SUMMARY CONNECTIONS: ST MICHAELS HOTEL AND SPA GYLLYNGVASE BEACH, FALMOUTH, CORNWALL, TR11 4NB

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2 INTRODUCTION SET IN ONE OF CORNWALL S PREMIER BEACHSIDE LOCATIONS, THE AWARD WINNING ST MICHAEL S SPA AND WELLNESS RESORT WILL BE THE NEXT GENERATION OF COASTAL LIFESTYLE LIVING. WITH SUB-TROPICAL GARDENS, THE 4.2 ACRE SITE OCCUPIES FALMOUTH S TOP LOCATION, FACING DUE SOUTH OUT TO SEA, OVERLOOKING THE BLUE FLAG, SANDY GYLLYNGVASE BEACH. Cornwall has been voted Best UK Travel destination for six consecutive years, attracting over 5 million visitors per annum. The County has transformed in the digital age to stand out not only as a destination but as a brand symbolising fresh food and drink, outdoor pursuits, breathtaking land and seascapes and quality modern day living. A vibrant peninsula, the county has reportedly benefitted from 1billion inward investment in the past 15 years with a further 1billion expected over the coming 7 years. Falmouth is one of Cornwall s top aspirational towns and has the third largest natural harbour in the World. The Sunday Times ranked Falmouth University as the No.1 Arts University in the UK, having received over 100 million investment in the last 10 years. The Sunday Times also ranked Falmouth as the No.4 best place to live in the UK. It is a fast growing, vibrant and year round community. Falmouth and the surrounding area offer the best of the county in terms of blue flag beaches, hidden coves and areas of outstanding natural beauty coupled with successful infrastructure and a diverse and growing business community. The combination of the award winning St Michael s Hotel and Spa and a visionary redevelopment of a prime seafront site will create a market leading leisure and residential complex with the Spirit of the Sea at its core

3 SUMMARY ST MICHAELS HOTEL AND SPA GYLLYNGVASE BEACH, FALMOUTH, CORNWALL, TR11 4NB 4.2 acre Freehold site, facing south out to sea, opposite Blue Flag, sandy beach. Ten minutes walk from Falmouth centre Multi award winning AA 4-star, 2 Rosette, Hotel & Spa Full planning consent for: 88 Deluxe Hotel bedrooms (Existing: 61 St Michaels rooms and 30 Falmouth Beach hotel rooms, letting cottage & 2 apartments, site cleared for development) 4 Woodland Spa Lodges and major Spa Development Residential consent for 56 sea facing apartments in the new iconic Liner building New sea facing restaurant and retail space by the beach 17 further, premium residential apartments - mostly sea facing Extensive Health Club development with second existing 17m pool in place Existing member Health Club & very busy spa Average of 80% occupancy over the last 12 years St Michael s ARR /15 Revenue excess 4 million; EBITDA excess 1M CONNECTIONS: RAIL: Falmouth Town - 10 minutes walk - Change at Truro for direct line to London Paddington Air: Newquay International Airport - approx 45 minutes drive. 3 daily flights to London Gatwick Airport Road: Truro - 12 miles. Then dual carriageway to London from 2018 via A 30 and M5. Exeter - 2 hours - 95 miles; Plymouth - 1 hr 45 mins - 65 miles; Bristol - 3 hours miles Sea: Cruise ship port and local ferries

4 SITE INVENTORY EXISTING 24.1m BUILDING CURRENT USE CONSENTED USE MAIN HOTEL 53 Hotel Bedrooms 50 Deluxe Hotel Rooms Regatta Function Suite Expanded substantially Reception Re-located Flying Fish Restaurant As Existing The Locker lounge As Existing Feature Cocktail Bar and Public Areas As Existing Lounge As Existing 2 Meeting Rooms Reduced The Terrace Spa Café St Michaels Spa Major expansion to take over all of Health Club space and Pool/Wet areas St Michaels Health Club Re-located to Croft Building 11.2m 7.7m 17.4m Shelter STRACEY ROAD 9 The Cottage 20.0m Hotel St Michaels LB Mermaid 5 Captain's House Tremor The Croft Hotel Former Falmouth Beach Hotel GYLLYNGVASE HILL 1 to Seab THE CAPTAINS HOUSE 8 Hotel Bedrooms Re-developed to residential PROPOSED Falmouth Beach Land acquired by St Michaels Hotel & Spa in Car Park July m 6.8m CLIFF ROAD 6.8m Posts TCB TENNIS COURTS 4 Tennis Courts * As Existing + Café *15 year lease from Council 4 WOODLAND SPA LODGES Non existent Created CLEARED DEVELOPMENT LAND Planning for hotel re-build The Liner - 56 Apartments and Commercial THE CROFT BUILDING Falmouth Beach Health Club New St Michaels Health Club 17m Swimming Pool As Existing Sauna, Steam, Spa, Jacuzzis, etc As Existing M, F, & D Changing As Existing Gym & Studio Expanded significantly 24 Hotel Bedrooms Expand to 38 Bedrooms Hair Salon/Conservatory Re-developed Lounge Re-developed THE MERMAID 2 Apartments Demolished as part of new sea front entrance 6 Hotel Bedrooms Offices TREMOR Staff House Re-developed to residential THE COTTAGE 3 Bedroomed Letting Re-developed to residential 06 07

