The corporate presentation provides an overview of BHG, the third largest hotel company in Brazil. BHG focuses on business tourism with three and four-star brands located near areas of high economic activity. As of 2012, BHG had 461 hotels with 8,431 rooms throughout Brazil's main regions. The presentation outlines BHG's consolidation strategy, which includes acquiring hotels, managing third-party hotels, developing new hotels, and expanding through franchising. BHG's goal is to become the largest hotel company in Brazil through multiple growth drivers and a track record of deals.
The Delhi office market showed stability in Q4 2010. Property prices marginally improved in the CBD areas like Connaught Place due to demand from banking and financial services. Vacancy rates in the NCR region stabilized around 30% due to availability of investment grade office space in Gurgaon and Noida. There was growing interest from financial institutions and private equity funds to invest in ready commercial properties in Gurgaon and Noida. It is expected that some large ticket purchase transactions may occur in the next 3-6 months.
With nearly 50
years experience in hospitality, Golden Tulip
Hospitality Group are proud to present our hotel directory 2010.
This directory is featuring our 3 worldwide
brands, in the mid-, upper- and luxury
scales. Throughout our properties, we
promise international standards of services
and facilities, where every hotel retains its
own unique flavour and personality.
Royal Tulip Luxury Hotels is composed of
five-star luxury hotels, Golden Tulip hotels
are four-star properties established in
business and leisure destinations, whereas
Tulip Inn hotels are comfortable three-star
hotels in urban locations.
Golden Tulip Hospitality Group consists of
230 hotels in 40 countries.
IFK Hotel Management is the Representative of Golden Tulip Hospitality Group in Russian Federation.
This document provides an overview of INVEPAR, a Brazilian infrastructure investment company. INVEPAR has a portfolio of high quality transportation infrastructure concessions including 8 toll roads totaling over 1,000 km, ownership in Guarulhos International Airport, Brazil's busiest airport, and operation of MetroRio, Rio de Janeiro's subway system. INVEPAR is controlled by Brazil's largest pension funds and a top construction company, and has a track record of growing its portfolio through new concessions and acquisitions to become a leading transportation infrastructure company in Brazil.
The document is a promotional piece for the Hyatt Regency Jacksonville Riverfront hotel located in Jacksonville, Florida. It highlights the hotel's waterfront location on the St. Johns River, nearby attractions and amenities in Jacksonville like museums, theaters and sports venues. It also provides details about the hotel's rooms, facilities, restaurants and business services available to guests.
The Crowne Plaza Chicago Metro hotel opened in 2005 in downtown Chicago's emerging West Loop neighborhood. It has 398 guest rooms, including 42 suites, that feature modern amenities like flat screen TVs and high-speed internet access. The hotel offers over 8,000 square feet of sophisticated meeting and banquet space that can accommodate groups from 10 to 600. It is located within walking distance of popular Chicago attractions like the United Center, Harpo Studios, and the University of Illinois at Chicago campus.
Viability GCC future chain hotel pipeline survey 2014PCFC Hotels
Viability's annual (June 2014) survey of the future hotels in the GCC (Arabian Gulf) region, as declared to us by 134 chains. Includes rankings by chain and city/town, as well as individual chain rankings for Dubai, Abu Dhabi, Riyadh, Jeddah, Makkah, Doha, Muscat
The Delhi office market showed stability in Q4 2010. Property prices marginally improved in the CBD areas like Connaught Place due to demand from banking and financial services. Vacancy rates in the NCR region stabilized around 30% due to availability of investment grade office space in Gurgaon and Noida. There was growing interest from financial institutions and private equity funds to invest in ready commercial properties in Gurgaon and Noida. It is expected that some large ticket purchase transactions may occur in the next 3-6 months.
With nearly 50
years experience in hospitality, Golden Tulip
Hospitality Group are proud to present our hotel directory 2010.
This directory is featuring our 3 worldwide
brands, in the mid-, upper- and luxury
scales. Throughout our properties, we
promise international standards of services
and facilities, where every hotel retains its
own unique flavour and personality.
Royal Tulip Luxury Hotels is composed of
five-star luxury hotels, Golden Tulip hotels
are four-star properties established in
business and leisure destinations, whereas
Tulip Inn hotels are comfortable three-star
hotels in urban locations.
Golden Tulip Hospitality Group consists of
230 hotels in 40 countries.
IFK Hotel Management is the Representative of Golden Tulip Hospitality Group in Russian Federation.
This document provides an overview of INVEPAR, a Brazilian infrastructure investment company. INVEPAR has a portfolio of high quality transportation infrastructure concessions including 8 toll roads totaling over 1,000 km, ownership in Guarulhos International Airport, Brazil's busiest airport, and operation of MetroRio, Rio de Janeiro's subway system. INVEPAR is controlled by Brazil's largest pension funds and a top construction company, and has a track record of growing its portfolio through new concessions and acquisitions to become a leading transportation infrastructure company in Brazil.
The document is a promotional piece for the Hyatt Regency Jacksonville Riverfront hotel located in Jacksonville, Florida. It highlights the hotel's waterfront location on the St. Johns River, nearby attractions and amenities in Jacksonville like museums, theaters and sports venues. It also provides details about the hotel's rooms, facilities, restaurants and business services available to guests.
The Crowne Plaza Chicago Metro hotel opened in 2005 in downtown Chicago's emerging West Loop neighborhood. It has 398 guest rooms, including 42 suites, that feature modern amenities like flat screen TVs and high-speed internet access. The hotel offers over 8,000 square feet of sophisticated meeting and banquet space that can accommodate groups from 10 to 600. It is located within walking distance of popular Chicago attractions like the United Center, Harpo Studios, and the University of Illinois at Chicago campus.
Viability GCC future chain hotel pipeline survey 2014PCFC Hotels
Viability's annual (June 2014) survey of the future hotels in the GCC (Arabian Gulf) region, as declared to us by 134 chains. Includes rankings by chain and city/town, as well as individual chain rankings for Dubai, Abu Dhabi, Riyadh, Jeddah, Makkah, Doha, Muscat
The Hyatt Regency Mission Bay Spa and Marina underwent a $65 million transformation in 2007. It is located on Mission Bay in San Diego, within a quarter mile of SeaWorld and has over 30,000 square feet of indoor and outdoor meeting space. The hotel features 127 suites, several pools and water slides, a full service marina and the Blue Marble Spa, San Diego's first eco-friendly spa.
