dalata hotel group 2015 final year results presentation

Dalata Hotel Group

2015 Final Year Results Presentation

Disclaimer

2

This presentation document (hereinafter “this document”) has been prepared by Dalata Hotel Group plc (“Dalata” or “the Company”)

for information purposes only.

This document has been prepared in good faith but the information contained in it has not been the subject of a verification exercise.

No representation or warranty, express or implied, is given by or on behalf of the Company or any of its respective shareholders,

directors, officers, employees, advisers, agents or any other person as to the accuracy , fairness, or sufficiency of the information,

projections, forecasts, or opinions contained in this presentation. In particular, some of the market data in this document has been

sourced from third parties. Save in the case of fraud, no liability is accepted for any errors, omissions or inaccuracies in any of the

information or opinions contained in this document.

Certain information contained herein constitutes “forward looking statements”, which, can be identified by the use of terms such as

“may”, “will”, “should”, “expect”, “anticipate”, “project”, “intend”, “target”, “believe” (or the negatives thereof) or other

variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or actual performance of

the Company may differ materially from those reflected or contemplated in such forward looking statements. No representation or

warranty is made as to the achievement or reasonableness of and no reliance should be placed on such forward looking statements.

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Contents

Highlights and Financial Results

Operational Review

Market Backdrop

Acquisitions

Strategy

Appendices

33

Highlights and

2015 Financial Results

2015 | Strong Performance

► Revenue up 185% to €225.7m - strong organic and acquisition growth

► Adjusted EBITDA increased 7x to €62.6m

► Raised €484m - equity (€202m) and debt (€282m)

► €559m deployed on acquisition of 15 hotels in UK and Ireland

► Net revaluation gain of €44.9m on properties acquired in 2014 and 2015

► €78.2 million committed since year end on 6 hotels and 1 Dublin city centre development

site

Market Position Brand & Portfolio Capability

Market Leader in Ireland

Growing presence in UK

42 Hotels / >7,700 rooms

2 largest brands in Ireland

48.5% of rooms in Dublin

Proven, experienced team

Decentralised structure

2015 - A Year of Transformation

5

Results reflect transformation of Group through

acquisition of 15 hotels in 2015

21.4% increase in RevPAR reflecting strong

performance within strong markets

EBITDAR margin up from 37.5% to 39.5% due

to:

– Strong conversion of sales growth to

EBITDAR

– Higher margins achievable at larger former

Moran Bewley hotels

– Counterbalanced by fall of €1.9m in

Managed Hotel Fee Income

Central overheads in 2015 includes €15.8m in

one–off costs including stamp duty (€11.1m),

fees (€2.8m) and integration costs (€1.9m)

related to acquisitions during the period

Central overheads excluding acquisition related

costs increased by €3.5m to €8.1m reflecting

cost of increased resources to manage the

expanded portfolio

Interest expense significantly increased due to

debt facilities which part-funded Moran Bewley

acquisition

Summary

Key Financials

€’000

Full Year

Ending

31 Dec

2015

Full Year

Ending

31 Dec

2014

Revenue 225,673 79,073

Segments EBITDAR 89,253 29,637

Rent (19,167) (16,221)

Segments EBITDA 70,086 13,416

Rental Income 608 0

Central Overheads (23,870) (7,319)

Net Impairment Charges (1,775) -

Net impact of Ballsbridge Site Sale 1,947 0

EBITDA 46,996 6,097

EBIT 36,957 4,978

Fx Gain 1,863 294

Net Interest Cost (10,363) (1,076)

Profit Before Tax 28,457 4,196

Highlights

KPIs 2015 2014

Occupancy 80.2% 75.3%

Average Room Rate (€) 87.0 76.4

RevPAR (€) 69.8 57.5

6

Summary Profit & Loss 2015

6

All figures €’000 Full Year

Ending

31 Dec

2014

Audited

Pre IPO

Portfolio1

Moran

Bewley

Feb 3rd to

Dec 31st

Single Asset

Acquisitions2

Investment

Properties

Managed

Hotels

Central

Office

Full Year

Ending

31 Dec

2015

Audited

Key Financials

Revenue 79,073 16,454 100,743 31,295 - (1,892) - 225,673

Segments EBITDAR 29,637 11,373 41,802 8,333 - (1,892) - 89,253

Rent (16,221) (2,099) (847) - - - - (19,167)

Segments EBITDA 13,416 9,274 40,955 8,333 - (1,892) - 70,086

Central Overheads (4,498) - - - - - (3,570) (8,068)

