Melia Hotels International Presentation 2011

Meli Hotels International presentation
ME Barcelona (Spain)
Gran Meli Shanghai (China)
Meli Dsseldorf (Germany)
ME London (United Kingdom)
Meli Hotels International presentation Agenda

INVESTMENT CASE Business Evolution Valuable Hotel Portfolio Sound Strategy Finan
cials 3 7
8 12
APPENDIX Positioning History Diversification Sustainability 15 16 17 19
Paradisus Punta Cana (Dominican Republic)
ME Cancn (Mexico)
Meli Bali (Nusa Dua, Indonesia)
Meli De mar (Majorca, Spain)
2

Meli Dsseldorf (201) Opened in October 2009
Meli Hotels International set to take advantage of business evolution
Strong positioning in main Core Markets: - Leading Resort group worldwide with p
resence in LatAm, EMEA & Asia. - Leading hotel company in LatAm & Caribbean. - S
ignificant presence in main European cities: Paris, Berlin, Barcelona, London, R
ome, Madrid, Milan, Dsseldorf and Frankfurt. Revenue Management & CRM Strategy 2.5mn members of mas loyalty program. - melia.com as fastest increasing distribu
tion channel.
15 16 17 19
1
INVESTMENT CASE Business Evolution 3 Valuable Hotel Portfolio Sound Strategy Fin
ancials 7
2010 RevPAR +8.9% 2011e High single digit growth
8 12
APPENDIX Positioning History Diversification Sustainability
2010 51% of RevPAR due to prices 2011e Important contribution of prices in RevPA
R evolution Hotel EBITDA Margin improviment of +149 bps in 2010 (+214 on like-fo
r-like basis) CAGR 2011-14e +0.6% +1.0% +1.2% +0.3%
The Cost Efficiency Programme during the crisis improved operational margins - ~
45% of a total 80 mn savings in 2009 considered to be permanent. Little new capa
city coming on stream2 - Low supply growth in terms of number of rooms in core m
arkets.
Dominican Republic Mexico Rest of Europe Spain
(1) Customer Relationship Management. (2) Source: STR, September 2011.
3

Meli Valencia Palacio de Congresos
coming from an environment where Melias RevPAR and Ebitda has comparatively outst
and
19,100
INVESTMENT CASE
20.000
16,800
Business Evolution 3 Valuable Hotel Portfolio Sound Strategy Financials 7
17,800
18,700
12.990
12,879
7.843
6,153
5,754
3,738
3,835
3,330
3,527
(in million$)
4,696
5,071
Revenues 15.000 Evolution 10.000
5.000 0
11,619
11,032
8,497
10,908
11.691
1,927
1,824
615.1
12
15%
7% 7% 7% 2% -1% -13% -17% -17% -25%
1,982
564.2
596.1
8
641.7
APPENDIX Positioning History Diversification Sustainability 15 16 17
6% 1%
6%
10% 5%
11% 4% 0%
1,642
(% Change)
RevPAR Evolution
5% -5% -15% -25%
5.60%
8%
6%
9%
-1%
-3%
-15%
-18%
-17%
1,390
19 EBITDA Evolution
2.000 1.500
585 645 552
1,253
949
1,183
1,102
943
1,164
923
582
1.000 500 0 -500
885
472
480
487
200.5
335
198.1
164.5
166.6
-67
2007
Source: Company websites; Company Annual Reports; Deloitte research Note: RevPar
data for 2008 and 2009 not available for Choice Hotels International
2008
274
2009
289
2010
4
336
(in million$)
436
365
1,798

Innside Dresden (180) Opened in April 2010
, and enabled us to deliver RevPAR growth in 6 consecutive quarters,
INVESTMENT CASE Business Evolution 3 Valuable Hotel Portfolio Sound Strategy Fin
ancials 7
Quarter 3Q11 2Q11 +7.2% +11.5% +13.0% +10.1% +11.9% 5% 10% 15% RevPAR growth +10
.0%
8 12
1Q11 4Q10 3Q10 2Q10
5