Eleanor Peabody chose 10 images to inspire her costume interpretations for a production of The Tempest by William Shakespeare. Many of the images have surreal elements and feature human bodies merging with or appearing to grow out of natural elements like flowers, stone, or water. Peabody finds several of the images evoke the fantastical elements and characters of the play, including Ariel, Caliban, and the monstrous creatures that may inhabit the island. She also feels some images capture the frightening scale of the storm in the play and how it would look to see huge waves crashing against the shore.
Hyatt Regency Cincinnati Hotel Renovation Completedj0j0nes
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness and well-being.
PowerPoint report of Hyatt Regency Walkway Collapse of 1981Ash Bista
The Hyatt Regency walkway collapse in 1981 was caused by design changes that doubled the load carried by support rods. The original design used a single rod system, but was changed to two rods to simplify assembly. This forced each rod to support twice the intended load, causing the fourth floor walkway to collapse onto lower walkways and killing 114 people. Investigations found the changed design did not meet building code requirements and the engineers were later stripped of their licenses. New safety codes were implemented holding engineers responsible for approved designs.
Hotel, ospitalità e riscoperta del proprio valore per identificare e valorizzare i punti di forza attraverso il web. Prima parte di una lezione per Ascom Cervia basata su miglioramento della presenza online e di quella offline, curata da Nicole Giuntini.
Renaissance Zurich Tower Hotel - MICE Presentation 2017MICEboard
This document provides information about the location and facilities of a hotel in Zurich. It details the proximity of the hotel to Zurich Airport and the main train station, as well as directions to the city center. It lists the various meeting room setup options available and nearby attractions like a beer garden and the Limmat River. Finally, it provides information about the hotel's rooms, suites, fitness center, restaurant and bar.
This document summarizes the Hyatt Regency hotel project in Mumbai, India. It provides details about the architect, location, accessibility, business services, guest services, hotel features, architectural style, interior design, and floor plans of the hotel. The Hyatt Regency hotel in Mumbai has 401 rooms and suites, restaurants, pools, spa, conference rooms, and was designed by Skidmore, Owings and Merrill architects in a modernist style with extensive glass walls.
Hyatt Regency Pune is one of the most renowned 5 star hotels in Pune and recipient of TripAdvisor's 2014 Certificate of Excellence.
The hotel is conveniently located on Nagar Road in close proximity to Pune’s Lohegaon International Airport. and to thecity’s entertainment areas of Koregaon Park and Kalyani Nagar.
Hyatt Regency Pune is the only hotel in Pune, which features a temperature controlled indoor swimming pool. On the property you will also find exclusive facilities like the Regency Club Lounge, the Arogya Spa, The Cafe all day restaurant, the La Terrazza - Italian Trattorial & Lounge, the Gourmet Avenue for savouries & desserts and the Single Malt & Co. bar and lounge.
The Hyatt Regency Dubai hotel is located in the heritage-rich Deira district of Dubai along the famous Corniche waterfront promenade. It has 414 spacious guest rooms and suites with views of the Arabian Gulf and city skyline. The hotel has extensive recreation facilities including a spa, swimming pool, tennis courts, and ice skating rink. It also has multiple dining options across international cuisines. The hotel recently renovated its 3,000 square meter meeting and events space, which includes the Crystal Ballroom and 12 meeting suites that can accommodate between 10 to 1,200 guests.
This document is a directory for Golden Tulip hotels, suites, and resorts. It provides information on the company's brands including Tulip Inn, Golden Tulip, and Royal Tulip Luxury Hotels. It also lists other hotel brands owned by the Louvre Hotels Group. The directory outlines upcoming hotel openings, highlights hotels of the year for 2013, and provides information on special offers and deals. It includes addresses and descriptions for over 100 hotels across 45 countries.
Hilton Hotels was founded in 1919 by Conrad Hilton and today operates 3,897 hotels and resorts across 91 countries. As the largest hotel operator globally, Hilton has led the industry through innovation, products, amenities and service. Key innovations include introducing televisions, a multi-hotel reservation system, airport hotels, and the first centralized computerized reservation service. Hilton also launched the loyalty program HHonors in 1987 which allows members to earn and redeem points. Members are awarded different tiers based on stays, from Blue to Diamond, with increasing benefits.
Hilton has implemented a CRM system called Hilton OnQ to consolidate customer data and improve the guest experience. The system segments customers into four categories based on loyalty and spends data. It aims to recognize, personalize experiences for, and analyze individual customers. While the CRM system has helped Hilton outperform competitors, limitations include challenges in accurate data transfer and high operating costs. The document recommends optimizing internal management, utilizing big data and social media to improve personalization, and enhancing the mobile app and online travel partnerships to strengthen Hilton's CRM system.
The document summarizes a proposed hotel project located at 1095 Market Street in San Francisco's Mid-Market neighborhood. The author analyzes the site and surrounding area, noting opportunities for revitalization through new development. Recent influxes of technology companies are improving the neighborhood, though challenges remain. The selected building is currently for sale and suitable for conversion to a hotel given the need in the growing market. The proposed project aims to balance preserving arts culture with new technology through its design concept.
Hotel Silicrest is a 3-star business hotel located in Bangalore, India. It has 32 rooms across 5 floors, as well as facilities like a restaurant, conference room, and parking. The document provides detailed information on the layout of each floor, amenities and facilities in the rooms and common areas, as well as safety and energy consumption aspects of the hotel.
Cyrela - Apresentação Institucional - Março de 2004Cyrela
Brazil Realty acts across various real estate segments in Brazil, including residential, commercial, and retail properties. It operates throughout the development process from land acquisition to property management. Brazil Realty is recognized for high quality products and active marketing. A solid financial position allows it to adjust to economic changes and pursue new opportunities. The company focuses on profitable markets in Sao Paulo, Santo Andre, Campinas, and Rio de Janeiro.
BANCA PRIVADA, GESTIÓN DE ACTIVOS Y SEGUROS-SANTANDER INVESTOR DAYBANCO SANTANDER
The document discusses Javier Marín's Private Banking, Asset Management and Insurance division at Banco Santander. It provides an overview of key figures for 2010 and the first half of 2011, including pre-tax profits and assets under management. It outlines the division's vision of leveraging Santander's local franchises for double-digit revenue growth in private banking, asset management and insurance. The document then summarizes private banking, asset management and insurance strategies.
