Representative Project Qualifications
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 of 2
Representative Project Qualifications 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 of 2
Representative Projects Qualifications 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%&:$3,& In collaboration with: In collaboration with: 2013 SINGAPORE Hotel Industry Survey of Operations 2013 MALAYSIA Hotel Industry Survey of Operations 2012 Financial Year 2012 Financial Year "#$%&"#$%"'()*%+**",-+'-"# "#$%&'(')%*+,-.%/)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 1 of 7
Representative Projects Qualifications Representative Projects Holiday Inn Pattaya Planning and Development Horwath HTL was commissioned to assist in the planning and assessment of a site in Pattaya, through the provision of a market and financial feasibility study. The study provides detailed analyses of the economic and hotel market dynamics, analysis of the subject site in its current and future environment, hotel positioning and facilities recommendations, projections for the hotel s performance levels and operational cash flow, and the potential return on investment. Description of Project: The subject hotel opened as Holiday Inn Pattaya in October 2011. The downtown property features 367 rooms and is the first new-built property under InterContinental s Holiday Inn brand. The Dhara Dhevi Hotel Chiang Mai Transactional Advisory Horwath HTL was engaged by a Thai based private equity fund to assist in the due diligence study for an investment in the Mandarin Oriental Dhara Dhevi (currently known as The Dhara Dhevi Hotel). The study comprised of the analysis of the subject site, hotel market in Chiang Mai and the opinion of value of the hotel based on prospective financial analysis and income approach valuation sensitivity. Centara Grand at Central Plaza Ladprao Transactional Advisory Horwath HTL was engaged by Central International Development Limited to conduct a valuation of Sofitel Centara Grand Bangkok (currently known as Centara Grand at Central Plaza Ladprao Bangkok) to serve as a basis for the land lease renewal negotiations with the State Railway of. The valuation was based on an income approach sensitivity, which also reflects future operating conditions and potential future asset enhancement. Page 2 of 7
Representative Projects Qualifications Siam Festival Urban M ixed-use M aster 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. Grand Hyatt Erawan & JW Marriott Transactional Advisory Horwath HTL was engaged by a US based private equity to provide independent opinions of value for the 380-room 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. InterContinental and Holiday Inn Bangkok Transactional Advisory Horwath HTL was engaged by InterContinental Hotels Group to assess the value of the President Complex hotels in relation to a proposed investment. Including in this assessment was a competitive hotel market study, repositioning recommendations and projections under rebranding. Royal Phuket Yacht Club Transactional Advisory Horwath HTL was engaged by a private equity fund group to assist in the Acquisition due diligence study). The study included competitive market analysis, repositioning recommendations and projections. Page 3 of 7
Representative Projects Qualifications Additional Project Qualifications Bangkok Feasibility study for a proposed internationally-branded upper-tier hotel and a service apartment component. Study comprises of market study, facilities recommendation and prospective financial analysis. Conducted a performance test as defined in the management agreement between the hotel owner and hotel management company (HMC). The test ascertains if the conditions outlined in the hotel management agreement had been successfully fulfilled by the HMC, which was used to determine the possible termination of the agreement or the monetary penalty payable by the HMC. Due diligence support was provided for the proposed investment in a budget hotel brand that would thrive to compete in s hotel market, specifically in Bangkok. Primary outputs for the project include case studies of comparable budget hotel chains, in-depth analysis of the Bangkok budget hotel market and the review of the target company s business proposal, specifically the financial projections. Identification and selection of suitable management companies followed by the negotiation of a hotel management contract for a local developer. Two riverside hotels Feasibility study comprising of site selection, market study, facilities City center hotel Feasibility study comprising of competitive hotel market study, facilities Luxury riverside hotel Feasibility study comprising of luxury hotel market study, facilities 350-unit all-suite hotel - Feasibility study comprising of site selection, hotel market study with specific analysis of comparable all-suite properties, facilities recommendation and prospective financial analysis. Upscale Hotel on Ploenchit Road Feasibility study comprising of site analysis, upscale hotel market study, facilities International mid-tier brand development strategy market-wide assessment of the hotel industry with specific attention on the potential of the mid-tier hotel sector, review and recommendations for the brand development strategy in. Boutique hotel adjacent to National Stadium BTS Station Feasibility study comprising of general and boutique hotel market study, facilities recommendation and prospective financial analysis. Mid-tier hotel on Ratchadamri Road Feasibility study comprising of mid-tier hotel market study, facilities Mid-tier hotel on Sukhumvit Soi 22 Feasibility study comprising of mid-tier hotel market study, facilities Four-star hotel on Silom Road existing facility, management and operations assessment, historical hotel profit and loss analysis, hotel market study and repositioning advise. Nai Lert Park Hotel - existing facility, management and operations assessment, historical hotel profit and loss analysis, hotel market study and repositioning recommendations. Mid-tier Hotel at Ekkamai feasibility study including market and site analysis, development recommendations, prospective financial projections and investment analysis. Page 4 of 7
