Quick viewing(Text Mode)

2017 European Hotel Transactions | Page 2 Ch Art 2: REGIONAL SHARE of TRANSACTION VOLUME 2016-17

2017 European Hotel Transactions | Page 2 Ch Art 2: REGIONAL SHARE of TRANSACTION VOLUME 2016-17

March 2018

2017 European Hot el Transactions

Alexandre Rey Analyst

Magalí Castells Associate

Peter Szabo Associate

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

This license lets others remix, tweak, and build upon your work non-commercially, as long as they credit you and license their new creations under the identical terms. Others can download and redistribute your work just like the by-nc-nd license, but they can also translate, make remixes, and produce new stories based on your work. All new work based on yours will carry the same license, so any derivatives will also be non-commercial in nature. Highlights Hiltonm A sterdam Airport Schiphol „

„ Total European transaction volume reached €21.7 billion1 in 2017. This represents an increase of 22% on 2016’s volumes, and is the second largest ever to be recorded after 2015’s record of €23.7 billion, as well as surpassing pre- „ crisis levels of €20.3 billion in 2006 (see Chart 1); „ Single assets continued to transact strongly with a volume of €12.4 billion (57% of all transactions), increasing 17% year-on-year. Portfolio volume2 also increased by 29% to €9.3 billion (43% of all The Hilton Airport Schiphol, comprising 433 rooms, was transactions), with the split between single assets sold in late 2017 for €148 million. HVS Hodges Ward Elliott acted as the and portfolios being near the long-term average ratio seller’s agent in this transaction. „ of 60:40; „ North American capital was the main source of the increase in transaction volumes in 2017, as private equity investors accelerated their hotel and recording a combined „ purchases by €3.4 billion. This resulted in a more transaction volume of €1.2 billion; balanced share of investor origins, with European „ Moving into 2018, interest rates, staffing investors’ share falling from 83% in 2016 to 70%. pressures and the UK’s upcoming divorce from As Southeast Asian investors accelerated their the European Union in March 2019, will all hotel purchases, Asian investments also increased influence the transactions market. Nevertheless, by 59% in spite of Chinese capital controls being North American private equity investors are „ enforced in 2017; expected to continue offloading more of their „ Despite significant new investments, private investments, with a number of large portfolio equity investors continued to be net sellers, deals already on the market. exiting hotel investments worth €5 billion (24% A Year of Good News „ of total volume); „ The UK regained its leading role within Europe, with transaction volumes of €5.4 billion In a year dominated by presidential tweets, North (compared to 2016’s €3.6 billion) and Korean tensions and ‘fake news’, European hotel surged ahead of with a record year investors saw more positive than negative events in of €5.0 billion, doubling last year’s results 2017. Importantly, and despite a badly miscalculated by achieving the highest level of portfolio snap election in the UK, the outcome of other „ transactions (€3.4 billion) of any country; European elections reduced political risk, exchange rate volatility was relatively low and the European „ London continued to be the leading European Central Bank (ECB) maintained stable interest rates. hotel transaction market with a total volume These factors, and the added reassurance of the of around €2.5 billion, ahead of Amsterdam’s Continent’s industry steaming ahead, have €1.3 billion. fell into third place with made Europe the sweetheart of hotel investors once €777 million while Spain saw an uplift with again. With capital from all corners of the globe Ch art 1: Total Hotel Investment Volume 2005-17 searching for hotel investment, Europe 25 recorded one of its best years with a Portfolio Transactions formidable year-on-year increase in 20 Single Asset Transactions terms of transaction volumes. 13-year average Hotel transactions worth €21.7 billion 15 were recorded in Europe in 2017, representing an increase of 22% on 10 2016 and slightly above the pre-crisis

€ Billions levels of €20.3 billion and €18.8 billion 5 recorded in 2006 and 2007, respectively. The increase in transaction volume 0 was predominantly driven by a 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 very favourable economic climate Source: HVS – London Office in Europe, which lured in North American investors and ultimately 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. 2017 European Hotel Transactions | Page 2 Ch art 2: REGIONAL SHARE OF TRANSACTION VOLUME 2016-17

18% Other - Western Europe Other - Southern Europe as Spain had a particularly strong year taking second 2017 place and registering a total transaction volume of Other - CEE & Balkans 4% 3% €4.9 billion, doubling 2016 levels with a particularly 7% remarkable increase in portfolio performance 6% 25% 4% 18% (€3.4 billion in 2017 versus €1.1 billion in 2016). Other - Nordic & Baltic 6% 13% 2016 Transaction volumes in the increased threefold, with €1.8 billion registered in 2017 versus

Netherlands 8% €615 million in 2016. A major contributing factor to this increase was the 171% growth year-on- 13% 22% year in single asset transactions, including flagship 6% properties such as the 557-room DoubleTree by 3% 18% Germany Hilton Amsterdam Centraal Station and the sale of the 10% 11% 433‑room Hilton Amsterdam Airport.

23% Spain Transaction volume in France decreased somewhat, Source: HVS – London Office with €1.3 billion in 2017 compared to €1.9 billion in 2016. Some 42% of transaction volume was made up by one acquisition: the Westin Paris – Vendôme. drove increases both in single asset and portfolio Quarterly Activity transactions. While the portfolio transactions market grew by 29% compared to 2016 to reach €9.3 billion, it still fell short of the 2015 record of €14.6 billion. Total transaction volume by quarter showed However, total single asset volume (€12.4 billion) increasing activity throughout 2017, with close to reached its fourth peak in a row, representing an 62% of total volume transacting in the second half of increase of 17% over 2016 and 103% over the pre- the year, owing mainly to strong portfolio closings in downturn peak recorded in 2005. August, September and December (see Chart 3). In most cases, investment demand was supported by After a strong last quarter in 2016, 2017 showed the continued strengthening of industry fundamentals, slightly increasing year-on-year single asset as year-on-year RevPAR growth in 24 of Europe’s transaction volumes in the first half of the year (€5.3 billion versus €4.8 billion in 2016), but 33 major markets continued its upward trend. The HVS European Hotel more modest portfolio activity (€2.8 billion versus impact this had on average values per key is explored Valuation Index €4.2 billion in 2016). The second half of the year then in our sister publication, the saw increased activity month-on-month both in the . single asset and portfolio categories. This was driven After a number of merger and acquisition (M&A) by the close of some of the year’s largest portfolio transactions, including Blackstone’s acquisition of transactions were announced and completed in Banco Sabadell’s Spanish HI Partners hotel portfolio 2016, consolidation in Europe slowed markedly (€631 million) and Aprirose’s acquisition of QHotels in 2017. While Marriott focused on integrating its in the UK (€599 million/£525 million). processes and increasing its pipeline following its acquisition of , AccorHotels continued In the final quarter, the market gained significant its transformation by making strategic non-hotel momentum, exceeding 2016’s last three months by 23%, and seeing France boost its annual volume acquisitions and initiating the spinoff of its real estate significantly through the sale of the 428-room Westin owning unit, AccorInvest. Paris – Vendôme from GIC to a group of investors led Despite last year’s misjudged snap election, terrorist by Henderson Park, to achieve a year-end total result Ch art 3: InvESTMENT VOLUME IN 2017 BY QUARTER incidents (London and ) of €1.3 billion. and the nearing of Brexit in March 25 5 2019, 2017 was the UK’s year once Cumulative Singe Asset 31% of Total 20 4 again in terms of hotel transaction Portfolio volumes, taking back the helm 30% of Total from Germany. The UK posted a 15 20% of Total 3 volume of €5.4 billion/£4.7 billion, 19% of Total

from both strong single assets 10 2 (€3.0 billion/£2.6 billion) (€ Billions)

and portfolio activity (€ Billions ) Volume Cumulative 5 1

(€2.4 billion/£2.1 billion), Single Asset & PortfolioVolume demonstrating continued investor interest despite political - - Q1 Q2 Q3 Q4 uncertainties (see Chart 2). Source: HVS – London Office Spectacular increases in other markets mixed up the leader board, 2017 European Hotel Transactions | Page 3 Single Assets Chart 4: SINGLE ASSET INVESTMENT VOLUME 2005-17 14 500 Single Asset Transaction Volume 450 12 Number of Transactions Following the continued upward trend Number of Transactions 400 over the last five years, single asset 10 350 volumes reached new heights in 2017, 300 exceeding the previous record year 8 250 in 2016, with year-on-year growth of € Billions 6 around 16%, mostly due to an increase in 200 average price per key (+16% compared 4 150 to 2016). Single asset transactions 100 2 represented 57% of total transaction 50 volume as some 323 individual hotels - - transacted for €7.5 million or more, 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 totalling more than 60,000 rooms. In Source: HVS – London Office 2016 around 300 hotels were sold, representing approximately 59,400 rooms (see Chart 4). S potlight on the UK an increase of 16% and representing 18% of total European single asset volume. With no increase in the number of properties and a 13% decrease in Once again, after 2016’s exception, the UK topped the the number of rooms sold, a major characteristic ranking in terms of single asset transactions volume of investment volume was the higher quality of in 2017. UK sales constituted 25% of total European transacted properties. single asset volume (€3.0 billion/£2.6 billion). This represents a 44% increase on 2016 levels, which and remained the most popular cities were around €2.1 billion. The UK recovered its with ten and six transactions, respectively, but the leading position, with a clear gap ahead of Germany year’s biggest sale was that of the Hotel (in second place with €2.3 billion), Spain and the to Norwegian family office Wenaasgruppen Netherlands (in third and fourth position with from the Azure Property Group for €200 million €1.5 billion and €1.4 billion, respectively). (€360,000 per key). London accounted for 63% (€1.9 billion/£1.7 billion) With four hotels transacting last year, of all single asset transactions in the UK, our data confirms the attractiveness of this business slightly lower than the 67% ratio in 2016. The model to institutional investors. The Motel One am largest deal of the year was the sale of the Spittelmarkt in Berlin, was sold for €43 million Grosvenor House JW Marriott Hotel by Subrata (€140,000 per key). The Motel One Bonn, the Motel Roy’s Sahara Pariwar to the Ashkenazy One Leipzig Nikolaikirche and the Motel One Berlin Acquisition Corp for €621 million/£550 million Upper West were sold for confidential sums to (€1.3 million/£1.1 million per key). Other slightly various institutional investors. lower price per key transactions included Westmont Other notable deals of 2017 included the Dorint Hospitality acquiring the 460-room DoubleTree Hotel Maison Messmer in the iconic German spa by Hilton Westminster from Blackstone for town of Baden-Baden, acquired by Art-Invest, and €223 million/£190 million (€480,000/£410,000 the Hotel Pullman Munich, bought by CDL Hospitality per key), the Park Plaza London Waterloo sold by for €102 million (€300,000 per key) from Grove PPHE Hotel Group to CBRE Global Investors for Th eInternationalreadne d andles EventHote lHotels. London €182 million/£162 million (€370,000/£330,000 per key) and HPL Hotels acquiring the Hilton London Olympia from a joint venture between Oaktree Capital and Westmont Hospitality for €130 million/£115 million (€320,000/£280,000 per key). Notable transactions outside of London included two deals in Manchester: Starwood Capital’s acquisition of the Manchester Centre from the Dominvs Group for €64 million/£54 million (€210,000/£180,000 per key) and the sale of The Lowry by Mount Kellett and Westmont Hospitality to -based CDL Hospitality for €62 million/£53 million (€370,000/£320,000 per key). S potlight on Germany HVS Hodges Ward Elliott acted as the agent on the transaction of the Threadneedles Hotel London (an Hotel) in early 2017. The 74-room luxury hotel was acquired by -based YTL After a remarkable year in 2016, single asset Corporation. The seller was Westmont Hospitality. transactions in Germany during 2017 followed an upward trend and reached €2.3 billion, constituting