This document provides a strategic analysis of InterContinental Hotel Group (IHG). It summarizes IHG's business model, financial performance, portfolio of hotel brands, and competitive position in the global hotel industry. The analysis finds that IHG has been growing revenue and profits in recent years through franchising, management, and ownership of hotels. It identifies opportunities and threats in IHG's external environment and recommends strategies for IHG to expand its brand awareness and portfolio, such as implementing hostel properties.
This document provides an overview of Camargo Corrêa Desenvolvimento Imobiliário (CCDI), a Brazilian real estate development company. CCDI operates in multiple market segments, including low-income, traditional, and luxury ("Triple A") projects. In 2010, CCDI accelerated its growth, launching 27 projects with over 8,000 units and R$1.5 billion in potential sales value. CCDI also expanded regionally, with new offices launching projects in Rio de Janeiro, Espírito Santo, Minas Gerais, and Paraná. Going forward, CCDI aims to continue growing its operations while maintaining a focus on costs, innovation, and client satisfaction.
Key Points:
- Four shopping centre transactions took place in 2010, reaching a total volume of approximately 314 million Euros.
- The first quarter of 2011 has already seen Doughty Hanson purchase two shopping centres from Sonae Sierra for 120 million Euros.
- Additionally, there has been much interest surrounding schemes such as San Cugat and Puerto Venecia as well as the Royal Bank of Scotland loan portfolio.
- Continual demand from international and pan-European investors as well as opportunistic funds is leading to fierce competition for prime assets.
- The sustained gap between purchaser and vendor price expectations, together with a general lack of product in line with investor criteria, is resulting in a continued absence of investment activity.
- Unstructured and badly managed sales processes have damaged the marketability of many good products, leaving them loosely hanging on the investment market whilst investors have moved on to new opportunities.
George Buckley, Chairman, President and CEO of 3M Company, will present at the 2008 3M Investor Conference. The presentation will discuss maintaining 3M's long-term business objectives of sales and earnings growth. It will provide overviews of 3M's core businesses and strategies to drive growth, including growing the current core business, complementary acquisitions, and building new businesses with a focus on international expansion. Examples will be given of revitalizing core businesses in areas like occupational health and safety.
The Hyatt Regency Mission Bay Spa and Marina underwent a $65 million transformation in 2007. It is located on Mission Bay in San Diego, within a quarter mile of SeaWorld and has over 30,000 square feet of indoor and outdoor meeting space. The hotel features 127 suites, several pools and water slides, a full service marina and the Blue Marble Spa, San Diego's first eco-friendly spa.
Eleanor Peabody chose 10 images to inspire her costume interpretations for a production of The Tempest by William Shakespeare. Many of the images have surreal elements and feature human bodies merging with or appearing to grow out of natural elements like flowers, stone, or water. Peabody finds several of the images evoke the fantastical elements and characters of the play, including Ariel, Caliban, and the monstrous creatures that may inhabit the island. She also feels some images capture the frightening scale of the storm in the play and how it would look to see huge waves crashing against the shore.
Hyatt Regency Cincinnati Hotel Renovation Completedj0j0nes
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help boost feelings of calmness and well-being.
PowerPoint report of Hyatt Regency Walkway Collapse of 1981Ash Bista
The Hyatt Regency walkway collapse in 1981 was caused by design changes that doubled the load carried by support rods. The original design used a single rod system, but was changed to two rods to simplify assembly. This forced each rod to support twice the intended load, causing the fourth floor walkway to collapse onto lower walkways and killing 114 people. Investigations found the changed design did not meet building code requirements and the engineers were later stripped of their licenses. New safety codes were implemented holding engineers responsible for approved designs.
Hotel, ospitalità e riscoperta del proprio valore per identificare e valorizzare i punti di forza attraverso il web. Prima parte di una lezione per Ascom Cervia basata su miglioramento della presenza online e di quella offline, curata da Nicole Giuntini.
Renaissance Zurich Tower Hotel - MICE Presentation 2017MICEboard
This document provides information about the location and facilities of a hotel in Zurich. It details the proximity of the hotel to Zurich Airport and the main train station, as well as directions to the city center. It lists the various meeting room setup options available and nearby attractions like a beer garden and the Limmat River. Finally, it provides information about the hotel's rooms, suites, fitness center, restaurant and bar.
This document summarizes the Hyatt Regency hotel project in Mumbai, India. It provides details about the architect, location, accessibility, business services, guest services, hotel features, architectural style, interior design, and floor plans of the hotel. The Hyatt Regency hotel in Mumbai has 401 rooms and suites, restaurants, pools, spa, conference rooms, and was designed by Skidmore, Owings and Merrill architects in a modernist style with extensive glass walls.
Hyatt Regency Pune is one of the most renowned 5 star hotels in Pune and recipient of TripAdvisor's 2014 Certificate of Excellence.
The hotel is conveniently located on Nagar Road in close proximity to Pune’s Lohegaon International Airport. and to thecity’s entertainment areas of Koregaon Park and Kalyani Nagar.
Hyatt Regency Pune is the only hotel in Pune, which features a temperature controlled indoor swimming pool. On the property you will also find exclusive facilities like the Regency Club Lounge, the Arogya Spa, The Cafe all day restaurant, the La Terrazza - Italian Trattorial & Lounge, the Gourmet Avenue for savouries & desserts and the Single Malt & Co. bar and lounge.
The Hyatt Regency Dubai hotel is located in the heritage-rich Deira district of Dubai along the famous Corniche waterfront promenade. It has 414 spacious guest rooms and suites with views of the Arabian Gulf and city skyline. The hotel has extensive recreation facilities including a spa, swimming pool, tennis courts, and ice skating rink. It also has multiple dining options across international cuisines. The hotel recently renovated its 3,000 square meter meeting and events space, which includes the Crystal Ballroom and 12 meeting suites that can accommodate between 10 to 1,200 guests.
This document is a directory for Golden Tulip hotels, suites, and resorts. It provides information on the company's brands including Tulip Inn, Golden Tulip, and Royal Tulip Luxury Hotels. It also lists other hotel brands owned by the Louvre Hotels Group. The directory outlines upcoming hotel openings, highlights hotels of the year for 2013, and provides information on special offers and deals. It includes addresses and descriptions for over 100 hotels across 45 countries.