5 THE COTTAGE ST MICHAELS HOTEL CAPTAINS HOUSE THE CROFT THE LINER RESTAURANT AND RETAIL SPA WOODLAND LODGES 08 09

6 ??? St Michael s Hotel and Spa has been in family ownership from 2001, during which time the hotel has undergone a major investment programme of c. 6 million & complete refurbishment. It has been transformed into one of the leading hotels in the South West. It is set in beautiful sub-tropical gardens, gazing out to the ocean beyond. Facing south, it is situated opposite the Blue Flag Gyllyngvase Beach, gateway to over 400 miles of coastal footpath. St Michaels is completely integrated into the local community with its successful Health Club, Spa, Restaurant and function space - all of which enjoy a strong local following. 10

7 All of the interiors have been designed to reflect and amplify Falmouth and coastal Cornwall. Cornish materials have been used throughout with local artists and photographers' work adorning the walls. Nearly all of our food is sourced locally from ongoing relationships with farmers and fishermen

8 PROPOSED SPA Cost of conversion will be low because it will capitalise on the existing 14m pool, wet areas and existing built space. The new spa will include: 14m swimming pool, Hydrotherapy pool, 2 Steam Rooms, Ice Feature, Experience Showers, 2 Saunas with glass fronts facing out to sea, Heated Loungers, Sun Deck 7 Treatment Rooms and Manicure/Pedicure Beauty Room Reception and Retail Shop Changing Areas including large Ladies Powder Room Deep Relax, Light Relax, and Social Lounge Areas Exterior Spa Gardens and Sun Decks featuring two Hot Tubs, Finnish Sauna and Relaxation Areas Spa Café with Sea Views and Outside Lounging Wellness Walkway link to St Michaels Health Club EXISTING SPA St Michaels Spa was one of the first destination spas in Cornwall, and has developed a very strong local following with c 75% of all treatments to the local market. Voted Cornwall s Favourite Spa in 2013 and 2014 by the readers of Cornwall Today, the spa features a range of holistic, therapeutic and beauty treatments using organic, Cornish product houses and Espa

9 ST MICHAELS HEALTH CLUB St Michaels Health Club is one of the top private facilities in Cornwall featuring: A very large Gym with cardio, resistance and functional training areas with free weights An 80m2 Main Studio and Smaller Studio for Spin/Cycling. Over 50 classes are run per week Boot Camps, Personal Training, Beach Training Four Tennis Courts (on 15 year renewable lease from the Council) Joint use of 14 m Swimming Pool, Sauna, Steam, Jacuzzi, Sun Deck etc with the Spa The Club has over 1200 regular members as well as day member revenue RELOCATION TO THE CROFT As part of the wider development, The Health Club will re-locate to The Croft building (former Falmouth Beach) & enjoy its own dedicated facilities in the future. Conversion costs will be low as it will capitalise on all of the existing facilities of The Falmouth Beach Health Club which are currently closed but ready to re-open. The NEW St Michaels Health Club will include: Existing 17m Swimming Pool, Children s Pool, Spa area, Sauna, Steam Room, Experience Shower Existing ladies, gents, disabled changing rooms Existing Gym becomes home for Cardio and Resistance Gym Two Studios and further Gym created from re-fitting existing space Existing 4 Tennis Courts plus Café Health Club Reception and Juice Bar from existing space Wellness Walkway link to St Michaels Spa 16 17

10 THE CROFT The existing Croft building will be refurbished, re-skinned and additional bedrooms added. It will contain the NEW St Michaels Health Club, as described, together with 38 St Michaels Hotel bedrooms and suites all fitted out in a coastal style to a 4 star deluxe standard. Many will feature balconies and sea views. EXISTING REGATTA SUITE NEW ARRIVAL, REGATTA SUITE Planning Consent has been approved for a new Resort entrance and arrival roadway opposite Gyllyngvase Beach. This will add a much greater sense of arrival. All guests to the Resort will be welcomed at the new Reception and Arrival Lounge. There is parking for each bedroom and apartment with 102 spaces underground below The Liner - the remaining around the site. The Regatta Function Suite will be extended significantly to provide dedicated and bespoke space for weddings, functions and conferences and will be able to accommodate up to 200 guests with a further 100 through linking with The Flying Fish Restaurant. NEW ARRIVAL FROM BEACH 18 19

11 THE LINER The design for The Liner is founded on the area s strong links with all types of ship and boat, and reflects Falmouth s Spirit of the Sea brand strategy. Its strong and confident architecture will be iconic and place-shaping for Falmouth. The Liner features 56 apartments - all with south facing sea views and generous balconies or patios - all of which have full residential consent. There are 7 larger penthouse apartments; 33 two bedroomed apartments ranging from 77 to 91 m2 and 16 one bedroomed apartments of c. 53m2. They have all been designed with flexibility in mind and two apartments can be merged into one larger unit. The specification and quality is high to reflect the AAA location