2017 European Hotel Transactions | Page 4 DuT o ble ree by Hilton Westminster London

transactions with a value slightly above €950 million, a decrease of more than 22% compared to 2016. One transaction made up 57% of the total single asset volume, namely The Westin Paris – Vendôme, sold by Singapore sovereign wealth fund GIC, to Henderson Park for €550 million (€1.3 million per key, the highest per key European transaction in 2017). The hotel is Henderson Park’s second landmark hotel in Paris, following its acquisition of the city’s largest Ohotel,ther Le N Méridienotable Etoile, Markets in 2016.

In addition to the largest European markets, The 460-room DoubleTree by Hilton Westminster was sold by Blackstone Denmark, and also showed increased to Westmont Hospitality for £190 million in February. HVS carried out transaction activity in 2017. In Denmark, more the bank valuation on behalf of the buyer’s lender. than €650 million worth of hotels transacted (in both single assets and portfolio categories, of which €511 million was single assets), driven by two large Spotlight on Spain deals in : the 812-room AC Hotel Bella Sky bought by Wenaasgruppen for €215 million (€260,000 per key), and the Marriott Copenhagen acquired by a joint venture between ATP Real Estate Owing to an increase in international demand, and PensionDanmark for €135 million (€330,000 continued economic recovery and ample supply of per key). Both hotels were sold by local private properties put up for sale, hotel transactions in Spain equity investment firm Solstra Capital Partners. have increased substantially in the past four years. Continuing with last year’s trend, the main activity In Sweden, the most notable transaction was remains in locations such as the Canary the sale of the Comfort Hotel Arlanda Airport by Islands, Balearic Islands and other areas in the south Swedavia to joint venture partners OG Ottersland of the Iberian Peninsula, such as Malaga. Single asset and Wenaasgruppen for €130 million (€260,000 per transactions totalled €1.7 billion, a 54% increase on key). 2016 and 187% increase on 2015. Finally, Ireland’s single asset transaction volume Notable single asset transactions include the Hilton increased by more than 50% compared to 2016, Diagonal Mar in Barcelona, which was acquired by to just short of €400 million. Top transactions AXA Investment Management from Iberdrola, and included the sale of the Carton House Hotel outside the 50% stake in the Four Seasons development in from the Mallaghan & Kelly families to Irish- Madrid bought from OHL Desarrollos and Grupo American businessman John Mullen for €57 million Villar Mir by the Israeli technology entrepreneur (€350,000 per key), and MHL Collection acquiring MarkSpotlight Scheinberg. on the Netherlands The Radisson Blu Hotel & Spa in from Jerry O’Reilly for €50 million (€190,000 per key).

The Netherlands saw its single asset transactions more than double in 2017 to a value slightly Tn u e Hotel below €1.4 billion, an increase of more than 171% compared to 2016, and slightly below Spain. These transactions accounted for 20 hotels with some 4,700 rooms, considerably below the 41 hotels and 9,000 rooms in Spain. Some 82% of the Netherlands’ single asset transactions volume occurred in the city of Amsterdam in 2017 with highlights including the sale of the 557-room DoubleTree by Hilton Amsterdam Centraal Station for around €356 million (€640,000 per key) by Blackstone to Anbang Insurance; the W Amsterdam, which was acquired for approximately €260 million (€1.1 million per key) by Deka Immobilien from Europe Hotels Private Collection; and the 433-room Hilton Amsterdam Airport which was sold by Schiphol Real Estate for €148Spotlight million on (€340,000 France per key).

The Edinburgh Collection acquired the 189-room Tune Hotel Edinburgh from Tune Hotels and Plato Capital. HVS Hodges Ward Elliott acted as After a major increase in single asset transaction joint agent on the transaction for the seller. volumes in 2016, France experienced a somewhat slower year in 2017. The country saw 23 single asset

2017 European Hotel Transactions | Page 5 Ch art 5: PortFOLIO INVESTMENT VOLUME 2005-17 P ortfolios 16 80 Portfolio Transactions € 14 70 Number of Transactions Number of Transactions Contrary to 2016, portfolios were 12 60 characterised by fewer hotels being sold 10 50 at higher prices as portfolio transaction

volumes in 2017 increased by 29% to € Billions 8 40 €9.3 billion, representing 374 assets 6 30 across 59 portfolios, compared to 467 4 20 assets across 52 portfolios in 2016 (see Chart 5). 2 10 In terms of ‘mega-portfolios’, France - - saw the largest portfolio transaction by 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 number of assets with the Simply Hotel Source: HVS – London Office Group France, composed of 45 regional budget hotels. Blackstone sold this portfolio (that it had acquired in 2006) to Mata Capital for an undisclosed amount. The UK remained second, with portfolio volume of around €2.4 billion/£2.1 billion. This represents One of the highlights of 2017 was the sale of the 25% of total European transaction volume and portfolio in November, which saw Lone Star a 62% year-on-year increase after a slow 2016 sell 21 Jurys Inn hotels in major cities in the UK and for UK portfolios. Notable transactions in 2017 Ireland to Pandox, for €902 million/£800 million included the Hilton Metropole (€190,000/£170,000 per key). Bain Capital disposed and changing hands as the Tonstate of 26 QHotels across the UK to a joint venture between Group sold the assets, comprising 1,849 rooms and Aprirose Investments and Cindat Capital Management significant conference space, to Henderson Park for for €599 million/£525 million (€160,000/£140,000 €553 million/£500 million (€300,000/£270,000 per per key). key). Of the M&A deals within the hotel space in 2017, Spain Germany’s portfolio transaction volume totalled saw one if its biggest ever hotel transactions with €1.5 billion (16% of total European portfolio Blackstone acquiring HI Partners, a Spanish hospitality transactions), a 38% decrease compared to company, from by Banco Sabadell. The portfolio was Germany’s record year in 2016. This slowdown was composed of 14 assets, totalling more than 3,600 mainly driven by the number of hotels sold within rooms for €631 million (€170,000 per key). In May, portfolios, which declined from 93 in 2016 to 54 in -based U City bought 24 hotels from 2017. House and Warimpex totalling more than 4,000 rooms in nine different countries across Central and Eastern The remaining 22% of Europe’s portfolio EuropeP ortfolio (CEE). Investment by Region transactions were spread across other smaller markets, dominated by the Netherlands (5% or €442 million) as First Sponsor Group, together with Event Hotels, bought the Bilderberg Hotels Portfolio Spain outpaced the UK and Germany in 2017, blazing for €205 million (€130,000 per key) from a joint ahead for the first time with €3.4 billion of portfolio venture between Goldman Sachs and KKR. transactions, almost tripling in volume over 2016 and totalling 36% of all European portfolio transaction Main Buyers volume. These transactions totalled 94 assets (almost 30,000 rooms) across 14 portfolios, reflecting strongly rising investor interest in Southern Europe. c hart 6: PortFOLIO INVESTMENT BY REGION 2015-17 Hotel-focused investment companies (HICs) and real estate investment companies 15 represented the largest share of buyers in 2017, accounting for 21% and 20% of all purchases, respectively, followed by 12 institutional investors (18%), private equity investors (16%), hotel operators (11%) and 9 REITs (8%). A breakdown of single asset and portfolio buyers can be seen in Chart 7. 6 HICs accounted for a balanced share of single asset and portfolio transactions (21% 3 and 20%, respectively). This includes firms Total Portfolio Volume (€PortfolioVolume Billions) Total such as Pandox (acquisition of the Jurys Inn - Portfolio in the UK and Ireland, comprising 2015 2016 2017 21 hotels for €902 million/£800 million, Foncière des Murs (acquiring, amongst UK Germany France Spain Other others, a portfolio of four NH Hotels Source: HVS – London Offce in Germany and the Netherlands for approximately €111 million) and a joint 2017 European Hotel Transactions | Page 6 chart 7: BUYER TYPES IN 2017 – SINGLE ASSET SALES VERSUS PORTFOLIO Investment by Region

