Hotel Industry 2011

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©Key Note Ltd. 2011
All rights reserved No part of this publication may be reproduced, copied, stored in an electronic retrieval system or transmitted save with written permission or in accordance with the provisions of the Copyright and Patents Act 1988. Published by Key Note Ltd. 5th Floor Harlequin House 7 High Street Teddington Richmond Upon Thames TW11 8EE t: O845 504 0452 f: O845 504 0453 e-mail: [email protected] Stringent efforts have been made by Key Note Ltd. to ensure accuracy. However, due principally to the fact that data cannot always be verified, it is possible that some errors or omissions may occur; Key Note Ltd. cannot accept responsibility for such errors or omissions. Details supplied by Key Note Ltd. should only be used as an aid, to assist the making of business decisions, not as the sole basis for taking such decisions. Corporate Telephone Preference Service (CTPS) Under the new Privacy and Electronic Communications Regulations 2004 it is unlawful for a business to make an unsolicited sales & marketing call to a corporate subscriber if they are either registered with CTPS or have requested NOT to receive such calls. Key Note holds and regularly updates (at least every 28 days) their data in accordance with the regulation and ensures their data is compliant, as of the date created. However it is the responsibility of the caller to ensure this data is up to date and as such Key Note do not hold themselves liable for any subsequent legality. If you have any queries regarding the CTPS legislation you may find the following website useful www.informationcommissioner.gov.uk Or our website www.keynote.co.uk

hotel industry
edition 29, 2011 issn 1473-4915

Contents 1 Company Selection
1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 Industry Definition Company Selection Changes of Name New Additions to the Report Treatment of Holding Companies & Subsidiaries Diversity of Business Interests Large Changes in Accounts Exports Exceptionally Large Companies Efficiency Asset Utilisation 4-29 ................................................................. Sales / Fixed Assets 4-32 ................................................................. Stocks / Sales 4-35 ................................................................. Debtor Days Outstanding 4-38 ................................................................. Liquidity Current Ratio ................................................................. 4-41 Quick Ratio (Acid Test) 4-44 ................................................................. Gearing Total Debt / Net Worth ................................................................. 4-47 Equity Gearing 4-50 ................................................................. Income Gearing (Interest Cover) 4-53 ................................................................. Employee Performance Pay per Employee ................................................................. 4-56 Sales per Employee 4-59 ................................................................. Capital Employed per Employee 4-62 ................................................................. Pay / Sales 4-65 ................................................................. Other Exports / Sales ................................................................. 4-68 Growth Sales Growth ................................................................. 4-71 Pre-tax Profit Growth 4-74 ................................................................. Total Assets Growth 4-77 ................................................................. Number of Employees Growth 4-80 ................................................................. Exports Growth 4-83 .................................................................

2 Industry Overview
An expert review of the conclusions that can be drawn from the report, putting developments into the context of recent industry developments and focusing on the performance of the industry as a whole and the leading players in it.

3 Company Profiles
Company data is presented alphabetically, with each company having a detailed profile over two pages showing address, activities, directors, subsidiaries and other company details plus Profit and Loss, Balance Sheet, Key Note Ratio Analysis and comparative performance.

4 Performance League Tables
These list companies in order of their performance compared to each other on key performance factors: Size Sales 4-2 ................................................................. Pre-tax Profit 4-5 ................................................................. Total Assets 4-8 ................................................................. Number of Employees 4-11 ................................................................. Profitability Return on Capital ................................................................. 4-14 Return on Total Assets 4-17 ................................................................. Pre-tax Profit Margin 4-20 ................................................................. Return on Investment 4-23 ................................................................. Profit per £ of Pay 4-26 .................................................................

5 Industry Profile
This provides a Balance Sheet and a quick Profit and Loss account for the industry as a whole. Where the industry has been subdivided into ’subsectors’, a profile for each of these is given, as well as a profile for the industry as a whole.

6 Analysis Notes 7 Definitions 8 Further Key Note Sources 9 Company Index

Key Note Ltd

Contents

This section explains which companies have been selected for inclusion in the Report, and explains why, if applicable, certain companies have been excluded. It also explains any important relationships between companies and how these have been dealt with to ensure that no double-counting of accounts has occurred.

1. Company Selection
1.1 Industry Definition
This Report covers companies operating in the hotel industry. The Report analyses accounts filed in th the three years up to 7 June 2010. Accounts with year ends falling in the 12 months up to 7th June 2010are assigned to the third analysis period, with earlier accounts assigned to previous periods. The companies included in the Report are: THE HOTEL INDUSTRY
Accor UK Business &LsrHtls Ltd Accor UK Economy Hotels Ltd Adda Hotels Andrew Brownsword Hotels Ltd Apex Hotels Ltd Arora Hotels Ltd The Barton Grange Group Ltd BDL Select Hotels Ltd The Berkeley Hotel Ltd Blackfriars Hotels Ltd Blackpool PlsrBeach (Hldgs) Ltd Bridgemere UK Plc Britannia Hotels Ltd Brook Hotels Ltd The Cavendish Hotel (London) Ltd CDL Hotels (UK) Ltd Centre Island Hotels Ltd Champneys Henlow Ltd Chesterfield (Mayfair) Ltd Choice Hotels Ltd Churchill Group Ltd Claridge's Hotel Ltd Comojo (UK) Ltd Corus Hotels Ltd Crieff Hydro Ltd The Cumberland Guoman Ltd Curzon Hotels (Operator) Ltd Deckers Restaurants Ltd De Vere Venice Ltd De Vere Venues Properties Ltd De Vere Village Hotels & Lsr Ltd De Vere Village Trading No 1 Ltd De Vere Wokefield Park Ltd Dorchester Group Ltd Doyle Hotels (UK) Ltd Doyle London Hotels Ltd Edwardian Group Ltd Endell Group Holdings Ltd Fbm London Ltd Festival Group Ltd Festival Inns Ltd Firmdale Hotels Plc Firoka (Kings Cross) Ltd Forestdale Hotels Ltd GH Hotel Operating Co. Ltd Gleneagles Hotels Ltd Globalgrange Ltd Gloucester Capital Ltd Guoman Hotel Holdings Ltd Guoman Hotel Mngmnt (UK) Ltd Hand Picked Hotels Ltd Hastings Hotels Group Ltd HHR Piccadilly Ltd Hilton International Htls (UK) Ltd Hilton Worldwide Ltd Hlt Stakis Operator Ltd Hlt Stakis Spe Ltd Hotel Inter-Continental London Ltd Hotel Management Intl (Hldgs) Ltd Hotel Property Investors UK Ltd Imperial London Hotels Ltd (The) Jake Feather Hotels Ltd Jarvis Hotels Ltd. Jurys Hotel Group (UK) Ltd Kensington Close Hotel Ltd Kew Green Hotels Ltd L51N Ltd Lake District Hotels Ltd The Lancaster Lndmrk Htl Co. Ltd Landmark Hotel London Ltd Land Securities (Hotels) Ltd Lanesborough Management Ltd J.H. Leeke & Sons Ltd Leisureplex Ltd Lomar Hotel Co. Ltd Lomondo Ltd London Britannia Hotel Ltd London Lrg Hotel Ltd London May Fair Hotel Ltd London Tara Hotel Ltd Longmint Group Ltd LRG Hotels Ltd LRG Hotels Group (UK) Ltd Macdonald Hotels Ltd Malmaison & Hotel Du Vin Property Holdings Ltd Mandarin Oriental Hyde Park Ltd Manor House Hotel (Okhmptn) Ltd Maple Hotels 1 Ltd Marriott Hotels Ltd Marston Hotels Ltd Menzies Hotels Holdings Ltd Menzies Hotels Operating Ltd Millennium & Copthorne Hotels Plc Morgans Hotel Group London Ltd Mwb Group Holdings Plc North British Trust Hotels, Ltd Oxford Hotels & Inns Mngmnt Ltd Paragon Hotels Ltd Paramount Hotels Ltd Park Hotel Heathrow Ltd Park Hotels Management Ltd The Park Lane Hotel Ltd Park Tower Hotel Ltd (The) Pbn Holdings Ltd Peel Hotels Plc Pennyhill Park Ltd Percy R.Brend & Sons (Htlrs) Ltd Pl Hotel Ltd Premier Inn Ltd Premier Inn Hotels Ltd Prestmade Ltd Puma Hotels Plc Qhotels Group Ltd Qmh Ltd Quintain Estates & Dvlpmnt Plc Ramside Holdings Ltd Ramside Estates Ltd Rezidor Hotel Manchester Ltd Rezidor Hotel Stansted Airport Ltd Ritz Hotel (London) Ltd (The) Riverbank Hotel Operator Ltd Rocco Forte & Family Ltd Royal Garden Hotel Ltd Shearings Hotels Ltd Somerston Hotels UK Ltd South Bank Hotel Mngmnt Co. Ltd Splendid Property Co. Ltd St Giles Hotel Ltd St. James Court Hotel Ltd St. James Hotel Ltd Strathmore Hotels Ltd Templeton Holdings Ltd Thistle Barbican Tenant Ltd Tonstate (Hotels) Ltd J.Townend & Sons (Hull) Ltd Travelodge Hotels Ltd Venice Antler 1 Ltd Victoria Park Plaza Operator Ltd Webb Hotels & Travel Ltd M F Wells (Hotels) Ltd The Westbury Hotel Ltd Whitbread PLC Yianis Holdings Ltd

1.2 Company Selection
Our team of in-house analysts research the company sample thoroughly to ensure that the Report covers the top companies in the industry. A company will be included on the following grounds:

Company Selection

© Key Note Ltd 2011

1. Company Selection
i ii It is a major company within the industry with over 50 percent of its turnover coming from activities relevant to the subject of the Report. It is a company where less than 50 percent of its turnover is generated from activities relevant to the industry, however it is, by virtue of its size, significant within the industry.

To ensure that the industry results are not distorted by figures relating to activities falling outside the scope of the title, the second group of companies is excluded from the Report totals and averages (see section 1.6). Companies may have been removed from the Report for the following reasons: i The company files modified accounts (as defined by the Companies Act), which makes it difficult to determine its importance in the sector, and means that it is unsuitable for ratio calculation. Or its turnover falls below £12.0 million, which has been used to identify major companies in this Report.

The following companies have been removed on these grounds: Clermont Leisure (UK) Ltd, Hira Co. Ltd, Hollybush Hotels Ltd, Morethan Bidco Ltd, SI Argyle Street Ltd and SLC Turnberry Ltd. ii iii The latest analysed accounts available on the company are too old to be meaningful to the analysis. The company is not a live trading company, i.e. it is dormant, in liquidation or receivership, or has transferred its trade to another company.

Beetham Hotels Manchester Ltd has been removed on these grounds. iv v vi The company’s first accounts are not yet available from Companies House at the time of publication. The company is no longer relevant to the Report. The company is represented in the Report by its subsidiaries, holding company or ultimate holding company.

1.3 Changes of Name
The following companies have changed their names since the publication of the previous edition: AHG Venice is now called De Vere Venice Limited. De Vere Hotels & Leisure Ltd is now called De Vere Village Trading No 1 Ltd. Stakis Ltd is now called Hilton Worldwide Ltd. Verve Venues Properties Ltd is now called De Vere Venues Properties Ltd. Village Hotels & Leisure Ltd is now called De Vere Village & Hotels Ltd.

1.4 New Additions to the Report
The following companies have been added to the current edition: Jarvis Hotels Ltd, London May Fair Hotel Ltd and Whitbred PLC.

1.5 Treatment of Holding Companies and Subsidiaries
Where one company accounts for the majority of a group’s turnover, the analyst will decide which company is most relevant to the Report. In some cases, both a holding company and its subsidiary may be included where both are considered to be of significant importance within the sector. Where this could lead to double counting in the totals and averages, one of the companies will be excluded from the calculations. The names of

© Key Note Ltd 2011

Company Selection

1. Company Selection
all companies which have been excluded from the Report totals and averages will be preceded by an asterisk in the Performance League Tables. The following companies have been excluded from the totals and averages on the above grounds: Menzies Hotels Operating Ltd and Ramside Estates.

1.6 Diversity of Business Interests
Some companies declare a varied range of business interests in their registered trading activity and SIC Codes, not all of which are relevant to the subject of the Report. These companies will be excluded from the Report totals and averages to prevent distortion. The following companies have been excluded on these grounds: The Barton Grange Group Ltd, Blackpool Pleasure Beach(Holdings) Ltd, Bridgemere UK PLC, Deckers Restaurants Ltd, De Vere Venice Ltd, Festival Group Ltd, Imperial London Hotels Ltd, L51N Ltd, J.H. Leeke & Sons, Longmint Group Ltd, MWB Group Holdings PLC, PBN Holdings Ltd, Ritz Hotel (London) Ltd (The), J.Townsend & Sons (Hull) Ltd, M F Wells (Hotels) Ltd, Whitbread PLC and Yianis Holdings Ltd.

1.7 Large Changes in Accounts
Some companies report very large variances in their figures from one year to the next, due to acquisitions, large exceptional items, etc. These companies will be excluded from the Report totals and averages. The following companies have been excluded on these grounds: Accor UK Business & Leisure Hotels Ltd, Adda Hotels, BDL Select Hotels Ltd, Britannia Hotels Ltd, Corus Hotels Ltd, De Vere Venues Properties Ltd, De Vere Village Trading No 1 Ltd, Doyle Hotels (UK) Ltd, Doyle London Hotels Ltd, Edwardian Group Ltd, Forestdale Hotels Ltd, Gleneagles Hotels Ltd, Guoman Hotel Holdings Ltd, Guoman Hotel Management (UK) Ltd, Hilton International Hotels Ltd, Hilton Worldwide Ltd, Hotel Property Investors UK Ltd, Jurys Hotel Group (UK) Ltd, Kew Green Hotels Ltd, The Lancaster Landmark Hotel Co. Ltd, Lanesborough Management Ltd, LRG Hotel Group (UK) Ltd, Macdonald Hotels Ltd, Marston Hotels Ltd, Paragon Hotels Ltd, Paramount Hotels Ltd, Peel Hotels PLC, Percy R.Brend & Sons (Hoteliers) Ltd, Premier Inn Hotels Ltd, Puma Hotels PLC, Qhotels Group Ltd, QMH Ltd, Quintain Estates & Development PLC, Shearings Hotels Ltd, Somerston Hotels UK Ltd and Travelodge Ltd.

1.8 Exports
Some companies derive a proportion of their revenue from exported goods or services. Companies that derive 90 percent or more of their turnover through these means will be excluded from the totals and averages of the Report. Marriot Hotels Ltd has been excluded on these grounds.

1.9 Exceptionally Large Companies
Occasionally an industry can be dominated by one or several exceptionally large companies. This may also distort the totals and averages for the sector, and therefore these companies may also be excluded from the calculations.

Company Selection

© Key Note Ltd 2011

This section provides an at-a-glance overview of industry performance, profiling the performance of the industry and leading companies within the Report.

2. Industry Overview
Introduction
This Business Ratio Report focuses on the leading 143 companies active in the hotel industry. At the time of publication, there were three companies which had not filed accounts in the 2009/10 period. A further eleven companies have filed accounts subsequent to the cut-off date, and these are presented in the 2010/11 Recently Filed Accounts column of the Performance League Tables and relevant Company Profiles, but are not used in any of the analysis.
th

The Report analyses company and industry performance over the three years up to 7 June 2010. During this period, the average Report company experienced a 1.8 percent increase in turnover, with sales rising from £47.8 million in 2007/08 to £50.8 million in the middle review year before falling to finish at £48.7 million in 2009/10. Pre-tax profits fell from £5.2 million in the first year of review to 667,000 in the third year, representing a contraction of 87.1 percent overall. The relationship between the average sales and pre-tax profits during the review period is illustrated in figure 2.1, below.
Figure 2.1: Sales and Pre-Tax Profits of the Average Company

During the analysis period the Report company recorded universal decline in the profitability and growth indicators, whilst all liquidity and most of the employee performance ratios improved. A predominately positive trend emerged across the gearing ratios, with efficiency ratios recording mixed results. Although sales have improved over the three year period, profits have declined with a steep dip in the final year.

Industry Performance
PROFITABILITY
Return on capital (the percentage return on the funds invested in a company) fell from 5.1 percent in 2007/08 to 1.5 percent in 2009/10. Return on total assets declined from 3.4 percent in the first year of review to 1.0 percent in the third year, whilst the pre-tax profit margin reduced from 12.7 percent to 3.7 percent over the same period. The return on investment ratios completed this negative set of results by falling from 6.1 percent in 2007/08 to 3.0 percent in 2009/10.

Industry Overview

stiforP xaT-erP 01/90 90/80

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80/70

06 05 02 £ ( m i 03 l l i o n 04 s ) 01 0

© Key Note Ltd 2011

2. Indust Overview stry
The universal decline in the profitability ratios during the analysis period are illustrated in de is Figure 2.2, below.

EFFICIENCY
Asset utilisation (the volume of a company’s sales in comparison to total assets held) stood at the ot 0.27 in the first and second analysis years before falling to 0.26 in the third year. This nd th indicates that, in each year of the analysis period, the Report compa ea pany’s sales levels fell below the value of its total assets; with sales of £0.26 generated for every £1.00 of assets r held in the 2009/10 analysis period. 10 The sales to fixe assets ratio remained unchanged at 0.4 percen all three years of the ixed ent Report. Stocks to sales improved by reducing from 2.7 percent in 2007/08 to 0.9 percent in sa 20 2009/10. The avera amount of time taken to claim trade debts fell from 19 days in 2007/08 rage ell to 14 days in 2009/1 9/10.

LIQUIDITY
lo The current ratio (a company’s ability to fulfil its short term financial obligations through its assets) improved from 0.33 in 2007/08 to 0.47 in 2008/09 before pea fr eaking at 0.51 in the final review year. Thus, the Report company was unable to repay its shor term loans in all three s, t ort years, as current liabilities surpassed the value of its current assets. lia ts. The quick ratio (liquidity less the value of stocks held) rose from 0.31 in the first year of o( 0 review to 0.45 in the middle year, before reaching 0.50 in 2009/10.

GEARING
Total debt to net worth (a company’s long term borrowings calculated as a percentage of its wo ted net worth) deteriora rated by rising from 206.3 percent in 2007/08 to 20 207.0 percent in the middle review year, before improving in the final year by falling to 193.7 per re ercent in 2009/10. In spite of this improvement the Report company maintained a borrowing structure in which total ent, str

© Key Note Ltd 2011

Industry Overview

2. Industry Overvie view
debts surpassed the net worth of the company. Figure 2.3 below, illu illustrates the results of the gearing ratios durin the three year review period. ring

Equity gearing increased from 49.6 percent in the first year of rev in eview to 49.8 percent in the third year. Income g e gearing (the percentage of pre-interest profits exp xpended to finance the costs of external loans) increased from 40.9 percent in 2007/08 to 65.5 percent in 2009/10, loa 65 representing a decl cline.

EMPLOYEE PERFORMANCE
Figure 2.4, below, represents the results of the employee performan ratios during the ,r ance analysis period.
Figure 2.4: Employee Performance

07/08 Pay P Employee Per 08/09 09/10

Capital Employed per Employee dp

Sales Per Employee P

£ '000s

Industry Overview

0 02
© Key Note Ltd 2011

051

001

05

0

2. Industry Overview
There were 725 people working at the Report company in 2009/10. During the review period the average employee experienced a 9.7 percent increase in their annual salary, rising from £15,922 in the first year of review to 17,469 in the third year. Sales per employee climbed from £63,000 in 2007/08 to £67,000 in 2009/10, improving by 6.3 percent overall. The pay to sales ratio recorded deterioration, increasing from 25.6 percent in 2007/08 to 26.2 percent in 2009/10. Capital employed per employee (the amount of funding allocated to assist each individual in their job role) rose from £172,000 in 2007/08 to £185,000 in the final review year.

GROWTH
Sales growth declined from 7 percent growth between 2007/08 and 2008/09 to a contraction of 4 percent between 2008/09 and 2009/10, resulting in a compound growth of 1 percent overall. Growth in pre-tax profits fell from a contraction of 35 percent in the first half of the analysis period to a contraction of 54 percent in the second half. A compound contraction of 45 percent was recorded overall. The changes in the average company’s growth rates are depicted in Figure 2.5, below.
Figure 2.5: Growth 2% Number of Employees Growth -6% -2% 8% Total Assets Growth -2% 3% -35% -54% -45% 7% Sales Growth -4% 1% -60% -50% -40% -30% -20% -10% 0% 10% 20% 07/08-08/09 08/09-09/10 Compound

Pre-tax Profits Growth

Total assets growth reduced from 8 percent between 2007/08 and 2008/09 to a contraction of 2 percent between 2008/09 and 2009/10. A compound growth of 3 percent was attained for the three years overall. Growth in employee numbers declined from 2 percent growth in the first half of the analysis period to a contraction of 6 percent in the second half, generating a compound contraction of 2 percent.

Company Performance
Matrix l lists the top ten Report companies by turnover for 2009/10. The Matrix is led by Millenium & Copthorne Hotels PLC with sales of £654.0 million, followed by Premier Inn with £476.1 million. The company at the entry-level position of this table is Marriot Hotels with its turnover figure of £158.4 million in 2009/10. Whitbred PLC, L5n1, De Vere Venice and MWB Group Holdings PLC have been excluded from the table to the diverse nature of their business interests. The Report average pre-tax profit margin of 3.7 percent was bettered by six Matrix l firms, with Accor UK Business & Leisure Hotels gaining the highest margin of 23.0 percent. Six

© Key Note Ltd 2011

Industry Overview

2. Industry Overview
companies equalled or exceeded the Report average asset utilisation ratio of 0.26, with Marriot Hotels attaining the highest ratio of 9.53. Three companies were able to improve their asset utilisation ratios in consecutive years of the analysis period.

MATRIX I:
Company Name and Third Year Sales £ million Report Averages Mllnnm & Cpthrn Htls PLC Premier Inn Endell Group Holdings. Travelodge Hotels QMH Dorchester Group. Guoman Hotel Hldgs. Accor UK Bus. & Lsr Htels LRG Hotels Marriott Hotels 654.0 476.1 297.3 294.4 250.7 243.4 198.6 189.1 175.6 158.4

TOP TEN COMPANIES BY TURNOVER 2009/10
Profit Margin (%) 09/10 3.7 12.5 21.5 -34.2 22.6 -5.2 10.1 -4.7 23.0 13.2 -0.4 08/09 7.7 14.6 34.7 -27.0 3.0 -1.1 16.0 26.6 18.9 16.5 0.4 07/08 12.7 23.5 27.3 -25.9 6.9 -1.2 19.8 0.4 87.8 24.2 0.4 Asset Utilisation 09/10 0.26 0.24 0.22 0.37 0.27 0.32 0.23 0.26 0.64 0.13 9.53 08/09 0.27 0.24 0.20 0.36 0.29 0.29 0.23 0.28 0.56 0.16 7.00 07/08 0.27 0.28 0.19 0.30 0.25 0.28 0.26 0.26 0.57 0.19 8.37 Total Debt/Net Worth (%) 09/10 193.7 08/09 207.0 07/08 206.3 Sales Growth % 1 -1 3 10 10 -1 3 -1 -1 -5 2

19.4 29.1 29.9 809.2 1704.5 6028.1 ^ ^ ^ 15.2 11.1 9.5 222.9 152.9 122.3 132.1 129.4 133.9 273.1 266.4 240.6 16.1 41.7 57.5 127.2 118.3 87.7 22.4 97.6 82.5

Six out of the nine companies with available figures recorded a total debt to net worth ratio which fell below the Report average of 193.7 percent with all five of these companies borrowing less than the value of their net worth in 2009/10. Three companies were able to reduce their gearing levels in consecutive years of the analysis period. Five companies exceeded the Report average sales growth rate of 1 percent with Endell Group Holdings and Travelodge Hotels attaining the highest growth rate of 10 percent. Five companies suffered a contraction in their sales during the analysis period.

MATRIX II:
Company Name and Third Year Sales £ million Report Averages London Tara Hotel CDL Hotels (U.K.) Park Tower Hotel (The) London Britannia Hotel Claridge's Hotel Imperial Lndn Htls (The) The Berkerley Hotel Churchill Group FBM London Jurys Hotel Group (UK)

TOP TEN COMPANIES BY PRE-TAX PROFIT MARGIN 2009/10
Profit Margin (%) 09/10 3.7 24.0 34.2 25.9 18.8 48.6 61.2 37.0 32.4 14.4 12.1 42.8 40.1 37.3 35.2 34.8 31.4 41.7 28.9 27.4 25.4 08/09 7.7 42.5 37.0 36.4 31.0 38.6 24.8 34.9 32.0 24.2 23.2 07/08 12.7 42.4 38.9 32.1 35.2 39.4 21.0 38.9 22.9 21.1 64.5 Asset Utilisation 09/10 0.26 0.36 0.28 1.52 0.21 0.17 0.48 0.17 0.24 0.42 0.11 08/09 0.27 0.39 0.29 1.64 0.23 0.19 0.49 0.18 0.26 0.43 0.12 07/08 0.27 0.37 0.29 1.76 0.23 0.19 0.47 0.20 0.24 0.41 0.12 Total Debt/Net Worth (%) 09/10 193.7 1.0 231.7 343.6 11.4 1.9 0.0 0.4 240.5 357.6 1.9 08/09 207.0 1.9 235.3 443.4 13.4 2.4 5.9 0.9 275.4 380.8 0.6 07/08 206.3 1.3 225.7 108.4 10.1 1.7 6.4 0.4 294.7 618.0 0.0 Sales Growth % 1 0 -2 -6 -5 1 4 -2 6 3 -1

Matrix ll represents the top ten Report companies by pre-tax profit margin in 2009/10. The table is led by London Tara Hotel with a profit margin of 42.8 percent, followed by CDL Hotels (UK) with a margin of 40.1 percent. The company at the entry-level position of this table is Jurys Hotel Group (UK) with its margin of 25.4 percent.

Industry Overview

© Key Note Ltd 2011

2. Industry Overview
Hilton International Hotels (UK) has been excluded from the table due an exceptional profit item in its 2008/09 accounts, while The Berkerley Hotel has been repositioned in the table due to an exceptional profit item in its third year accounts. Five companies exceeded the Report average asset utilisation ratio of 0.26, with The Park Tower Hotel gaining the highest ratio of 1.52. Five companies bettered the report average gearing level of 193.7 percent by recording a total debt to net worth ratio below this figure. All five companies also borrowed less than the value of their net worth in 2009/10, whilst three companies successfully reduced their gearing year on year during the analysis period. Four companies equalled or exceeded the Report average sales growth rate of 1 percent, whilst five companies suffered a contraction in their sales during the same period. The Churchill Group, achieved the greatest sales growth rate of 6 percent from the table.

PUBLISHED APRIL 2011

© Key Note Ltd 2011

Industry Overview

Company Profiles

This section provides a detailed profile of each company in the report, in alphabetical order, covering:
● Corporate and Directory Information ● Profit & Loss ● Balance Sheet ● Performance Analysis ● League Table Positions

Company Profiles

Accor UK Business & Leisure Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

255 Hammersmith Rd London W6 8SJ
Telephone

189,064 43,458 0 55,312 6,736 36 78 903 38,314 2,179

198,258 37,528 0 15,259 5,838 1 75 811 40,506 4,124

194,346 170,604 0 137,446 7,420 1,579 73 677 40,790 4,290

020 8237 7474
Fax

020 8237 7410
Trading Activity

The development and management of hotels. Trades as ’Novotel’, ’Mercure’ and ’Sofitel’.
Main SIC Codes

55111
Directors (as at May 2011)

Jean J. M. Dessors Herve O. A. Deligny Thomas A. M. Dubaere
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Jean J. M. Schmitt
Auditors

Deloitte Llp
Bankers

34,092 5,717 66,814 106,623 590 10,675 176,073 187,338 293,961 8,983 33,334 38,442 80,759 213,202 0 0 213,202 213,202

30,157 6,183 82,630 118,970 608 11,501 222,948 235,057 354,027 10,732 89,833 31,782 132,347 221,680 0 0 221,680 221,680

23,938 6,650 88,193 118,781 610 10,073 209,748 220,431 339,212 8,183 106,536 32,456 147,175 192,037 0 0 192,037 192,037

Hsbc Bank Plc
Date Incorporated

30/06/1971
Registered Number

01016187
Previous Name(s) with date(s) of change

Novotel (U.K.) Ltd, 28/09/1999
Holding Company

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities

Accor (U.K.) Ltd
Ultimate Holding Company

Accor Sa
Main UK Subsidiaries with Turnover
(£’000)

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Novotel Milton Keynes & London City South Ltd Accor All Seasons Southwark Ltd Novotel Hotel Edinburgh Ltd Novotel York Ltd

2 2 1

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-2 Key Note Ltd

Company Profiles

Accor UK Business & Leisure Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

14.8 20.4 23.0 17.6 20.4

10.6 16.9 18.9 12.0 16.9

50.3 88.8 87.8 57.7 88.8

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

6 9 14 7

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

2.31 2.32

1.77 1.78

1.49 1.50

Quick Ratio (Acid Test) Current Ratio

23 26

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

16.1 264.0 0.1

41.7 167.5 0.0

57.5 130.5 0.9

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

25 20 18

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

21 56.4 0.3 0.9 5.5 17 0.64

21 51.8 0.3 0.9 6.6 20 0.56

19 37.7 0.3 1.0 8.1 15 0.57

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

104 32 12 41

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

17,583 1.13 19,944 86,766 97,844 15,646 20.3

9,822 0.93 9,100 48,074 53,754 7,313 20.4

9,508 4.18 39,768 45,302 44,764 5,580 21.0

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

58 11 50 66 93

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

72 60 109 118 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2008 PBT includes 4.2m profit on sale of tangible fixed assets (2007 = 129.5m). This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-3

Company Profiles

Accor UK Economy Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

255 Hammersmith Road Hammersmith London W6 8SJ
Telephone

119,700 14,138 0 3,009 6,630 0 0 0 14,141 1,059

121,849 21,180 0 7,727 5,384 1 0 0 14,759 1,040

111,330 68,828 0 57,174 4,745 708 0 0 13,379 990

02082377474
Fax

02082377410
Trading Activity

The ownership and operation of, and provision of management services to, hotels, and the research and development of potential sites for ’Ibis’, ’Etap’ and ’F1’ hotels.
Main SIC Codes

55111
Directors (as at May 2011)

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Jean J. M. Dessors Herve O. A. Deligny Thomas A. M. Dubaere
Company Secretary

43,837 0 23,798 67,635 74 1,646 110,730 112,450 180,085 1,990 50,736 10,189 62,915 117,170 0 1,967 115,203 117,170

47,294 0 23,798 71,092 70 1,099 100,210 101,379 172,471 2,776 52,419 9,643 64,838 107,633 0 2,461 105,172 107,633

38,292 0 52,541 90,833 82 1,268 94,367 95,717 186,550 2,186 76,947 14,831 93,964 92,586 0 2,273 90,313 92,586

Jean J. M. Schmitt
Auditors

Deloitte Llp
Bankers

Stocks Trade Debtors Other Current Assets Total Current Assets

Hsbc Bank Plc
Date Incorporated

18/02/1976
Registered Number

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

01244907
Previous Name(s) with date(s) of change

Ibis (U.K.) Hotels Ltd, 28/09/1999 Sphere (U.K.) Ltd, 27/02/1998 Ibis Hotels Ltd, 28/01/1987 Novotel Operations Ltd, 31/12/1977
Holding Company

Accor (U.K.) Ltd
Ultimate Holding Company

Accor Sa
Main UK Subsidiaries with Turnover
(£’000)

Accor Ireland Hotels Ltd Ibis Hull Ltd Etap Birmingham Ltd Etap Bradford Ltd

1

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-4 Key Note Ltd

Company Profiles

Accor UK Economy Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

7.9 12.1 11.8 8.4 12.3

12.3 19.7 17.4 13.2 20.1

36.9 74.3 61.8 41.0 76.2

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

15 18 39 19

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.79 1.79

1.56 1.56

1.02 1.02

Quick Ratio (Acid Test) Current Ratio

30 33

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

44.0 177.6 0.0

49.8 156.3 0.0

85.2 93.8 1.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

39 29 11

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

5 41.4 0.1 1.0 2.7 6 0.66

3 30.0 0.1 1.1 2.6 8 0.71

4 1.6 0.1 1.2 2.9 7 0.60

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

23 10 21 39

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

13,353 1.00 13,350 113,031 110,642 41,395 11.8

14,191 1.44 20,365 117,163 103,493 45,475 12.1

13,514 5.14 69,523 112,455 93,521 38,679 12.0

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

86 17 25 62 122

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

39 63 84 26 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-5

Company Profiles

Adda Hotels
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Maple Court Central Park Reeds Crescent Watford Hertfordshire WD24 4QQ
Trading Activity

121,877 -42,584 0 262 8,899 0 0 0

138,561 4,255 0 8 5,595 251 0 0

136,205 -2,055 0 138 4,345 1,158 0 0

Hotel operators.
Main SIC Codes

55111
Directors (as at May 2011)

Mark J. Way Paul F. James Stephen Humphreys John C. Philip Simon R. Vincent Elizabeth J. Rabin Hilton Corporate Director Llc
Company Secretary

Directors Emoluments Employee Pay Number of Employees

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Hlt Secretary Limited
Auditors

Ernst & Young Llp
Date Incorporated

90,523 0 0 90,523 366 3,640 55,741 59,747 150,270 1,570 72,171 13,968 87,709 62,561 0 0 62,561 62,561

128,581 0 0 128,581 378 5,647 19,613 25,638 154,219 1,787 34,712 14,401 50,900 103,319 0 0 103,319 103,319

122,841 0 0 122,841 379 7,202 62,862 70,443 193,284 2,009 77,190 17,531 96,730 96,554 0 132 96,422 96,554

17/05/1966
Registered Number

00879456
Holding Company

Hlt Managed Iv-A Holding Ltd
Ultimate Holding Company

Bh Hotels Holdco Llc

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-6 Key Note Ltd

Company Profiles

Adda Hotels Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-28.3 -68.1 -34.9 -31.6 -68.1

2.8 4.1 3.1 3.3 4.1

-1.1 -2.1 -1.5 -0.5 -2.1

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

131 121 130 131

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.68 0.68

0.50 0.50

0.72 0.73

Quick Ratio (Acid Test) Current Ratio

70 74

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

115.4 71.3 ^

33.6 203.0 5.6

80.1 99.5 ^

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

63 61 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

11 -22.9 0.3 1.9 1.3 5 0.81

15 -18.2 0.3 1.3 1.1 5 0.90

19 -19.3 0.3 1.4 1.1 5 0.70

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

47 31 38 36

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

-

-

-

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

-

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

99 120 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2009 PBT includes 34.3m impairment charge on fixed assets.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-7

Company Profiles

Andrew Brownsword Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

4 Queen Square Bath BA1 2HA
Trading Activity

13,314 -721 0 212 1,713 88 35 191 5,050 386

12,127 -1,996 0 591 1,770 518 32 188 5,209 394

11,313 -1,782 0 698 1,529 499 33 185 4,875 388

A group engaged in the operation of hotels.
Main SIC Codes

55111
Directors (as at May 2011)

Andrew D. Brownsword Jeremy D. Hancock Michael A. Caines Nicholas Halliday
Company Secretary

Deborah J. Houghton
Auditors

O’Hara Wood Ltd
Date Incorporated

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

08/09/2003
Registered Number

04890274
Previous Name(s) with date(s) of change

51,743 463 0 52,206 233 294 6,343 6,870 59,076 823 847 930 2,600 56,476 1,590 379 54,507 56,476

43,785 498 0 44,283 208 311 14,914 15,433 59,716 536 2,169 1,019 3,724 55,992 5,884 352 49,756 55,992

39,975 533 0 40,508 163 328 21,181 21,672 62,180 624 1,521 1,577 3,722 58,458 6,362 354 51,742 58,458

Quayshelfco 1033 Ltd, 20/10/2003
Main UK Subsidiaries with Turnover
(£’000)

The Royal Clarence Hotel Ltd The County Hotel Canterbury Ltd The Manchester Abode Ltd The Arthouse Glasgow Ltd

4 3 2 2

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-8 Key Note Ltd

Company Profiles

Andrew Brownsword Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-1.2 -1.3 -5.4 -1.1 -1.3

-3.3 -3.6 -16.5 -2.5 -4.0

-2.9 -3.0 -15.8 -2.1 -3.4

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

88 82 93 105

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

2.55 2.64

4.09 4.14

5.78 5.82

Quick Ratio (Acid Test) Current Ratio

18 19

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

4.5 1,193.0 ^

16.3 499.6 ^

15.4 495.7 ^

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

15 8 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

8 32.1 1.8 0.2 0.3 23 0.23

9 96.6 1.7 0.2 0.3 16 0.20

11 158.7 1.4 0.2 0.3 20 0.18

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

32 111 106 94

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

13,083 -0.14 -1,868 34,492 146,311 134,049 37.9

13,221 -0.38 -5,066 30,779 142,112 111,129 43.0

12,564 -0.37 -4,593 29,157 150,665 103,028 43.1

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

90 84 113 55 8

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

20 87 48 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-9

Company Profiles

Apex Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
30/04/2010 £000s 30/04/2009 £000s 30/04/2008 £000s

217 Gilmerton Road Edinburgh Scotland EH16 5UD
Telephone

33,858 7,123 0 0 999 2,691 18 246 9,905 659

26,754 2,664 0 0 491 343 16 195 8,267 562

26,614 5,204 0 0 403 387 22 111 8,193 551

01316540311
Fax

01316636449
Trading Activity

A group engaged in the operation and management of hotels.
Main SIC Codes

55111
Directors (as at May 2011)

Dorothy Springford Norman Springford Ian K. Springford David B. Springford Joan C. Harbisher James M. Wilkie Angela Vickers
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
30/04/2010 £000s 30/04/2009 £000s 30/04/2008 £000s

220,970 0 10,570 231,540 195 1,592 1,505 3,292 234,832 865 30,000 2,733 33,598 201,234 80,683 6,039 114,512 201,234

162,461 0 10,570 173,031 186 1,210 1,535 2,931 175,962 2,581 25,209 1,576 29,366 146,596 70,242 3,534 72,820 146,596

144,500 0 10,240 154,740 163 1,073 6,660 7,896 162,636 1,453 24,867 1,990 28,310 134,326 47,523 2,357 84,446 134,326

Norman Springford
Auditors

Kpmg Llp
Bankers

Royal Bank Of Scot
Date Incorporated

18/12/1980
Registered Number

SC073489
Previous Name(s) with date(s) of change

Arrow Leisure Ltd, 05/08/1997

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-10 Key Note Ltd

Company Profiles

Apex Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

3.0 3.5 21.0 4.2 6.2

1.5 1.8 10.0 1.8 3.7

3.2 3.9 19.6 3.5 6.2

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

44 48 20 57

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.09 0.10

0.09 0.10

0.27 0.28

Quick Ratio (Acid Test) Current Ratio

124 124

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

96.7 95.2 27.4

131.1 70.6 11.4

85.7 108.0 6.9

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

56 52 46

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

17 -89.5 0.6 0.2 0.2 9 0.14

17 -98.8 0.7 0.2 0.2 35 0.15

15 -76.7 0.6 0.2 0.2 20 0.16

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

85 61 128 119

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

15,030 0.72 10,809 51,378 305,363 335,311 29.3

14,710 0.32 4,740 47,605 260,847 289,077 30.9

14,869 0.64 9,445 48,301 243,786 262,250 30.8

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

73 24 86 32 44

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

12 19 12 11 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2010 PBT includes exceptional income of 2.3m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-11

Company Profiles

Arora Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

The Grove Bath Road Harmondsworth Middlesex UB7 0DG
Trading Activity

62,603 -6,643

54,102 -6,670

42,589 822

Hoteliers.
Main SIC Codes

0 3,701 947 73 0 13,714 632

5 3,664 1,444 69 0 13,725 613

1 2,654 1,824 46

55111
Directors (as at May 2011)

Surinder Arora Sunita Arora Guy C. R. Morris Subash C. Arora Carlton Brown
Company Secretary

Directors Emoluments Employee Pay Number of Employees

7,397 396

Subash C. Arora
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Bdo Llp
Date Incorporated

17/05/2005
Registered Number

52,338 0 630 52,968 0 3,848 11,678 15,526 68,494 2,267 58,448 5,324 66,039 2,455 0 0 2,455 2,455

55,894 0 630 56,524 0 4,167 8,986 13,153 69,677 3,091 45,953 11,535 60,579 9,098 0 0 9,098 9,098

32,926 0 0 32,926 0 3,234 3,838 7,072 39,998 1,739 9,583 6,424 17,746 22,252 21,484 0 768 22,252

05454977
Previous Name(s) with date(s) of change

Arora Gatwick Airport Ltd, 27/02/2006
Holding Company

Arora Hldgs. Ltd
Ultimate Holding Company

Arora Hldgs. Ltd

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-12 Key Note Ltd

Company Profiles

Arora Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-9.7 -270.6 -10.6 -9.4 -270.6

-9.6 -73.3 -12.3 -9.5 -73.3

2.1 3.7 1.9 8.3 107.0

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

119 125 100 123

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.24 0.24

0.22 0.22

0.40 0.40

Quick Ratio (Acid Test) Current Ratio

106 109

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

2,380.8 3.7 ^

505.1 15.0 ^

4,045.2 2.0 68.9

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

105 103 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

22 -80.7 0.0 25.5 1.2 13 0.91

28 -87.7 0.0 5.9 1.0 21 0.78

28 -25.1 0.0 1.9 1.3 15 1.06

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

112 1 42 30

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

21,699 -0.48 -10,511 99,055 3,884 82,813 21.9

22,390 -0.49 -10,881 88,258 14,842 91,181 25.4

18,679 0.11 2,076 107,548 56,192 83,146 17.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

28 98 35 111 86

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

6 7 4 -

Other Ratios Exports / Sales (%)

-

-

-

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-13

Company Profiles

The Barton Grange Group Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/01/2010 £000s 31/01/2009 £000s 31/01/2008 £000s

Garstang Road Barton Preston Lancashire PR3 5AA
Telephone

21,175 1,493 0 103 869 180 22 124 6,618 533

18,719 -420 0 275 933 383 37 373 6,250 550

14,429 709 0 778 444 382 36 384 5,210 421

01772862551
Trading Activity

A group engaged as hoteliers and operators of garden centres, nurseries and landscaping contractors.
Main SIC Codes

52489 01120 55111 01410
Directors (as at May 2011)

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/01/2010 £000s 31/01/2009 £000s 31/01/2008 £000s

Edward G. Topping Edward P. Topping Guy Topping Ian Topping Jonathan Heaton
Company Secretary

16,695 0 0 16,695 2,427 924 3,086 6,437 23,132 1,309 490 1,961 3,760 19,372 4,301 1,194 13,877 19,372

17,007 0 0 17,007 2,196 1,297 2,575 6,068 23,075 1,340 2,882 1,922 6,144 16,931 2,135 1,074 13,722 16,931

14,473 0 0 14,473 1,322 1,122 9,678 12,122 26,595 2,546 8,033 1,075 11,654 14,941 317 402 14,222 14,941

Robert J. Dixon
Auditors

Montpelier Audit Ltd
Bankers

Royal Bank Of Scot
Date Incorporated

17/02/1958
Registered Number

00598953
Previous Name(s) with date(s) of change

Barton Grange Hotel Ltd, 02/10/1994 The Barton Grange Group Ltd, 19/03/1993 Barton Grange Hotel Ltd, 17/03/1993

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-14 Key Note Ltd

Company Profiles

The Barton Grange Group Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

6.5 7.7 7.1 8.4 10.8

-1.8 -2.5 -2.2 -0.2 -3.1

2.7 4.7 4.9 4.7 5.0

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

21 27 49 18

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.07 1.71

0.63 0.99

0.93 1.04

Quick Ratio (Acid Test) Current Ratio

45 36

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

34.5 149.9 10.8

36.6 146.7 ^

58.7 114.9 35.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

34 33 35

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

16 12.6 11.5 1.1 1.3 23 0.92

25 -0.4 11.7 1.1 1.1 26 0.81

28 3.2 9.2 1.0 1.0 64 0.54

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

79 134 39 29

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

12,417 0.23 2,801 39,728 36,345 31,323 31.3

11,364 -0.07 -764 34,035 30,784 30,922 33.4

12,375 0.14 1,684 34,273 35,489 34,378 36.1

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

97 53 102 92 35

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

7 8 106 9 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-15

Company Profiles

B.D.L Select Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/10/2010 £000s * year analysed in League Tables 01/11/2009 02/11/2008 £000s £000s

Holiday Inn Heathrow Bath Road S West Drayton West Drayton Middlesex UB7 0DP
Trading Activity

15,904 79 0 6 1,076 3,398 22 127 5,130 447

14,354 -2,910 0 -2,776 1,054 3,328 20 193 4,471 440

8,393 323 0 -778 533 1,781 25 111 2,577 475

A group engaged in the development and trading of hotels. Commenced trading 4.4.08.
Main SIC Codes

55111
Directors (as at May 2011)

Louis P. Woodcock Stuart J. McCaffer Steven Scott Paul M. Johnston John Boyle
Company Secretary

Balance Sheet
Date of Accounts
31/10/2010 £000s 01/11/2009 £000s 02/11/2008 £000s

Stuart J. McCaffer
Auditors

Ernst & Young Llp
Bankers

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

54,569 -2,513 0 52,056 123 568 3,530 4,221 56,277 826 0 1,515 2,341 53,936 55,019 0 -1,083 53,936

55,427 -3,589 0 51,838 133 995 1,459 2,587 54,425 643 0 1,650 2,293 52,132 53,554 458 -1,880 52,132

51,367 -4,643 0 46,724 141 509 4,377 5,027 51,751 728 0 1,972 2,700 49,051 47,563 560 928 49,051

Royal Bank Of Scot
Date Incorporated

12/12/2007
Registered Number

Stocks Trade Debtors Other Current Assets Total Current Assets

06451748
Previous Name(s) with date(s) of change

Continental Shelf 432 Ltd, 18/03/2008
Main UK Subsidiaries with Turnover
(£’000)

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Paten & Co. Ltd Paten Hotels Ltd Bdl Select Operations Ltd

6 6 2

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

30

* The Company’s accounts for 01/11/2009 are those used in the analysis. These are shown in bold text and are used to calculate the performance rankings in the League Tables. The later accounts fall outside the analysis period but have been presented for further information.

