief Financial Officer, Orient Express Hotels Ltd

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www.euromoneyplc.com “A wide range of vie presents the and information appealing to all sect 5th Annual European Hotel of the industry” Finance & Investment Summit 28th and 29th September 2005 • Sofitel St James, London CONFERENC CONFERENCE DAY ONE - Moderator: 15.55 Afternoon tea and networking break Simon Allison, 28th September 2005 Managing Director, 16.25 Current equity market trends: Finance and Development, Equity analyst insight 08.30 Registration and morning coffee Six Senses Hotels and Resorts Anna Barnfather, 09.00 Chairman’s welcome and Panellists: Managing Director, European Hotels opening address Chris Eddis, & Gaming Equity Research, Managing Director, Bear Stearns International Ltd Andrew Sangster, Mornington Capital Ltd Editor, Graham Snell, 17.05 Panel: Where are the Hotel Analyst Managing Director, investment opportunities and who is exploiting them? 09.10 The economic outlook Capital Hotels ■ and impact Michael Flaxman, New sources of capital coming into ■ Managing Director, the sector The state of the European economy ■ Offshore investment ■ Microeconomic developments Accor Hotels, Northern, Central & Eastern Europe Moderator: ■ Relating the macroeconomic issues to Russell Kett, the business environment Geoff S. Parkinson, Managing Director, ■ A look at the current interest rate Managing Director, HVS International environment and where it is going Hotel Investment Advisors Panellists: Edward Teather, Joseph Fischer, Lloyd Lee, European Economist, Managing Director, Director, UBS Investment Research Marketing Vision, International Starwood Capital Europe Hotel Consulting 09.50 Performance perspective Ramsey Mankarious, ■ Performance analysis and 12.35 Lunch CEO, future forecasting Cedar Capital Partners ■ Key drivers 13.55 Supply profile - key drivers ■ Where is the market going? ■ The changing nature of supply in Europe 17.50 Chairman’s closing remarks ■ Profitability of the sector ■ Liquidity - impact on supply profile 18.00 Close of day one followed by drinks Jonathan Langston, ■ Capital lease exposure reception hosted by: Managing Director, Paul Slattery, Sofitel St James TRI Hospitality Consulting Director, Otus & Co 10.30 Morning coffee and networking break 14.35 Hotel investment in Italy 11.10 Key legal developments CONFERENCE DAY TWO - ■ Market Overview ■ Where are we with UK REITs? ■ Trends 29th September 2005 ■ Lessons from different markets ■ Opportunities ■ Alternative vehicles 08.30 Registration and morning coffee Nicholas Bennett, ■ Likely shape of hotel REIT Managing Director, 09.00 Chairman’s welcome and Mark Nichols, REAG - Real Estate opening address Tax Partner, Advisory Group CMS Cameron McKenna Melvin Gold, 15.15 The deal environment Hotel Industry Consultant, 11.50 Panel: The owner/manager ■ With rising loan to value ratios, is this a Melvin Gold Consulting Ltd relationship sign people are lending too much? ■ 09.10 How well is this working? ■ Does the weight of money chasing The latest transactions and ■ What are the real issues facing owners deals mean people are paying acquisitions - lessons to learn and operators? too much? ■ Is the volume of transactions set to ■ What responsibility do management ■ Is the market peaking too early? keep rising? companies have to hotel owners? ■ Who is acquiring what assets in ■ Philip Johnston, Asset management and the impact Head of Hotels, Europe and why on owners and investors Savills Commercial Limited © Euromoney Seminars 2005 • The programme may change due to unforeseen circumstances, Euromoney Seminars reserves the right to alter the venue and/or speakers etwork with your colleagues across the industry. • International • Blackstone Group ws NRepresentatives from the following companies • Caterer & Hotelkeeper • Chesterton International have attended the event in previous years: • Choice Hotels Europe • CMS Cameron McKenna ors • Aareal Bank AG • ABN Amro • Accor Hotellerie • Connaught International • Creasent Capital Deutschland • Accor UK Ltd • Aconflag Limited Investment Europe Ltd • Credit Lyonnais • Allied Irish Bank • Areen Design Services Ltd • Douglas Wignall & Company • Dunedin Capital • Bank of Scotland Corporate Banking Partners Ltd • ELAF Group • Ernst & Young • Barcelo Hotels and Resorts • Barclays Bank Plc • Erste Bank • Etap and Formule 1 • European Hotel • BDRC • Bear Stearns International Limited Capital • Express Central and Eastern Europe • Globetrotter Inns Holdings Ltd • Golden Tulip (UK) Ltd CE AGENDA

