Hospitality sector requires specific knowledge. We decided to invest in a dedicated team able to face the cector challenge. Our mission is to create value and yuo to grow your hotel business

1. MAZARS IN HOSPITALITY
Contractors
Funds & Institutional Investors
Hotel Chains and Brands
Real Estate Investment Trusts
Real Estate Owners, Operators & Developers

2. HOSPITALITY SECTOR
REQUIRES SPECIFIC
KNOWLEDGE.
WE DECIDEDTO INVEST
IN A DEDICATED TEAM
ABLE TO FACE THE
SECTOR CHALLENGE.
OUR MISSION IS TO
CREATE VALUE AND
HELP YOU TO GROW
YOURHOTELBUSINESS.
WE UNDERSTAND
YOUR CHALLENGES
MAZARS IS AN INTERNATIONAL, INTEGRATED AND INDEPENDENT
ORGANISATION SPECIALISING IN AUDIT, ADVISORY, ACCOUNTING, TAX AND LE-
GAL SERVICES. THE GROUP HAS A DIRECT PRECENCE IN 77 COUNTRIES AND
DRAWS ON THE EXPERTISE OF MORE THAN 17.000 PROFESSIONALS TO AS-
SIST COMPANIES AND PUBLIC BODIES, AT EVERY STAGE IN THEIR DEVELOPMENT.
▪▪ We help the entrepreneurs to optimise investments and maximize the results of
the hotel management.
▪▪ We realise management tools and effective internal control systems of the eco-
nomic, financial and hotel investment activity.
▪▪ We carry out on behalf of the property, targeted audits to data that are con-
tractually used to determine the variable element of the remuneration paid to
the property. We implement reporting systems in accordance with the standard
USALI (Uniform System of Accounting for the Lodging Industry).
▪▪ We assist the hotel in repositioning processes, marketing and rebranding.
▪▪ We guide the hotel defining and executing renewal plans and extraordinary
maintenance (Capex).
▪▪ We evaluate and integrate assets or acquired companies.
▪▪ We evaluate opportunities and asset sale conditions.
▪▪ We adapt the capital structure to your strategy and we find the best financial
solution.
Economic conditions, technology changes and new standards make the hospitality
sector a difficult arena where operate and thrive. Only an active management gives
value to the investment.

3. MAZARS IN HOSPITALITY
Hotel Valuation
Mazars applies to every assessment methodologies and standards consistent with
the targets of the engagement and the type of hotel.
The framework and objectives of the assessment significantly influence the stan-
dards and the valuation methodology applicable .
Mazars applies recognised valuation standards in professional practice at an inter-
national level (RICS Red Book).
In an increasingly competitive market, characterized by declining demand, increas-
ingly aggressive competition and hotel investment yields lower than expected, it is
necessary to adopt new strategies to free up resources and improve its competi-
tiveness in the market .
The mission of Mazars is to provide, in a pragmatic and effective way, services and
monitoring tools specifically needed to improve the quality of services and eco-
nomic performances of the hotel management.
Owner Support
The due diligence concerns the analysis and professional valuation of investment
risks in the context of acquisition processes of hotels. Mazars thanks also to the
network of professionale relationships is able to intervene in different areas such
as financial, legal, technical and commercial ones.
If the transaction has for object a hotel group or part of it, the verification should
include operations intragroup and the conditions that determine them.
Due Diligence
Investors Selection
Mazars is able to assist investors and developers of new hotel initiatives in the re-
search of new management partners presenting the initiative of hotel investment
and supporting the process of negotiation and contractualisation of individual op-
erations.
OURTAILOREDSERVICES

