CDLHT 4Q & FY2012 Results Presentation 29 Jan 2013 Finalinvestor.cdlht.com/newsroom/CDLHT_4Q__FY2012... · predictions or as legal, tax, financial or accounting advice. Market data
Post on 14-Aug-2020
0 Views
Preview:
Transcript
Presentation of 4Q & FY 2012 Results Presentation of 4Q & FY 2012 Results 29 January 2013
Disclaimer
The value of Stapled Securities and the income derived from them may fall as well as rise. Stapled Securities are not obligations of,deposits in, or guaranteed by the H-REIT Manager or M&C Business Trust Management Limited, as trustee of CDL Hospitality BusinessTrust (the “HBT Trustee-Manager”) or any of their respective affiliatesTrust (the HBT Trustee Manager ), or any of their respective affiliates.
An investment in Stapled Securities is subject to investment risks, including the possible loss of the principal amount invested. Investorshave no right to request that the H-REIT Manager and/or the HBT Trustee-Manager redeem or purchase their Stapled Securities while theStapled Securities are listed. It is intended that holders of the Stapled Securities may only deal in their Stapled Securities through tradingon Singapore Exchange Securities Trading Limited (the “SGX-ST”). Listing of the Stapled Securities on the SGX-ST does not guarantee aliquid market for the Stapled Securities.liquid market for the Stapled Securities.
This presentation contains certain tables and other statistical analyses (the "Statistical Information") which have been prepared by the H-REIT Manager and the HBT Trustee-Manager. Numerous assumptions were used in preparing the Statistical Information, which may ormay not be reflected herein. As such, no assurance can be given as to the Statistical Information’s accuracy, appropriateness orcompleteness in any particular context, nor as to whether the Statistical Information and/or the assumptions upon which they are basedreflect present market conditions or future market performance. The Statistical Information should not be construed as either projections orp p p jpredictions or as legal, tax, financial or accounting advice.
Market data and certain industry forecasts used throughout this presentation were obtained from internal surveys, market research,publicly available information and industry publications. Industry publications generally state that the information that they contain hasbeen obtained from sources believed to be reliable but that the accuracy and completeness of that information is not guaranteed. Similarly,internal surveys, industry forecasts and market research, while believed to be reliable, have not been independently verified by the H-REITy y y yManager or the HBT Trustee-Manager and neither the H-REIT Manager or the HBT Trustee-Manager makes any representations as to theaccuracy or completeness of such information.
This document may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance,outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks,uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economicconditions, interest rate trends, cost of capital and capital availability, competition from other developments or companies, shifts inexpected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employeewages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts andthe terms necessary to support future business.
You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of managementf t t
2
on future events.
This document and its contents shall not be disclosed without the prior written permission of the H-REIT Manager or HBT Trustee-Manager.
Table of Contents
Highlights 4
Performance of CDL Hospitality Trusts 10
Healthy Financial Position 19
Outlook 23
Management Strategy 29
Annexe 33
Background and Structure of CDL Hospitality Trusts 33
Information on CDL Hospitality Trusts Properties 43
3
HighlightsHighlights
4
Executive Summary 1
Financial Highlights (4Q 2012)
Gross revenue for 4Q 2012 grew 1.4% year-on-year (“y-o-y”) to S$38.3 million, mainly due to: A more challenging global economic environment where travellers remained cautious about travel
expenditure Fixed rent contribution from the Australia Hotels (1) being slightly lower y-o-y due to translation loss
arising from the weaker Australian dollar NPI for 4Q 2012 grew marginally y-o-y, mainly attributed to:
Additi l t t f S$0 3 illi i i f t t t fi li d b Additional property tax expense of S$0.3 million, arising from property tax assessments finalised by IRAS for the year 2012 on its Singapore hotels
4Q income available for distribution per Stapled Security of 3.22 Singapore cents (2)
CDLHT Financial Highlights (S$’000) 4Q ’12 4Q ’11 Change
Gross Revenue 38,335 37,804 +1.4%
Net Property Income 35 562 35 501 +0 2%Net Property Income 35,562 35,501 +0.2%
Income Available for Distribution (3)
(bef. deducting income retained for working capital) 31,236 31,519 -0.9%
5
(1) CDLHT’s Australia Hotels include Novotel Brisbane, Mercure Brisbane, Ibis Brisbane, Mercure Perth and Ibis Perth (acquired on 18 February 2010).(2) Represents income available for distribution per Stapled Security (before deducting income retained for working capital). Income to be distributed per Stapled Security (after
deducting income retained for working capital) for 4Q 2012 is 2.90 Singapore cents.(3) Income to be distributed (after deducting income retained for working capital) for 4Q 2012 is S$28.1 million.
Executive Summary 2
Financial Highlights (FY 2012)
Gross revenue recorded 6.0% increase y-o-y for FY 2012 FY 2012 income available for distribution per Stapled Security of 12.57 Singapore cents (1)
Up 5.3% y-o-y (excluding one-off property tax refund of S$3.3 million received in FY 2011) p y y ( g p p y $ ) Mainly attributed to:
Improved hospitality performance overall in the portfolio; Recognition of full twelve months’ contribution from Studio M Hotel (2); andg ; Receipt of Australia Hotels full year’s variable income of S$1.8 mil (or A$1.3 mil) in FY 2012 as
compared to S$0.84 mil (or A$0.65 mil) recognised for an 8-month period in FY 2011
CDLHT Financial Highlights (S$’000) FY ’12 FY ’11 ChangeCDLHT Financial Highlights (S$ 000) FY 12 FY 11 Change
Gross Revenue 149,535 141,107 +6.0%
Net Property Income 139,293 131,807 (3) Excl. one-off tax refund +5.7%
Income Available for Distribution (4)
(bef. deducting income retained for working capital) 121,658 114,782 (3) Excl. one-off tax refund +6.0%
(1) Represents income available for distribution per Stapled Security (before deducting income retained for working capital). Income to be distributed per Stapled Security (after
6
(1) Represents income available for distribution per Stapled Security (before deducting income retained for working capital). Income to be distributed per Stapled Security (afterdeducting income retained for working capital) for FY 2012 is 11.32 Singapore cents.
(2) The acquisition of Studio M Hotel was completed on 3 May 2011. Only 243 days of rental income was recognised for FY 2011.(3) The FY 2011 figures have been adjusted to exclude the one-off property tax refund recorded in 2Q 2011. If this S$3.3 million non-recurring property tax refund is included in
FY 2011, the y-o-y growth for the net property income and income available for distribution would be 3.0% each for FY 2012.(4) Income to be distributed (after deducting income retained for working capital) for FY 2012 is S$109.5 million.