Rental income - - - - 608 - - 608

Adjusted EBITDA 8,918 9,274 40,955 8,333 608 (1,892) (3,556) 62,626

Net impact of Ballsbridge

Site Sale

- 1,947 - - - - - 1,947

Net impairment - - (98) (1,232) (445) - - (1,775)

Acquisition & Integration

Costs

(2,821) - - - - - (12,981) (15,802)

EBITDA 6,097 11,221 40,857 7,101 163 (1,892) (16,551) 46,996

1 Reflects improvement in trading performance of Pre IPO Portfolio on a ‘like for like’ basis for 2015 versus 20142 Single Asset acquisitions includes consolidation of Maldron hotels in Derry & Pearse St, Holiday Inn Belfast, Pillo Galway, Clayton Galway, Whites

Wexford for various periods of the financial year

7

EBITDA Bridge 2014 – 2015

7

13 hotels with 1,480 rooms in Dublin, 554 in

Regional Ireland and 216 rooms in Cardiff

Very strong 22.8% increase in revenue driven

by:

– Very strong performance in Dublin with

RevPAR up 32.6% (25.5% excl Ballsbridge &

Clyde Court)

– Strong recovery in Irish regions with 17.9%

increase in RevPAR

– Cardiff RevPAR up 14.7% on constant

currency basis

7.2% increase in Food & Beverage Revenue in

Irish hotels & 3.6% increase in Cardiff

EBITDAR margin up from 33.1% to 39.8%

showing strong conversion of additional sales to

EBITDAR

Additional rent due to increased performance

linked rent charges in Dublin Airport and two

Ballsbridge hotels. Counterbalanced by savings

from purchases of Wexford and Parnell Square

properties together with savings from lease

restructurings completed in 2014

Pre IPO Portfolio 1

All figures €’000 Full Year

Ending

31 Dec

2015

€’000

Full Year

Ending

31 Dec

2014

€’000

Revenue 88,610 72,128

EBITDAR 35,230 23,857

Rent (18,320) (16,221)

EBITDA 16,910 7,636

Highlights

Ireland KPIs 2015 2014



RevPAR (€) 74.52 57.33

UK KPIs - Local Currency 2015 2014


Average Room Rate (£) 64.02 57.18

RevPAR (£) 51.22 44.68

1 Reflects trading performance of Pre IPO Portfolio as of Jan 2014 on a like-

for-like basis for full year ended Dec 2015

8

Pre IPO Portfolio

8

Performance Statistics – Full 12 months 2015 v 2014

Portfolio comprises 1,424 rooms in Dublin, 109

in Cork and 974 in the UK

Strong performance delivered due to:

– Strong market conditions; and

– Impact of Dalata revenue management

techniques in second half of the year

– RevPAR at Irish properties up 21%

– RevPAR at UK properties up 3.1% with

growth curtailed by impact of construction

project at Chiswick and weakness in London

markets

High EBITDAR margin (41.5%) reflects:

– The economies of scale achievable at such

large hotels

– The high rooms mix within the total revenue

figure

RevPAR in Irish properties is €8.67 behind Pre

IPO Irish properties

Impact of Moran Bewley Transaction on Results

€’000 Period from

Feb 3rd – Dec 31st 2015

Revenue 100,743

EBITDAR 41,802

Rent (Manchester) (847)

Adjusted EBITDA 40,955

Highlights

Ireland 2015 2014



RevPAR (€) 65.85 54.40

UK - Local Currency 2015 2014



RevPAR (£) 61.24 59.39

9

Moran Bewley since Acquisition

9

Exceptionally strong RevPAR growth in Irish

properties of 23.8% with two Northern Ireland

(NI) properties up 6.2%

Food & Beverage sales increased by 3.6% in

Irish hotels and fell by 2.2% in NI hotels

Regional Ireland properties benefitting from

strong recovery in those markets; NI hotels

negatively impacted by the strength of sterling

Pearse Street RevPAR up 61% despite

disturbance from ongoing refurbishment works

Lower EBITDAR margin of 26.4% at these

properties reflect the fact that they are smaller

properties located primarily in regional locations

with a higher mix of F&B revenue

Impact of Other Acquisitions on Results

€’000 Various

Periods

Ending

December

31st, 2015

Various

Periods

Ending

December

31st, 2014

Revenue 32,793 1,498

Adjusted EBITDAR /

EBITDA

8,666 333

Highlights

Ireland 2015 2014



RevPAR (€) 65.17 52.63

UK - Local Currency 2015 2014



RevPAR (£) 49.29 46.43

Performance Statistics – Full 12 months 2015 v 2014

1Single asset acquisitions includes consolidation of Maldron hotels in Derry, Sandy Rd Galway & Pearse St Dublin, Clayton Belfast, Clayton Galway,

