Christie + Co Corporate

Agency Valuation Services Investment ConsultancyAboutChristie + Co 14International OfficesA Member of Christie Group Plc+ Partnership founded in 1935+ Publicly listed on Alternative Investment Market (AIM)Specialists in the Hotel Sector+ Pre-eminent hotel property advisers+ Undertake large portfolio and cross-border projectsHeadquarted in London with 28 officesacross Europe and Middle EastHotel Advisers, Valuers and Agents fornearly 80 years350 hotel sales and 450 hotel valuationseach yearHelsinkiBerlinMunichFrankfurtDublinLondonParisRennesLyonMarseilleBarcelonaViennaWarsawDubaiAdvice on c.£20bn of hotel debt across the UKand Europe region within the last 36 monthsBUSINESS INTELLIGENCE IN HOTELS2

Agency Valuation Services Investment ConsultancyWhy Christie + Co?A superior value propositionOur International Hotel Consultancyteam’s focus is to create, retain and orrecover maximum value for our clients,whilst providing best-in-class service anddeliverables. This is achieved by offeringour clients a superior value proposition,which includes the following features:+ Our international team combines localknowledge and extensive internationalexperience to offer expert coverage ofhotel markets throughout the UK, Europeand the Middle East+ We have close ties with our colleaguesin Agency, Valuation Services andInvestment & Development, therebybeing able to advise our clientsthroughout the project lifecycle+ We have access to a substantialtrading & transactional database andinternal knowledge of real-worldtransactions & deals+ Our consultants are seasonedprofessionals with extensive experiencein business operations, consultancy,development and finance. They arebased throughout our extensive networkof international offices+ We offer bespoke and best-in-classdeliverables, which provideimplementable advice allowing ourclients to understand the opportunitiesand issues quickly and conciselyThe Shard London, UK – Operator SearchBUSINESS INTELLIGENCE IN HOTELS3

Agency Valuation Services Investment ConsultancyInternationalHotel Advisory ServicesBarcelona focusing on the Iberian market,the Canary & Balearic Islands and MadeiraHotelsPubsCorporate HotelsInternational HotelAdvisory ServicesDubaifocusing on the Middle East and AfricaDublin focusing on IrelandRestaurantsLeisureHelsinki focusing on Scandinavia, Russiaand the Baltic StatesCareRetailLondon focusing on the UK andInternational marketsMunich focusing on Germany andCentral EuropeParis focusing on France, Belgium andSwitzerlandVienna focusing on Austria and Central& Eastern EuropeWarsaw focusing on Poland, Ukraine,Central & Eastern EuropeBUSINESS INTELLIGENCE IN HOTELS4

Agency Valuation Services Investment ConsultancyOur servicesthroughout thehotel lifecycleAcquisitionDevelopmentOperationsDisposal+ Christie + Co offers a comprehensive rangeof services to support hotel businessesthroughout their lifecycle+ We work on all property types – frombudget to luxury and from major portfoliosto single assets+ Specialist Valuers, Consultants andProperty Advisers acting for:Major UK and European lending banksMany international lending and investment banksVirtually all major hotel operatorsMany international developers and investorsA variety of local and regional owners and investors+ Investment advice+ Deal origination andbuy-side advice+ Commercialdue diligence+ Valuation+ Valuation+ Preparation of sales/information memoranda+ Disposal adviceand brokerage+ Expert witness andlitigation support+ Opportunityidentification+ Market research,feasibility & impact studies+ Highest and best use studies+ Deal origination andbuy-side advice+ Site sourcing anddevelopment deals+ Operator search and selection+ Forward sale+ Property advice and rent reviews+ Strategic & business advice+ Operational review,Capex appraisal+ Performance analysis andbenchmarking+ Highest and best use studies+ Asset managementBUSINESS INTELLIGENCE IN HOTELS5

Agency Valuation Services Investment ConsultancyMENA Region ExperienceOur Directors and international consulting team have undertaken over 300 assignments,highlighting their unparalleled experience in, and knowledge of, the MENA hotel market.Assignments range from strategic assessments, market studies, hotel feasibility studies,resort development assignments, highest and best use, master plan assessments,operator search, selection and negotiation, operational reviews and valuations.These are often on behalf of major hotel owners, investors, developers and operators.Project types range from stand-alone hotels across all asset classes to significant mixedusedevelopments.The Directors in Dubai offer, jointly, more than 25 years of consultancy experience,most of it in the Middle East and North Africa.BUSINESS INTELLIGENCE IN HOTELS6