Hilton Hotels was founded in 1919 by Conrad Hilton and today operates 3,897 hotels and resorts across 91 countries. As the largest hotel operator globally, Hilton has led the industry through innovation, products, amenities and service. Key innovations include introducing televisions, a multi-hotel reservation system, airport hotels, and the first centralized computerized reservation service. Hilton also launched the loyalty program HHonors in 1987 which allows members to earn and redeem points. Members are awarded different tiers based on stays, from Blue to Diamond, with increasing benefits.
Hilton has implemented a CRM system called Hilton OnQ to consolidate customer data and improve the guest experience. The system segments customers into four categories based on loyalty and spends data. It aims to recognize, personalize experiences for, and analyze individual customers. While the CRM system has helped Hilton outperform competitors, limitations include challenges in accurate data transfer and high operating costs. The document recommends optimizing internal management, utilizing big data and social media to improve personalization, and enhancing the mobile app and online travel partnerships to strengthen Hilton's CRM system.
The document summarizes a proposed hotel project located at 1095 Market Street in San Francisco's Mid-Market neighborhood. The author analyzes the site and surrounding area, noting opportunities for revitalization through new development. Recent influxes of technology companies are improving the neighborhood, though challenges remain. The selected building is currently for sale and suitable for conversion to a hotel given the need in the growing market. The proposed project aims to balance preserving arts culture with new technology through its design concept.
Hotel Silicrest is a 3-star business hotel located in Bangalore, India. It has 32 rooms across 5 floors, as well as facilities like a restaurant, conference room, and parking. The document provides detailed information on the layout of each floor, amenities and facilities in the rooms and common areas, as well as safety and energy consumption aspects of the hotel.
Cyrela - Apresentação Institucional - Março de 2004Cyrela
Brazil Realty acts across various real estate segments in Brazil, including residential, commercial, and retail properties. It operates throughout the development process from land acquisition to property management. Brazil Realty is recognized for high quality products and active marketing. A solid financial position allows it to adjust to economic changes and pursue new opportunities. The company focuses on profitable markets in Sao Paulo, Santo Andre, Campinas, and Rio de Janeiro.
BANCA PRIVADA, GESTIÓN DE ACTIVOS Y SEGUROS-SANTANDER INVESTOR DAYBANCO SANTANDER
The document discusses Javier Marín's Private Banking, Asset Management and Insurance division at Banco Santander. It provides an overview of key figures for 2010 and the first half of 2011, including pre-tax profits and assets under management. It outlines the division's vision of leveraging Santander's local franchises for double-digit revenue growth in private banking, asset management and insurance. The document then summarizes private banking, asset management and insurance strategies.
This document provides a strategic analysis of InterContinental Hotel Group (IHG). It summarizes IHG's business model, financial performance, portfolio of hotel brands, and competitive position in the global hotel industry. The analysis finds that IHG has been growing revenue and profits in recent years through franchising, management, and ownership of hotels. It identifies opportunities and threats in IHG's external environment and recommends strategies for IHG to expand its brand awareness and portfolio, such as implementing hostel properties.
This document provides an overview of Camargo Corrêa Desenvolvimento Imobiliário (CCDI), a Brazilian real estate development company. CCDI operates in multiple market segments, including low-income, traditional, and luxury ("Triple A") projects. In 2010, CCDI accelerated its growth, launching 27 projects with over 8,000 units and R$1.5 billion in potential sales value. CCDI also expanded regionally, with new offices launching projects in Rio de Janeiro, Espírito Santo, Minas Gerais, and Paraná. Going forward, CCDI aims to continue growing its operations while maintaining a focus on costs, innovation, and client satisfaction.
Key Points:
- Four shopping centre transactions took place in 2010, reaching a total volume of approximately 314 million Euros.
- The first quarter of 2011 has already seen Doughty Hanson purchase two shopping centres from Sonae Sierra for 120 million Euros.
- Additionally, there has been much interest surrounding schemes such as San Cugat and Puerto Venecia as well as the Royal Bank of Scotland loan portfolio.
- Continual demand from international and pan-European investors as well as opportunistic funds is leading to fierce competition for prime assets.
- The sustained gap between purchaser and vendor price expectations, together with a general lack of product in line with investor criteria, is resulting in a continued absence of investment activity.
- Unstructured and badly managed sales processes have damaged the marketability of many good products, leaving them loosely hanging on the investment market whilst investors have moved on to new opportunities.
George Buckley, Chairman, President and CEO of 3M Company, will present at the 2008 3M Investor Conference. The presentation will discuss maintaining 3M's long-term business objectives of sales and earnings growth. It will provide overviews of 3M's core businesses and strategies to drive growth, including growing the current core business, complementary acquisitions, and building new businesses with a focus on international expansion. Examples will be given of revitalizing core businesses in areas like occupational health and safety.
GLOBAL BANKING AND MARKETS-SANTANDER INVESTOR DAY 2011BANCO SANTANDER
Santander's Global Banking & Markets division (GB&M) provides a disclaimer noting that statements in the presentation involving future performance are forward-looking and actual results could differ materially from expectations. GB&M has a unique business model based around leveraging Santander's local banking presence in key markets to provide global banking services. It has achieved strong double-digit revenue growth and market share leadership positions in Latin America through this integrated global-local network approach and conservative risk management practices. Going forward, GB&M aims to further develop capital-light and fee-generating businesses while expanding with Santander into new international markets.
HSBC's CEO discusses the company's strategy and performance in light of recent financial market turmoil. He outlines HSBC's focus on emerging markets, global connectivity, and financial strength as keys to its resilience. While markets face challenges like recession and deleveraging, HSBC is well-positioned for long-term trends of emerging market growth, increased trade and investment, and longevity. The company continues executing its strategy through organic growth and selective acquisitions.
16-05-2012 - Institutional Presentation May 2012sonaeri
Sonae Sierra Brasil owns and manages 11 shopping centers totaling 403,000 square meters of GLA in Brazil. It has a defined growth strategy focused on underserved medium and large cities targeting the expanding middle class customer base. The company's portfolio is concentrated in the state of Sao Paulo, Brazil's most dynamic region, and it is expanding into new regions through greenfield developments, with two malls recently opened and two under construction that will nearly double its owned GLA. Sonae Sierra Brasil benefits from engaged controlling shareholders with extensive expertise in the shopping center sector.