4. MAZARS IN HOSPITALITY
The market feasibility study allows to evaluate the economic potential of the ho-
tel or resort that was designed and to ensure its economic viability.
On the basis of an analysis of the area and the hotel market, Mazars experts are
able to provide informations for the improvement of profitability about: room mix,
hotel category and type, food and beverage services and accessories, architec-
tural concept, economic and financial results.
Feasibility studies
The success of a hotel or a resort mainly depends on the operator who runs it.
In addition an appropriate type of management agreement and the conditions
therein determine the financial results for the owner.
Based on the working relationships developed over the years, Mazars is able to
know the type of hotel product most suitable for each brand and the manage-
ment needs.
Operators Selection
The underlying value of audit is a means of maintaining the credibility of the
business and, for listed companies, the sustainability of its share price value
over the long-term. For an owner-manager, a professionally conducted audit is
a vital business control and can be offered as part of our overall OMB business
advisory approach.
Audit
Mazars is uniquely positioned to provide bespoke advice in all areas of taxation,
helping our clients make properly informed decisions about their tax position
whether they are an individual, a business owner or a corporate organisation.
Our objective is to provide holistic advice which delivers a sustainable, risk man-
aged, effective tax rate for business and their owners; wherever you are located,
we will support you with local and global advice.
Tax

5. A single integrated service platform.
The difference maker for Mazars is the people in our Hospitality practice, working
on a single integrated service platform, which brings together our professional
experts in audit, tax and real estate advisory services.
It allows us to respond to our clients’ questions in a clear and definitive manner,
on a timely basis and to execute and deliver our services efficiently and effectively.
We bring our deep experience and expertise to our clients in a personalised,
hands-on fashion along with great attention to detail in a cost-efficient pricing
model.
Through this unique platform, you will experience the following:
▪▪ An innovative approach to problem resolution
▪▪ An integrated team with specialised industry knowledge and technical expertise
▪▪ Continuous, hands-on partner involvement
▪▪ Highly responsive and dedicated multi-disciplinary team
▪▪ A strong commitment to provide tailored solutions to meet your needs
OUR TEAM AND APPROACH
OURDEDICATED,MULTI-DISCIPLINARYTEAMCOMBINESAFORWARD-THINKINGAPPROACH
WITH A COMPREHENSIVE INTERNATIONAL HOSPITALITY EXPERIENCE ADVISING ON INVEST-
MENT STRATEGIES, ACQUISITIONS, DISPOSALS AND EXIT STRUCTURES, CONSTRUCTION
PROJECTS AND FINANCING STRUCTURES THROUGHOUT THE WORLD. THIS ENABLES US
TO PROVIDE VALUE-ADDED SERVICES AT EACH STAGE OF YOUR REAL ESTATE PROJECT.

6. Mazars
CONTACTS
Mazars is present in 5 continents
Detailed information available on
www.mazars.com
AMERICA
Shahab Moreh - Real Estate Group Practice Leader
E-mail: shahab.moreh@weisermazars.com
USA
Donald Bender
E-mail: donald.bender@weisermazars.com NETHERLANDS
Frederik Habers
E-mail: frederik.habers@mazars.nl
Andreea Enescu
E-mail: andreea.enescu@mazars.ro
ROMANIA
Anastasia Terekhina
E-mail: anastasia.terekhina@mazars.ru
RUSSIA
Åsa Andersson Eneberg
E-mail: asa.andersson@mazars.se
SWEDEN
EMEA
FRANCE
Gilles Magnan
E-mail: gilles.magnan@mazars.fr
Andreas Lichel
E-mail: andreas.lichel@mazars.de
GERMANY
Vasilis Niarchos
E-mail: vasilis.niarchos@mazars.gr
GREECE
Noel Cunningham
E-mail: ncunningham@mazars.ie
IRELAND
Danilo Papaleo
E-mail: danilo.papaleo@mazars.it
ITALY
Paul Giglio
E-mail: paul.giglio@mazars.com.mt
MALTA
Francois Karolyi
E-mail: francois.karolyi@mazars.lu
LUXEMBOURG
ASIA
Julie Laulusa
E-mail: julie.laulusa@mazars.cn
CHINA
HONG KONG
Stephen Weatherseed
E-mail: stephen.weatherseed@mazars.hk
Emmanuel Thierry
E-mail: emmanuel. thierry@mazars.jp
JAPAN
Gene Kwee
E-mail: gene.kwee@mazars.com.sg
SINGAPORE