2017 FULL YEAR RESULTS DELIVERING OUR PROMISE

Transcription

1 2017 FULL YEAR RESULTS DELIVERING OUR PROMISE

2 Contents Key Value Drivers slide 3 KPIs & Market Background slide Financial Performance slide 9 Strategy - Driving Portfolio Growth slide 18 Strategic Priorities slide 25 Outlook slide 32 Appendices slide 34 DISCLAIMER The presentation contains forward looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this presentation. Due to inherent uncertainties, including both economic and business risk factors underlying such forward looking information, actual results may differ materially from those expressed or implied by these forward looking statements. The Directors undertake no obligation to update any forward looking statements contained in this presentation, whether as a result of new information, future events or otherwise. Slide 2

3 Key Value Drivers By focusing on our customers, our people, our brands and our growth strategy: We continue to outperform the market. RevPAR growth very strong in Dublin, Regional Ireland and UK during 2017 We are delivering strong conversion with Segments EBITDAR margin increasing from 41.4% to 42.9% We are going to open a very strong pipeline of 980 additional rooms in Ireland and the UK during 2018 We have secured a further pipeline of 1,100 rooms in the UK, opening from 2019 to 2021 We continue to maintain a very healthy balance sheet to fund this growth Low level of gearing with Net Debt to Adjusted EBITDA of 2.4x Well located hotel assets with market value of close to 1 billion Slide 3

4 KPIs & MARKET BACKGROUND Clayton Hotel, Manchester Airport

5 Driving Sustained Strong Performance RevPAR Revenue m Adjusted EBITDA 1 m Adjusted Diluted EPS 2 Cents ( ) % % % % Excludes revaluation movements, goodwill impairment and items considered by management to be non-recurring or unusual in nature. Acquisition costs have been excluded given the scale of acquisitions in Excludes the tax adjusted effects of revaluation movements, goodwill impairment and items considered by management to be non-recurring or unusual in nature Slide 5

6 Three Core Business Segments Dublin 15 Hotels 3,992 Rooms FY 2017 RevPAR: (+11.0%) RevPAR including Clayton Hotel Group Revenue Segment EBITDA EBITDAR Margin Burlington Road: (+9.2%) 58% 61% 49% Regional Ireland 12 Hotels 1,643 Rooms FY 2017 RevPAR: (+9.1%) 22% 17% 28% UK 2 8 Hotels 1,731 Rooms FY 2017 RevPAR: (+9.6%) 20% 20% 39% 1. Clayton Hotel Burlington Road is excluded because its performance in the transitional period since its November 2016 acquisition has a disproportionate impact as a result of its size 2. EBITDAR margin excludes Croydon Park Hotel Slide 6

7 Market Review Dublin Savills forecast over net additional 5,300 rooms by ,500 2,000 1,500 1, ,128 2,000 1, Dublin 2017 Actual 2018 Forecast 2019 Forecast Occupancy 83.0% 83.2% 80.8% ARR RevPAR RevPAR % Variance 7.7% 5.0% -2.0% Source: STR Global Total market size of circa 20,000 rooms Savills projecting gross 1,280 rooms to open in 2018 with Tara Towers (109 rooms) closing. Approximately 800 to 1,000 of new rooms to open in second half of the year Savills projecting 2,500 new rooms in 2019 with Ballsbridge Hotel (400 rooms) to close. Less than 1,100 of these new rooms have started construction Full planning permission has been granted for less than 700 of the rooms projected to open in 2020 Increase in supply expected to be matched by increase in demand from continued economic growth, increased visitor numbers and growing evidence of office relocations from London to Dublin 5.0% RevPAR growth in FY 2018 by STR. Forecasting a fall in 2019 as they are assuming large increase in supply Slide 7