Tryp Berlin Mitte (225) Opened in December 2010
and leading to good set of underlying 9M11 results
INVESTMENT CASE
9M Profit & Loss Account
Business Evolution 3 Valuable Hotel Portfolio Sound Strategy Financials 7
8 12
(million Euros) REVENUES EBITDAR EBITDA EBIT EBT Net Profit at.
Sep 11 969.5 245.1 176.6 106.7 47.0 38.3
Sep10 976.7 281.1 216.1 143.8 86.4 71.7
% -0.7% -12.8% -18.3% -25.8% -45.6% -46.6%
5.6%
...when excluding capital gains...
13.9%
Note: Capital gains, 9M11: 33.6 mn; 9M10: 93.2 mn
OUTLOOK
Worldwide Resorts likely to lead RevPAR growth along with Gateway Cities
RevPAR9M11: +9.1% (Q3: 10.0%) Cost per stay decreases by 0.2% Underlying Hotel Eb
itda margin: 126 bps
6

Melia Atlanta (502) Opened in October 2010
thanks to a valuable hotel portfolio in prime locations recently refurbished / in
corporated.
New independent valuation of Real Estate assets by 2011 Year-End Development of
5 mn square meters in Salvador de Bahia (Brazil) combining hotels, mixed ownersh
ip products and residential
cials 3 7
8
Gran Melia Colon, Seville (189) Refurbished in 2009
12
APPENDIX Positioning History Diversification Sustainability 15 16
Melia Barcelona (333) Refurbished in 2008
17 19
Melia Madrid Princesa Refurbished in 2009
5 Mn square meters in Salvador de Bahia (Brazil)
7

Meli Dubai Opening in 2011
Asset Light(er) Model & Brand Equity underpins expansion...
Consistent internationalization plan, via low capital intensive formulas, reinfo
rcing Upscale y Premium brands emphasizing those countries where the Group has e
xperience and consolidated know-how: Pipeline: 32 hotels (8,918 rooms) to be inc
orporated in the 2011-2014 period:
8 12
cials 3 7
86% to be incorporated internationally: Focus on Asia & Arab Gulf States
Key European Markets (Germany, Italy, UK, France and other major cities in Europ
e) LatAm and Caribbean Mediterranean Rim
19
Via low capital-intensive formulas: 76% management & franchise, 12% variable lea
se and 12% property. Reinforcing brands in the Upscale & Premium segments: 85% o
f the new rooms.
8

Meli Tortuga (Cape Verde) (234) Opened in May 2011
via Joint Ventures in gateway cities in US, Europe & Asia
20 year strategic alliance signed with Wyndham Hotel Group, fostering growth of
the Tryp by Wyndham brand & Agreement with Jin Jiang (China) to cooperate in mar
keting, sales, operations and development:
cials 3 7
8 12
Wyndham Hotel Group: Largest franchise group worldwide with nearly 7,100 franchi
sed hotels and more than 590,000 rooms. Sale of the Tryp brand to Wyndham Hotel
Group for $42.5 Mn (34.7 Mn) and agreement with Wyndham to keep using the Tryp br
and over a period of 20 years. Strategic alliance between both Companies to deve
lop the Tryp by Wyndham brand in key international cities, especially across Eur
ope & LatAm. Cooperative operation of the hotels using both central reservations
systems and loyalty programs.
- Wyndham Rewards programme involves more than 8 million active members while Meli
Hotels International loyalty programme, mas, nearly 2.5 million members.
JIN JIANG: Leading hotel group in China with more than 450 hotels and 74,000 roo
ms. Long-term partnership encompassing hotel development, marketing & sales, res
ervations systems and loyalty programmes. Allowing both chains to grow in the ma
rket in which the other enjoys competitive advantages through a joint growth str
ategy in China and Europe. Adaptation of hotel services to the needs of Chinese
and European guests, one of the major challenges for both companies.
9

