Tourism and Project Master Planning Pacific Asia Representative Project Qualifications

Tourism and Project Master Planning Pacific Asia Representative Project Qualifications

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

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

HORWATH HTL ANNUAL HOTEL INDUSTRY STUDIES 2013 ASEAN Hotel Industry Survey of Operations 2012 Financial Year "#$%&'(& "#$%&"'()*+#,-".,/( 0#$"1(23(4*"#+,%2./( ( 5675(8%.+.&%+9(:"+#( "#$%&'()*(+, "#$%&'()*+#,-&&.*,/$-&"0&12$,3#4"(+& & 5675&84(3(943%&:$3,& In collaboration with: In collaboration with: 2013 MALAYSIA Hotel Industry Survey of Operations 2012 Financial Year 2013 SINGAPORE Hotel Industry Survey of Operations 2012 Financial Year "#$%&'(')%*+,-.%/)012,34% 5136-4%+7%8(-3',9+)2 % "#%: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

Horwath HTL Tourism & Project Master Planning Services Global Expertise and Support Tourism and Leisure projects make up a large part of our business at Horwath HTL and we pride ourselves on having worked on some very significant projects all over the world. Tourism now accounts for such a high proportion of GDP that extensive investment is being made in the sector, both publicly and privately, and many countries have identified Tourism as the driver for significant growth. Our experts take a systematic approach to every aspect of your project. "Tourism and Leisure is a vast and highly technical component of global tourism that demands ability and experience to ensure success. There are no shortcuts in what we do, many of the projects we work on require the balancing of public and private financing, with all of the complexity that brings." - Stephane Durand, Global Practice Leader, Horwath HTL France Public policy and framework play a fundamental part in the development and success of tourism initiatives and form the backbone of our expertise. We work together with local offices and governmental bodies to fully develop a strategy based on technical skill and international best practices to create viable long-term schemes that will create value and sustainability. Each area of our expertise is supported by many hundreds of references and a proven track record in providing valuable advice and assistance. Planning & Strategy ï Tourism development strategy ï Institutional Support ï Observation, Impact Studies, New Technologies ï Public Policy Evaluation ï Tourism Statistics Project Management ï Master Planning ï Feasibility/Programming Studies ï Market Research Studies ï Technical Assistance ï Business Plan ï Destination Strategy (brand) "Horwath HTL had the skill and ability to provide consulting services that combined global know-how with local expertise. The Horwath HTL team were a great resource - both meeting and exceeding our goals on several occasions" - Meri Matesic, Director, Croatian Tourism Board At this stage of the development, we offer a range of services to scope out public policy, examine the long term development and the likely economic impact they will have, develop master plans, specific concepts, feasibility studies, strategic, operational and marketing plans. We work with local or national tourist organisations, countries, regions or communities, providing a thorough diagnosis of the territory in question, and a proposal for developing a tourism and leisure strategy with a five to ten year action plan. Page 4

Representative Projects Cambodia, Koh Kong Tourism Destination Planning Horwath HTL was commissioned, along with WATG, to provide a detailed master-plan strategy for the development of an integrated coastal destination on a 360 Sq. Kilometers site in Koh Kong, Cambodia. The fundamental approach to the assignment is based on primary objectives to optimally respond to the market dynamics, maximise financial returns while raising land and asset values, be in-line with international best practices offering up-to-date concepts and designs, and be environmentally sustainable and realistic to implement, considering the skills and resources of the developer. The master plan for the project consists of land allocations for hotel, tourism, leisure and other uses. China, Hong Kong & Shanghai Theme Park Hotel Planning Horwath HTL was hired by Walt Disney Parks and Resorts to assist them in configuration and analysis of the optimal hotel components to support the development of their Disney theme parks in Hong Kong and Shanghai, as well as for proposed parks under consideration in Seoul and Singapore. China, Changbai Mountain Tourism Zone Horwath HTL was engaged to provide a strategic development plan and feasibility study for a ski resort development outside of the Changbai Mountain Scenic Area in Fusong County, Jilin Province. The project provided research and analysis of China s developing ski market as well as numerous case studies from comparable North American ski resort areas. The report provided a detailed conceptual plan for the development of the proposed resort s three Phase 1 hotels, how the ski facilities should generate hotel demand, what additional retail and food & Beverage facilities would be needed within the resort complex, and a blueprint for creating demand through recreational activities and events throughout the year. The study also included 10-year utilization and operating projections for the three Phase 1 hotels. Tourism Development Master Planning Page 5

