Transaction Advisory and Valuations Pacific Asia Representative Project Qualifications

Transcription

1 Pacific Asia Representative Project Qualifications

2 Crowe Horwath International (CHI) is a worldwide organization of affiliated independent fullservice accounting and consulting firms with more than 400 offices in over 100 countries. The organization s history dates back to 1915 when it was founded in New York City. Horwath HTL is the consulting group within Crowe Horwath International specializing in the hotel, tourism and leisure industries. Established in Asia in 1987, Horwath HTL has been involved with over 3,000 hotel and tourism related projects throughout the region for clients ranging from individually held businesses to the world s most prominent hotels, developers, lenders, investors and industrial corporations on issues pertaining to developing, financing, operating, asset managing and valuing hotel, resort other hospitality related properties. Horwath HTL now operates offices in key cities throughout the Asia Pacific region, including Tokyo, Beijing, Shanghai, Hong Kong, Kuala Lumpur, Singapore, Jakarta, Mumbai, Sydney and Auckland. Our offices work together on most projects to ensure our clients receive a multi-skilled international perspective for their projects. Page 1

3 WHY HORWATH HTL? Rich History: Founded in 1915, Horwath HTL comprises the largest hotel and tourism consultancy practice in the world. International perspective: Horwath HTL has worked on more than 3,000 hotel and tourism projects in the Asia Pacific region, and countless more across the globe. Focus: Horwath HTL specializes exclusively on the hotel and tourism related sectors. Highly Independent: To ensure unbiased project evaluation and avoid potential conflicts of interest, Horwath HTL does not engage in any hotel investment, management or brokerage. Experience: Horwath HTL has been active in the Asia Pacific region for more than 25 years. Extensive Database: Accumulated over several decades, Horwath HTL boasts the world's largest and most complete database on hotel performance and related statistics. International Credibility: Horwath HTL's professional opinions are well recognized and respected amongst international hotel management companies, investors, developers and financial institutions. Page 2

4 Transaction Advisory and Valuations HORWATH HTL ANNUAL HOTEL INDUSTRY STUDIES 2013 ASEAN Hotel Industry Survey of Operations "#$%&'(& "#$%&"'()*+#,-".,/( 0#$"1(23(4*"#+,%2./( ( 2012 Financial Year "#$%&'()*(+, "#$%&'()*+#,-&&.*,/$-&"0&12$,3#4"(+& & 5675(8%.+.&%+9(:"+#( 5675&84(3(943%&:$3,& In collaboration with: In collaboration with: 2013 SINGAPORE Hotel Industry Survey of Operations 2013 MALAYSIA Hotel Industry Survey of Operations 2012 Financial Year 2012 Financial Year "#$%&"#$%"'()*%+**",-+'-"# 㻞㻜㻝㻟 ᖺᗘ ᮏ䝩䝔䝹ᴗ ㄪᰝ㻌 "#$%&'(')%*+,-.%/)012,34% %+7%8(-3',9+)2 % 㻞㻜㻝㻞 ィᖺᗘ㻌 "#%:9)');9'.%<-'3% "#$%&"#$%'"./-*0%1"+/2 Horwath HTL prepares annual Hotel Industry Reports for the major markets in the Asia Pacific region. The preparation of these reports involves detailed analysis of the marketing, operating and financial performance of over 1,000 hotels. Page 3

5 Horwath HTL Hotel Transaction Advisory and Valuations From single assets in domestic markets to cross-border portfolios spread across several countries. Horwath HTL s Hotel transaction advisors and Valuation experts have the breadth of experience and the resources of 50 local offices worldwide to provide informed and objective transactional and valuation advice. We have experts with RICS and MAI accreditation who have been working in these markets for many years and who bring their full knowledge to bear on every valuation they work on. Hospitality assets, such as hotels and resorts, are complex real estate types, with significant land use value depending on their operational performance. Their performance is susceptible to greater market fluctuations, location issues, management sophistication and high capital investment than other real estate classes such as office or retail. Because of this, the transaction and valuation of hospitality assets require a special market understanding and product expertise. Today, Horwath HTL is the leading industry expert retained by major hotel owners, lenders and operators to optimize their investment returns. "Our experience of working with the Horwath HTL team has been very positive. They are professional, highly committed and not frightened of challenging pre-conceived beliefs with hard evidence/data". - Chris Gammon, Brentford FC (Lionel Road) Ltd We have been thoroughly impressed by Horwath HTL s extensive industry knowledge, professionalism and flexibility in producing a bespoke report tailored to our needs. We would certainly recommend them in the future. - Robert Nadler, base2stay Horwath HTL asset valuations are regarded as independent, expert opinions and are provided to clients from a range of backgrounds and for differing intents and purposes: ï Buyers, Investors and Fund Groups - for acquisition or disposal of single properties or portfolios ï Owners and Developers - for arrangement of deal structuring, financing or disposal of assets ï Lenders and Financing Institutions - for pre-mortgage review or work-out and insolvency situations Suitable Project Types ï Land Acquisition (residual land value analysis) ï Asset/Portfolio Transactions ï Equity/Debt Participation ï Pre-Lending or Refinancing Review ï Due diligence for acquisitions or disposals ï Stock exchange listing ï Basis for joint venture or partnership structuring ï Asset revaluation for balance sheet Our valuation services include: ï Valuations of hotel management and franchise companies ï Real estate tax assessment appeals and expert court testimony ï Expert valuation testimony for foreclosure and bankruptcy proceedings ï Accounts purposes - short form annual valuations undertaken for a variety of investors, operators and owners ï Feasibility - studies done worldwide on hotel viability purposes for new developments, conversions and existing operations ï Expert Witness / Rent Reviews / Lease Renewals - acting on behalf of Landlords and Tenants as well as investors and insurers Page 4

