The questions remain the same – it’s the answers that change

Information in detail is what’s required

This annual briefing provides well informed, up-to-date, comprehensive, knowledge: what’s available, from where, for what purposes and on what terms. Hard facts and well informed opinion from front line practitioners active in the market.

Much has changed for the better over the past twelve months – availability has increased, terms have improved, activity has grown and the number and range of lenders have both expanded.

This briefing covers:

• Who is lending

• The cost, terms and security criteria

• For what and where

• For development and/or investment and/or operation

• In UK and Continental Europe

• New opportunities and trends

For all hotel owners, investors and operators; their chief executives, finance directors and financial controllers; brands, lenders, agents, advisors and consultants.

F i n a n c e f o r H o t e l I n v e s t m e n t a n d D e v e l o p m e n t i n t h e U K a n d C o n t i n e n t a l E u r o p e

L E M E R I D I E N P I C C A D I L L Y , L O N D O N W1 • MONDAY 23 NOVEMBER 2015

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Contributions from:

David Bailey, CBRE Hotels Limited

Lionel Benjamin, Topland Group

Paul Blackmore, CIMC

Felicity Black-Roberts, Starwood Hotels & Resorts Worldwide

Tony Burnell, Lloyds Commercial Banking

Richard Bursby, Taylor Wessing LLP

Vivek Chadha, Nine Hospitality

Alan Christie, CBRE Hotels Limited

Etienne De La Ronciere, Accor UK & Ireland

Russell Davidson, Lupton Fawcett Denison Till

Kristian Dijkstra, GNAM Investment & Asset Management

Marc Finney, Colliers International

Sarah Green, RBS Corporate Banking

Phil Golding, Cedar Capital Partners

Shane Harris, Jupiter Hotels Limited

Clive Hillier, Vision Hospitality Asset Management

Jileen Loo, CBRE Hotels Limited

Peter Norman, Hyatt Hotels Corporation

Robert Ryan, Travelodge Hotels Ltd

Charles Scudamore, Hetherley Capital Partners

Saar Sharon, Leonardo Hotels

Andrew Shaw, IHG

Nick Skea-Strachan, Berwin Leighton Paisner LLP

Joe Stather, CBRE Hotels Limited

Andy Townsend, Legacy Hotels & Resorts Limited

Chris Twitchell, Sweett Group

Jason Wischhoff, Accor UK & Ireland

Huw Zachariah, HSBC Bank plc

Sponsors

Chairman’s opening remarksDavid Bailey, Senior Director, CBRE Hotels Limited

How good has it got and will it get better in the near term?• Growth and future prognosis• Smart moves – what’s driving performance and measuring that success

• Trading performance and analysis – performance trends, market drivers

• Supply and demand – the changing UK hotel landscapeJoe Stather, Information and Intelligence Manager, EMEA, CBRE Hotels Limited

Asset management – ensuring the investment is keeping up performanceThis session will provide a practical view using case studies as examples to focus on innovation and creativity to deliver value. The case studies will highlight what has worked well, what should have been done differently and what will work in the future.• Potential deal structures• Controlling the Wish List• Managing the interface• Getting the hotel openAlan Christie, Director, Hotel Asset Management, CBRE Hotels LimitedClive Hillier, CEO and Co-Founder, Vision Hospitality Asset Management

Lenders’ PanelA series of problem areas will be put to the panel by Phil Golding, Asset Management, Cedar Capital Partners. Each panel member will address the contentious issues. Q&As will follow.• Where is hotel funding in ‘predicted cycle’ terms• The many factors that determine what do look out for in hotel funding

• The warning signs in times of change – identifying the problems early on

• Who is lending in the UK for hotel development, investment operation and on what terms

• What’s more important – what you lend on or who you are lending to?

• Strategies for refinancing – what’s the banks’ position• Funding ‘residential associated with hotels’ – availability and terms

• From the borrowers’ perspective – what one expects of the lender

• Operational challenges – the impact of booking engines and the consequences of the increase in the minimum wage on brands. How profitability and fundability will be affected

• The increasing popularity of serviced apartments and AirBnb – the rise, in investment potential, as an alternative asset class. A threat to hotels (?)