See sections 6 & 7 for Analysis Notes and Definitions
3-16 Key Note Ltd

Company Profiles

B.D.L Select Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

0.1 0.1 0.5 6.4 ^

-5.3 -5.6 -20.3 0.8 ^

1.1 1.1 3.8 7.4 60.3

-

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

112 100 119 96

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

1.75 1.80

1.07 1.13

1.81 1.86

-

Quick Ratio (Acid Test) Current Ratio

44 48

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

3,847.5 -1.9 97.7

3,133.6 -3.3 796.2

853.8 1.8 84.6

-

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

106 114 100

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

13 11.8 0.8 0.3 0.3 19 0.28

25 2.0 0.9 0.3 0.3 16 0.26

13 16.0 1.0 0.3 0.3 18 0.28

-

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

120 85 105 87

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

11,477 0.02 177 35,579 120,662 122,078 32.3

10,161 -0.65 -6,614 32,623 118,482 125,970 31.1

9,404 0.13 1,179 30,627 103,265 108,141 30.7

-

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

120 103 115 59 36

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

-

Other Ratios Exports / Sales (%)

0.0

0.0

0.0

-

Special Notes
2009 PBT includes exceptional charges of 2.8m

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-17

Company Profiles

The Berkeley Hotel Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
30/06/2009 £000s 30/06/2008 £000s 30/06/2007 £000s

Wilton Place London SW1X 7RL
Telephone

37,038 15,434 0 0 2,610 0 22 0 6,565 349

38,486 13,446 0 79 2,561 0 40 0 6,256 339

38,775 15,081 0 74 2,023 0 43 0 5,960 329

02072356000
Fax

02072354330
Trading Activity

Hoteliers.
Main SIC Codes

55111
Directors (as at May 2011)

Mark N. Hennebry Stephen J. Alden
Company Secretary

Balance Sheet
Date of Accounts
30/06/2009 £000s 30/06/2008 £000s 30/06/2007 £000s

Carole Walker
Auditors

Kpmg
Bankers

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

164,022 0 6 164,028 422 1,784 56,814 59,020 223,048 1,862 967 3,146 5,975 217,073 0 0 217,073 217,073

162,512 0 6 162,518 430 1,452 48,659 50,541 213,059 2,126 1,769 3,255 7,150 205,909 0 2,159 203,750 205,909

162,618 0 6 162,624 429 3,065 31,642 35,136 197,760 1,816 683 2,798 5,297 192,463 0 320 192,143 192,463

Barclays Bank Plc
Date Incorporated

12/11/1998
Registered Number

Stocks Trade Debtors Other Current Assets Total Current Assets

03669260
Previous Name(s) with date(s) of change

Savreg B Ltd, 18/12/1998
Holding Company

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Coroin Ltd
Ultimate Holding Company

Coroin Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-18 Key Note Ltd

Company Profiles

The Berkeley Hotel Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

6.9 7.1 41.7 7.1 7.1

6.3 6.5 34.9 6.5 6.6

7.6 7.8 38.9 7.8 7.8

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

19 30 3 32

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

9.81 9.88

7.01 7.07

6.55 6.63

Quick Ratio (Acid Test) Current Ratio

6 6

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

0.4 3,633.0 0.0

0.9 2,188.7 0.0

0.4 3,420.7 0.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

7 1 6

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

18 143.2 1.1 0.2 0.2 18 0.17

14 112.7 1.1 0.2 0.2 20 0.18

29 77.0 1.1 0.2 0.2 17 0.20

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

89 93 114 110

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

18,811 2.35 44,223 106,126 621,986 469,977 17.7

18,454 2.15 39,664 113,528 607,401 479,386 16.3

18,116 2.53 45,839 117,857 584,994 494,280 15.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

52 3 31 11 106

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

78 25 36 28 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2009 PBT includes exceptional income of 4.5m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-19

Company Profiles

Blackfriars Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

19 New Bridge Street London EC4V 6DB
Trading Activity

12,357 1,515 0 1 926 1,290 26 0 2,849 146

14,253 2,628 0 58 0 1,651 18 0 2,991 163

13,909 2,007 0 61 880 1,842 30 0 2,895 152

The operation of hotel.
Main SIC Codes

55111
Directors (as at May 2011)

Mohammed A. R. Galadari
Company Secretary

Mitre Secretaries Limited
Auditors

Moore Stephens Llp
Date Incorporated

05/02/1998
Registered Number

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

03504830
Previous Name(s) with date(s) of change

Foray 1068 Ltd, 06/07/1999
Holding Company

39,019 0 0 39,019 51 266 3,576 3,893 42,912 346 0 1,327 1,673 41,239 19,293 0 21,946 41,239

39,106 0 0 39,106 45 254 4,034 4,333 43,439 1,007 0 1,342 2,349 41,090 20,773 0 20,317 41,090

39,881 0 0 39,881 58 511 4,154 4,723 44,604 630 0 1,559 2,189 42,415 24,726 0 17,689 42,415

Blackfriars Hotel (UK) Hldgs. Ltd
Ultimate Holding Company

Arg Hotels Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-20 Key Note Ltd

Company Profiles

Blackfriars Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

3.5 3.7 12.3 6.8 6.9

6.0 6.4 18.4 10.4 12.9

4.5 4.7 14.4 9.1 11.3

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

38 46 34 33

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

2.30 2.33

1.83 1.84

2.13 2.16

Quick Ratio (Acid Test) Current Ratio

24 25

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

87.9 104.7 46.0

102.2 87.9 38.6

139.8 65.7 47.9

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

54 47 61

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

8 18.0 0.4 0.3 0.3 10 0.29

7 13.9 0.3 0.3 0.4 26 0.33

13 18.2 0.4 0.3 0.3 17 0.31

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

29 44 92 78

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

19,514 0.53 10,377 84,637 282,459 267,253 23.1

18,350 0.88 16,123 87,442 252,086 239,914 21.0

19,046 0.69 13,204 91,507 279,046 262,375 20.8

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

44 29 52 37 77

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

102 40 85 61 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-21

Company Profiles

Blackpool Pleasure Beach (Holdings) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
04/04/2010 £000s 05/04/2009 £000s 30/03/2008 £000s

525 Ocean Boulevard Blackpool Lancashire FY4 1EZ
Telephone

28,106 975 0 1,056 3,159 324 41 388 10,098 724

29,553 -3,851 0 -143 4,067 767 41 355 12,511 947

34,336 4,026 0 4,013 3,919 1,285 43 349 12,813 971

01253 341033
Trading Activity

A group engaged in the operation of amusement parks and amusement devices, operation of a hotel and a mutal insurance company.
Main SIC Codes

92330 55111
Directors (as at May 2011)

Barbara J. Thompson Fiona C. Gilje Amanda J. Thompson Nicholas W. R. Thompson
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
04/04/2010 £000s 05/04/2009 £000s 30/03/2008 £000s

David E. Cam
Auditors

22,734 0 3,812 26,546 873 398 3,190 4,461 31,007 2,972 8,762 2,851 14,585 16,422 5,837 2,309 8,276 16,422

21,167 0 3,834 25,001 744 535 5,878 7,157 32,158 3,527 11,629 1,905 17,061 15,097 5,430 1,631 8,036 15,097

22,940 0 5,716 28,656 756 506 8,366 9,628 38,284 3,715 11,430 1,803 16,948 21,336 7,917 2,197 11,222 21,336

Bdo Llp
Bankers

Royal Bank Of Scot
Date Incorporated

30/07/1984
Registered Number

01837026
Previous Name(s) with date(s) of change

Knightlea Ltd, 05/10/1984
Main UK Subsidiaries with Turnover
(£’000)

Blackpool Pleasure Beach Ltd 23 Ocean Boulevard Ii Ltd 3 Cable Chutes (Blackpool) Ltd 3 Blackpool Leisure & Amusement Consultancy Ltd South Shore Mutual Insurance Co. Ltd

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

53

52

See sections 6 & 7 for Analysis Notes and Definitions
3-22 Key Note Ltd

Company Profiles

Blackpool Pleasure Beach (Holdings) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

3.1 5.9 3.5 5.2 11.8

-11.7 -25.0 -13.0 -11.3 -47.0

10.5 18.9 11.7 16.2 35.9

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

42 36 65 45

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.25 0.31

0.38 0.42

0.52 0.57

Quick Ratio (Acid Test) Current Ratio

105 103

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

176.4 36.4 24.9

212.3 33.3 ^

172.4 41.5 24.2

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

70 76 45

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

5 -36.0 3.1 1.7 1.2 39 0.91

7 -34.2 2.6 1.9 1.4 44 0.90

5 -21.3 2.2 1.6 1.5 39 0.90

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

25 122 40 31

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

13,948 0.10 1,347 38,820 22,682 31,401 35.9

12,962 -0.31 -3,990 30,618 15,942 22,352 42.3

13,196 0.31 4,146 35,361 21,973 23,625 37.3

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

80 61 104 99 14

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

120 61 119 108 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-23

Company Profiles

Bridgemere UK PLC
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Bridgemere House Chester Road Preston Brook Cheshire WA7 3BD
Trading Activity

62,788 -7,009 0 4,498 16,156 2,612 67 608 27,149 561

32,538 -9,953 0 2,292 2,322 3,051 58 1,210 18,878 524

33,126 -4,403 0 1,626 1,703 4,814 57 746 14,663 534

A group engaged in the remediation of contaminated land, hotel ownership and the provision of property consultancy services.
Main SIC Codes

55111 70310 70110
Directors (as at May 2011)

Stephen P. Morgan Vincent W. Fairclough Ashley M. Lewis
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities
(£’000) 31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Ashley M. Lewis
Auditors

Deloitte Llp
Date Incorporated

88,300 179 0 88,479 3,818 4,712 48,084 56,614 145,093 1,817 10,150 11,726 23,693 121,400 92,362 27,718 1,320 121,400

92,052 -11,367 0 80,685 10,505 5,275 47,614 63,394 144,079 2,199 1,794 7,418 11,411 132,668 99,105 23,555 10,008 132,668

87,044 -13,569 27 73,502 52,182 2,569 33,867 88,618 162,120 1,661 38 12,595 14,294 147,826 119,652 23,195 4,979 147,826

07/12/2005
Registered Number

05647630
Previous Name(s) with date(s) of change

Bridgemere UK Ltd, 14/03/2006 Bridgemere Remediation Ltd, 10/03/2006 Brand New Co. (301) Ltd, 19/12/2005
Holding Company

Bridgemere Investments Ltd
Ultimate Holding Company

Bridgemere Investments Ltd
Main UK Subsidiaries with Turnover

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Bridgemere Development Capital PLC

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-24 Key Note Ltd

Company Profiles

Bridgemere UK PLC Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-4.8 -5.8 -11.2 -3.3 -531.0

-6.9 -7.5 -30.6 -5.1 -99.5

-2.7 -3.0 -13.3 0.3 -88.4

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

110 101 102 110

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

2.23 2.39

4.63 5.56

2.55 6.20

Quick Ratio (Acid Test) Current Ratio

25 23

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

8,984.4 0.9 ^

472.0 7.5 ^

645.3 3.2 1,171.3

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

108 108 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

27 52.4 6.1 0.5 0.7 11 0.43

59 159.8 32.3 0.2 0.4 25 0.23

28 224.4 157.5 0.2 0.4 18 0.20

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

128 130 57 59

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

48,394 -0.26 -12,494 111,922 216,399 157,398 43.2

36,027 -0.53 -18,994 62,095 253,183 175,672 58.0

27,459 -0.30 -8,245 62,034 276,828 163,004 44.3

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

2 89 26 44 2

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

5 100 31 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2009 PBT includes exceptional charges of 14.8m. This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-25

Company Profiles

Britannia Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Halecroft 253 Hale Road Hale Altrincham Cheshire WA15 8RE
Telephone

52,249 -6,440 0 0 7 620 30 3 15,052 1,269

40,509 889 0 0 8 1,206 20 276 11,310 1,187

39,235 -3,601 0 0 12 1,408 46 270 11,280 1,106

01619048686
Trading Activity

A group engaged as hoteliers and property developers.
Main SIC Codes

55111 70110
Directors (as at May 2011)

Robert C. Ferrari Eileen Downey Alexander Langsam
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Robert C. Ferrari
Auditors

Grant Thornton Uk Llp
Date Incorporated

103,465 1,088 0 104,553 3,064 1,177 18,457 22,698 127,251 952 18,789 17,102 36,843 90,408 10,306 14,756 65,346 90,408

91,775 1,169 0 92,944 3,006 702 13,756 17,464 110,408 864 25,960 14,674 41,498 68,910 0 515 68,395 68,910

90,758 1,250 0 92,008 2,995 1,170 10,463 14,628 106,636 1,008 20,384 17,227 38,619 68,017 0 717 67,300 68,017

12/12/1977
Registered Number

01343600
Previous Name(s) with date(s) of change

Britannia Hotel Ltd, 31/12/1979
Main UK Subsidiaries with Turnover
(£’000)

Britannia Hotel Bolton Ltd Britannia Adelphi Hotel Ltd Britannia Country House Hotel Ltd Birmingham Intl. Hotel Ltd Britannia Hotel Leeds Ltd Ambassador (East Cliff) Ltd The Britannia Hotel Wolverhampton Ltd Britannia Hotel (Manchester) Ltd

13 8 3 2 1 1 1

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-26 Key Note Ltd

Company Profiles

Britannia Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-5.1 -7.1 -12.3 -5.3 -9.9

0.8 1.3 2.2 2.2 1.3

-3.4 -5.3 -9.2 -2.5 -5.4

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

111 104 104 113

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.53 0.62

0.35 0.42

0.30 0.38

Quick Ratio (Acid Test) Current Ratio

83 81

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

45.3 105.6 ^

38.6 162.8 57.6

30.9 171.1 ^

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

40 46 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

8 -27.1 5.9 0.6 0.5 7 0.41

6 -59.3 7.4 0.6 0.4 8 0.37

11 -61.1 7.6 0.6 0.4 9 0.37

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

34 129 72 62

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

11,861 -0.43 -5,075 41,173 71,243 81,533 28.8

9,528 0.08 749 34,127 58,054 77,317 27.9

10,199 -0.32 -3,256 35,475 61,498 82,060 28.7

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

103 96 100 75 46

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

9 25 15 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-27

Company Profiles

Brook Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

The Coach House High Street Sevenoaks Kent TN13 1HY
Telephone

16,061 400

16,887 424 0 18 67 548 24 290 5,252 533

19,838 246 0 20 74 854 25 237 6,845 521

01732740774
Fax

0 114 467 15 291 5,437 421

01732741041
Trading Activity

A group engaged in the ownership and operation of hotels.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111
Directors (as at May 2011)

Umesh Ummat Mervyn Humphries Christopher L. Eddlestone Ashok Umuiat
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Mervyn Humphries
Auditors

18,833 1,454 0 20,287 585 822 3,413 4,820 25,107 2,507 1,957 2,279 6,743 18,364 15,253 0 3,111 18,364

12,872 1,635 0 14,507 593 596 2,558 3,747 18,254 2,223 402 2,600 5,225 13,029 10,201 0 2,828 13,029

12,047 1,064 0 13,111 516 837 2,036 3,389 16,500 2,059 50 1,969 4,078 12,422 10,043 0 2,379 12,422

Cowgill Holloway Llp
Bankers

090354
Date Incorporated

20/08/1986
Registered Number

02048477
Previous Name(s) with date(s) of change

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities

Brook Hotels PLC, 04/02/2004 F S I Hotels PLC, 20/04/1994 Ancamead PLC, 25/11/1986
Main UK Subsidiaries with Turnover
(£’000)

Brook Hotels (No.2) Ltd Brook Hotels No. 1 Ltd

8 4

Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

65

See sections 6 & 7 for Analysis Notes and Definitions
3-28 Key Note Ltd

Company Profiles

Brook Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

1.6 2.2 2.5 4.3 12.9

2.3 3.3 2.5 7.2 15.0

1.2 1.6 1.2 7.1 8.3

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

58 58 67 56

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.63 0.71

0.60 0.72

0.70 0.83

Quick Ratio (Acid Test) Current Ratio

73 73

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

1,038.6 14.1 53.9

888.8 18.3 56.4

767.5 16.8 77.6

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

100 93 63

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

19 -12.0 3.6 0.9 0.9 57 0.64

13 -8.8 3.5 1.3 1.3 48 0.93

19 -4.3 3.3 1.3 1.3 47 0.96

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

93 123 51 43

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

12,914 0.07 950 38,150 43,620 44,734 33.9

9,854 0.08 795 31,683 24,445 24,150 31.1

10,511 0.04 378 30,461 23,843 23,123 34.5

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

92 66 105 86 22

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

55 9 10 102 -

Other Ratios Exports / Sales (%)

-

-

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-29

Company Profiles

The Cavendish Hotel (London) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

3rd Floor 20 St James’s Street London SW1A 1ES
Trading Activity

12,907 726

13,904 -1,419

17,412 -1,856

Hotel ownership and operation.
Main SIC Codes

55111
Directors (as at May 2011)

8 2,792 3,135 16 0 2,199 104

140 2,331 6,586 14 0 3,022 127

114 2,763 7,939 16 0 3,782 133

Rigel K. Mowatt Michael Seal Howard M. Barclay Aidan S. Barclay Philip L. Peters Ciaran Fahy
Company Secretary

Broomfield Secretarial Services Limited
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Pricewaterhousecoopers Llp
Date Incorporated

06/09/2006
Registered Number

115,690 0 0 115,690 32 482 4,101 4,615 120,305 230 0 1,365 1,595 118,710 121,799 0 -3,089 118,710

117,957 0 0 117,957 31 802 2,939 3,772 121,729 71 0 3,235 3,306 118,423 121,698 0 -3,275 118,423

104,075 0 0 104,075 27 543 3,780 4,350 108,425 119 0 3,493 3,612 104,813 106,674 0 -1,861 104,813

05926753
Holding Company

Ellerman Hldgs. Ltd
Ultimate Holding Company

Ellerman Hldgs. Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

69

See sections 6 & 7 for Analysis Notes and Definitions
3-30 Key Note Ltd

Company Profiles

The Cavendish Hotel (London) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

0.6 0.6 5.6 3.3 ^

-1.2 -1.2 -10.2 4.4 ^

-1.3 -1.3 -10.7 4.4 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

78 75 56 71

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

2.87 2.89

1.13 1.14

1.20 1.20

Quick Ratio (Acid Test) Current Ratio

15 17

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -2.5 81.2

^ -2.6 127.5

^ -1.7 130.5

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

113 74

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

14 23.4 0.2 0.1 0.1 7 0.11

21 3.4 0.2 0.1 0.1 2 0.11

15 5.6 0.2 0.1 0.1 3 0.12

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

73 27 133 128

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

21,144 0.33 6,981 124,106 1,141,442 1,112,404 17.0

23,795 -0.47 -11,173 109,480 932,465 928,795 21.7

21,430 -0.49 -10,517 98,662 788,068 782,519 21.7

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

34 39 19 6 108

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

67 38 105 -

Other Ratios Exports / Sales (%)

-

-

-

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-31

Company Profiles

C.D.L Hotels (U.K.) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

165 Queen Victoria Street London EC4V 4DD
Trading Activity

34,224 13,710 0 0 1,995 0 44

36,384 13,444 0 0 2,022 1 39

35,886 13,950 0 0 2,128 4 31

The ownership and operation of the Millennium Gloucester Hotel and the Millennium Bailey’s Hotel.
Main SIC Codes

55111
Directors (as at May 2011)

Leng B. Kwek Copthorne Hotels Limited Adrian J. Bushnell
Company Secretary

Directors Emoluments Employee Pay Number of Employees

7,022 367

7,923 434

8,253 461

Copthorne Hotels Limited
Auditors

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Kpmg Audit Plc
Date Incorporated

08/07/1992
Registered Number

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

120,216 0 0 120,216 62 106 2,644 2,812 123,028 19 81,725 2,747 84,491 38,537 0 3,258 35,279 38,537

121,759 0 303 122,062 69 235 1,359 1,663 123,725 16 22,879 2,412 25,307 98,418 59,984 3,221 35,213 98,418

121,257 0 2,553 123,810 85 284 983 1,352 125,162 1 22,813 2,532 25,346 99,816 59,984 3,144 36,688 99,816

02729520
Previous Name(s) with date(s) of change

Flowertrade Ltd, 28/10/1992
Holding Company

Stocks Trade Debtors Other Current Assets Total Current Assets

Millennium Hotels London Ltd
Ultimate Holding Company

Hong Leong Investment Hldgs. Pte Ltd

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-32 Key Note Ltd

Company Profiles

C.D.L Hotels (U.K.) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

11.1 35.6 40.1 11.4 38.9

10.9 13.7 37.0 11.1 38.2

11.1 14.0 38.9 11.4 38.0

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

8 5 4 15

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.03 0.03

0.06 0.07

0.05 0.05

Quick Ratio (Acid Test) Current Ratio

138 138

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

231.7 40.2 0.0

235.3 39.8 0.0

225.7 41.5 0.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

75 72 12

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

1 -238.7 0.2 0.9 0.3 0 0.28

2 -65.0 0.2 0.4 0.3 0 0.29

3 -66.9 0.2 0.4 0.3 0 0.29

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

9 22 98 82

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

19,134 1.95 37,357 93,253 105,005 327,564 20.5

18,256 1.70 30,977 83,834 226,770 280,551 21.8

17,902 1.69 30,260 77,844 216,521 263,030 23.0

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

48 5 38 64 90

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

79 28 76 104 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-33

Company Profiles

Centre Island Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/08/2008 £000s 31/08/2007 £000s

62 Castle Street Liverpool L2 7LQ
Trading Activity

42,251 -90 0 129 4,340 3,926 56 189 11,394 841

29,682 -490 0 13 2,416 3,706 48 142 8,189 700

32,031 1,497 0 1,163 2,539 3,274 45 141 8,784 706

A group engaged in the operation of hotels.
Main SIC Codes

55111
Directors (as at May 2011)

Michael P. O Donoghue Martin W. Griffiths Dennis P. Kennedy Donal Ring
Company Secretary

Basil M. Gillett
Auditors

Baker Tilly Uk Audit Llp
Bankers

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/08/2008 £000s 31/08/2007 £000s

Allied Irish Banks
Date Incorporated

22/09/1998
Registered Number

97,141 6,129 0 103,270 140 1,169 9,347 10,656 113,926 2,940 11,570 2,674 17,184 96,742 56,514 383 39,845 96,742

98,359 7,594 387 106,340 106 874 11,188 12,168 118,508 3,426 9,044 2,967 15,437 103,071 61,541 592 40,938 103,071

85,703 7,066 387 93,156 125 1,152 9,256 10,533 103,689 2,978 7,763 3,649 14,390 89,299 46,219 306 42,774 89,299

03636029
Previous Name(s) with date(s) of change

Targetform Ltd, 28/11/2001
Holding Company

Travan Srvcs. Ltd
Ultimate Holding Company

Travan Srvcs. Ltd
Main UK Subsidiaries with Turnover
(£’000)

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities

Centre Island Birmingham Ltd Centre Island Development Co. (1997) Ltd Centre Island Development Co. Ltd H.I. Lime Street Ltd Centre Island Preston Ltd Bestissue Ltd Centre Island Mgmt. Ltd

11 10 7 5 3

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

69

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-34 Key Note Ltd

Company Profiles

Centre Island Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-0.1 -0.1 -0.2 2.7 -0.2

-0.4 -0.5 -1.7 2.9 -1.2

1.4 1.7 4.7 4.9 3.5

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

80 77 80 80

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.61 0.62

0.78 0.79

0.72 0.73

Quick Ratio (Acid Test) Current Ratio

74 79

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

201.9 53.8 102.3

211.7 52.8 115.2

151.2 70.2 68.6

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

71 67 80

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

13 -20.5 0.4 0.3 0.3 34 0.28

11 -11.0 0.4 0.3 0.3 42 0.25

13 -12.0 0.4 0.4 0.4 34 0.31

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

71 47 91 81

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

10,210 -0.01 -81 37,861 115,032 115,507 27.0

11,699 -0.06 -700 42,403 147,244 140,513 27.6

12,442 0.17 2,120 45,370 126,486 121,392 27.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

117 77 106 61 59

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

61 40 12 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2007 T/O includes disposals of 1.1m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-35

Company Profiles

Champneys Henlow Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
30/04/2010 £000s 30/04/2009 £000s 30/04/2008 £000s

Henlow Grange Henlow Bedfordshire SG16 6DB
Telephone

30,954 446 0 1 2,431 2,341 42 394 10,658 939

31,210 -905 0 221 2,553 2,775 42 193 11,124 965

30,151 982 0 413 2,384 2,434 65 198 10,784 945

01462811111
Fax

01462815310
Trading Activity

A group engaged in the provision of hotel accommodation, with spa and health facilities.
Main SIC Codes

55111 93040
Directors (as at May 2011)

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
30/04/2010 £000s 30/04/2009 £000s 30/04/2008 £000s

Stephen J. Purdew Dorothy R. Purdew Raymond E. Payne
Company Secretary

Dorothy R. Purdew
Auditors

63,592 1,741 0 65,333 844 693 2,835 4,372 69,705 2,643 175 8,357 11,175 58,530 40,497 388 17,645 58,530

65,528 1,882 0 67,410 827 663 794 2,284 69,694 2,039 35,456 8,929 46,424 23,270 5,682 812 16,776 23,270

65,345 2,024 0 67,369 827 95 6,281 7,203 74,572 2,109 40,555 7,200 49,864 24,708 6,195 812 17,701 24,708

Nexia Smith & Williamson
Date Incorporated

04/02/1977
Registered Number

01297142
Previous Name(s) with date(s) of change

Henlow Grange Ltd, 24/04/2003 Weightguard Ltd, 06/06/1989
Main UK Subsidiaries with Turnover
(£’000)

Trade Creditors Short-Term Loans Other Current Liabilities 7 6 5 Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Champneys Forest Mere Ltd Champneys Tring Ltd Champneys Springs Ltd The Champneys Intl. College Ltd

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-36 Key Note Ltd

Company Profiles

Champneys Henlow Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

0.6 0.8 1.4 4.7 2.5

-1.3 -3.9 -2.9 3.2 -5.4

1.3 4.0 3.3 5.2 5.5

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

77 73 71 52

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.32 0.39

0.03 0.05

0.13 0.14

Quick Ratio (Acid Test) Current Ratio

101 98

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

255.7 33.9 84.0

276.2 31.7 148.4

298.2 31.1 71.3

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

77 78 78

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

8 -22.0 2.7 0.5 0.5 31 0.44

8 -141.4 2.6 1.3 0.5 24 0.45

1 -141.5 2.7 1.2 0.5 26 0.40

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

33 119 75 57

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

11,350 0.04 475 32,965 62,332 67,723 34.4

11,527 -0.08 -938 32,342 24,114 67,905 35.6

11,412 0.09 1,039 31,906 26,146 69,148 35.8

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

108 70 114 78 19

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

48 54 90 49 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-37

Company Profiles

Chesterfield (Mayfair) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

35 Charles Street Mayfair London W1X 8LX
Trading Activity

34,567 -2,177 761 10 3,281 445 48 163 11,400 662

34,650 -3,462 632 87 3,843 1,085 66 182 11,508 662

33,286 -3,244 667 68 4,235 1,175 111 183 11,129 664

A group engaged in the operation and management of hotels. T/O = Revenue.
Main SIC Codes

55111
Directors (as at May 2011)

Jonathan J. Raggett Victoria O Hana
Company Secretary

Directors Emoluments Employee Pay Number of Employees

Sarah H. Dovey
Auditors

Mazars Llp
Date Incorporated

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

13/02/1984
Registered Number

01790977
Previous Name(s) with date(s) of change

13,087 0 12,981 26,068 439 749 5,625 6,813 32,881 912 36 2,006 2,954 29,927 66,077 0 -36,150 29,927

15,429 0 8,730 24,159 479 755 4,447 5,681 29,840 693 0 2,507 3,200 26,640 61,431 0 -34,791 26,640

15,345 0 6,581 21,926 404 838 4,124 5,366 27,292 906 68 2,315 3,289 24,003 55,915 0 -31,912 24,003

Relicjet Ltd, 21/09/1984
Holding Company

Mountbatten Ltd
Ultimate Holding Company

Travel Corp Ltd
Main UK Subsidiaries with Turnover
(£’000)

Rubens Mgmt. Srvcs. Ltd Montague Mgmt. Srvcs. Ltd Milestone Hotel Mgmt. Srvcs. Ltd Red Carnation Hotels (U.K.) Ltd 41 Buckingham Palace Road Ltd Egerton House Mgmt. Ltd Bbar Restaurant Ltd

9 6 5 4 2 1

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-38 Key Note Ltd

Company Profiles

Chesterfield (Mayfair) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-6.6 -7.3 -6.3 -5.8 ^

-11.6 -13.0 -10.0 -8.9 ^

-11.9 -13.5 -9.7 -8.6 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

114 105 95 116

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

2.16 2.31

1.63 1.78

1.51 1.63

Quick Ratio (Acid Test) Current Ratio

26 27

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -52.4 ^

^ -53.8 ^

^ -53.9 ^

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

136 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

8 11.2 1.3 1.2 2.6 10 1.05

8 7.2 1.4 1.3 2.2 7 1.16

9 6.2 1.2 1.4 2.2 10 1.22

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

30 102 22 24

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

17,221 -0.19 -3,289 52,216 45,207 19,769 33.0

17,384 -0.30 -5,230 52,341 40,242 23,307 33.2

16,761 -0.29 -4,886 50,130 36,149 23,110 33.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

63 87 84 85 27

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

45 23 47 1

Other Ratios Exports / Sales (%)

-

2.2

1.8

2.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-39

Company Profiles

Choice Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
30/06/2010 £000s * year analysed in League Tables 30/06/2009 30/06/2008 30/06/2007 £000s £000s £000s

Choice House 107 Dickson Road Blackpool Lancashire FY1 2ET
Telephone

13,415 81 0 0 213 268 17 1,130 5,730 428

14,196 120 0 1 211 361 17 1,340 6,017 477

14,337 157 0 0 219 400 17 1,195 6,269 484

14,749 221 0 0 226 402 17 1,170 6,333 500

01253754211
Trading Activity

The operation of residential and licensed hotels.
Main SIC Codes

55111 55400
Directors (as at May 2011)

Maureen Nelder Owen W. Nelder Anne Nelder John E. Nelder Kathleen E. Kollard Neil P. Wilkinson Sally L. Carpenito Robert J. R. Nelder Julian E. S. Kollard Edward O. Nelder
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets
30/06/2010 £000s 30/06/2009 £000s 30/06/2008 £000s 30/06/2007 £000s

11,443 0 0 11,443 112 115 248 475 11,918 1,145 650 1,121 2,916 9,002 4,749 157 4,096 9,002

11,532 0 0 11,532 101 69 264 434 11,966 947 876 1,355 3,178 8,788 4,567 157 4,064 8,788

11,596 0 0 11,596 94 35 313 442 12,038 1,002 1,196 962 3,160 8,878 4,725 148 4,005 8,878

11,677 0 0 11,677 92 123 290 505 12,182 1,151 1,165 872 3,188 8,994 4,875 140 3,979 8,994

Sally L. Carpenito
Auditors

Stocks Trade Debtors Other Current Assets Total Current Assets

John Potter & Harrison
Bankers

Co-Operative Bank
Date Incorporated

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

26/04/1978
Registered Number

01365211
Previous Name(s) with date(s) of change

Claremont Hotel Ltd, 11/05/1988

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

52

* The Company’s accounts for 30/06/2009 are those used in the analysis. These are shown in bold text and are used to calculate the performance rankings in the League Tables. The later accounts fall outside the analysis period but have been presented for further information.

See sections 6 & 7 for Analysis Notes and Definitions
3-40 Key Note Ltd

Company Profiles

Choice Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

0.7 0.9 0.6 3.6 2.0

1.0 1.4 0.8 5.0 3.0

1.3 1.8 1.1 5.5 3.9

1.8 2.5 1.5 6.1 5.6

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

66 66 75 50

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

0.12 0.16

0.10 0.14

0.11 0.14

0.13 0.16

Quick Ratio (Acid Test) Current Ratio

122 122

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

131.8 52.4 76.8

133.9 51.4 75.1

147.8 49.9 71.8

151.8 48.5 64.5

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

66 68 71

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

3 -18.2 0.8 1.5 1.2 31 1.13

2 -19.3 0.7 1.6 1.2 24 1.19

1 -19.0 0.7 1.6 1.2 26 1.19

3 -18.2 0.6 1.6 1.3 28 1.21

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

13 73 41 21

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

13,388 0.01 189 31,343 21,033 26,736 42.7

12,614 0.02 252 29,761 18,423 24,176 42.4

12,952 0.03 324 29,622 18,343 23,959 43.7

12,666 0.03 442 29,498 17,988 23,354 42.9

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

95 72 123 102 3

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

77 49 78 66 -

Other Ratios Exports / Sales (%)

0.0

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-41

Company Profiles

Churchill Group Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

93 Park Lane London W1Y 3TA
Trading Activity

32,423 9,358 0 89 2,549 199 38 0 8,366 284

33,897 10,840 0 1,507 2,853 1,521 50 0 8,362 291

28,625 6,544 0 1,255 2,439 1,764 50 0 7,199 268

The operation of hotels.
Main SIC Codes

55111
Directors (as at May 2011)

John O’Shea Saeb Z. Moatassem Michael A. Cairns John Rea
Company Secretary

Saeb Z. Moatassem
Auditors

Bdo Llp
Date Incorporated

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

20/11/1967
Registered Number

00922947
Previous Name(s) with date(s) of change

27,489 0 93,948 121,437 415 2,042 13,868 16,325 137,762 795 94,403 2,110 97,308 40,454 0 1,196 39,258 40,454

28,992 0 86,484 115,476 401 1,809 11,017 13,227 128,703 642 91,848 2,773 95,263 33,440 0 95 33,345 33,440

29,495 0 78,394 107,889 405 1,652 8,538 10,595 118,484 1,264 85,338 2,927 89,529 28,955 0 0 28,955 28,955

Loew’s (GB) Ltd, 20/04/1983
Holding Company

Intl. Hoteliers (UK) Ltd
Ultimate Holding Company

Sandwood Worldwide Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-42 Key Note Ltd

Company Profiles

Churchill Group Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

6.8 23.1 28.9 7.1 23.8

8.4 32.4 32.0 9.9 32.5

5.5 22.6 22.9 7.3 22.6

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

20 7 9 31

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.16 0.17

0.13 0.14

0.11 0.12

Quick Ratio (Acid Test) Current Ratio

117 120

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

240.5 39.9 2.1

275.4 35.0 12.3

294.7 32.3 21.2

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

76 74 21

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

23 -249.8 1.3 0.8 1.2 9 0.24

19 -242.0 1.2 1.0 1.2 7 0.26

21 -275.8 1.4 1.0 1.0 16 0.24

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

116 104 43 92

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

29,458 1.12 32,951 114,165 142,444 96,792 25.8

28,735 1.30 37,251 116,485 114,914 99,629 24.7

26,862 0.91 24,418 106,810 108,041 110,056 25.1

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

10 13 24 56 67

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

26 18 28 30 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-43

Company Profiles

Claridge’s Hotel Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
30/06/2009 £000s 30/06/2008 £000s 30/06/2007 £000s

Brook Street London W1K 4HR
Telephone

48,617 16,931 0 0 1,913 0 28 0 7,812 453

52,447 20,234 0 0 1,132 0 25 0 8,338 471

47,550 18,711 0 0 763 0 25 0 7,548 464

02076298860
Fax

02072406040
Trading Activity

The ownership and operation of Claridge’s Hotel.
Main SIC Codes

55111
Directors (as at May 2011)

Mark N. Hennebry Stephen J. Alden
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
30/06/2009 £000s 30/06/2008 £000s 30/06/2007 £000s

Carole Walker
Auditors

Kpmg
Date Incorporated

194,704 0 150 194,854 1,105 3,623 94,712 99,440 294,294 2,212 5,377 4,320 11,909 282,385 0 0 282,385 282,385

194,525 0 150 194,675 1,080 5,724 77,668 84,472 279,147 2,673 6,372 5,162 14,207 264,940 0 0 264,940 264,940

191,542 0 150 191,692 1,072 4,249 57,179 62,500 254,192 1,948 4,266 3,586 9,800 244,392 0 0 244,392 244,392

28/05/1889
Registered Number

00029022
Previous Name(s) with date(s) of change

The Savoy Hotel Ltd, 04/01/1999 Savoy Hotel PLC (The), 11/08/1998
Holding Company

Claridge’s Hotel Hldgs. Ltd
Ultimate Holding Company

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Coroin Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-44 Key Note Ltd

Company Profiles

Claridge’s Hotel Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

5.8 6.0 34.8 5.9 6.0

7.2 7.6 38.6 7.5 7.6

7.4 7.7 39.4 7.5 7.7

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

24 35 7 39

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

8.26 8.35

5.87 5.95

6.27 6.38

Quick Ratio (Acid Test) Current Ratio

7 7

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

1.9 2,371.2 0.0

2.4 1,864.9 0.0

1.7 2,493.8 0.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

12 3 1

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

27 180.0 2.3 0.2 0.2 17 0.17

40 134.0 2.1 0.2 0.3 19 0.19

33 110.8 2.3 0.2 0.2 15 0.19

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

126 115 107 111

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

17,245 2.17 37,375 107,322 623,366 429,810 16.1

17,703 2.43 42,960 111,352 562,505 413,004 15.9

16,267 2.48 40,325 102,478 526,707 412,806 15.9

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

62 4 30 10 111

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

50 32 30 53 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-45

Company Profiles

Comojo (U.K.) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

2nd Floor Pemberton House 15 Wrights Lane London W8 5SL
Telephone

14,486 -527 0 333 1,080 381 17 0 4,430 187

16,189 389 0 616 1,232 921 12 0 4,590 220

17,263 1,829 0 593 1,250 1,064 12 0 3,950 225

02073688888
Fax

02079376757
Trading Activity

The operation of ’The Metropolitan Hotel’, Park Lane, London.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111
Directors (as at May 2011)

Bernard L. K. Heng Victor K. Sodhy
Company Secretary

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Gabrielle C. V. Morris
Auditors

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

8,482 0 225 8,707 272 477 5,620 6,369 15,076 488 282 985 1,755 13,321 6,349 627 6,345 13,321

8,408 0 1,702 10,110 317 166 12,727 13,210 23,320 412 14,310 1,100 15,822 7,498 0 661 6,837 7,498

9,350 0 2,387 11,737 390 435 12,386 13,211 24,948 781 1,240 1,733 3,754 21,194 13,912 795 6,487 21,194

Baker Tilly Uk Audit Llp
Date Incorporated

18/11/1993
Registered Number

Stocks Trade Debtors Other Current Assets Total Current Assets

02873350
Previous Name(s) with date(s) of change

Bolkern Ltd, 18/01/1994
Holding Company

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Comojo (Gibraltar) Ltd
Ultimate Holding Company

Comojo (Gibraltar) Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-46 Key Note Ltd

Company Profiles

Comojo (U.K.) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-3.5 -4.0 -3.6 -1.1 -8.3

1.7 5.2 2.4 6.0 5.7

7.3 8.6 10.6 12.9 28.2

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

105 97 89 103

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

3.47 3.63

0.81 0.83

3.42 3.52

Quick Ratio (Acid Test) Current Ratio

10 12

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

104.5 72.7 ^

209.3 41.5 70.3

233.6 35.1 36.8

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

60 59 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

12 31.9 1.9 1.1 1.7 12 0.96

4 -16.1 2.0 2.2 1.9 9 0.69

9 54.8 2.3 0.8 1.8 17 0.69

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

58 112 31 27

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

23,690 -0.12 -2,818 77,465 71,235 45,358 30.6

20,864 0.08 1,768 73,586 34,082 38,218 28.4

17,556 0.46 8,129 76,724 94,196 41,556 22.9

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

18 82 62 76 39

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

113 132 94 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-47

Company Profiles

Corus Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Blakelands House Yeomans Drive Blakelands Milton Keynes Buckinghamshire MK14 5HG
Telephone

25,474 -4,523

26,603 -11,029

28,843 7,006

01908553100
Fax

247 2,382 1,926 85 130 8,819 637

6,835 2,684 4,268 85 160 9,187 703

8,591 2,452 4,051 85 379 9,943 796

01908553113
Trading Activity

A group engaged in the operation of hotels and restaurants and the provision of conference and related leisure facilities. T/O = Revenue.
Main SIC Codes

55111 55301
Directors (as at May 2011)

