Hospitality Asset Managers AssociationThe James Royal Palm Miami South Beach

September 2014

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HAMA-Japan Update

September 20142

FY 2013-14 ActivitiesMar. 6, 2013 2nd HAMA Japan Annual Seminar

（ Grand Prince Hotel Takanawa)Aug. 22, 2013 Study Session ：

“Hotel Transaction Market Trend”(FIAT CAFÉ, Aoyama ）

Jan. 9, 2014 Networking Session ：“Branding strategy of Marriott Tokyo”（ Marriott Hotel Tokyo ）

Mar. 13, 2014 3rd HAMA Japan Annual Seminar（ St. Paul University, Ikebukuro)

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FY 2013-14 ActivitiesHAMA members gave lectures at St. Paul University, Institute of Tourism.

1st Oct 4, 2013 　Yutaka Maruyama ： History of Hospitality Asset ManagementAnna Abe ： Hotel Investment Cycle and AM planningYuji Tomoda ： Financial Analysis and Benchmarking

2nd Oct. 11, 2013 　 Shota Matsuo ： Hotel Investment ProgramKen Ikeo ： CapEx Guidlines

3rd Oct. 18, 2013 　Nozomi Okamoto: Asset Managers’ role in Revenue ManagementShinya Naito ： Decision to hold/sell

4th Oct. 25, 2013 Masahiko Sakamura ： Negotiation of Hotel Management AgreementKoji Takabayashi ： Evaluation of Hotel Franchise Agreement

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FY 2013-14 ActivitiesSep. 2013 ～ Jan. 2014

HAMA members gave 14 lectures on “Asset Management for Tourism Industry”, for the undergrad students at Department of Tourism, St Paul University.

Lecturers:T. Kawai, M. Ito, K. Ikeo, A. Abe, S. Kuwana, Y. Tomoda, S. Matsuo, M. Sakamura, K. Takabayashi, S. Naito, T.Inagaki, Y. Maruyama

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FY 2013-14 Activities

Translation Hotel Asset ManagementPrinciples and Practices

Published by St. Paul Univ. press

Mar, 2014

HAMA members translated the 19 chapters.

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Japan

Members 36

Honorary Member 1

Supporting Member 2

Membership as of August 27, 2014

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Upcoming meetingOct 27th, 2014Study Session: Recent Revision in Uniform System of Account and HICAP Updates held in October 15-17th, 2014 in HKLecturer: Koji Takabayashi (Horwath HTL)Location: TBD

Dec. 2014 （ TBC ） Study Session: Hotel Transaction in 2014Lecturer: Mayumi Tanaka (KPMG FAS)

Mar. 2015 （ TBC ） 4th HAMA Japan Seminar

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Key Issues and Successes

• Size of “hotel asset management” in Japan is relatively small or number of professionals who are engaged purely in hotel asset management is limited – Hard to apply strict membership qualification to maintain

the necessary member volume for financial stability• Volume and variety of market information available for

hotel asset managers are limited.– e.g. Hotel transaction cap rates are hard to get – Only two hotel REITs exist in Japan

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Key Issues and Successes

1) Translation and publication of Hotel Asset Management Principles and Practices

2) HAMA lecture series by the members at St. Paul University 3) Organized Site-tour/Presentation/Cocktail Sessions for new

entry hotels such as Andaz Tokyo, Tokyo Marriott Hotel, etc.