and mixed ownership formulas in LatAm & Caribbean, i.e. 290K sq mts in Playa del
Carmen (Mexico)
2 All-Inclusive Paradisus Resorts in Playa del Carmen (Mexico). 906 hotel rooms
including 340 Club Meli units. Opening in November 15 2011.
cials 3 7
Playa del Carmen (Mexico) Opening in 2011
8 12
Family Concierge Suite
Royal Service Junior Suite
P L AYA D E L C A R M E N A D U LT S P L AYA D E L C A R M E N FAMILIES
PA R A D I S U S L A P E R L A
SHARED AREAS
PA R A D I S U S L A E S M E R A L D A
An exclusive adult only resort featuring Royal Service: - 394 suites, including
swim-up suites - 5 restaurants and 4 bars - Large swimming pool - Access to golf
courses
Royal Service Junior Suites Deluxe Bathroom
- Convention Center - Exclusive shopping area - YHI SPA - Gaby Club with chill o
ut area
An exclusive family oriented resort featuring Family Concierge: - 512 suites, in
cluding swim-up suites - 4 restaurants and 3 bars - Open area Kids Club - Large s
wimming pool - Access to golf courses
10

ME Madrid (192)
supported by opportunity for flagship acquisitions i.e. ME London.
Acquisition of free-hold for 133 Mn.
ME Cancn (419) ME London (157) Opening in 2012
cials 3 7
8 12
157 rooms & Convention Centre. Total built area of 17,000 sqm. Strategic asset i
n a key destination, positioning the ME by Meli brand in one of the most important
feeder markets. Scheduled to open in Q2 2012. Design-driven & experiencebased ho
tel with a strategic location alongside Covent Garden & Trafalgar Square Brand-bu
ilding assetfor future growth of ME by Meli brand through Management, Franchise an
d JV.
ME Cabo (155)
ME Barcelona (259)
Strand 336, London WC2R 1HS
ME Vienna (255) Opening early 2013
11

Tryp Condal Mar (178) Opened in June 2010
All within a framework of appropriate debt management...
Net debt 2011 target of below 1 billion Euros.
3 7
cials
Average interest rate expected in 2011: ~4.5%. Accomplishment of Covenants 1H201
1 & confidence in meeting them in 2011. - Net debt / Ebitda < 3.5x (3.49x in 1H2
011) - Ebitda / Net Interest > 4.0x (4.99x in 1H2011) Fixed-rate debt increased
from 26% in 2008 to 66% in 9M2011.
8 12
2-year maturity extension of 3 syndicated loans through the signature of a Forwa
rd Start Facility (FSF) in August 2010 for 252 mn* (see following slide).
(*) Includes 18 mn of new money
12

Meli Sharm (468) Opened in July 2010
which leads to a comfortable Liquidity Position.
Currrent liquidity levels up to September at 348.0 mn compares to debt maturities
for the remaining of 2011 and 2012: 284.6 mn
Liquidity Situation
Cash and short-term deposits
8 12
cials 3 7
Mn 307.1 40.9 348.0
Debt Maturity
450.0 400.0 350.0 300.0 299.5 255.8 (1) 250.0 401.3
Available credit facilities Total
FSF: 234.0 Mn (138.4 + 95.6)
200.0 150.0 100.0 50.0 28.7 26.2 26.6
19
25.1 2012 2013 2014 2015
25.8
21.4 2019
18.9 2020
0.0 4Q11 2016 2017 2018
13.1 2021
Note: Not included 283.1 Mn of used revolving credit facilities. (1) Figure inclu
des Preference Share 106.9 Mn
In the current financing environment, Meli Hotels International will focus on mai
ntaining high liquidity levels vs maturities
13
Meli Hotels International presentation Appendix