8 2017 Financial Performance Maldron Hotel, Newlands Cross

9 Doing What We Promise Key Financials million Revenue Segments EBITDAR Rent (30.8) (25.4) Segments EBITDA Central overheads (12.4) (9.2) Share-based payment expense (1.7) (1.2) Other income / costs (1.9) (13.4) Group EBITDA Depreciation (15.8) (15.5) Net finance costs (9.6) (11.5) Profit before tax Profit after tax Basic EPS (cents) Adjusted EBITDA Adjusted diluted EPS (cents) Strong growth in revenue, profit and earnings per share Group RevPAR increased 10.4% to Segments EBITDAR margin increased from 41.4% to 42.9% Central office overheads increased by 3.2 million due to investment in systems and an increase in payroll and training costs to support the growing portfolio Other income/costs includes acquisition costs 1.3 million (2016: 2.7 million), gains on disposal of properties and a subsidiary 0.5 million and net loss on revaluation of property assets 1.4 million (2016: gain of 0.2 million) also includes stock exchange listing costs of 1.3 million and goodwill impairment of 10.3 million Occupancy 83.1% 82.1% Average Room Rate ( ) RevPAR ( ) Slide 9

10 Adjusted EBITDA Bridge Group EBITDAR margin increases from 41.4% to 42.9% due to strong conversion of additional revenue to EBITDAR * Includes share-based payment expense and rental income Slide 10

11 Very strong RevPAR performance in all markets but especially in Dublin and the UK 18.4% Dalata Market 16.8% 13.6% 13.2% 11.0% * 11.9% 12.0% 11.4% 7.7% 8.7% 7.6% 6.6% 6.7% 8.1% 8.0% 4.4% 4.6% 2.3% 0.9% Dublin Cork Galway Limerick London Belfast Leeds Manchester Birmingham Cardiff -0.7% Source: Market data STR; Trending.ie * Clayton Hotel Burlington Road is excluded from the like for like analysis because its performance in the transitional period since its November 2016 acquisition has a disproportionate impact as a result of its size. If Clayton Hotel Burlington Road was included, RevPAR increase for Dublin would be 9.2% Slide 11

12 Dublin Full Year Performance Dublin portfolio (excluding Clayton Hotel Burlington Road 1 ) achieved RevPAR growth of 11.0% versus the city 7.7% EBITDAR margin reached 49.3% due to strong conversion of additional sales to EBITDAR at 75.0% on a like for like basis Rent increased due to full year impact of the Clayton Hotel Burlington Road (November 2016) and The Gibson Hotel (March 2016), increase in performance related rent at Maldron Hotel Dublin Airport and the Ballsbridge Hotel and offset by rent saving due to purchase of freehold at Clayton Hotel Cardiff Lane Rent was further decreased by a release of estimated accruals and liabilities due to the purchase of one property ( 1.4 million) and the renegotiation of an existing lease for another property ( 0.6 million) All figures million Total revenue EBITDAR Rent (26.4) (19.5) EBITDA EBITDAR margin 49.3% 48.0% KPIs Inc Burlington Rd Occupancy 85.9% 84.3% Average Room Rate ( ) RevPAR ( ) KPIs Exc Burlington Rd Occupancy 86.4% 85.1% Average Room Rate ( ) RevPAR ( ) KPIs include full twelve month performance of other Dublin acquisitions regardless of when acquired 1. Clayton Hotel Burlington Road is excluded from the like for like analysis because its performance in the transitional period since its November 2016 acquisition has a disproportionate impact as a result of its size Slide 12

13 Regional Ireland Full Year Performance RevPar growth of 9.1% RevPAR growth in Cork was behind the market due to Clayton Hotel Cork City which was negatively impacted by GDS transition and refurbishment. Hotel has a very high RevPAR versus market. Limerick hotels significantly outperformed the market. Galway marginally behind market due to Maldron Hotel Sandy Road, where redevelopment work got underway in Q4 EBITDAR margin increased from 26.5% to 28.3% due to very strong conversion of additional revenue on a like for like basis of 71.8%. This was helped by ongoing improvement in F&B margins Rent was lower due to the purchase of freehold interests in Maldron Hotel Portlaoise (May 2017) and Maldron Hotel Shandon Cork City (September 2016) All figures million Total revenue EBITDAR Rent (1.2) (2.0) EBITDA EBITDAR margin 28.3% 26.5% KPIs Occupancy 75.5% 74.0% Average Room Rate ( ) RevPAR ( ) KPIs include full twelve month performance of all Regional Ireland hotels regardless of when acquired Slide 13

