This document provides an overview of a proposed 402-room hotel development linked to Terminal 2 at Dublin Airport. It discusses Dublin Airport's significant passenger growth making it the fastest growing major airport in Europe. Terminal linked hotels at other European airports consistently outperform nearby airport area hotels in occupancy, average daily rate, and revenue per available room. The proposed hotel site is less than 100 meters from Terminal 2 with a planned opening in 2019. The development team believes the hotel could achieve a revenue per available room of €125, capturing passengers and meeting demand given Dublin's limited hotel room pipeline.

1. savills.com
Terminal 2 Linked Hotel
Development
Dublin Airport
Ireland
November 2016 – Dublin & London

2. Presentation Overview
1. Our Team
2. Project Overview
3. Dublin Airport
4. Irish & Dublin Hotel Markets
5. Terminal Linked Hotels
6. Dublin Hotel Transactions & Supply Pipeline
7. The Terminal 2 Linked Hotel
8. Process

3. Our Team
Aaron Spring
Senior
Surveyor
Tom Barrett
Director / Head of Hotels
Ireland
Savills Dublin Airport
Andrew Sherry
Associate Director
Development
Land
Aaron Spring
Senior Surveyor
Hotels & Leisure
Aaron Spring
Senior
Surveyor
John Brennan
General Manager
Commercial
Ruth Scallon
Head of
Commercial
Concession
Lisa Jordan
Terminal 2 Hotel
Project
Coordinator

4. Project Overview
A Unique Opportunity to Develop, Internationally Brand and Operate a Terminal
Linked Hotel at the Fastest Growing Major Airport in Europe
• Ready to go 0.33ha (0.81 acre) site
• Less than 100m from Terminal 2
• Planning for 22,840 sq m 11 storey hotel
• 402 Bedrooms, 27 sq m average size
• Significant F&B opportunities and extensive meeting room capacity
• 2015 RevPAR grew by 27% in Dublin Airport Area Hotels & STR forecast 20% growth for Dublin
in 2016
The Best Hotel Development Site in Ireland

5. Video

7. Dublin Airport

8. Dublin Airport - Location

9. Dublin Airport

10. Dublin Airport Campus

11. Dublin Airport – Hotel Site

12. Dublin Airport - Passenger Traffic Growth
5
10
15
20
25
30
Passengers(millions)
Pax (millions) Linear (Pax (millions))

13. Dublin Airport - Airlines

14. Dublin Airport - Long Haul Passenger Growth
.0
.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
2010 2011 2012 2013 2014 2015 2016 Est
Millions

15. Dublin Airport - Connecting Passenger Growth
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
2011 2012 2013 2014 2015 2016 Est
Millions

16. Dublin Airport Growth
• Dublin Airport has planning permission to build a
3,110m runway, 1.6k north of the existing main
runway
• Construction is scheduled to start in Q2 2017
and the Runway will be fully operational by 2020
• In 2015, a record 25 million passengers used Dublin Airport.
Passenger numbers continue to grow strongly in 2016 with
double digit growth recorded this year
• Dublin Airport is the fastest growing airport in Europe

17. Dublin Airport - Development
Ground Transportation
Centre

19. Dublin Airport Central

20. Dublin Airport Central - Masterplan

21. Dublin Airport Central
• Work commenced in 2015 to create a business campus
• Newly refurbished ONE Dublin Airport Central fully let to ESB International
• daa are in the process of developing the first phase of this with a planning application for 4 buildings
totalling circa 42,000 m2
• Vibrant business community
• Virtual Dublin Airport Central “Chamber of Commerce”
• Dedicated tenant focused property team
• Join over 200 vibrant businesses at Dublin Airport Central

22. Irish & Dublin Hotel Markets

23. Overseas Trips to Ireland by Area of Residence 2008
to 2016(F)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 (F)*
No.ofTrips(000s)
Other Areas USA and Canada Other Europe Great BritainSource: CSO * If +12%
+12%

24. Dublin Hotel Performance 2007 to 2018(F)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
€0
€20
€40
€60
€80
€100
€120
€140
€160
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (f) 2017 (f) 2018 (f)
Occupancy
ADR
ADR Occupancy

25. Dublin Hotel Performance – 2015 by Area
75%
78%
81%
84%
87%
90%
€0
€50
€100
€150
€200
€250
Dublin Luxury South City Docklands North City Dublin 4 Airport Surroundings
Arr RevPAR Occ %
Source: STR

