Bank of Ireland Hotel Sector Briefing

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1 Bank of Ireland Hotel Sector Briefing 29 th November 2018 Sarah Duignan Director, Client Relationships 2018 STR, Inc. All Rights Reserved. Any reprint, use or republication of all or a part of this presentation without the prior written approval of STR, Inc. or STR Global, Ltd. trading as STR (collectively STR ) is strictly prohibited. Any such reproduction shall specifically credit STR as the source. This presentation is based on data collected by STR. No strategic advice or marketing recommendation is intended or implied.

2 Global RevPAR % Change supply challenges continue in the ME EUR, Constant Currency, October 2018 YTD North America Central America +3.1% -1.3% +30.6% Europe +5.2% Northern Africa Middle East +24.8% -6.0% +5.2% Asia +3.1% Australia & Oceania +2.1% South America Southern Africa

3 Good demand growth across the world, except Central America Global Supply & Demand % Change, October 2018 YTD Supply Demand 5.0% 4.9% 3.9% 5.9% 3.6% 4.1% 2.3% 1.8% 1.7% 1.9% 1.1% 2.3% 1.2% 1.8% 2.2% -3.6% North America & Caribbean Central America South America Europe Middle East Africa Asia Australia & Oceania

4 Europe - Muted supply growth lifts occupancy (and RevPAR) Supply, Demand, RevPAR % Change, Constant Currency, EUR. October YTD % Supply % change Demand % change RevPAR % change 5% 0% YTD

5 Europe continues to experience positive growth Europe Main KPIs, Constant Currency, EUR, October 2018 YTD 73.4% Occupancy +1.2% ADR +4.0% RevPAR +5.2%

6 Paris leading the European RevPAR and Dublin leads occupancy. Occupancy, ADR, RevPAR, EUR, October 2018 YTD 85% 75% ADR RevPAR Occupancy EUR 250 EUR % 55% 45% 35% EUR 150 EUR 100 EUR 50 25% EUR 0

7 A mixed bag in Europe but mainly positive Europe RevPAR % Change, Local Currency, October 2018 YTD 4 18 Helsinki St. Petersburg Edinburgh Amsterdam Dublin 7 London Brussels Zurich Paris Madrid Barcelona Lisbon Rome Copenhagen Berlin Prague 4 12 Vienna 78 Athens 53 Budapest Bucharest Belgrade Istanbul Warsaw Kiev Moscow

8 Ireland positive performance prevails 2017 STR. All Rights Reserved.

9 REGIONAL Ireland It s all about ADR EUR., October 2018 YTD. Occupancy, ADR & RevPAR & % chg. 74.6% Occupancy +0.9% ADR +9.3% RevPAR +10.3% 2017 STR. All Rights Reserved.

10 Ireland Regional by class Luxury 110 & Upper Upscale 40 premiums EUR, October 2018 YTD. Occupancy, ADR & RevPAR 78% % % 72% 70% 68% 66% % Luxury Reg Upper Upscale Reg Upscale Reg Upper Midscale Reg Midscale Reg 0 Occ ADR RevPAR 2017 STR. All Rights Reserved.

11 Ireland Regional by class ADR driving performance across all classes EUR October 2018 YTD Occupancy and ADR % Change 1.8% Occ ADR RevPAR 0.8% 0.2% 0.5% 0.5% 0.3% 0.4% 0.0% -0.1% -0.1% Luxury Reg Upper Upscale Reg Upscale Reg Upper Midscale Reg Midscale & Econ Reg

12 Key Irish Markets occupancy in excess of 70% across the board EUR, October 2018 YTD. Occupancy, ADR & RevPAR ADR RevPAR Occupancy 90% 85% 80% 75% 70% 65% 60% 55% 50% 45% 40% STR. All Rights Reserved.

13 ADR % Chg Irish Markets Performance Cork remains the top mover EUR Occ and ADR % change October 2018 YTD 11 9 Galway Reg. Ireland Ireland Cork 7 5 Kilkenny Munster Regional Sligo Dublin Leinster Regional 3 1 Kerry Occ % Chg 2017 STR. All Rights Reserved.

14 Dublin rounding up the year in positive territory

15 Dublin RevPAR growth over 7% with 2 months to go EUR, Full Year 2008 to October 2018 YTD. Supply, Demand & RevPAR % chg 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% Supply % change Demand % change RevPAR YTD Oct 2018

16 Dublin strong occupancy base pushing ADR growth EUR, October 2018 YTD Occupancy, ADR & RevPAR 85.4% 0.6% occupancy % ADR % RevPAR 2017 STR. All Rights Reserved.

17 Dublin Submarkets City Centre commands a 60 premium EUR, October 2018 YTD. Occupancy, ADR & RevPAR 100% 90% 80% 70% 60% 50% 40% ADR RevPAR Occupancy STR. All Rights Reserved.

18 Dublin Submarkets Airport fastest growing (just!) EUR, RevPAR % chg. October 2018 YTD Dublin City Centre Dublin Airport Dublin Surroundings +7.4% +7.5% +6.0% 2016 STR. All Rights Reserved.