Clayton Whites Wexford for various periods in 2015 and Derry and Pearse Street for the relevant periods in 2014

10

Single Asset Acquisitions1

10

Balance Sheet further strengthened in 2015 by

raising of €202m in equity (after costs)

Large increase in Tangible Assets reflects

– he significant acquisition activity during the

year

– net revaluation uplift of €44.9m in 2015

Goodwill increased by €39.7m due primarily to

Moran Bewley acquisition (€32.2m)

Bank loans of €266.1m relate to the €282m

raised in Feb to part fund Moran Bewley

acquisition

Very strong cash position at year end reflects

equity raised in Oct and strong operating

cashflow

Target Net Debt to EBITDA when fully invested

is 4x

Summary

31 Dec

2015

€m

31 Dec

2014

€m

Non-current assets

Tangible Fixed Assets 646.1 53.5

Goodwill 46.8 7.1

Other 6.2 5.6

Current Assets

Trade receivables, inventory &

other

13.1 10.1

Cash and cash equivalents 149.1 217.8

Total Assets 861.3 294.1

Equity 537.3 272.7

Bank loans 266.1 -

Trade and other payables and

taxation

41.2 20.4

Other Non Current Liabilities 16.7 1.0

Total Equity and Liabilities 861.3 294.1

Highlights

11

Balance Sheet

11

Illustration of what the business generated in

excess cash ignoring items such as working

capital released on new acquisitions,

development capital expenditure, fees and

stamp duty relating to acquisitions, Ballsbridge

Exit fees etc.

Maintenance Capital Expenditure is budgeted at

4% of turnover . This equates to €9m in 2015.

Actual spend is €7.4m. We will carry forward the

€1.6m underspend in 2015 for use on projects

in 2016. We use normalised level of €9m for this

analysis.

Development capital expenditure is excluded as

this is project related spend on hotels that are

undergoing extensions or complete

refurbishment

Summary

31 Dec

2015

€m

Adjusted EBITDA 62.6

Interest & Amortised Fees relating to Bank Loans (10.4)

Tax Paid (2.9)

Maintenance Capital Expenditure (9.0)

Scheduled Loan Repayments (16.8)

Cash Generated 23.5

Highlights

12

Cashflow Generated From Operations

12

13

Operational Review

Gibson Hotel Dublin, Croydon Park Hotel

London and the three Clarion Hotels in

Cork, Limerick and Sligo (included above)

will all be rebranded Clayton – making it

the largest brand in Ireland and a growing

brand in the UK

Tara Towers is to be rebranded Maldron

Owned & Leased Clayton and Maldron

Locations in Ireland and UK

Maldron ClaytonTotal

Rooms

Republic of

Ireland1,766 2,663 4,429

UK / NI 93 1,656 1,749

Total Rooms 1,859 4,319 6,178

14

Brand

Proposition

Hotels that provide a gateway to a great

experience. Situated in unrivalled urban and rural

locations perfect for visiting local tourist attractions,

attend an event, see a show. Service delivered with

a smile and a fun attitude

Go further at a Maldron Hotel

Collection of distinctive hotels each with its own

sense of individuality and character providing a

home away from home experience. Service

delivered by staff who are warm, engaging,

inquisitive and empathetic

Your Stay Your Way

BedroomsGenerally standard rooms, with family and

Executive rooms in some locationsStandard, superior and executive rooms

Food & BeverageIntegrated bar and restaurant in some locations.

Simple menus made from fresh quality produce

Modern bar, restaurant and coffee dock. Food &

Beverage offering based on local influences and

freshly sourced premium ingredients

Conference

FacilitiesMeeting room facilities

Extensive choice of modern meeting rooms and

events facilities

Target CustomersBoth leisure and corporate with main focus on

leisure guests and family.

Focus on corporate and conference midweek.