Executive Summary 3
Singapore Portfolio
CDLHT Singapore Hotels (1) achieved: Record high full year RevPAR of S$211 in FY 2012 Highest 4Q RevPAR of S$205 in 4Q 2012 (on par with that of 4Q 2011)g ( p )
CDLHT Singapore Hotels (1) 4Q ’12 4Q ’11 Change FY ’12 FY ’11 Change
Occupancy 89.4% 88.6% +0.8 pp 89.0% 87.9% +1.1 pp
ARR S$229 S$232 -1.3% S$237 S$232 +2.2%
RevPAR S$205 S$205 - S$211 S$204 +3.3%
Australia Portfolio
The natural resource sector is expected to underpin hotel room demand in Brisbane and Perth Performance for CDLHT Australia Hotels may be affected by the slower pace of the Australian economy
7(1) Singapore Hotels comprise Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel, Novotel Singapore Clarke Quay and Studio M Hotel. For
comparative purposes, Studio M Hotel was excluded as it was acquired on 3 May 2011.
Executive Summary 4
Acquisition
The proposed acquisition of Angsana Velavaru Maldives with a pro forma annualised net property income yield of 9.6% (1) (based on the nine months ended 30 September 2012), is expected to be completed around the end of January 2013
Post completion the acquisition should augment the income stream of the portfolioPost completion, the acquisition should augment the income stream of the portfolio
Healthy Gearing
CDLHT’s gearing as at 31 December 2012 is maintained at 24.9% With a healthy post acquisition gearing of approximately 27.9% (2) and ample debt headroom, CDLHT will
continue to source for acquisition opportunities in the hospitality sector in the next 12 months
8
continue to source for acquisition opportunities in the hospitality sector in the next 12 months.(1) Based on the Pro Forma Annualised NPI of the Property for the nine months ended 30 September 2012 of US$6.8 million (after deducting outgoings of US$1.0 million)
before the provision of FF&E, as a percentage of the Purchase Price of US$71.0 million. As a percentage of Total Acquisition Cost of US$72.4 million, the Pro FormaAnnualised NPI yield will be 9.5%.
(2) Assuming the total acquisition cost (including transaction expenses) of US$72.4 million is 100% USD debt funded and converted at an exchange rate of S$1.2224 to US$1.
Details Of Distribution
Distribution for the period 1 Jul 2012 to 31 Dec 2012 (after deducting income retained for working it l)capital)
5.62 S¢ per unit comprising: 5.23 S¢ of taxable income + 0.39 S¢ tax exempt income
February 2013
Mon Tue Wed Thu Fri Sat SunMon Tue Wed Thu Fri Sat Sun
1 2 3
4 5 6 7 8 9 10
Closure of books: 5 pm on 6 February 2013
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 2418 19 20 21 22 23 24
25 26 27 28
Distribution Date:28 February 2013
9
Performance of CDL Hospitality TrustsPerformance of CDL Hospitality Trusts
10
Singapore Hotels Y-o-Y Performance: 4Q ’11 Vs 4Q ’12
Average Room Rate (ARR) (1) Revenue Per Available Room (RevPAR) (1)
232 229225
250
S$ - 1.3%
225
S$
175
200
205 205
0.0%
1504Q '11 4Q '12
Occupancy (1)
200
89.4%88.6%90%
100%+ 0.8 pp
175
70%
80%
90%
150
11
70%4Q '11 4Q '12
(1) Singapore Hotels comprise Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel, Novotel Singapore Clarke Quay and Studio M Hotel. Forcomparative purposes, Studio M Hotel was excluded as it was acquired on 3 May 2011.
1504Q '11 4Q '12
CDLHT Singapore Hotels Historical Performance
CDLHT Singapore Hotels Quarterly Occupancy, ARR & RevPAR (1)
247 255 245 236 241 242 236
100% 300S$
179197 196
216 224201
178 176 181
207220 217 215
228 232 236 232 241 242 236 229
208222
210195 199 194 195 205 211 205 213 217 209 205
80%
90%
200
250
151170 176
191 188
150134
152 161174
195 199 194 195
60%
70%
100
150
50%
60%
50
100
85%86%90%89%84%87%86%84%75%75%86%89%84%88%92%90%86%88%89%89%89%90%89%89%40%
1Q'0
7
2Q'0
7
3Q'0
7
4Q'0
7
1Q'0
8
2Q'0
8
3Q'0
8
4Q'0
8
1Q'0
9
2Q'0
9
3Q'0
9
4Q'0
9
1Q'1
0
2Q'1
0
3Q'1
0
4Q'1
0
1Q'1
1
2Q'1
1
3Q'1
1
4Q'1
1
1Q'1
2
2Q'1
2
3Q'1
2
4Q'1
2
0
12(1) Singapore Hotels comprise Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel, Novotel Singapore Clarke Quay and Studio M Hotel. For
comparative purposes, Studio M Hotel was excluded as it was acquired on 3 May 2011.
Occ ARR RevPAR
Singapore Hotels Y-o-Y Performance: FY ’11 Vs FY ’12
Average Room Rate (ARR) (1) Revenue Per Available Room (RevPAR) (1)
232 237
225
250
S$ + 2.2%
225
S$
+ 3.3%
175
200
204
211
150FY '11 FY '12
Occupancy (1)
200
89.0%87.9%90%
100% + 1.1 pp175
70%
80%
90%
150
13
70%FY '11 FY '12
(1) Singapore Hotels comprise Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel, Novotel Singapore Clarke Quay and Studio M Hotel. Forcomparative purposes, Studio M Hotel was excluded as it was acquired on 3 May 2011.
150FY '11 FY '12
Record High Full Year RevPAR
CDLHT Singapore Hotels achieved the highest full year RevPAR (1) since inception of CDLHT
240
CDLHT Singapore Hotels Annual RevPAR Comparison (1)
207 211204
220
240Record high
191
204
172180
200
(2)
149
140
160
120
140
2007 2008 2009 2010 2011 2012
14
2007 2008 2009 2010 2011 2012
(1) Singapore Hotels comprise Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel, Novotel Singapore Clarke Quay and Studio M Hotel. For comparative purposes, Studio M Hotel was excluded as it was acquired on 3 May 2011.