26. Dublin Airport Area Hotels – Monthly Performance Trend
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
30
60
90
120
J 14 F 14 M 14 A 14 M 14 J 14 J 14 A 14 S 14 O 14 N 14 D 14 J 15 F 15 M15 A 15 M 15 J 15 J 15 A 15 S 15 O 15 N 15 D 15 J 16 F 16 M 16 A 16 M 16 J 16 J 16 A 16 S 16
ADR RevPAR OCC

27. Terminal Linked Hotels

28. Terminal Linked Hotels – The Advantages
• Physically connected airport hotels generally achieve higher Occ % and ADR than off site
competitors1
• Used as a hub for corporate meetings where people fly in from different locations2
• Convenient location for short same day business trips and meetings2
• No commute - time insulated from bad weather and delays2
• Unique ability to capture day use from international travellers and short haul air crew2
• F&B can compete with airport outlets from non-hotel guests2
• Research shows guests prefer to stay at connected terminal hotels and are willing to pay a
premium to do so3
1 “Airport Hotels – Laying the Foundation for a synergistic Relationship” – Summer 2015, Boston Hospitality Review
2 “RevPAR Penetration at Airport Terminal Hotels” – April 2008 HVS
3 “Results Soar at hotels connected to Airports” – April 2013 Hotel News Now (STR)

29. European Terminal Linked Hotels v Airport Area Hotels
Hotel Brands
• Crowne
Plaza
• Hilton
• Park Inn
• Radisson
• Sheraton
Airports
• Amsterdam
• Brussels
• Copenhagen
• London STN
• Manchester
• Milan
• Stockholm
Source: STR

30. Performance of European Terminal Linked Hotels v Airport
Area Hotels
Source: STR
Occupancy %
50%
60%
70%
80%
90%
2010 2011 2012 2013 2014 2015 2016 Aug YTD
Terminal Linked Hotels Occ % Airport Area Hotels Occ %

31. Performance of European Terminal Linked Hotels v Airport
Area Hotels
ADR (€)
Source: STR
€60
€70
€80
€90
€100
€110
€120
€130
€140
2010 2011 2012 2013 2014 2015 2016 Aug YTD
Terminal Linked Hotels ADR Airport Area Hotels ADR
Euro

32. Performance of European Terminal Linked Hotels v Airport
Area Hotels
RevPAR (€)
Source: STR
€0
€20
€40
€60
€80
€100
€120
2010 2011 2012 2013 2014 2015 2016 Aug YTD
Terminal Linked Hotels RevPAR Airport Area Hotels RevPAR
Euro

33. Dublin Hotel Transactions &
Supply Pipeline

34. Source: Savills
2016 Dublin Hotel Transactions
•O’Connell Street,
Dublin 1
•323 Bedrooms
•4 Star
•Significant Capital
Expenditure required
•c.€285k per room
The Gresham Hotel
c. €92m
•Burlington Road,
Dublin 4
•502 bedrooms
•4 Star
•Rebranding to Clayton
•c.€360k per room
Doubletree (Burlington)
c. €180m
•IFSC,
Dublin 1
•169 bedrooms
•4 Star
•c.€400k+ per room
The Spencer Hotel
•Fleet Street,
Dublin 2
•129 bedrooms
•4 Star
•c.€400k+ per room
The Morgan Hotel
•Sandyford,
Dublin 18
•88 bedrooms
•4 Star
•c.€225k+ per room
The Beacon Hotel
c.€150m

35. Dublin Hotel Supply – Very Limited Bedroom Pipeline
Source AM:PM
Opened
2016
342
1,144*
383*
Due
2017
Due
2018
AM:PM (October 2016)
Room Pipeline by Date
Confirmed
4,313
2,499
1,486*
Speculative On Hold
AM:PM (October 2016)
Room Pipeline by Status
Dublin five openings since
2007:
• Gibson Hotel (2010)
• Marker Hotel (2013)
• The Dean (2014)
• Temple Bar Inn (2015)
• Holiday Inn Express (2016)
Dublin needs as many
as 30 new hotels (5,000
bedrooms) between
now and 2020
Source: ITIC (2014)
*Excludes impact of Clyde Court closure January 2016 (185 bedrooms) and expected closure of Ballsbridge Hotel in 2018 (400 bedrooms).