Tony Burnell, Relationship Director, Hotels, Lloyds Commercial Banking Russell Davidson, Director, Head of Hotels Group, Lupton Fawcett Denison TillSarah Green, Business Development Director, Hotels, RBS Corporate BankingHuw Zachariah, Regional Manager, Hotels, HSBC Bank plc

How does the choice of branding model affect the terms of finance• Direct agreements and non-disturbance arrangements between lenders and brands

• Borrowing restrictions imposed by brands• Financing issues on franchise and managed hotels• Key risks for lenders in lending to branded hotelsNick Skea-Strachan, Partner, Berwin Leighton Paisner LLP

Key-money strategies – the costs, benefits, trends and opportunities for brandsA series of issues will be raised with the panel by Richard Bursby, Partner, Head of the International Hotels Group, Taylor Wessing LLP. Each panel member will address the subject and Q&As will follow.• Strategies to maximise on the opportunities key-money can provide

• Why key-money is required and what it gets used for• What brands expect in return for key-money• How brands address key-money issues• What are the risks associated with key-money and what important contractual information is needed before key-money is considered

Felicity Black-Roberts, Senior Director, Acquisitions & Development EAME, Starwood Hotels & Resorts WorldwideKristian Dijkstra, Director, GNAM Investment & Asset ManagementPeter Norman, Senior Vice President, Acquisitions & Development, European Africa and Middle East, Hyatt Hotels CorporationAndrew Shaw, Associate Vice President Development, UK & Ireland, IHGJason Wischhoff, VP Development UK & Ireland, Accor UK & Ireland

Finance for Hotel Investment and Development in the UK and Continental Europe

What’s possible in London and other major European capitals and opportunities for growth in UK provisional townsEach panel member will present a short summary of the position as they see it followed by Q&As.• Who is leasing, where and why – overview of UK and European performance

• What are the warning signs and pitfalls for the unwary in ‘full lease’ transactions

• RevPAR for London vs provincial – the implications of the difference

• How branded vs unbranded hotels representation varies across markets and the difference this makes

• Growth – real or overestimated in Edinburgh, Aberdeen, Cardiff and other important locations

- Over bedded (?) - Waiting to stabilise (?) - The criteria that makes a town or city attractive for

investmentRobert Ryan, Development Manager - Central & South West London, Travelodge Hotels LtdSaar Sharon, Chief Executive Officer United Kingdom, Leonardo HotelsAndy Townsend, Principal and Chief Executive Officer, Legacy Hotels & Resorts Limited

Funding development and refurbishmentEach panel member will present a short summary of the position as they see it followed by Q&As.• Funding capital projects and refurbishment – why bother and why not decide to demolish and start again?

• Seeking funding – what are your bargaining position tools and what are the likely repayment terms

• Improvements and planning the refit – undertaking due diligence

• Getting management involved and at the right levelsLionel Benjamin, Director - Hotels, Topland GroupEtienne De La Ronciere, Director of Asset Management, Accor UK & IrelandShane Harris, Chief Executive Officer, Jupiter Hotels LimitedCharles Scudamore, Principal, Hetherley Capital PartnersVivek Chadha, Director, Nine Hospitality

Joint venture funding – with whom and how – for development, investment and operationUsing case study examples, this session will examine how to handle key issues in joint venture agreements. • Why a joint venture arrangement is not always a good thing

• Understanding the added value a joint venture arrangement can bring and quantifying the benefits

• Sharing and ‘partnering’ with operators and investors has many benefits for brands but making the arrangement watertight can be a challenge

• What partners should bring to the table. The investment team should be more powerful than the sum of its constituent parts

• Attracting investors and global interest - What the investor is looking for - How much operational involvement in the arrangement

can you expect, do you want and is likely - Aligning interests – ensuring all those in the

arrangement benefit and emerge as winnersMarc Finney, Director, Head of International Hotels and Resorts, Colliers International

Likely new sources for equity funding – where is the equity coming from and who are the likely buyers• Major transactions sold to Asian groups this year• Key drivers for inbound investment from Asian investors• Which groups from Asia are most active in Europe• Challenges which new entrants face on entering these new markets

• Regulatory/political changes in their home markets that have propelled this surge in international Asian investment but will it continue as China slows down?