Agency Valuation Services Investment ConsultancyCase StudiesSome of our recent consultancy activityincludes the following projects:Strategic AnalysisADNHManagement ContractACICODue DiligencePrivate EquityStrategic AnalysisMasraf Al RayanFeasibilityAlila Hotels and ResortsFinancial AnalysisOberoiChristie + Co providedadvice to Abu DhabiNational Hotels company,recommending long andshort term redevelopmentoptions for the existing327-room Hilton hotelin Abu Dhabi and the202-room Hilton hotel inAl Ain. An evaluation ofalternative options wasundertaken in the contextof the properties and ina significantly changedfuture hotel environment.Christie + Co assistedACICO with the negotiationof the managementcontracts for the newlyrebranded 471-roomRadisson Royal hotel inDubai and the 257-roomRadisson Blu Resort inFujairah. Both hotelshad previously beenoperational under the JALHotels and Resorts brand.Christie + Co providedadvice to support thedue diligence processto assess the investmentopportunity for theacquisition of a proposed386-room luxury resortto be operated by aninternational brand inMuscat. The deliverableprovided an in-depthmarket and financialfeasibility on the potentialfuture performance ofthe hotel.Christie + Co assisted MARin delivering a strategicconsultancy scope for theSeef Lusail Waterfrontwhere detailed researchand an analysis of theQatar hotel market wasundertaken consideringthe potential impact ofthe 2022 FIFA World Cup.In view of the overallmaster plan for Seef Lusailthe blueprint for hotelstrategy wasrecommended.Christie + Co undertooka market and financialfeasibility study to assistthe due diligence processto secure finance andinvestment partnersin order to commenceconstruction of a 5-starluxury eco-focussed resorton a beach front plot inSalalah, Oman.Christie + Co providedmarket and financial duediligence for a 251-room5-star deluxe Oberoi Hotelin Business Bay, Dubai.The study identified theopportunities and risksof operating a hotel inthe context of the currentand anticipated businessenvironment.BUSINESS INTELLIGENCE IN HOTELS7

Agency Valuation Services Investment ConsultancyZakhoErbilTehranGCC and Middle East Footprint 1IRAQIRANKUWAIT+ Feasibility assessment for a 5-star 225-keyluxury urban resort on a master plannedisland in Manama, Bahrain+ Due diligence for an investment company insupport of hotel acquisition in Muscat, Oman+ A 100 guestroom and 25 villa luxury lowimpactbeach resort in Salalah, Oman+ A 200-key 5-star and 250-key 4-star hotelwithin a master planned themed communityin Doha, Qatar+ A 250-key 5-star, 300-key 4-star and 150serviced apartments on a prime plot inRiyadh, Saudi Arabia+ Assessment & financial feasibility ofconverting an existing 5-star hotel to a privatemember’s club in Jeddah, Saudi Arabia+ Strategic development planning & feasibilityfor up to 4 hotels at the airport in AbuDhabi, UAE+ Feasibility study for six hotels within amajor leisure-focused island development inAbu Dhabi, UAE+ A 250-key 5-star hotel under constructionwithin a mixed-use cluster in Dubai, UAE+ A 230-key 5-star beach resort and spa inFujairah, UAE+ Master planned community comprising 206villas, 72 townhouses, 195 apartments, 180-key hotel and serviced apartments, 21,000m 2offices and 6,500m 2 retail in Sana’a, YemenSAUDI ARABIAJeddahSana’aBAHRAINKish IslandManamaQATARDubai FujairahDohaAbu DhabiUAERiyadhMuscatYEMENSalalahOMAN+ Product positioning and feasibility studyfor female spa resort on Kish Island, Iran+ Clustered 3 & 4-star hotels in Tehran, Iran+ A 300-key hotel and serviced apartmentsin Erbil and a 120-key midmarket resort inZakho, IraqBUSINESS INTELLIGENCE IN HOTELS8