6 Transaction Advisory and Valuations Representative Projects Global Horwath HTL was engaged by an investment banking group considering investing in Orient Express hotels to assess the management fee projections and valuations for existing properties and pipeline projects in 24 locations across Asia, Australia, and the Americas. Global Horwath HTL was engaged by Pegasus Capital Advisors to assist in the due diligence process for the acquisition of Six Senses Resorts & Spas. The process included assessment of management fee projections and valuations for existing properties and pipeline projects in 30 locations across Asia, the Middle East, Europe, the Caribbean and South America. Global Horwath HTL was engaged by a private equity group to provide due diligence assistance associated with the financing for a proposed acquisition of Amanresorts, including market analysis, property reviews and management fee projection and valuation assessments involving existing properties and pipeline projects in 41 locations across Asia, the south pacific, Europe, Africa and the Americas. Southeast Asia Pansea Hotels & Resorts Independent review of the expansion strategy and trading outlook of Pansea Hotel and Resorts (subsequently acquired by Orient-Express Hotels) in Asia for an existing shareholder considering expanding its investment or extended financing to support the company s growth and at the same time assessing possible exit strategies for comparison. Property locations included Yangon, Luang Prabang, Siem Reap, Bali and Koh Samui. Page 5

7 Singapore Swissotel Merchant Court Horwath HTL was commissioned by LaSalle Investment Management to provide a market outlook study, performance assessment and cash flow projections for the 476-room Swissotel Merchant Court Hotel Singapore (SMC) as part of the various due diligence procedures for its 2007 acquisition. Indonesia, Canggu - Bali Lv8 Resort Hotel Horwath HTL was engaged as an independent advisor by an interested investor to determine the optimal approach and investment returns for the potential purchase of Lv8 Resort Bali, a 124-unit apartmentstyle beach front resort with beach club component. The commissioned report establishes the market conditions and outlook for resort operations and unit sales, along with projections for the potential property-use scenarios. Maldives, Kaafu Atoll Jumeirah Vittaveli Horwath HTL was engaged as an independent consultant to provide an opinion of value for the 89- villa Jumeirah Vittaveli. The valuation was based on Maldives tourism outlook and hotel market dynamics, the property s asset and operational standards and projections made for the resort s future operating cash flow. Sri Lanka, Colombo Hyatt Regency Colombo Horwath HTL was engaged by Overseas Private Investment Corporation to perform an in-depth market analysis in connection with the potential financing for the construction of the proposed Hyatt Regency Colombo (scheduled for opening in 2014). Page 6

8 Transaction Advisory and Valuations Thailand, Bangkok Grand Hyatt Erawan & JW Marriott Horwath HTL was engaged by a US based private equity to provide independent opinions of value for the 380room Grand Hyatt Erawan and 441- room JW Marriott hotels as part of the due diligence process for investing in the ownership of these two prime 5-star hotels. Korea, Seoul Seoul Hilton Horwath HTL was engaged by a US private equity fund to provide market analysis, property projections and opinion of value for the preparation of a bid for the Seoul Hilton (currently known as Millennium Seoul Hilton). Hong Kong InterContinental Hong Kong Horwath HTL was engaged by InterContinental Hotels Group to provide market analysis, property projections and opinion of value for the acquisition of the regent Hong Kong (currently known as Intercontinental Hong Kong). Southeast Asia Budget Hotel Brand Expansion Horwath HTL was engaged to assist in the due diligence process for the potential acquisition and/or investment in an expanding budget hotel brand across various Asian markets. As initial input to the acquisition process, a view on the reasonableness of assumptions driving the target company s business plan and financial projections was provided. Comments were also provided on adjustments to the business plan, where deemed needed, to better reflect more realistic results. Page 7