19 Dublin by class - Lux & Upper Up 50 ADR premium, Upper only 10 EUR, October 2018 YTD. Occupancy, ADR & RevPAR 90% % 86% 84% % % 78% 76% % Luxury Upper Upscale Upscale Upper Midscale Midscale 0 ADR RevPAR Occ

20 Dublin by class Upper Midscale fastest growing class EUR. Occupancy, ADR & RevPAR % chg. October 2018 YTD. 10% ADR Occupancy RevPAR 8% 6% 4% 2% 0% -2% Luxury Upper Upscale Upscale Upper Midscale Midscale

21 Day Count ADR ( ) Dublin Compression a 41% yield results in 45 higher ADR EUR, Compression Analysis Year End % < >=90 Occupancy (%) Day Count ADR ( )

22 Day Count ADR ( ) Dublin Compression analysis a 49% yield results in 53 higher ADR EUR, Compression Analysis October 2018 YTD % -3% < >=90 Occupancy (%) Day Count ADR ( )

23 Pipeline hotels, hotels, more hotels STR. All Rights Reserved.

24 Europe Pipeline, Top 10 October 2018 Report, Pipeline by Room Count Existing Pipeline Pipeline % Existing United Kingdom 21% Germany 15% Ireland 28% France 3% Russia 7% Turkey 4% Poland 15% Switzerland Netherlands 7% 6% Israel 14% Thousands

25 Dublin is now at 23,005 bedrooms, with 3,696 in construction 2,682 expected to open between now and year end 2019

26 Upscale and Upper Midscale comprise over 60% of new openings Number of rooms opening between now and December 2019 Class Openings Active Pipeline 2018/2019 London Dublin Supply Openings & Active 2018/2019 Pipeline Project Count Room Count Luxury 0 0 Upper Upscale Upscale Upper Midscale Midscale 4 84 Economy Total 28 2,682

27 Capitalize on your own potential STR, Inc. All Rights Reserved. Any reprint, use or republication of all or a part of this presentation without the prior written approval of STR, Inc. or STR Global, Ltd. trading as STR (collectively STR ) is strictly prohibited. Any such reproduction shall specifically credit STR as the source. This presentation is based on data collected by STR. No strategic advice or marketing recommendation is intended or implied.

28 Business-on-the-Books for Dublin for next 90 days as at 26 Nov % 90% 80% 70% 60% Andre Rieu Forward weekend demand and compression highly visible Six Nations Ireland v England 50% 40% 30% 20% 10% 0%

29 100% 90% Business-on-the-Books for Dublin for next 90 days Compared to last year and two years ago actuals % 70% 60% 50% 40% 30% 20% 10% 0%

30 Pickup from last week for the next 28 days as at 26 Nov % 90% 80% 7% 6% 6% 5% 70% 60% 14% 14% 15% 13% 9% 10% 9% 9% 6% 5% 50% 6% 7% 6% 5% 40% 4% 7% 2% 2% 30% 3% 3% 4% 3% 3% 1% 20% 10% 0%

31 Average Pickup for next 12 weeks as at 26 November % 9.0% 8.0% 7.0% 8.7% Over the course of any given week a hotel will pick up 8.7% for the next week. 6.0% 5.0% 6.4% 5.9% 4.0% 3.0% 2.0% 1.0% 0.0% 4.4% 3.7% 2.9% 2.7% 2.1% 1.7% 1.7% 1.6% 1.0%

32 70% Business-on-the-Books for Dublin for next 12 months as at 05 Nov % 60% 50% 40% 38% Following similar seasonal patterns as Historic occupancy Strong base being built for next summer season 30% 20% 22% 19% 25% 27% 31% 33% 28% 25% 28% 19% 10% 0% November December January February March April May June July August September October

33 Market Forecast what does the future hold?

34 2019 Hotel Forecast A largely positive picture Recovery Mode Performance on the rebound Hot Markets In high demand Minor Growing Pains Supply growth impact Steady Gains Stable performance & outlook Brussels, Paris, Cologne, Barcelona, Buenos Aires Amsterdam, Warsaw, Munich, Tokyo, Beijing, Madrid, Hong Kong, Singapore, Sydney Glasgow, Moscow, Edinburgh, Dublin, Manchester, Dubai, Birmingham, Leeds, Stuttgart, Hamburg, London, Heathrow, Frankfurt Sao Paolo, Hong Kong, Dusseldorf, Abu Dhabi, Sydney, Rome, Singapore, Athens, Budapest, Milan, Berlin, Gatwick, Zurich, Vienna, Prague, Beijing,

35 Dublin what does the future look like post supply increase EUR, Historic , Forecast (Indexed to 2007) Dublin Demand Dublin Supply Dublin RevPAR F 2019 F 2020 F 2021 F 2022 F 2017 STR. All Rights Reserved.

36 MARKET FORECAST Dublin expecting a small occupancy decline EUR, Forecasted - Occupancy, ADR, RevPAR, GBP, 2018 and % % STR. All Rights Reserved.

37 MARKET FORECAST Dublin bigger occupancy decline in 2019 EUR, Forecasted Occupancy, ADR & RevPAR % Chg. GBP, 2018 & % % 2019 ADR & Occupancy -3.2% % % % STR. All Rights Reserved.

38 Thank You! Sarah Duignan STR, Inc. All Rights Reserved. Any reprint, use or republication of all or a part of this presentation without the prior written approval of STR, Inc. or STR Global, Ltd. trading as STR (collectively STR ) is strictly prohibited. Any such reproduction shall specifically credit STR as the source. This presentation is based on data collected by STR. No strategic advice or marketing recommendation is intended or implied.

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