UPSCALE 4*/ UPPER UPSCALE UPPER UPSCALE UPSCALE

MIDSCALE 3* (DESIGN)


Mexico 4%
Chile 4%
Argentina 5%
Netherlands
USA 5% 31%

Germany 6%

Belgium 8%

Italy 14% Spain 23%

 140 52 75 51 61 379
17.397 7.991 13.168 9.192 10.724 58.472

84 108 88 98 75 91

370 271 394 308 131 1.475

85 50 104 50 13 302

34 45 26 48 27 181


RCF 250m
 286
258 253

Term Loan Bonds

Convertible Other Loans 58

23 2 2 1
Other Secured Loans ST Credit lines

RCF 250m +2 years

Strike
conversin
4.92/ share

RCF 250m +2 years RCF 250m

(1)
Proforma 2019 with Run rate from 2018 2019 Refurbishments & Openings
(2)
Financial debt excluding IFRS accounting adjustments / Range subject to 2018 Bond conversion
Target: >


managed

lease d

owned


73% 74%
96 95 71%
69%
90 91

1.096 1.169
170
125
380 404 52 67





ADR RevPar
16.6%
15.1%
11.5%
9.5%
8.7% 7.8%
6.6% 5.7%
3.9% 3.2%
2.7%

-0.9%
Spain Italy Benelux Central Europe LatAm Group


450 ,00
406 36%
180 ,00
170 16%

400 ,00

318 355 35%

160 ,00 15%

350 ,00
34%
140 ,00
125 14%

300 ,00

33%
120 ,00

98 13%

100 ,00 12%

250 ,00

32%

80,0 0 11%
200 ,00

150 ,00
31%

30%
% margin 60,0 0 10%

40,0 0 09%
100 ,00

29% 20,0 0 08%

50,0 0

- 07%
- 28%
1

6
 (747) 157
(694)
(53)
(59) 1 (4)
5 5

Net F. Debt Oper. CF Working VAT & Public Capex Acquisitions Others Net Net F. Debt
Dec. '16 Capital Admin & Disposals Financials & Sept. '17
Dividends