China, Yunnan Province Horwath HTL was engaged to provide a development master plan for a mixed-use hot spring integrated resort in Tengchong, Yunnan Province. The project involved the master planning and integration of various components such as golf, 3 hotels, cultural villages, hot spring, tourism facilities, outdoor nature experience areas and residential villas. Large Scale Resort Development Master Planning China, Hainan Province Horwath HTL undertook a development master plan study for the Tongguling Haishi Beach Development in Wenchang, Hainan Province. The Project s various components included golf, hotels, tourism facilities, a state-level nature reserve, residential villas and townhouses. As part of an Eco-tourism Development Area, best-use recommendations were put forward with consideration of minimizing ecological footprint and disturbances to the sites nature and pristine environment. Large Scale Resort Development Master planning Greater Mekong Sub-Region Horwath HTL was engaged by the United Nations (ESCAP) and the Asian Development Bank to investigate the potential for tourism development involving the Mekong River and provide recommendations regarding the types of tourism products for enhancing the destination appeal of the Greater Mekong Sub-region, while considering certain constraints and objectives relating to access, human resource development, cultural preservation and sustainability. The investigations and recommendations encompassed areas of the Mekong River in China, Myanmar, Laos, Thailand, Cambodia and Vietnam. Mekong River Tourism Development Plan Page 6

Indonesia, Bali Horwath HTL was engaged by the Bali Tourism Development Corporation (BTDC) to determine the optimal configuration and phasing of hotel developments for the Nusa Dua Tourism Complex. The Scope of work included Macro-perspective tourism analysis, review of transportation infrastructure requirements and financial viability analysis. Large Scale Resort Master planning Indonesia, Bali planning Macro-perspective tourism analysis, review of existing transportation infrastructure requirements for optimal tourist capture and micro-perspective financial viability analysis for the planning of the 23,000-hectare integrated resort development (Bintan Resorts) consisting of hotels, residential units, golf courses and support facilities and amenities. Analysis included projections of visitor arrivals to the island by major nationality group. Large Scale Resort Master Korea, New Songdo City New Urban Development Plan Horwath HTL was hired by Gale International, the codeveloper of New Songdo City (a new urban development district created from landfill near Incheon Airport), to assist in planning the hotel components to be included in the new city masterplan. As part of this assignment, HAP conducted extensive market research regarding the level of existing and potential future hotel demand levels and characteristics to be generated in and around the area to recommend the optimal number, size, type and location of hotels to be incorporated in the overall project plan. Malaysia, Redang and Tioman Islands Island Destination Planning Horwath HTL was engaged, along with WATG, as an independent consultant to conduct analyses on the countrywide tourism and hospitality industry and characteristics of both Redang and Tioman Islands off the eastern coast of Peninsular Malaysia. Master planning advice on the tourism, hotel and general infrastructure components of both islands, the feasibility of developing the islands into individual leisure destinations based on their physical and market capacity, land and hotel facilities allocation, and the financial feasibility of the proposed hotels. Page 7

Malaysia, Putrajaya Urban Master Planning Horwath HTL was engaged by Putrajaya Holdings, the developer of Putrajaya (the green field new federal city located south of kuala Lumpur) to assist in planning the hotel components to be included in the new city master plan. As part of the assignment, Horwath HTL conducted extensive market research on the level of existing and potential future demand levels and characteristics to be generated in and around Putrajaya to recommend the optimal number, size, type and location of the hotels to be incorporated in the overall project plan. We further assisted in identifying appropriate potential operators for the hotels to be included in the first phase of development. Singapore Integrated Resort Planning Horwath HTL was engaged by Eighth Wonder to assist in the configuration and analysis of hotel components for their bid to develop an integrated resort on a 49-hectare site on Sentosa Island, comprising amusement park, tourist attraction, casino, recreational and retail components. Vietnam, Ninh Thuan Province Horwath HTL was engaged by the Binh Thuan Tourist and Investment Joint Stock Company to form a consulting team, including WATG, to formulate the development master plan for a prime 600-acre beachfront site. The resulting plan included four hotels, an 18-hole golf course, beach club, marina village and residential lots. Large Scale Resort Master planning Thailand, Bangkok Urban Mixed-Use Master Planning Horwath HTL was engaged by Siam Paragon to form a consulting team to formulate the development master plan for a 20-acre city center site (former Siam InterContinental site). The resulting plan included an urban resort hotel (now the Siam Kempinski), festival retail and a cultural performing arts center. Page 8