The document summarizes the BRICs on BRICs program, which provides insights into business opportunities in Brazil, Russia, India, and China (BRIC countries). The program is a partnership between top business schools in the BRIC countries. It offers participants interactions with expert faculty and business leaders to understand how to successfully operate in these important emerging markets. Key takeaways include learning how to identify opportunities, adapt business models, access talent, build partnerships, and address competitive threats in the diverse BRIC country contexts.
Santander Brazil has experienced growth in income and net profit in recent years through expanding its customer base and credit portfolio. However, its strategic plan for 2011-2013 aims to maximize operating leverage and improve efficiency by focusing on sustainable credit growth, customer satisfaction, and becoming customers' bank of choice. The presentation outlines Santander Brazil's business model, performance, and strategic targets to enhance its position as Brazil's banking sector grows.
BRMALLS is the largest shopping mall company in Brazil with a nationwide presence and targeting all income segments. It has 45 regional malls totaling 1.4 million square meters of GLA, making it the largest mall owner and operator in Brazil. The presentation outlines BRMALLS' strong growth through acquisitions, organic expansion of existing malls, and new developments. Financial highlights show rising revenues, occupancy rates, and returns through same store sales growth and rent increases above inflation. The company sees continued opportunities for consolidation in the fragmented Brazilian mall market.
This document is Hauska & Partner Group's 2009 Communication on Progress report summarizing their support of the UN Global Compact and progress on its principles regarding human rights, labour, environment and anti-corruption. Due to the economic crisis, the company had to consolidate operations but remained committed to the Global Compact. They focused on CSR services, implementing principles internally, and endorsing the Compact "in good times and bad".
The Spanish retail investment market remains slow. While some prime shopping centers continue to perform well, secondary centers are struggling with high vacancy rates. Few major deals have been completed so far in 2012. Debt transactions are increasingly the focus of investors as banks seek to reduce exposure. Experienced investors continue to monitor opportunities in Spain's major cities, believing the fundamentals will support retail investment when the economy recovers.
The document provides an overview of hiring trends and salary ranges across various financial services sectors in Hong Kong for 2012.
Within financial services, hiring is expected to be slow in Q1 2012 but pick up later in the year, focused on replacement rather than growth roles. Salaries are predicted to remain stable overall but bonuses will be significantly lower. In asset management, hiring will be cautious due to market uncertainty. Hedge funds and private equity firms will also take a conservative approach to hiring and salary increases.
The document provides an overview of hiring trends and salary ranges across various financial services sectors in Hong Kong for 2012. In the first section, it summarizes that while financial services hiring slowed in the second half of 2011 due to global economic uncertainty, some areas like sales, insurance and private banking may see increased opportunities in 2012. It also notes that bonuses are expected to be 25% lower than 2010-2011 levels.
The rest of the document details hiring trends and typical salary ranges by functional area within financial services, including accounting and finance, asset management, banking operations, hedge funds and private equity, and human resources. Across sectors, salaries are expected to remain stable in 2012 but hiring will be slower and more cautious compared to
The document provides an overview of compensation and hiring trends across different professional fields in Hong Kong for 2012. In financial services, accounting and finance salaries are expected to remain stable but bonuses will be 25% lower than 2010-2011 levels. Demand remains for specialists in risk management, compliance, and actuarial fields. Commerce and industry salaries increased 7% in 2011, with higher increases in sales, accounting, and IT security. Hiring slowed in late 2011 due to global financial uncertainty impacting various industries.
The document is the annual report from MGM Mirage for 2002. It summarizes the company's record financial performance in 2002 with record revenues and earnings. It highlights new projects, partnerships, and initiatives including expanding existing properties, developing new shows with Cirque du Soleil, and continuing efforts to promote diversity within the company's workforce. The company is positioned for continued strong performance with new attractions and a focus on attracting top talent.
CR2 reported its 4Q08 and full year 2008 results. In 2008, EPS was R$1.08 compared to R$0.39 in 2007. Net profit was R$50 million compared to R$18 million previously. CR2 adopted a conservative approach in 2008, launching R$347 million in PSV compared to R$586 million in 2007. Contracted sales increased 43% to R$317 million. CR2 expects positive cash flow in 2009 from project deliveries and financing kick-ins. The company maintained a low inventory level of R$258 million or 65% of shareholder's equity.
Cidade Paradiso reported its 4Q08 and full year 2008 results. In 2008, EPS was R$1.08 compared to R$0.39 in 2007. Net profit increased 178% to R$49.8 million in 2008. Launches totaled R$347 million in 2008, down from R$586 million in 2007 due to decelerating credit conditions. The company prioritized securing construction financing and reducing inventory, which ended at R$258 million or 65% of shareholder's equity. Cidade Paradiso expects positive cash flow in 2009 from project deliveries and financing kick-ins.
2. Disclaimer
The forward-looking statements contained in this presentation are
based on the current assumptions and outlook of the Company’s
management. Actual results, performance and events may differ
significantly from those expressed or implied in these forward-looking
statements as a result of several factors such as the general and
economic conditions in Brazil and abroad, interest and exchange rates,
future renegotiations or pre-payments of liabilities or loans
denominated in foreign currency, changes in laws and regulations, and
general competitive factors (regionally, nationally or internationally).
2
3. BHG at a Glance
Overview
Listed on the Novo Mercado segment of
Brazil’s third largest hotel Company;
BM&FBovespa;
Focused on business tourism (three and Traded in the OTC Market in New York under the
four-star brands) in areas with high ticker BZHGY.
economic activity;
Shareholder Structure (04/30/12)²
46¹ hotels throughout Brazil’s main regions,
LA HOTELS LLC +
with a total of 8,431 rooms; OTHERS = 32.4% GPCP4 = 44.6%
BOARD OF
20 hotels under development throughout DIRECTORS &
Brazil, which will add approx. 4,000 rooms EXECUTIVES =
1.1%
by 2015;
Net Revenue of R$ 51.7 mm and Hotel
EBITDA of R$ 14.9 mm in the 1Q12; TREASURY = 1.1%
16 properties in strategic locations for ES TOURISM
MFC GLOBAL
tourism-oriented development along the EUROPE = 5.4% JHL = 5.8%
INVESTMENT =
Brazilian coast; 9.0%
(1) Besides the 46 hotels, we also own a minority interest in the Everest Hotels Chain (3 hotels).
3
(2) 42,566,797 common shares.