(2) The RevPAR of $172 for FY 2007 is computed on a proforma basis assuming that Novotel Singapore Clarke Quay was acquired on 1 January 2007.
CDLHT Y-o-Y Performance: 4Q ’11 Vs 4Q ’12
Gross Revenue Income Available For Distribution Per Unit (1)
Singapore cents37,804 38,33540,000
S$ '000 +1.4%
-1.5%
3.27 3.22
3.00
3.50
20 000
30,000
2.50
3.0020,0004Q '11 4Q '12
Net Property Income
2.0035,56235,501
40,000
S$ '000 +0.2%
1 00
1.5030,000
15
1.004Q '11 4Q '12
(1) Represents income available for distribution per Stapled Security (before deducting income retained for working capital). The income to be distributed per Stapled Security (after deducting income retained for working capital) for 4Q 2012 is 2.90 Singapore cents.
20,0004Q '11 4Q '12
CDLHT Y-o-Y Performance: FY ’11 Vs FY ’12
S$ '000 %
Gross Revenue Income Available For Distribution Per Unit (2)
141,107 149,535
120,000
150,000
S$ '000
12 5714.00
Singapore cents
+6.0%
+5.3%
60,000
90,000
FY '11 FY '12
11.9412.57
10.00
12.00
6.00
8.00
131 807 139,293150 000
S$ '000+5.7%
Net Property Income
0.352.00
4.00131,807 ,
3 38450,000
100,000
150,000
(1)(3)
0.00FY '11 FY '12Recurring Non-Recurring
3,3840
FY '11 FY '12
Recurring Non-Recurring
$
16
(1) One-off property tax refund recorded in FY 2011, which is non-recurring in FY 2012. Net property income for FY 2011 was S$135.2 million if the one-off property tax refund was included. This represents a 3.0% growth y-o-y for FY 2012.
(2) Represents income available for distribution (before deducting income retained for working capital) per Stapled Security. The income to be distributed per Stapled Security (after deducting income retained for working capital) for FY 2012 is 11.32 Singapore cents.
(3) Income available for distribution per Stapled Security attributed to the one-off property tax refund. Income available for distribution per Stapled Security was 12.28 Singapore cents for FY 2011 if the one-off property tax refund was included. This represents a 2.4% growth y-o-y for FY 2012.
Increase in CDLHT Total Property Value
S$ M
Valuation of CDLHT Properties
265 261
163 1632,000
S$ M
Studio M
Australia Hotel Portfolio
Key:
1 628 8M
1,787.1M
2,044.9M2,029.8M
253 232 232
141120 118 125
129 12440
43 5454
55 68128
9990 88
253265
93 1101,500
.
Rendezvous Grand Hotel Auckland
Orchard Hotel Shopping Arcade1,101.9M
1,628.8M
1,481.2M 1,501.6M
334 350 350
275266 267 276
296 304
162191
253227 225 229
86101
35
351231,000
Copthorne King's Hotel
M Hotel
Novotel Singapore Clarke Quay
846.3M
1,101.9M
330 385 458 423 413 429 450 454
267334 309 315 350 350162
234
322500
g p y
Grand Copthorne Waterfront Hotel
Orchard Hotel
0IPO 31/12/2006 31/12/2007 31/12/2008 31/12/2009 31/12/2010 31/12/2011 31/12/2012 (1), (2), (3)
Change (%) + 30.2% + 47.8% - 9.1% +1.4% +19.0% + 13.6% + 0.7%
17
(1) Valuation of Australia Hotel Portfolio as at 31 Dec 2012, converted based on exchange rate of A$1 to S$1.2680.(2) Valuation of Rendezvous Grand Hotel Auckland as at 31 Dec 2012, converted based on exchange rates of NZ$1 to S$1.0036. (3) Valuation reports from Jones Lang LaSalle Property Consultants Pte Ltd for Singapore properties, Jones Lang LaSalle Hotels (NSW) Pty Limited for Australia Hotel Portfolio,
Bayleys Valuations Limited for Rendezvous Hotel Auckland as at 31 Dec 2012.
(%)
CDLHT Asset Portfolio
Valuation by Property and Geography (1)
Singapore Portfolio 82.9%Overseas Portfolio 17.1%
Singapore 82.9%Orchard Hotel 22.2%
Australia 12.8%Novotel Brisbane 4.5%
Grand Copthorne Waterfront Hotel
17.1%
Novotel Singapore Clarke Quay
14.9%
Mercure & Ibis Brisbane 3.8%
Mercure Perth 2.7%
Ibis Perth 1.7%Quay
M Hotel 11.3%
Studio M Hotel 8.0%
C th Ki ’ H t l 6 1%
New Zealand 4.3%Rendezvous Grand 4.3%
Copthorne King’s Hotel 6.1%
Orchard Hotel Shopping Arcade
3.3%Hotel Auckland
18(1) Valuation of all properties as of 31 December 2012.
Healthy Financial PositionHealthy Financial Position
19
Healthy Balance Sheet
Debt Value (1) Total Assets
2 500
S$ M
600
S$ M
2,087 2,134
2,000
2,500533 532
1,500
,400
1,000
200
50030 Sep '12 31 Dec '12
030 Sep '12 31 Dec '12
20
30 Sep 12 31 Dec 12
(1) Debt value is defined as bank borrowings and medium term notes, both of which are unsecured.
30 Sep 12 31 Dec 12
Healthy Balance Sheet
Post acquisition of Angsana Velavaru, the pro forma debt to assets ratio will be 27.9% (1), assuming that CDLHT owned the resort as of 31 December 2012
Debt to Assets Ratio
Ample debt headroom for acquisition opportunities as they surface
Pro forma Debt to Assets Ratio
24.9%25.5%
30% 27.9%
24.9%
30%
20% 20%
10% 10%
0%30 S '12 31 D '12
0%31 Dec '12 31 Dec '12
21(1) Assuming the total acquisition cost (including transaction expenses) of approximately US$72.4 million is 100% USD debt funded and converted at an exchange rate of
S$1.2224 to US$1
30 Sep '12 31 Dec '12 31 Dec '12 31 Dec '12 Pre-Acquisition Post-Acquisition
Debt Facility Details
Credit MetricsUnsecured Debt Terms
S$200 million multi-currency committed revolving credit facility
Tenure: Extended for another 3 years f D b 2012
Revolving Credit Revolving Credit FacilityFacility
Fitch Issuer Fitch Issuer Default Rating Default Rating
BBB-
S$413.6 million medium term notes issued under the S$1 billion Multi-currency MTN Programme 10 2 (1)
from December 2012
Medium Term Medium Term Interest Interest currency MTN Programme Tenure: 3-year (fixed and variable rate
notes) and 5-year (floating rate notes)
10.2 x (1)NotesNotes Coverage Ratio Coverage Ratio
Term Loan Term Loan FacilityFacility
Debt to Assets Debt to Assets RatioRatio 24.9%
A$93.2 million bank facility Tenure: 3-year term Fresh facility secured in December 2012
S$300 million uncommitted multi-currency bridging facility
Weighted Weighted Average Debt to Average Debt to 1.8 years
Acquisition Acquisition FacilityFacility
22(1) Interest cover is computed using the 4Q 2012 net property income divided by the total interest paid/ payable in 4Q 2012.