Additional Representative Project Qualifications China, Guangdong Province: Horwath HTL and WATG prepared a development master plan for a large beachfront site along the Guangdong coast based on site and market opportunity assessments and a feasibility analysis. The resulting plan includes hotel, golf course, residential, retail and recreational components. China, Hainan Province: Horwath HTL was hired to conduct feasibility studies for a cluster of hotel developments in a mixed-use project called Longmu Bay Resort City in Ledong on the west coast of Hainan Province. The site covers an area of 5.46 square kilometers with a shoreline of 6.5 kilometers in length. The analysis concluded with recommendations on facilities which could best conjugate with the overall master plan. China, Jiangsu Province: Horwath HTL was engaged to provide a tourism master plan for the Tai Lake Area of Binhu District in Wuxi, Jiangsu Province. The project covers master plans for 5 identified tourism zones along the lakefront including best-use themes, infrastructure and facility recommendations. Furthermore, full market and financial feasibility studies were conducted for the proposed resorts with estimates on future utilization levels. China, Yunnan Province: Horwath HTL undertook a development master plan study for the Tengchong Wetland Park Resort Development in Tengchong, Yunnan Province. The project involved the master planning of a 12 square kilometer site with various components such as a 700-hectare interactive wetland park, 3 hotels, a large polyculture organic farm, an18-hole valley golf, and over 300 residential villas. Part 2 of the engagement included a market and financial feasibility study for the project s proposed hotels and various other components. Indonesia, Bali: Participated in a multi-disciplinary consultant team (architect, masterplanner, commercial real estate consultant) to conceptualize and master plan the development of Serangan Island ('Turtle Island') located in Benoa Bay, Bali. Primary output included the market and investment analyses for the hotel, golf and marina components, as well as formulating the product positioning, facilities requirements/ space program within the configuration and interaction of components in the overall master plan. Overall development proposed components include hotel, golf, marina, residential, resort and other recreational/ resort. Indonesia, Bali: Part of a multi-disciplinary consultant team to conceptualize and master plan the development of a 250-hectare site adjoining the new cruise terminal situated in Benoa Harbor, Bali. The project includes hotel, retail, marina and golf components as well as other resort/ recreational elements. Primary output includes market and investment analyses, product and facility recommendations and site placement. Indonesia, Belitung: Macro-tourism analysis and master plan recommendations for a 1,070- hectare site for the Belitung Indah Resort. The first phase was set to include four hotels, a golf course, marina, village center, park land, nature walks and adventure sports center. Indonesia, Lombok: Macro-perspective tourism analysis, review of existing transportation infrastructure requirements for optimal tourist capture and micro-perspective financial viability analysis for two proposed integrated resort developments including several hotels, support facilities and amenities, and golf courses. Analysis included ten-year projections of visitor arrivals to the island by major nationality group, concept sizing, phasing and development recommendations, prospective financial analysis, and project optimization analysis. Indonesia, Nias Island: Macro and micro tourism analysis for integrated resort developments at Lagundri and Moale Beaches. Macro-perspective tourism analysis, review of existing transportation infrastructure requirements for optimal tourist capture and microperspective financial viability analysis for proposed integrated resort developments which including several hotels, residential units, and support facilities and amenities. Analysis included ten-year projections of visitor arrivals to the island by major nationality group. Page 9

Japan,Osaka: Universal studios Horwath HTL was hired by Universal Studios to study the level of potential hotel demand to be generated by the proposed Universal Studios theme park in Osaka, Japan. The assignment included recommending the number, concept and phasing of hotel facilities required to support the theme park as well as accommodate other demand generated in the area. A detailed analysis of visitor arrivals to Tokyo Disney and other major theme parks in Japan was also undertaken. Korea, Goyang: Horwath HTL was hired by Prime Construction to form a consulting team with EDAW Economics to evaluate the visitor arrivals to be generated by the development of a 100 hectare area with a Hallyu-wood theme park, Urban Entertainment Complex, Aquarium, Sports Mall and assorted commercial and entertainment uses and subsequently determine the optimal configuration of hotel components. Korea, Suwon: Horwath HTL was hired by Hyundai Engineering and Construction as part of a team of consultants (architect/master planner, retail, construction management) to conceptualize and master plan a 13 hectare site adjacent to Suwon City's millennium tower project. The ultimate plan included retail/entertainment, hotel and convention/exhibition components. Korea, Seoul: Horwath HTL was hired by Kyungbang to be part of a consulting team (architect/master planner, retail consultant, construction manager) to conceptualize and master plan the redevelopment of the company's textile factory site (approximately 6 hectares) located in the Yeungdongpo district of Seoul, Korea. The concluding plan included retail/entertainment, office, residential and hotel components Malaysia, Johor: Horwath HTL was hired by Universal Studios Recreation Group and Renong/Faber Group (Malaysia) to assess the demand for the proposed theme park, determine the level of market support for the hotel, golf and resort/recreational components, recommend the sizing, product positioning, facilities mix and performance of such components, estimate the anticipated cash flow and investment returns and work with the project master planner in formulating the project phasing and site usage. North Korea, Horwath HTL was hired by Hyundai Asan Corporation as part of team of consultants to design the development master plan for this pioneering project bridging North and South Korea. The initial plan called for various accommodations, attractions, retail components and eco-tourism features. The project is currently under re-negotiation with regard to the lease payments due to the North Korean government. Thailand, Koh Yao Yai: Horwath HTL was hired by a domestic developer and their Japanese partner to form a consulting team, including WATG, to formulate the development master plan for a prime 240-acre beachfront and hillside site with private bay. Project components included resort hotels, beach club, marina and residential villa lots. Page 10