Single Assets Portfolio Undisclosed Undisclosed While European investors 2% Hotel 11% Hotel Investment Real Estate Investment still had the largest share of Companies Investment Companies total transaction volume in 21% Companies & 20% Trusts Real Estate 2017, accounting for 70% of 32% Investment all hotel investments, North Companies & Hotel Owner- American investors grew Trusts Operators Hotel Owner- 24% 7% their share significantly Operators 14% from 4% in 2016 to 18% Institutional in 2017. North American Investors Private Equity Institutional 13% investment levels grew 9% Investors Private Equity from €650 million in 2016 21% 26% to €3.8 billion in 2017, Source: HVS – London Office accounting for almost all of the year-on-year increase in total transaction volume. This increase primarily venture led by Wenaasgruppen (acquiring the 503- stems from private equity room Comfort Hotel at Arlanda Airport in investors finding more value-add opportunities for €130 million). in 2017, such as Blackstone’s acquisition of both the Banco Sabadell and Banco Popular portfolios Real estate investment companies continued to in Spain. Despite Chinese capital controls being diversify their investment portfolio into hotels enforced in 2017, Asian investments also increased and represented 24% of single asset buyers and by 59% compared to 2016 on the back of non- approximately 32% of portfolio buyers. This includes Chinese buyers such as Singaporean First Sponsor Invesco’s acquisition of the Sheraton Krakow in Group and Thailand-based U City, increasing their Poland for €70 million (€300,000 per room) and the European presence. Signa Group’s purchase of the 580-room Motel One Upper West Berlin. Main Sellers Institutional investors were also very active, accounting for 21% of single asset buyers and 13% of portfolio transactions. Whilst dominant in Germany Besides being one of the largest buyer groups, and the Nordics, examples in 2017 also included AXA HICs were also the largest seller segment of single Investment Management’s acquisition of the nhow assets. Notable disposals by HICs include Westmont Amsterdam RAI for €134 million (€210,000 per Hospitality’s disposal of the 74-room Threadneedles room) and the purchase of the Park Plaza Waterloo Hotel London and the Strawberry Brothers’ portfolio by CBRE Global Investors for €182 million (€370,000 sale of five Nordic Clarion hotels to Midstar AB in per room). and Sweden. A breakdown of single asset and portfolio sellers can be seen in chart 9. Private equity investors also found a number of suitable investment opportunities, accounting for After being one of the biggest buyer groups in 2014 26% of portfolio transactions. Major transactions and 2015, private equity investors started to exit these included Apollo Global’s acquisition of Caixa Bank’s investments and accounted for 15% of single asset foreclosed Spanish hotel portfolio (€700 million – disposals and 37% of portfolio disposals in 2017, €60,000 per key) and Henderson Park’s acquisition making them a net seller. Notable transactions include of the Hilton Metropole hotels in London and Patron Capital selling Generator Hostels to Queensgate Birmingham (€553 million/£500 million – Investments for €450 million/£395 million, and a €300,000/£270,000 per key) in August 2017. Benson Elliot-led joint venture selling a portfolio of two Westin properties in to BNP Paribas. Ch art 8: InvESTOR ORIGIN BY REGION 2010-17 Additionally, Starwood Capital sold four 25 Spanish to London + Regional for €230 million (€110,000 per key) Undisclosed and Blackstone sold the DoubleTree by 20 Africa Hilton Amsterdam Centraal Station to Asia -based Anbang Insurance Group 15 Middle East € Billions North America for a reported price of €356 million Europe (€640,000 per room). 10 As institutional investors were net 5 buyers in 2017, the most notable disposals in this category came from administrators or banks, including - Erste Group’s sale of five AccorHotels 2010 2011 2012 2013 2014 2015 2016 2017 properties in Budapest to Orbis for Source: HVS – London Office €64 million (€60,000 per room), and the Caixa Bank, Banco Popular and 2017 European Hotel Transactions | Page 7 c hart 9: SELLER TYPES IN 2017 Hotel Single Asset Real Estate Portfolio Investment Investment Undisclosed Company Undisclosed Companies & 3% 3% 7% Hotel Trusts HNWI Real Estate Investment 3% 0% Investment Company Company 24% 16% Hotel Owner- Operator Private Equity 34% 37% HNWI Private Equity 10% 15%

Hotel Owner- Institutional Institutional Operator Investor Investor 17% 11% 20%

Source: HVS – London Office

Banco Sabadell disposals in Spain worth a total of decreasing slightly following a record-breaking approximately €1.5 billion. In total, institutional 2016. investors represented 14% of all asset disposals. Moving into 2018, key factors that will influence the Conclusion and Outlook transactions market look to be interest rates and staffing pressures. With primary markets seemingly running short of stock, developers are catching up Nine years after the start of the global financial crisis, and investors are also looking at secondary markets the European hotel industry continues to benefit such as Southern Europe or CEE. With a view on from investors’ search for yields in a low interest Brexit in March 2019, investors will also pay close rate environment. With a strong year for primary attention to the future relationship of the EU and urban markets and record transaction volumes in key the UK, with particular focus on the free movement leisure destinations, the broad popularity of hotels as of people, as this economic freedom largely impacts an alternative asset class is set to continue. payroll costs of UK hotels. For the rest of Europe, as long as interest rates remain at current lows, A year of good news and strong RevPAR growth investors will continue to seek relatively higher across most of Europe was reflected in 2017 yields offered by hotels, with hotels no longer being transaction levels, as markets such as London, the ‘niche’ asset class they once were. Amsterdam, Barcelona and Madrid all recorded increases in RevPAR, matched by growth in In terms of hotel transactions, 2018 has started out transaction volumes. Other secondary markets, well with private equity giants such as Lone Star such as capital cities in CEE and Southern European continuing to offload some of their investments. At resorts also enjoyed increased investor interest as the same time, they are looking at redeploying capital underlying hotel performance saw strong increases. in secondary markets as a number of non-performing The exception to these increases was Germany, loans and foreclosed hotel assets outside of Spain a lease-dominated market where performance are put up for sale. Chinese conglomerates and increases have a more measured effect on values. Saudi billionaires put under government scrutiny This was reflected in German transaction volumes will continue to spur further speculation of possible Hilton Metropole London and Birmingham exits, including HNA’s planned sale of NH Hotels. If anything, the past decade has shown hotel investors that they are ultimately in a growing industry, as hotel transaction volumes surpass previous peaks. Although some analysts worry a great deal about ‘timing the cycle right’, those investors that continue to underwrite the basic risks and returns of hotel deals correctly will continue to be successful in 2018 –Sand H Vbeyond. –

Henderson Park acquired two sister properties from Tonstate Group for £500 million. HVS carried out the bank valuation on behalf of the buyer’s lender. The portfolio includes two hotels, in London and Birmingham, comprising a total of 1,849 rooms and large conference spaces.