9 Project Qualifications Indonesia, Bali: Market study, prospective financial analysis and income approach valuation for the Alila Villas Uluwatu. Indonesia, Bali: due diligence, including valuation of the property, for shareholder restructuring of the Oberoi Bali. Indonesia, Jakarta: Acquisition due diligence, including valuation, for a local conglomerate's purchase of a real estate portfolio including hotels in Jakarta, Yogyakarta and Surabaya. Indonesia, Surabaya: Acquisition due diligence, including valuation and market review for a proposed hotel purchase transaction. Korea, Seoul: Review of a major hotel project in Seoul and strategic assessment of the alternatives available to the owners, including the injection of additional capital and subsequent restructuring of debt or sale to third parties. Korea, Seoul: Evaluation of two hotel projects in Seoul, which included the strategic assessment of alternative uses and the introduction of foreign investment capital to generate maximum return to the owners. Korea, Seoul: Acquisition due diligence, including valuation and market review for a proposed hotel purchase transaction of the Grand Hyatt Seoul, Malaysia, Kota Kinabalu: Market study, property assessment and income approach valuation of a three-star hotel. Malaysia, Kuala Lumpur: Investment assessment and valuation of the Hotel Nikko Kuala Lumpur. Malaysia, Kuala Lumpur: Due diligence for the acquisition of the JW Marriott Hotel. Malaysia, Kuala Lumpur: Acquisition due diligence, including valuation and market review of the Renaissance Hotel. Maldives: Constance Halaveli in Alifu Alifu Atoll - Opinion of value of the existing property based on analyses of the subject resort, competitive hotel market study and prospective financials. Maldives: Six Senses Latitude Laamu in Laamu Atoll - Opinion of value of proposed resort based on analyses of the subject resort, competitive hotel market study and prospective financials. Maldives: Proposed resort on Vagaru Island in Shaviyani Atoll (currently known as Viceroy Maldives Resort) - Opinion of value of proposed resort based on analyses of the subject resort, competitive hotel market study and prospective financials. Maldives: Proposed resort on Meradhoo Island in Gaafu Alifu Atoll (currently known as Jumeirah Dhevanafushi) - Opinion of value of proposed resort based on analyses of the subject resort, competitive hotel market study and prospective financials. Maldives: Proposed resort on Randheli Island in Noonu Atoll (currently known as Cheval Blanc) - Opinion of value of proposed resort based on analyses of the subject resort plan, competitive hotel market study and prospective financials. Maldives: Due diligence for the acquisition of a resort development for Dusit International (currently known as Dusit Thani Maldives in Baa Atoll s Mudhdhoo Island). Philippines, Manila: Market study, prospective financial analysis and income approach valuation for The Holiday Inn Pavilion Hotel. Philippines, Manila: Market study, prospective financial analysis and income approach valuation of the Manila Hotel. Page 8

10 Philippines, Manila: Market study, renovation recommendations, prospective financial analysis and income approach valuation for an existing property in the Manila Bay area. Saipan: Market study, prospective financial analysis and income approach valuation of an existing resort in Saipan. Sri Lanka, Colombo: Market study (with specific focus on the boutique segment), redevelopment recommendations, prospective financial analysis and valuation for the Colombo Courtyard Hotel. Sri Lanka, Tangalle: Market study, redevelopment recommendations, prospective financial analysis and valuation for the Ranna 212 Resort. Sri Lanka, Tangalle: Optimal resort development opportunity recommendations, prospective financial analysis and residential land valuation for a proposed top-tier resort and residential development. Thailand, Bangkok: Market study, repositioning recommendations and Valuations for the Presidential Complex hotels as part of their rebranding and investment being undertaken by the InterContinental Hotels Group. Thailand, Chiang Mai: Acquisition due diligence, including valuation and market review for the Mandarin Oriental Dhara Dhevi. Thailand, Phang-Nga: Examination of underwriting projections for a potential investor in a bay-front and west coast project in Phang Nga. Thailand, Phuket: Acquisition due diligence and bid advice for the purchase of a resort within the Laguna Development. Thailand, Phuket: Repositioning study and valuation for the conversion of the Phuket Yacht Club. Thailand, Samui: Examination of underwriting projections for a potential investor in a site overlooking the five islands to the south west of Koh Samui. Vietnam, Ho Chi Minh City, Phan Thiet and Dalat: Income approach valuation of the Hillblom Estate hotel, golf course and serviced apartment portfolio based on asset and operational assessments, competitive market studies and projections. Vietnam, Ho Chi Minh City: Acquisition due diligence including market study, prospective financial analysis and income approach valuation for an existing top tier hotel. Page 9