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Kay P. Khoo Yet K. Loy Kim S. Tang Andrew B. Y. Khoo David M. Westerby
Company Secretary

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities

60,600 260 131,657 192,517 122 1,579 47,894 49,595 242,112 1,203 57,738 3,149 62,090 180,022 62,100 211 117,711 180,022

111,698 260 127,603 239,561 146 1,241 1,773 3,160 242,721 1,724 57,738 2,821 62,283 180,438 58,100 845 121,493 180,438

111,944 260 130,675 242,879 696 1,522 3,359 5,577 248,456 2,789 52,818 1,594 57,201 191,255 56,850 1,756 132,649 191,255

Andrew Clayton
Auditors

Chantrey Vellacott Dfk Llp
Bankers

Royal Bank Of Scot
Date Incorporated

04/11/1920
Registered Number

00171238
Previous Name(s) with date(s) of change

Corus Hotels PLC, 23/01/2008 Corus & Regal Hotels PLC, 20/02/2004 Regal Hotel Group PLC, 16/08/2001 Rivoli Cinemas PLC, 09/11/1989
Holding Company

Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

London Vista Hotel Ltd
Ultimate Holding Company

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

Malayan United Industries Berhad
Main UK Subsidiaries with Turnover
(£’000)

Delaquest Ltd Dudley Hotels Ltd

7 1

See sections 6 & 7 for Analysis Notes and Definitions
3-48 Key Note Ltd

Company Profiles

Corus Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-1.9 -2.5 -17.8 -1.1 -3.8

-4.5 -6.1 -41.5 -2.8 -9.1

2.8 3.7 24.3 4.5 5.3

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

96 90 114 104

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.80 0.80

0.05 0.05

0.09 0.10

Quick Ratio (Acid Test) Current Ratio

59 63

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

102.0 94.6 ^

95.5 100.2 ^

82.8 114.5 36.6

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

59 53 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

23 -49.1 0.5 0.1 0.4 17 0.11

17 -222.2 0.5 0.1 0.2 24 0.11

19 -179.0 2.4 0.2 0.3 35 0.12

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

114 49 80 129

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

13,845 -0.51 -7,100 39,991 282,609 95,133 34.6

13,068 -1.20 -15,688 37,842 256,669 158,888 34.5

12,491 0.70 8,802 36,235 240,270 140,633 34.5

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

82 99 101 36 17

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

104 81 103 -

Other Ratios Exports / Sales (%)

-

-

-

-

Special Notes
2008 PBT includes 15.0m cost regarding provision against loan to related undertakings. This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-49

Company Profiles

Crieff Hydro Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
28/02/2010 £000s 28/02/2009 £000s 29/02/2008 £000s

Ferntower Road Crieff Scotland PH7 3LQ
Telephone

16,788 251

16,077 552

15,374 1,341

01764655555
Fax

01764653087
Trading Activity

0 1,857 519 16 212 6,106 394

-4 1,641 591 15 216 5,897 406

531 1,477 549 17 203 5,652 391

Hoteliers.
Main SIC Codes

55111
Directors (as at May 2011)

Gordon K. S. Leckie Michael N. Donaldson Martin Pedler Alexander A. Sinclair Paul R. Harrison
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
28/02/2010 £000s 28/02/2009 £000s 29/02/2008 £000s

John Mauchline
Auditors

22,090 0 4,905 26,995 203 150 566 919 27,914 1,236 1,206 2,573 5,015 22,899 8,551 573 13,775 22,899

21,100 0 4,131 25,231 198 260 350 808 26,039 691 832 2,669 4,192 21,847 8,000 612 13,235 21,847

20,799 0 4,056 24,855 200 96 289 585 25,440 716 5,110 2,438 8,264 17,176 3,550 329 13,297 17,176

Kpmg Llp
Bankers

Bank Of Scotland
Date Incorporated

23/04/1867
Registered Number

SC000268
Previous Name(s) with date(s) of change

Strathearn Hydro Ltd, 02/07/1985

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-50 Key Note Ltd

Company Profiles

Crieff Hydro Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

0.9 1.1 1.5 3.2 1.8

2.1 2.5 3.4 5.0 4.2

5.3 7.8 8.7 8.5 10.1

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

68 68 70 74

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.14 0.18

0.15 0.19

0.05 0.07

Quick Ratio (Acid Test) Current Ratio

119 114

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

70.8 97.4 67.4

66.7 103.4 51.7

65.1 109.5 29.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

51 49 68

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

3 -24.4 1.2 0.7 0.8 27 0.60

6 -21.0 1.2 0.7 0.8 16 0.62

2 -49.9 1.3 0.9 0.7 17 0.60

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

17 98 56 45

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

15,497 0.04 637 42,609 58,119 56,066 36.4

14,525 0.09 1,360 39,599 53,810 51,970 36.7

14,455 0.24 3,430 39,320 43,928 53,194 36.8

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

70 71 96 82 12

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

37 64 41 41 -

Other Ratios Exports / Sales (%)

-

-

-

-

Special Notes
2010 PBT includes exceptional charges of 324k.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-51

Company Profiles

The Cumberland Guoman Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
27/06/2010 £000s * year analysed in League Tables 28/06/2009 29/06/2008 01/07/2007 £000s £000s £000s

Po Box 909 Bath Road Uxbridge Middlesex UB8 9FH
Trading Activity

39,894 -6,074

42,538 -4,458

46,619 1,903

41,862 -1,006 0 0 138 879 0 0 4,027 219

The operation of a hotel. T/O = Revenue.
Main SIC Codes

55111
Directors (as at May 2011)

0 295 0 0 0 5,749 164

0 253 1,133 0 0 6,190 158

0 244 1,255 0 0 4,200 201

Timothy J. Scoble Heiko Figge Andy Hughes
Company Secretary

Seok H. Blackwell
Auditors

Kpmg Llp
Date Incorporated

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets
27/06/2010 £000s 28/06/2009 £000s 29/06/2008 £000s 01/07/2007 £000s

15/06/2004
Registered Number

05154442
Previous Name(s) with date(s) of change

2,209 0 0 2,209 20 3,486 9,013 12,519 14,728 2,995 32,283 1,177 36,455 -21,727 0 129 -21,856 -21,727

2,245 0 0 2,245 27 3,464 8,598 12,089 14,334 2,513 26,097 1,377 29,987 -15,653 0 375 -16,028 -15,653

2,254 0 0 2,254 82 4,159 8,268 12,509 14,763 3,112 21,309 1,537 25,958 -11,195 0 64 -11,259 -11,195

2,150 0 0 2,150 69 3,764 10,191 14,024 16,174 2,810 22,717 3,745 29,272 -13,098 0 76 -13,174 -13,098

Thistle Cumberland Ltd, 18/10/2004 Gamescorp Ltd, 18/08/2004
Holding Company

Guoman Hotels Ltd
Ultimate Holding Company

Hong Leong Co. (Malaysia) Berhad

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

52

* The Company’s accounts for 28/06/2009 are those used in the analysis. These are shown in bold text and are used to calculate the performance rankings in the League Tables. The later accounts fall outside the analysis period but have been presented for further information.

See sections 6 & 7 for Analysis Notes and Definitions
3-52 Key Note Ltd

Company Profiles

The Cumberland Guoman Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-41.2 ^ -15.2 -57.5 ^

-31.1 ^ -10.5 -31.8 ^

12.9 ^ 4.1 31.2 ^

-6.2 ^ -2.4 -1.3 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

133 99 132

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

0.34 0.34

0.40 0.40

0.48 0.48

0.48 0.48

Quick Ratio (Acid Test) Current Ratio

94 96

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

^ -59.7 ^

^ -52.8 ^

^ -43.3 39.7

^ -44.9 ^

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

137 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

32 -60.0 0.1 ^ 18.1 27 2.71

30 -42.1 0.1 ^ 18.9 22 2.97

33 -28.8 0.2 ^ 20.7 24 3.16

33 -36.4 0.2 ^ 19.5 25 2.59

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

130 11 7 8

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

35,055 -1.06 -37,037 243,256 -132,482 13,470 14.4

39,177 -0.72 -28,215 269,228 -99,070 14,209 14.6

20,896 0.45 9,468 231,935 -55,697 11,214 9.0

18,388 -0.25 -4,594 191,151 -59,808 9,817 9.6

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

5 109 5 125 118

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

53 102 110 -

Other Ratios Exports / Sales (%)

-

-

-

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-53

Company Profiles

Curzon Hotels (Operator) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
27/12/2009 £000s 28/12/2008 £000s 30/12/2007 £000s

Brands Hatch Fawkham Longfield DA3 8PE
Telephone

81,806 -24,511 0 263 5,327 7,057 35 0 21,766 1,027

91,018 -21,541

72,906 -2,899 0 895 571 4,762 34 0 20,099 1,553

0871 376 9008
Trading Activity

The ownership and operation of hotels.
Main SIC Codes

1,450 4,132 7,574 35 0 25,790 1,268

55111
Directors (as at May 2011)

Iain Habbick Howard W. Grace Craig Johnston Martin L. Roberts
Company Secretary

Balance Sheet
Date of Accounts
27/12/2009 £000s 28/12/2008 £000s 30/12/2007 £000s

Iain Habbick
Auditors

Bdo Llp
Date Incorporated

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

49,277 0 0 49,277 451 4,883 26,008 31,342 80,619 16,524 507 23,225 40,256 40,363 89,895 0 -49,532 40,363

43,601 11,739 390 55,730 567 6,205 38,272 45,044 100,774 15,391 1,301 18,613 35,305 65,469 90,156 0 -24,687 65,469

21,718 16,429 520 38,667 485 6,300 30,561 37,346 76,013 12,936 1,692 13,056 27,684 48,329 49,400 0 -1,071 48,329

11/12/2006
Registered Number

06025036
Previous Name(s) with date(s) of change

Stocks Trade Debtors Other Current Assets Total Current Assets

Precis (2664) Ltd, 23/01/2007
Holding Company

Curzon Hotel Hldgs. Ltd
Ultimate Holding Company

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Curzon Hotel Hldgs. Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

36

See sections 6 & 7 for Analysis Notes and Definitions
3-54 Key Note Ltd

Company Profiles

Curzon Hotels (Operator) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-30.4 -60.7 -30.0 -42.7 ^

-21.4 -32.9 -23.7 -20.9 ^

-5.5 -8.7 -4.0 5.4 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

132 120 126 134

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.77 0.78

1.26 1.28

1.33 1.35

Quick Ratio (Acid Test) Current Ratio

63 66

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -38.1 ^

^ -19.7 ^

^ -1.4 255.6

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

131 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

22 -10.9 0.6 2.0 1.7 74 1.01

25 10.7 0.6 1.4 2.1 62 0.90

22 9.2 0.5 2.2 4.8 45 1.39

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

110 58 32 26

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

21,194 -1.13 -23,867 79,655 39,302 47,981 26.6

20,339 -0.84 -16,988 71,781 51,632 34,386 28.3

18,694 -0.14 -2,696 67,810 31,120 13,985 27.6

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

33 116 61 89 63

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

124 50 112 -

Other Ratios Exports / Sales (%)

-

0.0

-

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-55

Company Profiles

Deckers Restaurants Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Unit F Royle Pennine Trading Est Lynroyle Way Rochdale Lancs OL11 3EX
Trading Activity

34,770 249 0 0 415 369 21 153 3,871 380

32,311 333 0 3 378 397 19 200 3,832 482

31,012 299 0 172 343 439 20 182 3,547 430

A group engaged in the operation of restaurants, hotels and the wholesale of liquor.
Main SIC Codes

55111 55301
Directors (as at May 2011)

Clifford Brierley Maxwell J. Brierly
Company Secretary

Anthony Owen
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Baker Tilly Uk Audit Llp
Bankers

Lloyds Tsb Bank Plc
Date Incorporated

13,530 283 309 14,122 1,731 1,735 717 4,183 18,305 3,564 0 867 4,431 13,874 10,000 421 3,453 13,874

12,595 304 309 13,208 930 826 277 2,033 15,241 2,714 661 1,219 4,594 10,647 7,000 375 3,272 10,647

12,539 325 0 12,864 1,158 1,447 322 2,927 15,791 4,343 797 957 6,097 9,694 6,498 475 2,721 9,694

03/11/1987
Registered Number

02188064
Previous Name(s) with date(s) of change

Westbroom Ltd, 03/08/1993
Holding Company

Deckers Hospitality Gp. Ltd

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-56 Key Note Ltd

Company Profiles

Deckers Restaurants Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

1.4 1.8 0.7 4.5 7.2

2.2 3.1 1.0 6.5 10.2

1.9 3.1 1.0 7.0 11.0

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

61 62 76 54

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.55 0.94

0.24 0.44

0.29 0.48

Quick Ratio (Acid Test) Current Ratio

79 55

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

315.5 23.2 59.7

258.1 27.3 54.4

304.5 20.8 59.5

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

82 88 64

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

18 -0.7 5.0 2.5 2.6 37 1.90

9 -7.9 2.9 3.0 2.6 31 2.12

17 -10.2 3.7 3.2 2.5 51 1.96

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

91 125 23 15

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

10,187 0.06 655 91,500 36,511 35,605 11.1

7,950 0.09 691 67,035 22,089 26,131 11.9

8,249 0.08 695 72,121 22,544 29,160 11.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

119 67 43 91 124

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

29 36 29 82 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-57

Company Profiles

De Vere Venice Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

1 West Garden Place Kendal Street London W2 2AQ
Trading Activity

465,127 -486,166 0 2,081 356,044 133,761 237 0 129,225 9,227

475,000 -150,507 0 27,629 108,831 137,486 310 0 128,432 10,820

406,070 -173,837

A group engaged in the operation of hotel and leisure club businesses, a white spirit distillery and an up-market timeshare business. Commenced trading 05.09.06.
Main SIC Codes

6,971 43,100 128,907 243 0 42,266 9,684

55111 92629 92619 15910 70209
Directors (as at May 2011)

Richard G. Balfour-Lynn Jagtar Singh
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Sunita Kaushal
Auditors

Ernst & Young Llp
Date Incorporated

1,163,059 0 2,623 1,165,682 23,936 24,178 32,834 80,948 1,246,630 19,549 3,211 58,267 81,027 1,165,603 1,622,151 49,609 -506,157 1,165,603

1,491,043 68,588 6,298 1,565,929 16,814 30,453 41,560 88,827 1,654,756 33,302 5,211 58,559 97,072 1,557,684 1,559,634 17,830 -19,780 1,557,684

1,456,729 72,332 44,672 1,573,733 39,646 27,196 75,406 142,248 1,715,981 29,589 1,315 115,690 146,594 1,569,387 1,402,315 2,468 164,604 1,569,387

16/06/2006
Registered Number

05849362
Previous Name(s) with date(s) of change

Ahg Venice Ltd, 29/11/2010
Holding Company

De Vere Central Srvcs. Ltd
Ultimate Holding Company

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities

Broomco (4175) Ltd
Main UK Subsidiaries with Turnover
(£’000)

Searcy Tansley & Co. Ltd Tob Restaurants Ltd

38 4

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-58 Key Note Ltd

Company Profiles

De Vere Venice Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-39.0 -41.7 -104.5 -30.2 ^

-9.1 -9.7 -31.7 -0.8 ^

-10.1 -11.1 -42.8 -2.9 -105.6

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

135 118 138 130

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.70 1.00

0.74 0.92

0.70 0.97

Quick Ratio (Acid Test) Current Ratio

68 53

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -28.9 ^

^ -1.2 ^

1,521.2 10.6 ^

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

129 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

19 0.0 5.1 0.4 0.4 15 0.37

23 -1.7 3.5 0.3 0.3 26 0.29

24 -1.1 9.8 0.3 0.3 27 0.24

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

95 127 82 64

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

14,005 -3.76 -52,689 50,409 126,325 126,050 27.8

11,870 -1.17 -13,910 43,900 143,963 137,804 27.0

4,365 -4.11 -17,951 41,932 162,060 150,426 10.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

78 126 89 58 52

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

23 127 67 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

-

Special Notes
2009 PBT includes exceptional income of 1.2m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-59

Company Profiles

De Vere Venues Properties Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

1 West Garden Place Kendal Street London W2 2AQ
Trading Activity

30,394 -75,888

29,615 -24,394

30,823 -8,156

Ownership of a number of hotel and conference centre properties.
Main SIC Codes

0 107,002 0 0 0

5,646 998 17,838 0 0

-6,257 3,928 26,175 0 0

70209 55110
Directors (as at May 2011)

Richard G. Balfour-Lynn Jastar Singh
Company Secretary

Sunita Kaushal
Auditors

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Ernst & Young Llp
Date Incorporated

15/11/2005
Registered Number

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

158,775 0 191,889 350,664 0 0 18,616 18,616 369,280 0 0 6,288 6,288 362,992 483,813 0 -120,821 362,992

265,777 0 166,788 432,565 0 0 13,323 13,323 445,888 0 0 7,018 7,018 438,870 481,029 0 -42,159 438,870

286,563 0 136,150 422,713 0 4,371 6,181 10,552 433,265 0 0 6,306 6,306 426,959 439,833 0 -12,874 426,959

05622843
Previous Name(s) with date(s) of change

Verve Venues Properties Ltd, 29/11/2010 Style Conferences Properties Ltd, 09/05/2006 Broomco (3943) Ltd, 25/11/2005
Holding Company

Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets

The Alternative Hotel Gp. Ltd
Ultimate Holding Company

Broomco (4175) Ltd

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-60 Key Note Ltd

Company Profiles

De Vere Venues Properties Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-20.6 -20.9 -249.7 -20.9 ^

-5.5 -5.6 -82.4 -1.5 ^

-1.9 -1.9 -26.5 4.2 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

128 116 139 128

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

2.96 2.96

1.90 1.90

1.67 1.67

Quick Ratio (Acid Test) Current Ratio

13 15

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -24.7 ^

^ -8.6 ^

^ -2.9 145.3

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

127 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

0 40.6 0.0 0.1 0.2 0 0.08

0 21.3 0.0 0.1 0.1 0 0.07

52 13.8 0.0 0.1 0.1 0 0.07

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

4 2 123 132

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

-

-

-

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

-

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

65 113 -

Other Ratios Exports / Sales (%)

-

-

-

-

Special Notes
2009 PBT includes 104.2m fixed assets impairment charge (2008 = 40.1m). This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-61

Company Profiles

De Vere Village Hotels & Leisure Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Tempus Drive Walsall WS2 8TJ
Telephone

34,393 2,173 0 0 5,648 0 0 0 9,395 734

18,434 -1,393 0 577 1,021 5,064 0 0 5,341 627

9,753 -14,106 0 0 14,019 2,008 0 0 2,828 235

01922 633661
Trading Activity

The operation of hotels and leisure complexes. Commenced trading 28.02.07.
Main SIC Codes

55111 92629
Directors (as at May 2011)

Richard G. Balfour-Lynn Jagtar Singh
Company Secretary

Sunita Kaushal
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Ernst & Young Llp
Date Incorporated

23/02/2007
Registered Number

132,653 0 0 132,653 741 1,234 23,689 25,664 158,317 724 161,463 5,415 167,602 -9,285 0 0 -9,285 -9,285

119,264 0 726 119,990 537 833 22,143 23,513 143,503 4,124 145,282 4,829 154,235 -10,732 0 0 -10,732 -10,732

67,433 0 863 68,296 265 521 1,418 2,204 70,500 0 0 2,569 2,569 67,931 79,266 0 -11,335 67,931

06126416
Previous Name(s) with date(s) of change

Village Hotels & Leisure Ltd, 29/11/2010
Holding Company

De Vere Village Hotel Hldgs. Ltd
Ultimate Holding Company

Broomco (4175) Ltd

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

44

See sections 6 & 7 for Analysis Notes and Definitions
3-62 Key Note Ltd

Company Profiles

De Vere Village Hotels & Leisure Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

1.4 ^ 6.3 1.4 ^

-1.0 ^ -7.6 2.7 ^

-23.6 -24.5 -144.6 -21.0 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

60 53 91

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.15 0.15

0.15 0.15

0.75 0.86

Quick Ratio (Acid Test) Current Ratio

118 121

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -5.5 0.0

^ -7.0 137.9

^ -13.9 ^

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

117 15

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

13 -412.7 2.2 ^ 0.3 8 0.22

16 -709.1 2.9 ^ 0.2 82 0.13

16 -3.2 2.3 0.2 0.2 0 0.16

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

68 113 104 99

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

12,800 0.23 2,960 46,857 -12,650 180,726 27.3

8,518 -0.26 -2,222 29,400 -17,116 190,214 29.0

14,222 -4.99 -70,939 49,048 289,068 286,949 29.0

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

94 52 91 115 57

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

2 5 2 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-63

Company Profiles

De Vere Village Trading No 1 Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

2100 Daresbury Park Warrington Cheshire WA4 4BP
Telephone

150,773 -35,558

159,321 -10,921

240,606 486,751

01928712111
Fax

01928756335
Trading Activity

111 7,263 451 20 0 45,783 3,488

34,023 7,432 14,811 20 0 52,278 4,119

488,049 14,091 15,236 60 0 75,017 6,069

The ownership and management of hotels and health and fitness clubs.
Main SIC Codes

92629 92619 55111
Directors (as at May 2011)

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Richard G. Balfour-Lynn Jagtar Singh
Company Secretary

Sunita Kaushal
Auditors

72,998 0 1,060,724 1,133,722 3,429 4,445 31,519 39,393 1,173,115 6,104 11,395 50,014 67,513 1,105,602 759,714 0 345,888 1,105,602

77,011 0 953,072 1,030,083 3,052 5,186 30,217 38,455 1,068,538 9,550 3,869 32,226 45,645 1,022,893 640,795 0 382,098 1,022,893

55,512 0 750,070 805,582 16,762 6,411 24,692 47,865 853,447 10,029 12,795 33,327 56,151 797,296 389,321 0 407,975 797,296

Ernst & Young Llp
Date Incorporated

07/09/1946
Registered Number

00418878
Previous Name(s) with date(s) of change

De Vere Hotels & Leisure Ltd, 29/11/2010 Greenalls Hotels & Leisure Ltd, 23/02/2000 De Vere Hotels Ltd, 26/01/1998 Beaconsfield (Bell House) Restaurants Ltd, 16/10/1989
Holding Company

De Vere Village Properties Ltd
Ultimate Holding Company

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves
(£’000)

Broomco (4175) Ltd
Main UK Subsidiaries with Turnover

De Vere St Davids Hotel Ltd

3

Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

66

See sections 6 & 7 for Analysis Notes and Definitions
3-64 Key Note Ltd

Company Profiles

De Vere Village Trading No 1 Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-3.0 -3.2 -23.6 -3.1 -10.3

-1.0 -1.1 -6.9 0.4 -2.9

44.9 48.1 202.3 48.8 94.0

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

102 93 123 109

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.53 0.58

0.78 0.84

0.55 0.85

Quick Ratio (Acid Test) Current Ratio

84 83

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

222.9 41.8 ^

168.7 55.7 380.7

98.6 91.6 3.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

73 71 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

11 -18.7 2.3 0.1 2.1 15 0.13

12 -4.5 1.9 0.2 2.1 22 0.15

12 -4.4 8.8 0.2 3.4 19 0.22

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

45 116 26 122

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

13,126 -0.78 -10,194 43,226 316,973 20,928 30.4

12,692 -0.21 -2,651 38,680 248,335 18,697 32.8

9,739 6.49 63,190 31,236 131,372 9,147 31.2

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

89 111 95 31 40

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

122 13 117 -

Other Ratios Exports / Sales (%)

-

-

-

-

Special Notes
2007 PBT includes 416.m profit on disposal of fixed assets and businesses and net exceptional income. This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-65

Company Profiles

De Vere Wokefield Park Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s

1 West Garden Place Kendal Street London W2 2AQ
Trading Activity

16,396 -44,172 0 0 1,320 0 0 0

17,077 -12,263 0 71 14,032 4,701 0 0

Owns and manages the De Vere Wokefield Park Hotel.
Main SIC Codes

55110
Directors (as at May 2011)

Richard G. Balfour-Lynn Jagtar Singh
Company Secretary

Directors Emoluments Employee Pay Number of Employees

Sunita Kaushal
Auditors

Ernst & Young Llp
Date Incorporated

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s

10/12/2007
Registered Number

06448669
Previous Name(s) with date(s) of change

62,769 0 0 62,769 84 1,192 10,162 11,438 74,207 1,340 127,867 1,435 130,642 -56,435 0 0 -56,435 -56,435

112,156 0 0 112,156 130 4,385 1,547 6,062 118,218 2,403 126,630 1,448 130,481 -12,263 0 222 -12,485 -12,263

Ahg Venice Spv No. 1 Ltd, 16/09/2008
Holding Company

De Vere Wokefield Trading Ltd
Ultimate Holding Company

Broomco (4175) Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

52

55

See sections 6 & 7 for Analysis Notes and Definitions
3-66 Key Note Ltd

Company Profiles

De Vere Wokefield Park Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-59.5 ^ -269.4 -61.8 ^

-9.8 ^ -71.8 -6.3 ^

-

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

137 140 137

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.09 0.09

0.05 0.05

-

Quick Ratio (Acid Test) Current Ratio

128 128

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -43.2 ^

^ -9.6 ^

-

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

133 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

27 -727.0 0.5 ^ 0.3 30 0.22

99 -770.6 0.8 ^ 0.1 54 0.14

-

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

123 52 103 96

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

-

-

-

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

-

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

-

Other Ratios Exports / Sales (%)

-

0.0

0.0

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-67

Company Profiles

Dorchester Group Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

3 Tilney Street London W1K 1BJ
Telephone

243,387 24,553 173,808 4,260 21,023 9,695 321 0 65,180 2,257

259,365 41,374 186,525 1,614 17,961 17,393 419 372 64,206 2,370

231,032 45,709 163,106 9,697 14,993 13,613 633 430 57,831 2,403

020 7629 8888
Fax

020 7629 0202
Trading Activity

A group engaged in the ownership and operation of hotels and commercial properties.
Main SIC Codes

55111
Directors (as at May 2011)

Ghani B. H. A. Hamid Hartini Hj Abdullah Hasnah Hj Ibrahim Haji S. Haji Yusop
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Haji S. Haji Yusop
Auditors

776,359 36,385 86,698 899,442 7,187 13,782 121,491 142,460 1,041,902 15,449 59,625 27,615 102,689 939,213 455,931 56,523 426,759 939,213

832,514 42,508 99,395 974,417 8,511 15,587 111,780 135,878 1,110,295 14,502 33,597 31,171 79,270 1,031,025 509,206 59,827 461,992 1,031,025

666,559 34,406 95,521 796,486 5,838 19,191 81,440 106,469 902,955 16,960 20,990 30,984 68,934 834,021 423,355 44,353 366,313 834,021

Deloitte Llp
Bankers

Royal Bank Of Scot
Date Incorporated

11/06/1984
Registered Number

01823605
Previous Name(s) with date(s) of change

Audley Group Ltd, 09/09/1999 Dorchester Ltd (The), 07/03/1995 Regent Dorchester Ltd, 24/04/1985 Pezmex Ltd, 20/07/1984
Holding Company

Brunei Investment Agency
Ultimate Holding Company

Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Brunei Investment Agency
Main UK Subsidiaries with Turnover
(£’000)

Dorchester Hotel Ltd Dorchester Srvcs. Ltd

64 15

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-68 Key Note Ltd

Company Profiles

Dorchester Group Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

2.4 2.6 10.1 3.4 5.8

3.7 4.0 16.0 5.5 9.0

5.1 5.5 19.8 6.9 12.5

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

49 55 42 68

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.32 1.39

1.61 1.71

1.46 1.54

Quick Ratio (Acid Test) Current Ratio

37 40

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

132.1 69.4 28.3

129.4 71.3 29.6

133.9 68.3 22.9

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

65 63 48

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

21 16.3 3.0 0.3 0.3 23 0.23

22 21.8 3.3 0.3 0.3 20 0.23

30 16.2 2.5 0.3 0.3 27 0.26

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

105 120 93 93

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

28,879 0.38 10,879 107,837 416,133 343,978 26.8

27,091 0.64 17,457 109,437 435,032 351,272 24.8

24,066 0.79 19,022 96,143 347,075 277,386 25.0

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

11 36 28 23 60

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

42 50 31 73 3

Other Ratios Exports / Sales (%)

-

71.4

71.9

70.6

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-69

Company Profiles

Doyle Hotels (UK) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

47 Welbeck Street London W1g 8dn

16,580 -5,443 0 94 2,074 5,294 20 0 4,413 205

16,834 -11,471 0 151 1,615 8,664 20 0 4,706 210

16,871 -1,574 0 45 1,384 5,835 14 0 3,789 246

Trading Activity

Hotel management.
Main SIC Codes

55111
Directors (as at May 2011)

Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees

Bill Walshe Patrick King Bernadette Gallagher Seamus Daly
Company Secretary

Seamus Daly
Auditors

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Kpmg
Bankers

Nat West Bank Plc
Date Incorporated

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

129,356 0 60,502 189,858 143 817 8,266 9,226 199,084 1,317 156,224 2,890 160,431 38,653 0 131 38,522 38,653

116,874 0 61,342 178,216 75 624 12,683 13,382 191,598 693 143,843 3,218 147,754 43,844 0 774 43,070 43,844

105,651 0 61,717 167,368 135 1,205 6,457 7,797 175,165 713 116,405 2,632 119,750 55,415 0 662 54,753 55,415

24/01/2007
Registered Number

06063543
Previous Name(s) with date(s) of change

Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities

Jurys Doyle Hotels (UK) Ltd, 20/11/2008 Durrasa Ltd, 19/06/2007
Holding Company

Doyle Hotels (Finance) Ltd
Ultimate Holding Company

Pembase Hldgs. Ltd
Main UK Subsidiaries with Turnover
(£’000)

Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Doyle London Hotels Ltd

12

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

49

See sections 6 & 7 for Analysis Notes and Definitions
3-70 Key Note Ltd

Company Profiles

Doyle Hotels (UK) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-2.7 -14.1 -32.8 -0.1 -14.1

-6.0 -26.2 -68.1 -1.5 -26.6

-1.0 -3.0 -9.3 2.6 -3.1

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

99 112 128 102

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.06 0.06

0.09 0.09

0.06 0.07

Quick Ratio (Acid Test) Current Ratio

134 135

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

405.5 24.0 ^

334.0 29.0 ^

212.6 45.5 136.9

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

89 85 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

18 -912.0 0.9 0.4 0.1 29 0.08

14 -798.2 0.4 0.4 0.1 15 0.09

25 -625.3 0.8 0.3 0.2 15 0.10

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

90 83 130 131

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

21,527 -1.23 -26,551 80,878 188,551 631,005 26.6

22,410 -2.44 -54,624 80,162 208,781 556,543 28.0

16,345 -0.42 -6,790 72,780 225,264 429,476 22.5

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

29 118 60 48 62

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

89 33 93 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2009 PBT includes 1.7m non-recurring administrative expenses (2008 = 3.9m). This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-71

Company Profiles

Doyle London Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Clifton Ford Hotel 47 Welbeck Street London W1G 8DN
Telephone

12,120 2,675 0 2 1,273 30 10 0 2,322 102

10,132 -725 0 -36 1,286 0 10 0 2,232 95

10,918 3,006 0 64 1,001 69 3 0 2,179 93

02074866600
Fax

02074867492
Trading Activity

A leading hotel group and operates a hotel in the UK.
Main SIC Codes

55111
Directors (as at May 2011)

William (. Walshe Patrick King Bernadette Gallagher Seamus Daly
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Seamus Daly
Auditors

54,965 0 0 54,965 64 387 350 801 55,766 315 5,958 2,056 8,329 47,437 0 642 46,795 47,437

54,898 0 0 54,898 43 453 436 932 55,830 238 8,856 2,022 11,116 44,714 0 1,329 43,385 44,714

49,763 0 0 49,763 60 400 320 780 50,543 342 2,706 2,304 5,352 45,191 0 1,359 43,832 45,191

Kpmg
Bankers

Nat West Bank Plc
Date Incorporated

05/10/1976
Registered Number

01280133
Previous Name(s) with date(s) of change

Jurys Doyle London Hotels Ltd, 20/11/2008 Doyle London Hotels Ltd, 14/10/2002 P. V. Doyle Hotels Ltd, 13/12/1983 Sprodie Ltd, 31/12/1977
Holding Company

Doyle Hotels (UK) Ltd
Ultimate Holding Company

Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Pembase Hldgs. Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-72 Key Note Ltd

Company Profiles

Doyle London Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

4.8 5.6 22.1 5.1 5.7

-1.3 -1.6 -7.2 -1.4 -1.7

5.9 6.7 27.5 6.4 6.9

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

30 38 17 48

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.09 0.10

0.08 0.08

0.13 0.15

Quick Ratio (Acid Test) Current Ratio

126 126

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

12.7 521.6 1.1

20.4 348.6 ^

6.2 653.1 2.2

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

21 15 20

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

12 -62.1 0.5 0.3 0.2 9 0.22

16 -100.5 0.4 0.2 0.2 9 0.18

13 -41.9 0.5 0.2 0.2 11 0.22

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

54 54 116 98

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

22,765 1.15 26,225 118,824 465,069 538,873 19.2

23,495 -0.32 -7,632 106,653 470,674 577,874 22.0

23,430 1.38 32,323 117,398 485,925 535,086 20.0

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

24 10 21 19 102

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

33 33 39 24 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2008 includes 2.4m fixed assets written off.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-73

Company Profiles

Edwardian Group Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

140 Bath Road Hayes Middlesex UB3 5AW
Telephone

118,292 10,994 0 -925 14,819 16,551 333 1,667 32,318 1,743

122,995 3,282 0 1,343 14,710 19,325 276 1,822 32,783 1,811

122,528 14,715 0 838 12,016 19,481 289 1,732 30,984 1,783

02087548000
Fax

02087594559
Trading Activity

A group engaged in the provision of hotel accommodation, conference facilities and meals.
Main SIC Codes

55111
Directors (as at May 2011)

Amrit Singh Jasminder Singh John R. Morley Andrew Hart Shashi M. Shah
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

683,932 0 1,325 685,257 558 6,257 25,038 31,853 717,110 3,307 6,859 16,592 26,758 690,352 264,623 16,019 409,710 690,352

694,821 0 1,415 696,236 479 5,783 28,421 34,683 730,919 4,372 10,910 14,797 30,079 700,840 282,834 14,474 403,532 700,840

787,135 0 1,120 788,255 532 8,604 29,226 38,362 826,617 3,851 5,918 21,142 30,911 795,706 293,693 14,440 487,573 795,706

Vijay Wason
Auditors

Kpmg Llp
Date Incorporated

Stocks Trade Debtors Other Current Assets Total Current Assets

02/06/1977
Registered Number

01316061
Previous Name(s) with date(s) of change

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities 41 34 15 10 8 7 7 3 1 1 Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Patentgrade Ltd, 11/03/1987
Main UK Subsidiaries with Turnover
(£’000)

Edwardian Intl. Hotels Ltd London May Fair Hotel Ltd Edwardian Exclusive Hotels Ltd Edwardian London Mgmt. Srvcs. Ltd Edwardian Hampshire Hotels Ltd Edwardian Ltd Vanderbilt Hotels Ltd Edwardian Pastoria Hotels Ltd Edwardian London Ltd Dicetask Ltd

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-74 Key Note Ltd

Company Profiles

Edwardian Group Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

1.5 1.6 9.3 4.0 2.7

0.4 0.5 2.7 3.2 0.8

1.8 1.8 12.0 4.3 3.0

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

59 65 44 60

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.17 1.19

1.14 1.15

1.22 1.24

Quick Ratio (Acid Test) Current Ratio

41 45

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

66.3 133.3 60.1

72.8 123.3 85.5

61.4 143.8 57.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

50 38 65

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

19 4.3 0.5 0.2 0.2 10 0.16

17 3.7 0.4 0.2 0.2 13 0.17

26 6.1 0.4 0.2 0.2 11 0.15

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

97 48 125 112

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

18,542 0.34 6,308 67,867 396,071 392,388 27.3

18,102 0.10 1,812 67,916 386,991 383,667 26.7

17,377 0.47 8,253 68,720 446,274 441,467 25.3

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

55 38 73 25 56

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

75 41 108 52 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2008 PBT includes 10.1m impairment of hotel costs.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-75

Company Profiles

Endell Group Holdings Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

A177 Sedgefield Stockton-On-Tees TS21 2JX
Telephone

297,300 -101,700

289,700 -78,100

243,800 -63,200 2,800 8,500 15,600 89,700 392 1,436 54,700 2,870

0870 191 1673
Trading Activity

A group engaged in the operation of budget hotels. Commenced trading 05.09.06. T/O = Revenue.
Main SIC Codes

-42,100 20,200 48,300 350 1,460 65,800 3,230

2,500 18,700 56,500 350 1,472 62,500 2,989

55111
Directors (as at May 2011)

Anand S. Krishnan Guy P. C. Parsons Keith Hamill Grant D. Hearn Jon W. Mortimore Paul V. Harvey Brian R. Lindley David M. Smoot Jamie Nelson Peter O. Jansenberger
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

82,900 633,800 0 716,700 1,000 3,600 85,300 89,900 806,600 12,400 0 92,400 104,800 701,800 527,200 412,800 -238,200 701,800

86,500 645,200 0 731,700 800 4,800 78,100 83,700 815,400 7,700 0 94,400 102,100 713,300 495,000 362,600 -144,300 713,300

82,400 649,800 0 732,200 700 7,700 76,000 84,400 816,600 18,700 1,500 66,800 87,000 729,600 692,600 85,000 -48,000 729,600

Jon W. Mortimore
Auditors

Pricewaterhousecoopers Llp
Bankers

Royal Bank Of Scot
Date Incorporated

02/08/2006
Registered Number

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities

05893851
Previous Name(s) with date(s) of change

Travelodge Ltd, 16/07/2010 Full Moon Holdco 1 Ltd, 06/12/2006 Redpetal Ltd, 15/08/2006
Holding Company

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Dic China (Cayman) Investments Ltd
Ultimate Holding Company

Dubai Intl. Capital Llp Type of Accounts Number of weeks
Consolidated Consolidated Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-76 Key Note Ltd

Company Profiles

Endell Group Holdings Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-12.6 -14.5 -34.2 -7.6 ^

-9.6 -10.9 -27.0 -3.0 ^

-7.7 -8.7 -25.9 3.6 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

121 113 129 120

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.85 0.86

0.81 0.82

0.96 0.97

Quick Ratio (Acid Test) Current Ratio

54 60

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -22.8 ^

^ -15.0 ^

^ -5.6 338.5

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

125 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

4 -5.0 0.3 0.4 3.6 15 0.37

6 -6.4 0.3 0.4 3.3 10 0.36

12 -1.1 0.3 0.3 3.0 28 0.30

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

21 35 18 65

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

20,372 -1.55 -31,486 92,043 217,276 25,666 22.1

20,910 -1.25 -26,129 96,922 238,642 28,939 21.6

19,059 -1.16 -22,021 84,948 254,216 28,711 22.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

37 122 41 43 83

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

17 74 19 -

Other Ratios Exports / Sales (%)

-

-

-

1.1

Special Notes
2009 PBT includes net exceptional charges of 11.8m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-77

Company Profiles

F B M London Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

18-21 Northumberland Avenue London WC2N 5EA
Telephone

14,408 3,943

14,900 3,609

13,680 2,893

02077663700
Fax

02077663766
Trading Activity

6 1,397 1,224 72 0 1,213 53

25 1,401 1,724 62 0 1,631 53

58 1,330 1,828 47 0 1,303 50

The operation of three apartment hotels.
Main SIC Codes

55120
Directors (as at May 2011)

Sym K. Lee Rebecca C. Hollants Van Loocke Choon K. Tan
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Reed Smith Corporate Services Limited
Auditors

Kpmg Llp
Date Incorporated

27,426 0 0 27,426 0 457 6,422 6,879 34,305 359 1,047 1,366 2,772 31,533 23,490 1,181 6,862 31,533

28,689 0 0 28,689 0 505 5,633 6,138 34,827 76 1,094 1,587 2,757 32,070 24,435 931 6,704 32,070

29,631 0 0 29,631 0 517 3,149 3,666 33,297 653 1,186 834 2,673 30,624 25,245 1,102 4,277 30,624

21/01/1993
Registered Number

02783890
Holding Company

Oriville Sas
Ultimate Holding Company

Capitaland Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-78 Key Note Ltd

Company Profiles

F B M London Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

11.5 12.5 27.4 15.9 57.5

10.4 11.3 24.2 16.1 53.8

8.7 9.4 21.1 14.8 67.6

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

7 17 10 10

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

2.48 2.48

2.23 2.23

1.37 1.37

Quick Ratio (Acid Test) Current Ratio

20 21

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

357.6 25.0 23.7

380.8 23.8 32.3

618.0 14.7 38.7

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

86 83 44

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

12 28.5 0.0 0.5 0.5 9 0.42

12 22.7 0.0 0.5 0.5 2 0.43

14 7.3 0.0 0.4 0.5 17 0.41

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

51 3 69 61

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

22,887 3.25 74,396 271,849 594,962 517,472 8.4

30,774 2.21 68,094 281,132 605,094 541,302 10.9

26,060 2.22 57,860 273,600 612,480 592,620 9.5

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

23 2 4 12 127

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

43 20 57 29 -

Other Ratios Exports / Sales (%)

-

-

-

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-79

Company Profiles

Festival Group Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/07/2009 £000s 31/07/2008 £000s 31/07/2007 £000s

C/O David Johnson & Co Llp 14 Stafford Street Edinburgh Midlothian EH3 7AU
Trading Activity

97,254 -11,380

103,601 -6,033

82,414 -578

A group engaged in the operation of betting shops, hotels and public houses and the letting of property.
Main SIC Codes

129 903 3,289 40 273 8,784 682

1,084 799 3,446 43 338 8,634 817

261 2,425 3,168 58 285 8,430 805

92710 55111 55404
Directors (as at May 2011)

Kenneth M. Waugh Richard T. Spanner
Company Secretary

Balance Sheet
Date of Accounts
31/07/2009 £000s 31/07/2008 £000s 31/07/2007 £000s

Richard T. Spanner
Auditors

Rsm Tenon Audit Ltd
Bankers

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

62,269 504 7,149 69,922 241 303 3,069 3,613 73,535 3,635 49,121 5,528 58,284 15,251 7,836 484 6,931 15,251

83,894 534 20 84,448 275 358 4,105 4,738 89,186 3,569 8,986 3,883 16,438 72,748 48,783 185 23,780 72,748

80,068 5,191 24 85,283 284 409 4,500 5,193 90,476 2,622 9,143 3,129 14,894 75,582 0 49,008 26,574 75,582

Clydesdale
Date Incorporated

30/08/2005
Registered Number

Stocks Trade Debtors Other Current Assets Total Current Assets

SC289586
Previous Name(s) with date(s) of change

Festival Inns Group Ltd, 29/01/2007
Main UK Subsidiaries with Turnover
(£’000)

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Morrisons Bookmakers Ltd Festival Inns Ltd Festival Inns Properties Ltd Festival Stores Ltd Morrisons 24/7 Ltd Festival Properties Ltd

78 14 3 1 1

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-80 Key Note Ltd

Company Profiles

Festival Group Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-15.5 -74.6 -11.7 -12.6 -164.2