36. 2016 to 2018 Bedroom Pipeline - Estimate 1,500 Additional
Bedrooms
Source: Savills
-600
-400
-200
0
200
400
600
800
Dublin 1 Dublin 2 Dublin 4 Dublin 6 Dublin 8 Dublin 22 Dublin Airport
New Rooms 2016 New Rooms 2017 New Rooms 2018

37. Dublin Airport Area Hotels
Map Hotel Name
KM to
Airport
Star Bedrooms
Terminal 2 Linked Hotel Terminal 4 402
1 Maldron Hotel Dublin Airport 0.4 4 251
2 Radisson Blu Hotel Dublin Airport 0.5 4 229
3 Carlton Hotel Dublin Airport 1.7 4 100
4
Travelodge Dublin Airport North
Swords 3.7 3 130
5 Premier Inn Dublin Airport 3.1 3 155
6 Clayton Hotel Dublin Airport 4.6 4 469
7
Holiday Inn Express Dublin
Airport 3.3 3 114
8 Crowne Plaza Dublin Airport 3.3 4 204
9 Metro Hotel Dublin Airport 5.1 3 88
10 Hilton Dublin Airport 7.1 4 166

38. The Terminal 2 Linked Hotel

40. Dublin Airport - Terminal 2 Linked Hotel Advantages
• Significant scale (402 bedrooms & meeting rooms) = impressive profit
margins
• Easy to find, great transport links and extensive car parking
• High profile location, with very strong physical presence
• Significant volume of passing traffic & footfall
• Captive audience
• Branding opportunity

41. Ground Floor
• Drop off
• Secondary
entrance
• Leisure
• Ancillary
• Back of house

42. Potential Mezzanine Level
* Subject to Planning

43. First Floor
• Meetings &
events
• Food &
beverage

44. Second Floor
• Concourse
• Hotel entrance
• Lobby / reception
• Bar
• Restaurant
All on the same level
as the link to
Terminal 2 arrivals
level and car park
pedestrian entrance

45. Typical Bedroom Floor (3rd to 8th)
• Floors 3 to 8
• 51 bedrooms per floor
• Average size 27 sq m

46. Typical Bedroom Floor (9th & 10th)
• 45 bedrooms / 3 suites
• Average suite size 42 sq m

47. Terminal 2 Linked Hotel - Operating Potential
• 2015 Dublin Airport Area Hotels RevPAR = €81
• 2016 RevPAR forecast +20% = €96 (September YTD = €98.77)
• Terminal Linked Hotels Average Performance Premium v Airport Area Hotels
in the 6 years to December 2015 = 41%
• “IF” Terminal 2 Hotel had RevPAR of €125 = Room Revenue of €18m
• “IF” Room Revenue = 70% of mix, then Total Revenue = €26m
• “IF” Profit Margin of 40% = Profit of €10.5m

48. Process & Timeline

49. Indicative Process & Timeline
October 2016 June 2017
October
2017 March 2019
Contract Construction Complete
Dec 2016 –
Jan 2017
RFTRFIPIN
Feb - May
2017
* Subject to Change

50. FBOT Considerations Could Include
Duration
Prior
Experience
Legal
Structure
Construction
Consortium
Members
Covenant
Rent
Revenue &
Project
Projections
Hotel
BrandHotel
Operation
Funding
Planning
Deadline
Price
Equity

51. Q & A
DISCLAIMER Savills Ireland and the Vendor/Lessor give note that the particulars and information contained in this brochure do not form any part of any offer or contract and are for guidance only. The particulars, descriptions, dimensions, references to condition, permissions or licences
for use or occupation, access and any other details, such as prices, rents or any other outgoings are for guidance only and are subject to change. Maps and plans are not to scale and measurements are approximate. Whilst care has been taken in the preparation of this brochure intending
purchasers, Lessees or any third party should not rely on particulars and information contained in this brochure as statements of fact but must satisfy themselves as to the accuracy of details given to them. Neither Savills Ireland nor any of its employees have any authority to make or give
any representation or warranty (express or implied) in relation to the property and neither Savills Ireland nor any of its employees nor the vendor or lessor shall be liable for any loss suffered by an intending purchaser/Lessees or any third party arising from the particulars or information
contained in this brochure. Prices quoted are exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchasers/lessees shall be liable for any VAT arising on the transaction. This brochure is issued by Savills Ireland on the understanding that
any negotiations relating to the property are conducted through it.