currency bridging facility ggMaturityMaturity
yFacilityFacility
OutlookOutlook
23
Moderating Visitor Arrivals Growth
Y-o-y growth in visitor arrivals in 3Q 2012 has slowed to 3.1% compared to 11.4% in the first half of 2012
YTD Sep 2012 visitor arrivals registered 8.5% y-o-y growth
3 576 3,595 3,750
'000
Quarterly Visitor Arrivals
3,039 3,070 3 237
3,486 3,328
3,576 3,506 ,
3,250
3,500
2,646 2,694 2,836
3,118 3,237
2,500
2,750
3,000
2,253 2,256
2,526
2,000
2,250
,
1Q 2Q 3Q 4Q
24Sources: Singapore Tourism Board (STB) and Ministry of Trade and Industry, Singapore
1Q 2Q 3Q 4Q
2009 2010 2011 2012
STB Expects 17 Million Visitor Arrivals by 2015
Historical and Forecasted Visitor Arrivals in Singapore
17.018.0
Million
10 year CAGR (1) = 5 8%
Implied 4-year CAGR (1), (2) = 6.6%
13.5 to
10 3 10 1
11.6
13.214.5
9 810.7 12.0
15.0
For 2012, STB forecasted 13.5 to 14.5 million
10-year CAGR (1) = 5.8% (3)
7.5 7.66.1
8.38.9
9.8 10.3 10.1 9.7 9.8
6 0
9.0
visitors, implying a 2.5% to 10.1% growth y-o-y
YTD Sep 2012 visitor arrivals grew 8.5% y-o-y
3.0
6.0 arrivals grew 8.5% y o y
-2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2015Sep 11 & SARS Sub-Prime
25
Full Year Visitor Arrivals YTD Sep Visitor Arrivals
(1) CAGR denotes compounded annual growth rate.(2) Implied 4-year CAGR is computed on the basis of the actual arrivals of 13.2 million visitors for 2011 and STB’s target of 17 million arrivals by 2015.(3) STB’s forecast for 2012 is 13.5 to 14.5 million visitor arrivals.Source: Singapore Tourism Board (STB) and Ministry of Trade and Industry, Singapore
STB’s Forecast (3)
Medium to Long Term Growth Supported by the Vibrancy of the Enhanced Tourism Landscapey p
New attractions have added diversity and excitement to the tourism landscape…
Family, fun & t
Opened Nov 2012Opened Jun 2012Opened Oct 2011
quot
ient
& sports
Shopping & dining
Upcoming attractions will continue to enrich the experience of visitors…
tain
men
t Marine Life ParkMaritime Experiential Museum, RWSArts, heritage & culture
Clubs &
Gardens by the Bay
ngen
tert 2015 (1)Dec 2012 (1)
Feb 2013 (1) 2015 (1)Apr 2014 (1)
Clubs & buzzing nightlife
Gaming
Incr
easi
26
(1) Completion / opening dates are preliminary indications as publicly announced and may be subjected to change.Note: Images courtesy of Singapore Tourism Board (STB), Singapore Sports Council, Resorts World Sentosa, Wildlife Reserves SingaporeSources: Channel NewsAsia, The Business Times, The Straits Times, Resorts World Sentosa Press Release, CDLHT research
River Safari National Art GallerySingapore Sports Hub
More Supply (1) Expected in the Immediate Horizon
Supply is expected to grow at a CAGR of 5.1% for the next 3 years
H th ti t d i f 4 000 i th t 12 th ill t ib t t
Current and Expected Hotel Room Supply in Singapore
However, the estimated increase of over 4,000 rooms in the next 12 months will contribute to a more competitive environment
Current and Expected Hotel Room Supply in Singapore
58 9192 65465,000
No. of Hotel Rooms 3-year CAGR = 5.1%
50,809
58,919
4,138+8.1%
1,318+2.4%
2,654+4.7%
50 000
55,000
60,000
(2)
40,000
45,000
50,000
35,0002012 2013 2014 2015 Total 2015
Current estimated hotel supply Estimated future net hotel supply Estimated hotel supply by end-2015Key:
27
(1) New supply of rooms is a summation of new rooms deducted by existing rooms taken out of inventory for redevelopment.(2) Estimated from various sources, consisting of both gazetted and non-gazetted room count as at 31 Dec 2012.Sources: Singapore Tourism Board (STB), Horwath HTL (as at Jan 2013) and CDLHT research.