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HAMA-Europe Update

September 201411

Europe

Founding Members 10

New Membership Inquires 17

Applications Received 6

At Stage of Approval 5

Declined 1

Membership

*The Membership Committee will be convening coming Thursday to go through the applications

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Burning Issue Meeting on May 31 2014 in Vienna (sponsored JJW Wordwide – Karim Jalloul):

•As a result of a survey amongst the Founding Members preceding the Vienna Meeting three issues were identified as Burning Issues (see attached “Summary Burning Issue List.xlxs) which were then covered during the one day session

– OTA– Brand Fees– HMA Termination Practices and Terms• As a result, we have agreed to:– Carry out a survey on OTA Fees for hotels of HAMA Europe Members– Carry out a survey on Brand Fees and Structure for hotels of HAMA Europe

Members– Investigate in Termination Practices and Terms of HMA in Europe

•The two surveys are now in process of being finalized and will be presented at the Members Meeting in London on September 16th and 17th

Activities

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A Memorandum of Understanding was been signed with MODUL University (see attached “MoU MU HAMA 2014.pdf”) . The goal of this partnership is to establish an academic platform for the Hospitality Asset Manager Profession by synthesizing the respective expertise of the partners for the integration of a hotel asset management agenda into the University’s study programs. To achieve this Modul has also engaged with Prof. Arjun Singh.

Academic Platform

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1) Board to be completed (Vice President, Treasurer, Secretary, At Large): addressed at upcoming Members Meeting

2) Insurance for Members to be signed: to be discussed at upcoming Members Meeting

3) Ruling on whether VAT on Membership Dues are applicable for HAMA Europe – Jordans (our Service provider) to be instructed – discussed at Members Meeting

HAMA Europe Members MeetingLondon September 16-17, 2014

Sponsored by Starwood Capital – Cody Bradshaw

Open Administrative Issues

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HAMA-Asia PacificUpdate

September 201416

Membership Update• Currently we have about 30 paid members with a strong

geographic reach in Asia / ME. This is the first time we will be exceeding 30 paid members and we expect to also receive a good number of applications over the next 1-2 months from senior Asset Managers / top management from regional REITs and funds.

• We aim to pay our loan to HAMA U.S.A. by end of this year

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Meetings & Activities

Meetings and Activities:•Our next event and Annual General Meeting is on October 13.Educational Initiatives Update:•The target in 2013 was to stabilize the association and grow membership. This is a key focus in 2014-2015 eg. Promoting the CHAM, linking up with regional hospitality schools and also awareness of Asset Management etc. •One activity included linking up with key conferences and have a voice as HAMA AP in their planning committee and promote a more owner centric agenda.•We are working with the Ecole Hoteliere de Lausanne to start a academic study on hotel asset managers versus GM•Included a panel organized by HAMA AP in HICAP Hong Kong which is the leading hospitality conference in the region.

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Key Issues You Are Facing• Opening of other chapters in ME and potentially in China may slow

down our membership growth. We will need to find a solution and work together with new Associations.

KEY SUCCESSES• Sponsor of two major conferences in Asia (HICAP and Hotel

Management Summit), membership growth, growing awareness in Asia Pacific as an Owners’ voice, expand in different geographies in Asia

BOARD UPDATE• Christopher Ford, SVP Asset Management, Host Hotels & Resorts

has accepted to be nominated as first Vice President in the upcoming AGM

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HAMA-MEAUpdate

September 201420

Membership Update

• Preliminary membership list with ninety seven (97) candidates• This preliminary list continues to be populated & revised and

we anticipate at least a 25% increase of candidates once fully updated & operational.

• All identified candidates will be contacted as soon as DIFC incorporation has been finalized with operating Emirates NBD bank account. Initial pre discussion with potential future members has all been received very positively.

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Meetings & Activities• Implemented a monthly officer BOD meeting every last Thursday of each

month at 6PM. Attendance and/or participation is mandatory • Received NOC (No Objection Certificate) to be filed with DIFC

incorporation application which final main hurdle for incorporation. • Looking to submit for DIFC incorporation in week# 37 [week of September

8th] • Anticipating DIFC approval to be received by end of week# 39 [week of

September 22nd] • Plan to host a reception last quarter 2014 to officially announce HAMA

MEA incorporation• Anticipating hosting a reception with guest lecture first quarter 2015• Will have host annual general members meeting the day prior to AHIC

2015 http://www.arabianconference.com & will coordinate with AHIC management a comprehensive AM panel

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Educational Initiatives Update