12 THE LINER Underneath The Liner is underground secure parking for cars allowing one space per apartment and two each for the penthouses. There are also Surf/Beach stores for each apartment with lift access direct from the car park. There is also a 330 m2 restaurant/bar, with substantial exterior patio space and retail space for a Delicatessen/General Stores. It is envisaged that many of the Liner Apartments will be attractive investments which will then be let and managed by the hotel, including the offer of the full resort facilities

13 THE COTTAGE The Cottage will also be demolished and replaced with three luxury, south facing, apartments, all with full residential consent. The three bedroomed penthouse over two floors with balconies and sea views is 146m2, whilst the other two apartments have two bedrooms and are 78m2. THE CAPTAINS HOUSE The Captains House and Tremor in Stracey Road will be demolished to make way for The Captain s Apartments, featuring 14 apartments with full residential consent. All are two bedroomed apartments, ranging in size from 81 m2 to 96m2. Many have balconies and sea views. Each apartment has allocated parking. 25

14 QUALITY BUILDING THE BRAND FINANCIAL PERFORMANCE St Michaels, Falmouth is a strong brand with an excellent reputation across the South West region. St Michaels Hotel & Spa has won many awards and accolades particularly over the past 6 years. Some are shown here: Consolidated P & L St Michaels Hotel (& Falmouth Beach Hotel from 2013) Total Total Total Total Total Budget 2010/ / / / / /16 Sales Revenue ( ) 3,262,449 3,427,943 3,556,694 3,630,283 4,252,915 4,686,160 AA 2 Rosettes for our food AA 4 Star since 2010 GREEN TOURISM AWARD Gold INVESTORS IN PEOPLE: Silver CORNWALL TOURISM AWARDS Large Hotel of the Year Gross Profit ( ) 1,471,315 1,610,332 1,618,537 1,577,514 2,170,027 2,443,391 Winner of Winners 2009 Top 3 for Large Hotel of the Year 2010, 2011, 2012, 2014 EBITDA ( ) 708, , , ,430 1,020,779 1,258,365 SOUTH WEST TOURISM AWARDS: Large Hotel of the Year: 2014 Bronze, 2010 Silver CORNWALL TODAY MAGAZINE: Best Spa 2013, 2014 MICHELIN GUIDE 2010 onwards CONDÉ NAST JOHANSENS Recommended Room Occupancy % *1 80.4% 82.7% 80.8% 80.8% 76.0% 81.8% St Michaels Hotel & Spa - Quality Performance Jan - May 2015 ARR (Average Room Rate( ) * Customer Quality Questionnaires Jan - May 2015 Qualmark Independent Market Research No. of respondents/ Base Very Satisfied/ Satisfied Neither Dissatisfied * First year of ownership of Falmouth Beach and new land. EBITDA reduced through costs/ distraction of bringing on stream 1 - St Michaels Hotel & Spa only Overall Satisfaction % 5% 2% The way attended to at check in % 2% 1% Knowledge & helpfulness of reception team % 3% 0% Comfort of bed % 2% 3% Cleanliness of rooms % 2% 0% Quality & presentation of Dinner food % 3% 2% Overall service at Dinner % 2% 2% Quality of Breakfast food % 4% 2% Quality of Spa treatments % 2% 2% 26 27

15 CONTACT JLL Hotels & Hospitality jointly with Stephen Page and Partners are pleased to invite offers, subject to contract for the freehold interest in St Michaels Hotel and Spa, Falmouth and the entire development site, together with the benefits of the leasehold interest of the tennis courts. The owners may consider proposals for elements of the scheme as part of this process. A first round bid deadline will be set by JLL following the launch of this marketing process. Full data room available to interested parties subject to a non-disclosure agreement. Interested parties may contact JLL or Stephen Page to express their interest. However, no direct contact is to be made with management, hotel employees or the vendor. Inspections and meetings can be arranged upon request via the joint agents. For more information on this resort opportunity, please contact: Will Duffey London t: +44 (0) will.duffey@eu.jll.com Michael Easton Exeter t: +44 (0) michael.easton@eu.jll.com John Kinsey Exeter T: +44 (0) john.kinsey@eu.jll.com Adelle Moore Exeter T: +44 (0) adelle.moore@eu.jll.com Joint Agent Stephen Page Stephen Page & Partners T: +44 (0) stephen@stephen-page.co.uk EPC s: EPC s are available either upon request or within the data room Disclaimer The information in this brochure was prepared in June The vendor has mandated JLL Hotels & Hospitality Group ( JLL ) to prepare this Information Memorandum (Memorandum). The vendor and JLL give notice that: (i) the sale brochure is set out as a general outline only for the guidance of interested parties and constitute neither the whole nor part of an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details in this brochure are given in good faith and are believed to be correct, but any interested party should not rely on them as statements or representations of fact, but should satisfy themselves by searches, enquiries, surveys and inspection or otherwise as to the correctness of each of them; (iii) Neither the vendor, nor the joint agents has the obligation to update any information or to correct any inaccuracies therein or omissions there from which may become apparent; and (iv) no person acting on behalf of the vendor or the joint agents has the authority to make or give any representations or warranty whatever in relation to this engagement.