Potential Supply of New Singapore Hotel Rooms Until 2015
Name of Hotel No. of Rms
HorwathRating Location Expected
Opening
Amaris Middle Road Singapore 70 Economy City Centre 1Q 2013
Name of Hotel No. of Rms
HorwathRating Location Expected
OpeningWestin SG Marina Bay (Asia Square Tower 2) 301 Upscale/Luxury City Centre 4Q 2013
Parkroyal at CBD 367 Mid Tier City Centre 1Q 2013
Dorsett Hotel & Residences 285 Mid Tier City Centre 1Q 2013
East Village Hotel 229 Mid Tier Outside City Centre 1Q 2013
Changi Cove Hotel 141 Mid Tier Outside City Centre 1Q 2013
(Asia Square Tower 2)Traders Hotel 502 Upscale/Luxury City Centre 4Q 2013
China Place Hotel 292 Mid Tier City Centre 2014
China Place Boutique Hotel 37 Mid Tier City Centre 2014
Midli k Pl Sit 492 Mid Ti Cit C t 2014Changi Cove Hotel 141 Mid Tier Outside City Centre 1Q 2013
Ramada Balestier 384 Mid Tier Outside City Centre 1Q 2013
Mövenpick Hotel Sentosa 21 Upscale/Luxury Sentosa 1Q 2013
Pan Pacific Suites Beach Road 178 Upscale/Luxury City Centre 2Q 2013
Midlink Plaza Site 492 Mid Tier City Centre 2014Stamford Road/ North Bridge Road Site 200 Upscale/Luxury City Centre 2014
Aqueen Hotel Geylang 100 Economy Outside City Centre 2014
Aqueen Hotel Tyrwhitt 145 Economy Outside City Centre 2014
Aqueen Hotel Jalan Besar 76 Economy Outside City Centre 2Q 2013
Aqueen Hotel Paya Lebar 160 Economy Outside City Centre 2Q 2013
Holiday Inn Express (Orchard) 220 Mid Tier City Centre 3Q 2013
q y y y
Aqueen Hotel Little India 52 Economy Outside City Centre 2014
Robertson Quay Site 300 Mid Tier City Centre 2015
South Beach Site 654 Upscale/Luxury City Centre 2015
P k S h St t/ Ch 250 U l /L Cit C t 2015Sofitel So Singapore (Ogilvy ) 132 Upscale/Luxury City Centre 3Q 2013
One Farrer Hotel 250 Upscale/Luxury City Centre 3Q 2013
Holiday Inn Express (Havelock) 448 Mid Tier City Centre 4Q 2013
Carlton Project 374 Mid Tier City Centre 4Q 2013
Peck Seah Street/ Choon Guan Street
250 Upscale/Luxury City Centre 2015
New Heritage Hotel @ Sentosa 550 Upscale/Luxury Outside City Centre 2015
Park Hotel Alexandra 450 Upscale/Luxury Outside City Centre 2015Genting Singapore 450 Upscale/Luxury Outside City Centre 2015j y
Year No. of Rms Luxury / Upscale Mid-Tier Economy
2013 4,138 1,384 33% 2,448 59% 306 7%
2014 1,318 200 15% 821 62% 297 23%
g g p p y y
28Source: Horwath HTL (as at January 2013) and CDLHT research
2015 2,654 2,354 89% 300 11% - -
Total (2013 – 2015) 8,110 3,938 49% 3,569 44% 603 7%
Management StrategyManagement Strategy
29
Management Strategy
N t i f G thAcquiring for Growth
Maximise revenue management i i
Pursue yield accretive, quality assets with investment rigour and discipline
Nurturing for GrowthAcquiring for Growth
opportunities Implement asset enhancement initiatives
to optimise asset potential
Tap on potential pipeline from M&C / CDL Tap on global network for third party assets
FinancialFinancial Foundation
Balancing the Foundation for Growth Maintain a healthy balance sheet Enhance financial flexibility
Balancing the Foundation for Growth
30
Acquiring for Growth
Acquisition of the 113-Villa Angsana Velavaru, Maldives
Number of Villas 79 Beach Villas, 34 Water Villas
Leasehold Interest 50 years commencing 26 August 1997, ~35 years remaining
Purchase Price US$ 71 0 million / US$ 628 319 per keyPurchase PriceTotal Acquisition Cost (1)
US$ 71.0 million / US$ 628,319 per key US$ 72.4 million / US$ 640,615 per key
Valuation (2) US$ 72.5 million or US$ 641,593 per key
Angsana VillaInOcean Villa
31
(1) Total acquisition cost of US$72.4 million (“Total Acquisition Cost”) is inclusive of purchase price of US$71.0 million (“Purchase Price”), H-REIT Manager’s acquisition fee of approximately US$0.71 million and other related expenses of approximately US$0.68 million
(2) Valuation by CBRE Pte. Ltd. as of 16 November 2012 using the Capitalisation Analysis, Discounted Cash Flow Analysis and Direct Comparison Method
Acquiring for Growth
Acquisition of the 113-Villa Angsana Velavaru, Maldives (con’t)
Pro Forma Annualised NPI Yield for FY2012 (1) 9.6%
Pro Forma DPS Impact for FY2012 (2) 0.47 Singapore cents or 3.7% accretion
Lessee / Lease Term Subsidiary of Banyan Tree Holdings Limited / 10 yearsLessee / Lease Term Subsidiary of Banyan Tree Holdings Limited / 10 years
Rent Payment Gross Operating Profit (“GOP”) less management fees per annum, subject to a minimum rent and reserve of US$6 million (3)
Angsana Villa
(1) Based on the Pro Forma Annualised NPI of the Property for the nine months ended 30 September 2012 of US$6.8 million (after deducting outgoings of US$1.0 million) before the provision of FF&E, as a percentage of the Purchase Price of US$71.0 million. As a percentage of Total Acquisition Cost of US$72.4 million, the Pro Forma A li d NPI i ld ill b 9 5%
Beach Villa Private Dining
32
Annualised NPI yield will be 9.5%. (2) Based on the change of the pro forma annualised DPS for the nine months ended 30 September 2012 of the enlarged portfolio over the annualised DPS for the nine
months ended 30 September 2012 of H-REIT. For the purpose of the computations, the Total Acquisition Cost is assumed to be 100% US dollar debt-funded.(3) The Lessee will pay a top-up amount to make up for any shortfall in rent below US$6.0 million for an accounting period (pro-rated accordingly where the accounting period
is less than 12 months) (the “Minimum Rent”) subject to the total minimum rent top-up cap of US$6.0 million applicable to the aggregate sum of all Minimum Rent top up amounts paid and payable over the entire term of lease.