Agency Valuation Services Investment ConsultancyErbilGCC and Middle East Footprint 2IRAQIRANKUWAIT+ Assessment of 6 plots for hotels andserviced apartments for a potentialpurchaser on Amwaj Island, Bahrain+ Development assessment and feasibilitystudies resulting in a hotel developmentstrategy in support of the final master plan,Salalah, Oman+ Strategic advice on hotel development as apart of the overall master plan framework atSeef Lusail Waterfront in Doha, Qatar+ Strategic advice on redevelopment of HiltonAbu Dhabi & Hilton Al Ain in Abu Dhabi, UAE+ Strategic advice on multiple hotel conceptswithin a major master planned developmentin Dubai, UAE+ Strategic advice on master planning for ahotel at a major development on DubaiCreek in Dubai, UAE+ Market study and development advice onindependent hotel positioning in Al Barshain Dubai, UAE+ Tourism master plan review for a 180hectare master-planned leisure andresidential community in Ras Al Hadd, Oman+ Operational review and developmentrecommendations for a hotel and villacomplex in Al Khobar, Saudi ArabiaSAUDI ARABIABAHRAINManamaAl Khobar QATARDubaiDohaAbu DhabiUAEYEMENSalalahOMAN+ Operational review and refurbishmentrecommendations for a 5-star city hotelin Manama, Bahrain+ Operational review and refurbishmentrecommendations for a 4-star city hotelin Doha, QatarRas Al Hadd+ Operational review for a 5-star city hotelin Abu Dhabi, UAEBUSINESS INTELLIGENCE IN HOTELS9

Agency Valuation Services Investment ConsultancyGCC and Middle East Footprint 3IRAQIRANKuwait CityKUWAIT+ A mixed-use project including a 150-key4-star hotel with serviced apartments andserviced offices integrated into a retail andentertainment complex in Muharraq, Bahrain+ Assessment and feasibility for a mixed-usecomplex resulting in recommendations for a370-key, 5-star business hotel and servicedapartments, 200 residential apartments,110,000m 2 offices and retail in Muscat, Oman+ Highest and best use for a luxury projectcomprising a 272-key hotel, 50 apartments,123 villas and a marina in Shinas, Oman+ Strategic assessment and financial analysisof a mixed-use master plan comprisinga 380-key 5-star hotel, 300 residentialapartments, a 100-berth marina and anF&B and retail piazza in Abu Dhabi, UAE+ Assessment and recommendations forthe development of a 250-key 5-star hotel,a 250-key 4-star and a 260-key 3-star hotelin two mid-town clusters in Jeddah,Saudi Arabia+ Assessment and recommendations forthe strategic redevelopment of the HiltonAbu Dhabi and Hilton Al Ain propertiesin Abu Dhabi, UAESAUDI ARABIAJeddahBAHRAINMuharraqQATARDubaiAbu DhabiUAEYEMENSalalahOMANShinasMuscat+ Assessment and financial analysis for a fivehectare waterfront plot to develop a 250-keyupscale hotel and 50-unit gated residentialcommunity in Kuwait City, Kuwait+ Assessment and best use for a resort islandto comprise a 5-star deluxe resort, freeholdresidential apartments, villas, water homesand a retail boutique in Dubai, UAEBUSINESS INTELLIGENCE IN HOTELS10

Agency Valuation Services Investment ConsultancyGCC and Middle East Footprint 4Our Management ContractAdvisory ExperienceThe Directors have been directly responsiblefor managing the hotel operator selectionprocess on behalf of numerous clients andhave directly assisted contractual negotiationsvia the Letter of Intent and ManagementAgreement stages. In addition they haveprovided ad-hoc advisory assistance tomany other hotel operator selection andappointment services throughout the GCCregion and have therefore had dealings withthe majority of the well-known internationalhotel management companies in the MiddleEast, Europe, Asia and the US.Having been involved in the hospitalityindustry in the Middle East since 2002, theDirectors exposure to hotel operators, theirbrands and contractual terms leaves themvery well placed to bring insightful andbalanced opinion and guidance to the hoteloperator selection and negotiation processOur Pedigree+ Negotiation assistance of the HMC’s forthe newly rebranded 471-room RadissonRoyal in Dubai and 257-room Radisson Bluresort in Fujairah+ Feasibility and operator selection fora luxury resort in Muscat, Oman+ Operator search, selection and contractnegotiation for a 4-star business hotel,Dubai, UAE+ Contract negotiation and assistance,luxury resort, Musandam, Oman+ Contract critique and advisory supportfor hotels in Dubai & Fujairah, UAE+ Operator search and selection 4-starbusiness hotel, Muscat, Oman+ Operator selection for four hotels ona mixed use development, Dubai, UAE+ Operator selection and contract assistancefor 5-star urban resort, Muscat, Oman+ Operator selection for 5-star business hotelin mixed use development, Muscat, OmanBUSINESS INTELLIGENCE IN HOTELS11

