Aninver Hospitality Advisors works for hotel chains, hotel investors, independent hotels and banks in different kinds of hospitality consulting assignments. We are specialized in dealing with hotel assets, from feasibility studies for new hotel developments to sales of hotel assets. Our range of services in this line of activity is the following: - Services to Owners/investors: Asset management Project development Portfolio optimization Divestments New projects/investments Conversions and refurbishments Externalization of unused space Restructuring Operator change/search - Services to Hotel operators: Market studies Business and Strategic plans Expansion assignments Refurbishments New projects

1. HOSPITALITY ADVISORY SERVICES
ANINVER CORPORATE PROFILE 1March 2015

2. “It is not because things are difficult that we do not dare,
it is because we do not dare that things are difficult””
Seneca
ANINVER CORPORATE PROFILE 2

3. Who we are
>15 years
EXPERIENCE IN HOTEL PROJECTS
• Aninver Hospitality Advisors is a management
consulting firm specialized in the Hospitality
sector
• Our partners have a solid experience working
in the sector, on the Asset/Property side
(Hotels as a Real Estate investment class)
• We are part of Aninver InfraPPP Partners, a
management consulting and market intelligence
group, created in Spain in 2011
ANINVER CORPORATE PROFILE 3

4. Our vision of the sector
700 MM €
HOTEL INVESTMENTS IN
SPAIN IN 1H2014
ANINVER CORPORATE PROFILE 4
• Hotels as an asset class offer the best
return for their owners, and they are more
defensive investments during the
downturns
• Globally, hotel investments are
growing, with very good forecasts for
2015-16. In Spain, hotel investment is
forecasted to be over 1,100 MM € in 2014
(700 MM € already invested in 1H2014).
2015-16 should be even better years
• Hotels as a real estate investment require
specialized knowledge and
management, quite different from other
simpler real estate asset classes
Source: IPD

5. Services
>3.000 MM €
ANALYZED REAL ESTATE INVESTMENTS
We are strongly specialized in the Hospitality sector, and work mainly
for hotel chains and investors in the following kinds of assignments:
- Expansion and new projects, at global scale, getting new
assets for hotel chains, and supporting in development projects
- Business development and asset improvement consulting
assignments (asset management projects)
- Restructuring and special situations, that can include equity
and debt arrangements
- Hotel acquisitions/divestments: transaction support to hotel
owners or investors
ANINVER CORPORATE PROFILE 5

6. “Great companies are built by people who never stop
thinking about ways to improve the business”
J.W. Marriott
ANINVER CORPORATE PROFILE 6

7. Experience: examples
>100
HOTEL EXPANSION
OPPORTUNITIES ANNUALY
ANALYZED
ANINVER CORPORATE PROFILE 7
• Expansion of hotel groups
Project type
• Lease of a 269 rooms hotel in Djerba
(Tunisia) for a Top15 Spanish leisure
hotel chain
• Collaboration contract to support a
Top30 global hotel chain in its
expansion process in Central Europe
Examples
• Support a Top international Law firm in
the restructuring process of a Spanish
leisure hotel chain
• Restructuring
• Asset management • Help a urban Spanish hotel chain in the
externalization process of the F&B
services for a 5* hotel to a specialized
restaurants group

8. Clients
OF THE TOP50 SPANISH HOTEL CHAINS KNOW HOW
WE WORK
ANINVER CORPORATE PROFILE 8
40%
Our clients appreciate the confidentiality of our work and we prefer that our results
speak for ourselves. We work mainly for:
• Hotel chains: international, national and regional groups
• International hotel investors interested in Spain
• Public and Private clients in emerging economies of Africa and Latin
America
• Multinational advisors, like law firms or other consultancies, acting as
specialized hotel advisors

9. “An investment in knowledge always pays the best interest””
Benjamin Franklin
ANINVER CORPORATE PROFILE 9

10. Our team: partners
>20 years
TRACK RECORD
WORKING FOR
LEADING FIRMS
ANINVER CORPORATE PROFILE 10
Jose de la Maza Managing
Partner
Jose is an ex consultant of McKinsey&Company, the global leading strategic
consultancy, and has more than fifteen years of work experience in Construction,
Real Estate and Hospitality. He has worked for several of the largest construction
and development Spanish firms (FCC, Ferrovial, Metrovacesa). In Metrovacesa
he occupied different management positions: Corporate Development Director,
Business Control and Operations Director and Chief Operating Officer of the
Rental Property Division. He directly supervised the operations of one of the
largest rental property portfolios in Western Europe, which included office
buildings, shopping centers and hotels, valued in more than 3,500 MM €. He was
also Hotels Director, responsible of a portfolio of 11 hotel properties and 3 projects,
with GAV 300 MM €. Jose is a Civil Engineer and MBA by IESE Business
School, having also studied at UCLA.
Álvaro de la Maza
Partner
Alvaro has worked for ACS, one of the largest construction groups globally and
the leading infrastructure concessions group in the world, being an expert on
investment analysis. Alvaro is a Civil Engineer and MBA by IESE Business
School, having also studied at UC Davis.

11. JOSE DE LA MAZA
E-mail: jm@aninver.com
Phone: +34 639 90 63 48
Website: www.aninver.com
ANINVER CORPORATE PROFILE 11
“Whenever you see a successful business, someone once
made a courageous decision”
Peter Drucker