Background and Structureof CDL Hospitality Trustsof CDL Hospitality Trusts
33
Background on CDLHT
Post IPO PerformanceBackground
IPO on 19 July 2006
Listed on SGX
Stapled Security price increaseIPO to 25 January 2013 = +140%
$3.00 Annoucement of Novotel Clarke
High (10 Jul ’07) = S$2.66
Mainboard
Sponsored by Millennium & Copthorne Hotels plc
$2.50
IPO = S$0.83
Quay Acquisition= S$2.01 31 Dec'07
= S$2.35
Announcement of Australia Hotels Acquisition
Announcement of Private Placement =
S$1.89
25 Jan '13 = S$1.99
Announcement of Angsana Velavaru
Acquisition = S$1.95p p(listed on LSE)
First Hotel REIT in Asia ex Japan $1.50
$2.00
Announcement of Equity Fund Raising
31 Dec '09= S$1.75
Hotels Acquisition= S$1.80
31 Dec '10= S$2.08 31 Dec '12
= S$1.88
Market Capitalisation
$0.50
$1.00
Announcement of Rendezvous Hotel Auckland Acquisition
Equity Fund Raising= S$2.28
31 Dec'11= S$1.55
Announcement of Studio M Acquisition
= S$1.94
S$1.88
S$1.928 billion as of 25 January 2013 $0.00
$0.50
Jul/0
6
Sep/
06
Nov
/06
Jan/
07M
ar/0
7
May
/07
Jul/0
7
Sep/
07
Nov
/07
Jan/
08
Mar
/08
May
/08
Jul/0
8
Sep/
08
Nov
/08
Jan/
09M
ar/0
9
May
/09
Jul/0
9
Sep/
09
Nov
/09
Jan/
10M
ar/1
0
May
/10
Jul/1
0
Sep/
10
Nov
/10
Jan/
11M
ar/1
1
May
/11
Jul/1
1
Sep/
11
Nov
/11
Jan/
12M
ar/1
2
May
/12
Jul/1
2
Sep/
12
Nov
/12
Jan/
13
q= S$1.10
31 Dec '08= S$0.730
34Source: Stapled Security price data from Bloomberg
S N M S N M S N M S N M S N M S N M S N
CDLHT Structure
Sponsor InvestorsHoldings of Stapled Securities
Sponsor Investors≈35.28%
as at 31 Dec 2012≈64.72%as at 31 Dec 2012
Management servicesM&C REIT
Management LimitedM&C Business Trust Management LimitedH-REIT HBT(1)
H-REIT HBTDistributions
Stapling DeedManagement
services
and acts on behalf of the holders of
the HBT Units
Management Limited(H-REIT Manager)
Management Limited(HBT Trustee Manager)
H REIT (owns hotels)
HBT(1)Lease of Hotels
Lease of Hotels
RentActs on behalf of the
Master Lessees
DBS Trustee
Hotelsholders of H-REIT Units
Hotel Manager Hotel Manager(2)
35
(1) Currently dormant.(2) To be appointed by HBT when HBT is activated.Note: For simplicity, the diagram does not include the relationships in relation to Orchard Hotel Shopping Arcade. Orchard Hotel Shopping Arcade tenants will pay rent to H-REIT
directly and H-REIT Manager will manage Orchard Hotel Shopping Arcade directly.
Blue Chip Sponsor and Parentage
Millennium & Copthorne Hotels plc City Developments Limited
One of the largest property developers in Listed on the London Stock Exchange with Singapore with a market capitalisation of
~S$10.3 billion (1)
Debt to assets ratio of 29% as at 30 Sep 2012
Listed on the London Stock Exchange with market capitalisation of ~ £1.8 billion (1)
Debt to assets ratio of 11% as at 30 Sep 2012
36(1) As at 25 January 2013Source: Bloomberg
Summary of Leases and Lease Structures
Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King’s Hotel: 20% of Hotel's revenue + 20% of Hotel’s gross operating profit, with a fixed rent floor of S$26.4 m Term of 20 years from Listing with 20 year option
Singapore IPO Portfolio & Studio M
Favourable Lease Structure in Base Portfolio
Orchard Hotel Shopping Arcade: H-REIT receives rents direct from tenants
Studio M Hotel: 30% of Studio M Hotel’s revenue + 20% of Studio M Hotel’s gross operating profit with a fixed rent floor of S$5 0 m for the
Novotel Singapore Clarke Quay:
30% of Studio M Hotel s revenue + 20% of Studio M Hotel s gross operating profit, with a fixed rent floor of S$5.0 m for the initial 10 years of the lease
1st twelve months Guarantee Net Rent: S$9.24 million (or a net yield of ~6% per annum of purchase consideration of S$154.0 million)
Novotel Singapore Clarke Quay: Lease based on gross operating profit less Accor’s management fee Variable rental payment of more than 90% of gross operating profit, depending on Novotel Singapore Clarke Quay’s
performance Term ~ 13.5 years from 7 June 2007, expiring 31 December 2020 Lessee will provide a S$6.5 m reserve to fund shortfall in event annual rent is below S$6.5 m
Singapore NCQLease Structure with
Reserve and High Variable Rent
Rendezvous Grand Hotel Auckland: Base rent + Variable rent Base rent escalates at 2.75% per annum Term of 10 years from 7 September 2006 with 5 year option
NZ RendezvousHigh Degree of Stability
Term of 10 years from 7 September 2006 with 5 year option
Australia PortfolioHigh Stability and
Novotel, Mercure & Ibis Brisbane, Mercure & Ibis Perth: Base rent + Variable rent Base rent: A$13 7 m per annum
37
High Stability and Significant Upside
Potential
Base rent: A$13.7 m per annum Variable rent: 10% of portfolio’s net operating profit in excess of base rent Term ~ 11 years from 19 February 2010, expiring 30 April 2021
Income Stability from Minimum Rent
S$ M
Singapore Properties (FY 2012) All CDLHT Properties (FY 2012)
76 080100120140
S$ M
Variable Rent (63.0%)Variable
Rent,
120.7
44.7
76.0
020406080
Minimum Rent (1) (37.0%)
52.0%
0
Overseas Properties (FY 2012)
Mi iS$ M Minimum Rent, 48.0%
1.8
20
25
30$
Variable Rent (6.1%)
Minimum Rent (1), (2)28.8
Gross Revenue (FY 2012) S$149.5 million
27.0
10
15
20Minimum Rent (2) (93.9%)
38
(1) For the purpose of computing minimum rent for FY 2012 for the Singapore properties, we have included the (i) fixed rent from the IPO Hotels; (ii) prorated first 12-mth guarantee net rent and annual fixed rent from Studio M Hotel; (iii) S$5.4 million retail rent from Orchard Hotel Shopping Arcade; and (iv) rent reserve provided by Accor S.A. for Novotel Singapore Clarke Quay.
(2) For the purpose of computing minimum rent for FY 2012 for the overseas properties, we have included the base rent from all the 6 Australia and New Zealand hotels.