Agency Valuation Services Investment ConsultancyAlgiersLattakia AleppoTartousLEBANON SYRIABeirut DamascasMOROCCOTUNISIAMarrakechALGERIALIBYAEGYPTJORDANSharm El SheikhNorth Africa and Levant Footprint1+ Market and financial feasibilityassessment for a 450-key upscalebeachfront resort, a midmarket 340-keycity hotel and serviced apartments inAlgiers, Algeria+ Assessment study for a 300-keyupmarket resort, villas & souk withrecommendations between twodevelopment concepts inSharm El Sheikh, Egypt+ Feasibility studies for proposed hotelswhich included Hilton and Four Seasonsin Sharm El Sheikh, Egypt+ Feasibility assessment forredevelopment of a 250-key luxuryseafront resort and 30 residentialfreehold apartments in Beirut, Lebanon+ Market and financial assessment forproposed Hilton and InterContinentalhotels in Marrakech, Morocco+ Feasibility and master plan assessmentfor an 800-key multi-hotel developmentat a retail and office park site inDamascus, Syria+ Detailed feasibility and financialassessments for a converted historic5 star “Hotels de Charme” inDamascus and Aleppo, Syria+ Feasibility for a 300-key 4-star beachresort and serviced apartments inLattakia, Syria+ Master plan assessment and financialfeasibility for multiple hotels andresidences within a 90-acre seafront plotin Tartous, SyriaBUSINESS INTELLIGENCE IN HOTELS12

Agency Valuation Services Investment ConsultancyMOROCCOMarrakechALGERIATabarkaGammarthTunisMonastirDjerbaTUNISIATripoliLIBYAAlexandriaEGYPTLattakiaSYRIALEBANONDead SeaPort SaidPetraJORDANCairoAqabaSharm El SheikhNorth Africa and Levant Footprint 2+ Real estate market assessment forhotel, residential and office opportunitiesin Cairo, Alexandria, North Coast Egypt+ Investment opportunities assessmentfor hotels, residential and offices inAqaba, Dead Sea, Petra and Amman,Jordan+ Investment opportunities assessmentfor hotels, residential and offices inTripoli, Libya+ Positioning and strategic advice forMovenpick Ulysse Palace and RobinsonAthenee Palace hotels in Djerba, Tunisia+ Development advice and financialevaluation of optimum returns for a2km beachfront plot in Lattakia, Syria+ Valuation of stakes in a portfolio of fivehotels and shopping centres in Cairo,Port Said and Sharm El Sheikh, Egypt+ Valuation of the Corinthia Khamsa hotelin Gammarth, Tunisia+ Valuation of the Hyatt Regency inSharm El Sheikh, Egypt+ Valuation of a stake in a propertyportfolio comprising a shopping centreand three hotels in Tunis, Tabarka andMonastir, Tunisia+ Valuation of the Kasbah Tamadot,the former colonial fort converted to aluxury 18 bedroom spa/retreat hotel inMarrakech, MoroccoBUSINESS INTELLIGENCE IN HOTELS13

Agency Valuation Services Investment ConsultancyUK and Europe Region ExperienceOn the following pages we highlight some of our recent activity acrossthe UK and Europe, from major portfolios to single assets.BUSINESS INTELLIGENCE IN HOTELS14