Leisure, functions & weddings at weekend

Ireland’s two largest hotel brands

15

No. of Rooms 2015 2016

425 150

250 650

Two large development projects took place in 2015 and to complete in Q1 2016

– €3.2m on Maldron Pearse Street Redevelopment

– £9.9m on Clayton Chiswick Extension

Steady progress on capital refurbishment programme in 2015 with increased amounts

planned for 2016

– €7.4m spent in 2015 of which €3.4m related to rooms refurbishment

– €12.1m planned for 2016 (€7m on rooms)

16

Capital Refurbishment Programme

16

17

Market Backdrop

18

RevPAR Growth

Jan – Dec 2015

Dublin 23.4%

Belfast 11.9%

Cork 9.6%

Galway 13.3%

Limerick 23.4%

Source: STR Global & Trending.ie

RevPAR Growth

Jan - Dec 2015

London 1.5%

Manchester 7.2%

Cardiff 14.2%

Leeds 8.0%

Visitor numbers were up 13.7% in 2015. Continued improvement in domestic economy has delivered

very strong increases in RevPAR across regional Irish cities.

Cardiff benefited significantly from Rugby World Cup in Sept & Oct. Another strong year for both

Leeds and Manchester. London – flat first half followed by strong third quarter before disappointing

end to year.

Source: STR Global

Irish & UK Hotel Market Performance

18

19

Dalata Hotel Group Hilton Worldwide

Tetrarch Hospitality Windward Management

Tifco Hotel Group Others

48.5% of Owned & Leased Portfolio in Dublin

Dublin Market Share

Dalata is market leader with 19.2% in fragmented market –

Limited international brands

RevPAR Growth

Second Highest RevPAR Growth in Europe

2015 2014 % Var

Occupancy 82.2% 78.3% 3.9%

ARR 112.29 95.50 17.6%

RevPAR 92.25 74.77 23.4%

Increasing Number of Rooms Opening

CBRE Predict 4,000 to 5,000 rooms opening by 2019

275 200-400

1,750-2,000 1,750-2,000

1,250-1,600

2,500-3,000

250-300 250-300

2016 2017 2018 2019

Rooms Opening Go on Site

19

20

Highest Occupancy in Europe but 15th in ARR

Occupancy Rates 2015

Average Room Rate 2015

20

€50.00

€100.00

€150.00

€200.00

€250.00

55.0%

60.0%

65.0%

70.0%

75.0%

80.0%

85.0%

Acquisitions

21

1) Freehold interest of leased hotels -

Expect Cardiff Lane, Portlaoise and Cork

properties to come on the market in

2016

2) Acquisitions

Completed the purchase of Clarion

Hotel Cork (€35.1M) & Tara Towers

Hotel, Dublin (€13.2m); Exchanged

contracts to purchase Clarion Hotel

Sligo (€13.1m)

Exchanged contracts to purchase

leasehold interest of 4 Choice

Hotels (€40m)

3) In planning process for additional rooms

in Clayton Dublin Airport, Clayton

Ballsbridge & Maldron Sandy Road

4) Purchased a site in central Dublin

(€11.9m) to build new 181 room Clayton

Hotel

22

We believed that opportunities would come

to market in Q4 2015 and throughout 2016

to complete out the existing platform in 4

distinct ways:

1) Acquisition of the freehold interest in

leased assets within portfolio

2) Acquisition of hotels to complete

platform in Ireland

3) Development capital expenditure on

existing assets

4) New hotel builds on a selective basis

Strategic Rationale for Fundraising Progress

€113m spent since October Fundraising

22

23

Tara Towers Hotel, Dublin Clarion Hotel, Sligo

€113m spent since October Fundraising

Purchase Price of €13.2m

– Initial yield of 3.6%

– Additional €4.5 million to deliver 4 star hotel with 116

rooms - total cost represents €152k per room

– Clear opportunity to significantly increase yield

Hotel Details

– 3 star hotel with 111 rooms, bar, restaurant and

meeting facilities

– Site of 1.46 acres also includes car park and derelict

houses

Location

– Located adjacent to Elmpark Urban Campus that

comprises 350k sq. ft. of office space, leisure centre,

14k sq. ft. conference centre and 220 residential units.

Recently purchased by Starwood Capital who have

plans to further develop.

