Lisbon, Portugal

Andaz by Hyatt Hotel Project

2

Key Points

♦ The Opportunity

Unique opportunity to acquire a building designed to be

converted into a 5-star hotel strategically located in the centre

of Lisbon

A building permit free of recourse for an 85-room hotel is already

obtained

The buildable area is 8,107 sqm

Hyatt Hotels Corporation is willing to manage the hotel under the

Andaz name, the new upscale boutique hotel brand of the Group

♦ Location

Avenida da Liberdade-238 benefits from an exceptional location,

in the heart of the city

Easily accessible by all means of transport.

♦ Sale Process

Sale of the freehold interest in the building and land.

A Management Agreement with Hyatt Hotel Group has been

negotiated. The asset can also be acquired free of management. Andaz New York City, 5th Avenue

Hotel

3

Location

♦ The Hotel is located on Avenida da Liberdade,

238 and has also a frontage on Rua Rodrigues

Sampaio, 91

♦ Avenida da Liberdade is the most prestigious

Avenue of Lisbon full of luxury shops and

entertainment as well as in the heart of main

business centers

LISBON

4

Access to the Hotel

Hotel

♦ By car: Easily accessible, the site is next to the

main thoroughfare that leads in and out of the

city and has its own parking from Rua Rodrigues

Sampaio

♦ By metro: 3 subway stations around the Hotel

with the Marques Pombal being the closest one.

Lines run to the old town and to main

commercial and business districts

♦ By plane: Lisbon Portela International Airport is

approximately 7 kms northeast of the Hotel,

within the city limits

5

Competitive Set

Hotel

1 2

4

9

3

7

8 10

6 5

11

Hotel CategoryNumber of

RoomsServices

1 Tivoli Jardim 5* 306 2 Restaurants, 2 Bars, Meeting rooms, Pool, Spa, Fintess center

2 Altis Hotel 5* 300 2 Restaurants, 2 Bars, 28 Meeting rooms, Fitness center, Spa, Pool

3 Hotusa Eurostars 5* 107 Restaurant, Bar, Meeting rooms, Fitness center and Sauna

4 CS Vintage 5* 56 Restaurant, 2Bars, Meeting room, Spa, Pool, Fitness center

5 Fontecruz Lisboa 5* 72 Restaurant, Bar, Meeting rooms, Fitness center

6 Sofitel 5* 171 Restaurant, Bar, Meeting rooms, Fitness center

7 Altis Avenida Hotel 5* 72 Bar, Meeting rooms, Fitness center

8 Four Seasons Hotel Ritz 5* 282 Restaurant, 2 Bars, Meeting rooms, Spa, Pool, Fitness center

9 Tiara Park Atlantic 5* 331 Restaurant, Bar, Meeting rooms, Fitness center

10 Dom Pedro 5* 263 Restaurant, Bar, Meeting rooms, Spa, Pool, Fitness center

11 Olissippo Lapa Palace 5* 109 Restaurant, bar, Spa, Pool

Avenida da Liberdade

6

The Hotel

♦ Buildable area of 8,107 sqm

♦ The Hotel will consist of 9 floors on Avenida da Liberdade and 8

floors on Rua Rodrigues Sampaio

♦ Total capacity: 85 rooms including 5 Junior and Executive Suites

♦ The Hotel developed as a 5-star will include:

– Restaurant: 145 sqm, 56 seats

– Lobby Bar: 125 sqm, 38 seats

– Meeting rooms: 160 sqm

– Spa & Fitness Centre: 390 sqm

– Underground parking: 12 spaces

♦ Full restructuring of the

building with conservation of

the facade Avenida da Liberdade

7

Hyatt and Andaz

Hyatt Hotels Corporation

♦ A top performing hospitality Group present in the

major key gateway cities

♦ Hyatt Hotels Corporation operates 488 properties,

133,689 rooms across 45 countries

♦ 21 hotels in Europe

♦ 40 hotels open in 2011 and 20 hotels in pipeline for

2012

Andaz

♦ Launched in April 2007, Andaz is the newest brand

in the Group portfolio

♦ A stylish upscale boutique hotel brand inspired by

local culture

♦ 8 hotels, 1,701 rooms with 1 opened in Europe:

London

Andaz San Diego, USA

Andaz Shanghai, China

8

The environment

Lisbon

♦ Portugal’s capital, Lisbon, is the wealthiest city of the country and is also the tenth highest metropolitan

area by GDP on the European continent, producing 45 % of the Portuguese GDP.

♦ The majority of multinationals operating in the country have their headquarters in the Lisbon region.

♦ Lisbon’s Economy is based primarily on the tertiary sector. The Metropolitan area is also the most

industrialised of the country.

♦ Industries are mostly located on the south bank of the Tagus River, northeast from the hotel.

Praça do Comércio, Lisbon

9

Tourism Market in Lisbon

Avenida da Liberdade, Lisbon

♦ Lisbon is one of the most renowned Capital cities of Europe, rated the « Best destination 2010 » by

the European Consumers Choice Organization.