Agency Valuation Services Investment ConsultancyInternational Consultancy 1Operational ReviewProminent European PortfolioAdvisoryThe Shard, LondonFeasibilitySki Resort in French AlpsDue DiligenceGermany and FranceMarket AnalysisAustriaChristie + Co undertookan operational review of aprominent hotel portfolio onbehalf of leading lenders to thesector. The deliverable providedan in-depth analysis of theportfolio, the group head officefunction and performance ofindividual assets in terms of localmarket strength, competition,current and long term financialtrading potential.Christie + Co was retained bySellar Property Group to providedevelopment consultancyand agency advice for thelandmark Renzo Piano-designeddevelopment, which was toinclude a luxury hotel on floors34 to 52 of the 70-storey building.Christie + Co also assistedin the search and selectionprocess which culminated in theappointment of the Shangri-Lahotel group which is to operatea 195-bedroom, 5-star hotel.Christie + Co carried out afeasibility study and developedan operational strategy onthe mixed use development inCourchevel including a luxuryhotel and a destination spa fora Real Estate Investment Firm.Christie + Co’s international teamcarried out a commercial duediligence and prepared individualprojections subject to Capex onLe Meridien Hotels in Germanyand France on behalf of a globalinvestment bank.On behalf of the Austrian HotelAssociation, Christie + Cocarried out analyses of the hotelmarkets in Vienna, Salzburgand Linz. The scope includedproviding an understanding of thehistorical development of supplyand demand in order to give aforecast for the future marketpotential with particular focusof the analysis on the possibleconsequences that additionalsupply could have on occupancy,rates and prices.BUSINESS INTELLIGENCE IN HOTELS15

Agency Valuation Services Investment ConsultancyInternational Consultancy2Advisory andOperator SearchSonderberg DenmarkFeasibilityFinlandStrategic ReviewEuropeFeasibility and OperatorSearch and SelectionEstepona, SpainPerformance MonitoringBarcelona SpainSonderberg Harbour Company isco-ordinating the developmentof the harbour master plan,designed by Frank O’Gehry inSouthern Denmark. Christie + Cohas been closely involved withthis major project, providinga detailed feasibility study andassisting with the sourcing of anoperator and an investor for theproposed full service hotel andadjacent water park development.Lappeenranta draws maximumbenefit from its proximity to theRussian border and today thecity records the highest tax freesales in Finland. Christie + Coconducted a feasibility study forthe prime site providing viewsover Lake Saimaa, to developa 200 room hotel with a spa.Further, we assisted the clientin the search for an operatingcompany for the proposed hoteldevelopment.Christie + Co undertook astrategic review of 200+ budgetto luxury hotel assets for aleading UK Bank includingcross-portfolio analysis, detailedsub-group benchmarking andidentification of strategic options(integration, consolidation andrationalisation).Following the preparation ofa detailed feasibility study,Christie + Co is undertaking anoperator search and selection forthis new hotel development inEstepona. This exciting project ispart of the Gran Bulevar mixedusescheme and benefits from aprime city centre location.Christie + Co has been appointedby Iberdrola Inmobiliaria to carryout quarterly performancemonitoring of the 433-roomHilton Diagonal Mar, locatedin the 22@ innovation districtof Barcelona. This performancemonitoring service is a valuabletool providing detailed insightto the client into how an assetis trading in its local market.BUSINESS INTELLIGENCE IN HOTELS16

Agency Valuation Services Investment ConsultancyUK Consultancy+ Operational Reviews & Strategic Advice+ Due Diligence & Business Plan Review+ Market Research & Impact Studies+ Development & Planning Advice+ Management Contract & Lease Advice+ Business Support & InformationStrategic Review of 200+budget to luxury hotelassets for a leading UKBank including crossportfolioanalysis andidentification of strategicoptions (integration,consolidation andrationalisation)Feasibility Study fora proposed 268-roomlifestyle hotel for aPrivate Real Estate Firmat Sea Containers Houseon London’s South Bankwith two alternativebranding scenariosTwo-phase StrategicReview of 30+midmarket assets fora leading Irish Bankincluding head officereview, market analysis,benchmarking andfinancial performancereviewOperational Review ofa 5-star, landmark hotelin Scotland includingfinancial forecasts underdifferent redevelopmentand rebrandingscenariosOperational Reviewof 30+ UK regionalmidmarket hotel assetsand detailed headoffice review for aleading Irish BankCommercial DueDiligence for twomajor UK lifestylehotel portfolios of 25+assets to assist a globalPrivate Equity House inbidding processOngoing review ofthe evolution of thebranded budget hotelsector in the UKincluding focus onkey UK citiesOperational Reviewof a luxury landmarkgolf hotel for a leadingUK Bank in Scotlandincluding financialforecasts undernumerous scenariosStrategic Review of c.20 midmarket assetsfor a major UK Bankincluding asset by assetassessment, portfolioranking and options forvalue realisation andmaximisationFeasibility Studiesfor lifestyle budgethotels in Manchesterand Sunderland for aProperty DeveloperPerformanceBenchmarking andOperational Review -Luxury Boutique Hotelwith 120+ rooms inMayfair, London for aUK Hotel OwnerOperational Reviewof an internationallybranded budget hotelportfolio of 10+ assetsincluding head officereview, individualasset reviews, financialperformance andprojections subject toCapex for a consortiumof Four Lending BanksFinancial Forecastsand Valuation of 40+branded upscaleassets in Londonand Provincial UKfor a leading globalInvestment BankStrategic Review of20+ upscale conferencehotels, includingexisting vs. proposedlease agreement andidentifying alternativeoptions includingoperational, cash flowand pricing implicationsfor a leading UK BankBUSINESS INTELLIGENCE IN HOTELS17