-6.8 -8.3 -5.8 -3.2 -25.4

-0.6 -0.8 -0.7 3.1 -2.2

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

123 122 103 125

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.06 0.06

0.27 0.29

0.33 0.35

Quick Ratio (Acid Test) Current Ratio

133 134

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

886.2 10.4 ^

248.5 36.4 ^

42.8 41.6 122.3

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

99 99 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

1 -56.2 0.2 6.4 1.6 14 1.32

1 -11.3 0.3 1.4 1.2 13 1.16

2 -11.8 0.3 1.1 1.0 12 0.91

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

10 26 34 20

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

12,880 -1.30 -16,686 142,601 22,362 91,304 9.0

10,568 -0.70 -7,384 126,807 89,043 102,685 8.3

10,472 -0.07 -718 102,378 93,891 99,463 10.2

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

93 120 14 100 126

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

19 118 88 -

Other Ratios Exports / Sales (%)

-

-

-

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-81

Company Profiles

Festival Inns Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/07/2009 £000s 31/07/2008 £000s 31/07/2007 £000s

C/O David Johnson & Co Llp 14 Stafford Street Edinburgh Midlothian EH3 7AU
Trading Activity

14,797 -2,731 0 0 53 608 10

16,534 -3,619 0 0 190 286 12

17,891 -1,500 0 90 196 93 9

Hotel proprietary.
Main SIC Codes

55111
Directors (as at May 2011)

Kenneth M. Waugh Richard T. Spanner
Company Secretary

Directors Emoluments Employee Pay Number of Employees

4,155 353

5,179 534

5,634 576

Richard T. Spanner
Auditors

Rsm Tenon Audit Ltd
Bankers

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/07/2009 £000s 31/07/2008 £000s 31/07/2007 £000s

Clydesdale
Date Incorporated

17/04/2002
Registered Number

36 0 0 36 191 300 1,605 2,096 2,132 2,401 6,806 2,292 11,499 -9,367 106 0 -9,473 -9,367

327 0 0 327 231 357 5,401 5,989 6,316 2,683 9,256 958 12,897 -6,581 161 0 -6,742 -6,581

1,758 0 0 1,758 255 385 18,527 19,167 20,925 2,294 20,633 873 23,800 -2,875 247 0 -3,122 -2,875

SC230453
Previous Name(s) with date(s) of change

Festival Hotels Ltd, 07/12/2005 Waterways Developments Lothian Ltd, 25/06/2003 Kenrich Ltd, 02/09/2002 Pbl 200 Ltd, 01/05/2002
Holding Company

Festival Gp. Ltd
Ultimate Holding Company

Festival Gp. Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-82 Key Note Ltd

Company Profiles

Festival Inns Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-128.1 ^ -18.5 ^ ^

-57.3 ^ -21.9 -124.6 ^

-7.2 ^ -8.4 -7.9 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

140 116 -

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.17 0.18

0.45 0.46

0.79 0.81

Quick Ratio (Acid Test) Current Ratio

116 116

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -81.6 ^

^ -51.6 ^

^ -13.0 ^

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

140 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

7 -63.5 1.3 ^ 411.0 59 6.94

8 -41.8 1.4 ^ 50.6 59 2.62

8 -25.9 1.4 ^ 10.2 47 0.86

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

28 106 1 3

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

11,771 -0.66 -7,737 41,918 -26,535 102 28.1

9,699 -0.70 -6,777 30,963 -12,324 612 31.3

9,781 -0.27 -2,604 31,061 -4,991 3,052 31.5

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

105 104 98 118 49

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

117 134 115 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-83

Company Profiles

Firmdale Hotels PLC
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/01/2010 £000s 31/01/2009 £000s 31/01/2008 £000s

18 Thurloe Place London SW7 2SP
Telephone

50,556 2,303 0 916 1,391 987 30 1,680 17,327 699

53,458 3,160 0 1,520 1,999 642 25 1,760 18,189 743

50,993 4,515 0 625 797 986 25 1,959 17,089 730

02075814045
Trading Activity

Hotel operators.
Main SIC Codes

55111
Directors (as at May 2011)

Timothy J. R. Kemp Craig A. Markham Carolyn A. Wicks Malcolm T. Soden Rodney F. Taylor Rolando Cheles
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities
31/01/2010 £000s 31/01/2009 £000s 31/01/2008 £000s

Malcolm T. Soden
Auditors

Macintyre Hudson Llp
Bankers

84,928 0 53,176 138,104 338 537 50,042 50,917 189,021 2,085 4,235 3,645 9,965 179,056 18,150 0 160,906 179,056

87,283 0 42,201 129,484 370 624 51,182 52,176 181,660 2,331 1,948 3,529 7,808 173,852 15,250 0 158,602 173,852

106,253 0 337 106,590 294 851 60,191 61,336 167,926 2,451 6,678 3,354 12,483 155,443 0 183 155,260 155,443

Barclays Bank Plc
Date Incorporated

01/10/1981
Registered Number

01588612
Previous Name(s) with date(s) of change

Firmdale Hotels Ltd, 29/08/1989 Firmdale Holdings Ltd, 10/05/1989
Holding Company

Firmdale Hldgs. Ltd
Ultimate Holding Company

Firmdale Hldgs. Ltd

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-84 Key Note Ltd

Company Profiles

Firmdale Hotels PLC Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

1.2 1.3 4.6 1.8 1.4

1.7 1.8 5.9 2.2 2.0

2.7 2.9 8.9 3.4 2.9

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

65 67 62 89

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

5.08 5.11

6.63 6.68

4.89 4.91

Quick Ratio (Acid Test) Current Ratio

8 8

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

13.9 572.3 30.0

10.8 687.8 16.9

4.3 1,225.8 17.9

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

23 13 49

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

4 81.0 0.7 0.3 0.6 15 0.27

4 83.0 0.7 0.3 0.6 16 0.29

6 95.8 0.6 0.3 0.5 18 0.30

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

19 68 64 86

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

24,788 0.13 3,295 72,326 256,160 121,499 34.3

24,480 0.17 4,253 71,949 233,987 117,474 34.0

23,410 0.26 6,185 69,853 212,936 145,552 33.5

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

16 59 67 39 20

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

63 52 37 64 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-85

Company Profiles

Firoka (Kings Cross) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
30/09/2010 £000s * year analysed in League Tables 24/09/2009 25/09/2008 27/09/2007 £000s £000s £000s

New Holiday Inn No: 1 Kings Cross Road London WC1X 9HX
Telephone

15,051 3,039 0 28 1,713 103 43 400 2,503 184

14,243 2,523 0 205 2,279 147 41 400 2,258 171

18,373 4,372

12,714 6,373 0 2,235 1,197 475 20 171 1,618 103

02078333900
Fax

02079176164
Trading Activity

619 2,165 399 41 400 2,632 191

A grp engd in the operation of a hotel, ’The Holiday Inn’, Kings Cross, London.
Main SIC Codes

55111 70110 92610
Directors (as at May 2011)

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
30/09/2010 £000s 24/09/2009 £000s 25/09/2008 £000s 27/09/2007 £000s

Firoz A. Kassam Anne Lowry Ashwini D. Tawakley
Company Secretary

Anne Lowry
Auditors

71,489 8 8,179 79,676 32 991 5,996 7,019 86,695 523 1,084 2,347 3,954 82,741 2,714 319 79,708 82,741

72,778 11 9,169 81,958 31 1,005 8,166 9,202 91,160 290 4,257 2,679 7,226 83,934 77 413 83,444 83,934

74,368 15 9,006 83,389 39 1,300 7,079 8,418 91,807 428 5,292 3,430 9,150 82,657 0 462 82,195 82,657

110,187 19 15,942 126,148 20 976 3,091 4,087 130,235 342 2,245 1,685 4,272 125,963 4,812 383 120,768 125,963

Pkf (Uk) Llp
Date Incorporated

02/02/1990
Registered Number

02466578
Previous Name(s) with date(s) of change

Dashquote Ltd, 30/03/1990
Holding Company

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities

Firoka (Kings Cross) Guernsey Ltd
Ultimate Holding Company

Firoka (Kings Cross) Guernsey Ltd
Main UK Subsidiaries with Turnover
(£’000)

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Firoka (Studley Castle) Ltd Firoka (Beadlow Manor) Ltd

1

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

Unconsolidated

53

52

52

52

* The Company’s accounts for 24/09/2009 are those used in the analysis. These are shown in bold text and are used to calculate the performance rankings in the League Tables. The later accounts fall outside the analysis period but have been presented for further information.

See sections 6 & 7 for Analysis Notes and Definitions
3-86 Key Note Ltd

Company Profiles

Firoka (Kings Cross) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

3.4 3.6 20.2 3.7 3.7

2.8 3.0 17.7 3.0 3.0

4.8 5.3 23.8 5.4 5.3

4.9 5.1 50.1 5.3 5.3

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

47 52 24 76

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

1.77 1.78

1.27 1.27

0.92 0.92

0.95 0.96

Quick Ratio (Acid Test) Current Ratio

39 42

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

4.8 1,140.8 3.3

5.2 1,081.4 5.5

6.4 855.1 8.4

5.8 1,275.7 6.9

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

17 10 28

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

24 20.8 0.2 0.2 0.2 13 0.17

26 13.9 0.2 0.2 0.2 7 0.16

26 -4.0 0.2 0.2 0.2 9 0.20

28 -1.5 0.2 0.1 0.1 10 0.10

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

121 24 122 114

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

13,347 1.21 16,205 80,256 449,679 388,527 16.6

13,205 1.12 14,754 83,292 490,842 425,602 15.9

13,780 1.66 22,890 96,194 432,759 389,361 14.3

15,709 3.94 61,874 123,437 1,222,942 1,069,777 12.7

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

88 14 58 16 113

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

30 56 128 3 -

Other Ratios Exports / Sales (%)

0.0

0.0

-

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-87

Company Profiles

Forestdale Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
27/02/2010 £000s 28/02/2009 £000s 01/03/2008 £000s

Wessex Hotel West Cliff Road Bournemouth Dorset BH2 5EU
Telephone

26,171 -4,452 0 5 1,620 1,662 38 135 9,441 857

29,045 -656 0 30 1,602 2,218 38 149 10,209 949

32,457 3,523 397 5,112 1,817 3,076 42 122 11,481 1,012

01202551911
Trading Activity

A group engaged in the management of hotels.
Main SIC Codes

55111
Directors (as at May 2011)

Directors Emoluments Employee Pay Number of Employees

Alan J. Murray Philip M. Welbourn James S. Brent Nicholas D. T. Crawley
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
27/02/2010 £000s 28/02/2009 £000s 01/03/2008 £000s

Bdo Llp
Bankers

Bank Of Scotland
Date Incorporated

41,809 841 0 42,650 160 603 1,444 2,207 44,857 1,782 35 1,620 3,437 41,420 34,301 609 6,510 41,420

46,273 1,093 0 47,366 179 802 1,024 2,005 49,371 1,766 215 1,554 3,535 45,836 34,245 665 10,926 45,836

47,578 1,344 0 48,922 210 1,044 2,822 4,076 52,998 2,791 1,585 3,040 7,416 45,582 33,347 103 12,132 45,582

08/02/1905
Registered Number

00083508
Previous Name(s) with date(s) of change

Forest Dale Hotels Ltd, 23/07/1987 Forest Park Hotel, Ltd (The), 31/12/1978
Main UK Subsidiaries with Turnover
(£’000)

Zoffany Hotels Ltd Ardsley House Hotel Ltd

7 2

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-88 Key Note Ltd

Company Profiles

Forestdale Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-9.9 -10.7 -17.0 -6.7 -68.4

-1.3 -1.4 -2.3 3.4 -6.0

6.6 7.7 10.9 14.0 29.0

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

120 108 113 118

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.60 0.64

0.52 0.57

0.52 0.55

Quick Ratio (Acid Test) Current Ratio

76 77

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

605.7 17.0 ^

350.5 28.4 142.0

323.8 29.7 46.6

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

94 92 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

8 -4.7 0.6 0.6 0.6 25 0.58

10 -5.3 0.6 0.6 0.6 22 0.59

12 -10.3 0.6 0.7 0.7 31 0.61

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

35 65 62 48

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

11,016 -0.47 -5,195 30,538 48,331 48,785 36.1

10,758 -0.06 -691 30,606 48,299 48,760 35.1

11,345 0.31 3,481 32,072 45,042 47,014 35.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

113 97 120 84 13

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

121 114 89 6

Other Ratios Exports / Sales (%)

-

0.0

0.0

1.2

Special Notes
2010 PBT includes exceptional charges of 3.7m. 2008 PBT includes 4.3m profit on sale and leaseback. This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-89

Company Profiles

G H Hotel Operating Co. Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

7 Albemarle Street London W1S 4HQ
Trading Activity

57,611 -286 0 191 1,623 511 30 0 11,446 754

54,315 1,229 0 210 1,186 532 36 0 13,671 805

46,104 1,091 0 242 884 538 60 0 11,681 773

The operation of the Grosvenor House Hotel, located on Park lane, London.
Main SIC Codes

55111
Directors (as at May 2011)

Paul A. Simmons Bridgett R. Price
Company Secretary

Citco Management (Uk) Limited
Auditors

Pricewaterhousecoopers Llp
Bankers

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Nat West Bank Plc
Date Incorporated

26/11/2003
Registered Number

17,906 0 0 17,906 217 4,708 11,181 16,106 34,012 1,363 16,680 11,632 29,675 4,337 0 355 3,982 4,337

17,145 0 0 17,145 598 4,602 13,404 18,604 35,749 6,494 0 24,558 31,052 4,697 0 405 4,292 4,697

14,156 0 0 14,156 598 4,771 7,430 12,799 26,955 4,053 13,283 6,480 23,816 3,139 0 511 2,628 3,139

04976608
Holding Company

Ronevsorg Hotel Operating Co. Ltd
Ultimate Holding Company

Marriott Intl. Inc.

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-90 Key Note Ltd

Company Profiles

G H Hotel Operating Co. Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-0.8 -6.6 -0.5 1.1 -7.2

3.4 26.2 2.3 37.5 28.6

4.0 34.8 2.4 9.9 41.5

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

85 103 82 94

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.54 0.54

0.58 0.60

0.51 0.54

Quick Ratio (Acid Test) Current Ratio

82 87

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

418.9 13.3 227.1

0.0 13.6 30.2

505.4 10.8 33.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

90 96 94

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

30 -23.6 0.4 13.3 3.2 9 1.69

31 -22.9 1.1 11.6 3.2 44 1.52

38 -23.9 1.3 14.7 3.3 32 1.71

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

131 41 19 17

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

15,180 -0.02 -379 76,407 5,752 23,748 19.9

16,983 0.09 1,527 67,472 5,835 21,298 25.2

15,111 0.09 1,411 59,643 4,061 18,313 25.3

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

72 79 63 108 97

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

14 19 54 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2009 PBT includes exceptional income of 392k.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-91

Company Profiles

Gleneagles Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
30/06/2010 £000s * year analysed in League Tables 30/06/2009 30/06/2008 30/06/2007 £000s £000s £000s

Gleneagles Hotel Auchterarder Perthshire PH3 1NF
Telephone

33,668 -745 0 35 3,064 0 18 751 12,021 757

35,579 2,487

38,231 11,065 0 10,029 3,182 0 20 486 12,140 676

35,322 14,738 0 12,749 2,811 7 19 312 10,785 605

01764662231
Fax

01764662134
Trading Activity

3,041 2,874 0 18 513 12,035 682

The operation of ’The Gleneagles Hotel’.
Main SIC Codes

55111 92619
Directors (as at May 2011)

Peter J. Lederer David A. Kemp Deirdre A. Mahlan
Company Secretary

Balance Sheet
Date of Accounts
30/06/2010 £000s 30/06/2009 £000s 30/06/2008 £000s 30/06/2007 £000s

John J. Nicholls
Auditors

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

80,674 0 0 80,674 2,691 1,119 220,948 224,758 305,432 1,207 4,193 7,398 12,798 292,634 0 0 292,634 292,634

82,769 0 16 82,785 2,706 1,692 219,287 223,685 306,470 1,653 5,914 6,691 14,258 292,212 0 0 292,212 292,212

84,595 0 16 84,611 4,114 4,104 335,595 343,813 428,424 1,733 130,342 8,377 140,452 287,972 0 31 287,941 287,972

79,496 0 16 79,512 1,251 2,786 327,450 331,487 410,999 913 127,595 6,141 134,649 276,350 0 546 275,804 276,350

Kpmg Audit Plc
Date Incorporated

28/01/1986
Registered Number

Stocks Trade Debtors Other Current Assets Total Current Assets

SC097000
Previous Name(s) with date(s) of change

Gleneagles Hotels PLC, 30/07/1998 Hermanus Ltd, 21/03/1986
Holding Company

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities

Diageo PLC
Ultimate Holding Company

Diageo PLC
Main UK Subsidiaries with Turnover
(£’000)

Gleneagles Resort Developments Ltd

2

Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

52

* The Company’s accounts for 30/06/2009 are those used in the analysis. These are shown in bold text and are used to calculate the performance rankings in the League Tables. The later accounts fall outside the analysis period but have been presented for further information.

See sections 6 & 7 for Analysis Notes and Definitions
3-92 Key Note Ltd

Company Profiles

Gleneagles Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-0.2 -0.3 -2.2 -0.3 -0.3

0.8 0.9 7.0 0.8 0.9

2.6 3.8 28.9 2.6 3.8

3.6 5.3 41.7 3.7 5.3

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

71 72 50 95

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

17.35 17.56

15.50 15.69

2.42 2.45

2.45 2.46

Quick Ratio (Acid Test) Current Ratio

2 2

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

1.4 2,286.6 ^

2.0 2,049.5 0.0

45.3 205.0 0.0

46.3 204.0 0.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

14 4 7

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

12 629.6 8.0 0.1 0.4 13 0.11

17 588.6 7.6 0.1 0.4 17 0.12

39 531.9 10.8 0.1 0.5 17 0.09

29 557.3 3.5 0.1 0.4 9 0.09

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

87 132 78 124

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

15,880 -0.06 -984 44,476 386,571 106,571 35.7

17,647 0.21 3,647 52,169 428,463 121,362 33.8

17,959 0.91 16,368 56,555 425,994 125,141 31.8

17,826 1.37 24,360 58,383 456,777 131,398 30.5

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

57 56 85 20 24

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

57 66 125 18 -

Other Ratios Exports / Sales (%)

0.0

-

0.0

0.0

Special Notes
2008 PBT includes 4.6m exceptional profit (2007 = 7.7m).

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-93

Company Profiles

Globalgrange Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

58 Rochester Row London SW1P 1JU
Telephone

72,817 3,951 0 3,114 9,136 14,323 51 278 19,480 1,043

58,987 4,389 0 1,573 7,595 11,937 50 277 15,378 845

56,395 7,119 0 -945 6,018 10,123 53 271 13,694 799

02072337373
Fax

02078351888
Trading Activity

A group engaged as hoteliers and property contractors.
Main SIC Codes

55111
Directors (as at May 2011)

Tejinderpal S. Matharu Raj S. Matharu Harpal S. Matharu
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Harpal S. Matharu
Auditors

Baker Tilly Uk Audit Llp
Bankers

464,955 798 1,779 467,532 4,105 3,111 26,314 33,530 501,062 7,915 41,444 8,123 57,482 443,580 170,681 3,187 269,712 443,580

444,181 876 1,806 446,863 7,399 2,989 24,370 34,758 481,621 9,022 4,890 6,159 20,071 461,550 192,037 2,272 267,241 461,550

367,609 912 1,830 370,351 7,449 3,803 13,578 24,830 395,181 9,155 9,822 4,671 23,648 371,533 145,123 1,997 224,413 371,533

Royal Bank Of Scot
Date Incorporated

20/06/1980
Registered Number

01503192

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-94 Key Note Ltd

Company Profiles

Globalgrange Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

0.8 0.9 5.4 3.8 1.5

0.9 1.0 7.4 3.5 1.6

1.8 1.9 12.6 4.5 3.2

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

73 71 57 62

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.51 0.58

1.36 1.73

0.73 1.05

Quick Ratio (Acid Test) Current Ratio

85 84

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

78.9 116.6 78.4

73.9 124.7 73.1

69.3 131.4 58.7

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

53 44 73

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

16 -32.9 5.6 0.2 0.2 40 0.15

18 24.9 12.5 0.1 0.1 56 0.12

25 2.1 13.2 0.2 0.2 59 0.14

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

78 128 127 118

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

18,677 0.20 3,788 69,815 425,292 445,786 26.8

18,199 0.29 5,194 69,807 546,213 525,658 26.1

17,139 0.52 8,910 70,582 464,997 460,086 24.3

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

54 57 70 22 61

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

11 47 18 8 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-95

Company Profiles

Gloucester Capital Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Milton Gate 60 Chiswell Street London EC1Y 4AG
Trading Activity

16,108 -3,204 0 0 3,507 5,428 35 0 3,074 136

17,584 -4,336 0 62 3,500 6,682 70 0 3,915 163

16,585 -5,667 0 68 4,273 7,702 40 0 3,850 155

A group engaged as hoteliers.
Main SIC Codes

55111
Directors (as at May 2011)

Gary M. Landesberg Alan Landesburg David Rosenberg Elliot S. Rosenburg Laurence M. Ronson
Company Secretary

A G Secretarial Limited
Auditors

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Ernst & Young Llp
Bankers

Royal Bank Of Scot
Date Incorporated

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

71,358 1,843 0 73,201 32 884 3,431 4,347 77,548 337 23,434 2,079 25,850 51,698 64,407 0 -12,709 51,698

74,437 2,037 0 76,474 24 1,168 3,812 5,004 81,478 543 23,434 2,682 26,659 54,819 64,229 0 -9,410 54,819

77,775 2,231 0 80,006 24 800 3,385 4,209 84,215 747 86,434 2,288 89,469 -5,254 0 241 -5,495 -5,254

06/07/2006
Registered Number

05869071
Previous Name(s) with date(s) of change

Stocks Trade Debtors Other Current Assets Total Current Assets

Inhoco 4162 Ltd, 07/11/2006
Main UK Subsidiaries with Turnover
(£’000)

London Portman Hotel Ltd

16

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

78

See sections 6 & 7 for Analysis Notes and Definitions
3-96 Key Note Ltd

Company Profiles

Gloucester Capital Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-4.1 -6.2 -19.9 3.0 ^

-5.3 -7.9 -24.7 3.0 ^

-4.5 ^ -34.2 1.7 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

107 102 118 77

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.17 0.17

0.19 0.19

0.05 0.05

Quick Ratio (Acid Test) Current Ratio

115 119

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -14.1 244.1

^ -10.4 284.8

^ -6.1 378.5

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

121 96

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

20 -133.5 0.2 0.3 0.2 8 0.21

24 -123.2 0.1 0.3 0.2 11 0.22

26 -771.1 0.2 ^ 0.1 25 0.13

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

101 23 115 102

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

22,603 -1.04 -23,559 118,441 380,132 524,691 19.1

24,018 -1.11 -26,601 107,877 336,313 456,669 22.3

16,559 -1.47 -24,374 71,333 -33,897 501,774 23.2

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

25 115 22 27 103

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

8 93 83 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-97

Company Profiles

Guoman Hotel Holdings Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
27/06/2010 £000s * year analysed in League Tables 28/06/2009 29/06/2008 01/07/2007 £000s £000s £000s

Po Box 909 Bath Road Uxbridge Middlesex UB8 9FH
Trading Activity

199,532 1,712 0 -57,881 11,472 25,816 101 0 38,713 1,328

198,612 -9,434

220,432 58,588

203,609 843

A group engaged in the ownership and operation of hotels. T/O = Revenue.
Main SIC Codes

33,059 10,775 0 113 0 13,155 1,310

29,689 9,745 0 267 0 13,988 1,920

4,465 16,712 31,362 114 0 52,724 2,021

55111
Directors (as at May 2011)

Kwang M. A. Chew Timothy J. Scoble Seok H. Blackwell Andy Hughes
Company Secretary

Seok H. Blackwell
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities
(£’000) 27/06/2010 £000s 28/06/2009 £000s 29/06/2008 £000s 01/07/2007 £000s

Kpmg Llp
Date Incorporated

11/10/2002
Registered Number

719,091 0 0 719,091 351 16,272 28,114 44,737 763,828 15,236 238,377 27,088 280,701 483,127 248,531 40,661 193,935 483,127

726,407 0 9,473 735,880 302 14,445 19,150 33,897 769,777 22,078 12,902 10,588 45,568 724,209 479,556 64,324 180,329 724,209

719,554 0 10,821 730,375 433 17,407 26,274 44,114 774,489 21,681 5,284 8,651 35,616 738,873 469,743 90,839 178,291 738,873

722,863 0 13,922 736,785 399 16,942 29,800 47,141 783,926 15,908 0 22,114 38,022 745,904 461,231 92,952 191,721 745,904

04560805
Previous Name(s) with date(s) of change

Guocoleisure (UK) Ltd, 25/06/2010 Bil (UK) Ltd, 02/10/2007 Trushelfco (No.2930) Ltd, 19/02/2003
Holding Company

Guoman Hotels Gp. Ltd
Ultimate Holding Company

Hong Leong Co. (Malaysia) Berhad
Main UK Subsidiaries with Turnover

Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Guoman Hotels Ltd

198

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

Consolidated

52

52

52

52

* The Company’s accounts for 28/06/2009 are those used in the analysis. These are shown in bold text and are used to calculate the performance rankings in the League Tables. The later accounts fall outside the analysis period but have been presented for further information.

See sections 6 & 7 for Analysis Notes and Definitions
3-98 Key Note Ltd

Company Profiles

Guoman Hotel Holdings Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

0.2 0.4 0.9 3.8 0.9

-1.2 -1.3 -4.7 -1.3 -5.2

7.6 7.9 26.6 7.9 32.9

0.1 0.1 0.4 4.3 0.4

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

89 84 90 106

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

0.16 0.16

0.74 0.74

1.23 1.24

1.23 1.24

Quick Ratio (Acid Test) Current Ratio

66 70

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

251.1 34.0 93.8

273.1 30.6 ^

266.4 29.9 0.0

240.6 32.4 97.4

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

78 80 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

30 -118.3 0.2 0.4 0.3 28 0.26

27 -5.9 0.2 0.3 0.3 41 0.26

29 3.9 0.2 0.3 0.3 36 0.28

30 4.5 0.2 0.3 0.3 29 0.26

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

124 16 102 88

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

29,151 0.04 1,289 150,250 363,800 541,484 19.4

10,042 -0.72 -7,202 151,612 552,831 554,509 6.6

7,285 4.19 30,515 114,808 384,830 374,768 6.3

26,088 0.02 417 100,747 369,077 357,676 25.9

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

121 108 11 13 128

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

70 79 113 -

Other Ratios Exports / Sales (%)

0.0

-

-

-

Special Notes
2008 PBT includes 50.0m profit on disposal of Intellectual Property. This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-99

Company Profiles

Guoman Hotel Management (UK) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
27/06/2010 £000s * year analysed in League Tables 28/06/2009 29/06/2008 01/07/2007 £000s £000s £000s

The Glasgow Thistle Hotel 36 Cambridge Street Glasgow Lanarkshire G2 3HN
Telephone

21,501 -509

15,119 -7,623

20,921 -777

17,069 -2,923

08703339154
Trading Activity

0 2,902 141 15 1,165 5,935 164

0 2,650 0 10 1,018 6,374 167

0 2,512 0 10 871 10,141 296

0 2,242 1,069 0 0

The management of hotels. T/O = Revenue.
Main SIC Codes

55111
Directors (as at May 2011)

Directors Emoluments Employee Pay Number of Employees

Timothy J. Scoble Heiko Figge Andy Hughes
Company Secretary

Balance Sheet
Date of Accounts
27/06/2010 £000s 28/06/2009 £000s 29/06/2008 £000s 01/07/2007 £000s

Seok H. Blackwell
Auditors

Kpmg Llp
Date Incorporated

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

8,652 0 0 8,652 0 0 10,550 10,550 19,202 0 17,403 109 17,512 1,690 0 0 1,690 1,690

10,599 0 0 10,599 0 0 2,833 2,833 13,432 0 10,202 1,031 11,233 2,199 0 0 2,199 2,199

11,158 0 861 12,019 0 0 2,946 2,946 14,965 0 3,126 1,156 4,282 10,683 0 0 10,683 10,683

10,422 0 136 10,558 0 0 1,710 1,710 12,268 109 19,424 0 19,533 -7,265 0 0 -7,265 -7,265

03/10/1968
Registered Number

SC046004
Previous Name(s) with date(s) of change

Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets

Guoman Hotel Management Ltd, 28/09/2007 Thistle Hotels (Management) Ltd, 09/05/2007 Shetland Hotels (Lerwick) Ltd, 30/08/1989
Holding Company

Guoman Hotel Mgmt. Gp. Pte. Ltd
Ultimate Holding Company

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Hong Leong Co. (Malaysia) Berhad

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

52

* The Company’s accounts for 28/06/2009 are those used in the analysis. These are shown in bold text and are used to calculate the performance rankings in the League Tables. The later accounts fall outside the analysis period but have been presented for further information.

See sections 6 & 7 for Analysis Notes and Definitions
3-100 Key Note Ltd

Company Profiles

Guoman Hotel Management (UK) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-2.7 -30.1 -2.4 -1.9 -30.1

-56.8 -346.7 -50.4 -61.5 -346.7

-5.2 -7.3 -3.7 -5.6 -7.3

-23.8 ^ -17.1 -15.2 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

136 126 133 136

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

0.60 0.60

0.25 0.25

0.69 0.69

0.09 0.09

Quick Ratio (Acid Test) Current Ratio

104 107

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

1,029.8 9.7 ^

463.9 19.6 ^

29.3 249.5 ^

^ -37.2 ^

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

91 90 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

0 -32.4 0.0 12.7 2.5 0 1.12

0 -55.6 0.0 6.9 1.4 0 1.13

0 -6.4 0.0 2.0 1.9 0 1.40

0 -104.4 0.0 ^ 1.6 2 1.39

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

1 4 35 23

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

36,189 -0.09 -3,104 131,104 10,305 52,756 27.6

38,168 -1.20 -45,647 90,533 13,168 63,467 42.2

34,260 -0.08 -2,625 70,679 36,091 37,696 48.5

-

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

6 117 45 105 4

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

103 43 -

Other Ratios Exports / Sales (%)

-

-

-

-

Special Notes
2009 PBT includes 7.1m charge regarding licence of Thistle & Guoman brands (2008 = 3.1m). This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-101

Company Profiles

Hand Picked Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
25/11/2010 £000s * year analysed in League Tables 26/11/2009 27/11/2008 29/11/2007 £000s £000s £000s

The Old Library The Drive Sevenoaks Kent TN13 3AB
Telephone

59,203 -7,294 0 4 8,354 7,953 41 783 22,333 1,082

58,347 -8,235

61,638 -3,111 0 66 8,011 7,395 53 805 20,626 1,011

43,850 -1,418 0 90 5,501 5,284 28 1,034 15,421 794

01732471000
Fax

8 8,357 8,783 73 770 21,418 1,106

01732471001
Trading Activity

A group engaged in the ownership and operation of hotels.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111
Directors (as at May 2011)

Julia Hands Kenneth Arkley Douglas R. Waddell Amanda Newton
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
25/11/2010 £000s 26/11/2009 £000s 27/11/2008 £000s 29/11/2007 £000s

Jordan Company Secretaries Limited
Auditors

163,503 0 0 163,503 2,321 1,422 4,870 8,613 172,116 2,305 2,013 12,468 16,786 155,330 125,485 1 29,844 155,330

168,980 0 0 168,980 2,249 1,287 5,903 9,439 178,419 2,431 470 12,359 15,260 163,159 125,883 137 37,139 163,159

173,390 0 0 173,390 3,037 1,776 6,280 11,093 184,483 2,293 3,031 10,892 16,216 168,267 145,897 0 22,370 168,267

117,159 0 0 117,159 3,886 1,874 17,115 22,875 140,034 2,841 605 8,755 12,201 127,833 107,431 389 20,013 127,833

Pkf (Uk) Llp
Date Incorporated

28/04/1999
Registered Number

03760451
Previous Name(s) with date(s) of change

Mexicoscope Ltd, 29/07/1999
Holding Company

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities

Alscot Sarl
Ultimate Holding Company

Alscot Sarl
Main UK Subsidiaries with Turnover
(£’000)

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Wy (Nutfield Priory) Ltd Wy (Rookery Hall) Ltd Wy (Woodland Park) Ltd Rhinefield House Hotel Ltd New Hall Hotel Ltd Wy (Brands Hatch) Ltd Wy (Ettington Park) Ltd Audleys Wood Hotel Ltd Buxted Park Hotel Ltd Wy (Wood Hall) Ltd

5 4 4 4 3 3 3 2 2 2

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

Consolidated

52

52

52

52

* The Company’s accounts for 26/11/2009 are those used in the analysis. These are shown in bold text and are used to calculate the performance rankings in the League Tables. The later accounts fall outside the analysis period but have been presented for further information.

See sections 6 & 7 for Analysis Notes and Definitions
3-102 Key Note Ltd

Company Profiles

Hand Picked Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-4.2 -4.7 -12.3 0.4 -24.4

-4.6 -5.0 -14.1 0.3 -22.2

-1.7 -1.8 -5.0 2.5 -13.9

-1.0 -1.1 -3.2 3.0 -7.1

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

109 99 107 101

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

0.37 0.51

0.47 0.62

0.50 0.68

1.56 1.87

Quick Ratio (Acid Test) Current Ratio

88 80

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

427.2 21.0 1,206.8

340.2 26.3 1,602.7

665.7 13.8 172.6

539.8 16.7 136.7

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

83 82 101

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

9 -13.8 3.9 0.4 0.4 14 0.34

8 -10.0 3.9 0.4 0.3 15 0.33

11 -8.3 4.9 0.4 0.4 14 0.33

16 24.3 8.9 0.3 0.4 24 0.31

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

31 124 86 72

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

20,640 -0.33 -6,741 54,716 143,558 151,112 37.7

19,365 -0.38 -7,446 52,755 147,522 152,785 36.7

20,402 -0.15 -3,077 60,967 166,436 171,503 33.5

19,422 -0.09 -1,786 55,227 160,999 147,555 35.2

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

45 93 83 54 9

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

10 16 7 -

Other Ratios Exports / Sales (%)

0.0

-

0.0

0.0

Special Notes
2008 T/O includes 6.4m acquisitions.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-103

Company Profiles

Hastings Hotels Group Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/10/2009 £000s 31/10/2008 £000s 31/10/2007 £000s

Midland Building Whitla Street Belfast County Antrim BT15 1NH
Telephone

32,864 2,791 0 82 3,037 1,251 36 953 10,583 1,085

33,776 3,514 0 2,852 3,086 2,318 36 1,051 10,920 933

33,820 3,341

02890751066
Fax

40 3,037 1,372 38 827 10,339 987

02890748152
Trading Activity

A group engaged in the operation of hotels and the provision of related catering services.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111
Directors (as at May 2011)

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities
31/10/2009 £000s 31/10/2008 £000s 31/10/2007 £000s

John E. Carson Kathleen J. Hastings Julie A. H. Maguire John D. Toner Aileen C. L. Martin Howard J. Hastings William G. Hastings Allyson McKimm
Company Secretary

46,713 0 4,296 51,009 261 1,771 2,627 4,659 55,668 1,032 18,922 3,038 22,992 32,676 36 451 32,189 32,676

47,130 0 5,409 52,539 254 2,510 2,025 4,789 57,328 1,244 18,234 4,910 24,388 32,940 1,150 320 31,470 32,940

43,643 0 6,104 49,747 250 2,715 1,101 4,066 53,813 1,146 15,136 4,720 21,002 32,811 3,950 392 28,469 32,811

John E. Carson
Auditors

Pricewaterhousecoopers Llp
Bankers

Bank Of Ireland
Date Incorporated

11/02/1971
Registered Number

NI008164
Main UK Subsidiaries with Turnover
(£’000)

Moyola (Cellars) Ltd

32

Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-104 Key Note Ltd

Company Profiles

Hastings Hotels Group Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

5.0 8.5 8.5 7.8 8.7

6.1 10.7 10.4 11.4 11.2

6.2 10.2 9.9 9.8 11.7

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

29 24 45 22

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.19 0.20

0.19 0.20

0.18 0.19

Quick Ratio (Acid Test) Current Ratio

113 113

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

58.9 137.1 31.0

61.6 121.7 39.7

67.0 112.3 29.1

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

44 35 51

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

20 -55.8 0.8 1.0 0.7 11 0.59

27 -58.0 0.8 1.0 0.7 13 0.59

29 -50.1 0.7 1.0 0.8 12 0.63

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

99 81 59 47

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

9,754 0.26 2,572 30,289 30,116 43,053 32.2

11,704 0.32 3,766 36,202 35,305 50,514 32.3

10,475 0.32 3,385 34,265 33,243 44,218 30.6

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

122 46 122 96 30

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

73 34 55 22 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

-

Special Notes
2008 PBT includes exceptional income of 2.5m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-105

Company Profiles

Hhr Piccadilly Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

21 Piccadilly London W1V 0BH
Telephone

21,848 -669 0 -140 1,240 1,404 26 0 4,889 228

22,982 -746 0 417 1,358 3,362 24 0 5,159 225

23,740 1,307 0 334 1,195 3,057 33 0 4,883 246

020 73013000
Fax

020 74373574
Trading Activity

The operation of a hotel called ’Le Meridien Piccadilly’.
Main SIC Codes

55111
Directors (as at May 2011)

Jeffrey S. Clark Larry K. Harvey
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Intertrust (Uk) Limited
Auditors

Pricewaterhousecoopers Llp
Date Incorporated

12,781 0 0 12,781 64 1,002 10,425 11,491 24,272 232 5,210 1,239 6,681 17,591 42,743 60 -25,212 17,591

12,860 0 160 13,020 81 785 10,941 11,807 24,827 271 4,071 1,594 5,936 18,891 43,496 175 -24,780 18,891

12,457 0 1,490 13,947 78 1,111 11,945 13,134 27,081 363 2,901 2,184 5,448 21,633 44,562 175 -23,104 21,633

11/05/1981
Registered Number

SC074783
Previous Name(s) with date(s) of change

Starman Piccadilly Ltd, 04/08/2010 Le Meridien Piccadilly Ltd, 30/03/2006 Meridien Piccadilly Ltd, 12/05/1994 Le Meridien London Ltd, 09/05/1994
Holding Company

Hhr UK Ii B.V.
Ultimate Holding Company

Starman Hotel Hldgs. Llc

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-106 Key Note Ltd

Company Profiles

Hhr Piccadilly Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-2.8 -3.8 -3.1 3.2 ^

-3.0 -3.9 -3.2 11.4 ^

4.8 6.0 5.5 17.8 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

100 95 88 73

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.71 1.72

1.98 1.99

2.40 2.41

Quick Ratio (Acid Test) Current Ratio

33 35

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -50.9 191.0

^ -50.0 128.5

^ -46.0 70.1

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

134 91

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

17 22.0 0.3 1.2 1.7 4 0.90

12 25.5 0.4 1.2 1.8 4 0.93

17 32.4 0.3 1.1 1.9 6 0.88

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

83 30 30 32

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

21,443 -0.14 -2,934 95,825 77,154 56,057 22.4

22,929 -0.14 -3,316 102,142 83,960 57,156 22.4

19,850 0.27 5,313 96,504 87,939 50,638 20.6

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

30 83 37 73 82

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

92 99 77 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-107

Company Profiles

Hilton International Hotels (UK) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Maple Court Centre Park Reeds Crescent Watford Hertfordshire WD24 4QQ
Telephone

56,347 64,293 0 4,392 9,166 50,255 0 0 11,221

59,368 -444,288 0 14,297 4,260 117,883 0 0

58,076 -120,632 0 -3,830 3,715 126,052 0 0 11,870

02078568000
Trading Activity

Hotel proprietors.
Main SIC Codes

55111
Directors (as at May 2011)

Directors Emoluments Employee Pay Number of Employees

Paul F. James Stephen Humphreys Mark J. Way John C. Philip Brian Wilson Simon R. Vincent Elizabeth J. Rabin
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities
(£’000) 31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Hlt Secretary Limited
Auditors

55,899 0 2,565,428 2,621,327 523 1,622 200,831 202,976 2,824,303 813 2,660,828 6,634 2,668,275 156,028 40,100 0 115,928 156,028

62,016 0 2,566,345 2,628,361 492 1,911 202,788 205,191 2,833,552 955 2,730,884 10,063 2,741,902 91,650 40,100 0 51,550 91,650

61,330 0 2,565,208 2,626,538 386 4,238 225,336 229,960 2,856,498 1,208 2,311,826 6,668 2,319,702 536,796 40,100 0 496,696 536,796

Ernst & Young Llp
Date Incorporated

12/06/1961
Registered Number

00695283
Previous Name(s) with date(s) of change

Hilton Hotels (U.K) Ltd, 31/12/1977
Ultimate Holding Company

Bh Hotels Holdco Llc
Main UK Subsidiaries with Turnover

Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Hilton Worldwide Ltd Hilton UK Hotels Ltd

102 7

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-108 Key Note Ltd

Company Profiles

Hilton International Hotels (UK) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

2.3 41.2 114.1 4.1 55.5

-15.7 -484.8 -748.4 -11.6 -861.9

-4.2 -22.5 -207.7 0.2 -24.3

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

51 3 1 59

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.08 0.08

0.07 0.07

0.10 0.10

Quick Ratio (Acid Test) Current Ratio

129 129

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

2,329.8 4.3 43.9

5,375.3 1.9 ^

473.5 21.0 2,325.7

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

104 102 58

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

11 -4,375.2 0.9 0.4 1.0 5 0.02

12 -4,272.9 0.8 0.6 1.0 6 0.02

27 -3,598.3 0.7 0.1 0.9 8 0.02

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

44 86 48 140

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

5.73 19.9

-

-10.16 20.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

1 96

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

74 73 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2009 PBT includes 113.1m income from foreign exchange on currency loans (2008 = 344.8m loss on foreign exchange). This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-109

Company Profiles

Hilton Worldwide Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

3 Atlantic Quay 20 York Street Glasgow Lanarkshire G2 8JH
Telephone

102,549 -23,927 0 0 25,500 8,579 0 0 33,710

110,992 -33,691 0 5 3,569 15,145 10

198,933 -3,085 0 6,293 10,959 11,697 154 0 59,181

01412044321
Fax

01413048899
Trading Activity

The ownership and operation of hotels.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111
Directors (as at May 2011)

Paul F. James Stephen Humphreys Mark J. Way John C. Philip Brian Wilson Simon R. Vincent Elizabeth J. Rabin Hilton Corporate Director Llc
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

54,448 0 652,668 707,116 993 3,768 169,210 173,971 881,087 3,020 150,472 44,408 197,900 683,187 0 0 683,187 683,187

64,162 0 672,970 737,132 1,323 18,284 198,687 218,294 955,426 4,357 198,775 48,199 251,331 704,095 0 0 704,095 704,095

76,893 0 683,326 760,219 1,692 24,369 76,166 102,227 862,446 6,980 62,357 54,229 123,566 738,880 0 0 738,880 738,880

Hlt Secretary Limited
Auditors

Ernst & Young Llp
Date Incorporated

25/09/1942
Registered Number

SC022163
Previous Name(s) with date(s) of change

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves

Stakis Ltd, 22/12/2010 Stakis PLC, 31/07/2001
Holding Company

Hilton Intl. Hotels (UK) Ltd
Ultimate Holding Company

Bh Hotels Holdco Llc
Main UK Subsidiaries with Turnover
(£’000)

Capital Employed

Comfort Hotels Ltd Type of Accounts Number of weeks
Unconsolidated Unconsolidated Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-110 Key Note Ltd