♦ In recent years, the Lisbon Market has successfully shifted from a leisure to a business oriented

destination. The continuing popularity of cruise and golf tourism and an increase awareness of

Lisbon in the MICE sector have stimulated demand growth.

♦ Meeting the increase in tourist demand, investment in innovation and differentiation, as well as the

capture of new market segments have created a sophisticated market supply. Lisbon is now a

« fashion and trendy » destination.

3 million visitors in 2010, + 6.1 % compared

to 2009

In 2010, 67% of Lisbon visitors are

international tourists

Over 14.5 millions plane passengers in

2011, + 5% compared to 2010

502,000 cruise passengers in 2011, + 12.1%

compared to 2010

10

Hotel Performances in Lisbon Occupancy Rate

30,00%

40,00%

50,00%

60,00%

70,00%

80,00%

90,00%

2007 2008 2009 2010 2011

3 * 4 * 5 * All categories

ADR

20,00 €

40,00 €

60,00 €

80,00 €

100,00 €

120,00 €

140,00 €

160,00 €

180,00 €

2007 2008 2009 2010 2011

3 * 4 * 5 * All categories

RevPar

20,00 €

30,00 €

40,00 €

50,00 €

60,00 €

70,00 €

80,00 €

90,00 €

2007 2008 2009 2010 2011

3 * 4 * 5 * All categories

♦ 23% of Portugal hotel supply is located in Lisbon and 37.4% of Lisbon hotels

are affiliated to a Hotel Group.

♦ 2011 hotel occupancy figures were mostly below 2007 pre-crisis level, except for

the 5-star segment which showed an important recovery capacity with

occupancy rate above 2007.

♦ ADR growth in 2007 and 2008 in all segments was halted by economic

recession. The 5-star segment is the only one showing a sign of recovery,

while others remain at the same level.

♦ One new hotel of 4 stars opened in 2011, adding 100 rooms to the city room

inventory. In the beginning of 2012, one 5-star hotel of 72 keys opened and two

more hotels, one 4-star and one 5-star, will enter the market before the end of

2012 with a total of 326 rooms.

♦ The majority of the existing and new 4 and 5-star hotels are either independent

or part of small local groups and their location are not as central as the

projected Hyatt Hotel.

Source: Lisboa Observatorio

Number of Hotels

Number of Rooms

Number of Hotels

Number of Rooms

Number of Hotels

Number of Rooms

Hotels Change in

%

Rooms Change in

% Category 2009 2010 2011

5* 15 3431 18 3705 19 3780 20% 8%

4* 53 7626 55 7690 58 7886 3,8% 0,8%

2 and 3* 41 3795 47 3901 57 4133 14,6% 2,8%

Total 109 14852 120 15296 120 15799 10,1% 3%

Patrick Sanville patrick.sanville@bnpparibas.com Director +33 1 47 59 20 02

Johanna Wagner johanna.wagner@bnpparibas.com Analyst +33 1 55 65 27 43

Pedro Rutkowski pedro.rutkowski@worx.pt CEO Worx +351 217 99 99 60 BNP Paribas Real Estate Hotels France Phone : +33 (0)1 47 59 20 01 Fax : +33 (0)1 47 59 20 22 Address : 167, Quai de la Bataille de Stalingrad 92 867 Issy-les-Moulineaux, France

www.realestate.bnpparibas.com

Avertissement: BNP Paribas Real Estate Hotels, pour son propre compte ainsi que pour le compte du propriétaire qui l’a mandaté, déclare que: (1) Les documents de présentation de l’hôtel sont rédigés dans un but d’information générale des acquéreurs potentiels et ne constituent en aucune façon en tout ou partie, une offre formelle ou un engagement contractuel: (2) Toutes les descriptions, mesures, appréciations qualitatives et références aux autorisations nécessaires pour l’exploitation et l’occupation des locaux, ainsi que tous les autres éléments d’information, sont donnés à titre indicatif et de bonne foi. Il appartient aux acquéreurs potentiels de vérifier l’exactitude, l’exhaustivité, la complétude et le bien fondé des informations présentées au moyen de leurs propres enquêtes, mesures, inspections et tous autres procédés appropriés; (3) Aucun employé de BNP Paribas Real Estate Hotels n’est autorisé à certifier ou à donner des garanties, qu’elles qu’ elles soient, au sujet de l’ensemble immobilier présenté. Les photographies sont historiques. Les plans ne sont pas à l’échelle. Cette brochure à été éditée en juin 12. Disclaimer: This file contains confidential information which only goal is to enable candidates to study the purchase of the present buildings. These documents can not be disclosed to third parties except those directly mandated by a buyer to help him acquire the property, subject to compliance with confidentiality being imposed. All information contained in this folder and the folder itself is communicated as a guidance for the benefit of potential investors and are not contractual in nature, nor does it constitute an offer. BNP Paribas Real Estate Hotels is not committed on these information which shall be checked in time by investors or their advisor.

For Further Information, Please contact:

WORX Real Estate Consultants Phone: +351 217 99 99 60 Fax: +351 217 99 99 65 Edificio Taurus - Campo Pequeno 48, 4° Esq. 1000 – 081 Lisboa – Portugal www.worx.pt