Agency Valuation Services Investment ConsultancyUK Agencyand ValuationAgencyPark Inn Hyde ParkValuationApex HotelsActing on behalf of GreshamHotel Group, Christie + Cosold the Park Inn Hyde Park,London, for an undisclosedsum, with offers in excess of£35 million sought.To enable development financeon an outstanding project,Christie + Co valued thishotel group, comprising eightfour-star hotels in London,Edinburgh and Dundee.AgencyCrowne PlazaAgencyRadisson EdwardianAgencyRamada HotelsAgencyPark Inn FreeholdValuationLRG PortfolioFollowing a competitivemulti stage bidding processChristie + Co sold the198-room Crowne PlazaCambridge to London &Regional (L&R). We actedon behalf of administratorsGrant Thornton at a guideprice in excess of £35 million.Acting on the instructionof Les Ross and MattDunham, administrativereceivers and agents of FreeTrade Hall Hotel Limited,Christie + Co sold the 5-starRadisson Edwardian Hotel inManchester to the EdwardianGroup.Two Ramada Hotels inLondon were sold byChristie + Co to WestmontHospitality Group for areported price of £75m.The 213-room Ramada HydePark and the 189-roomRamada Ealing were soldon behalf of Dublin-basedLioncourt Capital and will beoperated under a Doubletreeby Hilton franchise.Acting on behalf of F.L Taylor,C.P Dempster and A.J Davisonof Ernst & Young, JointAdministrators for W G Mitchell(Guernsey) No.10 Limited,Christie + Co sold the ParkInn London, Russell Squareto Crimson Hotels Group,the independently-owned UKbased hotel company, for anundisclosed sum.Since its acquisition in 2005,Christie + Co has carriedout regular valuations ofthe 62-strong hotel portfoliocomprising IHG brandedCrowne Plaza and HolidayInn Hotels throughout the UK.The portfolio is owned by LRGAcquisitions Ltd, a consortiumincluding Realstar AssetManagement and GICReal Estate Pte Ltd.BUSINESS INTELLIGENCE IN HOTELS18

Agency Valuation Services Investment ConsultancyUK TransactionVon EssenHotel PortfolioSharrow BayThornbury CastleRoyal CrescentDalhousie CastleSeaham HallChristie + Co sold 28 former von EssenHotels on behalf of administrators fromErnst & Young. Despite industry concernsabout the sale of such a large portfolio in achallenging market, we were able to applyour knowledge, use our relationships andimplement a highly successful marketingprogramme. The hotels attracted multiplebids and were sold in groups, as well ason an individual basis, in order to maximisethe total price achieved for our client.At Christie + Co, business intelligenceresults in successful outcomes.Deal-making in a challenging market.The SamlingThe ElmsCallow HallYnyshir HallThe MountSton Easton ParkHomewood ParkFowley HallLewtrenchard ManorMoonfleet ManorWooley GrangeNew Park ManorBuckland ManorLower Slaughter ManorWashbourne CourtCongham HallThe Greenway SpaClivedenThe Ickworth/Dover HouseBishopstrow HouseAmberley CastleBUSINESS INTELLIGENCE IN HOTELS19