2017 European Hotel Transactions | Page 8 Munchner Grund, Lambert Holding GmbH Holding Lambert Grund, Munchner Eyemaxx GBI AG GBI Motel One Motel Undisclosed Henning J. Claassen Henning AXA Investment Management Investment AXA Anschutz Entertainment Anschutz Vinci Immobilier Vinci Roi Soleil Blackstone Fletcher Hotel Group Hotel Fletcher AGP Hotels (Alexandre Guenant) (Alexandre Hotels AGP Pro Kapital Group Pro Kapital La Française Global REIM, Global La Française InvestIndustrial Hotel Property Group Hotel Property TVC Holdings Undisclosed DeA Capital Real Estate SGR Estate Real Capital DeA Annexum Erste Group Immorent Group Erste Hotelturist SpA Hotelturist Undisclosed Ebertz & Partner Ebertz Benson Elliot, Walton Street Capital, Capital, Elliot, Walton Street Benson Algonquin Seller Apollo Global Apollo Buyer Price per Price Room (€) Room Price (€) Price No. of of No. Rooms 2 594 90,000,000 150,000 Investment Union 3 455 Undisclosed Undisclosed AccorHotels 2 393 Undisclosed Undisclosed Commerz Real 2 638 77,000,000 120,000 LHI Leasing 2 464 48,500,000 100,000 Capital Avignon 2 214 Undisclosed Undisclosed Dormero Hotels 2 296 42,100,000 140,000 Algonquin Aviva, 2 372 69,900,000 190,000 Estate Real Amundi 2 161 Undisclosed Undisclosed Paribas BNP BPI France, 8 761 30,500,000 40,000 Groupe Foncia 3 188 Undisclosed Undisclosed SomnOO SA 5 350 Undisclosed Undisclosed SNI Groupe 4 473 104,000,000 220,000 Balder AB Fastighets 2 412 Undisclosed Undisclosed BNP Paribas 2 316 62,000,000 200,000 Hotel Group Dalata 3 927 26,300,000 30,000 CDPI Sgr 3 768 80,000,000 100,000 Hotels Fattal Lines, Issta 2 574 Undisclosed Undisclosed CDPI Sgr 4 524 Undisclosed Undisclosed Valamar PBZ DD, Rivera Osiguranje Faros Helios 4 630 111,000,0003 180,000 1,030 Murs des Foncière 60,000,000 60,000 Bluserena 5 1,150 64,300,000 60,000 Orbis 6 1,220 Undisclosed Undisclosed Honestis 45 3,286 Undisclosed Undisclosed Mata Capital 13 2,816 530,000,000 190,000 Invesco No. of of No. Hotels 2017 s Germany Germany Germany Germany Germany Germany Germany France France France NetherlandsNetherlands 16 2 1,633 205,000,000 205 7,800,000 130,000 Group Sponsor First Hotels, Event 40,000 KKR Sachs, Goldman Beheer Nieuwegein France & 2 193 Undisclosed Undisclosed Invest Sisne France Denmark Italy Ireland Country Croatia Germany & Germany & Germany Netherlands & Germany Netherlands Italy Netherlands 6 577 19,000,000 30,000 Group Hotel Fletcher ion t c a s an r T o i l Various Hamburg Mannheim Mannheim Berlin Various Saint-Etienne Apeldoorn, Amersfoort, Epe, Epe, Amersfoort, Apeldoorn, Various Various Wijdemeren Epe, Agen Rīga, Tallinn Various Cutro, Montesilvano, Quartu Quartu Montesilvano, Cutro, Milan, Venice Milan, Dublin Gressan, Mezzana, OstuniGressan, Italy Chloraka, Yeroskipou, Paphos Yeroskipou, Chloraka, Various Location all'Ionio,Cassano Pisticci Italy Amsterdam, Amersfoort, Amersfoort, Amsterdam, Hamburg Berlin, Sant'Elena Wijdemeren Stari Grad Stari Budapest rtfo o P n a e op r u a h Honestis Germany Hotels Portfolio Hotels Germany Honestis & Holiday Inn Holiday 8 & Super Project Postquadrat Hotel PortfolioProject Postquadrat NH & NIU Hotel Mannheim & NIU NH Motel One Plärrer & Motel One Hauptbahnhof One Motel & Plärrer One Motel Berlin Nuremberg, MEININGER Hauptbahnhof & MEININGER & MEININGER Hauptbahnhof MEININGER am Main Frankfurt Berlin, Germany Romantik Hotel Bergström & Hotel Altes Kaufhaus & Hotel Altes Romantik Hotel Bergström Lüneburg & Munchen Parkstadt Schwabingen Parkstadt Munchen & Novotel ibis Munich & Berlin Indigo & Hotel Hilton by Hampton Simply Hotel Group France Portfolio France Hotel Group Simply Saint-Etienne Novotel & budget ibis Fletcher Hotel Group Portfolio Group Hotel Fletcher Roi Soleil Hotels Portfolio Hotels Roi Soleil Bilderberg Hotels Portfolio Hotels Bilderberg & Loosdrecht Epe Hotel Fletcher Agen Budget Hotels Portfolio Hotels Budget Agen PK Hotels PortfolioPK Hotels AccorHotels F1 PortfolioAccorHotels F1 Bluserena Hotels Portfolio Hotels Bluserena Hotel Property Group Copenhagen Hotels Portfolio Hotels Copenhagen Group Hotel Property Copenhagen BNP Paribas Westin Hotels Portfolio Hotels Westin BNP Paribas Clayton Lane & Clarion Liffey Valley & Clarion Lane Cardiff Clayton Valtur Resorts Italy Portfolio Resorts Valtur ISSTA & Fattal Hotel Portfolio & Fattal ISSTA Project Portfolio Hotel Tidal NH Hotels Germany & Netherlands Portfolio & Netherlands Germany Hotels NH Portfolio TH Portfolio Resort Source: HVS – London Office Helios Faros Stari Grad Portfolio Grad Stari Faros Helios Orbis Budapest Hotel Portfolio Budapest Orbis C rt 10: E

2017 European Hotel Transactions | Page 9 Lopesan Grupo Lopesan Dunas Grupo Dunas Cerberus Undisclosed Duchy Hotel Group Duchy Blue Sea Hotels & Resorts Hotels Sea Blue Banco Popular Banco Sabadell & Resorts Barcelo Hotels AccorHotels, Landsec Protej Group Caixa Bank Caixa Hotels Portland B&B Hotels Redefine International Redefine Orbis Tonstate Group, Destiny Ltd, PBC Group Destiny Group, Tonstate Undisclosed Hotels Company Development European RSM Leisure RSM Strawberry Brothers Strawberry Hotels Intertur Meliá Starwood Capital, Life Investments Standard Mutual, NFU Vienna House Hotels, UBM, Hotels, Warimpex House Vienna Lone Star Patron Capital, Halcyon & Resorts Capital, Hotels Patron Seller Acciona Capital Bain Patron Capital Patron Buyer London + International, Hotels Melia Regional (Management Hotels Family Luxury buyout) Capital Cindat Investments, Aprirose Management Price per Price Room (€) Room Price (€) Price ed u No. of of No. Rooms 3 866 104,000,000 120,000 HI Partners 4 1,183 77,000,000 70,000 Hispania 2 241 200,000,000 830,000 Managers Capital Orion 2 109 Undisclosed Undisclosed & Resorts Hotels Sea Blue 3 295 14,600,000 50,000 Capital Fairtree 2 315 50,000,000 160,000 2 1,400 Undisclosed Undisclosed Blackstone 3 339 Undisclosed Undisclosed & Healthcare Hotels Fairview 4 574 Undisclosed Undisclosed Undisclosed 5 136 Undisclosed Undisclosed 2 336 6,300,000 20,000 Undisclosed 2 1,849 553,000,000 300,000 Park Henderson 2 216 Undisclosed Undisclosed Port Hotels 2 2415 Undisclosed 536 Undisclosed Group Cairn 44,800,000 80,000 Leonardo Hotels 8 782 30,300,000 40,000 AM Corum 2 217 Undisclosed Undisclosed & Taylor Michels 5 782 Undisclosed Undisclosed AB Midstar 5 1,119 100,000,0004 2,085 90,000 KKR Capital, Dunas 230,000,000 110,000 Regional London + 4 330 42,300,000 120,000 Frank Knight 2 225 15,700,000 70,000 Hotels Starboard Contin 14 3,647 631,000,000 170,000 Blackstone 1115 3,946 2,446 172,000,000 70,000,000 40,000 Hispania 30,000 Portobello Capital 26 3,677 599,000,000 160,000 20 11,000 700,000,000 60,000 Global Apollo 14 2,045 450,000,000 220,000 Investments Queensgate No. of of No. Hotels 2017 – s Spain Spain Spain Spain Spain Spain UK UK Spain Slovenia Spain UK PL, CZ, DE, RO 24 4,083 Undisclosed Undisclosed U City IrelandUK & 21 4,694 902,000,000 190,000 Hotels Fattal Pandox, Country Spain UK UK Spain Norway & Sweden Spain Spain UK, FR, DE, NL, IR, ES, SE, IT UK UK ion t c a s an r T o i l Palma Nova, San Antonio, Antonio, Palma Nova, San Maspalomas Maspalomas San Roque San Sant Llorenc des Cardassar des Llorenc Sant Spain Various Various Various Paignton, Torquay Paignton, Various Madrid Cardiff, Crick, Kenton Crick, Cardiff, UK Ljubljana Various Various Gravesham, , Gravesham, Various Various Various Karpacz, Jelenia GóraKarpacz, Jelenia Poland Location LondonBirmingham, UK Santa Eulalia Santa Elche Alicante, Torremolinos, Tias, Josep, Sant Calvia Westhill , Edinburgh, Aberdeen, Perth , City Garden Welwyn Norwich, Various Various Coldfield Sutton Redditch, UK Minster, Tamworth Minster, rtfo o P n a e op r u a h Intertur Hotels Spain Portfolio Spain Hotels Intertur IFA Hotels Portfolio Hotels IFA Dunas Hotel Portfolio Dunas NH Almenara & NH Sotogrande & NH Almenara NH La Nina Cala Millor & Fiesta Beach Fiesta & Cala Millor La Nina Banco Sabadell Hotel Portfolio Banco Sabadell Barcelo Hotels Partial Sale Portfolio Sale Partial Barcelo Hotels Hotel Portfolio Sea Blue Duchy Hotel Group UK Portfolio Hotel Group Duchy Vincci Estrella del Mar & Tryp Condal Mar Barcelona Mar Condal Tryp Mar & del Vincci Estrella Barcelona, Marbella Spain Sol Hotels Spain Portfolio Spain Hotels Sol Portfolio UK Regional QHotels Banco Popular Partial Sale Mixed Portfolio Mixed Sale Banco Partial Popular AccorHotels Regional UK Hotel Portfolio UK AccorHotels Regional Ljubljana Hotel Portfolio Ljubljana City Centre & Holiday Inn Inn & Holiday Centre City Express Inn Holiday Project Sun Foreclosed Hotels Foreclosed Project Sun Portfolio Hotels Family Luxury UK Portfolio Inn UK Premier Portfolio Hotels Vienna Portfolio Hostels Generator Portfolio Inn Jurys Orbis Hotel Portfolio Mercure Orbis Portland Hotels Hotel Portfolio Scotland Hotels Portland Portfolio San Playa de Alicante Inn & Holiday Elche Inn Holiday Juan Birmingham & Hilton Metropole West Aberdeen Source: HVS – London Office Clarion Hotels Portfolio Hotels Clarion Hotel Portfolio B&B Spain Hotel Hotel & Lea Marston Abbey The Holiday Inn Express Tamworth & Ramsgate Express Inn Holiday C rt 11: E

