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Synergies between the two companies

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Innovative asset management<br />

to support <strong>the</strong> Hotel strategy<br />

An innovative<br />

asset externalization program<br />

designed to:<br />

� Reduce capital intensity in upscale hotels<br />

� Variabilize holding costs in <strong>the</strong> midscale segment<br />

Focus on on operating hotels<br />

and<br />

Reinforce expansion strategy<br />

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