14 UK Full Year Performance Strong RevPAR growth of 9.6% Hotels in the London portfolio achieved strong RevPAR growth of 11.9% surpassing the market growth of 4.4% Very strong performance versus market in the Provincial UK cities of Cardiff, Leeds & Manchester As anticipated EBITDAR margin at Clayton Hotel Birmingham was low in H2 as it takes time and cost to implement the Dalata decentralised model. Excluding this hotel and the disposal of Croydon Park Hotel, EBITDAR margin increased from 40.2% to 40.5% despite cost pressures Rent fell due to (i) sale of Croydon Park Hotel in June 2017 (first acquired in March 2016), (ii) purchase of the freehold interest in Clayton Hotel Cardiff in November 2016 and subsequent sale and leaseback in June 2017 at a lower rent. These two reductions were offset to a degree by entering into a new lease for Clayton Hotel Birmingham in August 2017 All figures million Total revenue EBITDAR Rent (2.9) (3.3) EBITDA EBITDAR margin 38.8% 39.4% KPIs Occupancy 83.0% 80.3% Average Room Rate ( ) RevPAR ( ) KPIs include full twelve month performance of all UK hotels regardless of when acquired (except Croydon Park Hotel which was sold on 30 June 2017 and is excluded from the KPIs) Slide 14

15 Strong Balance Sheet Providing Covenant for Growth All figures million Non-current assets Property, plant and equipment 31 Dec Dec Other non-current assets Current assets Trade receivables, inventory and other Cash Total assets 1, Equity Bank loans Trade and other payables Other liabilities Total equity and liabilities 1, Strong balance sheet with an attractive covenant to secure future leases Strongly located hotel assets with market value of close to 1 billion Low level of gearing with net debt to adjusted EBITDA of 2.4x Loans to Tangible Asset ratio of 26% million ( million) of loans held in sterling to provide a natural hedge against fluctuations in the value of sterling Other non-current assets include goodwill 54.6 million, investment property 1.6 million, deferred tax assets 3.6 million and other non-current receivables related to operating leases 4.3 million Other liabilities include deferred tax liabilities 31.9 million, derivatives 1.8 million and provision for self insurance 4.7 million Slide 15

16 Strong Cashflow to Fund Pipeline and Further Growth All figures million Adjusted EBITDA Net cash from operating activities Interest and finance costs paid (10.1) (10.0) Maintenance capital expenditure (14.6) (12.4) Adjusting cash items Cash generated to fund debt repayment, acquisitions and development activity Cash conversion 68.4% 69.8% 1 Acquisition costs of 1.3m (FY 2016: 2.7m) and stock exchange listing costs of 1.3m in FY 2016 Slide 16

17 STRATEGY DRIVING PORTFOLIO GROWTH Clayton Hotel, Limerick

18 Current Pipeline Over 2,200 new rooms Dublin 3 New Hotels 3 Extensions 656 rooms Regional Ireland 1 New Hotel 1 Extension 227 Rooms Property New Extension Rooms Planning Construction Completion Granted Started Clayton Hotel Charlemont x 188 x x Nov 2018 Maldron Hotel Kevin Street x 138 x x June 2018 Clayton Hotel Ballsbridge x 31 x x Aug 2018 Clayton Hotel Dublin Airport x 106 x x May 2018 Maldron Hotel Parnell Square x 53 x x Dec 2018 Maldron Hotel Merrion Road (to replace Tara Towers Hotel) x 140 x Q Property New Extension Rooms Planning Construction Completion Granted Started Maldron Hotel South Mall, Cork x 164 x x Dec 2018 Maldron Hotel Sandy Road, Galway x 63 x x June 2018 UK 1 New Owned Hotel 4 New Leased Hotels 1,351 Rooms Property New Extension Rooms Planning Construction Completion Granted Started Maldron Hotel Belfast City x 237 x x Mar 2018 Maldron Hotel, Newcastle* x 264 x x Feb 2019 Maldron Hotel, Glasgow* x 250 Q Clayton Hotel, Glasgow* x 300 Q Clayton Hotel, Manchester* x 300 Q *35 year operating lease Slide 18