• BGP has an existing long term relationship with Emirates Academy of Hospitality Management http://www.emiratesacademy.edu/ and has historically set up a connectivity with Boston University School of Hospitality Administration

• The Managing Director (Ron Hilvert) & Dean (Stuart Jauncey) of EAHM have both been approached and informed of HAMA MEA. Current discussions are in progress for a asset management panel discussion & guest lecture for the students and faculty

• Long term strategy is for a regular, consistent & sustainable HAMA MEA/EAHM working relationship

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Key Issues You Are Facing

• The complex manner & pace of business dealings within the Middle East & Africa

• Final stages of establishing Affiliate in the Region

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Key Successes

• HAMA MEA has received NOC (No Objection Certificate) to be filed with DIFC incorporation application which final main hurdle for incorporation.

• BGP has approached Dubai Government entities & high ranking officials for their support & recommendation for HAMA MEA

• HAMA MEA will be officially endorsed and supported by Dubai government entities in subsequent press releases with joint announcement at DIFC incorporation

• HAMA MEA is already being approached by qualified asset managers for initial interest as word of mouth is spreading

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Board UpdateAs of September 5, 2014:

• NON-OFFICERS– Board of Director - Christopher Knable, CEO Katara Hospitality– Board of Director - Alain Debare, CEO, Action Hotels– Board of Director- Wayne Troughton, CEO HTI Consulting– Board of Director- Joel Russo, SVP Head of Asset Management, Kingdom Hotel

Investments – Board of Director- Roger Blackall, Director of Hotels & Hospitality Division,

Premier Group– Board of Director – Harry Johnson, Senior Asset Manager, Majid Al Futtaim– Board of Directors – Roya [waiting for approval]

• OFFICERS– President - René Beil, Managing Director, Beaufort Global Partners– Vice President - Ahmer Naushad, Vice President, Majid Al Futtaim Properties– Secretary - Rico Picenoni, Asset Manager, Seven Tides– Treasurer - Fred Novella, Managing Director Global Asset Solution

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HAMA- China Update

September 2014

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Question/Answer• Are the 2014 projections realistic or should we just focus on 2015 and beyond?

Depending on when we can get full approval, we may downward adjust our projection for 2014.

• How long are you expecting it will take to formalize HAMA China from a legal perspective?

One month or two. We may register it in Hong Kong, as any name for organization containing "China" requiring lengthy processing time in China. In Hong Kong, the processing time is much shorter/easier.

• We experienced significant delays in Europe as banking requirements made it extremely difficult to establish a bank account. Will that be an issue for you?

If we get HAMA China registered, then banking requirement will not be that difficult.

• Do you anticipate any need for initial seed money to cover any small expenses in the establishment of the affiliate?

No, it should not be a problem. We/I can cover small expenses if required.

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HAMA-Japan Board Members

September 201429

New Board Members

Chairman: Yutaka MaruyamaHTL Capital Advisors LLC, Managing PartnerGlobal Hospitality Corporation Pte Ltd, Chief Operating Officer

Yutaka Maruyama has over 30-year experiences in hospitality business and has led development, opening, operation, re-branding, and turn-around projects for Westin, Sheraton and independent brands. He served for development for Westin and Caesar Park in Asia Pacific, managed operation for Starwood as General Manager, and undertook corporate planning for a hotel operation company under Green House Group as Managing Director. Prior to joining to HTL Capital Advisors: a financial advisory firm specialized in hospitality business and Global Hospitality Corporation: a hotel investment, management and operation platform for Asian countries as a founder, he was a founding member of Charters Lodging Group Japan and the head of Hotel Asset Management Team under Aetos for its hotel portfolio. 。

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New Board Members

Deputy Chairman: Ken IkeoVice President of Fortress Real Estate (Asia) GK

Ken Ikeo is currently serving as Vice President at Fortress Investment Group GK. He oversees all asset management initiatives for approximately 50 hotels, and also gets deeply involved with operation aspect as a member of the board of the affiliated management companies. Prior to Fortress, he was an Asset Manager at Japan Hotel REIT Advisors Co., Ltd, AM company for a hotel real estate investment trust (REIT) with responsibility for numerous turnaround and repositioning projects. Prior to joining the team, he has started with his career in hotel asset management at Goldman Sachs Realty Japan Limited since 2005. He has over 15 years of experience in hotel asset management and operations. He received a M.S. in Hospitality Industry Studies with a concentration in Hospitality Investment from New York University, as well as a B.A. in Sociology from Rikkyo University (St. Paul’s), where he serves as a part-time lecturer for Asset Management class.