2017 European Hotel Transactions | Page 10 Seller HB1 HB1 Hotels UBM Group Immobilien Real-Treuhand Schutten Frank Johann Karina Klotzsch Conwert Dauber Michaela Zoladz, Mark Daniela Meyers, mbH Landskron Besitzgesellschaft Clubhotel SA Métropole Hôtel Real plc Estate International Urvasco Grupo Petrol Eco EOOD Tour Invest Asset ResolutionHeta Asset Resolution Heta Zeljko Kerum, PND Kyresan Lordship Danske Bank Solstra Capital Partners Group Hotel Arp-Hansen Solstra Capital Partners Undisclosed AS Properties European Tradeka-Kiinteistot YIT Corporation Carlson SARL, Costes2 Blagnac Rue Dieudonne (SAS)Investments Robin Carolyn Fairbairn, Chittick, Hutson Peter Immobilier Greestone Arch'immobilier, formerly Extendam Kneib Michel Falconnet, Thierry Ibersol Fontanel Promotion Vinci Immobilier Undisclosed REI, ParisPramerica Group Inn Undisclosed family Albar Undisclosed GIC Cogedim Altarea Sanchez Family DERICHSAixact Immobilien u Konertz, Honestis Mohrle Herbert OHG HGG UniCredit Bank Austria UniCredit Undisclosed Vinci Immobilier Linkcity Vinci Immobilier Caisse des Depots Eva-Maria Purmayer Eva-Maria TMA Immobilien GmbH TMA Immobilien Signa Group Undisclosed Jako Andabak Capital Walton Street CapMan Vinci EM2C Construction, Groupe Cambridge Ivanhoe Hines, Undisclosed Buyer Humanomed Group Humanomed IEV Investment GmbH Invest Huemer & Braun Co GmbH ETK Privatstiftung Deka Immobilien GmbH Schwandl Autohandels ERFamily Invest GmbH TUI FamilyBervoets Investment PrimeCity Pandox Daniel ETLechev MK Group Adris Group UniCapital Group CPI Property HSTN Holding Sampension, SEB ATP Group, RE Denmark Wenaasgruppen AB Midstar PensionDanmark ATP Real Denmark, Estate AB Midstar Fastighets AB Balder Exilion Capital Oy Commercial eQ Real Estate Foncière des Murs Extendam Algonquin, La Française GlobalFoncière REIM, Epargne De Guillaume Montalier Ciloger Undisclosed Undisclosed OD Group Foncière des Murs Caisse des Depots, Amundi Extendam Algonquin, Quartus Terreis SachaParisGroup, Rubinski, Extendam, Inn Charles Coulomban BNP Paribas Quartus Foncière des Murs Park Henderson Deka Immobilien Bianco,Petillaire-Bellet Lombart, LOV Group, & Co GmbH Dr Peters Invest Art GmbH Munkmarsch Fahrhaus Hotel Betriebsgesellschaft Hotel Obotritia Huemer Invest GmbH Invest Huemer Kermas S Group 70,000 70,000 60,000 70,000 550,000 320,000 150,000 200,000 150,000 220,000 260,000 330,000 150,000 200,000 490,000 150,000 330,000 120,000 1,290,000 Price per Room (€) Room Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed 2017 7,500,000 9,600,000 8,500,000 9,400,000 s 14,900,000 10,100,000 13,800,000 50,000,000 32,700,000 20,000,000 39,000,000 88,000,000 17,500,000 11,000,000 11,000,000 20,200,000 Price (€) Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed UndisclosedUndisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed UndisclosedUndisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed UndisclosedUndisclosed Undisclosed UndisclosedUndisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed UndisclosedUndisclosed Undisclosed Undisclosed Undisclosed 215,000,000 135,000,000 550,000,000 ion t 27 32 93 91 36 60 74 71 54 40 33 20 57 51 80 90 95 46 12,600,000 270,000 Line SARL Over c 133 10,800,000270253 80,000 82,800,000 Steiermark Arztekammer 310,000 Real PGIM Estate 260 161 31,500,000293 200,000 126,000,000 TUI 430,000 Aventicum 128 108 140 15,000,000 110,000 Lavorel Hotels 120180 58,500,000255 490,000 Natixis 108 114 236 136 151 252 511 212 170 180 320 228 234 812 161 406 215 240 256 430 131 200 137 169 168 143 428 164 152 157 a Number of of Rooms s an r T l e Location am St WaldeStefan Vienna 102 Vienna Donji Seget Tucepi Olomouc Kotka Bagnolet Cavalaire-sur-Mer Decines-Charpieu Paris Paris Paris Paris Bad Bad Bleiberg Graz Linz St Wolfgang Vienna Vienna Vienna Villach Brussels Brussels Brussels Burgas Savudrija Split Karlovy Vary Prague Aarhus Copenhagen Copenhagen Copenhagen Copenhagen Taarnby Helsinki Helsinki Kuopio Blagnac Crillon-le-Brave Gennevilliers Gennevilliers La Tour-de-Salvagny Le Lavandou Lyon Lyon Nice Paris Paris Paris Paris Paris Strasbourg Val-d'Isere Aachen Baden-Baden Baiersbronn Bautzen Hot t sse A le g Country Austria Austria Austria Austria Croatia Croatia France France France France France France France Austria Austria Austria Austria Austria Austria Austria Austria Belgium Belgium Croatia Croatia Czech Republic Czech Republic Denmark Denmark Denmark Denmark Denmark Denmark Finland Finland Finland France France France France France France France France France France France France France France France France Germany Germany Germany Germany n Sin a e op r u a h Property Bleibergerhof Graz Airport Roomz Graz Linz by Marriott Courtyard Aviva Hotel zu Landhaus Appesbach RoomzDesignhotel Amadeus Hotel Meliá Vienna by Radisson Park Inn Uno City Vienna The 1060 Hotel Vienna Robinson Club Landskron Metropole Brussels Sheraton & Hotel Towers Silken Berlaymont Bulgaria Hotel Resort Skiper Medena Apartmani Marjan Hotel Hotel TUI Blue Jadran Pupp Grandhotel ibisHotel Olomouc Centre NYX Hotel (incl. Hotel office component) Marriott Prague Aarhus Scandinavian Center AC BellaHotel Sky Hotel Grand Czech Republic Copenhagen Marriott Scandic Sluseholmen Dan Hotel Quality Airport HolidayHelsinki - West Ruoholahti Inn Tripla Hotel Sokos Seurahuone Hotel Atlas Hotel B&B Hotel Radisson Blu Toulouse Airport Odalys Cavalaire CrillonHotel le Brave Parc Hotel OL B&B Gennevilliers ibis Paris hotel Gennevilliers Qualys Lyon Nord sur Plage Cavaliere LyonMEININGER Hotel To-Lyon Hotel Nice AC by Marriott Hotel Kapital Opera Premier HolidayParis Inn Auteuil by HappyCulture Axel Hotel Opera Duo Hotel Opal Hotel ibis Paul Bourget Louvre Piemont Paris One Motel Westin Paris – Vendôme Place Adagio Strasbourg Kleber Aparthotel Le Hotel Brussel's by Hilton Aachen Hampton MaisonDorint Hotel Messmer Engel Obertal Plus Best Bautzen Hotel Western Source: – LondonHVS Office C rt 12: E

