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Upscale Hotels Asset Management Strategy

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Growth drivers:<br />

� Large populations<br />

� Exponential growth in<br />

demand<br />

� No economy hotels and<br />

fragmented supply in<br />

other segments<br />

Growth drivers in emerging markets<br />

Target markets:<br />

� China, India, Russia,<br />

Latin America, Middle<br />

East<br />

� Using joint ventures/<br />

management contracts /<br />

variable-rent contracts<br />

Initial 3-year budget: €100 million<br />

Faster expansion: + €200 million<br />

48

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