19 UK Fragmented Market offering Structural Opportunity We have identified 20 target cities in the UK which are suitable for Maldron and Clayton Large structural opportunity exists in the 3 & 4 star segments of these markets for a number of reasons: International brands are increasingly evolving to a franchise model leaving a shortage of operators with any scale Fragmented market in terms of: Brands Ownership Operators The stock of 3 and 4 star hotels is considerably older than the age profile of the Budget sector with over 40% of the rooms over 40 years old Slide 19

20 UK Clear Competitive Advantage in Fragmented Market Financial resources and ability to secure sites Depth of hotel operational expertise & resources Senior Management Team Dalata Willing to put strong balance sheet behind strategy to own or lease Very attractive to developers and property investors Management and staff avail of comprehensive training & development programmes Opportunity for internal growth for all our people Highly motivated management teams with large growing hotel group Support of Central Office functions Existing management platform in place in the UK Decentralised operating structure Senior management team has operated in UK hotel market for over 20 years Senior management team created, rolled out and operated a new brand in the UK previously with Jurys Inn Competition Large brands won t own or lease Weak balance sheets for smaller operators Difficult for smaller operators or larger Third Party Operators (TPOs) to provide same level of training or opportunity due to lack of tenure (TPOs) or scale (independent operators) Not clear that same level of experience exists within TPOs or independent operators Large brands dependent on owners to roll out their brands Slide 20

21 UK Key Objectives in Target UK 20 cities Our objective is to become the leading 3/4 star operator in our target city markets Target range of 10% to 15% market share of 3/4 star market in each city Translates to circa 7,000 rooms on top of current pipeline (assuming a 12.5% market share achieved) in 5 7 years Further opportunities are likely to exist in the Greater London area and adjacent to UK airports but we will look to address those opportunities in a more bespoke manner as and when they arise Slide 21

22 Early examples of UK expansion strategy Clayton Birmingham Existing Asset Clayton Manchester Development Asset Bought in July 2017 for 31m Sold freehold to Deka Immobilien and entered a 35 year lease at initial rent of 1.6m p.a. Modern hotel with 174 rooms, restaurant, bar and extensive meeting facilities Exploring potential to add a further 40 rooms Have identified significant opportunities to reduce costs and increase revenues Rebranded as a Clayton hotel in October Agreement for lease contracts exchanged Currently in planning process Excellent city centre location Portland Street Circa 300 bedroom new build Clayton hotel with extensive conference facilities Local well regarded developer Property Alliance Group Target opening Q Slide 22

23 Early examples of UK expansion strategy Clayton Glasgow Clyde Street Development Asset Maldron Glasgow Renfrew Street Development Asset Agreement for lease contracts exchanged Planning application in Q Circa 300 bedroom new build Clayton Hotel with extensive conference facilities Very close to retail and leisure attractions International Financial Services District within 5 minute walk Developer partner is Artisan Real Estate Investors Target opening Q Agreement for lease contracts exchanged with McAleer & Rushe Planning application in Q Circa 250 bedroom new build Maldron Hotel Located in the centre of Glasgow Target opening Q Slide 23

24 STRATEGIC PRIORITIES Maldron Hotel, Smithfield Dublin

25 Strategic Priorities Difference with Dalata OUR CUSTOMERS Listening to their feedback Our People (decentralise responsibility) DRIVING SHAREHOLDER RETURNS OUR PEOPLE Decentralise responsibility Our customers (listening to their feedback) OUR BRANDS Independent & fresh OUR GROWTH Owned & Leased model Slide 25