4. BHG’s Consolidation Strategy
BHG has multiple growth drivers…
Franchising
Development of
New Hotels
Acquisition of Management of ► Accelerate expansion
Hotels Third Parties’ Hotel ► Low penetration ► Increase the scale of
► Absence of major operation and brand
companies exposure
► Highly fragmented Fee business
►
► Expertise to ► Entry into the Budget
market No overlap with
►
develop and Segment
► Old, poorly kept consolidation
hotels operate hotels
opportunities
► Capacity to ► Increased scale
turnaround assets benefits BHG bargain
► Track-record of power with suppliers
attractive acquisitions and customers 4
► Balanced Capital
Structure
3
2
1
... and its goal is to become the largest Hotel company in Brazil
4
5. BHG’s Timeline and Announced Deals
BHG is the first listed Brazilian company to operate in the tourism-oriented real estate segment.
► BHG initiated its operations in February 2009, after a merger between:
• Invest Tur : A company created in 2007, that raised R$ 945 million in an IPO for the development
of 2nd home properties on Brazilian beaches;
• L.A. Hotel : A GP Investments company created in January 2008, focused on the business tourism
hotel segment.
For the years 2012 through 2015, the number of rooms and hotels are based on information already disclosed to the market:
12,480
15%
10,900
10,220
8,836
7,222 65% 14%
5,894 60%
5,293 58%
56%
51%
Managed Rooms 58%
70%
42% 40% 35% 18%
42% 49% 44%
Owned Rooms 30%
2009 2010 2011 2012 2013 2014 2015
Hotels Under
Management: 31 34 37 48 55 59 66
Fully Owned 11 15 16 16 16 16 16
Partially Owned 2 3 5 9 16 18 18
%
Third-Party Properties 18 16 16 23 23 25 32 CAGR 09-14
The Hotels managed figures does not include the minority participation in the 3 hotels part of the Everest Hotel Chain; 5
The numbers presented above illustrates the position in the end of each year.
6. Geographic Footprint – In Operation 2012
2 1 1 1 Total of 46 hotels:
PA 1 CE
MA 6 2 16 owned,
7 mixed;
1 23 managed.
RN 1 Minority Interest¹ in
3 hotels;
20 hotels under
PE 1 development.
1
BA 1 3rd largest hotel chain
in Brazil, with approx.
1
8,400 rooms, located
in 17 States + Federal
MT 1
MG 1 District.
GO
1 ES 1 Tulip Inn:
21 hotels / 2,473 rooms
&DF 2
Golden Tulip:
2 19 hotels / 4,217 rooms
1 RJ 3 Royal Tulip:
PR 3 hotels / 1.201 rooms
4 1
Txai:
5 1 hotel / 40 rooms
SP
RS 1 3 Soft Inn:
2 hotels / 474 rooms
World Cup Host Cities Areas with established hotels 6
7. Geographic Footprint – Under Development
Palmas Maranhão
GT Palmas Gran Solare
TI Palmas SI Imperatriz
Fortaleza
TI Sobral
Maceió
Gran Solare
Belém
SI Maringá 20 hotels under
RT Bolonha development, with a
total of aprox. 4,000
GT Marabá Belo Horizonte
rooms until 2015
TI Hangar GT Belo Horizonte
TI Marabá TI Savassi
TI Castanhal
Rio de Janeiro
SI Hangar
TI Angra dos Reis
Campo Grande TI Campos
TI Campo Grande TI Itaguaí
Key
Paraná
TI Maringá
Owned
Managed
Under Development RT = GT = TI = SI =
World Cup Host Cities Areas with established hotels 7
8. Attractive Sector Dynamics
Brazil’s favorable macroeconomic conditions should drive demand for business hotels.
GDP Growth Growth of Discretionary Income
7.5% Estimates 15.5%
13.5%
12.7%
5.7% 6.1%
5.2% 10.7% 10.8%
4.0% 4.3% 4.5%
3.2% 3.7%
2.7% 5.4%
2.7%
1.3% 1.2%
-0.6%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2005 2006 2007 2008 2009 2010
Income Destination Unemployment Rate
(in million)
13% Estimates
12.3%
200 1.1% 11.4%
175 179 11%
31 7.5% 9.8%
9.9%
13 20 9.3%
9%
66 7.8% 8.1%
93 113 4.6%
6.7%
7% 6.6% 6.8%
6.0%
96
66 56 (4.4%) 6.5%
5%
2002 2008 2014 CAGR:
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
2002-2014
High/Upper-middle Middle Low/Lower-middle
Source: IBGE, Banco Central do Brasil, FGV, LCA and Santander.
Discretionary Income according to IBGE. 8
9. Attractive Sector Dynamics
Brazil’s booming business activity combined with the country’s unique natural environment creates
favorable dynamics for tourism.
Relevant Upcoming Events Arrivals of Foreign Tourists in Brazil
(in million)
► Important events in Brazil: Rio + 20 (2012), Confederation Cup
(2013), World Youth Day (2013), World Cup (2014), Copa
América (2017) and Olympic Games (2016); 11.1
10.2
9.3
8.1 8.9 8.6
7.8
7.1
► Massive investments, over R$110bn, in infrastructure to adopt 5.4 6.4
5.0
the stadia and to prepare host cities;
► BNDES launched a credit line of R$1bn for the hotel sector to 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
support investments and construction of hotels.
Domestic Passenger Air Traffic in Brazil
(in million)
79.0
68.3
56.2
47.8
44.4
2014 World Cup and 2016 Olympic Games will consolidate
Brazil as a tourist destination.
2007 2008 2009 2010 2011
Source: IBGE, Ministério do Turismo, Embraer and Research Reports. 9
10. Natural Consolidator
BHG has approximately 8,300 rooms among its owned and managed properties, taking advantages of
synergies of scale in its operations.
Hotel Industry in Brazil Number of Rooms (Jun/12)
Owned Managed
21,028
6,076 Hotels 410,327 rooms
12,876
70.7%
87.9% 8,431
4,172 3,986
2,940 3,391
16.4% 2,930 2,819 2,772
6.0% 12.9% 44% 90%
6.1% 86% 100%
17%
Number of hotels Number of rooms
Independent International chains National chains
Source: Jones Lang La Salle and BHG estimates. 10
11. Economies of Scale
72% of all hotel rooms in Brazil are independently managed, creating the opportunity for post-
acquisition operational turnaround
Golden Tulip Regente Case¹
Main Synergies RevPar (R$)
212.0
Commercial Daily Rate of Daily Rate of
R$ 180; R$ 278;
170.0
OCC of 66% OCC of 76%
► Better allocation of clients among hotels, minimizing sales losses;
120.0
► Marketing synergies strengthening brands;
► National / international sales force - call centers in Brazil and
abroad;
► Negotiating power with travel agencies and tour operators;
► Scale to serve corporate clients in various regions.