Company Profiles

Hilton Worldwide Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-2.7 -3.5 -23.3 -1.8 -3.5

-3.5 -4.8 -30.4 -2.1 -4.8

-0.4 -0.4 -1.6 1.1 -0.4

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

98 94 122 108

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.87 0.88

0.86 0.87

0.81 0.83

Quick Ratio (Acid Test) Current Ratio

52 59

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

22.0 345.2 ^

28.2 280.1 ^

8.4 598.0 135.8

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

29 19 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

13 -23.3 1.0 0.2 1.9 11 0.12

60 -29.8 1.2 0.2 1.7 14 0.12

45 -10.7 0.9 0.3 2.6 13 0.23

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

72 90 27 123

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

-0.71 32.9

-

-0.05 29.7

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

107 28

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

128 60 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2007 T/O includes 81.1m discontinued operations. 2007 PBT includes 6.1m profit on disposal of fixed assets. This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-111

Company Profiles

H L T Stakis Operator Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s

Maple Court, Central Park Reeds Crescent Watford Hertfordshire WD24 4QQ
Trading Activity

47,106 -6,600 0 0 5,147 114 0 0

58,260 -7,820 0 178 2,425 613

Hotel proprietors.
Main SIC Codes

55111
Directors (as at May 2011)

Brian Wilson Mark J. Way Simon R. Vincent Elizabeth J. Rabin Hilton Corporate Director Llc
Company Secretary

Directors Emoluments Employee Pay Number of Employees

0 15,577

Hlt Secretary Limited
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s

Ernst & Young Llp
Date Incorporated

15/10/2007
Registered Number

12,602 0 0 12,602 332 1,286 12,253 13,871 26,473 609 14,531 6,248 21,388 5,085 0 0 5,085 5,085

15,462 0 0 15,462 323 1,923 5,727 7,973 23,435 827 5,805 6,263 12,895 10,540 0 0 10,540 10,540

06398451
Holding Company

Hlt Operating Iii-A Holding Ltd
Ultimate Holding Company

Bh Hotels Holdco Llc

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

52

63

See sections 6 & 7 for Analysis Notes and Definitions
3-112 Key Note Ltd

Company Profiles

H L T Stakis Operator Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-24.9 -129.8 -14.0 -33.1 -129.8

-27.5 -61.2 -13.4 -36.4 -61.2

-

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

129 124 106 133

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.63 0.65

0.59 0.62

-

Quick Ratio (Acid Test) Current Ratio

72 76

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

285.8 23.8 ^

55.1 81.7 ^

-

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

80 86 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

10 -16.0 0.7 9.3 3.7 5 1.78

15 -10.2 0.7 4.6 3.1 6 2.05

-

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

42 71 17 16

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

-

-0.50 26.7

-

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

-

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

-

Other Ratios Exports / Sales (%)

-

0.0

0.0

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-113

Company Profiles

H L T Stakis S P E Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s

Maple Court, Central Park Reeds Crescent Watford Hertfordshire WD24 4QQ
Trading Activity

31,586 3,030 0 821 3,818 0 0 0

36,324 6,937 0 1,932 2,962 0

Hotel proprietors.
Main SIC Codes

55111
Directors (as at May 2011)

Brian Wilson Mark J. Way Simon R. Vincent Elizabeth J. Rabin Hilton Corporate Director Llc
Company Secretary

Directors Emoluments Employee Pay Number of Employees

0 11,231

Hlt Secretary Limited
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s

Ernst & Young Llp
Date Incorporated

15/10/2007
Registered Number

70,347 0 0 70,347 162 788 38,430 39,380 109,727 576 24,437 5,169 30,182 79,545 0 0 79,545 79,545

72,553 0 0 72,553 145 1,061 69,258 70,464 143,017 1,058 61,088 4,334 66,480 76,537 0 0 76,537 76,537

06398410
Holding Company

Hlt Owned X-A Holding Ltd
Ultimate Holding Company

Bh Hotels Holdco Llc

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

52

63

See sections 6 & 7 for Analysis Notes and Definitions
3-114 Key Note Ltd

Company Profiles

H L T Stakis S P E Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

2.8 3.8 9.6 2.9 3.8

4.0 7.5 19.1 4.2 7.5

-

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

48 44 43 79

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.30 1.30

1.06 1.06

-

Quick Ratio (Acid Test) Current Ratio

38 41

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

30.7 263.6 0.0

79.8 115.1 0.0

-

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

32 21 10

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

9 29.1 0.5 0.4 0.4 7 0.29

13 13.3 0.5 0.4 0.4 13 0.21

-

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

36 53 76 79

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

-

0.62 30.9

-

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

-

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

-

Other Ratios Exports / Sales (%)

-

0.0

0.0

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-115

Company Profiles

Hotel Inter-Continental London Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Broadwater Park Denham Middlesex UB9 5HR
Trading Activity

43,487 9,972 0 426 4,088 2,915 3 0 7,388 319

45,206 8,304

34,664 -859 0 7 3,559 5,754 3 0 7,261 290

The ownership and operation of a hotel.
Main SIC Codes

55111
Directors (as at May 2011)

2,302 4,255 7,992 3 0 7,420 317

Allan S. McEwan Catherine M. Springett Nigel P. Stocks Ralph Wheeler George Turner
Company Secretary

Helen J. Martin
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Ernst & Young Llp
Bankers

Lloyds Tsb Bank Plc
Date Incorporated

189,905 0 0 189,905 183 2,254 27,184 29,621 219,526 2,197 77,526 3,757 83,480 136,046 0 724 135,322 136,046

193,483 0 0 193,483 210 2,491 24,800 27,501 220,984 2,360 90,104 3,607 96,071 124,913 0 2,217 122,696 124,913

196,669 0 0 196,669 234 2,180 5,358 7,772 204,441 2,033 79,766 6,122 87,921 116,520 0 0 116,520 116,520

04/01/1972
Registered Number

01036984
Previous Name(s) with date(s) of change

Apsley Hotels Ltd, 08/02/2000 Apsley Park Hotel Co. Ltd, 18/02/1985
Holding Company

Hotel Intercontinental London (Hldgs.) Ltd
Ultimate Holding Company

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Intercontinental Hotels Gp. PLC

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-116 Key Note Ltd

Company Profiles

Hotel Inter-Continental London Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

4.5 7.3 22.9 6.0 7.4

3.8 6.6 18.4 7.6 6.8

-0.4 -0.7 -2.5 2.5 -0.7

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

32 29 15 38

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.35 0.35

0.28 0.29

0.09 0.09

Quick Ratio (Acid Test) Current Ratio

99 100

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

57.3 160.7 22.6

73.4 124.8 49.0

68.5 132.5 117.5

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

43 32 42

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

19 -123.9 0.4 0.3 0.2 18 0.20

20 -151.7 0.5 0.4 0.2 19 0.20

23 -231.2 0.7 0.3 0.2 21 0.17

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

94 45 112 104

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

23,160 1.35 31,260 136,323 426,476 595,313 17.0

23,407 1.12 26,196 142,606 394,047 610,356 16.4

25,038 -0.12 -2,962 119,531 401,793 678,169 20.9

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

21 9 16 21 109

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

13 48 21 -

Other Ratios Exports / Sales (%)

-

0.0

-

0.0

Special Notes
2008 PBT includes exceptional income of 1.9m tangible fixed assets. This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-117

Company Profiles

Hotel Management International (Holdings) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/03/2010 £000s 28/03/2009 £000s 31/03/2008 £000s

86 East Lane Wembley Middlesex HA0 3NJ
Telephone

41,228 4,923

48,500 6,481 42,517 35 3,681 2,484 96 579 10,375 511

40,962 5,249 35,009 76 2,710 2,227 87 411 9,601 503

02089048277
Trading Activity

A group engaged in the operation of hotels and the provision of consultancy and management services to the hotel and leisure industry.
Main SIC Codes

0 3,237 1,445 96 589 11,427 486

55111 74143
Directors (as at May 2011)

Peter N. Salussolia Christina Salussolia Graeme J. Ramsay
Company Secretary

Balance Sheet
Date of Accounts
31/03/2010 £000s 28/03/2009 £000s 31/03/2008 £000s

Graeme J. Ramsay
Auditors

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

84,488 0 0 84,488 431 1,319 7,638 9,388 93,876 1,895 3,828 4,363 10,086 83,790 40,214 124 43,452 83,790

87,623 0 0 87,623 426 1,741 8,207 10,374 97,997 3,164 3,229 4,385 10,778 87,219 44,905 177 42,137 87,219

76,889 -376 0 76,513 383 1,868 7,408 9,659 86,172 2,815 6,133 5,016 13,964 72,208 39,971 38 32,199 72,208

Kpmg Llp
Date Incorporated

16/11/2001
Registered Number

Stocks Trade Debtors Other Current Assets Total Current Assets

04324021
Main UK Subsidiaries with Turnover
(£’000)

Hotel Mgmt. Intl. Ltd Carlton Hotels UK Ltd

4 3

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-118 Key Note Ltd

Company Profiles

Hotel Management International (Holdings) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

5.2 5.9 11.9 7.3 11.3

6.6 7.4 13.4 9.9 15.4

6.1 7.3 12.8 9.5 16.3

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

27 37 37 26

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.89 0.93

0.92 0.96

0.66 0.69

Quick Ratio (Acid Test) Current Ratio

51 56

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

101.4 86.2 22.7

114.2 75.4 27.7

141.5 59.7 29.8

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

58 55 43

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

12 -1.7 1.0 0.5 0.5 17 0.44

13 -0.8 0.9 0.6 0.6 24 0.49

17 -10.5 0.9 0.6 0.5 25 0.48

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

55 91 74 58

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

23,512 0.43 10,130 84,831 172,407 173,844 27.7

20,303 0.62 12,683 94,912 170,683 171,474 21.4

19,087 0.55 10,435 81,435 143,555 152,861 23.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

19 34 51 51 54

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

59 30 44 59 -

Other Ratios Exports / Sales (%)

-

-

87.7

85.5

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-119

Company Profiles

Hotel Property Investors U.K. Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Suite G39 Heathrow Renaissance Hotel Bath Road Hounslow Middlesex TW6 2AQ
Telephone

31,763 -5,341 11,141 355 1,488 0 45 0 8,405 507

39,255 3,147 11,933 8,501 1,553 0 40 0 10,676 581

47,672 1,577 11,495 752 2,255 0 40 0 12,832 842

02088976363
Fax

02088971113
Trading Activity

Hoteliers and caterers.
Main SIC Codes

55111 55520
Directors (as at May 2011)

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Peter Voit Karl D. Heininger Patrick M. Gaffney Daniel Sedlmayer Alastair B. Thomann
Company Secretary

13,603 0 0 13,603 190 2,312 16,967 19,469 33,072 1,128 7,229 2,801 11,158 21,914 0 2,918 18,996 21,914

8,530 0 0 8,530 270 2,158 21,525 23,953 32,483 1,602 900 2,699 5,201 27,282 0 2,842 24,440 27,282

10,841 0 0 10,841 302 3,294 23,588 27,184 38,025 1,294 7,462 4,373 13,129 24,896 0 1,346 23,550 24,896

Bradley D. Hornbacher
Auditors

Pricewaterhousecoopers Llp
Date Incorporated

09/10/1980
Registered Number

01521131
Previous Name(s) with date(s) of change

Penta Airport Hotels Ltd, 10/07/1995 Eightieth Shelf Trading Co. Ltd, 31/12/1980
Holding Company

Hpi Chancery Court Hotel Ltd.
Ultimate Holding Company

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Ctf Hldgs. Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-120 Key Note Ltd

Company Profiles

Hotel Property Investors U.K. Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-16.1 -24.4 -16.8 -18.3 -28.1

9.7 11.5 8.0 11.2 12.9

4.1 6.3 3.3 4.9 6.7

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

125 117 111 127

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.73 1.74

4.55 4.61

2.05 2.07

Quick Ratio (Acid Test) Current Ratio

32 34

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

38.1 135.0 ^

3.7 303.9 0.0

31.7 162.7 0.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

37 37 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

27 26.2 0.6 1.4 2.3 13 0.96

20 47.8 0.7 1.4 4.6 15 1.21

25 29.5 0.6 1.9 4.4 10 1.25

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

125 64 25 28

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

16,578 -0.64 -10,535 62,649 43,223 26,830 26.5

18,375 0.29 5,417 67,565 46,957 14,682 27.2

15,240 0.12 1,873 56,618 29,568 12,875 26.9

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

65 102 76 87 64

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

126 107 116 4

Other Ratios Exports / Sales (%)

-

35.1

30.4

24.1

Special Notes
2008 PBT includes 7.6m profit on sale of operations.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-121

Company Profiles

Imperial London Hotels Ltd (The)
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
30/04/2010 £000s 30/04/2009 £000s 30/04/2008 £000s

The Imperial Hotel Russell Square Holborn London WC1B 5BB
Telephone

61,155 19,220

60,261 14,968

56,980 11,969

02072787871
Fax

1,720 616 475 70 6,588 20,844 1,092

1,351 558 932 90 10,113 25,138 1,103

1,606 569 1,384 90 6,662 21,445 1,141

02078374653
Trading Activity

A group engaged in the operation of hotels, property investment and trading, agriculture, the operation of car parks, copper casting, ticket agency and coach sightseeing.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111
Directors (as at May 2011)

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets
30/04/2010 £000s 30/04/2009 £000s 30/04/2008 £000s

Stephen H. Walduck Thomas H. Walduck Hugh R. Walduck Katharine T. Waller Candida S. Walton Nicholas S. R. D. Walduck Alexander H. E. P. Walduck Jason A. G. Walduck
Company Secretary

76,869 0 1,390 78,259 14,735 5,684 29,672 50,091 128,350 2,922 45 10,361 13,328 115,022 0 632 114,390 115,022

74,862 0 11,039 85,901 13,177 6,574 18,133 37,884 123,785 2,930 6,060 11,463 20,453 103,332 0 570 102,762 103,332

75,059 0 3,161 78,220 11,612 5,636 24,617 41,865 120,085 2,984 71 16,281 19,336 100,749 6,000 557 94,192 100,749

Hugh R. Walduck
Auditors

Dixon Wilson
Bankers

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves
(£’000)

Barclays Bank Plc
Date Incorporated

10/10/1946
Registered Number

00421257
Holding Company

Imperial London Hotels Gp. Ltd
Main UK Subsidiaries with Turnover

Capital Employed

Brownlow Trust Ltd Travellers Check-In Ltd C C Parking Ltd Hatfield Farms Ltd Philip Kirsh Ltd Walduck Properties Ltd

1 Type of Accounts Number of weeks
Consolidated Consolidated Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-122 Key Note Ltd

Company Profiles

Imperial London Hotels Ltd (The) Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

15.0 16.7 31.4 17.1 16.8

12.1 14.5 24.8 14.5 14.6

10.0 11.9 21.0 13.2 12.7

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

5 11 8 8

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

2.65 3.76

1.21 1.85

1.56 2.17

Quick Ratio (Acid Test) Current Ratio

17 11

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

0.0 819.4 2.4

5.9 488.8 5.9

6.4 363.8 10.4

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

4 11 23

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

34 60.1 24.1 0.5 0.8 17 0.48

40 28.9 21.9 0.6 0.8 18 0.49

36 39.5 20.4 0.6 0.8 19 0.47

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

134 137 54 54

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

19,088 0.92 17,601 56,003 105,332 70,393 34.1

22,791 0.60 13,570 54,634 93,683 67,871 41.7

18,795 0.56 10,490 49,939 88,299 65,784 37.6

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

49 18 79 63 21

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

40 15 49 65 -

Other Ratios Exports / Sales (%)

-

-

-

-

Special Notes
2008 T/O includes disposals of 543k.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-123

Company Profiles

Jake Feather Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Cater House 113 Mount Pleasent Liverpool Merseyside L3 5TF
Trading Activity

15,658 1,794 0 0 1,427 882

A group engaged as hoteliers.
Main SIC Codes

55110
Directors (as at May 2011)

Paul B. Feather Stuart G. Hunter Sean Brady Pauline Feather
Company Secretary

Directors Emoluments Employee Pay Number of Employees

0 3,784 309

Stuart G. Hunter
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets
(£’000) 31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Duncan Sheard Glass
Bankers

Royal Bank Of Scot
Date Incorporated

55,379 -1,268 0 54,111 347 475 845 1,667 55,778 792 4,507 1,524 6,823 48,955 17,602 3,897 27,456 48,955

0

0

09/08/1996
Registered Number

4,500 34 73 470 577 5,077 312

3,572 30 59 581 670 4,242 555

03236336
Main UK Subsidiaries with Turnover

Feathers (Chester) Ltd

14

Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

312 4,765

555 3,687

4,679 4,765

3,553 3,687

Type of Accounts Number of weeks

Consolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-124 Key Note Ltd

Company Profiles

Jake Feather Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

3.2 3.7 11.5 5.0 6.5

-

-

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

40 47 40 49

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.19 0.24

1.74 1.85

1.15 1.21

Quick Ratio (Acid Test) Current Ratio

111 108

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

77.0 96.9 33.0

1,175.6 -

515.7 -

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

52 50 55

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

11 -32.9 2.2 0.3 0.3 18 0.28

-

-

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

50 114 99 80

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

12,246 0.47 5,806 50,673 158,430 179,220 24.2

-

-

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

101 31 88 53 73

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

1 -

Other Ratios Exports / Sales (%)

-

0.0

-

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-125

Company Profiles

Jarvis Hotels Ltd.
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
27/03/2010 £000s 28/03/2009 £000s 29/03/2008 £000s

Castle House Desborough Road High Wycombe Bucks HP11 2PR
Telephone

119,135 -15,635 0 -531 14,424 3,289 10 488 40,080 3,198

129,585 -4,120 0 3,652 11,552 3,464 10 494 42,513 3,446

130,084 4,503 0 3,400 8,456 89 10 544 42,707 3,653

01494473800
Fax

01494471666
Trading Activity

The ownership and management of hotels.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111
Directors (as at May 2011)

John F. Jarvis Stephen J. Hebborn
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities
27/03/2010 £000s 28/03/2009 £000s 29/03/2008 £000s

Duncan J. G. Beveridge
Auditors

Kpmg Llp
Date Incorporated

155,619 0 24,977 180,596 796 5,650 30,812 37,258 217,854 4,623 20,620 18,876 44,119 173,735 0 17,420 156,315 173,735

165,903 0 25,794 191,697 787 5,739 30,491 37,017 228,714 5,576 11,942 22,877 40,395 188,319 0 16,966 171,353 188,319

167,917 0 33,182 201,099 808 7,353 22,878 31,039 232,138 7,591 14,234 16,456 38,281 193,857 0 8,666 185,191 193,857

29/03/1990
Registered Number

02486634
Previous Name(s) with date(s) of change

Jarvis Hotels PLC, 24/02/2004 Jarvis Hotels Ltd, 30/05/1996 Fallowdene Ltd, 22/06/1990
Holding Company

Kayterm Ltd
Ultimate Holding Company

Kayterm Ltd
Main UK Subsidiaries with Turnover
(£’000)

Jarvis Hotels Watford Ltd Jarvis Hotels Gloucester Ltd Jarvis Hotels Bolton Ltd

1

Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-126 Key Note Ltd

Company Profiles

Jarvis Hotels Ltd. Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-7.2 -9.0 -13.1 -6.4 -10.0

-1.8 -2.2 -3.2 -0.3 -2.4

1.9 2.3 3.5 2.2 2.4

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

116 107 105 117

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.83 0.84

0.90 0.92

0.79 0.81

Quick Ratio (Acid Test) Current Ratio

55 61

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

13.2 254.0 ^

7.0 298.7 ^

7.7 394.5 1.9

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

22 22 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

17 -5.8 0.7 0.7 0.8 14 0.55

16 -2.6 0.6 0.7 0.8 16 0.57

21 -5.6 0.6 0.7 0.8 21 0.56

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

86 67 55 50

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

12,533 -0.39 -4,889 37,253 54,326 48,661 33.6

12,337 -0.10 -1,196 37,604 54,649 48,144 32.8

11,691 0.11 1,233 35,610 53,068 45,967 32.8

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

96 94 109 83 25

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

94 89 84 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2010 PBT includes exceptional charges of 2.8m. undertakings. This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-127

Company Profiles

Jurys Hotel Group (UK) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

47 Welbeck Street London W1G 8DN
Telephone

12,118 3,076

12,409 2,875 0 0 661 0 4 0 2,217 138

12,309 7,945 0 4,570 911 487 5 0 3,001 189

02075896300
Fax

02079693866
Trading Activity

0 694 0 0

The operation of hotels and inns.
Main SIC Codes

55111
Directors (as at May 2011)

Thomas Dowd Cormac O’Tighearnaigh John J. Brennan John J. Brennan
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Linda A. Jordan
Auditors

Kpmg
Bankers

67,575 0 0 67,575 62 725 37,882 38,669 106,244 413 1,918 699 3,030 103,214 0 3,523 99,691 103,214

67,999 0 0 67,999 61 898 33,311 34,270 102,269 282 569 1,280 2,131 100,138 0 3,587 96,551 100,138

58,775 0 0 58,775 54 747 39,211 40,012 98,787 233 0 1,152 1,385 97,402 0 3,360 94,042 97,402

Royal Bank Of Scot
Date Incorporated

12/03/1990
Registered Number

SC123682
Previous Name(s) with date(s) of change

Jurys Doyle Hotel Group (U.K.) Ltd, 27/08/2010 Jurys Hotel Group (U.K.) Ltd, 16/10/2002 Midlaw Ltd, 05/07/1990
Holding Company

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities

Jurys Hotel Mgmt. (UK) Ltd
Ultimate Holding Company

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Vesway Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-128 Key Note Ltd

Company Profiles

Jurys Hotel Group (UK) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

2.9 3.0 25.4 2.9 3.1

2.8 2.9 23.2 2.9 3.0

8.0 8.2 64.5 8.7 8.4

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

46 53 11 78

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

12.74 12.76

16.05 16.08

28.85 28.89

Quick Ratio (Acid Test) Current Ratio

5 5

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

1.9 1,521.3 0.0

0.6 1,688.5 0.0

0.0 1,981.9 5.8

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

13 6 9

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

22 294.1 0.5 0.1 0.2 12 0.11

26 259.0 0.5 0.1 0.2 8 0.12

22 313.8 0.4 0.1 0.2 7 0.12

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

111 51 124 125

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

-

16,065 1.30 20,833 89,920 725,638 492,746 17.9

15,878 2.65 42,037 65,127 515,354 310,979 24.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

-

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

66 57 47 -

Other Ratios Exports / Sales (%)

-

-

0.0

0.0

Special Notes
2007 PBT includes 3.8m exceptional income regarding profit on disposal of fixed assets. This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-129

Company Profiles

Kensington Close Hotel Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
30/09/2009 £000s 30/09/2008 £000s 30/09/2007 £000s

Flat 1 1-2 Coach And Horses Yard London W1S 2EH
Trading Activity

14,892 -3,081 0 1 850 4,744 8 0 3,732 213

16,044 440 0 7 964 4,804 8 0 3,272 208

15,066 999 0 5 1,117 4,480 10 0 2,869 194

Hotel ownership and management.
Main SIC Codes

55111
Directors (as at May 2011)

Bakir A. Cola Azad B. A. Cola
Company Secretary

Azad B. A. Cola
Auditors

Wilder Coe
Date Incorporated

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
30/09/2009 £000s 30/09/2008 £000s 30/09/2007 £000s

23/07/2002
Registered Number

04493133
Previous Name(s) with date(s) of change

64,940 0 10,945 75,885 23 1,173 254 1,450 77,335 528 2,689 3,235 6,452 70,883 76,500 0 -5,617 70,883

65,790 0 10,332 76,122 21 1,143 237 1,401 77,523 512 1,299 1,748 3,559 73,964 76,500 0 -2,536 73,964

66,754 0 8,393 75,147 18 998 422 1,438 76,585 895 47 1,795 2,737 73,848 76,500 0 -2,652 73,848

Kensington Post Hotel Ltd, 09/09/2002 Clarrit Ltd, 04/09/2002
Holding Company

Cola Hldgs. Ltd
Ultimate Holding Company

Cola Hldgs. Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-130 Key Note Ltd

Company Profiles

Kensington Close Hotel Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-4.0 -4.3 -20.7 2.3 ^

0.6 0.6 2.7 7.0 ^

1.3 1.4 6.6 7.4 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

106 98 120 83

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.22 0.22

0.39 0.39

0.52 0.53

Quick Ratio (Acid Test) Current Ratio

108 110

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -6.8 285.3

^ -3.2 91.6

^ -3.3 81.8

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

118 98

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

29 -33.6 0.2 0.2 0.2 13 0.19

26 -13.5 0.1 0.2 0.2 12 0.21

24 -8.6 0.1 0.2 0.2 22 0.20

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

129 17 111 105

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

17,521 -0.83 -14,465 69,915 332,784 304,883 25.1

15,731 0.13 2,115 77,135 355,596 316,298 20.4

14,789 0.35 5,149 77,660 380,660 344,093 19.0

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

59 113 69 30 69

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

64 66 23 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-131

Company Profiles

Kew Green Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/08/2009 £000s 31/08/2008 £000s 31/08/2007 £000s

Queen’s Wharf Queen Caroline Street Hammersmith London W6 9RQ
Telephone

41,660 -6,025 0 383 2,172 13,009 20 522 11,634 864

41,348 276 0 76 1,720 8,898 58 497 9,890 906

37,425 -2,691 0 148 1,310 5,762 56 527 9,342 720

02086002688
Trading Activity

A group engaged in the development and operation of limited service hotels under long term leases or joint venture arrangement.
Main SIC Codes

70320 74150
Directors (as at May 2011)

Paul D. Johnson Friedrich L. R. Ternofsky Graham R. Sidwell Graham B. Stanley Jameson A. Lamb
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets
31/08/2009 £000s 31/08/2008 £000s 31/08/2007 £000s

137,229 -213 860 137,876 145 1,122 5,490 6,757 144,633 3,633 137,525 5,382 146,540 -1,907 3,838 889 -6,634 -1,907

145,840 -16,206 567 130,201 143 1,333 5,373 6,849 137,050 4,052 123,695 5,801 133,548 3,502 3,790 592 -880 3,502

132,804 -31,340 355 101,819 142 1,297 5,237 6,676 108,495 2,575 96,719 5,600 104,894 3,601 4,154 1,205 -1,758 3,601

Jameson A. Lamb
Auditors

Grant Thornton Uk Llp
Date Incorporated

Stocks Trade Debtors Other Current Assets Total Current Assets

15/05/2000
Registered Number

03993178
Main UK Subsidiaries with Turnover
(£’000)

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Kew Green (Square) Ltd Kew Green Hotels (Gatwick) Ltd Kew Green Hotels (Portsmouth) Ltd Kew Green Hotels (Norwich) Ltd Kew Green Hotels (Nottingham) Ltd Kew Green Hotels (Luton) Ltd Kew Green Hotels (Derby) Ltd Kew Green Hotels (Wakefield) Ltd Kew Green Hotels (Stansted) Ltd

21 4 3 3 1 1 1

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-132 Key Note Ltd

Company Profiles

Kew Green Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-4.2 ^ -14.5 5.1 ^

0.2 7.9 0.7 7.2 ^

-2.5 -74.7 -7.2 3.1 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

108 108 46

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.05 0.05

0.05 0.05

0.06 0.06

Quick Ratio (Acid Test) Current Ratio

135 136

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -4.4 186.3

831.8 -0.6 97.0

341.0 -1.6 187.6

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

116 89

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

10 -335.5 0.3 ^ 0.3 32 0.29

12 -306.4 0.3 11.8 0.3 36 0.30

13 -262.4 0.4 10.4 0.3 25 0.34

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

40 38 94 77

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

13,465 -0.52 -6,973 48,218 -2,207 158,830 27.9

10,916 0.03 305 45,638 3,865 160,971 23.9

12,975 -0.29 -3,738 51,979 5,001 184,450 25.0

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

85 100 90 114 50

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

32 14 10 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2008 T/O includes acquisitions of 1.7m. 2007 PBT includes exceptional charges of 3.4m. This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-133

Company Profiles

L.5.1.N Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s

Chelsea House West Gate London W5 1DR
Trading Activity

1,026,167 37,704 263,773 -2,072 76,204 75,223 1,005 1,355 180,064 16,073

A group engaged in multiple retailing and wholesaling and franchising of clothing, operation of hotels and property development and investment management in banking.
Main SIC Codes

55110 51421 70209
Directors (as at May 2011)

Christina Rossetti Julian H. Lewis Clive R. Lewis Benjamin J. Lewis
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities
(£’000) 31/12/2009 £000s

Cavendish Square Secretariat
Auditors

Bdo Llp
Date Incorporated

1,091,932 8,156 114,121 1,214,209 144,238 34,987 411,459 590,684 1,804,893 63,447 2,068,255 189,634 2,321,336 -516,443 366,007 123,409 -1,005,859 -516,443

14/01/2009
Registered Number

06791528
Previous Name(s) with date(s) of change

Ltg UK Holdings Ltd, 16/06/2010
Holding Company

Lfh Intl. Ltd
Ultimate Holding Company

Lfh Intl. Ltd
Main UK Subsidiaries with Turnover

Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Lewis Trust Gp. Ltd

1,026

Type of Accounts Number of weeks

Consolidated

50

See sections 6 & 7 for Analysis Notes and Definitions
3-134 Key Note Ltd

Company Profiles

L.5.1.N Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

2.2 ^ 3.7 7.6 ^

-

-

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

52 64 25

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.19 0.25

-

-

Quick Ratio (Acid Test) Current Ratio

112 106

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -35.8 66.6

-

-

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

130 67

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

12 -162.2 13.5 ^ 1.0 22 0.59

-

-

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

57 135 49 46

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

11,651 0.21 2,440 66,398 -32,131 67,936 17.5

-

-

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

106 55 74 120 107

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

-

Other Ratios Exports / Sales (%)

-

25.7

-

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-135

Company Profiles

Lake District Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Armeswaite Hall Hotel Basenthwaite Lake Keswick Cumbria CA12 4RE
Telephone

13,100 3,071 0 3 319 151 12 113 3,815 310

12,498 1,362 0 20 1,266 395 12 113 3,685 317

11,723 1,902 0 54 753 415 11 106 3,384 270

01768776551
Fax

01760776220
Trading Activity

The operation of hotels.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111
Directors (as at May 2011)

Kit B. Graves Charles J. Graves
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Charles J. Graves
Auditors

Gibbons
Bankers

32,199 475 0 32,674 102 68 3,457 3,627 36,301 475 1,746 2,329 4,550 31,751 6,508 0 25,243 31,751

27,117 535 0 27,652 80 68 2,032 2,180 29,832 382 1,789 2,113 4,284 25,548 7,549 0 17,999 25,548

27,373 595 0 27,968 91 125 824 1,040 29,008 594 957 2,275 3,826 25,182 7,955 177 17,050 25,182

Bank Of Scotland
Date Incorporated

07/02/1983
Registered Number

01697263
Previous Name(s) with date(s) of change

Kings Arms (Keswick) Ltd, 04/09/2000 Chiefbarn Ltd, 15/03/1983

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-136 Key Note Ltd

Company Profiles

Lake District Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

8.5 9.7 23.4 9.6 12.2

4.6 5.3 10.9 6.4 7.6

6.6 7.6 16.2 8.9 11.2

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

13 21 13 17

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.77 0.80

0.49 0.51

0.25 0.27

Quick Ratio (Acid Test) Current Ratio

60 64

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

33.3 228.3 4.7

53.5 152.1 22.5

54.2 142.6 17.9

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

33 25 27

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

2 -7.0 0.8 0.4 0.4 13 0.36

2 -16.8 0.6 0.5 0.5 11 0.42

4 -23.8 0.8 0.5 0.4 18 0.40

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

14 79 81 67

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

12,306 0.80 9,906 42,258 102,423 103,868 29.1

11,625 0.37 4,297 39,426 80,593 85,543 29.5

12,533 0.56 7,044 43,419 93,267 101,381 28.9

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

99 22 97 65 45

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

31 14 20 13 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-137

Company Profiles

The Lancaster Landmark Hotel Co. Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/10/2009 £000s 31/10/2008 £000s 31/10/2007 £000s

Lancaster Terrace London W2 2TY
Telephone

28,370 2,043 0 504 1,535 3,689 30 0 7,801 407

64,083 11,080 0 1,182 3,632 5,177 75 236 15,887 874

70,781 7,271 0 888 5,618 5,639 74 299 17,808 977

020 7262 6737
Trading Activity

The ownership and operation of hotels.
Main SIC Codes

55111
Directors (as at May 2011)

Mohamed H. Gemei Suchart Sihanartkatakul Jatuporn Sihanatkathakul Brian D. Hladnik Thiti Sihanatkathakul Tosaporn Sihanatkathakul
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/10/2009 £000s 31/10/2008 £000s 31/10/2007 £000s

Cornhill Secretaries Limited
Auditors

Moore Stephens Llp
Date Incorporated

66,101 0 188,073 254,174 82 1,957 2,176 4,215 258,389 413 41,004 3,894 45,311 213,078 44,070 6,119 162,889 213,078

151,191 0 188,799 339,990 85 1,452 15,482 17,019 357,009 480 19,884 14,658 35,022 321,987 57,598 6,192 258,197 321,987

355,010 0 151 355,161 271 4,683 11,979 16,933 372,094 3,250 354 8,550 12,154 359,940 84,600 15,143 260,197 359,940

01/07/1993
Registered Number

02832349
Previous Name(s) with date(s) of change

Spacetrade Ltd, 01/09/1993
Holding Company

Lancaster Hotel Jersey Ltd
Ultimate Holding Company

Siam Property Development Co. Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-138 Key Note Ltd

Company Profiles

The Lancaster Landmark Hotel Co. Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

0.8 1.0 7.2 2.3 1.3

3.1 3.4 17.3 4.8 4.3

2.0 2.0 10.3 3.6 2.8

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

72 69 48 84

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.09 0.09

0.48 0.49

1.37 1.39

Quick Ratio (Acid Test) Current Ratio

125 127

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

52.2 170.6 64.4

30.0 261.3 31.8

32.6 232.5 43.7

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

41 31 66

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

25 -144.9 0.3 0.1 0.4 5 0.11

8 -28.1 0.1 0.2 0.4 3 0.18

24 6.8 0.4 0.2 0.2 17 0.19

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

119 29 79 127

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

19,167 0.26 5,020 69,705 523,533 162,410 27.5

18,177 0.70 12,677 73,322 368,406 172,987 24.8

18,227 0.41 7,442 72,447 368,414 363,367 25.2

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

47 47 71 15 55

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

129 59 129 119 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2008 T/O includes 32.7m discontinued operations.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-139

Company Profiles

Landmark Hotel London Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/10/2010 £000s * year analysed in League Tables 31/10/2009 £000s

Royal Lancaster Hotel Lancaster Terrace London W2 2TY
Trading Activity

32,430 7,742 0 11 2,011 284 30 0 9,739 445

37,721 8,108

Ownership and management of a London hotel.
Main SIC Codes

55300
Directors (as at May 2011)

158 2,288 1,010 30 0 11,947 413

Tosaporn Sihanatkathakul Brian D. Hladnik Jatuporn Sihanatkathakul Suchart Sihanartkatakul Thiti Sihanatkathakul Mohamed H. Gemei
Company Secretary

Cornhill Secretaries Limited
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/10/2010 £000s 31/10/2009 £000s

Moore Stephens Llp
Date Incorporated

12/06/2008
Registered Number

197,266 0 0 197,266 125 2,703 5,635 8,463 205,729 1,097 329 4,089 5,515 200,214 180,335 7,571 12,308 200,214

198,719 0 0 198,719 128 1,101 3,741 4,970 203,689 888 291 4,749 5,928 197,761 183,344 9,187 5,230 197,761

06618138
Holding Company

Landmark Hotel Jersey Ltd
Ultimate Holding Company

Siam Property Development Co. Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

52

65

* The Company’s accounts for 31/10/2009 are those used in the analysis. These are shown in bold text and are used to calculate the performance rankings in the League Tables. The later accounts fall outside the analysis period but have been presented for further information.

See sections 6 & 7 for Analysis Notes and Definitions
3-140 Key Note Ltd

Company Profiles

Landmark Hotel London Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

3.8 3.9 23.9 4.0 62.9

3.2 3.3 21.5 3.7 124.0

-

-

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

41 49 19 65

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

1.51 1.53

0.82 0.84

-

-

Quick Ratio (Acid Test) Current Ratio

57 62

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

1,467.9 6.4 3.5

3,511.2 2.6 11.1

-

-

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

107 105 36

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

30 9.1 0.4 0.2 0.2 12 0.16

13 -3.2 0.4 0.2 0.2 11 0.15

-

-

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

70 46 129 116

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

21,885 0.79 17,398 72,876 449,919 443,294 30.0

23,142 0.68 15,706 73,067 478,840 481,160 31.7

-

-

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

22 25 66 17 33

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

-

Other Ratios Exports / Sales (%)

0.0

-

-

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-141

Company Profiles

Land Securities (Hotels) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

5 Strand London WC2N 5AF
Trading Activity

26,253 4,600 0 0 0 20,336 0 0

29,548 5,289 0 0 0 22,511 0 0

29,314 865 0 0 0 27,667 2 0

The holding of leaseholds of 29 hotels in agreement with Accor Hotels.
Main SIC Codes

70209
Directors (as at May 2011)

Land Securities Portfolio Management Limited Peter M. Dudgeon Land Securities Management Services Limited
Company Secretary

Peter M. Dudgeon
Auditors

Pricewaterhousecoopers Llp
Date Incorporated

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

10/01/2007
Registered Number

06046966
Previous Name(s) with date(s) of change

0 0 343,030 343,030 0 5,074 320 5,394 348,424 0 325,415 1,047 326,462 21,962 0 0 21,962 21,962

0 0 327,100 327,100 0 7,957 27,110 35,067 362,167 0 404,948 1,922 406,870 -44,703 0 0 -44,703 -44,703

0 0 438,888 438,888 0 2,350 15,557 17,907 456,795 10 384,034 6,625 390,669 66,126 0 0 66,126 66,126

Land Securities Trillium (Hotels) Ltd, 04/12/2008 Shelfco (No.3355) Ltd, 01/02/2007
Holding Company

Land Securities Property Hldgs. Ltd
Ultimate Holding Company

Land Securities Gp. PLC

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

64

See sections 6 & 7 for Analysis Notes and Definitions
3-142 Key Note Ltd

Company Profiles

Land Securities (Hotels) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

1.3 20.9 17.5 7.2 20.9

1.5 ^ 17.9 7.7 ^

0.2 1.1 3.0 5.1 1.1

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

62 8 25 27

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.02 0.02

0.09 0.09

0.05 0.05

Quick Ratio (Acid Test) Current Ratio

139 139

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

1,481.7 6.7 81.6

^ -11.0 81.0

580.8 16.9 97.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

103 101 75

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

71 -1,223.0 0.0 1.2 ^ 0 0.08

98 -1,258.3 0.0 ^ ^ 0 0.08

36 -1,565.1 0.0 0.4 ^ 0 0.05

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

140 5 133

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

-

-

-

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

-

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

35 2 122 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-143

Company Profiles

Lanesborough Management Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Palmerston House 814 Brighton Road Purley Surrey CR8 2BR
Trading Activity

23,477 3,827 0 34 2,398 1,772 35 0 5,284 260

24,106 1,565 0 456 2,290 2,927 40 0 5,425 257

26,622 5,785 0 625 2,269 2,860 30 0 5,540 270

The operation of ’The Lanesborough Hotel’.
Main SIC Codes

55111
Directors (as at May 2011)

Fardan H. I. Al Fardan Mohamed J. H. M. Al Marar Majed A. Romaithi Michael L. Goodson
Company Secretary

Directors Emoluments Employee Pay Number of Employees

Fardan H. I. Al Fardan
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Deloitte Llp
Bankers

Hsbc Bank Plc
Date Incorporated

60,289 0 0 60,289 547 1,084 10,839 12,470 72,759 636 0 2,983 3,619 69,140 44,766 4,437 19,937 69,140

61,471 0 0 61,471 499 718 7,996 9,213 70,684 752 45,000 2,552 48,304 22,380 0 4,322 18,058 22,380

61,740 0 0 61,740 432 1,255 18,738 20,425 82,165 812 45,000 8,377 54,189 27,976 0 4,371 23,605 27,976

15/12/1989
Registered Number

02453094
Previous Name(s) with date(s) of change

Wilkins Management Ltd, 18/04/1991 Newastral Ltd, 17/12/1990
Holding Company

Akaria Investments Ltd
Ultimate Holding Company

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Abu Dhabi Investment Authority

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-144 Key Note Ltd

Company Profiles

Lanesborough Management Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

5.3 5.5 16.3 8.1 19.2

2.2 7.0 6.5 6.7 8.7

7.0 20.7 21.7 11.8 24.5

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

26 39 26 21

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

3.29 3.45

0.18 0.19

0.37 0.38

Quick Ratio (Acid Test) Current Ratio

11 13

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

224.5 37.7 31.6

249.2 34.3 65.2

190.6 40.3 33.1

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

74 75 53

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

17 37.7 2.3 0.3 0.4 10 0.32

11 -162.2 2.1 1.1 0.4 11 0.34

17 -126.8 1.6 1.0 0.4 11 0.32

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

84 117 83 73

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

20,323 0.72 14,719 90,296 265,923 231,881 22.5

21,109 0.29 6,089 93,798 87,082 239,187 22.5

20,519 1.04 21,426 98,600 103,615 228,667 20.8

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

39 23 46 38 81

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

105 43 103 60 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2008 PBT includes exceptional charges of 2.1m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-145

Company Profiles

J.H. Leeke & Sons Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Mwyndy Business Park Cardiff Road Pontyclun Wales CF72 8PN
Trading Activity

65,603 3,460 0 19 1,826 246 28 709 13,608 781

62,237 1,381 0 63 1,888 528 33 656 14,673 849

65,173 3,552 0 622 1,805 790 33 710 15,141 815

A group engaged in the operation of out-of-town department stores and the running of a hotel, leisure club and -golf club.
Main SIC Codes

52120 55111 55401 92629
Directors (as at May 2011)

Directors Emoluments Employee Pay Number of Employees

Gerald L. Leeke Diane E. G. Cook Stephen J. Leeke Emma J. Leeke Michael A. Fowler Stuart N. Leeke Peter Martin
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

75,782 -794 2 74,990 23,824 2,203 5,923 31,950 106,940 3,280 5,095 6,653 15,028 91,912 20,370 946 70,596 91,912

69,610 0 3 69,613 21,042 2,762 1,925 25,729 95,342 3,995 7,458 5,294 16,747 78,595 10,710 980 66,905 78,595

67,580 0 8 67,588 17,620 2,266 3,932 23,818 91,406 3,269 7,951 4,992 16,212 75,194 8,220 2,524 64,450 75,194

Stuart N. Leeke
Auditors

Deloitte Llp
Date Incorporated

27/08/2004
Registered Number

05216515
Previous Name(s) with date(s) of change

Edger 235 Ltd, 23/05/2005
Main UK Subsidiaries with Turnover
(£’000)

Leekes Ltd Vale Of Glamorgan Hotel Ltd Hensol Castle Resort Developments Ltd

50 10 4

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-146 Key Note Ltd

Company Profiles

J.H. Leeke & Sons Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

3.2 3.8 5.3 3.8 4.9

1.4 1.8 2.2 2.2 2.1

3.9 4.7 5.5 5.2 5.5

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

39 45 59 61

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.54 2.13

0.28 1.54

0.38 1.47

Quick Ratio (Acid Test) Current Ratio

81 29

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

35.7 194.2 6.6

27.2 235.3 27.7

25.1 239.1 18.2

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

36 28 29

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

12 25.8 36.3 0.7 0.9 18 0.61

16 14.4 33.8 0.8 0.9 23 0.65

13 11.7 27.0 0.9 1.0 18 0.71

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

60 138 50 44

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

17,424 0.25 4,430 83,999 117,685 97,032 20.7

17,283 0.09 1,627 73,306 92,574 81,991 23.6

18,578 0.23 4,358 79,967 92,263 82,920 23.2

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

60 49 56 60 89

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

58 29 27 62 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2010 T/O includes acquisitions of 1.8m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-147

Company Profiles

Leisureplex Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Euxton Lane Euxton Chorley Lancashire PR7 6AF
Telephone

13,765 2,235 0 10 1,017 52 9 95 4,570 333

12,528 1,328 0 21 934 218 8 89 4,410 331

12,108 1,680 0 14 838 223 8 92 4,043 331

08704443235
Fax

08704443245
Trading Activity

The operation of hotels.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111
Directors (as at May 2011)

Paul H. Sawbridge Peter G. Sawbridge Karen E. Sawbridge
Company Secretary

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Peter G. Sawbridge
Auditors

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

27,767 0 0 27,767 122 130 989 1,241 29,008 551 108 1,181 1,840 27,168 0 571 26,597 27,168

17,258 0 0 17,258 90 1,033 121 1,244 18,502 663 120 2,021 2,804 15,698 0 518 15,180 15,698

16,890 0 0 16,890 94 991 245 1,330 18,220 668 251 2,587 3,506 14,714 0 520 14,194 14,714

Moore & Smalley Llp
Bankers

Royal Bank Of Scot
Date Incorporated

Stocks Trade Debtors Other Current Assets Total Current Assets

21/03/1984
Registered Number

01802065

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-148 Key Note Ltd

Company Profiles

Leisureplex Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

7.7 8.2 16.2 8.4 8.4

7.2 8.5 10.6 9.8 8.7

9.2 11.4 13.9 12.7 11.8

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

17 26 27 20

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.61 0.67

0.41 0.44

0.35 0.38

Quick Ratio (Acid Test) Current Ratio

75 75

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

0.4 1,103.2 2.3

0.8 457.0 14.1

1.8 352.6 11.7

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

6 9 22

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

3 -4.4 0.9 0.5 0.5 15 0.47

30 -12.5 0.7 0.8 0.7 19 0.68

30 -18.0 0.8 0.8 0.7 20 0.66

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

18 84 73 55

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

13,724 0.49 6,712 41,336 81,586 83,384 33.2

13,323 0.30 4,012 37,849 47,426 52,139 35.2

12,215 0.42 5,076 36,580 44,453 51,027 33.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

83 30 99 71 26

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

25 21 9 42 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-149

Company Profiles

Lomar Hotel Co. Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Barnards Inn 86 Fetter Lane London EC4A 1EN
Telephone

19,347 295

21,116 1,106 0 126 416 0 81 0 4,575 124

22,624 1,376 0 639 408 0 70 0 4,303 141

02070127000
Trading Activity

The operation of the London Marriott Hotel.
Main SIC Codes

4 733 0 66 0 3,732 103

55111
Directors (as at May 2011)

Robert T. McAllister Stephen M. Briggs Patricia A. Needham Richard J. Moreau Paula C. Maggio Dwight R. Britt
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Citco Management (Uk) Limited
Auditors

Deloitte Llp
Date Incorporated

3,142 0 0 3,142 35 1,445 3,728 5,208 8,350 705 0 1,508 2,213 6,137 1,606 0 4,531 6,137

1,389 34 0 1,423 31 1,718 4,449 6,198 7,621 634 0 4,246 4,880 2,741 651 0 2,090 2,741

1,392 84 0 1,476 47 1,593 6,565 8,205 9,681 987 0 1,792 2,779 6,902 3,206 0 3,696 6,902

04/07/1989
Registered Number

02400561
Previous Name(s) with date(s) of change

Batmint Ltd, 07/09/1989
Holding Company

Lomar Holding U.K. Ltd
Ultimate Holding Company

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Strategic Hotels & Resorts Inc.