26 Our Customers We want to know what our customers think Received and processed over 120,000 customer reviews Commissioned market research, getting views of 1,000 consumers on our brands, websites and products We react to feedback Over 14.6 million invested in product refurbishment during 2017 Over 2,200 rooms refurbished since 2015 Brand websites redesigned to make booking journey easier Launch of Click on Clayton and Make it Maldron Training courses developed to address service weaknesses Technology introduced to aid us better serve our customer Slide 26

27 Our Growth Further progress achieved in 2017 Owned and leased portfolio Purchased effective freehold interest of Maldron 9, Hotel Portlaoise and 232 rooms at Clayton Hotel Cardiff Lane (both previously leased) 8, Purchased 257 rooms in three separate transactions at Clayton Hotel Liffey Valley 7,000 6, Secured lease to operate now rebranded Clayton Hotel Birmingham (174 rooms) 5,000 4, Entered into agreements for lease for 3 new hotels (850 rooms) in Glasgow and Manchester Identified 20 target cities in the UK for Clayton and Maldron Targeting to announce 1,200 new rooms per annum 3,000 2,000 1, Estimate Room numbers Number of hotels Slide 27

28 Our People LYNN, current GM at Maldron Dublin Airport appointed GM DARA, current Deputy GM at Clayton Dublin Airport replaces Lynn Clayton Hotel Charlemont, Dublin Maldron Hotel Kevin Street, Dublin ANN MARIE, previous GM at Maldron Smithfield appointed GM PATRICK, previous Deputy GM at Maldron Parnell Square replaced Ann Marie Maldron Hotel South Mall, Cork Difference with Dalata Maldron Hotel Belfast City ROBERT, current GM at Maldron Shandon Cork City appointed GM TRACY, current Deputy GM at Clayton Silver Springs replaces Robert MIKE, previous GM at Maldron Derry appointed GM LINDA, previous Deputy GM at Clayton Leopardstown replaced Mike Slide 28

29 Our Brands We own all our brands and are the sole operators to ensure consistency and control of standards Clayton and Maldron are Ireland s two largest hotel brands with a growing presence in the larger cities in the UK Club Vitae is the largest leisure centre brand in Ireland Red Bean Roastery Coffee brand has been rolled out to 16 hotels across the portfolio with another 18 hotels planned for 2018 The first standalone Red Bean Roastery coffee shop was opened adjacent to Clayton Hotel Leopardstown in 2017 with another three planned at Clayton Hotel Cardiff Lane, Clayton Hotel Charlemont and Maldron Hotel South Mall Grain & Grill restaurant brand has now been rolled out at all our Maldron hotels Slide 29

30 Investing in Technology to deliver on our strategy Background Dalata comprises primarily a portfolio of hotels acquired in multiple separate transactions since mid 2014 There were multiple different systems platforms at the various hotels Alkimii human resources management system rolled out across the group in 2016 Objectives of project are to (i) streamline and consolidate processes, (ii) increase controls, (iii) deliver efficiencies and (iv) improve further management reporting Project Evolve 2017/2018 There are three key components: A single accounting platform Sage 200 was introduced across all units in July 2017 Procure Wizard, a new procurement system currently being implemented Shared Service Centre has been established in Cork to manage routine administration work in a highly efficient manner supported by the new technology Property Management Systems & Revenue Management Roll out of Opera Cloud PMS to non Opera PMS Hotels by end of Q1 2018, Opera Cloud to replace Opera at other hotels within the next 3 years Web based group database housed in Oracle s data centre Real time rates and inventory integration to all main distribution channels Implementation of IDEAS Revenue Management System to aid the Revenue manager in decision making by providing powerful analytics in selected hotels Slide 30