Sol Gavilanes (Menorca, Spain)

Meli La Quinta (172) Opened in March 2010
Meli Hotels International is a hotel company with a global reach
cials 3 7
Rest of Europe 72 hotels (22%) Spain 157 hotels (45%) MEA 5 hotels (2%)
8 12
Largest hotel group in Spain and 17th company worldwide (1) with 308 hotels and
77,808 rooms(2) in 28 countries
Asia 7 hotels (3%)
At a glance:
Market cap: 950 Million Euros (3) 1,309 Million US dollars Main Shareholders: Es
carrer Family (64.64%), CAM Savings Bank (6.007%); Free-float: 29.353% Member of
the FTSE4Good Ibex index
LatAm 67 hotels (28%)
Note: % of rooms (2)
6th largest Hotel Group in Europe (1)
Ranking 1 2 3 4 5 6 Company Intercontinental Accor Groupe du Louvre TUI AG The R
ezidor Hotel Group Meli Hotels International (1) Rooms 646,679 499,456 91,409 83,
728 83,200 76,887 Hotels 4,438 4,120 1,097 297 389 305
(1) Source: Hotels Magazine 2010 with figures as of December 09; (2) Up to Sept
ember 2011; (3) MEL.MC: 5.14 at November 3, 2011 / 184.8 mn shares
15

Gran Meli Shanghai (685) Opened in December 2009
built through a long history of growth, consolidation & innovation
Organic growth through reinvestment of profits
3 7
cials
8 12
- 50s: First resort in Mallorca-Spain - 60s: Development in Balearic Islands - 70s:
Expansion into other major Spanish resorts - 80s: Growth to Spanish cities - 90s:
Development in LatAm - 00s: Presence in European gateway cities Acquisition of h
otel chains - 1984: Hotasa - 1986: CHM - 1987: Meli hotels - 1999: 8 hotels in Pa
ris - 2000: Tryp - 2007: Innside 32 hotels 11 hotels 22 hotels 60 hotels 11 hote
ls in Germany
History of product renewal and innovation - 785 mn in refurb from 2001 to 2010.
- Modern IT Systems integrated for more professional management - Introduction o
f state-of-the-art Food & Beverage technology in company resorts - Creation of H
ospitality Business Solutions (HBS): Shared Service Centre, provider of back off
ice services to the different Sol Melia Businesses Successfully executed Strateg
ic Plan 2004-07: Financial Strength & Consolidation Successfully executed 2009-2
010 Contingency Plan
16

Meli Bilbao (211) Opened in September 2009
The Company has a balanced portfolio...
cials 3 7
Room Portfolio by location
24% 3%
Room Portfolio by Ownership
6% 27%
28%
8 12
18% 45%
Spain Rest of EMEA Asia LaTAM
49%
Owned Leased Managed Franchised
Room Portfolio by Category
Upscale segment
Room Portfolio by Segment*
41%
CITY
19%
Midscale 53%
36%
34%
11%
Luxury segment
59%
RESORT
(*) 52% Resort / 48% city in owned & leased NOTE: All figures by number of rooms
(November 2011)
17

Meli Luxembourg (161) Opened in May 2009
...with differentiating elements based on diversification.
BALANCED RESORT / CITY EBITDA SENSIBLE CUSTOMER SEGMENTATION1
cials 3 7
47%
CITY
8 12
BUSINESS 44%
LEISURE 56%
18%
GROUPS
26%
INDIVIDUALS
24%
GROUPS
32%
INDIVIDUALS
53%
RESORT
CLIENTS BY REGION OF RESIDENCE
(1) Revenues
2% 2% 3% 2% 3% 3% 3% 11% 9%
32% 17%
Spain Other UK USA Germany Italy France Mexico Russia Canada Venezuela Netherlan
ds
NOTE: figures 2010
13%
18