Gross Revenue Breakdown: 4Q ’11 Vs 4Q ’12Q Q
Gross Revenue of CDLHT Properties
45.0
S$ M 1.4%Key: Y-o-Y % Change
+
4 5 4.3
2.7 2.635.0
40.0 S$37.8M S$38.3M Studio M Hotel - 1.9%
Australia Portfolio - 3.0%
2 9%
4 4 4.4
2.6 2.51.3 1.42.3 2.4
4.5
25.0
30.0Rendezvous Grand Hotel Auckland + 2.9%
Orchard Hotel Shopping Arcade + 3.8%
Copthorne King’s Hotel - 2.4%
6.3 7.0
4.4
15.0
20.0
p g
M Hotel - 0.5%
Novotel Singapore Clarke Quay 11.5%
7.4 6.9
6.3 6.8
5.0
10.0 Grand Copthorne Waterfront + 6.7%
Orchard Hotel - 6.3%
39
0.04Q '11 4Q '12
Gross Revenue Breakdown: FY ’11 Vs FY ’12
Gross Revenue of CDLHT Properties
180.0S$ M
6.0%Key: Y-o-Y % Change
+
18 719.4
7.310.9
140.0
160.0S$141.1M
S$149.5M Studio M Hotel (1) N.M.
Australia Portfolio + 3.9%
4 1%
16 7
10.2 10.25.2 5.49.0
9.4
18.7
100.0
120.0 Rendezvous Grand Hotel Auckland + 4.1%
Orchard Hotel Shopping Arcade + 2.7%
Copthorne King’s Hotel - 0.2%
22.8 24.9
16.4 16.7
60.0
80.0p g
M Hotel + 1.7%
Novotel Singapore Clarke Quay + 9.0%
27.2 27.7
24.2 25.0
20.0
40.0Grand Copthorne Waterfront + 3.3%
Orchard Hotel + 1.7%
40
0.0FY '11 FY '12
(1) Studio M Hotel was only acquired on May 2011.
CDLHT Asset Portfolio – Singapore
Property Orchard Hotel
Grand Copthorne
Waterfront Hotel
M Hotel CopthorneKing’s Hotel
NovotelSingapore
Clarke Quay
Studio M Hotel
Orchard Hotel Shopping
Arcade
Singapore Portfolio
Number of Rooms 656 574 413 310 403 360 N/A 2,716Rooms
Valuation at 31 December 2012 S$454.0 M S$350.0 M S$232.0 M S$124.4 M S$304.0 M S$163.0 M S$68.0 M S$1,695.4 M
Acquisition Date July 2006 July 2006 July 2006 July 2006 June 2007 May 2011 July 2006 -
41
CDLHT Asset Portfolio – Overseas
Property Rendezvous Grand Novotel Mercure Ibis Mercure Ibis Perth Australian Overseas
Hotel Auckland Brisbane Brisbane Brisbane Perth Portfolio Portfolio
Number of Rooms 452 296 194 218 239 192 1,139 1,591
Valuation at 31 December 2012
NZ$88.0M(S$88.3M) (2)
A$72.0M (S$91.3M) (3)
A$62.0M (S$78.6M) (3)
A$44.0M (S$55.8M) (3)
A$28.0M (S$35.5M) (3)
A$206.0M (S$261.2M) (3) S$349.5M
Acquisition Date December 2006
February 2010
February 2010
February 2010
February 2010
February 2010
February 2010
-Acquisition Date 2006 2010 2010 2010 2010 2010 2010
Location New Zealand Australia Australia Australia Australia Australia Australia -
42(1) Based on exchange rate of NZ$1 = S$1.0036.(2) Based on exchange rate of A$1 = S$1.2680.
Information on CDL Hospitality Trusts PropertiesCDL Hospitality Trusts Properties
43
Hotels in Strategic Locations
Singapore Hotels New Zealand Hotel
Rendezvous
Grand Hotel
A kl d
Orchard Hotel & Shopping Arcade
Grand Copthorne Waterfront Hotel
Novotel Singapore
Clarke Quay
Auckland
H
HH
H
H
HMARINA BAY
SANDSCENTRALBUSINESSDISTRICT
SINGAPORERIVER
HBUSINESS &FINANCIAL
CENTRE SITE
H
44
AUCKLAND CITY CENTRECopthorne King’s
HotelM HotelStudio M Hotel
Hotels in Strategic Locations
Australia Hotels
IbisMercure Novotel Mercure
Perth CBD
Ibis Brisbane
Mercure Brisbane
Novotel Brisbane Ibis Perth
Mercure Perth
Brisbane CBD
H
H
CBD AREA
HHH
45
Orchard Hotel, Singapore
656 rooms
Significant Highlights
656 rooms Located on Orchard Road Large pillar-less ballrooms & extensive conference facilities Caters to both corporate and leisure segments
Best Concierge Award 2012 by Association of Rooms Division ExecutiveW ld G t S i A d f E ll 2012
Accolades
World Gourmet Series Awards of Excellence 2012 Group Masterchef Chan Kwok - Hall of Fame Inductee Masterchef Lap Fai - Asian Cuisine Chef of The Year
Green Mark (Gold) by Building & Construction Authority 2011-2014 Singapore Service Class Certificate for business excellence in service Singapore Service Class Certificate for business excellence in service
standards by Spring Singapore from 2011-2013 Hotel Security Award - Excellence Rating 2012 by Singapore Hotel
Association and Singapore Police Force Chef of the Year & Asian Chef of the Year at Asian Gastronomic
Awards of Excellence 2011 – Hua Ting Group Master Chef Chan Kwok Prestigious awards received by Hua Ting Restaurant: Voted one of Asia’s finest restaurants and included in The Miele
Guide 2011/2012
46
Asia Tatler’s Best Restaurants 2008 to 2012 Singapore Tatler’s Best Restaurants 2006 to 2012 Wine & Dine Singapore’s Top Restaurants 2006 to 2012
Grand Copthorne Waterfront, Singapore
574 rooms
Significant Highlights
574 rooms Located between CBD & Orchard Road, within close
proximity to Robertson Quay, Boat Quay & Clarke Quay One of the largest conference facilities in Singapore Well positioned for the MICE market
Accolades
Singapore Service Class Certificate for business excellenceSingapore Service Class Certificate for business excellence in service standards by Spring Singapore in 2012
TripAdvisor Certificate of Excellence 2012 Luzerne Best Pastry Art Award 2012
Winner – Assistant Pastry Chef Tiffany Yeoy y Green Mark (Gold) by Building & Construction Authority 2011 Culinary Challenge Gold Medal (Hot Cooking – Western) by
Food & Hotel Asia 2010 2009 / 2010 Singapore Experience Awards by STB, Finalist –
Best Business Event Venue Experience & Meeting of the Year
Hospitality Asia Platinum Awards 2009 to 2011 by World Asia Publishing, Singapore Series: Best Pastry Chef
47
Best Pastry Chef Third Place – Best Housekeeping Team
M Hotel, Singapore
413 rooms
Significant Highlights
413 rooms Located in the heart of the financial district Close to government offices, integrated resorts
and Marina Bay Strong following of business travellers Strong following of business travellers