31 OUTLOOK Clayton Hotel Galway

32 2018 Outlook Trading is marginally ahead of our expectations for Q Our construction projects for new hotels and extensions continue to progress on target and within budget We continue to actively seek out opportunities to expand our portfolio in the UK and are confident that we will meet our goal of securing a further 1,200 rooms during 2018 We are very encouraged by the reaction of developers and potential investors to the strength of our balance sheet covenant and operational expertise The Board intends to commence the payment of dividends from 2018 onwards. The Board has adopted a progressive dividend policy with the payout based on a percentage of profit after tax which is expected to be in the range of 20% to 30%. An interim dividend will be declared with the interim results in September 2018 Slide 32

33 APPENDICES New Italian Kitchen at Clayton Hotel Dublin Airport

34 Market Review Regional Ireland Cork Occupancy 77.2% 79.8% ARR RevPAR RevPAR % Variance 13.3% 13.6% Galway Occupancy 77.0% 76.8% ARR RevPAR RevPAR % Variance 10.7% 7.6% Limerick Occupancy 70.0% 72.1% ARR RevPAR RevPAR % Variance 16.4% 13.2% Source: trending.ie Strong RevPAR growth in all three cities No increases in supply and very little supply in pipeline Slide 34

35 Market Review United Kingdom RevPAR Growth % London -0.9% 4.4% Manchester 5.7% 0.9% Birmingham 7.7% 2.3% Cardiff -1.1% 8.0% Leeds 3.7% -0.7% Belfast 9.0% 16.8% Source: treding.ie London market benefitted from weak pound and increased demand in the city. Noted slowdown in H Mixed performance at four regional cities Leeds is impacted by challenges in the corporate market leading to reduced transient rates Existing location for Dalata New hotel location in pipeline Slide 35

36 Refurbishment Programme Rooms Refurbished Total Over 23.3 million invested in 2,270 rooms since 2015 Over 8.5 million invested in FY ,591 Standardised room templates for Clayton and Maldron brands driving investment efficiencies Total 2,270 % of total leased and owned rooms 31% Slide 36

37 Anticipated effect of IFRS 16 As leaseholds become a bigger feature of our portfolio the changing accounting requirements of IFRS 16 are very relevant to Dalata Despite the significant impact of the accounting change on our financial statements we foresee: NO impact on our strategy NO impact on our commercial negotiations for leases NO impact on our cashflows Further information was provided in our 2017 Capital Markets Day presentation at Effect on Dalata Financial Statements Balance sheet impact The distinction between operating and finance leases is removed for lessees and almost all leases will come on the balance sheet as a lease liability and a right-of-use ( RoU ) asset. Profit or loss impact The rent expense will be replaced by: An annual interest charge on the lease liability Depreciation on the right of use asset This will result in increased EBITDA but frontloading of interest costs will reduce profits early on in the life of the lease. Variable lease payments which are dependent on external factors such as hotel performance will be recognised directly in profit or loss. Cashflow impact No impact on actual pre-tax cash flows. Tax effect currently under review by tax authorities. Slide 37

38 Capitalised Interest Dalata has a significant programme of development for both new hotels and extensions Accounting standards require interest for borrowings related to the acquisition or construction of a qualifying asset be capitalised as part of the cost of that asset The borrowings do not necessarily have to be drawn specifically for the project but can be general borrowings that could have been avoided if expenditure had not been spent The weighted average borrowing rate for each of the sterling and euro loans, including hedging if applicable, is used depending on the asset location FY 2017: 1.6 million (2016 not material) Slide 38

39 Foreign Exchange Effects Sterling exchange rate has significant impact on earnings Weighted average exchange rate for EBITDA for FY 2017 was (FY 2016: ) On a constant currency basis 2017 EBITDA would have been 1.6 million higher however, interest, depreciation and tax would also have been higher. As a result Profit After Tax would have been 0.8 million higher Slide 39