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-150 Key Note Ltd

Company Profiles

Lomar Hotel Co. Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

3.5 4.8 1.5 4.8 6.5

14.5 40.4 5.2 40.4 52.9

14.2 19.9 6.1 19.9 37.2

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

37 41 69 51

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

2.34 2.35

1.26 1.27

2.94 2.95

Quick Ratio (Acid Test) Current Ratio

22 24

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

35.4 118.6 0.0

31.7 37.8 0.0

88.8 61.8 0.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

35 43 2

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

27 15.5 0.2 3.2 6.2 13 2.32

30 6.2 0.1 7.7 15.2 11 2.77

26 24.0 0.2 3.3 16.3 16 2.34

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

127 21 11 14

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

36,233 0.08 2,864 187,835 59,583 30,505 19.3

36,895 0.24 8,919 170,290 22,105 11,202 21.7

30,518 0.32 9,759 160,454 48,950 9,872 19.0

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

7 63 7 81 100

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

110 62 110 109 -

Other Ratios Exports / Sales (%)

-

-

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-151

Company Profiles

Lomondo Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

The Melia White House London NW1 3UP
Telephone

25,843 5,177 0 -292 3,182 857 49 64,606 6,276 221

28,413 2,521 0 466 3,129 2,161 33 52 6,842 243

28,135 3,125 0 260 3,103 2,187 29 50 6,873 232

02073913000
Fax

02073880091
Trading Activity

The operation and management of a hotel.
Main SIC Codes

55111
Directors (as at May 2011)

Gabriel Escarrer Julia Sebastian Escarrer Jaume Gabriel Escarrer Jaume
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Law Store Limited
Auditors

Ernst & Young Llp
Bankers

45,480 527 0 46,007 250 1,596 8,483 10,329 56,336 681 3,703 5,287 9,671 46,665 15,243 299 31,123 46,665

48,572 674 0 49,246 274 1,494 6,552 8,320 57,566 707 3,983 4,485 9,175 48,391 20,070 219 28,102 48,391

50,814 821 0 51,635 252 1,452 9,835 11,539 63,174 635 3,728 5,015 9,378 53,796 26,792 471 26,533 53,796

Barclays Bank Plc
Date Incorporated

25/02/1993
Registered Number

02793825
Holding Company

Sol Melia Sa
Ultimate Holding Company

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Sol Melia Sa

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-152 Key Note Ltd

Company Profiles

Lomondo Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

9.2 11.1 20.0 12.0 16.6

4.4 5.2 8.9 8.9 9.0

4.9 5.8 11.1 9.2 11.8

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

12 19 22 14

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.04 1.07

0.88 0.91

1.20 1.23

Quick Ratio (Acid Test) Current Ratio

47 50

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

61.9 123.4 14.2

87.7 95.4 46.2

118.7 72.4 41.2

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

46 41 38

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

23 2.5 1.0 0.6 0.6 10 0.46

19 -3.0 1.0 0.6 0.6 9 0.49

19 7.7 0.9 0.5 0.6 8 0.45

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

113 89 66 56

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

28,398 0.82 23,425 116,937 211,154 205,792 24.3

28,156 0.37 10,374 116,926 199,140 199,885 24.1

29,625 0.45 13,470 121,272 231,879 219,026 24.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

12 20 23 45 72

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

93 13 101 68 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-153

Company Profiles

London Britannia Hotel Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Victoria House Consort Way Horley Surrey RH6 7AF
Telephone

18,765 6,614 0 0 1,364 14 22 0 4,361 209

20,689 6,417 0 0 1,443 1 20 0 5,198 260

20,610 7,247 0 0 1,434 1 19 0 5,113 272

01293772288
Fax

01293772345
Trading Activity

The ownership and operation of the ’Millennium Mayfair Hotel’, London.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111
Directors (as at May 2011)

Hong R. Wong Leng B. Kwek Copthorne Hotels Limited Adrian J. Bushnell
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Copthorne Hotels Limited
Auditors

87,915 0 0 87,915 61 90 610 761 88,676 0 8,650 1,426 10,076 78,600 0 2,693 75,907 78,600

89,031 0 0 89,031 67 170 1,177 1,414 90,445 0 2,503 1,359 3,862 86,583 7,696 2,846 76,041 86,583

88,052 0 0 88,052 64 205 931 1,200 89,252 0 1,689 1,345 3,034 86,218 6,132 2,828 77,258 86,218

Kpmg Audit Plc
Date Incorporated

18/12/1962
Registered Number

00744379
Previous Name(s) with date(s) of change

Europa Hotel (London) Ltd, 03/11/1989
Holding Company

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities

Millennium Hotels Ltd
Ultimate Holding Company

Hong Leong Investment Hldgs. Pte Ltd

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-154 Key Note Ltd

Company Profiles

London Britannia Hotel Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

7.5 8.4 35.2 7.6 8.7

7.1 7.4 31.0 7.2 8.4

8.1 8.4 35.2 8.2 9.4

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

18 25 6 24

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.07 0.08

0.35 0.37

0.37 0.40

Quick Ratio (Acid Test) Current Ratio

131 130

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

11.4 594.5 0.2

13.4 527.9 0.0

10.1 644.1 0.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

19 12 19

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

2 -49.6 0.3 0.2 0.2 0 0.21

3 -11.8 0.3 0.2 0.2 0 0.23

4 -8.9 0.3 0.2 0.2 0 0.23

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

12 34 119 101

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

20,866 1.52 31,646 89,785 376,077 420,646 23.2

19,992 1.23 24,681 79,573 333,012 342,427 25.1

18,798 1.42 26,643 75,772 316,978 323,721 24.8

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

36 8 48 28 75

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

95 31 72 106 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-155

Company Profiles

London L.R.G Hotel Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Ten Bishops Square Eighth Floor London E1 6EG
Trading Activity

28,572 6,727 0 0 2,131 3,244 0 0 6,636 190

31,384 5,760 0 0 2,378 6,817 0 0 6,844 206

30,222 3,091 0 0 2,540 7,018 0 0 6,573 200

The ownership and operation of a central London hotel.
Main SIC Codes

55111
Directors (as at May 2011)

Ryan D. Prince Petra Ekas
Company Secretary

Directors Emoluments Employee Pay Number of Employees

Paul Hastings Administrative Services Limited
Auditors

Deloitte Llp
Date Incorporated

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

21/06/1950
Registered Number

00483582
Previous Name(s) with date(s) of change

114,878 0 0 114,878 72 1,690 60,177 61,939 176,817 647 128,396 1,625 130,668 46,149 0 1,167 44,982 46,149

115,729 0 0 115,729 62 1,664 42,969 44,695 160,424 504 116,556 2,040 119,100 41,324 0 1,675 39,649 41,324

117,749 0 0 117,749 52 1,732 25,804 27,588 145,337 575 103,841 3,398 107,814 37,523 0 2,131 35,392 37,523

London Forum Hotel Ltd, 03/06/2005 Washington Hotel (London) Ltd, 03/11/1989
Holding Company

Lrg Acquisition Ltd
Ultimate Holding Company

Lrg Hldgs. Ltd

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-156 Key Note Ltd

Company Profiles

London L.R.G Hotel Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

3.8 14.6 23.5 5.7 15.0

3.6 13.9 18.4 8.0 14.5

2.1 8.2 10.2 7.2 8.7

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

36 14 12 40

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.47 0.47

0.37 0.38

0.26 0.26

Quick Ratio (Acid Test) Current Ratio

87 90

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

285.4 34.1 32.5

294.0 32.8 54.2

293.4 32.2 69.4

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

79 77 54

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

22 -240.5 0.3 0.6 0.2 8 0.16

19 -237.1 0.2 0.8 0.3 6 0.20

21 -265.5 0.2 0.8 0.3 7 0.21

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

109 28 108 113

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

34,926 1.01 35,405 150,379 242,889 604,621 23.2

33,223 0.84 27,961 152,350 200,602 561,791 21.8

32,865 0.47 15,455 151,110 187,615 588,745 21.7

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

8 16 12 40 76

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

82 7 22 70 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2008 PBT includes exceptional income of 1.8m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-157

Company Profiles

London May Fair Hotel Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

140 Bath Road Hayes Middlesex UB3 5AW
Trading Activity

34,385 1,824 0 50 5,588 9,213 18 0 7,005 370

34,978 1,797 0 3 5,591 10,824 20 0 7,004 394

34,203 1,017 0 2 3,628 11,472 16 0 6,582 408

The provision of hotel accommodation. conference facilities and meals.
Main SIC Codes

55111 70201
Directors (as at May 2011)

John R. Morley Jasminder Singh Vijay Wason
Company Secretary

Vijay Wason
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Kpmg Llp
Date Incorporated

17/07/2003
Registered Number

296,458 0 35,723 332,181 197 1,426 2,314 3,937 336,118 594 1,081 3,722 5,397 330,721 193,333 3,364 134,024 330,721

302,000 0 35,897 337,897 139 1,482 6,517 8,138 346,035 459 2,661 2,998 6,118 339,917 203,576 2,836 133,505 339,917

321,000 0 38,511 359,511 168 2,372 5,017 7,557 367,068 1,294 0 5,515 6,809 360,259 211,735 2,115 146,409 360,259

04835591
Previous Name(s) with date(s) of change

Revlake Ltd, 01/12/2004
Holding Company

Edwardian Intl. Hotels Ltd
Ultimate Holding Company

Edwardian Gp. Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-158 Key Note Ltd

Company Profiles

London May Fair Hotel Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

0.5 0.6 5.3 3.3 1.4

0.5 0.5 5.1 3.7 1.3

0.3 0.3 3.0 3.5 0.7

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

79 76 58 70

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.69 0.73

1.31 1.33

1.09 1.11

Quick Ratio (Acid Test) Current Ratio

69 71

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

145.1 66.3 83.5

154.5 62.8 85.8

144.6 66.4 91.9

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

69 64 77

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

15 -4.2 0.6 0.1 0.1 6 0.10

15 5.8 0.4 0.1 0.1 5 0.10

25 2.2 0.5 0.1 0.1 14 0.09

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

77 59 132 130

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

18,932 0.26 4,930 92,932 893,841 801,238 20.4

17,777 0.26 4,561 88,777 862,734 766,497 20.0

16,132 0.15 2,493 83,831 882,988 786,765 19.2

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

50 48 39 7 92

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

60 10 95 81 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-159

Company Profiles

London Tara Hotel Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Scarsdale Place Wrights Lane Kensington London W8 5SR
Telephone

24,012 10,267 0 0 554 0 25 0 5,445 276

25,639 10,898 0 47 647 1 22 0 5,741 302

24,215 10,266 0 57 735 1 22 0 5,570 296

02079377211
Fax

02078722509
Trading Activity

The ownership and operation of the Copthorne Tara Hotel London Kensington.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111
Directors (as at May 2011)

Copthorne Hotels Limited Adrian J. Bushnell Clive A. Harrington
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Copthorne Hotels Limited
Auditors

35,400 0 1 35,401 43 56 30,562 30,661 66,062 0 603 1,592 2,195 63,867 0 940 62,927 63,867

35,704 0 1 35,705 43 106 30,247 30,396 66,101 0 1,167 1,398 2,565 63,536 0 936 62,600 63,536

36,124 0 28,198 64,322 46 89 731 866 65,188 0 787 1,259 2,046 63,142 0 954 62,188 63,142

Kpmg Audit Plc
Date Incorporated

22/03/1971
Registered Number

01005559
Holding Company

Copthorne Hotel Hldgs. Ltd
Ultimate Holding Company

Hong Leong Investment Hldgs. Pte Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-160 Key Note Ltd

Company Profiles

London Tara Hotel Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

15.5 16.1 42.8 15.9 16.3

16.5 17.2 42.5 16.8 17.4

15.7 16.3 42.4 16.1 16.5

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

4 12 2 9

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

13.95 13.97

11.83 11.85

0.40 0.42

Quick Ratio (Acid Test) Current Ratio

4 4

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

1.0 2,007.2 0.0

1.9 1,788.1 0.0

1.3 2,072.9 0.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

10 5 13

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

1 118.5 0.2 0.4 0.7 0 0.36

2 108.5 0.2 0.4 0.7 0 0.39

1 -4.9 0.2 0.4 0.7 0 0.37

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

7 20 61 66

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

19,728 1.89 37,199 87,000 231,402 128,261 22.7

19,010 1.90 36,086 84,897 210,384 118,225 22.4

18,818 1.84 34,682 81,807 213,318 122,041 23.0

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

42 6 49 41 78

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

62 26 64 74 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-161

Company Profiles

Longmint Group Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
30/04/2009 £000s 30/04/2008 £000s

Hangar 4 Shoreham Airport Shoreham-By-Sea West Sussex BN43 5FF
Trading Activity

25,656 -643 6,666 13 759 1,812 60 0 5,260 159

24,089 -1,692 0 -3,060 671 1,659 45 0 5,649 166

A group engaged in the provision of air charter services, property ownership and management and hotel operation. On 12.02.09 group ceased the operation of air charter services.
Main SIC Codes

55111 70209 70200
Directors (as at May 2011)

Directors Emoluments Employee Pay Number of Employees

Lucy Cummings Neil G. Bellis
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
30/04/2009 £000s 30/04/2008 £000s

Juliet M. S. Bellis

Date Incorporated

15/03/1999
Registered Number

16,029 2,617 16,673 35,319 2,024 3,194 3,150 8,368 43,687 3,758 1,524 4,779 10,061 33,626 21,878 3,171 8,577 33,626

16,234 1,038 16,868 34,140 2,766 2,808 2,108 7,682 41,822 2,528 2,596 2,640 7,764 34,058 23,690 1,209 9,159 34,058

03732611
Previous Name(s) with date(s) of change

Longmint Properties Ltd, 21/07/2005
Main UK Subsidiaries with Turnover
(£’000)

Mann Aviation Gp. (Engineering) Ltd Sterling Helicopters Ltd Fast Helicopters Ltd Newick Park Ltd Skydrift Ltd Alan Mann Helicopters Ltd Proudale Ltd Longmint Aviation Ltd Longmint Ltd Mec Property Consultancy Ltd

10 4 2 1 1 1 1 1

Type of Accounts Number of weeks

Consolidated

Consolidated

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-162 Key Note Ltd

Company Profiles

Longmint Group Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-

-1.5 -1.9 -2.5 3.3 -7.5

-4.0 -5.0 -7.0 -0.1 -18.5

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

-

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

-

0.63 0.83

0.63 0.99

Quick Ratio (Acid Test) Current Ratio

-

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

-

392.7 24.4 155.0

323.7 28.0 ^

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

-

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

-

45 -6.6 7.9 0.8 1.6 53 0.59

43 -0.3 11.5 0.7 1.5 38 0.58

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

-

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

-

33,082 -0.12 -4,044 161,358 211,484 100,811 20.5

34,030 -0.30 -10,193 145,114 205,169 97,795 23.5

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

-

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

-

Other Ratios Exports / Sales (%)

-

-

26.0

0.0

Special Notes
2008 PBT includes exceptional charges of 2.3m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-163

Company Profiles

L.R.G Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

166 High Holborn London WC1V 6TT
Telephone

175,643 23,168 0 20,327 9,653 18,250 0 0 51,447 3,206

196,529 32,357 0 49,034 11,149 17,322 0 0 57,085 3,445

194,581 47,021 0 41,662 11,665 17,679 0 0 55,201 3,058

02073012000
Fax

02073012011
Trading Activity

The operation of hotels.
Main SIC Codes

55111
Directors (as at May 2011)

Ryan D. Prince Petra Ekas
Company Secretary

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Paul Hastings Administrative Services Limited
Auditors

Deloitte Llp
Date Incorporated

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

212,970 0 186,467 399,437 598 5,580 899,265 905,443 1,304,880 4,886 350,984 19,277 375,147 929,733 359,748 11,099 558,886 929,733

217,284 0 183,576 400,860 604 6,330 809,857 816,791 1,217,651 3,831 278,408 22,610 304,849 912,802 360,175 12,934 539,693 912,802

236,830 0 770,829 1,007,659 661 7,262 11,226 19,149 1,026,808 3,174 125,199 26,816 155,189 871,619 333,504 15,333 522,782 871,619

24/05/1996
Registered Number

03203484
Previous Name(s) with date(s) of change

Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities

Intercontinental Hotels Ltd, 26/05/2005 Six Continents Hotels Ltd, 16/04/2003 Posthouse Hotels Ltd, 16/07/2002 Post Houses Ltd, 06/11/1996
Holding Company

Nas Cobalt No.2 Ltd
Ultimate Holding Company

Lrg Hldgs. Ltd
Main UK Subsidiaries with Turnover
(£’000)

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Kensington Ph Ltd Hi (Edinburgh) Ltd Hi (London Gatwick) Ltd Hi (Farnborough) Ltd Hi (Brentwood) Ltd Hi (Hemel Hempstead) Ltd Hi (Milton Keynes) Ltd Hi (Birmingham M6 J7) Ltd Hi (Reading South) Ltd Hi (London Heathrow Ariel) Ltd

15 1 1 1

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-164 Key Note Ltd

Company Profiles

L.R.G Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

1.8 2.5 13.2 3.2 4.1

2.7 3.5 16.5 4.2 6.0

4.6 5.4 24.2 6.5 9.0

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

54 56 31 72

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

2.41 2.41

2.68 2.68

0.12 0.12

Quick Ratio (Acid Test) Current Ratio

21 22

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

127.2 74.9 44.1

118.3 79.6 34.9

87.7 103.7 27.3

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

64 58 59

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

12 301.9 0.3 0.2 0.8 10 0.13

12 260.5 0.3 0.2 0.9 7 0.16

14 -69.9 0.3 0.2 0.8 6 0.19

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

52 37 53 121

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

16,047 0.45 7,226 54,786 289,998 66,429 29.3

16,570 0.57 9,392 57,048 264,964 63,072 29.0

18,051 0.85 15,376 63,630 285,029 77,446 28.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

68 33 81 34 43

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

96 53 17 32 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-165

Company Profiles

L.R.G Hotels Group (UK) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

67 Almer Road Windsor Berkshire SL4 3HD
Telephone

37,625 -779 0 302 2,235 2,712 0 0 10,268 594

43,181 5,227 0 1,096 2,257 5,700 0 0 11,410 684

45,638 2,115 0 1,032 2,271 5,868 0 0 12,211 620

01753410100
Fax

01753410101
Trading Activity

The operation of hotels.
Main SIC Codes

55111
Directors (as at May 2011)

Ryan D. Prince Petra Ekas
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Paul Hastings Administrative Services Limited
Auditors

Deloitte Llp
Date Incorporated

26,867 0 49,122 75,989 137 1,078 77,529 78,744 154,733 586 131,432 2,908 134,926 19,807 0 1,122 18,685 19,807

28,635 0 50,854 79,489 152 1,134 60,938 62,224 141,713 877 117,222 2,603 120,702 21,011 0 1,625 19,386 21,011

29,642 0 48,707 78,349 146 1,139 52,338 53,623 131,972 439 109,423 5,248 115,110 16,862 0 1,899 14,963 16,862

29/03/1962
Registered Number

00719804
Previous Name(s) with date(s) of change

Intercontinental Hotels Group (UK) Ltd, 03/06/2005 Six Continents Hotels (UK) Ltd, 17/04/2003 Bass Hotels & Resorts (UK) Ltd, 06/08/2001 Holiday Inns (UK) Ltd, 13/01/2000
Holding Company

Sc Hotels & Holidays Ltd
Ultimate Holding Company

Lrg Hldgs. Ltd
Main UK Subsidiaries with Turnover
(£’000)

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Hi (Maidenhead) Ltd Hi (Brent Cross) Ltd Cp (Leeds) Ltd Hi (Edinburgh North) Ltd

1

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-166 Key Note Ltd

Company Profiles

L.R.G Hotels Group (UK) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-0.5 -3.9 -2.1 1.3 -4.2

3.7 24.9 12.1 7.9 27.0

1.6 12.5 4.6 6.3 14.1

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

84 96 85 93

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.58 0.58

0.51 0.52

0.46 0.47

Quick Ratio (Acid Test) Current Ratio

77 82

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

703.4 13.7 140.3

604.7 15.8 52.2

731.3 12.8 73.5

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

95 94 87

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

10 -149.3 0.4 1.9 1.4 6 0.24

10 -135.4 0.4 2.1 1.5 7 0.30

9 -134.7 0.3 2.7 1.5 4 0.35

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

43 40 37 90

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

17,286 -0.08 -1,311 63,342 33,345 45,231 27.3

16,681 0.46 7,642 63,130 30,718 41,864 26.4

19,695 0.17 3,411 73,610 27,197 47,810 26.8

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

61 81 75 94 58

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

118 26 63 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2008 PBT includes exceptional income of 2.0m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-167

Company Profiles

Macdonald Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
01/10/2009 £000s 25/09/2008 £000s 27/09/2007 £000s

Whiteside House Whiteside Industrial Estate Bathgate Scotland EH48 2RX
Trading Activity

128,422 5,229 0 6,501 11,572 15,201 165 1,606 50,242 4,010

135,424 -9,399

153,357 99,092

A group engaged in the operation of hotels and leisure resorts.
Main SIC Codes

2,093 16,433 21,792 142 1,892 54,447 4,149

126,444 25,053 25,969 150 2,501 58,045 4,652

55111
Directors (as at May 2011)

Francis O’Callaghan Donald J. Macdonald Ramon Pajares Robert G. Fraser Bruce S. Anderson David A. Guile Ruaridh Macdonald Peter A. E. Opperman
Company Secretary

Balance Sheet
Date of Accounts
01/10/2009 £000s 25/09/2008 £000s 27/09/2007 £000s

Robert G. Fraser
Auditors

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

373,074 352 2,910 376,336 10,979 5,506 9,433 25,918 402,254 10,440 309,730 23,080 343,250 59,004 13,348 0 45,656 59,004

376,646 0 15,850 392,496 5,773 6,711 6,952 19,436 411,932 6,315 697 35,346 42,358 369,574 310,363 19,979 39,232 369,574

373,099 0 14,601 387,700 8,492 8,243 11,162 27,897 415,597 7,549 4,139 48,451 60,139 355,458 289,627 17,675 48,156 355,458

Kpmg Llp
Date Incorporated

08/04/2003
Registered Number

Stocks Trade Debtors Other Current Assets Total Current Assets

SC247423
Previous Name(s) with date(s) of change

Macdonald Hotels PLC, 26/05/2004 Skye Leisure Ventures PLC, 10/02/2004
Main UK Subsidiaries with Turnover
(£’000)

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Ledge 563 Ltd Macdonald Resorts Ltd Macdonald Hotels (Manchester) Ltd. Macdonald Berystede Ltd Macdonald Holyrood Ltd Macdonald Botley Park Ltd Macdonald Frimley Hall Ltd Macdonald Compleat Angler Ltd Macdonald Alveston Ltd Macdonald Marine Ltd

15 12 8 6 5 5 4 4 4 3

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

53

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-168 Key Note Ltd

Company Profiles

Macdonald Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

1.3 8.7 4.1 5.4 11.2

-2.3 -2.5 -6.9 3.3 -24.0

23.8 27.9 64.6 34.8 205.8

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

63 23 63 43

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.04 0.08

0.32 0.46

0.32 0.46

Quick Ratio (Acid Test) Current Ratio

136 131

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

713.1 12.8 74.4

792.9 10.5 175.8

610.0 13.1 20.8

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

96 97 70

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

16 -251.9 8.7 2.1 0.3 30 0.31

18 -16.9 4.3 0.4 0.4 17 0.33

20 -21.0 5.5 0.4 0.4 18 0.37

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

80 133 89 76

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

12,293 0.10 1,279 31,421 14,714 93,036 39.1

13,123 -0.17 -2,265 32,640 89,075 90,780 40.2

12,477 1.71 21,301 32,966 76,410 80,202 37.8

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

100 60 119 104 6

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

119 68 82 85 -

Other Ratios Exports / Sales (%)

-

0.0

-

-

Special Notes
2007 PBT includes 104.1m profit on sale of properties.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-169

Company Profiles

Malmaison & Hotel Du Vin Property Holdings Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

179 Great Portland Street London W1w 5ls

26,260 -5,015 0 -4,187 3,289 17,727 0 0

25,145 -37,008 0 -39,061 3,571 19,301 0

15,638 2,836 0 4,189 2,579 14,411 0 0

Trading Activity

Property investment.
Main SIC Codes

70209
Directors (as at May 2011)

Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees

Gail Robson Robert B. Cook Colin D. Elliot
Company Secretary

3

3

3

Filex Services Limited
Auditors

Kpmg Audit Plc
Date Incorporated

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

07/11/2006
Registered Number

05990905
Previous Name(s) with date(s) of change

420,704 0 18 420,722 0 0 122,442 122,442 543,164 0 306,015 1,039 307,054 236,110 276,335 0 -40,225 236,110

428,000 0 18 428,018 0 0 97,966 97,966 525,984 0 560,597 596 561,193 -35,209 0 0 -35,209 -35,209

494,808 0 18 494,826 0 0 38,937 38,937 533,763 0 238,914 0 238,914 294,849 246,769 0 48,080 294,849

Finlaw 548 Ltd, 16/04/2007
Holding Company

Mwb Malmaison Hldgs. Ltd
Ultimate Holding Company

Mwb Gp. Hldgs. PLC
Main UK Subsidiaries with Turnover
(£’000)

Golf Hotel St Andrews (2008) Ltd

1

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

60

See sections 6 & 7 for Analysis Notes and Definitions
3-170 Key Note Ltd

Company Profiles

Malmaison & Hotel Du Vin Property Holdings Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-0.9 -2.1 -19.1 2.3 ^

-7.0 ^ -147.2 -3.4 ^

0.5 0.8 18.1 2.8 5.1

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

87 89 117 82

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.40 0.40

0.17 0.17

0.16 0.16

Quick Ratio (Acid Test) Current Ratio

95 97

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -6.9 139.5

^ -6.3 ^

1,010.2 9.9 83.6

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

119 86

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

0 -703.0 0.0 0.1 0.1 0 0.05

0 -1,842.2 0.0 ^ 0.1 0 0.05

0 -1,475.5 0.0 0.0 0.0 0 0.03

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

2 6 134 137

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

- -1,671,667 -12,336,000 819,289 8,753,333 8,381,667 4,517,644 - 78,703,333 -11,736,333 98,283,000 - 140,234,667 142,666,667 164,936,000 -

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

2 2 -

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

4 62 46 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-171

Company Profiles

Mandarin Oriental Hyde Park Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

3 Lombard Street London EX3V 9AQ
Trading Activity

39,011 4,782 0 24 2,944 3,962 45 0 10,146 363

43,113 4,617

23,512 4,474

The ownership and operation of a luxury hotel in central London. Trading as ’Mandarin Oriental Hyde Park’.
Main SIC Codes

220 2,592 6,902 48 101 10,820 397

135 1,308 3,703 22 95 5,398 398

55111
Directors (as at May 2011)

Charles S. Dickie Christoph Mares Michel Checoury Craig A. Beattie
Company Secretary

Directors Emoluments Employee Pay Number of Employees

Matheson & Co Limited
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Pricewaterhousecoopers Llp
Date Incorporated

29/03/2007
Registered Number

188,356 0 0 188,356 472 3,654 12,651 16,777 205,133 1,322 1,681 3,547 6,550 198,583 97,302 495 100,786 198,583

186,070 0 427 186,497 514 3,272 10,451 14,237 200,734 1,492 1,682 3,126 6,300 194,434 97,087 0 97,347 194,434

183,422 0 1,656 185,078 493 3,268 14,048 17,809 202,887 1,029 1,763 6,195 8,987 193,900 99,824 0 94,076 193,900

06192910
Previous Name(s) with date(s) of change

Mandarin Oriental London Ltd, 29/06/2007 Mandarin Oriental Hyde Park Ltd, 04/06/2007 Mandarin Oriental London Ltd, 01/06/2007
Holding Company

Mandarin Oriental London Ltd
Ultimate Holding Company

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Jardine Matheson Hldgs. Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

27

See sections 6 & 7 for Analysis Notes and Definitions
3-172 Key Note Ltd

Company Profiles

Mandarin Oriental Hyde Park Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

2.3 2.4 12.3 4.4 4.7

2.3 2.4 10.7 5.9 4.7

4.2 4.4 19.0 8.0 9.2

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

50 57 35 55

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

2.49 2.56

2.18 2.26

1.93 1.98

Quick Ratio (Acid Test) Current Ratio

19 20

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

98.2 96.6 45.3

101.5 94.2 59.9

108.0 86.5 45.3

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

57 51 60

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

34 26.2 1.2 0.2 0.2 12 0.19

28 18.4 1.2 0.2 0.2 13 0.21

26 19.5 1.1 0.2 0.2 8 0.22

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

135 99 120 106

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

27,950 0.47 13,174 107,468 547,061 518,887 26.0

27,254 0.43 11,630 108,597 489,758 468,690 25.1

26,121 0.83 21,650 113,775 487,186 460,859 23.0

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

13 32 29 14 66

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

109 48 65 79 -

Other Ratios Exports / Sales (%)

-

0.0

-

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-173

Company Profiles

Manor House Hotel (Okehampton) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

The Manor House Hotel Fowley Cross Okehampton Devon EX20 4NA
Telephone

14,175 1,698 0 0 336 191 6 0 4,522 321

12,772 1,100 0 0 338 337 6 0 4,263 320

12,584 1,012 0 1 342 431 6 0 4,403 316

0183752592
Fax

0183755027
Trading Activity

The operation of a hotel.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111
Directors (as at May 2011)

Joan E. Essex Simon W. J. Essex
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Simon W. J. Essex
Auditors

Bishop Fleming
Bankers

17,113 0 0 17,113 365 94 371 830 17,943 828 58 3,926 4,812 13,131 2,826 444 9,861 13,131

16,710 0 0 16,710 366 73 126 565 17,275 852 711 2,708 4,271 13,004 4,289 344 8,371 13,004

15,291 0 0 15,291 355 40 112 507 15,798 728 1,028 2,435 4,191 11,607 3,952 294 7,361 11,607

Hsbc Bank Plc
Date Incorporated

06/02/1985
Registered Number

01883684
Previous Name(s) with date(s) of change

Bronmill Ltd, 11/03/1985

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-174 Key Note Ltd

Company Profiles

Manor House Hotel (Okehampton) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

9.5 12.9 12.0 14.3 17.2

6.4 8.5 8.6 10.5 13.1

6.4 8.7 8.0 11.4 13.7

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

11 16 36 12

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.10 0.17

0.05 0.13

0.04 0.12

Quick Ratio (Acid Test) Current Ratio

123 118

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

29.2 122.0 10.1

59.7 94.0 23.5

67.7 87.2 29.9

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

31 42 32

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

2 -28.1 2.6 1.1 0.8 21 0.79

2 -29.0 2.9 1.0 0.8 24 0.74

1 -29.3 2.8 1.1 0.8 21 0.80

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

16 118 52 38

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

14,087 0.38 5,290 44,159 40,907 53,312 31.9

13,322 0.26 3,438 39,913 40,638 52,219 33.4

13,934 0.23 3,203 39,823 36,731 48,389 35.0

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

77 37 94 88 31

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

28 11 35 39 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-175

Company Profiles

Maple Hotels 1 Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

C/O Robson Services Ltd 2-3 Woodstock Street 2nd Floor London W1C 2AB
Trading Activity

91,273 -15,431 0 0 2,299 68 34 18 23,177 1,784

106,073 -7,772 0 -1,431 4,278 247 36 18 23,571 1,826

109,970 -2,575 0 0 3,687 272 34 18 23,243 1,839

The operation of a group of hotels.
Main SIC Codes

55111
Directors (as at May 2011)

Eirik P. Robson Hugh M. Taylor Solomon S. Cuby
Auditors

Directors Emoluments Employee Pay Number of Employees

Harold Everett Wreford Llp
Date Incorporated

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

13/09/2005
Registered Number

05562647
Ultimate Holding Company

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

7,148 0 0 7,148 329 3,062 14,468 17,859 25,007 2,459 39,229 9,820 51,508 -26,501 0 0 -26,501 -26,501

3,551 0 0 3,551 402 5,045 15,116 20,563 24,114 2,578 23,680 8,926 35,184 -11,070 0 0 -11,070 -11,070

5,787 0 0 5,787 425 7,162 14,275 21,862 27,649 1,954 17,176 11,817 30,947 -3,298 0 0 -3,298 -3,298

Goodmayes Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-176 Key Note Ltd

Company Profiles

Maple Hotels 1 Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-61.7 ^ -16.9 -120.7 ^

-32.2 ^ -7.3 -59.7 ^

-9.3 ^ -2.3 -16.6 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

139 112 138

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.34 0.35

0.57 0.58

0.69 0.71

Quick Ratio (Acid Test) Current Ratio

100 101

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -51.5 ^

^ -31.5 ^

^ -10.7 ^

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

135 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

12 -36.9 0.4 ^ 12.8 10 3.65

17 -13.8 0.4 ^ 29.9 9 4.40

24 -8.3 0.4 ^ 19.0 6 3.98

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

59 39 8 7

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

12,992 -0.67 -8,650 51,162 -14,855 4,007 25.4

12,909 -0.33 -4,256 58,090 -6,062 1,945 22.2

12,639 -0.11 -1,400 59,799 -1,793 3,147 21.1

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

91 105 87 116 68

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

116 97 56 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2008 PBT includes exceptional charges of 1.4m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-177

Company Profiles

Marriott Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

68 Knightsbridge London SW1X 7XH
Telephone

158,390 -569 158,390 -63 222 218 68 99 134,114 8,801

149,482 652 0 126 278 382 68 117 124,966 8,465

150,811 658 0 -234 272 167 56 122 125,509 9,304

020 75911100
Trading Activity

The management of hotels.
Main SIC Codes

55111
Directors (as at May 2011)

Paul A. Simmons Bridgett R. Price
Company Secretary

Citco Management (Uk) Limited
Auditors

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Pricewaterhousecoopers Llp
Date Incorporated

28/11/1975
Registered Number

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

613 198 6,961 7,772 0 0 8,841 8,841 16,613 1,048 1,102 9,342 11,492 5,121 0 0 5,121 5,121

794 0 248 1,042 0 5,604 14,695 20,299 21,341 451 5,433 9,888 15,772 5,569 0 0 5,569 5,569

1,003 0 205 1,208 0 7,903 8,910 16,813 18,021 297 3,992 8,851 13,140 4,881 0 41 4,840 4,881

01235583
Holding Company

Marriott Hotels & Catering (Hldgs.) Ltd
Ultimate Holding Company

Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Marriott Intl. Inc.