2007 2009 2011
Operational / Administrative EBITDA (R$ million)
► Professional administration instead of family managed; Hotel’s Acquisition
(fev/2008)
10.4
► Centralized administrative operations;
► Joint negotiation of supply contracts;
► IT systems that allow major cost reductions; 6.3
► Benchmark of best operational practices among the various
hotels;
2.6
► Capacity for attraction and retention of talent.
Proven capacity to integrate and turnaround targets hotels
2007 2009 2011
(1) 2008 - February 2011: 231 rooms in operation; In March/2011: 327 rooms in operation. 11
12. Golden Tulip Regente Case
BHG significantly improved the hotel's EBITDA reducing it's multiple and the time required for the
investment's capital return since it’s acquisition in fev/08.
Total Invested Value EBITDA (R$ million)
2012 13.6 Estimate
94.9
88.6 2011 10.4
2009 6.3
2007¹ 2.6
61.8
51.2
EBITDA Multiples
2012 7.0x Estimate
2011 8.5x
2009 9.8x
2007 2009 2011 2012 2007 19.7x
2007¹ = EBITDA generated by the former owner.
12
13. Acquisition Track Record and Pipeline
• BHG has a solid track record of acquiring operating properties and a robust pipeline.
Acquisition Track Record Acquisition Pipeline
Tulip Inn Hangar Share Price ¹ Mult.²
Golden Tulip and Soft Inn Projects Rooms
(%) (R$ million) 2013
Recife Palace Hangar
Rooms: 299
Rooms: 132 Hotel A
143 100% $105.0 9.1x
(Rio de Janeiro)
Hotel B
189 100% $199.1 9.3x
Everest Golden Tulip (Rio de Janeiro)
Rooms: 181 Connext
(8,5%) Hotel C
Rooms: 127 171 100% $60.0 7.1x
(Porto Alegre)
Hotel D
149 100% $18.5 5.3x
(Maceió)
Batista Campos Soft Inn “Plus”
and Nazaré Batista Campos Hotel E
Rooms: 190 Rooms: 258 202 20% $9.3 5.8x
(Fortaleza)
Hotel F
243 20% $11.4 6.3x
(São Luis)
Intercontinental Sofitel Hotel G
140 100% $17.0 6.8x
Rooms: 418 Rooms: 388 (Joinville)
Hotel H
128 25% $3.8 5.4x
(Uberlândia)
316 million invested in 2011 TOTAL 1,365 - $424.1 6.9x
1) Includes retrofit expenses;
2) Multiple EBITDA = BHG’s EBITDA Share + administration fees after taxes (when applied).
13
14. Greenfield Hotels
We will also build new economic hotels (greenfield projects)
Tulip Inn Model Strategy
► Project model with 140 apartments;
► Construction timeframe of 30 months;
► We conducted a Geographical Study which defined 31
► Including 6 months for licensing and project
target cities as potential markets to be explored;
approval;
► Our strategy is to develop and construct around 5,600
► BHG’s share of the project will usually be: 25%;
new rooms between 2011 and 2016;
► Land Acquisition estimated at 25% of the construction’s
► Total Equity necessary from BHG will be R$ 100
cost;
million, considering that we will leverage 60% though
► SPE 60% with Long Term debt (BNDES); BNDES and have partners from the remaining portion.
► Debt Cost: TJPL + 3,8%
► Term:12 years with 4 years of interest grace period
Tulip Inn Double Room (Project) Tulip Inn Double Room (Preview)
14
15. Done Deals & Pipeline | Greenfield Hotels
Done Deals Pipeline
Invest.¹ Mult. Invest.¹ Mult.
Projects Rooms Share (%) Launch Projects Rooms Share (%) Launch
(R$ mm) 2015² (R$ mm) 2015²
Itaguaí Uberlândia
200 $6.5 53% 2013 3.5x 302 $3.0 10% 2013 5.5x
(Rio de Janeiro) (MG)
Campos Porto Velho
160 $20.0 100% 2013 7.8x 200 $12.0 51% 2015 5.8x
(Rio de Janeiro) (RO)
Maringá Marabá
228 $9.5 51% 2013 3.4x 200 $12.0 51% 2015 6.6x
(Paraná) (PA)
Palmas São José do
140 $5.0 50% 2013 2.7x 140 $10.0 51% 2014 6.2x
(Tocantins) Rio Preto (SP)
Belo Horizonte Sorocaba
240 $16.7 25% 2014 7.3x 140 $10.0 51% 2014 6.2x
(Minas Gerais) (SP)
Sobral Campinas
120 $3.0 33% 2013 2.8x 140 $10.0 51% 2014 6.2x
(Ceará) (SP)
Angra dos Reis Macaé
120 $3.6 33% 2014 2.6x 150 5.0 25% 2014 5.0x
(Rio de Janeiro) (RJ)
Campo Grande Resende
140 7.0 33% 2014 4.9x 140 5.0 25% 2014 5.0x
(MS) (RJ)
TOTAL 1,348 $71.3 - - 4.4x TOTAL 1,412 $67.0 - - 5.8x
• The Done Deals listed above only illustrates the Tulip Inn Greenfield Projects where BHG holds equity participation.
*Investment¹ = BHG’s participation share in the deal; Multiple 2015² = Considering BHG´s share on the hotel´s EBITDA + management fees. 15
16. Strong Brands
BHG has an exclusivity agreement with Golden Tulip allowing access to an international distribution
network and guaranteeing operating standards in its hotels.
Description Benefits for BHG
► Golden Tulip Hospitality is part of an ► BHG – Golden Tulip Agreement:
international hotel company with more than – Exclusive use of the Golden Tulip brand in
1,000 hotels in 40 countries South America
► In July of 2009, Golden Tulip was acquired – Benefits in royalty and international
by Starwood Capital, becoming the world’s marketing fees
8th largest hotel chain
– Access to an international distribution
► Brands: network and call centers around the world
– 5 star: – Use of Value Drivers, Golden Tulip’s
commercial tools
– 4 star: – Access to Golden Tulip miles program
(Flavours)
– 3 star:
► Budget: ► The Soft Inn brand allows BHG to operate in every
segment of the Hotel Industry, acessing all kinds
► Group recently acquired by BHG of guest profiles.