40 Strong, Complementary Brand Proposition Brand Proposition Maldron is all about providing a fun, relaxed time for all who arrive through our doors. Our great-value hotels are found in convenient locations close to local attractions - ensuring there s always plenty to see and do. With friendly, helpful staff, good food and excellent facilities, it s the perfect place to enjoy good times with family and friends Rest assured, it s a Maldron You can always depend on Clayton Hotels to deliver exactly what you need, whether that s a weekend away, a family break or an important business meeting. From the comfort of our bedrooms to the quality of our facilities and the warm, helpful attitude of our staff - every detail is handled with care Where every moment matters Bedrooms Food and Beverage Conference Facilities Generally standard rooms, with family and executive rooms in some locations Integrated bar and restaurant in some locations. Simple menus made from fresh quality produce Meeting room facilities Standard, superior and executive rooms Modern bar, restaurant and coffee dock. Food and beverage offering based on local influences and freshly sourced premium ingredients Extensive choice of modern meeting rooms and events facilities Target Customers Both leisure and corporate with main focus on leisure guests and family Focus on corporate and conference midweek. Leisure, functions and weddings at weekend Slide 40

41 Owned & Leased Portfolio at February 2018 Owned Hotels / Freehold Equivalent Hotel Rooms Clayton Hotel Dublin Airport 504 Clayton Hotel Manchester Airport 365 Clayton Hotel Leopardstown, Dublin 354 Clayton Hotel Leeds 334 Clayton Hotel Ballsbridge, Dublin 304 Clayton Hotel Cardiff Lane, Dublin (1) 304 Maldron Hotel Newlands Cross, Dublin 297 Clayton Hotel Liffey Valley, Dublin (2) 257 Clayton Hotel Chiswick, London 227 Clayton Hotel Cork City (3) 201 Clayton Hotel Galway 195 Clayton Hotel Belfast 170 Clayton Hotel Sligo 162 Clayton Whites Hotel, Wexford 160 Clayton Hotel Limerick 158 Clayton Crown Hotel, London 152 Maldron Hotel Limerick 142 Maldron Hotel Parnell Square, Dublin 129 Maldron Hotel Pearse Street, Dublin 118 Tara Towers Hotel, Dublin 109 Clayton Hotel Silver Springs, Cork 109 Maldron Hotel Wexford 108 Maldron Hotel Sandy Road, Galway 104 Maldron Hotel Shandon Cork City 101 Maldron Hotel Derry 93 Maldron Hotel Portlaoise 90 Total 5,247 (1) Dalata own 252 rooms and lease 52 rooms (2) Remaining 95 rooms owned by third parties (3) Dalata own 194 rooms and lease 7 apartments Lease Agreements Hotel Rooms Clayton Hotel Burlington Road, Dublin 502 Ballsbridge Hotel, Dublin 400 The Gibson Hotel, Dublin 252 Maldron Hotel Dublin Airport 251 Clayton Hotel Cardiff, Wales 216 Clayton Hotel Birmingham 174 Maldron Hotel Tallaght, Dublin 119 Maldron Hotel Galway (Oranmore) 113 Maldron Hotel Smithfield, Dublin 92 Total 2,119 New pipeline Owned Clayton Hotel Charlemont, Dublin 188 Maldron Hotel Kevin Street, Dublin 138 Maldron Hotel South Mall, Cork 164 Maldron Hotel Belfast City 237 Maldron Hotel Merrion Road, Dublin 140 Extension Clayton Hotel Ballsbridge, Dublin 31 Clayton Hotel Dublin Airport 106 Maldron Hotel Parnell Square, Dublin 53 Maldron Hotel Sandy Road, Galway 63 Leased Maldron Hotel, Newcastle 264 Clayton Hotel, Manchester 300 Clayton Hotel, Glasgow 300 Maldron Hotel, Glasgow 250 Total 2, owned hotels with 5,247 rooms 9 leased hotels with 2,119 rooms 9 new hotels in pipeline with 2,234 rooms (including extensions) 3 management agreements with 308 rooms Slide 41