Meli Hotels International, much more than a leading Company
Sustainability at Meli Hotels International
3 7
INVESTMENT CASE Business Recovery Valuable Hotel Portfolio Sound Strategy Financ
ials
OUR VISION
We contribute to (sustainable) development of the communities in which we operat
e and of the people that live on them. Building our legacy.
Create value for our Stakeholders Public Positioning Director Plan RELATION COMM
UNICATION PRESENCE EMPLOYEES CUSTOMERS SHAREHOLDERS SUPPLIERS SOCIAL ENVIRONMENT
FTSE4Good IBEX BHC CERTIFICATION
8 12
VISION
Create value for Meli Hotels International
Sustainable Development Plan
GLOBAL COMPACT
GRI REPORT
The Public Positioning Director Plan and the Sustainable Development Plan get me
asured and evaluated in a yearly basis through Meli Hotels International public c
ommitments.
Our commitment in figures (2010)
216 activities to celebrate the International Year of Biodiversity 29 hotels wit
h environmental certification Reduction of 4,3% in kg CO2 per stay Reduction of
8,4% m3 of water consumed per stay 96,3% of purchases from local suppliers 10.92
5 people involved in Solidarity Day at Meli Hotels International
19
This report is a communication made, or approved for communication by Meli Hotels

International. It is directed exclusively to eligible counterparties and profes
sional clients. No persons other than an eligible counterparty or a professional
client should read or rely on any information in this report. This research rep
ort is being distributed by Meli Hotels International, purely as a resource and f
or general information purposes and only contains general information; therefore
, this report does not take account of the specific circumstances, investment ob
jectives, financial position or risk profile of any recipient and should not be
relied upon as authoritative or taken in substitution for the exercise of judgem
ent by recipient. Each recipient should consider the appropriateness of any inve
stment decision having regard to their own circumstances, the full range of info
rmation available and appropriate professional advice. Each recipient should mak
e their own investment decision regardless of the circumstances mentioned in thi
s report and by obtaining specific specialist advice that may be necessary. The
information and opinions, estimates, projections and recommendations in this rep
ort have been drafted by SOL MELIA and are based on publicly available informati
on and on sources believed to be reliable and in good faith, but that informatio
n has not been verified independently and no representation or warranty, either
express or implied, is made as to their accuracy, completeness or correctness. M
eli Hotels International may amend, supplement or updated the contents of this re
port in such form and in such timescales as Meli Hotels International deems appro
priate. Meli Hotels International reserves the right to express different or cont
rary recommendations and opinions. This report does not constitute or from part
of, and should not be construed as, any other for sale or subscription of, or an
y invitation to offer to buy or subscribe for, any securities, nor should it or
any part of it form the basis of, or be relied on in any connection with, any co
ntract or commitment whatsoever. Meli Hotels International accepts no liability w
hatsoever for any loss or damage arising from any use of this report or its cont
ents. Investors should bear in mind that past performance or results are no guar
antee of future performance or results. Price of securities or instruments or th
e results of investments may fluctuate against the investors interest and may eve
n lead to the loss of the initial investment. This report is for the use of the
addressees only, is supplied to you solely in your capacity as an investment pro
fessional or knowledgeable and experienced investor for your information and no
part of this document may be (I) copied, reproduced or duplicated by any form or
means, (II redistributed or (III) quoted or published, for any purpose, without
the prior, written consent of Meli Hotels International. Breach of these restric
tions may constitute breach of law in the relevant jurisdictions. Meli Hotels Int
ernational may distribute reports such as this in hard copy or electronically.
20

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Meli Hotels International presentation

Meli Hotels International presentation

Meli Hotels International presentation

Meli Hotels International presentation

Meli Hotels International presentation

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Meli Hotels International presentation Appendix

Meli Hotels International presentation

Meli Hotels International presentation

Meli Hotels International presentation

Meli Hotels International presentation

Meli Hotels International presentation

This report is a communication made, or approved for communication by Meli Hotels

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