2017 European Hotel Transactions | Page 11 Abba Hotels Abba Daniel Aristot Duque, Juan Gimeno, Juanjo Real Commerz (hausInvest) RFR Holding Undisclosed GmbH Immobilien Hirmer Immofinanz 2IP & Co.GmbH KG Projektentwicklung Arcus Asset Mgmt JP Morgan Undisclosed Corpus Sireo Partners Kildare Group Herkules Carlyle Group Invest Art alstria office Prime Leasing Hannover Undisclosed Undisclosed Group Property Azure Novum Group Properties Kristensen GBI AG Undisclosed Undisclosed KSW Immobilien Lloyd Fonds Undisclosed J Molitor MAG, Immobilien ZUG GmbH Holding Immobiliengruppe, Pottinger Fortress Patrizia Grund Munchner Undisclosed Hotels Event Grove International, GmbH Properties Bucher International Raiffeisen Property Campus AG International Plassmeier GmbH Hausbau Bayerische Schwabische AG Wohnungs Groeger Brigitte acona Management Pro invest Unternehmensgruppe Schorghuber Undisclosed Axel Hilpert Eurobank Seller Eck ThomasGmbH Kudamm Grothe Projektgesellshaft Hirotani Undisclosed & Co.Activotel GmbH Hotel-KG RussCaptial, Ernst Assetando AG Undisclosed Aquis Hotels & Resorts Arab Investments, LaSalle Investments, Arab Revitalis, GmbH Holding Dereco Europa Capital Benson Elliot GBI AG Travel24.com AG Invest Art Asty SABank, Alpha Clubhaus AG, Familie Freiherr von FamilieAG, Clubhaus Spoercken Freiherr ed u Buyer Management AXA Investment Undisclosed M&G Real Estate Signa Group RFR Holding Undisclosed WurttLeben AG Immobilien Proximus Real Quantum AG, Estate Group Estate GEG German Undisclosed InterSelect WestInvest Undisclosed Undisclosed Undisclosed Hotels SCPI Atream Atream, Versicherung Zurich CDL Hospitality Undisclosed Leasing Hannover FamilyForner Leonardo Hotels Wenaasgruppen Patrizia Undisclosed Sachs Real Estate Global Internos Investors Duxton Asset Management Undisclosed DFV AG Undisclosed One Motel LFPI Hotels Trust Hamburg Trans World Corporation Asset Immobilien SOINI Group Bin Omar Haider Mohammad CA Immo Real IS AG Michael Kafer CDL Hospitality Al Zayani Investments Catella Real AG Estate WurttLeben Undisclosed Babcock Pensionskasse Undisclosed Real IS AG Group KanAm GlobalMH GmbH BASF Leasing Hannover GmbH Immobilien Hirmer DFV AG Investment PrimeCity Lampsa Hotels Alltours Aberdeen DL Aberdeen Vicus AG Patrizia Jacaranda Hotels Jacaranda Contin 80,000 90,000 140,000 160,000 140,000 280,000 130,000 360,000 100,000 310,000 300,000 450,000 350,000 120,000 190,000 420,000 Price per Room (€) Room 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 2017 – s 43,000,000 32,300,000 33,600,000 10,600,000 85,000,000 16,200,000 16,700,000 86,200,000 41,900,000 56,000,000 16,600,000 31,800,000 17,500,000 43,000,000 Price (€) Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed UndisclosedUndisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed UndisclosedUndisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed UndisclosedUndisclosed Undisclosed UndisclosedUndisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed UndisclosedUndisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed 200,000,000 101,800,000 ion t 78 88 94 71 75 81 57 93 72 99 71 c 193 85,800,000316 440,000 Rheinische Versorgungskassen Invest, Warburg-HIH 132 126386 14,400,000 68,400,000 110,000 Quadoro Doric RE 180,000 Invest Hotels, Art Event 291100 Undisclosed160 Undisclosed (BVK) Versorgungskammer Bayerische 170 107 174 155 107 315223 33,100,000 100,000 Park Henderson Hines, 214 303 580 108 218 200 205 120 214 306 160 232 131 168 300 125 130 556 164 151 127 177 194 160 256 170 143 279 337 135 160 144 165 166 124 148 187 156 102 a Number of of Rooms s an r T l e Berlin Berlin Berlin Berlin Bochum Bonn Cologne Dachau Dresden Düsseldorf Düsseldorf Frankfurt Frankfurt Frankfurt Frankfurt Freiburg Gersthofen Hamburg Hamburg Ingolstadt Kiel Leipzig Leipzig Leipzig Leipzig Leipzig Lübeck Mainz Munich Munich Munich Munich Munich Munich Munich Munich Munich Oberhausen Stuttgart Stuttgart Suhl Sylt Ulm Stadt Weimar, Weinheim (Havel) Werder Athens Location Berlin Berlin Dresden Düsseldorf Düsseldorf Hamburg Heidelberg Kaiserslautern Leipzig Ludersburg Much Munich Nurnberg Stadt Rastatt, Athens Hersonissos Hot t sse A le g Country Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Greece 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 Greece n Sin a e op r u a h Property Berlin Abba John F Arcotel Das Stue am Spittelmarkt One Motel West Upper One Motel Swissôtel am Kurfurstendamm Dortmund/Bochum Premium ACHAT Hotel Bonn One Motel Hotel 25Hours Cologne Park Inn City West Tulip Alp Style Dachau Inn Elbflorenz Hotel Hotel Indigo Dresden Hotel The Student Düsseldorf Seestern Innside Düsseldorf Hotel Seestern Mercure Nikko Düsseldorf Hotel Novotel Düsseldorf City West (Seestern) Frankfurt-Offenbach Ostend Frankfurt Innside Frankfurt Parkhotel Le Méridien Eschborn Sud Frankfurt Mercure HolidayFreiburg Inn Asgard Hotel Elbbrucken Leonardo Hamburg Hotel Moxy Hamburg Radisson Blu Hamburg Hotel Heidelberg Hotel MEININGER Ingolstadt Hotel Mercure Best Western future Conti Hansa Steigenberger Hotel Capri by LeipzigFraser SchlossHotel Breitenfeld ibis Styles Leipzig Kosmos-Ensemble Leipzig NikolaikircheOne Motel 24 LeipzigHotel ExcelsiorHotel Lubeck SchlossHotel Ludersburg Alland Me Mainz Trans World Kranichhohe Hotel Galileo by Marriott Courtyard Hotel Airport Munich Sheraton fmr by Hilton Munich Hampton HolidayLeuchtenbergring Inn Preysing Hotel Pullman Hotel Munich City Ost Munchen LetoMotel Moosach Munchen LetoMotel Ruby Lilly Munich Hotel The Fizz Short Stay Munchen Nurnberg-Airport Hotel Movenpick HolidayOberhausen Inn ibis Rastatt aloft Stuttgart Cloud no 7 Steigenberger Suhl Michel Hotel Sylt Haus Westerland Leonardo Royal UlmHotel Elephant Hotel Weinheim NH Schwielowsee Resort Hotel Marriott Ledra fmr Hotel King George Aquis Zorbas Village Source: – LondonHVS Office C rt 13: E

2017 European Hotel Transactions | Page 12 Seller UBM Group Brothers Strawberry Iberdrola UniCredit - Austria UniCredit PIMCO Capital Tetrarch Sofin Village, Valentino Greenblu, Blackstone RJB Group Levi Lassen Klepierre Elbit Imaging OHG & Dr Partner Ebertz UniCredit - Austria UniCredit Holdings Edward Crosbie Harry Undisclosed O'Reilly Jerry Development Redquartz TVC Holdings & Mallaghan Kelly Family ColmHerron Audri and Cusack Hotels Maurizio Patrizia ElioMatteuzzi Martello, Aldegheri, Holdings Antonello AM Manuli Star 89 S.r.l Sammezzano Castle Srl EUR SpA Capital, Benson ElliotWalton Street Algonquin, GmbH Savills Fund Management Turisarda Marcia Acqua Maestralturs City ID Bouw, Vastgoed, Vink IQNN Schiphol Real Estate Stadgenoot Development Being of Cradle Development, REHotel Urban PPHE Group Hotel CollectionHotels Private Europe Dahold Holding MPC Properties Hillgate Holei Holding Parcs Center Nederlof Anthony Robert Bouw VORM Vermeer, Dura Thon Gruppen AS Base Property Algonquin SAGromada Undisclosed Undisclosed ECS Capital ECS Capital Lux Group Hotel Asset ResolutionHeta Undisclosed Undisclosed Hill BAML, Oak Advisors Undisclosed SH Hoteles Undisclosed Mawared Rijkeroort, Immo Consult, Jee Vastgoed Consult, Immo Jee Rijkeroort, ed u Buyer AccorHotels Group Martello Deka Immobilien Undisclosed CollectionMHL Colony NorthStar Dalata Group Hotel John Mullen iNua Partnership Undisclosed Undisclosed York Capital, Feidos SGRTorre Ltd Heliotrope SpA Icarus Investment PrimeCity B&B Hotels Atos re Undisclosed Nikola Pekovic Bouwinvest Undisclosed Real Aedes Estate II Group City Upgrade Management ATP AXA Investment RE Denmark, Alex Chang ConsultImmo Vastgoed, Jee Rijkeroort, Deka Immobilien Vastgoed Vorm der Van Hotels SCPI Atream Atream, Capital Avignon CNJ Holding Mutuelle MAIF Caisse Invest, Home D'Epargne, InterSelect WestInvest Hotels Inntel Hoteller Unike AB Midstar Brothers Strawberry Invesco EACC Luna Hotels Hoti Hoteis Hoti Hoteis Group Muthu MGM Global Internos Investors Saba Znider Asset Arcano Mgmt Leonardo Hotels Management AXA Investment Capital, Benson ElliotWalton Street Hispania RH Hotels Hispania Tetrarch Capital Tetrarch CollectionHotels Private Europe Izet Rastoder Izet Contin 70,000 40,000 60,000 80,000 40,000 50,000 60,000 90,000 60,000 80,000 70,000 70,000 120,000 120,000 190,000 260,000 350,000 120,000 290,000 150,000 120,000 110,000 110,000 340,000 210,000 160,000 120,000 140,000 150,000 300,000 100,000 170,000 340,000 330,000 100,000 1,090,000 Price per Room (€) Room Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed 2017 – 8,600,000 9,200,000 8,300,000 8,500,000 9,000,000 8,500,000 8,000,000 s 42,300,000 15,000,000 50,000,000 57,000,000 19,500,000 40,000,000 15,400,000 50,600,000 37,000,000 15,000,000 14,700,000 10,400,000 16,600,000 53,800,000 11,500,000 21,500,000 23,500,000 70,000,000 21,600,000 12,000,000 16,000,000 12,500,000 80,000,000 16,000,000 20,000,000 20,200,000 Price (€) 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 148,000,000 134,000,000 260,000,000 ion t 33 87 55 93 82 94 78 95 37 79 36 11,100,000 310,000 REB Projects c 357 42,250,000 120,000 AccorHotels 774 143790 14,100,000 120,000,000 100,000 Thomas Röggla 150,000 Serenissima SGR 557211 356,000,000213 640,000 Insurance Anbang 45,000,000 210,000 Capital Avignon 120 320155 38,400,000 120,000 First Sponsor 763 169,000,000164 220,000430 Revetas Capital Advisors Cerberus, 30,000,000 180,000 Leisure ZIBA 357 104 252 122 261 352 165 159 138 140 365 439 640 188 135 230 433 180 650 309 138 238 150 181 330 200 151 162 184 232 354 120 103 172 170 100 100 240 245 193 275 a Number of of Rooms s an r T l e Location Budapest Saggart Tullow Castellaneta Amsterdam Amsterdam Amsterdam The Hague Utrecht Oppegård Ljubljana Andratx Barcelona Budapest Drogheda Dublin Dublin Galway Lucan Lucan Maynooth Monaghan Trim Badesi Manciano Milan Reggello Rome Sesto San Giovanni Stintino Syracuse Becici Amsterdam Amsterdam Amsterdam Amsterdam Amsterdam Amsterdam Amsterdam Groningen Hoofddorp Hoofddorp Leiden Ouddorp Rotterdam Utrecht Horten Sandnes Cracow Warsaw Albufeira Castelo Branco Funchal Funchal Lisbon Bovec Alcobendas Barcelona Barcelona Benidorm Calp Calvia Amsterdam Hot t sse A le g Country Hungary Ireland Ireland Italy Netherlands Netherlands Netherlands Netherlands Norway Romania Slovenia Spain Hungary Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Italy Italy Italy Italy Italy Italy Italy Italy Italy Montenegro Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Norway Norway Poland Poland Portugal Portugal Portugal Portugal Slovenia Spain Spain Spain Spain Spain Spain n Sin a e op r u a h Property Chain Bridge Sofitel Chain Bridge The D Hotel Gibson Hotel The Plaza Tallaght Radisson Blu & Hotel Spa Clarion Liffey Valley Clarion sale)Liffey Valley (partial House Hotel Carton Hotel Hillgrove Hotel Citywest Hotel Knightsbrook WolseleyMount Hotel Costa Paradiso Resort Soglia Village Nova Yardinia Resort di Spa Saturnia & Terme Golf Resort hotel M89 Sammezzano Castle Lama Hotel RomaCenter Sheraton & Hotel Conference B&B Milan Hotel Sesto Quadra - Torre Club Hotel Esse Roccaruja & SpaDes Hotel Etrangers Mediteran Hotel Boot & Co Station Centraal by Hilton Amsterdam DoubleTree Schiphol Airport Hilton Amsterdam Regency Netherlands West Inn New Zuid Amsterdam NH RAI nhow Amsterdam Olympic Hotel Park Plaza Vondelpark (36 Park Plazarooms into Vondelpark only converted residential) W Amsterdam Hotel Martini by Hilton Schiphol Hampton Airport Place Amsterdam Hyatt & HolidayLeiden ECCInn Leiden Parcs II Center Vakantiepark Rotterdam citizenM Haag Den Parkhotel City Utrecht Inntel future Utrecht Hoog Catharijne Thon Asgardstrand Hotel Entry Quality Hotel PondQuality Hotel Krakow Sheraton Airport Hotel Sangat future SolaquaHotel ColinaTryp Do Castelo Hotel Golden Residence Hotel Raga Madeira Muthu Lux Lisboa Park Hotel Radisson Blu Complex Alp Hotel Bellevue Hotel LaHotel Moraleja Golf & Spa MarResort de Camp Steigenberger Via Leonardo Gran future Hilton Diagonal Barcelona Mar Silken Hotel Diagonal Spain SelomarHotel SH Ifach Tobago Fergus Source: – LondonHVS Office C rt 14: E