– Within walking distance of University College Dublin

and two hospitals

– 2 miles from Ballsbridge with excellent transport links

to city centre

Next Steps

– Execute refurbishment project throughout 2016

– Implement Dalata business model during 2016 and

rebrand as Maldron Merrion Road in mid 2016

Purchase Price of €13.1m

– Initial yield of 7.1%

– Planned refurbishment programme to cost €750k

– Identified opportunities to both increase RevPAR and

reduce costs (including elimination of Clarion franchise

fees of €100k per annum)

Hotel Details

– 4 star hotel with 162 rooms including 89 suites, bar,

restaurant, leisure centre and extensive

meeting/conference facilities

– Site of 5.5 acres with extensive car parking, childrens’

play area and gardens

Next Steps

– Execute refurbishment project throughout 2016

– Implement Dalata business model during first half of

2016

– Rebrand to Clayton in late 2016

23

Gibson Hotel, Dublin

Modern 4 star hotel with 252 rooms,

restaurant, bar and extensive conference

facilities

Adjacent to 3 Arena, and within walking

distance of Convention Centre and IFSC

Clarion Hotel, Cork


restaurant, bar, conference and leisure centre

Located adjacent to city centre and within

office district of the city

Clarion Hotel, Limerick


restaurant, bar, meeting rooms and leisure

centre

Located in city centre overlooking River

Shannon

Croydon Park Hotel, London

4 star hotel with 211 rooms, restaurant, bar,

meeting rooms and leisure centre

Significant refurbishment work planned

Located centrally within large borough of

Croydon

Management of Clarion Liffey Valley Hotel, Dublin

Purchase Price of €40m

Initial yield of 10.5%

Plan to invest €14m in refurbishing Cork,

Limerick & Croydon hotels

Opportunities Identified to Grow EBITDA

€700k per annum franchise fee savings when

Clarion brand discontinued

€500k identified in synergies

Significant RevPAR opportunities on back of

strong markets, Dalata revenue management

and impact of refurbished rooms

Counterbalanced by increase of €900k in

annual rent at Gibson Hotel

Next Steps

Transaction is subject to the approval of

CCPC (Irish Competition Authority)

Decision due by March 11th

If approved, execute refurbishment projects

throughout 2016 & 2017

Implement Dalata business model during first

half of 2016

Rebrand four hotels to Clayton in late 2016

24

Choice Hotel Assets

24

Site Purchase Price of €11.9m

– Development costs of €31m to construct 4 star Clayton hotel with 188 rooms, bar,

restaurant and meeting facilities

– Total development cost of €43m equates to €230k per room

Planning Status

– Planning granted for 4 star 181 bedrooms (with material revisions to scale), bar,

restaurant, meeting room facilities and 10 basement car parking spaces

– Currently under review by An Bord Pleanala (Irish Planning Appeals body)

– Dalata have an alternative scheme that can deliver 190 bedrooms within building frame

granted planning above

– Current objective is to commence construction in final quarter of 2016 and hotel to open in

Q2 2018

Location

– Approximately 10 minute walk from Stephens Green

– Adjacent to a 53,000 sq. metre mixed use development currently under construction

– Next to Luas tram stop and convenient for large amount of nearby office space

25

Charlemont Street, Dublin

25

26

Strategy

• Decentralised Operating Structure

• The key role of the Hotel General Manager• The support role of Central Office

• Hotel Specific Strategy

• Driver of RevPAR• Supports sustainable growth

• Revenue Management – System vs People

• Testing of IDEAS• Human intervention

• Cost Controls – Payroll, Central Contracting

• Payroll forecasting• Alkimii

• Sweet Spot 3 / 4 star segment

• Over 80% of the Irish market

• People Development

• Growing our own• De-risking the business

The Difference with Dalata

27

1. Focus on maximising profitability of hotel portfolio in Ireland and the UK through the following:

Maximise RevPAR opportunities in all hotels and implement decentralised revenue

management system in all recently acquired hotels

Focus on developing our Food & Beverage offering to drive additional sales and

profitability

Driving further economies of scale given further increase in the size of the portfolio

