dalata hotel group 2015 final year results presentation
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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.
2
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
Occupancy 80.4% 74.8%
Average Room Rate (€) 92.72 76.62
RevPAR (€) 74.52 57.33
UK KPIs - Local Currency 2015 2014
Occupancy 80.0% 78.1%
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
Occupancy 81.6% 78.5%
Average Room Rate (€) 80.69 69.27
RevPAR (€) 65.85 54.40
UK - Local Currency 2015 2014
Occupancy 82.9% 82.8%
Average Room Rate (£) 73.86 71.76
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
Occupancy 74.3% 70.0%
Average Room Rate (€) 87.71 75.14
RevPAR (€) 65.17 52.63
UK - Local Currency 2015 2014
Occupancy 74.3% 75.1%
Average Room Rate (£) 66.29 61.84
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
Modern 4 star hotel with 198 rooms,
restaurant, bar, conference and leisure centre
Located adjacent to city centre and within
office district of the city
Clarion Hotel, Limerick
Modern 4 star hotel with 158 rooms,
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%
EBITDAR Margin of 22.5% achieved in 2015
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
EBITDAR Margin of 38.1% achieved in 2015
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
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