■ Who is acquiring assets worldwide Panellists: ■ Beyond the marketing hype are we still and why Gareth Gaston, in love with them? ■ What structures are being used Director of Online Retailing ■ Do they really make money and who is for deals? & Marketing, Hilton International investing in them? ■ The next generation - players Mark Wynne Smith, Andrew Pozniak, and products European CEO, Director E-Commerce Worldwide, ■ Chain lifestyle hotels - oxymoron Jones Lang LaSalle Hotels Le Meridien or opportunity? ■ 09.50 Panel: Debt and equity the 12.30 Lunch What does the future hold - does impact of changing structures the consumer slowdown herald a lifestyle slowdown? ■ What transactions are taking place? 13.45 The emergence of mixed-use - ■ Expected returns how big are the opportunities? Robert Milburn, UK Leader ■ for Hospitality & Leisure, Stretching the boundaries of debt: role Gerard Nolan, of mezzanine PricewaterhouseCoopers Director Hotels and Leisure, Moderator: Savills Commercial Limited 16.10 Panel: Luxury, niche and Chris Eddis, boutique hotels - positioning Managing Director, 14.25 Panel: Banks and operators - for profit Mornington Capital Ltd a harmonious relationship? ■ The development of niche hotels ■ Panellists: What do the operators want? ■ Branding ■ Jochen Schaefer-Suren, What do the bankers provide? ■ Franchising ■ Senior Vice President, What happens when things go wrong ■ Can you have a branded boutique hotel? Head of Hotel and Leisure, in what is a cyclical industry? ■ ■ The big players doing the boutique Invesco Real Estate Advisors International or domestic - how do thing - can they pull this off? Peter Anscomb, needs and benefits of banks and ■ Luxury: a fast growing market, luxury Corporate Director, Leisure and Head operators differ? resorts, luxury spas of Hotel Finance, Corporate Banking, Moderator: ■ Is it a new trend? Bank of Scotland Rod Taylor, National & European Moderator: Hotels Team Leader, Robert Milburn, 10.35 Morning coffee and networking break Barclays Bank PLC UK Leader for Hospitality & Leisure, 11.05 Profiting from brand management Panellists: PricewaterhouseCoopers Peter Tyrie, ■ How to successfully manage your brand Panellists: ■ Managing Director, Simon Allison, How do the non-traditional investors The Eton Group choose which brand to put on the asset? Managing Director, ■ How do you decide which brand to put Tom Hawley, Finance and Development, on your hotel? Associate Director Joint Ventures, Six Senses Hotels and Resorts Bank of Scotland Cris Tarrant, Robert Cook, Managing Director, James Struthers, Chief Executive, BDRC Chief Financial Officer, Malmaison Hotels & Orient Express Hotels Ltd Hotel du Vin Hotels 11.45 Panel: Increasing efficiencies Amar Lalvani, and the rising cost of technology Tim Helliwell, Relationship Director, Barclays Bank PLC Vice President, Development W Hotels, ■ Distribution channels for reservations EAME, Starwood Hotels & Resorts ■ How will reservations be made in 15.10 Afternoon tea and networking break Worldwide, Inc. the future? ■ 15.40 Lifestyle hotels - can they make David Stein, The e-commerce debate: who will own Chairman, the customer? money as well as sense? ■ The Stein Group Who is doing it well and who is The latest research findings from doing badly? PricewaterhouseCoopers third lifestyle 17.55 Chairman’s closing remarks and ■ How to strike the right deal hotel survey. close of main conference Moderator: What's in a name? Different, Dr. Peter O'Connor, innovative, sometimes quirky, the Professor of E-Commerce, umbrella term 'lifestyle' embraces a IMHI, Essec Business School variety of hotels but... • Grand Hotel di Rimini • Gresham Hotel Group Plc • Norton Rose • Otus & Co. • PKF • Premier Lodge • Groupe Envergure • HCIMA • Hilton Group • Richard Gerald Associates Ltd • RM Associates • Hospitality Europe Services Ltd • Hotel Analyst • Rosewood Hotels & Resorts • Bank of Scotland • Hotel Report • HSBC • HVS International • Scottish and Newcastle Retail • Slatterys Ltd • InterContinental Hotels Group • International Hotel and • Stephenson Harwood • Strategic Hotel Capital Restaurant Association • Jones Lang LaSalle Hotels • Tourism Real Estate Solutions • Travel Daily News • Jurys Doyle Hotel Group • KPMG • Landesbank • Travel Inn • Travelodge • TRI Hospitality Consulting Rheinland • Lonoma S.L. • • UFJ Bank Ltd • Vision Hospitality Asset • Marsh • Mazards • Molinaro Koger • Morgan Stanley Management • Whitbread Hotel Group • National Corporation for Tourism and Hotels LIMITED SERVICE HOTELS BRIEFING DAY - 30TH SEPTEMBER 2005 08.30 Registration and morning coffee 13.05 Lunch

