PANEL #1: INVESTMENT OUTLOOK - BLUE SKIES? Moderator: Eric J. Levy, Managing Director, Tourism Solutions International (TSI) Panellists: Budi Tirtawisata, Group CEO, Panorama Group Alexander Jovanovic, General Manager, The Trans Luxury Hotel Bandung Tom Oakden, Executive Vice President - Investment Sales in Asia, Jones Lang LaSalle's Hotels & Hospitality Group

1. Source: JLL
Asia Pacific
Hotel Investment
By Tom Oakden

2. Asia Pacific: 2013 was strongest performer since 2007
Source: JLL
-
2
4
6
8
10
12
14
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
TransactionVolumeUSDBillions
Asia Australasia Forecast 2014

3. Japan
$2.6 bill
452%
Thailand
$337.0 mill
38%
Singapore
$2.2 bill
1,280%
China
$1.1 bill
8%
Hong Kong
$486.7 mill
19%
The Maldives
$267.6 mill
614%
Asia Pacific: Investment volumes 2013 vs 2012
Australia
$2.0 bill
110%
Japan
26%
Singapore
23%Australia
20%
China
11%
Others
8%
Hong
Kong
5%
Thailand
3% Maldives
2%
South
Korea
1%
India
1%
2013
Japan
13%
Singapore
5%
Australia
28%
China
29%
Others
1%
Hong
Kong
12%
Thailand
7%
Maldives
1%
South
Korea
1%
India
3% 2012
Source: JLL

4. 0
50,000
100,000
150,000
200,000
250,000
300,000
0
2,000
4,000
6,000
8,000
10,000
12,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
PriceperKey(USD)
TransactionVolumeUSDMillions
Total Investment Volume Price per Key
Asia Pacific: Price per key up 62% on strong sales activity
Source: JLL

5. RevPAR
decline
slowing
RevPAR
growth
slowing
RevPAR
falling
RevPAR
risingBali, Maldives, Macau
Yangon, Tokyo, Surabaya, Sydney, Melbourne
Beijing, Sanya
Jakarta
Hong Kong, Mumbai
Taipei, Seoul
Shanghai, Guangzhou
Asia Pacific: RevPAR recording improvement across markets
Singapore, Kuala Lumpur, Osaka, Fukuoka, Delhi
Chengdu, Chennai
Manila
HCMC, Hanoi, Phuket
Bangkok

6. Asia Pacific: Investor profile dominated by investment funds
Source: JLL
Investment Fund /
Private Equity
29%
Corporates
16%
Developer /
Property
Company
15%
HNWI
15%
REIT
9% Sovereign Wealth
Fund
8%
Hotel / SA
Operator
6%
Bank /
Institutional
Investor
2%

7. 7
Source: Ministry of Tourism and Creative Economy of the Republic of Indonesia
Bali Tourism Overview
1.1
1.5 1.5
1.3
1.7
2.1
2.4
2.5
2.8
2.9
3.3
3.75
0.7
0.8
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Mar
2013
YTD
Mar
2014
AnnualGrowth(%)
NumberofArrivals(millions)
International Visitor Arrivals to Bali, 2003 - 2014
Visitor Arrivals (millions) Annual Growth (%)
Source: Ministry of Tourism and Creative Economy of the Republic of Indonesia
JW Marriott
Jakarta
Bombing
Australian
Embassy
Bombing
Bali
Bombing II
GFC and JW
Marriott & Ritz-
Carlton Jakarta
bombings

8. Source: JLL
Recent Transactions
in Asia

9. Tune Hotel Indonesia Portfolio
USD 55 million
Semara Seminyak
c. USD 20 million
Pan Pacific Bali Nirwana
USD 115 million

10. Windy Resort Lombok
The Latitude Bali
In excess of USD 6 million
Sold by
Sold by

11. Buddy Resort, Koh Samui
Outrigger Laguna Resort, Phuket Manathai Resort, Phuket
Kamala Cove, Phuket
In excess of USD 55 million
Sold by
Sold by Sold by
Sold by

12. Jumeirah Dhevanafushi
USD 60 million
(by JLL H&H)
Jumeirah Dhevanafushi
USD 60 million
Angsana Velavaru
USD 71 million
Movenpick Mauritius
USD 40 million
Six Senses Laamu
USD 70 million
Sold by
Sold by
Sold by
Sold by

13. Park Hotel Clarke Quay
USD 240 million
The Westin
USD 370 million
Grand Park Orchard
USD 370 million
Gallery Hotel
USD 186 million
Sold by
Sold by

14. Namba Washington Hotel
USD 87 million
Novotel Koshien
USD 25 million
Japanese Portfolio c. USD 62 million
Sold by Sold by
Sold by

15. Source: JLL
Thank You