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REDEFINE INTERNATIONAL HOTELS

REDEFINE INTERNATIONAL HOTELS. UK Hotel Portfolio Locations. Redefine International Hotels UK Portfolio. 5 London based hotels 4 Freehold properties 1 held under a 999 year lease 616 Keys All hotels branded under the Holiday Inn franchise 4 Holiday Inn Express 1 Holiday Inn Core Brand.

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REDEFINE INTERNATIONAL HOTELS

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  1. REDEFINE INTERNATIONAL HOTELS

  2. UK Hotel Portfolio Locations Redefine International Fund Managers Limited – July 2010

  3. Redefine International Hotels UK Portfolio 5 London based hotels 4 Freehold properties 1 held under a 999 year lease 616 Keys All hotels branded under the Holiday Inn franchise 4 Holiday Inn Express 1 Holiday Inn Core Brand Redefine International Fund Managers Limited – July 2010

  4. Properties 4 Hotels purpose built Holiday Inns / Express 1 Hotel conversion Oldest property – 1999 Buildings and fixtures well maintained No exceptional capital requirements Royal Docks Redefine International Fund Managers Limited – July 2010

  5. London Market One of the most resilient in the world Last two years city operated at over 80% occupancy London is a global not regional market – less fluctuation Planning permission for new rooms onerous New room expansion also constrained by reluctance of banks to finance Price elasticity high Dominant tourist capital Limehouse Redefine International Fund Managers Limited – July 2010

  6. Economy / Budget Hotels • Simple operations model • Less cyclical in nature • Maintenance capital efficient • High margins • Small support staff requirement Southwark Redefine International Fund Managers Limited – July 2010

  7. Trading • Excellent trading history • Occupancy in excess of 80% for last 5 years • Margins in excess of 46% • Stable management • Holiday Inn brand delivers 75% occupancy • Strong cash flows Park Royal Redefine International Fund Managers Limited – July 2010

  8. Trading Upside • Rate elasticity / yield • Additional rooms in current areas • Financial discipline / benchmarking • Possible additional rooms through extensions Brentford Lock Redefine International Fund Managers Limited – July 2010

  9. Management • Operated by Redefine International Hotels with Helder Pereira as CEO • Former MD of Southern Sun • 30 years experience in hotel sector • Managed over 30 Holiday Inn hotels • Chaired the IAHI (Holiday Inn Franchise Board) • Current hotel management to remain • Current Operations Director to remain Redefine International Fund Managers Limited – July 2010

  10. Financial Information • Purchase price (including costs) : £112m • Finance : £68m • Equity* : £44m • Market value based on plan (Savills) : £125m • Projected Equity Return • Year 1 04/2011 11.0% • Year 2 04/2012 12.0% • Year 3 04/2013 13.6% * E.S.M by Vendor Redefine International Fund Managers Limited – July 2010

  11. H O T E L S

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