2017 European Hotel Transactions | Page 13 Undisclosed Neinor Vincci Hotels Hotels Habitat Promociones Compostela 2002 Cabo de Sanz Angel Group Wanda Salazar Urvasco Grupo Capital Iberfin Undisclosed Undisclosed RIU Hotels & Resorts AC Hotels Undisclosed Undisclosed Undisclosed Capital Oaktree Francisco Sanchez Playa Hotels Senator Undisclosed SA Inmobiliaria Guadalmedina SAREB Scius AB, Starwood Capital Partners Nordlys AB Klovern Unibail Rodamco Invest Dcap i AB Sverige Heimstaden Undisclosed Undisclosed Undisclosed Denz Martin The Mooney Group Hotel FicoSingha Estate, Corporation Red Hotels Limited Undisclosed Downing LLPCannock Group, Silvercoin Investments Clarenco Riverside Capital Advisors, Sankaty Canyon Capital Realty Advisors Dalata Group Hotel Colliers Capital Starwood Capital Seller Foncière des Murs Undisclosed Riverside Capital Jones Watkin Evenia Evenia Hotels Villar Grupo Mir OHL, Jale Group Group Hotel NH Partners Varde Iberdrola Carlyle Group Swedavia MHS-Bostader Undisclosed Estates Reef Lone Star Undisclosed Hotels No Ordinary Pension Rockspring, Cheshire Fund EDTL Hotels Gelabert Andreu ed u Buyer AM Corum Capital HIG Fattal Hotels Emesa Corporacion Inveravante Hotusa Riu Hotels & Resorts Villoslada Aina Hospitality, Ardid Bank of America Triuva Excem Real Estate Lagune Batipart Lagune Batipart Partners HI SMY Hotels, Logitravel Playa Hotels Senator Relais Termal Talus RealGordon Angelo Estate, Lionel Messi Blue Sea Hotels & Resorts Roc Hotels Balear SMY Hotels, Logitravel Undisclosed Playa Hotels Senator Brothers Strawberry Fastigheter Hemfosa Hotell Vasterkulla AB Holding Arlandastad DiosAB Fastigheter Group Winn Hotel SimmenGroup Balance Hotels AG Procimmo56 Swiss SitePrime Dogus AS Holding Hotels Vine Group Hotel McKeever Undisclosed Foundation Elmhurst Undisclosed Life Investments Standard Undisclosed Undisclosed Picked Hotels Hand AEW UK Long Lease REIT LXi REIT M&G Real Estate JR Capital Group Neal Khanna Undisclosed AG Acron Contin 70,000 50,000 60,000 80,000 80,000 80,000 80,000 260,000 420,000 410,000 210,000 260,000 260,000 150,000 390,000 300,000 150,000 230,000 790,000 140,000 140,000 190,000 210,000 100,000 180,000 110,000 110,000 140,000 Price per Room (€) Room Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed 2017 – 9,500,000 8,100,000 s 32,000,000 22,200,000 58,000,000 16,300,000 28,000,000 22,000,000 70,000,000 70,000,000 42,000,000 40,000,000 30,000,000 42,000,000 16,100,000 15,000,000 20,900,000 14,000,000 12,000,000 41,100,000 17,000,000 24,000,000 29,100,000 27,400,000 21,800,000 25,100,000 14,300,000 Price (€) Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed UndisclosedUndisclosed Undisclosed Undisclosed Undisclosed UndisclosedUndisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed 272,000,000 ion t 87 90 94 77 82 71 70 95 39 51 52 80 42 56 95 73 6765 50,000,000 29,300,000 750,000 VersorgungskammerBayerische Hines, Universal-Investment, 450,000 Alvarez Armando Undisclosed 38 10,000,000 260,000 Joseph Le Mer 53 80 7,800,00048 100,000 LXi REIT 9,600,000 200,000 Wesleyan Assurance c 422 11,000,000 30,000200 Blue Sea Hotels & Resorts 170,000,000 850,000 Mohari Ltd 107 133106 23,000,000 26,800,000 170,000 Hispania 250,000250 Global Internos Investors 319 22,600,000158 70,000503 Montoro Group 16,800,000140 130,000,000 110,000 Alecta 36,600,000 260,000 Wenaasgruppen OG Ottersland, 192 260,000 Sigillet Fastighets AB 140 174128 35,000,000275 200,000 Dalata Group Hotel 48,100,000 180,000119 Investments Aprirose 11,200,000 90,000 City of Coventry 100 430 176 167 650 142 315 136 400 267 267 214 524 131 263 236 524 192 192 196 228 107 118 166 152 133 120 216 100 a Number of of Rooms s an r T l e Cartagena Estepona Granada Gualta Las Rozas Madrid de Lugo Madrid Madrid Madrid Madrid Madrid Majorca Majorca Malaga Malaga Mojacar Mudela Santa de Cruz Sitges Sitges Teguise Malaga Valencia Valencia Habo Karlskrona Orebro Sigtuna Umea Uppsala Celerina/Schlarigna Emmetten Martigny Weggis Antrim Ayr Bath Bath Birmingham Callow End Camberley Cambourne Cardiff Chertsey Denham Location Costa Brava Madrid Madrid Madrid Malaga Malaga Malaga Soller Torremolinos Valencia Nacka Sigtuna Stockholm Interlaken Paradiso Hot t sse A le g Country Spain Spain Spain Spain Spain Spain Spain Spain Spain Spain Sweden Sweden Sweden Switzerland KingdomUnited Altrincham KingdomUnited KingdomUnited Birmingham KingdomUnited Bournemouth Bristol KingdomUnited KingdomUnited Castle Donnington KingdomUnited Coventry 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 Sweden Sweden Switzerland Switzerland Switzerland Switzerland Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United n Sin a e op r u a h Property Cartagonova Hotel Evenia Hotel Hawaii Montevideo Valle Tryp Romano Golf & Apartements Leonardo Granada Hotel by Hilton & Hotel DoubleTree Spa Emporda LasHotel Gran Rozas Lugo Hotel Gran Edificio Espana Four Seasons (50% stake) Madrid Velazquez Hotel Gran CarlosHotel V America de Silken Hotel Puerta Genova Madrid Innside CollectionNH Hotel Postigo San de Martin Cala Romantica Iberostar future RIU Romántica Hotel LasHotel Vegas PalacioMalaga Malaga NH Pueblo Camino Real Torremolinos de Vincci Seleccion PosadaHotel del Patio Marina Puerto Suite Hotel Balneario Cervantes Dolce Sitges Sitges MiM Hotel SollerHotel Gran Costa Bastian Costa Park Pueblo Camino Real Torremolinos de 3 Ilunion Aqua & 4 Valencia Center NH Hotel Central Parque Senator Hotel Conference Aronsborgs Clarion Collection Karlskrona Hotel J Hotel First Orebro Hotel Airport Arlanda Hotel Comfort Arlanda Hotel Quality Airport Clarion Collection Tapto Hotel First Dragonen Hotel by Radisson Park Inn Uppsala Misani Hotel Seeblick Seminarhotel Interlaken City Oberland Hotel Martigny Vatel Hotel Lacdu Hotel Paradiso Lugano Weggis Park Hotel Court Cresta Best Western Hotel Dunadry Ayr Mercure Combe Grove Manor Indigo Hotel LaHotel Tour Birmingham Inn Premier PlazaLandsdowne Inn Premier Brighton Inn Premier Holland House Bristol Mercure Hotel Stanbrook Abbey Camberley Inn Premier Belfry Cambridge Clayton Cardiff Hotel East Inn Midlands Premier Chertsey Hotel Coombe Abbey Grove Hotel Denham Welcome Break Source: HVS Source: – LondonHVS Office C rt 15: E