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-178 Key Note Ltd

Company Profiles

Marriott Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-3.4 -11.1 -0.4 -5.6 -11.1

3.1 11.7 0.4 9.4 11.7

3.7 13.5 0.4 9.3 13.6

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

104 109 81 115

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.77 0.77

1.29 1.29

1.28 1.28

Quick Ratio (Acid Test) Current Ratio

61 67

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

22.4 44.6 ^

97.6 35.3 36.9

82.5 36.7 20.2

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

30 70 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

0 -1.7 0.0 30.9 258.4 2 9.53

14 3.0 0.0 26.8 188.3 1 7.00

19 2.4 0.0 30.9 150.4 1 8.37

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

6 7 2 1

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

15,238 0.00 -65 17,997 582 70 84.7

14,763 0.01 77 17,659 658 94 83.6

13,490 0.01 71 16,209 525 108 83.2

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

71 76 126 113 1

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

44 91 71 -

Other Ratios Exports / Sales (%)

-

100.0

0.0

0.0

Special Notes
2009 PBT includes exceptional charges of 141k.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-179

Company Profiles

Marston Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
03/01/2010 £000s 28/12/2008 £000s 30/12/2007 £000s

The Mews Princess Parade Hythe Kent CT21 6AQ
Telephone

46,206 -11,240 0 4,994 2,811 5,616 0 0 14,183 1,259

49,154 -2,601 0 6,470 1,881 6,597 0 0 14,460 1,161

51,553 2,008 0 7,042 997 5,373 55 0 14,966 881

01303269900
Fax

01303263600
Trading Activity

The control and management of its own hotels.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111
Directors (as at May 2011)

David J. Taylor Michael E. Purtill Ian D. Goulding
Company Secretary

Balance Sheet
Date of Accounts
03/01/2010 £000s 28/12/2008 £000s 30/12/2007 £000s

Ian D. Goulding
Auditors

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

41,046 0 10,649 51,695 581 2,275 76,901 79,757 131,452 1,570 100,033 3,764 105,367 26,085 0 0 26,085 26,085

57,822 0 10,649 68,471 702 2,992 72,365 76,059 144,530 2,705 90,416 4,647 97,768 46,762 0 0 46,762 46,762

42,629 0 10,649 53,278 518 3,868 68,009 72,395 125,673 3,139 72,869 4,527 80,535 45,138 0 0 45,138 45,138

Kpmg Llp
Bankers

406278
Date Incorporated

Stocks Trade Debtors Other Current Assets Total Current Assets

13/03/1990
Registered Number

02480483
Holding Company

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Marston Hotels Hldgs. Ltd
Ultimate Holding Company

Qhotels Gp. Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

53

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-180 Key Note Ltd

Company Profiles

Marston Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-8.4 -42.3 -24.3 -4.4 -42.3

-1.8 -5.6 -5.3 2.9 -5.6

1.6 4.4 3.9 6.3 4.4

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

117 119 124 112

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.75 0.76

0.77 0.78

0.89 0.90

Quick Ratio (Acid Test) Current Ratio

65 69

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

383.5 24.8 ^

193.4 47.8 165.1

161.4 56.0 72.8

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

87 84 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

18 -56.5 1.3 1.7 1.1 13 0.34

22 -44.2 1.4 1.1 0.9 20 0.34

27 -15.8 1.0 1.1 1.2 22 0.41

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

92 105 45 70

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

11,053 -0.79 -8,759 36,008 20,719 32,602 30.7

12,455 -0.18 -2,240 42,338 40,277 49,804 29.4

16,988 0.13 2,279 58,516 51,235 48,387 29.0

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

112 112 110 101 38

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

107 53 6 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2010 PBT includes 6.5m charge regarding impairment of tangible fixed assets. This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-181

Company Profiles

Menzies Hotels Holdings Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/01/2010 £000s 31/01/2009 £000s 31/01/2008 £000s

Bakum House Etwall Road Mickleover Derby Derbyshire DE3 0DL
Trading Activity

45,027 -38,870 0 190 7,917 15,980 58 185 13,650 1,265

51,255 -32,233 0 18 7,901 18,719 58 252 16,016 1,534

53,467 -7,678 0 128 7,780 15,658 62 244 16,098 1,540

A group engaged in the ownership and operation of hotels.
Main SIC Codes

55111
Directors (as at May 2011)

Timothy J. Penter
Company Secretary

Robert W. Grainger
Auditors

Pricewaterhousecoopers Llp
Bankers

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets
31/01/2010 £000s 31/01/2009 £000s 31/01/2008 £000s

Bank Of Scotland
Date Incorporated

02/12/2004
Registered Number

185,157 0 0 185,157 318 1,435 14,674 16,427 201,584 2,510 258,750 3,026 264,286 -62,702 0 0 -62,702 -62,702

237,298 2,433 0 239,731 325 1,877 1,650 3,852 243,583 2,933 239,864 3,984 246,781 -3,198 0 0 -3,198 -3,198

252,466 2,606 0 255,072 498 3,291 6,443 10,232 265,304 4,987 219,342 2,778 227,107 38,197 0 0 38,197 38,197

05302710
Previous Name(s) with date(s) of change

Pmh Holdings Ltd, 21/12/2006 Alnery No. 2471 Ltd, 20/12/2004
Holding Company

Piccadilly Hotels 6 Ltd
Ultimate Holding Company

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Piccadilly Hotels 2 Ltd

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-182 Key Note Ltd

Company Profiles

Menzies Hotels Holdings Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-19.3 ^ -86.3 -11.7 ^

-13.2 ^ -62.9 -5.7 ^

-2.9 -20.1 -14.4 3.1 -20.1

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

126 137 124

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.06 0.06

0.01 0.02

0.04 0.05

Quick Ratio (Acid Test) Current Ratio

132 133

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -23.7 ^

^ -1.3 ^

616.3 16.8 196.2

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

126 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

12 -550.5 0.7 ^ 0.2 20 0.22

13 -474.0 0.6 ^ 0.2 21 0.21

22 -405.6 0.9 1.4 0.2 34 0.20

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

53 72 109 95

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

10,791 -2.85 -30,727 35,594 -49,567 146,369 30.3

10,441 -2.01 -21,012 33,413 -2,085 154,692 31.2

10,453 -0.48 -4,986 34,719 24,803 163,939 30.1

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

114 125 112 124 41

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

111 123 96 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2009 PBT includes exceptional charges of 475k. 2008 T/O includes acquisitions of 7.9m. This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-183

Company Profiles

Menzies Hotels Operating Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/01/2010 £000s 31/01/2009 £000s 31/01/2008 £000s

Bakum House, Etwall Road Mickleover Derby Derbyshire DE3 0DL
Trading Activity

40,338 -20,077 0 1,092 3,740 7,252 55 185 13,650 1,265

48,760 -12,978 0 2,952 5,247 9,130 55 253 16,016 1,534

53,467 -5,472 0 3,538 4,466 7,788 59 244 16,098 1,540

The operation of hotels.
Main SIC Codes

55111
Directors (as at May 2011)

Timothy J. Penter
Company Secretary

Directors Emoluments Employee Pay Number of Employees

Robert W. Grainger
Auditors

Pricewaterhousecoopers Llp
Bankers

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/01/2010 £000s 31/01/2009 £000s 31/01/2008 £000s

Bank Of Scotland
Date Incorporated

08/09/2006
Registered Number

24,435 0 0 24,435 318 1,435 73,707 75,460 99,895 2,510 133,903 2,138 138,551 -38,656 0 0 -38,656 -38,656

30,884 2,433 0 33,317 325 1,877 59,800 62,002 95,319 2,933 109,059 1,906 113,898 -18,579 0 0 -18,579 -18,579

28,804 2,606 0 31,410 498 3,291 61,133 64,922 96,332 4,987 94,168 2,778 101,933 -5,601 0 589 -6,190 -5,601

05928922
Holding Company

Menzies Hotels Intermediary Hldgs. Ltd
Ultimate Holding Company

Piccadilly Hotels 2 Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-184 Key Note Ltd

Company Profiles

Menzies Hotels Operating Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-20.1 ^ -49.8 -13.5 ^

-13.6 ^ -26.6 -4.3 ^

-5.7 ^ -10.2 2.6 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

127 132 126

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.54 0.54

0.54 0.54

0.63 0.64

Quick Ratio (Acid Test) Current Ratio

80 86

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -27.9 ^

^ -16.3 ^

^ -6.0 336.3

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

128 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

13 -156.4 0.8 ^ 1.7 23 0.40

14 -106.4 0.7 ^ 1.6 22 0.51

22 -69.2 0.9 ^ 1.9 34 0.56

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

67 80 33 63

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

10,791 -1.47 -15,871 31,888 -30,558 19,316 33.8

10,441 -0.81 -8,460 31,786 -12,111 20,133 32.8

10,453 -0.34 -3,553 34,719 -3,637 18,704 30.1

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

115 121 118 119 23

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

125 54 97 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2009 T/O includes disposals of 4.8m. 2009 PBT includes exceptional charges of 716k. This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-185

Company Profiles

Millennium & Copthorne Hotels PLC
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Victoria House Victoria Road Horley Surrey RH6 7AF
Telephone

654,000 81,900 517,300 2,400 31,900 9,700 1,300 1,680 208,400 11,131

702,900 102,800 609,100 8,600 43,900 18,600 1,200 1,699 212,100 12,778

669,600 157,400 577,600 8,800 34,400 22,900 1,200 2,535 200,100 12,957

01293772288
Fax

01293772345
Trading Activity

A group engaged in the ownership, management and operation of hotels and in the development and sale of land and properties and property investment. T/O = revenue.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111
Directors (as at May 2011)

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Leng B. Kwek Leng J. Kwek Leng P. Kwek Hong R. Wong Christopher A. Keljik James C. S. Rankin Eik S. Kwek Richard M. Hartman Alexander E. M. Waugh Nicholas George
Company Secretary

1,975,900 0 509,700 2,485,600 4,200 28,700 236,600 269,500 2,755,100 17,800 107,800 131,300 256,900 2,498,200 233,000 512,900 1,752,300 2,498,200

2,067,700 0 520,500 2,588,200 68,100 38,600 237,700 344,400 2,932,600 16,400 84,800 145,000 246,200 2,686,400 420,900 528,000 1,737,500 2,686,400

1,709,000 0 406,000 2,115,000 74,500 36,200 188,500 299,200 2,414,200 17,000 116,400 112,400 245,800 2,168,400 309,700 435,200 1,423,500 2,168,400

Adrian J. Bushnell
Auditors

Kpmg Audit Plc
Bankers

Ing Bank Nv
Date Incorporated

22/12/1994
Registered Number

03004377
Previous Name(s) with date(s) of change

Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Millennium & Copthorne Hotels Ltd, 27/03/1996 Millennium Hotels (UK) Ltd, 14/11/1995
Ultimate Holding Company

Hong Leong Investment Hldgs. Pte. Ltd

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-186 Key Note Ltd

Company Profiles

Millennium & Copthorne Hotels PLC Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

3.0 3.3 12.5 3.5 4.7

3.5 3.8 14.6 4.4 5.9

6.5 7.3 23.5 7.9 11.1

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

45 50 33 67

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.03 1.05

1.12 1.40

0.91 1.22

Quick Ratio (Acid Test) Current Ratio

48 51

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

19.4 174.7 10.6

29.1 145.4 15.3

29.9 143.7 12.7

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

28 30 33

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

16 1.9 0.6 0.3 0.3 10 0.24

20 14.0 9.7 0.3 0.3 9 0.24

20 8.0 11.1 0.3 0.4 9 0.28

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

81 66 90 91

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

18,722 0.39 7,358 58,755 224,436 177,513 31.9

16,599 0.48 8,045 55,009 210,236 161,817 30.2

15,443 0.79 12,148 51,679 167,354 131,898 29.9

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

53 35 78 42 32

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

69 51 32 86 5

Other Ratios Exports / Sales (%)

-

79.1

86.7

86.3

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-187

Company Profiles

Morgans Hotel Group London Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

45 St Martins Lane London WC2N 4HX
Telephone

28,701 1,448 0 2 2,699 6,755 41 0 6,043 196

30,998 3,080 0 750 2,621 6,911 43 0 6,553 209

31,967 4,480 0 705 2,437 7,043 54 0 6,303 216

02073005500
Fax

02073005501
Trading Activity

The operation of two hotels in London.
Main SIC Codes

55111
Directors (as at May 2011)

Jeffrey S. Quicksilver David W. Smail Frederick J. Kleisner Justin L. Leonard
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Bibi R. Ally
Auditors

Bdo Llp
Bankers

98,679 0 0 98,679 155 929 16,959 18,043 116,722 191 100,500 1,975 102,666 14,056 0 0 14,056 14,056

101,151 0 0 101,151 249 917 15,448 16,614 117,765 529 2,607 2,247 5,383 112,382 99,774 0 12,608 112,382

102,898 0 0 102,898 222 1,072 28,430 29,724 132,622 596 2,688 2,509 5,793 126,829 101,636 0 25,193 126,829

Nat West Bank Plc
Date Incorporated

07/11/1997
Registered Number

03462675
Previous Name(s) with date(s) of change

Ian Schrager London Ltd, 25/11/2005 Basketdrift Ltd, 26/03/1998
Holding Company

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Morgans Hotel Gp. Europe Ltd
Ultimate Holding Company

Morgans Hotel Gp. Europe Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-188 Key Note Ltd

Company Profiles

Morgans Hotel Group London Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

1.2 10.3 5.0 7.2 10.3

2.6 2.7 9.9 8.7 24.4

3.4 3.5 14.0 8.9 17.8

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

64 20 61 29

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.17 0.18

3.04 3.09

5.09 5.13

Quick Ratio (Acid Test) Current Ratio

114 117

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

715.0 13.7 82.3

812.0 12.0 69.2

414.1 23.5 61.1

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

97 95 76

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

12 -294.8 0.5 2.0 0.3 2 0.25

11 36.2 0.8 0.3 0.3 6 0.26

12 74.9 0.7 0.3 0.3 7 0.24

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

56 56 95 89

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

30,832 0.24 7,388 146,434 71,714 503,464 21.1

31,354 0.47 14,737 148,316 537,713 483,976 21.1

29,181 0.71 20,741 147,995 587,171 476,380 19.7

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

9 51 13 74 88

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

97 58 104 80 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-189

Company Profiles

M W B Group Holdings PLC
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

30 City Road London EC1Y 2AG
Trading Activity

284,299 -15,422 10,065 310 17,809 26,211 400 1,944 58,164 2,679

277,876 -9,926

252,119 -13,763

A group engaged in hotel operations, the retail of luxury fashion, homeware, gifts and beauty products, the wholesale of fabrics and the provision of serviced office space.
Main SIC Codes

-133 15,840 26,896 361 1,892 61,812 2,735

-1,882 13,023 28,608 377 1,990 53,324 2,461

55111 70209 52120 51410
Directors (as at May 2011)

Jagtar Singh Robert P. Burrow Eric F. Sanderson David C. Marshall Richard G. Balfour-Lynn Michael A. Bibring
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

City Group Plc
Auditors

559,466 28,794 13,111 601,371 14,306 12,566 38,933 65,805 667,176 29,404 17,107 57,820 104,331 562,845 365,165 93,144 104,536 562,845

565,932 25,969 13,501 605,402 11,705 12,603 55,138 79,446 684,848 20,347 344,895 54,134 419,376 265,472 45,157 94,434 125,881 265,472

605,633 25,969 18,642 650,244 9,489 9,971 54,412 73,872 724,116 18,126 35,426 66,225 119,777 604,339 296,767 103,195 204,377 604,339

Kpmg Audit Plc
Bankers

Bank Of Scotland
Date Incorporated

29/01/2008
Registered Number

06487877
Main UK Subsidiaries with Turnover
(£’000)

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities

Mwb Bus. Exchange PLC Mwb Bus. Exchange Centres Ltd Liberty Ltd Malmaison & Hotel Du Vin Property Hldgs. Ltd Malmaison Hotels Ltd Liberty Fabric Ltd Malmaison Brand Ltd Mwb Executive Centres (Hldgs.) Ltd The Malmaison Hotel (Birmingham) Ltd The Malmaison Hotel (Manchester) Ltd

112 88 59 26 14 12 9 9 7 7

Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-190 Key Note Ltd

Company Profiles

M W B Group Holdings PLC Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-2.3 -2.7 -5.4 1.9 -14.8

-1.4 -3.7 -3.6 2.8 -7.9

-1.9 -2.3 -5.5 2.3 -6.7

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

97 91 94 88

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.49 0.63

0.16 0.19

0.54 0.62

Quick Ratio (Acid Test) Current Ratio

86 78

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

504.7 18.6 242.9

390.4 22.5 158.5

186.2 39.3 192.7

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

92 91 95

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

16 -13.6 5.0 0.5 0.5 38 0.43

17 -122.3 4.2 1.0 0.5 27 0.41

14 -18.2 3.8 0.4 0.4 26 0.35

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

82 126 71 60

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

21,711 -0.27 -5,757 106,121 210,095 208,834 20.5

22,600 -0.16 -3,629 101,600 97,065 206,922 22.2

21,668 -0.26 -5,592 102,446 245,566 246,092 21.2

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

27 90 32 46 91

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

27 92 25 -

Other Ratios Exports / Sales (%)

-

3.5

-

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-191

Company Profiles

North British Trust Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
27/03/2010 £000s 28/03/2009 £000s 29/03/2008 £000s

1 Queen Charlotte Lane Edinburgh Midlothian EH6 6BL
Telephone

23,962 740

24,862 1,685 0 135 1,034 0 20 560 7,869 615

25,863 749 0 332 813 0 23 497 8,827 621

01315547173
Trading Activity

A group engaged as hoteliers. Trading as ’British Trust Hotels’.
Main SIC Codes

-65 1,049 0 20 807 7,723 521

55111
Directors (as at May 2011)

Directors Emoluments Employee Pay Number of Employees

John G. Crerar Patrick L. Crerar Angus A. Meldrum John D. Wilson John N. Dearnley
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
27/03/2010 £000s 28/03/2009 £000s 29/03/2008 £000s

Nigel Dearnley
Auditors

Chiene & Tait
Bankers

33,837 1,379 3 35,219 179 347 5,487 6,013 41,232 2,912 53 3,752 6,717 34,515 1,483 999 32,033 34,515

33,223 1,458 2 34,683 141 585 2,263 2,989 37,672 1,476 0 4,345 5,821 31,851 0 450 31,401 31,851

30,016 1,094 3 31,113 176 711 7,114 8,001 39,114 3,576 17 4,905 8,498 30,616 0 426 30,190 30,616

Bank Of Scotland
Date Incorporated

04/12/1902
Registered Number

00075625
Main UK Subsidiaries with Turnover
(£’000)

Crerar Mgmt. Ltd

4

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-192 Key Note Ltd

Company Profiles

North British Trust Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

1.8 2.1 3.1 2.1 2.3

4.5 5.3 6.8 5.3 5.4

1.9 2.4 2.9 2.4 2.5

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

53 59 66 85

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.87 0.90

0.49 0.51

0.92 0.94

Quick Ratio (Acid Test) Current Ratio

53 58

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

5.0 348.2 0.0

0.0 500.7 0.0

0.1 338.3 0.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

16 18 3

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

5 -2.9 0.7 0.7 0.7 44 0.58

9 -11.4 0.6 0.8 0.7 22 0.66

10 -1.9 0.7 0.8 0.9 50 0.66

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

26 76 58 49

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

14,823 0.10 1,420 45,992 66,248 64,946 32.2

12,795 0.21 2,740 40,426 51,790 54,021 31.7

14,214 0.08 1,206 41,647 49,301 48,335 34.1

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

74 62 92 77 29

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

88 27 51 91 -

Other Ratios Exports / Sales (%)

-

-

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-193

Company Profiles

Oxford Hotels & Inns Management Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
25/04/2010 £000s 26/04/2009 £000s 27/04/2008 £000s

30 City Road London EC1Y 2AB
Trading Activity

53,361 95

60,012 105 0 2 403 83 28

63,464 121 0 -210 932 207 24

The management of hotels and public houses.
Main SIC Codes

55111 55404
Directors (as at May 2011)

25 647 36 21

Anthony M. Khalastchi Ephraim M. F. Khalastchi Peter S. D. Khalastchi
Company Secretary

18,416 1,495

21,533 1,952

23,501 1,820

John Drury
Auditors

Arram Berlyn Gardner
Date Incorporated

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
25/04/2010 £000s 26/04/2009 £000s 27/04/2008 £000s

29/08/2006
Registered Number

05918480

2,686 0 0 2,686 581 3,388 7,472 11,441 14,127 3,397 3,307 5,170 11,874 2,253 1,320 553 380 2,253

2,628 0 0 2,628 727 4,115 7,086 11,928 14,556 4,882 2,563 5,333 12,778 1,778 1,505 0 273 1,778

2,791 0 0 2,791 963 3,141 9,982 14,086 16,877 5,523 3,578 5,902 15,003 1,874 1,696 0 178 1,874

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-194 Key Note Ltd

Company Profiles

Oxford Hotels & Inns Management Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

0.7 4.2 0.2 2.4 25.0

0.7 5.9 0.2 4.3 38.5

0.7 6.5 0.2 6.0 68.0

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

74 43 79 81

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.91 0.96

0.88 0.93

0.87 0.94

Quick Ratio (Acid Test) Current Ratio

50 54

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

1,217.6 2.8 27.5

1,490.1 1.9 44.1

2,962.9 1.1 63.1

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

101 104 47

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

23 -0.8 1.1 23.7 19.9 23 3.78

25 -1.4 1.2 33.8 22.8 30 4.12

18 -1.4 1.5 33.9 22.7 32 3.76

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

117 92 6 6

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

12,318 0.01 64 35,693 1,507 1,797 34.5

11,031 0.00 54 30,744 911 1,346 35.9

12,913 0.01 66 34,870 1,030 1,534 37.0

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

98 75 111 112 18

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

112 39 115 95 -

Other Ratios Exports / Sales (%)

-

-

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-195

Company Profiles

Paragon Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
25/03/2010 £000s 26/03/2009 £000s 27/03/2008 £000s

The Paragon Hotel 145 Alaster Street Birmingham West Midlands B12 0PJ
Telephone

26,523 -1,319

26,042 -10,067

28,473 -6,284

01216270627
Fax

-545 3,267 1,732 30 0 3,811 314

-7,266 3,245 3,900 31 0 3,723 338

-2,482 2,734 6,862 30 0 3,974 385

01216270628
Trading Activity

A group engaged in the ownership and operation of hotels.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111 74140
Directors (as at May 2011)

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets
25/03/2010 £000s 26/03/2009 £000s 27/03/2008 £000s

John C. Kay Craig J. Hemmings St J. Stott Kathryn Revitt
Company Secretary

72,605 0 0 72,605 206 892 2,234 3,332 75,937 970 69,948 3,713 74,631 1,306 0 1,027 279 1,306

75,669 0 0 75,669 192 801 477 1,470 77,139 895 71,508 2,558 74,961 2,178 0 790 1,388 2,178

74,511 0 6,942 81,453 218 1,218 1,408 2,844 84,297 663 4,097 3,406 8,166 76,131 63,886 1,040 11,205 76,131

John C. Kay
Auditors

Kpmg Llp
Date Incorporated

Stocks Trade Debtors Other Current Assets Total Current Assets

26/09/1994
Registered Number

02971215
Previous Name(s) with date(s) of change

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities
(£’000)

M M & S (2233) Ltd, 05/06/1995
Holding Company

Calgarth Ltd
Main UK Subsidiaries with Turnover

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Classic Lodges Ltd Marshall Meadows Hotel Ltd

9

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-196 Key Note Ltd

Company Profiles

Paragon Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-1.7 -101.0 -5.0 0.6 -472.8

-13.1 -462.2 -38.7 -8.4 -725.3

-7.5 -8.3 -22.1 0.7 -56.1

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

95 123 91 100

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.04 0.04

0.02 0.02

0.32 0.35

Quick Ratio (Acid Test) Current Ratio

137 137

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

25,071.0 0.4 419.4

5,151.9 1.8 ^

606.7 15.3 1,187.2

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

110 110 99

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

12 -268.8 0.8 20.3 0.4 13 0.35

11 -282.2 0.7 12.0 0.3 13 0.34

16 -18.7 0.8 0.4 0.4 8 0.34

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

61 78 84 68

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

12,137 -0.35 -4,201 84,468 4,159 231,226 14.4

11,015 -2.70 -29,784 77,047 6,444 223,873 14.3

10,322 -1.58 -16,322 73,956 197,743 193,535 14.0

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

102 92 53 110 119

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

86 98 99 -

Other Ratios Exports / Sales (%)

-

-

-

-

Special Notes
2009 PBT includes 7.8m exceptional charges re. loss on sale of investments (2008 = 5.9m exceptional impairment costs). This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-197

Company Profiles

Paramount Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Fountain Court 12 Bruntcliffe Way Morley Leeds West Yorkshire LS27 0JG
Telephone

13,039 2,046

12,600 1,362 0 8,572 0 17,939 8 0

33,602 -4,342 0 5,764 3,131 15,491 33 0 8,637 1,002

01132380033
Trading Activity

11,308 0 20,724 0 0

The operation and management of hotels. On 6.9.07 company transferred its trade. In return company receives rental income and hotels are held as rental properties.
Main SIC Codes

55111
Directors (as at May 2011)

Michael E. Jourdain Peter Procopis David R. Kaye
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

David R. Kaye
Auditors

0 876 194,163 195,039 0 0 109,751 109,751 304,790 0 0 196,384 196,384 108,406 0 379 108,027 108,406

203,813 979 0 204,792 0 0 80,520 80,520 285,312 0 165,500 2,964 168,464 116,848 0 1 116,847 116,848

227,628 1,081 0 228,709 0 327 71,192 71,519 300,228 2,578 152,658 5,704 160,940 139,288 70 1 139,217 139,288

Deloitte Llp
Bankers

Angloirish
Date Incorporated

21/06/1994
Registered Number

02940925
Previous Name(s) with date(s) of change

Kineticboom Ltd, 07/10/1994 Paramount Hotels Ltd, 18/07/1994 Kineticboom Ltd, 21/06/1994
Holding Company

Puma Hotels (Guernsey) Ltd
Ultimate Holding Company

Puma Hotels PLC

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-198 Key Note Ltd

Company Profiles

Paramount Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

0.7 1.9 15.7 21.0 1.9

0.5 1.2 10.8 6.8 1.2

-1.4 -3.1 -12.9 3.8 -3.1

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

75 60 28 5

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.56 0.56

0.48 0.48

0.44 0.44

Quick Ratio (Acid Test) Current Ratio

78 85

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

0.0 54.9 91.0

142.8 69.4 92.9

110.6 86.5 138.9

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

2 66 79

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

0 -664.4 0.0 0.1 ^ 0 0.04

0 -698.0 0.0 0.1 0.1 0 0.04

4 -266.1 0.0 0.2 0.1 28 0.11

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

3 8 138

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

-

-

8,620 -0.50 -4,333 33,535 139,010 227,174 25.7

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

-

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

131 63 -

Other Ratios Exports / Sales (%)

-

-

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-199

Company Profiles

Park Hotel Heathrow Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Chicago Avenue Manchester Lancashire M90 3RA
Trading Activity

18,264 -4,582

21,452 -1,778 0 0 640 0 25 0 2,489 160

21,899 -319 0 0 363 0 19 0 2,853 208

A hotelier.
Main SIC Codes

55111
Directors (as at May 2011)

4 1,093 0 22 0 2,068 129

Knut J. Kleiven Marianne Ruhngaard Kevin Greenwood Jacques Dubois Phillip Dark
Company Secretary

Kevin Greenwood
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Deloitte Llp
Date Incorporated

04/03/2004
Registered Number

12,926 0 0 12,926 29 1,645 3,191 4,865 17,791 655 21,452 420 22,527 -4,736 0 0 -4,736 -4,736

12,083 0 0 12,083 33 1,890 4,398 6,321 18,404 594 17,596 412 18,602 -198 0 134 -332 -198

4,196 0 0 4,196 41 2,055 4,562 6,658 10,854 614 8,631 497 9,742 1,112 0 124 988 1,112

05064006
Previous Name(s) with date(s) of change

Pinco 2096 Ltd, 09/03/2004
Holding Company

Rezidor Park UK Ltd
Ultimate Holding Company

Rezidor Hotel Gp. Ab

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-200 Key Note Ltd

Company Profiles

Park Hotel Heathrow Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-25.8 ^ -25.1 -27.4 ^

-9.7 ^ -8.3 -10.2 ^

-2.9 -28.7 -1.5 -3.3 -32.3

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

130 125 129

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.21 0.22

0.34 0.34

0.68 0.68

Quick Ratio (Acid Test) Current Ratio

109 111

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -21.0 ^

^ -1.8 ^

873.6 10.0 ^

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

123 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

33 -96.7 0.2 ^ 1.4 13 1.03

32 -57.2 0.2 ^ 1.8 10 1.17

34 -14.1 0.2 19.7 5.2 10 2.02

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

133 18 36 25

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

16,031 -2.22 -35,519 141,581 -36,713 100,202 11.3

15,556 -0.71 -11,113 134,075 -1,238 75,519 11.6

13,716 -0.11 -1,534 105,284 5,346 20,173 13.0

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

69 124 15 122 123

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

114 8 114 -

Other Ratios Exports / Sales (%)

-

-

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-201

Company Profiles

Park Hotels Management Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Chicago Avenue Manchester M90 3RA
Trading Activity

26,309 -8,117 0 0 2,318 1 30 0 6,547 471

26,501 -5,318 0 0 1,214 0 35 0 6,462 507

27,306 -3,914 0 10 288 0 24 0 7,222 577

Hoteliers. Commenced trading 14.10.05.
Main SIC Codes

55111
Directors (as at May 2011)

Britt M. Ruhngaard Knut J. Kleiven Kevin J. Greenwood Jacques Dubois Phillip Dark
Company Secretary

Kevin J. Greenwood
Auditors

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Deloitte Llp
Date Incorporated

22/04/2005
Registered Number

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

15,004 0 0 15,004 194 1,456 6,032 7,682 22,686 1,409 31,121 5,320 37,850 -15,164 0 0 -15,164 -15,164

10,643 0 0 10,643 196 1,293 3,750 5,239 15,882 3,305 16,828 3,559 23,692 -7,810 0 328 -8,138 -7,810

3,860 0 0 3,860 199 1,532 5,179 6,910 10,770 1,143 10,345 3,390 14,878 -4,108 0 288 -4,396 -4,108

05433108
Previous Name(s) with date(s) of change

Pimco 2291 Ltd, 05/08/2005
Holding Company

Stocks Trade Debtors Other Current Assets Total Current Assets

Rezidor Park UK Ltd
Ultimate Holding Company

Rezidor Hotel Gp. Ab

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-202 Key Note Ltd

Company Profiles

Park Hotels Management Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-35.8 ^ -30.9 -50.9 ^

-33.5 ^ -20.1 -59.0 ^

-36.3 ^ -14.3 -62.8 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

134 127 135

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.20 0.20

0.21 0.22

0.45 0.46

Quick Ratio (Acid Test) Current Ratio

110 112

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -40.1 ^

^ -33.9 ^

^ -29.0 ^

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

132 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

20 -114.7 0.7 ^ 1.8 20 1.16

18 -69.6 0.7 ^ 2.5 46 1.67

20 -29.2 0.7 ^ 7.1 15 2.54

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

102 75 29 22

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

13,900 -1.24 -17,234 55,858 -32,195 31,856 24.9

12,746 -0.82 -10,489 52,270 -15,404 20,992 24.4

12,516 -0.54 -6,783 47,324 -7,120 6,690 26.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

81 119 80 121 70

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

76 6 98 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-203

Company Profiles

The Park Lane Hotel Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

23 Aigburth Drive Liverpool Merseyside L17 4JQ
Telephone

22,090 4,476 0 144 1,282 135 62 0 4,992 265

24,251 5,597 0 34 1,283 0 62 0 5,887 274

23,952 5,524 0 168 1,277 136 60 0 4,965 274

01517096222
Fax

01517268091
Trading Activity

The ownership and operation of the ’Park Lane Hotel’.
Main SIC Codes

55111
Directors (as at May 2011)

Michael P. Wale Patrick Divall Brian E. Cameron
Company Secretary

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Stefaan Haegeman
Auditors

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

7,867 0 10 7,877 363 1,877 16,965 19,205 27,082 1,326 246 3,000 4,572 22,510 0 696 21,814 22,510

8,582 0 10 8,592 344 2,507 18,079 20,930 29,522 1,122 642 3,259 5,023 24,499 0 695 23,804 24,499

8,417 0 10 8,427 288 2,969 24,280 27,537 35,964 998 6,822 2,610 10,430 25,534 0 567 24,967 25,534

Ernst & Young Llp
Date Incorporated

20/08/1919
Registered Number

Stocks Trade Debtors Other Current Assets Total Current Assets

00158092
Previous Name(s) with date(s) of change

Park Lane Hotel PLC (The), 18/03/1998
Holding Company

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Sheraton Hotels (U.K.) PLC
Ultimate Holding Company

Starwood Hotels & Resorts Worldwide Inc.

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-204 Key Note Ltd

Company Profiles

The Park Lane Hotel Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

16.5 19.9 20.3 20.3 20.5

19.0 22.8 23.1 22.3 23.5

15.4 21.6 23.1 17.5 22.1

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

2 10 21 6

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

4.12 4.20

4.10 4.17

2.61 2.64

Quick Ratio (Acid Test) Current Ratio

9 10

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

1.1 414.1 2.9

2.7 416.3 0.0

27.3 227.0 2.4

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

11 16 25

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

31 66.2 1.6 1.0 2.8 22 0.82

38 65.6 1.4 1.0 2.8 17 0.82

45 71.4 1.2 0.9 2.8 15 0.67

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

132 110 20 35

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

18,838 0.90 16,891 83,358 84,943 29,687 22.6

21,485 0.95 20,427 88,507 89,412 31,321 24.3

18,120 1.11 20,161 87,416 93,190 30,719 20.7

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

51 19 57 69 79

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

91 37 124 58 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-205

Company Profiles

Park Tower Hotel Ltd (The)
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

101 Knightsbridge London SW1X 7RN
Telephone

25,956 9,676 0 839 946 0 60 25 5,196 211

29,699 10,807 0 122 1,137 0 56 25 6,300 233

29,108 9,353 0 67 1,258 40 53 25 5,053 224

020 7235 8050
Fax

020 7235 8231
Trading Activity

Hoteliers and restaurateurs.
Main SIC Codes

55111 55301
Directors (as at May 2011)

Mohammed S. Al Tajir Mohammed M. Al Tajir Amer M. M. Altajir
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Charles D. Parte
Auditors

Baker Tilly Uk Audit Llp
Date Incorporated

3,431 0 3,019 6,450 190 2,875 7,539 10,604 17,054 1,073 11,198 1,524 13,795 3,259 0 0 3,259 3,259

3,263 0 2,271 5,534 198 3,555 8,862 12,615 18,149 560 12,530 2,233 15,323 2,826 0 0 2,826 2,826

3,804 0 2,185 5,989 205 3,980 6,392 10,577 16,566 1,210 7,110 1,668 9,988 6,578 0 21 6,557 6,578

30/04/1971
Registered Number

01009626
Holding Company

Park Tower Investments Ltd
Ultimate Holding Company

Park Tower Hldgs. Establishment
Main UK Subsidiaries with Turnover
(£’000)

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Blackford Farms Ltd

1

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-206 Key Note Ltd

Company Profiles

Park Tower Hotel Ltd (The) Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

56.7 296.9 37.3 66.9 296.9

59.5 382.4 36.4 70.4 382.4

56.5 142.2 32.1 68.6 142.6

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

1 1 5 1

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.75 0.77

0.81 0.82

1.04 1.06

Quick Ratio (Acid Test) Current Ratio

64 68

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

343.6 23.6 0.0

443.4 18.4 0.0

108.4 65.5 0.4

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

85 87 8

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

40 -12.3 0.7 8.0 7.6 15 1.52

44 -9.1 0.7 10.5 9.1 7 1.64

50 2.0 0.7 4.4 7.7 15 1.76

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

136 74 9 19

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

24,626 1.86 45,858 123,014 15,445 16,261 20.0

27,039 1.72 46,382 127,464 12,129 14,004 21.2

22,558 1.85 41,754 129,946 29,366 16,982 17.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

17 7 20 103 95

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

100 24 59 72 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-207

Company Profiles

Pbn Holdings Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Adelaide House Falcon Road Belfast BT12 6SJ
Trading Activity

23,088 -9,925

20,473 -4,632

40,079 -241

A group engaged in the development, sale and rental of property, construction and shop outfitting, warehouse and storage handling and hoteliers.
Main SIC Codes

-166 189 19,869 24 539 2,240 135

1,407 188 18,385 26 343 1,692 95

2,747 252 16,344 25 488 2,336 93

70110 45211 63120 70209 65232 55111
Directors (as at May 2011)

Neil Adair Patrick Kearney Hugh R. H. Wilson Peter McCartney Damian Mitchell
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

53,607 7,600 218,831 280,038 35,770 601 19,915 56,286 336,324 1,391 1,818 8,297 11,506 324,818 317,678 12 7,128 324,818

220,246 7,423 99,509 327,178 36,237 672 22,001 58,910 386,088 752 50 6,924 7,726 378,362 314,353 553 63,456 378,362

119,662 7,876 99,422 226,960 35,258 680 9,422 45,360 272,320 984 2,635 5,251 8,870 263,450 236,073 542 26,835 263,450

Hugh R. H. Wilson
Auditors

Maneely Mc Cann
Bankers

Stocks Trade Debtors Other Current Assets Total Current Assets

Progressive Bldg Soc
Date Incorporated

28/07/2005
Registered Number

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities
(£’000)

NI056039
Previous Name(s) with date(s) of change

Portcamen Ltd, 01/09/2005
Main UK Subsidiaries with Turnover

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Pbn Property Ltd Castleview Mews Ltd

8 1

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-208 Key Note Ltd

Company Profiles

Pbn Holdings Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-3.0 -3.1 -43.0 3.0 -139.2

-1.2 -1.2 -22.6 3.6 -7.3

-0.1 -0.1 -0.6 6.1 -0.9

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

101 92 131 75

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.78 4.89

2.93 7.62

1.14 5.11

Quick Ratio (Acid Test) Current Ratio

31 9

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ 2.2 199.8

561.1 19.7 133.7

1,259.1 10.9 101.5

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

106 93

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

10 194.0 154.9 0.1 0.4 22 0.07

12 250.0 177.0 0.1 0.1 13 0.05

6 91.0 88.0 0.2 0.3 9 0.15

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

38 140 77 134

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

16,593 -4.43 -73,519 171,022 2,406,059 397,089 9.7

17,811 -2.74 -48,758 215,505 3,982,758 2,318,379 8.3

25,118 -0.10 -2,591 430,957 2,832,796 1,286,688 5.8

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

64 128 9 5 125

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

127 21 5 -

Other Ratios Exports / Sales (%)

-

-

-

-

Special Notes
2009 PBT includes exceptional charges of 1.3m. 2007 PBT includes exceptional charges of 395k. This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-209

Company Profiles

Peel Hotels PLC
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
07/02/2010 £000s 08/02/2009 £000s 10/02/2008 £000s

Warwick Avenue London W9 2PS
Telephone

14,186 -74 0 0 1,214 865 30 175 4,975 440

12,720 664 0 97 1,074 339 23 177 4,391 389

15,150 9,590 0 8,250 1,093 852 30 1,120 4,826 425

02072866823
Fax

0207289119
Trading Activity

The operation of hotels in the UK.
Main SIC Codes

55111
Directors (as at May 2011)

Robert E. G. Peel Clement J. Govett Keith P. Benham Norbert P. G. Petersen
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
07/02/2010 £000s 08/02/2009 £000s 10/02/2008 £000s

Thring Townsend Lee & Pembertons Llp
Auditors

Grant Thornton Uk Llp
Bankers

39,514 0 0 39,514 113 500 832 1,445 40,959 573 3,342 1,289 5,204 35,755 11,558 561 23,636 35,755

29,662 0 0 29,662 93 498 840 1,431 31,093 352 985 3,183 4,520 26,573 3,005 588 22,980 26,573

28,724 0 0 28,724 87 642 4,809 5,538 34,262 535 178 4,071 4,784 29,478 3,971 707 24,800 29,478

Royal Bank Of Scot
Date Incorporated

25/11/1997
Registered Number

03473990
Previous Name(s) with date(s) of change

Peel Hotels Ltd, 27/02/1998

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-210 Key Note Ltd

Company Profiles

Peel Hotels PLC Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-0.2 -0.2 -0.5 2.0 -0.3

2.1 2.5 5.2 3.6 2.9

28.0 32.5 63.3 35.2 38.7

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

81 78 83 86

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.26 0.28

0.30 0.32

1.14 1.16

Quick Ratio (Acid Test) Current Ratio

103 105

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

63.0 136.4 109.4

17.4 283.2 33.8

16.7 262.1 8.2

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

48 36 81

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

13 -26.5 0.8 0.4 0.4 15 0.35

14 -24.3 0.7 0.5 0.4 10 0.41

15 5.0 0.6 0.5 0.5 13 0.44

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

63 82 85 69

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

11,307 -0.01 -168 32,241 81,261 89,805 35.1

11,288 0.15 1,707 32,699 68,311 76,252 34.5

11,355 1.99 22,565 35,647 69,360 67,586 31.9

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

109 78 117 72 16

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

84 24 36 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2010 T/O includes acquisitions of 1.9m. 2008 PBT includes 8.1m profit on disposal of property. This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-211

Company Profiles

Pennyhill Park Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/03/2010 £000s 25/03/2009 £000s 26/03/2008 £000s

London Road Bagshot GU19 5EU
Telephone

16,034 1,793 0 0 1,525 829 17 368 5,843 218

17,163 984 0 0 1,976 1,782 21 314 5,915 225

16,772 508 0 0 2,133 1,764 10 430 5,791 256

01276471774
Trading Activity

Hoteliers.
Main SIC Codes

55111
Directors (as at May 2011)

Giuseppe Pecorelli Daniel L. E. Pecorelli Penelope Pecorelli
Company Secretary

Christine L. Davies
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/03/2010 £000s 25/03/2009 £000s 26/03/2008 £000s

Pkf (Uk) Llp
Date Incorporated

29/07/1982
Registered Number

26,597 0 16,874 43,471 80 592 1,926 2,598 46,069 711 1,903 3,369 5,983 40,086 22,625 128 17,333 40,086

27,521 0 22,146 49,667 97 459 1,717 2,273 51,940 626 6,029 3,448 10,103 41,837 23,875 367 17,595 41,837

29,047 0 2,000 31,047 107 677 16,469 17,253 48,300 955 5,766 3,268 9,989 38,311 20,625 2,703 14,983 38,311

01654812
Previous Name(s) with date(s) of change

Refal 38 Ltd, 31/08/1982
Holding Company

The Manor House Hotel (Castle Combe) Ltd
Ultimate Holding Company

The Manor House Hotel (Castle Combe) Ltd
Main UK Subsidiaries with Turnover
(£’000)

Fanhams Hall Hotel Ltd

3

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

53

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-212 Key Note Ltd

Company Profiles

Pennyhill Park Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

3.8 4.4 11.2 6.1 10.1

1.9 2.4 5.7 5.8 5.6

1.1 1.3 3.0 5.2 3.4

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

35 42 41 36

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.42 0.43

0.22 0.22

1.72 1.73

Quick Ratio (Acid Test) Current Ratio

92 93

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

141.5 60.3 31.6

170.0 51.2 64.4

176.1 45.0 77.6

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

68 65 52

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

14 -21.5 0.5 0.4 0.6 16 0.34

10 -45.6 0.6 0.4 0.6 13 0.33

15 43.3 0.6 0.4 0.6 21 0.35

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

74 50 65 71

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

26,297 0.31 8,070 72,163 183,881 122,005 36.4

26,289 0.17 4,373 76,280 185,942 122,316 34.5

22,621 0.09 1,984 65,516 149,652 113,465 34.5

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

15 42 68 50 11

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

83 6 86 87 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-213

Company Profiles

Percy R.Brend & Sons (Hoteliers) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Park Hotel Barnstaple Devon EX32 9AE
Telephone

30,852 112 0 0 717 11 18 83 12,891 1,151

30,078 43,850 0 44,222 836 12 19 102 12,588 1,046

30,075 163 0 0 795 4 20 118 12,295 1,027

01271372166
Fax

01271323157
Trading Activity

Hoteliers and restaurateurs.
Main SIC Codes

55111 55301
Directors (as at May 2011)

John E. Brend Peter A. Brend Justin J. Brend Richard P. Brend Peter A. Brend
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Peter A. Brend
Auditors

5,906 0 5,801 11,707 370 505 271 1,146 12,853 2,749 2,192 1,336 6,277 6,576 0 922 5,654 6,576

4,917 0 5,147 10,064 341 505 237 1,083 11,147 2,649 1,190 843 4,682 6,465 5 882 5,578 6,465

14,032 0 152 14,184 338 518 476 1,332 15,516 2,678 747 1,032 4,457 11,059 5,190 1,016 4,853 11,059

Bishop Fleming
Bankers

Lloyds Tsb Bank Plc
Date Incorporated

03/06/1969
Registered Number

00955450
Holding Company

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities

Percy R Brend & Sons (Hldgs.) Ltd
Ultimate Holding Company

Percy R Brend & Sons (Hldgs.) Ltd

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-214 Key Note Ltd

Company Profiles

Percy R.Brend & Sons (Hoteliers) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

0.9 1.7 0.4 1.4 2.0

393.4 678.3 145.8 573.0 786.1

1.1 1.5 0.5 1.4 3.4

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

69 64 77 92

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.12 0.18

0.16 0.23

0.22 0.30

Quick Ratio (Acid Test) Current Ratio

120 115

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

38.8 78.5 8.9

21.4 100.2 0.0

122.3 45.5 2.4

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

38 56 31

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

6 -16.6 1.2 4.7 5.2 33 2.40

6 -12.0 1.1 4.7 6.1 32 2.70

6 -10.4 1.1 2.7 2.1 33 1.94

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

27 96 13 13

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

11,200 0.01 97 26,805 5,713 5,131 41.8

12,034 3.48 41,922 28,755 6,181 4,701 41.9

11,972 0.01 159 29,284 10,768 13,663 40.9

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

110 74 125 109 5

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

49 42 117 20 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2009 PBT includes exceptional income of 44.2m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-215

Company Profiles

Pl Hotel Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

41 Lothbury London EC2R 7HF
Trading Activity

13,822 -8,002

14,475 -15,035

14,846 -665 0 0 1,270 4,998 24 0

A group engaged as hoteliers. T/O = Revenue.
Main SIC Codes

55111
Directors (as at May 2011)

-40 1,534 4,370 25 0

-3,876 1,555 4,949 24 0

Stephen C. Moye Hisham S. A. Al-Saie Mohammed A. S. Abu Rumman Bashar J. B. Rashdan Rehman Tipu Roger N. Blackall Mary-Ann A. Hill Paul Lawrence Andy Williams Philip Norman
Company Secretary

15

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Ogier Corporate Services (Uk) Limited
Auditors

Ernst & Young Llp
Bankers

83,000 0 0 83,000 21 526 9,981 10,528 93,528 60 22,462 2,199 24,721 68,807 64,911 3,082 814 68,807

92,000 0 0 92,000 29 1,098 4,667 5,794 97,794 309 18,696 2,146 21,151 76,643 64,848 3,148 8,647 76,643

105,500 0 0 105,500 34 892 5,928 6,854 112,354 309 1,118 2,798 4,225 108,129 78,535 1,497 28,097 108,129

Barclays Bank Plc
Date Incorporated

25/08/2004
Registered Number

05214268
Previous Name(s) with date(s) of change

Mwb Park Lane Hotel Ltd, 05/06/2006 Finlaw 467 Ltd, 23/12/2004
Holding Company

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Fornax Ltd
Ultimate Holding Company

Stone Co. S P C

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-216 Key Note Ltd

Company Profiles

Pl Hotel Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-8.6 -11.6 -57.9 -4.0 -983.0