Green Mark (Gold) by Building & Construction
Accolades
Green Mark (Gold) by Building & Construction Authority 2011-2014
SHA Singapore Green Hotel Award 2009 & 2011 ASEAN Green Hotel Award 2012 Hospitality Asia Platinum Awards 2009 2011 Hospitality Asia Platinum Awards 2009 – 2011
Singapore Series - Best Deluxe Hotel & Top 5 for Best Business Hotel
Hotel Security Award 2009 – 2011 Wine & Dine Singapore’s Top Restaurants 2009 –Wine & Dine Singapore s Top Restaurants 2009
Cafe 2000 & The Buffet Simply Dining Singapore’s Top Restaurants 2009 Best Buffet Restaurant – The Buffet Silver Star Award – Cafe 2000
48
Silver Star Award – The Buffet
Copthorne King’s Hotel, Singapore
Significant Highlights
B i l b i h l i h 310 Boutique-style business hotel with 310 rooms Located within close proximity to CBD, convention /
exhibition belt, Orchard Road, Robertson Quay, Boat Quay and Clarke Quay
Strong corporate segment focus and specialty events Strong corporate segment focus and specialty events hotel host
Accolades
Green Mark (Gold) by Building & Construction Authority 2012
Excellent Service Award 2004 - 2010 by SHA & Spring SingaporeSingapore
Finalist for Most Popular Hotel in Asia by HotelClub Awards 2009
Top 10 Buffets in Singapore by AsiaOne People Choice Awards 2009 & 2011C o ce a ds 009 & 0
Wine & Dine Singapore’s Top Restaurants 2007 to 2012 – Tien Court 2005 to 2012 – Princess Terrace
Singapore Tatler’s Best Restaurants 2007 to 2012 –
49
Tien Court & Princess Terrace
Novotel Singapore Clarke Quay, Singapore
P i id l h t l ith 403
Significant Highlights
Prime mid-scale hotel with 403 rooms Leasehold Located in immediate proximity to Clarke Quay,
Robertson Quay and Boat Quay: Singapore’s premier entertainment hub
Room touch ups, upgrading of all bathrooms and renovation of Premier Lounge over the course of FY 2011 was completed in Jan 2012
Refurbishment of level 5 function and meeting rooms in 2Q 2012in 2Q 2012
Accolades
EarthCheck Certified for its commitment to environmental and sustainable development
ASEAN Green Hotel Standard Award for 2010 – 2011, Singapore Green Hotel Award 2010 - 2011
Singapore Tourism Award 2008 “Best Superior Hotel” Excellent Service Award 2008Excellent Service Award 2008 Accor Asia Pacific – GOPPAR Award – Highest Gross
Operating Profit per Available Room) in the region Accor Asia Pacific – Sales Distribution Award –
Highest Web Distribution (Accor Site and 3rd Party) in the region
50
the region
Studio M Hotel, Singapore
Significant Highlights
360 h t l d i M h 2010 360-room hotel opened in March 2010
Stylish and contemporary design set to capture growing business and leisure segments
Vibrant lifestyle options near the Robertson Quay precinct
Accolades
and in proximity to CBD, tourist attractions, integrated resorts and convention centres
TripAdvisor Travellers’ Choice 2012 – Top 4 Trendiest Hotel in Singapore
AsiaOne Readers’ Choice Award 2010 – Top 3 Best Boutique Hotel in Singapore
51
Orchard Hotel Shopping Arcade, Singapore
Net Lettable Area ~ 5,933 sq m
JLL’s Valuation S$68.0M
Valuation psm (psf) S$11,461 psm (S$1,065 psf)
% of total valuation ~3.3%
Leasehold Interest 75 years from Listing Date
52
Rendezvous Grand Hotel Auckland, New Zealand
Significant Highlights
452 rooms – largest hotel in Auckland by rooms Freehold Located in the central business district and next to a major conference
centre
National Culinary Fare 2012 - 1 Gold & 2 Silver award in Cocktail, Wine and Beverage Service and Table Setting
Accolades
Wine and Beverage Service and Table Setting TripAdvisor Certificate of Excellence 2012 EarthCheck Certified 2009 – 2011, Bronze Restaurant award for Pacific Restaurant Category Winner : Formal
Dining New Zealand Restaurant of the Year 2009 Sliver Medal for Service both at the New Zealand Culinary Fare 2009
53
Novotel, Mercure and Ibis Hotels, Brisbane
Significant Highlights
Novotel Brisbane
Novotel Brisbane
Novotel Brisbane 4.5 star accommodation with 296 modern, well-appointed rooms and suites Freehold Located next to Central Station and the CBD, Queen Street Mall and the
Riverside boardwalk Comprehensive conference and leisure facilities of ten dedicated rooms
with capacity for up to 350 delegates Refurbishment of all rooms, lobby and restaurant completed in May 2011 EarthCheck Certified 2009 – 2011, Silver
Mercure Brisbane
Mercure Brisbane 4 star accommodation with 194 spacious and stylish rooms and suites,
overlooking the Brisbane River g Freehold Located steps from the Queen Street Mall shopping precinct, Brisbane
Convention and Exhibition Centre Three floors of function facilities and eleven conference rooms
Ibis Brisbane
Ibis Brisbane 3.5 star accommodation with 218 rooms Freehold
54
Freehold Well-situated in the heart of the Government and Corporate precinct
Mercure and Ibis Hotels, Perth
Significant Highlights Mercure PerthMercure Perth
Mercure Perth 4.0 star accommodation with 239 rooms and suites Freehold Offers six meeting rooms available for up to 350
delegates Situated in Perth’s CBD and within walking distance
to the Swan River, shopping and entertainmentMercure Perth
Ibis Perth 3.5 star accommodation with 192 rooms Freehold Located steps from the Murray and Hay Street
shopping belt within Perth’s CBD Awarded Best Standard Accommodation by the
P th Ai t W t A t li T i A d
Ibis Perth Ibis Perth
Perth Airport Western Australia Tourism Awards 2011
55
THANK YOU
56
top related