09.00 Chairman’s welcome and opening address 14.30 Financing for limited service ■ Philippe Baretaud, The appeal to investors ■ Development Director, What financing options are available? Accor UK & Ireland ■ Sales and leasebacks Dominique Bourdais, 09.10 Maximising the potential of limited service on Director, the web HVS International ■ Latest developments and current trends ■ The importance of the Internet 15.10 Brand management for limited service ■ Lessons from the budget airline sector ■ Establishing your brand in the market ■ Nick Pattie, Brand values of Premier Travel Inn Director - Travel, Leisure & Tourism Advisory Services, Gill Baker, KPMG Sales & Marketing Director, Premier Travel Inn 09.50 Ownership vs. management ■ Latest movements in the industry 15.50 Chairman’s closing remarks and close of Limited ■ Is this an ongoing trend? Service Briefing Day ■ Is there a change in the way the market will work? ■ How many private owners are offloading ■ Anatomy of a deal: The acquisition of Courtyard by Marriott Previous attendees at the European Jeremy Richardson, Hotel Finance & Investment Managing Director, Summit, by sector Kew Green Hotels ■ Hotel 31% ■ 10.30 Focus on the latest models in the sector Financial Institution 20% ■ ■ What is the market for ‘new’ hotels? Consultant 20% ■ Case study on YOtel! ■ Insurance 7% ■ Concepts for the future ■ Real Estate investor 6% Gerard Green, ■ Law firm 4% CEO, ■ Association 3% YOtel! ■ Press / Other 9% 11.10 Morning coffee and networking break

11.40 Interview with Grant Hearn, CEO, Travelodge Are you interested in raising your profile Andrew Sangster talks to the head of the second biggest UK budget hotel brand about brand building in a mature market, in the Hotel Investment Industry? separating ‘bricks from brains’ and the investment appetite A number of sponsorship and exhibition opportunities are available for budget hotels. in association with this event. These can be tailor-made to suit your business and marketing plans, including: 12.20 Panel discussion: The challenges and ■ Lunch sponsorship opportunities of a franchise ■ Exhibition stand ■ The current appetite for franchising ■ Conference bags ■ How well does the franchise model work? ■ For further information and to discuss your requirements please Building effective relationships - how to get the best out of contact William Kelso, tel: +44 (0)20 7779 8514 the franchisors email: [email protected] ■ What are the benefits? Panellists: Robert Shepherd, To register - VP Operations Support, Development & Franchising, email: [email protected] Express by Holiday Inn or visit our website at Richard Arman, Franchise Development Director, www.euromoneyseminars.com/hotels05 Choice Hotels Europe

Euromoney Seminars is a division of Euromoney Institutional Investor PLC presents the 5th Annual European Hotel Finance

& Investment Summit "In only two days you can benefit 28th and 29th September 2005 • Sofitel St James, London from the experience of the prestigious Including the separately bookable speakers, gain insight into the most recent topics and network with key Limited Service Hotels Briefing Day players within this unique industry in this interesting event" 30th September 2005

Dear Colleague,

After three years of recession, the hotel industry started its recovery during 2004. The upswing has stimulated even more interest in hotel property as investments. As the weight of capital chasing deals grows, investors need to know the possible outcomes. The Euromoney seminars 5th Annual European Hotel Finance & Investment Summit brings together industry investors, hotel operators and advisers to debate and discuss these leading issues. This is your chance to network and learn what the key players are really thinking. Last year more than 130 senior level executives attended the event and this year, with industry prospects looking even better, more are expected.

Foremost topics to be discussed include: ■ How well is the owner - manager relationship working? ■ The latest investment trends and the outcome of new sources of capital coming into the sector ■ The existing deal environment ■ Are bankers providing what operators really want? "Very good diversification of subjects and quality ■ Brand management of speakers...led by excellent moderators, who ■ Current equity market trends are able to activate the audience" ■ The e-commerce debate - who will own the customer? ■ Market analysis for lifestyle, luxury and boutique sector hotels

In addition, the Limited Service Hotels Briefing Day will focus on the main issues facing the sector: ■ Interview with Grant Hearn, CEO, Travelodge – thoughts on the current market ■ Ownership vs. management – latest movements ■ Opportunities for new models ■ Challenges and potential for franchising ■ Maximising on the capability of the Internet Whatever your role in the hotel and hotel investment industry, ensure you attend the leading annual update on deals, developments and insights into the current market. Our thought-provoking and diverse programme will ensure you remain at the forefront of the latest trends. We look forward to welcoming you in September. "Financing opportunities galore" Claire Claire Graham Euromoney Seminars P.S. Register now to ensure you are on the pre-conference attendee list that will be distributed to all participants www.euromoneyplc.com 5th Annual European Hotel Finance & Investment Summit 28th and 29th September 2005 • Sofitel St James, London To register for this event and take advantage of our early registration discount, please complete your details below: _____Delegate/s attending Conference only (28th & 29th September 2005) £1099 5 EASY WAYS TO REGISTER _____Delegate/s attending Conference & Limited Service Hotels Briefing Day £1698 (28th - 30th September 2005) www.euromoneyplc.com _____Delegate/s attending Limited Service Hotels Briefing Day only (30th September 2005) £599 ■ I claim the Early Registration Discount (by 31st July 2005) of £100 email: (does not apply to Limited Service Hotels Briefing Day-only registrations) +VAT @17.5% [email protected] ■ I do not wish to have my name included in the pre-conference attendee list Total Remittance Fax: +44 (0) 20 7246 5200

Tel: +44 (0) 20 7779 8673 Complete and return to: Alberto Anido, Euromoney Seminars, Nestor House, Playhouse Yard, London EC4V 5EX, UK For further information including sponsorship or exhibitionopportunities please contact William Kelso Tel: +44 (0) 20 7779 8514 Fax: +44 (0) 20 7779 8603 email: [email protected]

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