2017 European Hotel Transactions | Page 14 Sahara India Pariwar Sahara India Marathon Asset Mgmt Marathon Group Chris Stewart Starwood Capital International MBI Hotels, PlatoTune Capital Undisclosed Undisclosed Enterprises Khanna plc International Liberty Merepark, Capital Partners InfraRed Aviva Investors Island Hotels Centre PMB Holdings Ltd Dalata Group Hotel Blackstone Mill Lane Estates, Marick Capital Hospitality, Oaktree Westmont Whitbread Land, Endurance K/S UK Properties PPHE Group Hotel Galliford Try Undisclosed LaSalle Estates Frogmore Hospitality Westmont Investments Aprirose Lone Star Aviva Dominvs Group Topland Mill Marick, Group, Lane Estates Hospitality Westmont Kellett, Mount & Rushe Group McAleer Hotels LLP Jefferson Properties Bildurn Mahal Gurjit M&G Real Estate Undisclosed The family Frank & Urban Civic NUT BDL Redefine Hotels Lone Star Somerston Group FamilyFerguson Torquay Palace Ltd Aviva Undisclosed Blair Estates Ltd Gilmour Sarl Hotels Arora Hermes Caledonia Investments Asset Management Marathon Fiesta Enterprises Even Group Loc8 Developments KPMG International Seller The The Capital Ltd Group Undisclosed Developments Harcourt Canada Life, Kew Green Hotels Life, Canada Green Kew Langdale Chase Hotel Langdale Undisclosed ed u Buyer Healthcare Westgate M&G Real Estate Investors Private Richard Driehaus, G1 Group Collection The Edinburgh NPD Hotels Group Fragrance Asset Management Bowling Green Partners Buchler Augur Investments Aprirose Columbia Threadneedle Undisclosed Shaftesbury Undisclosed PPF Hospitality Best Westmont Properties, Hotel Group, Investments Aprirose HPL Hotels PaceLtd Trustees Management LaSalle Investment CBRE Global Investors Whitbread Undisclosed Hotels Harbour Tian China An Investments YTL Corp LAMIT Undisclosed DTZ Investors Starwood Capital Hoe Limited Hiap CDL Hospitality Ltd Trust UK Commercial Property Undisclosed Columbia Threadneedle Lodge Redwings Group London + Regional Investments Aprirose USS Property, LondonMetric Compass Hospitality Property Legal & General Talash Hotels Hotels Bright Undisclosed PensionNationwide Fund Kingfishes Resort Energy, Amstrong Group Fragrance Contin 70,000 70,000 80,000 80,000 80,000 90,000 60,000 120,000 160,000 100,000 380,000 480,000 190,000 320,000 220,000 390,000 370,000 130,000 130,000 970,000 280,000 140,000 210,000 140,000 370,000 140,000 100,000 150,000 110,000 140,000 160,000 170,000 170,000 Price per Room (€) Room Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed 2017 – 7,500,000 8,000,000 9,600,000 8,500,000 9,600,000 8,700,000 s 26,800,000 11,200,000 11,900,000 42,300,000 40,100,000 58,400,000 71,800,000 20,500,000 10,400,000 77,300,000 53,000,000 13,300,000 63,700,000 29,700,000 61,800,000 36,200,000 11,800,000 13,600,000 16,300,000 31,400,000 17,300,000 54,200,000 11,800,000 13,800,000 Price (€) Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed 223,000,000 130,000,000 182,000,000 ion t 49 69 80 68 80 74 96 81 84 96 73 71 83 84 61 Undisclosed Undisclosed Hotels Warwick International 6385 Undisclosed Undisclosed 13,700,000 Supercity 160,000 Group Fragrance 70 9,700,000 140,000 LXi REIT 37 9,400,000 260,000 Thwaites c 203104 26,500,000237 Undisclosed 130,000 Undisclosed Undisclosed 12,900,000 Group Nine 60,000189 Undisclosed 494 44,500,000398 621,000,000 240,000 Ltd Properties Hotel 1,250,000 90,300,000 Acquisition Ashkenazy 230,000171 Pandox 133 35,200,000 93,400,000 210,000 Estates Portland Great 700,000 Partners Property Clearbell Group, Queensway 129103 14,600,000133 14,200,000 120,000 Group Nine Undisclosed 140,000 Undisclosed Asset Management Bowling Green Partners Bliss Investment 143 Undisclosed Undisclosed Jo and Powis Brett 102 240 189 100 115 115 121 139 125 100 110 212 460 209 405 260 182 494 160 190 148 298 220 165 265 145 142 150 210 115 357 141 156 Undisclosed Undisclosed CL Capital Global 100 14,500,000 140,000 Axcel Ltd Group a Number of of Rooms s an r T l e Location Doncaster Edinburgh Edinburgh Edinburgh Edinburgh Harrogate Kenilworth Liverpool Liverpool Liverpool Liverpool London London London London London London London London London London London London London London Macclesfield Maidenhead Manchester Manchester Manchester upon Tyne Newcastle Northampton Oldbury Portsmouth Reading Ringwood Scarborough Stansted Stoke Rochford Stratford-upon-Avon Stratford-Upon-Avon Stratford-Upon-Avon Swanage Torquay Hot t sse A le g Country KingdomUnited KingdomUnited Gateshead KingdomUnited Horley Leicester KingdomUnited KingdomUnited London KingdomUnited London London KingdomUnited KingdomUnited London KingdomUnited London London KingdomUnited KingdomUnited Manchester Manchester KingdomUnited KingdomUnited Reading KingdomUnited Salisbury Southport KingdomUnited KingdomUnited Swindon Torquay United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United United Kingdom United KingdomUnited Walsall United KingdomUnited Windermere United KingdomUnited York n Sin a e op r u a h Property 36 Jct A1M HolidayDoncaster Inn Edinburgh by Marriott Courtyard The Bonham The Scotsman Hotel Hotel Tune Royal WoolacombeHotel Gateshead Inn Jurys The Crown Hotel London Menzies Chequers Gatwick HolidayKenilworth Inn Central Leicester Travelodge Adagio Liverpool Aparthotel HolidayLiverpool Inn City Centre LiverpoolStreet Exchange Travelodge Central Airport Speke Travelodge St90-104 Berwick Park Hotel by Hilton EalingDoubleTree by Hilton Westminster DoubleTree By Hilton LondonHampton (T4) Hilton London Heathrow Hilton London Olympia Shoreditch Inn by Premier hub Novotel London City South Park Plaza London Waterloo Town Canning Inn Premier Vauxhall Runham Inn Premier Qbic LondonHotel City Hotel Richmond Gate Sloane Club Chelsea South Place Hotel The Capital London & Levin Hotel Threadneedles LondonHotel Travelodge Tower Bridge Hall Shrigley Maidenhead Travelodge Centre HolidayManchester Inn City HolidayTrafford Inn The Aparthotel Light The Lowry Townhouse Hotel Newcastle Hotel Maldron Northampton Park Inn Centre ibis Nottingham Ramada Oldbury HolidayExpress North Inn Portsmouth Hilton Reading Moat House Reading Ringwood Inn Premier HolidaySalisbury Inn The Crown Spa Hotel Ramada Plaza Southport by Hilton Stansted Hampton Stoke Rochford Hall Grosvenor Hotel Best Western Billesley Manor The Legacy Falcon Knoll House Hotel SwindonTravelodge Hotel Rainbow International Hotel PalaceHotel HolidayWalsall Inn Langdale Chase Hotel Langdale Hotel 53 Hotel Source: HVS Source: – LondonHVS Office C rt 16: E

2017 European Hotel Transactions | Page 15 A Sbout HV HS V , the world’s leading consulting and services organization focused on the hotel, mixed-use, shared ownership, gaming, and leisure industries, celebrated its 35th anniversary last year. 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 About the Authors regions of the globe. Through a network of more than 40 offices and Alexandre Rey more than 350 professionals, HVS provides an unparalleled range of is an analyst at complementary services for the . HVS.com HVS Hodges Ward Elliott, having previously worked at Superior Results through Unrivalled Hospitality Intelligence. STR’s London office, and Everywhere. operationally in his native Switzerland and . He With offices in London since 1990,HVS London serves clients with holds a BSc (Hons) in International Hospitality interests in the UK, Europe, the Middle East and Africa (EMEA). Management from Ecole hôtelière de Lausanne We have appraised some 4,000 hotels or projects in more than 50 with a specialisation in hotel planning and countries in all major markets within the EMEA region for leading development. Magalí Castells hotel companies, hotel owners and developers, investment groups is an associate and banks. Known as one of the foremost providers of hotel at the HVS London office. valuations and feasibility studies, and for our ability, experience and Before joining HVS, Magalí gained operational and real relationships throughout Europe, HVS London is on the valuation estate development experience panels of numerous top international banks which finance hotels and in Barcelona, Spain. She speaks portfolios. English, Spanish and French and holds an MSc in Hospitality Business from Ecole hôtelière de Lausanne. Prior to gaining her master’s, she graduated with a A Sbout HV Hodges Ward Elliott bachelor’s degree in Business Administration from ESADE Business School with a focus on HVS Hodges Ward Elliottis the hotel brokerage and investment finance and real estate.Peter Szabo banking division of HVS. Operating within the European marketplace, is an associate HVS Hodges Ward Elliott acts on behalf of its clients in the sale at HVS Hodges Ward Elliott, and financing of hotels. Assignments include individual assets and having previously worked at Horwath HTL’s Budapest office. portfolios, with transactions having been successfully concluded in His primary responsibilities most major European markets. include financial analysis, development of marketing For further information about the services of the London office, materials and due diligence. Peter is a native Hungarian speaker and also please contact Charles Human on +44 20 7878 7771 or speaks German. He holds a BSc (Hons) in [email protected]. International Hospitality Management from Ecole hôtelière de Lausanne with a specialisation in hotel development.

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

2017 European Hotel Transactions | Page 16 This license lets others remix, tweak, and build upon your work non-commercially, as long as they credit you and license their new creations under the identical terms. Others can download and redistribute your work just like the by-nc-nd license, but they can also translate, make remixes, and produce new stories based on your work. All new work based on yours will carry the same license, so any derivatives will also be non-commercial in nature.

Top View