Continue current targeted refurbishment programme

2. Continue to look for further opportunities to grow our Clayton and Maldron brands:

Complete acquisition programme in Ireland

Exploit opportunities to extend existing hotels

Look to secure leasehold opportunities for ‘new build’ hotels in Dublin

Secure opportunities to lease ‘new build’ hotels in the UK

28

Dalata Hotel Group Strategy

28

29

Appendices

* Contracts exchanged but completion subject to CCPC approval

** Room count will be 227 when completed

Hotel Portfolio Owned Hotels / Freehold Equivalent

Hotel Rooms

Clayton Hotel Cardiff Lane , Dublin 23

Clayton Hotel Dublin Airport 469

Clayton Hotel Ballsbridge , Dublin 304

Clayton Hotel Leopardstown, Dublin 354

Clayton Hotel, Galway 195

Clayton Whites Hotel, Wexford 157

Clayton Silver Springs Hotel, Co. Cork 109

Clayton Hotel Chiswick, London 208

Clayton Crown Hotel, London 152

Clayton Hotel Leeds 334

Clayton Hotel, Belfast 170

Clayton Hotel Manchester Airport 365

Clarion Hotel Cork 191

Clarion Hotel Sligo 162

Maldron Hotel Parnell Square, Dublin 129

Maldron Hotel Pearse Street , Dublin 109

Maldron Hotel Newlands Cross, Dublin 297

Maldron Hotel, Sandy Road, Galway, 104

Maldron Hotel Wexford 108

Maldron Hotel Derry, Co. Derry 93

Tara Towers Hotel, Dublin 111

Total 4,144

% Dublin 43%

Lease Agreements

Hotel Rooms

Clayton Hotel Cardiff Lane , Dublin 281

Clayton Hotel Cardiff, Wales 216

Clarion Hotel, Cork * 8

Clarion Hotel, Limerick * 158

Gibson Hotel, Dublin * 252

Croydon Park Hotel, London * 211

Maldron Hotel Smithfield, Dublin 92

Maldron Hotel Tallaght, Dublin 119

Maldron Hotel Galway (Oranmore) 113

Maldron Hotel Cork 101

Maldron Hotel Portlaoise 90

Maldron Hotel Limerick 142

Maldron Dublin Airport Hotel 251

Ballsbridge Hotel, Dublin 399

Total 2,433

% Dublin 57%

Summary by Hotel Category Hotels Rooms

Owned 20 4,144

Leased 13 2,433

Mgmt Agreement – Receivers 3 592

Mgmt Agreement – Owners 6 548

Total 42 7,717

Management Contracts

Hotel Rooms

With Receivers 592

Diamond Coast Hotel, Co. Sligo 92

Clarion Liffey Valley Hotel * 352

Pillo Hotel Ashbourne, Co. Meath 148

Directly with Owners 548

Cavan Crystal Hotel, Co. Cavan 85

Maldron Hotel, Belfast 103

The Belvedere Hotel, Dublin 92

Fitzwilton Hotel, Co. Waterford 90

Aghadoe Heights Hotel & Spa, Co Kerry 74

Shearwater Hotel, Ballinasloe, Co. Galway 104

Total 1,140

30

Per STR, RevPAR growth in Dublin was 23.4%

Excluding Ballsbridge & Clyde Court, RevPAR growth was 25.4% which was

comfortably ahead of the market

Food Sales up 3.6%

Beverage Sales also up 3.6%

EBITDAR Margin of 44.5% achieved in 2015

Highlights

Dublin KPIs 2015 2014 % Variance

Occupancy 83.6% 78.6% 5.0%

Average Room Rate (€) 91.86 75.63 21.4%

RevPAR (€) 76.76 59.42 29.2%

Reflects full year performance of all Dublin hotels in the portfolio regardless of when acquired.

31

Dublin

31

Very strong performance in our Regional Ireland properties

Outperformed market comfortably in Cork, Galway and Limerick

Food sales up 2.0% & Beverage Sales up 2.6%


Highlights

Regional Ireland KPIs 2015 2014 % Variance

Occupancy 70.4% 67.4% 3.0%

Average Room Rate (€) 73.70 67.21 9.6%

RevPAR (€) 51.87 45.29 14.5%

32

Regional Ireland

Reflects full year performance of all regional Ireland hotels in the portfolio regardless of when acquired.

32

Strong year in Regional UK (Leeds, Manchester & Cardiff) with RevPAR up 8.9%.

Particularly strong year in Cardiff

London down 5.2% - Chiswick impacted by significant construction work. Both

London hotels faced increased competition due to new supply in their local markets

Very good RevPAR growth of 6.2% at NI Properties (Belfast & Derry)

Food sales down 2% driven primarily by reduced occupancy in Chiswick

(construction works) and impact of stronger sterling exchange rate on Derry

Beverage sales flat versus 2014


Highlights

UK & Northern Ireland KPIs 2015 2014 % Variance

Occupancy 81.0% 80.7% 0.3%

Average Room Rate (£) 71.21 67.99 4.7%

RevPAR (£) 57.65 54.86 5.1%

Reflects full year performance of all UK and Northern Ireland hotels in the portfolio regardless of when acquired.

33

UK & Northern Ireland

33

dalata hotel group 2015 final year results presentation

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