Representative Projects Qualifications Chiang Mai Integrated Destination Resort and Country Club Economic and hotel market study, site analysis, facilities Components consist of hotel, golf and resort villas. 250-room Resort - Economic and hotel market study, site analysis, facilities recommendation and prospective financial analysis. 225-unit all-suite Hotel - Economic and hotel market study, site analysis, facilities Mixed-use development Concept evaluation and refinement, project orientation, site analysis, area-wide transportation assessment, hotel market study, facilities recommendation and prospective financial analysis. Hua Hin Beachfront Resort in Pranburi - Economic and hotel market study, site analysis, facilities Upper Upscale Hotel Feasibility study involving hotel market study, site analysis, development recommendations and prospective financial analysis. Kanchanaburi Mixed-use Resort Site Feasibility Study involving economic and hotel market study, site analysis, facilities recommendation, prospective financial analysis. Project consists of a resort, golf course, country club and residential. Krabi Mixed-use Resort Development Feasibility study including the presentation on two different scenarios on facilities recommendations and financial analyses for the proposed hotel and residential project. Resort Hotel Development Feasibility study including market and site analysis, development recommendations and financial projections. Luxury Resort in Leam Phra Nang Feasibility study involving economic and hotel market study, site analysis, facilities Resort Hotel Development in Koh Lanta Feasibility study including market and site analysis, development recommendations and prospective financial analysis. Pattaya Resort within a Residential Development Feasibility study involving economic and hotel market study, site analysis, facilities Phang-Nga Destination Resort in Khung Khuck district Market study, site analysis, facilities Examination of underwriting projections for a potential investor in a bay-front and west coast project in Phang Nga. Page 5 of 7
Representative Projects Qualifications Phuket Analyses on the tourism and hotel industry for a deluxe hotel operator considering a resort development in northern Phuket Analyses on the golf, residential and resort market throughout, with specific emphasis on Phuket. 275-room all-suite hotel Feasibility study involving hotel market study, site analysis, facilities Luxury hotel Feasibility study involving luxury hotel market study, site analysis, facilities 300-room Resort in Laem Lam Jiak Feasibility study involving hotel market study, site analysis, facilities Luxury resort hotel on Emerald Bay - Feasibility study involving hotel market study, site analysis, facilities Acqua project - Hotel Management company selection and contract advisory services. Luxury villa resort located on the northern rim of Bang Tao Bay - Hotel Management Company selection and contract advisory services. Luxury Resort on Laem Ka, near Rawai Beach Feasibility study involving luxury hotel market study, site analysis, facilities Luxury Resort near Nai Harn Beach Feasibility study involving luxury hotel market study, site analysis, facilities Luxury Resort in the hills above Rawai Beach Feasibility study involving luxury hotel market study, site analysis, facilities Acquisition due diligence and bid advice for a Client considering the purchase of a resort location within the Laguna Development. Samui Luxury Resort on Lamai Beach Feasibility study involving hotel market study, site analysis, facilities Resort on secluded site north of Chaweng Beach Feasibility study involving hotel market study, site analysis, facilities Resort near Laem Nun Feasibility study involving hotel market study, site analysis, facilities Luxury Resort on Koh Tan Feasibility study involving hotel market study, site analysis, facilities Examination of underwriting projections for a potential investor in a site overlooking the five islands to the south west of the island. Trat Recommendations on the improvement in the existing financial performance of Centara Chaan Talay Resort & Villas, including resort expansion recommendations with the utilization of the unused portion of the site. The objective of the overall renovation and expansion recommendations is to increase the resort s overall marketability. Page 6 of 7
Representative Projects Qualifications Country-Wide Strategic planning for the introduction and expansion of international hotel chains in. Primary output includes market and product definition, opportunity identification, competitor analysis and recommendations for optimal geography distribution, timing and development structure. Consulting on the short and medium-term strategic expansion of a large Thai hotel chain, including the introduction of new brands, both within and regionally. Primary output comprises of the examination and recommendations for the improvement of their existing sales, marketing and revenue management systems. Page 7 of 7