► 6-star resort in Itacaré, BA ► Use of the Txai brand in real estate development
► Established tourist destination with one of projects
the best resorts in the country and the ► Leverage of the Txai brand in condo-hotel and
world villa/home launches
► BHG-owned brand ► Synergies with Txai projects
16
17. Focused Management Team and Sponsorship
BHG has a team of top executives with broad experience in various industries.
Tier 1 Management Team
Pieter van Voorst Vader
CEO
- Master degree in International Business (Florida Int. Univ.) ► Latin America’s leader in private equity
- Bachelors degree in Hotel Management (FIU e HHS Hague)
- CEO of Brazil Fast Food Corporation
- Occupied different positions in marketing and sales of Shell ► Raised more than US$4 billion from private equity
Ricardo Levy investors
CFO & IRO
- MBA in Management (Coppead)
- Bachelors degree in Management (PUC-RJ)
► Concluded 48 investments in 15 different sectors
- Former financial superintendent of Light (energy provider)
Reginaldo L. Olivi ► In May of 2006, became the first private equity firm to list
Operations Officer on a Latin American stock exchange
- Bachelors degree in Economics (PUC-SP)
- Director of Grupo Chambertin Hotels Administration
- Director of Olivi Advising and Consultancy ► Counts on a group of experienced professionals
André Luiz D. Lameiro recognized by the market for their expertise
Commercial Officer
- Bachelors degree in Economics (FMV)
- Bachelors degree in Marketing (Amnnhembi)
- Director of Grupo Chambertin Hotels Administration
Fabrício Muzzio
Director of Investments
- Bachelors degree in Hotel Management (Cornell University)
- Bachelors degree in Management (Hotel Man. Sch. Les Roches)
- M&A manager of Odebrecht
- M&A director of Westmont Hospitality Group
17
18. Land Bank | Additional Source of Value
Geographic Footprint Invest. Book
Properties States Sqmt PSV*
Value Value¹
BHG’s strategy for the land bank is to monetize the properties Under development
through environmental licenses and partnerships.
Txai Terravista BA 72 15,9 9,4 63,0
1 long-term land bank Txai Ganchos SC 530 8,1 3,1 117,5
2 long-term land banks Conduru BA 430 12,7 10,3 26,1
2 properties for Wind Farm Rent
development
Long Beach CE 54.014 13,1 8,5 1.75%
8 properties for Port Beach PI/MA 8.332 13,8 5,9 TBD
development
2 properties for Other properties
development
Canavieiras I BA 569 26,6 8,2 -
Txai Paraty RJ 480 12,3 4,8 -
1 Project under development. 50%
sold on the 1st sales lot. Canavieiras II BA 577 16,0 8,4 -
Greenfield areas
States where BHG operates Carro Quebrado AL 1.265 22,6 7,6 -
Invest. Book Negotiated Deep Beach RJ 2.260 30,1 12,3 -
Properties States Sqmt
Value Value¹ Value
Txai Salvador BA 5 6,9 2,7 -
Done Deals
Canavieiras III BA 102 4,8 1,3 -
Kino SP 7.200 45,4 26,8 52,4
Wind Beach CE 11.254 9,0 5,4 -
Txai Itacaré BA - - 18,5 18,5
Nossa Shra. Vit. BA 729 10,8 4,6 -
P. Camaragibe AL 1.630 56,6 32,4 TBD
Singlehome BA 3.695 28,7 25,1 TBD Total Book Value - 288,0 159,0 -
* Values in R$ million. ¹ Book Value considering only BHG’s share. TBD = To Be Defined. PSV* = Estimated PSV. 18
19. Hotel’s Indicators: 2009 - 2012
The performance of Company's hotel's indicators since 2009, including projections for 2012 and 2014
– when Brazil will host FIFA's World Cup.
Occupancy Rate (%) Daily Rate (R$)
Estimate 262.0 Estimate
67.3% 235.5
66.9%
194.5 229.9
65.1%
64.2%
2009 2010 2011 2012
2009 2010 2011 2012
RevPar (R$)
189.4 Estimate
157.7
125.0 153.8
2009 2010 2011 2012
19
20. Historical Financial Highlights
Driven by the maturity of the acquired hotels, BHG expects a solid growth in EBITDA and Net
Operating Revenue for 2012.
Net Operating Revenue (in R$ mm) Hotel’s EBITDA (in R$ mm) and Margin (%)
33.0
176.6
121.8 27.1
25.1
58.2
76.9
33.0
19.3
2009 2010 2011
2009 2010 2011
Company’s EBITDA (in R$ mm) and Margin (%) Net Profit (in R$ mm)
23.7 9.6
41.9
8.7
2.6
(6.2)
10.7
(10.9)
(14.2)
2009 2010 2011 2009 2010 2011
20
21. Financial Highlights | 2011
At the end of 2011, the Company reappraised hotels acquired more than 3 years ago in Rio de
Janeiro and São Paulo, which are recorded under property, plant and equipment in the amount of
R$133.5 million. Upon reappraisal by the consulting firm APSIS, a specialist in the reappraisal of
assets, the properties were valued at R$465.9 million. Even so, the difference of R$332.4 million was
not recorded in the Company’s balance sheet,
Annual Data
Indicators 2011 Unadjusted 2011 Adjusted
Portfólio R$ million 885.5 1,217.8
Hotels R$ million 727.3 1,059.7
Landbank R$ million 158.2 158.2
Net Debt R$ million (199.6) (199.6)
NAV R$ million 685.9 1,018.2
No. of Shares Million 41.1 41.1
NAV/shares R$ 16.70 24.79
Share Price R$ 15.50 15.50
% of NAV % 92.8% 62.5%
When considering only the calculation of Net Asset Value (NAV) using the new market value of the
Company’s assets, it is clear that BHG is undervalued, with a difference between NAV in 2011
without and with adjustments of 48.5%.
2011 = Price on 12/31/11;
21
22. Investment Case Key Points
BHG has competitive advantages that position it to become the largest and most profitable player in
the Brazilian hotel industry.
1 Leadership Position and Scalability
2 Natural Consolidator
3 Strong Brands
4 Focused Management Team and Sponsorship
5 Land bank: Additional Source of Capital
6 Attractive Sector Dynamics
22