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New Board Members

Treasurer: Anna AbePartner of Hotelvalue Advisors, LLC.

Anna Abe held a variety of various corporate positions before coming to Hotelvalue Group beginning with Mizuho Corporate Bank’s New York office. After returning to Japan, she joined Goldman Sachs Realty in the Portfolio Management Department, where she worked on system improvement and was responsible for reporting to investors; in the Hotel Asset Management Department, where she worked on asset management for 15 hotel portfolios worth more than 100 billion yen; and in the Due Diligence Department, where she worked on hotel investments. In this period, she underwrote many major hotel assets, including a large-scale hotel portfolio worth more than 200 billion yen. She is a graduate of University of Massachusetts Amherst and holds a Certificate in Hotel Real Estate Investments and Asset Management from the Professional Development Program at the Cornell University School of Hotel Administration.

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New Board Members

Research ＆ Education Director: Narishi HayashiDirector of Development, Candeo Hospitality Management, Inc.

Mr. Hayashi is currently responsible for hotel developments at Candeo Hospitality Management, Inc. Prior to joining Candeo, he developed and acquired hotels at Jowa Holdings Co., Ltd. At the dawn of hotel asset market in Japan, he cultivated asset management practices which include developments, securitization and acquisitions/divestitures at The Industrial Bank of Japan, Ltd. and Arthur Andersen/KPMG.He holds a Master of Business Administration degree from INSEAD and a Bachelor of Arts degree in French Studies and International Relations from Sophia University.

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New Board Members

Secretary: Masahiko SakamuraVice President of Hyatt (Japan) Co., Ltd.

Mr. Masahiko Sakamura has been serving as Vice President of the Corporate Transaction Group at Hyatt (Japan) Co., Ltd since September 2011. Previously, Mr. Sakamura served as Senior Director of Asset Management with Ishin Hotels Group Co., Ltd. from 2010. Prior to joining Ishin Hotels Group, he served as Senior Asset Manager for Panorama Hospitality, K.K. from 2004. He started his career at Orix Corporation in 1996. During his Hotel Asset Manager career, he took initiative in a number of major projects such as rebranding the Hyatt Regency Kyoto, the acquisition of 13 ANA hotels, and the disposition of Crowne Plaza Kobe (currently ANA Crowne Plaza Kobe), etc. Mr. Sakamura holds a Master of Urban Planning degree (Real Estate Concentration) from the University of Washington Graduate School.

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New Board Members

Board Member: Goki AkuzawaSenior Vice President, GIC

Goki Akuzawa has over 20-year experience in real estate asset management business in Australia, US, China, Korea, and Japan. In Australia and US, he worked on Class A office buildings and shopping malls, as well as hotels including Four Seasons, Ritz Carlton, Hyatt, Nikko, and Royal Park. After returning to Japan, he joined Hotel Asset Management team of Goldman Sachs Realty Japan, and asset-managed hotels in Japan, China, and Korea. Involved in establishing Japan’s first hotel REIT (Japan Hotels and Resorts). Joined Panorama Hospitality (Morgan Stanley Capital) in 2007, where he served as Vice President and Director of Asset Management in charge of ANA hotels portfolio, consisting of 13 Inter-Continental and Crowne Plaza. Goki joined GIC in 2010, where he is responsible for hospitality asset management and investment in Japan. He holds a Master’s degree of Professional Studies in Hospitality from Cornell University.

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