Agency Valuation Services Investment ConsultancyEurope Agencyand ValuationAgencyFrankfurt, GermanyAgencyHamburg, GermanyAgencyStuttgart, GermanyAgencySloveniaChristie + Co provided adviceto an Egyptian HNWI for theiracquisition of the Best WesternMacrander Hotel in Offenbach,Frankfurt offering 127 roomsand 7 conference rooms.Christie + Co sold the 186-roomSuite Novotel property locatedin the city centre of Hamburgto Deka.On behalf of the owner,Union Investment RealEstate, Christie + Co sold the229-room Movenpick HotelStuttgart – Messe locatedclose to the Stuttgart Airportto a group of investors basedin the Middle East.Christie + Co has beeninstructed to sell theKempinski Palace, Portoroz inSlovenia. The 183-room, 5-starMediterranean resort is locatedon the Istrian Riviera of theAdriatic coast.ValuationCannes, FranceValuationParis, FranceValuationFrankfurt/Berlin, GermanyAgencyParis, FranceAgencyRoissy, FranceAgencyHuelva, SpainChristie + Co advised ChequersCapital by valuing the PullmanCannes Mandelieu RoyalCasino, a modern 213-room4-star resort. The propertyis located in proximity toLa Croisette and the Palaisdes Festivals, and features2 restaurants, 2 bars anda casino.On the instruction of Starman,Christie + Co valued the1,025-room Le Meridien Etoile4-star hotel in Paris with2,500m 2 of function space.On behalf of a HNWI,Christie + Co valued twointernational branded 5-starhotels (450+ guestrooms)in Frankfurt and Berlin foracquisition purposes.Christie + Co sold the freeholdinterest in the Hotel Lancasterin Paris. The property is ahistoric Parisian palace with57 individually designed guestrooms and suites located onChamps-Elysees in Paris.Christie + Co has beeninstructed to sell the MarriottHotel in Roissy, France.The 300-room property isconveniently located near ParisCharles de Gaulle Airport andVillepinte Exhibition Centre.On behalf of the Spanish hotelchain Set Hotels, Christie + Cosold the 5-star property, theEl Rompido Golf to the Berlinbased operator Precise HotelCollection. The 184-room and12 suite property is located inCosta de la Luz on the westcoast of Huelva.BUSINESS INTELLIGENCE IN HOTELS20

Agency Valuation Services Investment ConsultancyChristie + CoCorporate Hotels TeamChris Day FRICSInternationalManaging DirectorE: chris.day@christie.comT: +44 20 72270777M: +44 7831263536Jeremy HillDirector& Head of HotelsE: jeremy.hill@christie.comT: +44 20 72270753M: +44 7831133642Andreas ScrivenDirector& Head of ConsultancyE: andreas.scriven@christie.comT: +44 20 72270782M: +44 7795640463Markus BeikeManaging DirectorGermanyE: markus.beike@christie.comT: +49 30 20009612M: +49 1736510352Philippe SouterbicqManaging DirectorFranceE: philippe.souterbicq@christie.comT: +33 1 53967283M: +33 698891008Inmaculada RaneraManaging DirectorSpainE: inma.ranera@christie.comT: +34 93 3436162M: +34 627410671Maureen DoyleAssociate DirectorDublinE: maureen.doyle@christie.comT: +353 1 6182000M: +353 872813543Gavin SamsonManaging DirectorMiddle East &North AfricaE: gavin.samson@christie.comT: +971 4 4348444M: +971 50 4266045John PodarasDirectorMiddle East &North AfricaE: john.podaras@christie.comT: +971 4 4348444M: +971 50 6500155Lukas HochedlingerManagerBusiness DevelopmentAustria and CEEE: lukas.hochedlinger@christie.comT: +43 1 89053572M: +43 69919971365Kimmo VirtanenDirectorScandinavia, Russia &the Baltic StatesE: kimmo.virtanen@christie.comT: +358 9 41378501M: +358 403581414Adam KoniecznyBusiness DevelopmentPolandE: adam.konieczny@christie.comM: +48 501 522913BUSINESS INTELLIGENCE IN HOTELS21

You can find all Christie + Co publications on our website:www.christiecorporate.com/news/publicationsOffice 213, Building 9, Dubai Media City, Dubai, United Arab EmiratesT: +971 (0)4 434 8444 F: +971 (0)4 454 7166 E: dubai@christie.com@christiecouklinkedin.com/company/35915www.christiecorporate.comTHE INTELLIGENT CHOICE