Jileen Loo, Director, Global Capital Markets, CBRE Hotels Limited

Investing in Modular/Pod design hotels: a technical due diligence view using a case study example – tips for funders• Pod Construction – typical examples• Perceived benefits • Risks and common issues – design and financial security• How to mitigate riskChris Twitchell, Associate Director - Due Diligence and Technical Advisory, Sweett Group

Spotlight on modular construction and design• Case studies presenting new emerging trends in hotel design space

Paul Blackmore, Managing Director, CIMC

Chairman’s final remarks and close of conference

Drinks’ reception sponsored by

LE MERIDIEN PICCADILLY, LONDON W1 MONDAY, 23 NOVEMBER 2015

CONFERENCE PROGRAMME

Business OpportunitiesIf you are interested in:• An exhibition stand at this or any of our other conferences• Advertising in the documentation pack• Sponsorship opportunitiesThen please contact Daniel Luper, by phone, fax, email or letter:Henry Stewart Conference Studies, Russell House, 28/30 Little Russell Street, London WC1A 2HN, UK.Tel: +44 (0)20 7404 3040. Fax: +44 (0)20 7404 2081Email: DanielL@henrystewart.co.uk

To register your place at this conference please visit our website and follow the instructions: www.henrystewartconferences.com/FinanceForHotelInvestment2015

If you need any assistance with your registration or have any further questions please contact Claire Smyth at claires@henrystewart.co.uk or call her 020 7092 3494

Places at the conference are limited. Persons wishing to attend are therefore recommended to apply early.

We regret that unless cancellations are received in writing on or before Monday, 9 November 2015 registration fees cannot be refunded. However, substitutions can be made at any time. All substitutions and name changes must be received in writing.

GENERAL INFORMATION - C151547

DATE Monday, 23 November 2015

VENUE Le Méridien Piccadilly21 Piccadilly, London, W1J OBHTel: 020 7734 8000Nearest Underground station: Piccadilly Circus (Piccadilly Line)

FEE FEE £499 per person plus VAT at 20% payable in advance, inclusive of all refreshments, lunch and access to online presentations

TEAM DISCOUNT 3+ delegate discount packages are available. Please email Claire Smyth at claires@henrystewart.co.uk or call her on +44 (0)20 7092 3494 with the number of people you would like to attend and she will put together a package for your consideration.

CONTINUING PROFESSIONAL DEVELOPMENT

Maximum time attributable – 6 hours. It is the responsibility of each chartered and technical member to keep a record of activities which are appropriate for CPD. Members should consult the RICS Rules of Conduct concerning the apportionment of CPD hours. This event may be applicable for CPD.

WEBSITE Visit www.henrystewartconferences.com/FinanceForHotelInvestment2015 for all the latest event updates

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LINKEDIN Join our group – Henry Stewart Property Conferences

CONTACT Do you have questions, comments or suggestions? We would like to hear from you - please feel free to contact Claire Smyth via email claires@henrystewart.co.uk via phone on 020 7092 3494 or via post Henry Stewart Conference Studies, Russell House, 28/30 Little Russell Street, London WC1A 2HN, UK.

HOW TO BOOK

Henry Stewart Conference Studies LLP, Russell House, 28/30 Little Russell Street, London WC1A 2HN, UK. Registration Number OC334769

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We reserve the right at any time and without prior notice to change the venue of the Conference and/or Speaker(s)/Chair and/or Programme from that described in the brochure. We also reserve the right in our absolute discretion and without further liability to cancel the Programme in which event all monies will be refunded. We accept no responsibility for the views expressed by the Speakers, Chair or any other person at the Conference. The information you provide through registering will be held on a database and may be shared by all HS entities in the UK and internationally. If you do not wish your details to be available to other HS entities please contact Claire Smyth. Tel: 020 7092 3494, email: claires@henrystewart.co.uk