-15.4 -19.6 -103.9 -10.6 -173.9

-0.6 -0.6 -4.5 4.0 -2.4

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

118 110 134 111

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.43 0.43

0.27 0.27

1.61 1.62

Quick Ratio (Acid Test) Current Ratio

91 94

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

10,733.8 0.9 ^

966.2 9.7 ^

283.5 33.3 115.3

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

109 109 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

14 -102.7 0.2 0.2 0.2 2 0.15

28 -106.1 0.2 0.2 0.2 8 0.15

22 17.7 0.2 0.1 0.1 8 0.13

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

75 15 126 117

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

-533,467 921,467 4,587,133 5,533,333 -

-

-

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

3 4 -

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

87 116 -

Other Ratios Exports / Sales (%)

-

-

-

0.0

Special Notes
2009 PBT includes 7.7m diminution of operational property (2008 = 10.6m). This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-217

Company Profiles

Premier Inn Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
04/03/2010 £000s 26/02/2009 £000s 28/02/2008 £000s

Oakley House Oakley Road Luton LU4 9QH
Telephone

485,237 104,480

503,274 174,753 0 368 54,814 11,001 0 0

182,105 49,709 0 2 11,199 0 0

01582 424200
Trading Activity

The operation of premier Inn hotels.
Main SIC Codes

-78,371 47,487 0 0 0 93,067

55111
Directors (as at May 2011)

Paul C. Flaum Patrick J. A. Dempsey Andrew D. Pellington
Company Secretary

Russell W. Fairhurst
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
04/03/2010 £000s 26/02/2009 £000s 28/02/2008 £000s

Ernst & Young Llp
Date Incorporated

28/03/2007
Registered Number

2,167,175 0 0 2,167,175 404 6,547 19,850 26,801 2,193,976 1,379 1,935,470 330 1,937,179 256,797 0 17,610 239,187 256,797

2,439,613 0 0 2,439,613 365 10,688 5,547 16,600 2,456,213 1,645 2,265,392 51,959 2,318,996 137,217 0 4,314 132,903 137,217

2,395,418 0 0 2,395,418 432 11,303 6,302 18,037 2,413,455 1,578 2,361,767 7,474 2,370,819 42,636 0 3,457 39,179 42,636

06190411
Previous Name(s) with date(s) of change

Premier Hotel Properties Ltd, 25/06/2007
Holding Company

Whitbread Pub Restaurants Bus. Ltd
Ultimate Holding Company

Whitbread PLC

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

53

52

21

See sections 6 & 7 for Analysis Notes and Definitions
3-218 Key Note Ltd

Company Profiles

Premier Inn Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

4.7 39.9 21.5 4.7 42.9

7.1 127.4 34.7 7.7 131.5

5.1 288.7 27.3 5.1 314.2

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

31 4 18 53

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.01 0.01

0.01 0.01

0.01 0.01

Quick Ratio (Acid Test) Current Ratio

140 140

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

809.2 12.2 0.0

1,704.5 5.7 5.9

6,028.1 1.7 0.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

98 98 14

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

5 -401.3 0.1 1.9 0.2 1 0.22

8 -457.5 0.1 3.7 0.2 1 0.20

9 -521.8 0.1 10.6 0.2 1 0.19

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

24 12 117 100

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

1.12 19.2

-

-

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

12 101

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

41 35 96 -

Other Ratios Exports / Sales (%)

-

-

0.0

0.0

Special Notes
2010 PBT includes exceptional charges of 78.4m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-219

Company Profiles

Premier Inn Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
04/03/2010 £000s 26/02/2009 £000s 28/02/2008 £000s

Whitbread Court Houghton Hall Business Park Porz Avenue, Dunstable Bedfordshire LU5 5XE
Trading Activity

45,823 -3,636 0 1,856 3,809 12,540 0 0

33,786 -27,983 0 1,082 5,637 26,355 0 0

159,530 409,229 0 71 12,563 26,299 0 0 51,320 3,433

Premier inn hotels.
Main SIC Codes

55111 55301
Directors (as at May 2011)

Paul C. Flaum Patrick J. A. Dempsey Christopher C. B. Rogers Andrew D. Pellington
Company Secretary

Russell W. Fairhurst
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities
(£’000) 04/03/2010 £000s 26/02/2009 £000s 28/02/2008 £000s

Ernst & Young Llp
Date Incorporated

25/05/2004
Registered Number

86,347 9,983 93,172 189,502 245 8,549 1,025,193 1,033,987 1,223,489 10,554 678,040 23,844 712,438 511,051 650 4,091 506,310 511,051

104,652 11,125 89,224 205,001 76 4,277 1,019,370 1,023,723 1,228,724 12,067 627,802 11,904 651,773 576,951 105 5,624 571,222 576,951

76,820 122 52,841 129,783 53 685 1,036,899 1,037,637 1,167,420 15,944 451,342 21,572 488,858 678,562 972 4,750 672,840 678,562

05137608
Previous Name(s) with date(s) of change

Premier Travel Inn Ltd, 16/07/2007 Premier Lodge Newco Ltd, 29/07/2004 Trushelfco (No.3047) Ltd, 24/06/2004
Holding Company

P I Hotels Ltd
Ultimate Holding Company

Whitbread PLC
Main UK Subsidiaries with Turnover

Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Premier Inn Manchester Trafford Ltd Premier Inn Westminster Ltd Stripe Travel Inn Ltd

3 1

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

53

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-220 Key Note Ltd

Company Profiles

Premier Inn Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-0.3 -0.7 -7.9 0.7 -0.7

-2.3 -4.9 -82.8 -0.1 -4.9

35.1 60.3 256.5 38.5 60.8

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

82 79 97 97

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.45 1.45

1.57 1.57

2.12 2.12

Quick Ratio (Acid Test) Current Ratio

36 39

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

136.7 70.6 140.8

112.1 86.9 ^

67.2 136.0 6.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

67 62 88

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

69 715.2 0.5 0.1 0.5 86 0.04

46 1,100.9 0.2 0.1 0.3 130 0.03

2 344.0 0.0 0.2 2.1 36 0.14

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

139 57 70 139

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

-

-

14,949 7.97 119,204 46,470 197,659 22,377 32.2

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

-

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

132 52 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2009 PBT includes 4.2m exceptional impairment and disposal charges (2008 = 384.5m exceptional profit on disposal). This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-221

Company Profiles

Prestmade Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

55 Baker Street London W1U 7EU
Trading Activity

26,430 -2,946 0 -426 2,358 13,228 23 25 4,040 209

27,660 7,634 0 5,797 2,552 9,685 2 125 4,293 207

25,902 6,020 0 1,090 2,435 5,246 2 150 4,377 200

A group engaged in the operation and ownership of hotels.
Main SIC Codes

55111
Directors (as at May 2011)

Gulshan Bhatia Asif Bhatia Nimet Esmail Shelina Jetha
Company Secretary

Jitendra Patel
Auditors

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Bdo Llp
Date Incorporated

13/05/1998
Registered Number

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

94,423 0 68,052 162,475 43 684 28,897 29,624 192,099 707 1,384 8,528 10,619 181,480 140,204 10 41,266 181,480

96,564 0 69,743 166,307 42 704 30,977 31,723 198,030 1,408 5,297 6,692 13,397 184,633 137,500 10 47,123 184,633

98,088 0 71,557 169,645 36 1,109 24,237 25,382 195,027 1,122 5,176 6,810 13,108 181,919 137,500 10 44,409 181,919

03562606
Main UK Subsidiaries with Turnover
(£’000)

Muirgold Ltd

26

Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-222 Key Note Ltd

Company Profiles

Prestmade Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-1.5 -1.6 -11.1 5.6 -7.1

3.9 4.1 27.6 9.1 16.2

3.1 3.3 23.2 6.0 13.6

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

92 86 101 42

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

2.79 2.79

2.36 2.37

1.93 1.94

Quick Ratio (Acid Test) Current Ratio

16 18

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

343.1 27.4 128.7

303.0 31.2 55.9

321.3 29.5 46.6

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

84 81 84

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

9 71.9 0.2 0.1 0.3 10 0.14

9 66.3 0.2 0.1 0.3 19 0.14

16 47.4 0.1 0.1 0.3 16 0.13

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

37 19 101 120

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

19,330 -0.73 -14,096 126,459 868,325 451,785 15.3

20,739 1.78 36,879 133,623 891,947 466,493 15.5

21,885 1.38 30,100 129,510 909,595 490,440 16.9

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

46 110 18 8 115

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

52 75 34 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2008 PBT includes 5.1m income regarding foreign. exchange gain This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-223

Company Profiles

Puma Hotels PLC
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Bond Street House 14 Clifford Street London W1s 4ju

30,000 -6,237 0 39 0 30,301 26 131 231 2

28,455 -8,779 0 71 0 29,482 26 361 86 2

76,991 -25,146 0 24 6,408 29,160 70 1,460 20,319 2,433

Trading Activity

A group engaged in the operation and management of group of hotels. On 06.09.07 this trade was transferred and the group now receives rental income from hotels held as investments.
Main SIC Codes

55111 70209
Directors (as at May 2011)

Howard P. Shore Peter Procopis David R. Kaye
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

David R. Kaye
Auditors

Deloitte Llp
Bankers

0 7,960 463,170 471,130 0 0 10,183 10,183 481,313 0 0 13,992 13,992 467,321 385,095 0 82,226 467,321

483,520 8,481 0 492,001 0 2 11,133 11,135 503,136 0 347,345 14,501 361,846 141,290 33,155 0 108,135 141,290

531,060 9,002 0 540,062 0 388 7,410 7,798 547,860 2,587 3,728 17,814 24,129 523,731 362,496 3 161,232 523,731

Angloirish
Date Incorporated

26/04/2004
Registered Number

05112298
Previous Name(s) with date(s) of change

Dawnay Shore Hotels PLC, 12/08/2008 Lynxgold PLC, 04/06/2004
Ultimate Holding Company

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities
(£’000)

The Hotel Corp. PLC
Main UK Subsidiaries with Turnover

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Paramount Hotels Gp. Ltd Paramount Hotels Ltd Puma Hotels (Finance) PLC Paramount Hotels (Hinckley) Ltd Scottish Highland Hotels Ltd Paramount Hotels Walton Hall Ltd Old Ship Hotel (Brighton) Ltd Paramount Hotels (Basingstoke) Ltd Stirling Highland Hotel Ltd Paramount Hotels (Daventry) Ltd

41 13 6 3 2 2 1

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-224 Key Note Ltd

Company Profiles

Puma Hotels PLC Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-1.3 -1.3 -20.8 5.1 -7.6

-1.7 -6.2 -30.9 4.2 -8.1

-4.6 -4.8 -32.7 0.8 -15.6

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

91 85 121 47

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.73 0.73

0.03 0.03

0.32 0.32

Quick Ratio (Acid Test) Current Ratio

67 72

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

518.5 20.6 125.9

381.8 27.4 142.4

240.6 41.7 726.5

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

93 89 83

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

0 -12.7 0.0 0.1 ^ 0 0.06

0 -1,232.5 0.0 0.2 0.1 0 0.06

2 -21.2 0.0 0.1 0.1 12 0.14

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

5 9 135

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

115,500 43,000 -27.00 -102.08 - -3,118,500 -4,389,500 - 15,000,000 14,227,500 - 233,660,500 70,645,000 0 241,760,000 0.8 0.3

8,351 -1.24 -10,335 31,644 215,261 218,274 26.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

1 129 1 1 129

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

130 105 120 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2009 PBT includes exceptional charges of 2.1m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-225

Company Profiles

Qhotels Group Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
03/01/2010 £000s 28/12/2008 £000s 30/12/2007 £000s

Wellington House Cliffe Park Bruntcliffe Road Morley Leeds West Yorkshire LS27 0RY
Trading Activity

118,973 -70,044 0 11 15,970 34,806 78 815 36,864 3,108

130,186 -75,495 0 -93 15,187 37,895 68 789 38,785 3,047

123,035 -14,976 0 35 12,427 37,029 83 664 37,681 2,907

A group engaged in hotel management.
Main SIC Codes

55111
Directors (as at May 2011)

David J. Taylor Michael E. Purtill Ian D. Goulding Martin K. Bolland Vivien Benzie
Company Secretary

Directors Emoluments Employee Pay Number of Employees

Ian D. Goulding
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities
(£’000) 03/01/2010 £000s 28/12/2008 £000s 30/12/2007 £000s

Kpmg Llp
Bankers

406278
Date Incorporated

414,536 1,007 0 415,543 1,452 7,292 3,134 11,878 427,421 5,218 5,748 15,667 26,633 400,788 513,678 0 -112,890 400,788

527,037 1,456 0 528,493 1,638 9,525 4,018 15,181 543,674 7,677 12,158 14,571 34,406 509,268 500,748 0 8,520 509,268

547,441 20,768 0 568,209 1,401 10,749 6,947 19,097 587,306 12,472 9,866 14,577 36,915 550,391 480,537 0 69,854 550,391

14/01/2003
Registered Number

04636772
Previous Name(s) with date(s) of change

Quintessential Hotels Group Ltd, 26/05/2005 Broomco (3118) Ltd, 19/03/2003
Ultimate Holding Company

Alchemy Ptnrs. Nominees Ltd
Main UK Subsidiaries with Turnover

Marston Hotels Ltd Midland Hotel (Manchester) Ltd Forest Pines (Lincolnshire) Ltd Leeds Hotel Ltd Qhotels Srvcs. Ltd Chesford Grange Hotel Ltd Park Royal Hotel Ltd Ashford Intl. Hotel Ltd Westerwood Hotel Ltd Norton Park Hotel Ltd

46 14 9 8 7 7 6 6 5 5

Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

53

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-226 Key Note Ltd

Company Profiles

Qhotels Group Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-16.1 -17.1 -58.9 -8.5 ^

-13.9 -14.8 -58.0 -7.2 -886.1

-2.5 -2.7 -12.2 3.9 -21.4

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

124 114 136 121

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.39 0.45

0.39 0.44

0.48 0.52

Quick Ratio (Acid Test) Current Ratio

97 92

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -20.9 ^

7,260.8 1.6 ^

999.1 13.5 167.9

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

122 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

23 -12.6 1.2 0.3 0.3 16 0.27

27 -14.8 1.3 0.3 0.2 22 0.24

32 -14.5 1.1 0.2 0.2 37 0.21

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

115 101 100 84

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

11,637 -1.90 -22,111 37,557 128,954 133,377 31.0

12,729 -1.95 -24,777 42,726 167,138 172,969 29.8

12,962 -0.40 -5,152 42,324 189,333 188,318 30.6

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

107 123 107 57 37

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

80 126 27 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2010 PBT includes exceptional charges of 50.2m (2008 = 58.6m regarding impairment of fixed assets). This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-227

Company Profiles

Q.M.H Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Queens Court 9-17 Eastern Road Romford Essex RM1 3NG
Telephone

250,700 -13,000 168,700 1,100 28,900 28,000 500 0 69,500 3,320

274,500 -3,000 180,500 -1,100 27,400 35,900 500 0 70,500 3,780

257,600 -3,100 155,100 9,600 24,300 40,600 100 2,400 67,200 3,971

01708730522
Trading Activity

A group engaged in the ownership and operation of hotels and related facilities.
Main SIC Codes

55111
Directors (as at May 2011)

Vernon B. Schwartz Georg A. O. Kulenkampff W2001 Two Cv W2001 Britannia Llc Kessel Sarl
Company Secretary

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Sally A. Coughlan
Auditors

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

734,600 0 0 734,600 2,400 8,900 43,900 55,200 789,800 6,900 108,500 28,600 144,000 645,800 395,300 24,500 226,000 645,800

895,600 0 100 895,700 2,800 12,700 41,800 57,300 953,000 8,200 169,000 39,900 217,100 735,900 362,700 25,400 347,800 735,900

843,100 0 1,100 844,200 2,400 13,300 60,400 76,100 920,300 8,900 31,200 43,000 83,100 837,200 436,600 18,200 382,400 837,200

Pricewaterhousecoopers Llp
Date Incorporated

09/08/1946
Registered Number

Stocks Trade Debtors Other Current Assets Total Current Assets

00416937
Previous Name(s) with date(s) of change

Queens Moat Houses Ltd, 06/02/2006 Queens Moat Houses PLC, 08/11/2004 Queen’s Moat Houses P L C, 19/05/1995
Holding Company

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities

W2001 Britannia Llc
Ultimate Holding Company

W2001 Britannia Llc
Main UK Subsidiaries with Turnover
(£’000)

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Esb Hotels Ltd Moat House (Caterers) Ltd

11 4

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-228 Key Note Ltd

Company Profiles

Q.M.H Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-1.6 -2.0 -5.2 2.0 -5.8

-0.3 -0.4 -1.1 3.6 -0.9

-0.3 -0.4 -1.2 4.3 -0.8

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

94 88 92 87

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.37 0.38

0.25 0.26

0.89 0.92

Quick Ratio (Acid Test) Current Ratio

98 99

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

222.9 40.1 186.7

152.9 57.5 109.1

122.3 71.1 108.3

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

72 73 90

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

13 -35.4 1.0 0.4 0.3 10 0.32

17 -58.2 1.0 0.4 0.3 11 0.29

19 -2.7 0.9 0.3 0.3 13 0.28

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

66 88 87 75

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

20,934 -0.19 -3,916 75,512 194,518 221,265 27.7

18,651 -0.04 -794 72,619 194,683 236,931 25.7

16,923 -0.05 -781 64,870 210,829 212,314 26.1

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

35 86 65 47 53

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

71 112 92 2

Other Ratios Exports / Sales (%)

-

67.3

65.8

60.2

Special Notes
2009 PBT includes net exceptional charges of 4.1m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-229

Company Profiles

Quintain Estates & Development PLC
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

16 Grosvenor Street London W1K 4QF
Telephone

56,937 -10,149

66,019 -129,066

46,676 -54,740

02074958968
Trading Activity

A group engaged in property investment and trading, the provision of fund management and other services and in the operation of hotels. T/O = revenue.
Main SIC Codes

5,461 780 17,039 295 2,299 10,642 222

9,662 726 19,251 295 2,328 11,891 242

9,921 622 20,484 292 4,118 14,272 239

70209 67121 55111
Directors (as at May 2011)

Adrian R. Wyatt Martin R. Meech Rebecca J. Worthington Simon T. Laffin William J. Rucker Charles W. Cayzer Peter J. B. Dixon David N. Gavaghan Christopher Bell
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

2,716 0 1,020,515 1,023,231 28,058 9,695 53,457 91,210 1,114,441 4,712 1,600 33,497 39,809 1,074,632 409,607 42,933 622,092 1,074,632

4,135 0 1,027,198 1,031,333 26,601 5,837 19,040 51,478 1,082,811 2,918 9,376 34,619 46,913 1,035,898 565,028 26,025 444,845 1,035,898

2,757 0 1,362,840 1,365,597 15,518 27,160 40,443 83,121 1,448,718 2,809 0 40,768 43,577 1,405,141 555,802 103,638 745,701 1,405,141

Susan E. Dixon
Auditors

Stocks Trade Debtors Other Current Assets Total Current Assets

Kpmg Audit Plc
Date Incorporated

03/03/1992
Registered Number

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities
(£’000)

02694983
Previous Name(s) with date(s) of change

703rd Shelf Trading Co. PLC, 22/06/1992
Main UK Subsidiaries with Turnover

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Quintain Investments (04) Ltd Quintain Srvcs. Ltd Quintain Wembley Hotel Trading Ltd Wembley City Estates Ltd Quintain (Wembley Retail Park) Ltd Permitobtain Ltd Wembley City Estate Mgmt. Ltd Quintain Wembley Hotel Properties Ltd Quintain (Regional) Ltd Chesterfield Investments (No.5) Ltd

16 11 7 5 3 2 1 1 1 1

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-230 Key Note Ltd

Company Profiles

Quintain Estates & Development PLC Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-0.9 -0.9 -17.8 0.6 -1.6

-11.9 -12.5 -195.5 -10.5 -29.0

-3.8 -3.9 -117.3 -2.4 -7.3

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

86 81 115 99

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.59 2.29

0.53 1.10

1.55 1.91

Quick Ratio (Acid Test) Current Ratio

34 28

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

66.1 126.4 247.3

129.1 69.7 ^

74.5 106.1 ^

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

49 39 97

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

62 90.3 49.3 0.1 21.0 30 0.05

32 6.9 40.3 0.1 16.0 16 0.06

212 84.7 33.2 0.0 16.9 22 0.03

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

138 139 5 136

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

47,937 -0.95 -45,716 256,473 4,840,685 12,234 18.7

49,136 -10.85 -533,331 272,806 4,280,570 17,087 18.0

59,715 -3.84 -229,038 195,297 5,879,251 11,536 30.6

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

3 114 6 3 105

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

16 121 76 -

Other Ratios Exports / Sales (%)

-

-

-

-

Special Notes
2009 PBT includes 63.3m deficit on revaluation of investment properties. This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-231

Company Profiles

Ramside Holdings Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
30/11/2009 £000s 30/11/2008 £000s 02/12/2007 £000s

Ramside Hall Hotel, Carrville Durham Durham DH1 1TD
Trading Activity

16,294 1,040 0 23 946 100 17 536 4,870 556

16,351 842 0 164 1,134 336 17 633 5,246 533

5,827 482 0 58 324 138 3 249 1,964 555

A group engaged in hotel management the operation of public houses.
Main SIC Codes

55111 55404
Directors (as at May 2011)

Marian E. Adamson Robin J. Smith John R. Adamson
Company Secretary

David B. Farrow
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets
(£’000) 30/11/2009 £000s 30/11/2008 £000s 02/12/2007 £000s

Unw Llp
Date Incorporated

13/07/2007
Registered Number

14,405 0 0 14,405 188 488 3,953 4,629 19,034 618 1,088 2,510 4,216 14,818 4,416 436 9,966 14,818

14,585 0 0 14,585 207 648 3,973 4,828 19,413 1,070 970 2,483 4,523 14,890 5,228 428 9,234 14,890

15,330 0 0 15,330 262 899 4,239 5,400 20,730 1,352 1,058 2,676 5,086 15,644 6,492 518 8,634 15,644

06311789
Main UK Subsidiaries with Turnover

Ramside Estates Ltd Beyond Leisure Ltd

13 2

Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

19

See sections 6 & 7 for Analysis Notes and Definitions
3-232 Key Note Ltd

Company Profiles

Ramside Holdings Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

5.5 7.0 6.4 7.2 10.4

4.3 5.7 5.1 7.4 9.1

6.4 8.4 8.3 10.2 15.3

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

25 31 52 28

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.05 1.10

1.02 1.07

1.01 1.06

Quick Ratio (Acid Test) Current Ratio

46 49

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

55.2 109.9 8.8

67.1 90.7 28.5

87.4 71.4 22.3

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

42 45 30

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

11 2.5 1.2 1.1 1.1 14 0.86

14 1.9 1.3 1.1 1.1 24 0.84

21 2.0 1.6 1.0 1.0 31 0.77

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

48 95 44 33

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

8,759 0.21 1,871 29,306 26,651 25,908 29.9

9,842 0.16 1,580 30,677 27,936 27,364 32.1

9,685 0.25 2,377 28,734 28,187 27,622 33.7

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

124 54 124 98 42

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

51 38 94 44 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-233

Company Profiles

Ramside Estates Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
30/11/2009 £000s 30/11/2008 £000s 02/12/2007 £000s

Ramside Hall Hotel Carrville Durham County Durham DH1 1TD
Telephone

13,820 1,088 0 23 682 48 12 635 4,373 454

14,122 1,317 0 161 771 135 12 633 4,739 429

15,057 1,901 0 256 825 158 12 518 489 441

01913865282
Fax

01913860399
Trading Activity

The management of hotels and public houses.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111 55404
Directors (as at May 2011)

Marian E. Adamson Robin J. Smith John R. Adamson Helen Roseberry
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
30/11/2009 £000s 30/11/2008 £000s 02/12/2007 £000s

David B. Farrow
Auditors

12,965 0 4,122 17,087 158 482 3,819 4,459 21,546 529 888 2,352 3,769 17,777 1,893 436 15,448 17,777

12,930 0 468 13,398 181 644 7,494 8,319 21,717 961 643 2,323 3,927 17,790 2,311 392 15,087 17,790

12,849 0 18 12,867 231 891 8,064 9,186 22,053 1,112 632 2,584 4,328 17,725 2,735 470 14,520 17,725

Unw Llp
Date Incorporated

02/08/1963
Registered Number

00769845
Holding Company

Ramside Hldgs. Ltd
Ultimate Holding Company

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities

Ramside Hldgs. Ltd
Main UK Subsidiaries with Turnover
(£’000)

Beyond Leisure Ltd

2

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

53

See sections 6 & 7 for Analysis Notes and Definitions
3-234 Key Note Ltd

Company Profiles

Ramside Estates Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

5.0 6.1 7.9 6.1 7.0

6.1 7.4 9.3 7.9 8.7

8.5 10.5 12.6 11.0 12.8

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

28 34 46 37

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.14 1.18

2.07 2.12

2.07 2.12

Quick Ratio (Acid Test) Current Ratio

42 46

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

18.0 253.3 4.2

19.6 227.6 9.3

23.2 192.8 7.7

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

26 23 26

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

13 5.0 1.1 0.8 1.1 14 0.64

17 31.1 1.3 0.8 1.1 25 0.65

22 32.9 1.6 0.8 1.1 27 0.67

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

62 94 46 42

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

9,632 0.25 2,396 30,441 39,156 28,557 31.6

11,047 0.28 3,070 32,918 41,469 30,140 33.6

1,088 3.89 4,229 33,499 40,193 29,136 3.2

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

123 50 121 90 34

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

85 45 80 38 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-235

Company Profiles

Rezidor Hotel Manchester Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Radisson Sas Hotel Manchester Chicago Avenue Manchester Airport Manchester Lancashire M90 3RA
Fax

13,893 169

16,480 1,821 0 10 174 0 25 0 2,535 175

16,717 2,038 0 0 214 0 19 0 2,955 189

01614905100
Trading Activity

0 123 0 21 0 2,229 154

Hoteliers.
Main SIC Codes

55111
Directors (as at May 2011)

Knut J. Kleiven Marianne Ruhngaard Kevin Greenwood Mark Willis
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Kevin Greenwood
Auditors

Deloitte Llp
Date Incorporated

363 0 0 363 80 914 24,803 25,797 26,160 542 0 1,128 1,670 24,490 0 0 24,490 24,490

457 0 0 457 89 672 25,348 26,109 26,566 2,202 0 0 2,202 24,364 0 0 24,364 24,364

437 0 0 437 78 1,042 23,853 24,973 25,410 625 53 1,665 2,343 23,067 0 0 23,067 23,067

27/09/1996
Registered Number

03255653
Previous Name(s) with date(s) of change

Sas Hotel Manchester Ltd, 08/08/2006 Finlaw Forty-Five Ltd, 08/11/1996
Holding Company

Rezidor Hotels UK Ltd
Ultimate Holding Company

Rezidor Hotel Gp. Ab

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-236 Key Note Ltd

Company Profiles

Rezidor Hotel Manchester Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

0.6 0.7 1.2 0.7 0.7

6.9 7.5 11.0 7.5 7.5

8.0 8.8 12.2 8.8 8.8

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

76 74 72 98

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

15.40 15.45

11.82 11.86

10.63 10.66

Quick Ratio (Acid Test) Current Ratio

3 3

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

0.0 1,466.5 0.0

0.0 1,106.4 0.0

0.2 984.5 0.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

1 7 4

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

24 173.7 0.6 0.6 38.3 14 0.53

15 145.1 0.5 0.7 36.1 49 0.62

23 135.4 0.5 0.7 38.3 14 0.66

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

118 60 4 52

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

14,474 0.08 1,097 90,214 159,026 2,357 16.0

14,486 0.72 10,406 94,171 139,223 2,611 15.4

15,635 0.69 10,783 88,450 122,048 2,312 17.7

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

75 64 47 52 112

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

115 67 58 100 -

Other Ratios Exports / Sales (%)

-

-

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-237

Company Profiles

Rezidor Hotel Stansted Airport Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Chicago Avenue Manchester M90 3RA
Trading Activity

14,708 -319 0 0 81 0 24 0 2,093 150

16,872 847 0 0 68 0 25 0 2,440 167

18,641 2,076 0 0 37 0 19 0 2,505 201

The operation of a hotel.
Main SIC Codes

55111
Directors (as at May 2011)

Kevin Greenwood Marianne Ruhngaard Knut J. Kleiven Mark Willis
Company Secretary

Kevin Greenwood
Auditors

Deloitte Llp
Date Incorporated

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

21/10/2003
Registered Number

04939075
Previous Name(s) with date(s) of change

230 0 0 230 78 578 5,049 5,705 5,935 606 238 921 1,765 4,170 0 0 4,170 4,170

301 0 0 301 98 580 5,120 5,798 6,099 355 242 1,008 1,605 4,494 0 13 4,481 4,494

334 0 0 334 94 756 5,123 5,973 6,307 328 0 2,098 2,426 3,881 0 10 3,871 3,881

Sas Hotel Stansted Airport Ltd, 08/08/2006 Pinco 2032 Ltd, 18/11/2003
Holding Company

Sas Hotels Denmark As
Ultimate Holding Company

Rezidor Hotel Gp. Ab

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-238 Key Note Ltd

Company Profiles

Rezidor Hotel Stansted Airport Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-5.4 -7.6 -2.2 -7.2 -7.6

13.9 18.8 5.0 17.9 18.9

32.9 53.5 11.1 53.5 53.6

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

113 106 86 119

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

3.19 3.23

3.55 3.61

2.42 2.46

Quick Ratio (Acid Test) Current Ratio

12 14

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

5.7 236.3 ^

5.4 276.9 0.0

0.0 158.9 0.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

18 24 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

14 26.8 0.5 3.5 63.9 15 2.48

13 24.9 0.6 3.8 56.1 8 2.77

15 19.0 0.5 4.8 55.8 6 2.96

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

76 55 3 12

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

13,953 -0.15 -2,127 98,053 27,800 1,533 14.2

14,611 0.35 5,072 101,030 26,910 1,802 14.5

12,463 0.83 10,328 92,741 19,308 1,662 13.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

79 85 36 97 120

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

123 88 107 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-239

Company Profiles

Ritz Hotel (London) Ltd (The)
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

The Ritz Hotel 150 Piccadilly London W1J 9BR
Telephone

28,412 5,226

29,721 -2,757

28,916 -4,432

02074938181
Fax

02074932687
Trading Activity

11 1,712 3,418 45 122 7,905 338

72 4,865 9,914 28 0 7,733 311

85 4,810 9,956 30 0 7,409 335

A group engaged in the management and operation of the Ritz Hotel and ownership of the casino premises in London.
Main SIC Codes

55111 92710
Directors (as at May 2011)

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Rigel K. Mowatt Michael Seal Michael P. B. E. Day Aidan S. Barclay Andrew M. Love Howard M. Barclay Philip L. Peters Stephen A. Boxall
Company Secretary

142,565 0 17,500 160,065 1,828 761 3,613 6,202 166,267 3,481 31 1,836 5,348 160,919 149,564 0 11,355 160,919

142,614 0 13,323 155,937 1,844 688 3,632 6,164 162,101 3,282 0 3,152 6,434 155,667 149,538 170 5,959 155,667

146,018 0 14,138 160,156 1,837 907 2,503 5,247 165,403 3,149 0 3,858 7,007 158,396 149,511 55 8,830 158,396

Broomfield Secretarial Services Limited
Auditors

Pricewaterhousecoopers Llp
Date Incorporated

17/11/1899
Registered Number

00064203
Holding Company

Ellerman Hldgs. Ltd
Ultimate Holding Company

Ellerman Hldgs. Ltd
Main UK Subsidiaries with Turnover
(£’000)

Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Ritz Products (U.K.) Ltd

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-240 Key Note Ltd

Company Profiles

Ritz Hotel (London) Ltd (The) Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

3.1 3.2 18.4 5.4 46.0

-1.7 -1.8 -9.3 4.6 -46.3

-2.7 -2.8 -15.3 3.5 -50.2

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

43 51 23 44

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.82 1.16

0.67 0.96

0.49 0.75

Quick Ratio (Acid Test) Current Ratio

56 47

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

1,317.4 7.3 39.5

2,509.4 3.8 138.5

1,693.2 5.6 180.2

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

102 100 57

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

10 3.0 6.4 0.2 0.2 45 0.17

8 -0.9 6.2 0.2 0.2 40 0.18

11 -6.1 6.4 0.2 0.2 40 0.17

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

39 131 121 108

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

23,388 0.66 15,462 84,059 476,092 421,790 27.8

24,865 -0.36 -8,865 95,566 500,537 458,566 26.0

22,116 -0.60 -13,230 86,316 472,824 435,875 25.6

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

20 26 55 18 51

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

68 68 40 -

Other Ratios Exports / Sales (%)

-

-

-

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-241

Company Profiles

Riverbank Hotel Operator Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

103 High Street Waltham Cross Hertfordshire En8 7an EN8 7AN
Trading Activity

23,940 271 0 2 0 162 15 0 3,598 178

25,361 -471 0 33 0 326 18 0 4,394 179

25,314 427 0 44 0 325 0 0 4,375 183

The operation of a hotel.
Main SIC Codes

55111
Directors (as at May 2011)

Euro Sea Hotels N V Chen C. Moravsky
Company Secretary

Directors Emoluments Employee Pay Number of Employees

Brindley Goldstein Limited
Auditors

Mazars Llp
Date Incorporated

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

25/11/2003
Registered Number

04974811
Previous Name(s) with date(s) of change

0 0 0 0 91 1,357 1,836 3,284 3,284 823 8,458 1,054 10,335 -7,051 0 0 -7,051 -7,051

0 0 0 0 75 1,249 1,450 2,774 2,774 418 7,965 1,713 10,096 -7,322 0 0 -7,322 -7,322

0 0 0 0 64 2,409 2,472 4,945 4,945 303 9,942 1,551 11,796 -6,851 0 0 -6,851 -6,851

Almaren Ltd, 16/12/2003
Holding Company

Riverbank Hotel Holding Bv

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-242 Key Note Ltd

Company Profiles

Riverbank Hotel Operator Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

8.3 ^ 1.1 30.8 ^

-17.0 ^ -1.9 -22.6 ^

8.6 ^ 1.7 24.3 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

14 73 3

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.31 0.32

0.27 0.27

0.41 0.42

Quick Ratio (Acid Test) Current Ratio

102 102

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -68.2 37.4

^ -72.5 ^

^ -58.1 43.2

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

138 56

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

21 -29.5 0.4 ^ ^ 13 7.29

18 -28.9 0.3 ^ ^ 6 9.14

35 -27.1 0.3 ^ ^ 4 5.12

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

106 42 2

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

20,213 0.08 1,522 134,494 -39,612 0 15.0

24,547 -0.11 -2,631 141,682 -40,905 0 17.3

23,907 0.10 2,333 138,328 -37,437 0 17.3

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

40 65 17 123 116

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

81 44 130 55 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-243

Company Profiles

Rocco Forte & Family Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
30/04/2009 £000s 30/04/2008 £000s

Savannah House 11 Charles Ii Street London SW1Y 4QU
Telephone

89,532 -5,655 68,856 -4,863 5,866 4,729 171 903 23,120 1,273

90,209 5,782 69,540 3,027 4,949 11,633 150 1,188 20,495 1,378

02073212626
Fax

02073212424
Trading Activity

A group engaged in the ownership, management and operation of hotels in the UK and overseas.
Main SIC Codes

55111
Directors (as at May 2011)

Rocco G. Forte George F. L. Proctor Olga M. L. A. P. D. Sorrentino Portia M. L. C. Forte Aliai G. M. Forte David H. Nelson Richard Power Karim Naffah Alan P. Clark
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
30/04/2009 £000s 30/04/2008 £000s

260,873 12,427 17,824 291,124 3,201 2,782 49,147 55,130 346,254 18,116 28,972 13,676 60,764 285,490 173,145 51,017 61,328 285,490

191,017 11,974 25,994 228,985 3,065 3,056 27,201 33,322 262,307 9,653 2,019 17,651 29,323 232,984 145,343 19,596 68,045 232,984

Rachel Hedden

Bankers

Bank Of Scotland
Date Incorporated

14/11/1996
Registered Number

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities

03277921
Previous Name(s) with date(s) of change

Rocco Forte & Family PLC, 27/04/2010 Sir Rocco Forte & Family PLC, 08/05/2007 Hackplimco (No.Thirty-Six) PLC, 29/01/1997
Main UK Subsidiaries with Turnover
(£’000)

T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Rocco Forte & Family (Hotel Mgmt.) Ltd Rf Hotels Ltd

7 2

Type of Accounts Number of weeks

Consolidated

Consolidated

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-244 Key Note Ltd

Company Profiles

Rocco Forte & Family Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-

-1.6 -2.0 -6.3 -0.3 -9.2

2.2 2.5 6.4 7.4 8.5

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

-

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

-

0.85 0.91

1.03 1.14

Quick Ratio (Acid Test) Current Ratio

-

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

-

413.3 21.5 ^

262.8 35.0 66.8

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

-

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

-

11 -6.3 3.6 0.3 0.3 74 0.26

12 4.4 3.4 0.4 0.5 39 0.34

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

-

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

-

18,162 -0.24 -4,442 70,332 224,266 204,928 25.8

14,873 0.28 4,196 65,464 169,074 138,619 22.7

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

-

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

-

Other Ratios Exports / Sales (%)

-

-

76.9

77.1

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-245

Company Profiles

Royal Garden Hotel Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
30/09/2009 £000s 30/09/2008 £000s 30/09/2007 £000s

2-24 Kensington High Street London W8 4PT
Telephone

22,204 -454 0 1,402 3,319 2,403 31 134 8,665 326

24,078 2,347 0 2,904 3,215 3,991 31 128 8,283 325

24,778 1,840 0 1,453 2,873 4,067 30 127 8,013 330

02079378000
Trading Activity

Hoteliers.
Main SIC Codes

55111
Directors (as at May 2011)

Jacqueline K. G. Khoo Jennifer Carmichael Kim H. E. Khoo Elizabeth Khoo Mavis Khoo Oei
Company Secretary

Balance Sheet
Date of Accounts
30/09/2009 £000s 30/09/2008 £000s 30/09/2007 £000s

Jacqueline K. G. Khoo
Auditors

Kpmg Llp
Date Incorporated

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

77,030 0 46,772 123,802 689 1,170 4,856 6,715 130,517 866 64,612 3,808 69,286 61,231 0 480 60,751 61,231

72,745 0 46,772 119,517 736 1,555 2,162 4,453 123,970 771 58,035 3,603 62,409 61,561 0 354 61,207 61,561

70,621 0 46,772 117,393 651 2,264 5,925 8,840 126,233 490 4,678 4,063 9,231 117,002 57,500 3,184 56,318 117,002

11/04/1995
Registered Number

03045114
Previous Name(s) with date(s) of change

Stocks Trade Debtors Other Current Assets Total Current Assets

Outrade Ltd, 10/10/1995
Holding Company

Royal Garden Hotel (Jersey) Ltd
Ultimate Holding Company

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Goodwood Park Hotel Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-246 Key Note Ltd

Company Profiles

Royal Garden Hotel Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-0.3 -0.7 -2.0 1.5 -0.7

1.9 3.8 9.7 5.3 3.8

1.5 1.6 7.4 4.9 3.3

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

83 80 84 90

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.09 0.10

0.06 0.07

0.89 0.96

Quick Ratio (Acid Test) Current Ratio

127 125

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

106.4 87.1 123.3

94.8 97.5 63.0

110.4 80.6 68.9

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

61 54 82

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

19 -281.8 3.1 0.4 0.3 14 0.17

24 -240.7 3.1 0.4 0.3 12 0.19

33 -1.6 2.6 0.2 0.4 7 0.20

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

96 121 96 109

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

26,580 -0.05 -1,393 68,110 187,825 236,288 39.0

25,486 0.28 7,222 74,086 189,418 223,831 34.4

24,282 0.23 5,576 75,085 354,552 214,003 32.3

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

14 80 72 49 7

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

98 56 50 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2007 PBT includes 1.2m exceptional income.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-247

Company Profiles

Shearings Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2010 £000s * year analysed in League Tables 31/12/2009 31/12/2008 24/12/2007 £000s £000s £000s

The Head Office Carlton Chambers Vaughan Parade Torquay Devon TQ2 5EG
Telephone

70,156 -257 0 0 2,348 0 18 364 20,668 1,792

70,655 1,200 0 185 2,108 0 18 262 19,874 1,786

67,506 -4,987 0 147 1,880 0 16 136 18,990 1,772

56,541 6,439 0 1,017 1,599 0 26 149 17,132 1,581

01803290029
Fax

01803213989
Trading Activity

Hoteliers.
Main SIC Codes

55111
Directors (as at May 2011)

David R. Newbold Vincent Flower Denis Wormwell Steven J. Boricic Karl L. Emmott Jane B. Burke
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2010 £000s 31/12/2009 £000s 31/12/2008 £000s 24/12/2007 £000s

15,489 0 6,580 22,069 1,011 319 5,212 6,542 28,611 4,734 225 4,496 9,455 19,156 0 0 19,156 19,156

14,003 0 5,981 19,984 974 281 6,775 8,030 28,014 3,225 158 5,256 8,639 19,375 4 0 19,371 19,375

12,999 0 95,799 108,798 959 386 7,233 8,578 117,376 6,929 240 5,033 12,202 105,174 86,712 0 18,462 105,174

11,316 0 109,706 121,022 867 146 5,876 6,889 127,911 4,860 166 5,586 10,612 117,299 93,664 0 23,635 117,299

A G Secretarial Limited
Auditors

Deloitte Llp
Bankers

Lloyds Tsb Bank Plc
Date Incorporated

21/11/1946
Registered Number

SC024759
Previous Name(s) with date(s) of change

Coast & Country Hotels Ltd, 13/02/1998 Norscot Hotels Ltd, 22/09/1992 Norscot Hotels P L C, 25/04/1989
Holding Company

Shearings Holidays Ltd
Ultimate Holding Company

Shearings Gp. Ltd Type of Accounts Number of weeks
Unconsolidated Unconsolidated Unconsolidated Unconsolidated

52

52

53

51

* The Company’s accounts for 31/12/2009 are those used in the analysis. These are shown in bold text and are used to calculate the performance rankings in the League Tables. The later accounts fall outside the analysis period but have been presented for further information.

See sections 6 & 7 for Analysis Notes and Definitions
3-248 Key Note Ltd

Company Profiles

Shearings Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-0.9 -1.3 -0.4 -1.3 -1.3

4.3 6.2 1.7 6.1 6.2

-4.2 -4.7 -7.4 -4.6 -26.5

5.1 5.6 11.4 5.6 27.8

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

34 33 68 35

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

0.58 0.69

0.82 0.93

0.62 0.70

0.57 0.65

Quick Ratio (Acid Test) Current Ratio

58 57

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

1.2 202.6 ^

0.8 224.1 0.0

471.0 18.7 ^

397.0 22.7 0.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

9 26 16

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

2 -4.2 1.4 3.7 4.5 25 2.45

1 -0.9 1.4 3.6 5.0 17 2.52

2 -5.5 1.4 0.6 5.1 38 0.56

1 -6.5 1.5 0.5 5.1 31 0.45

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

11 108 14 11

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

11,533 -0.01 -143 39,150 10,690 8,643 29.5

11,128 0.06 672 39,560 10,848 7,840 28.1

10,515 -0.26 -2,761 37,377 59,353 7,336 28.1

11,049 0.38 4,153 36,464 74,193 7,157 30.3

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

111 68 103 107 48

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

15 65 133 16 -

Other Ratios Exports / Sales (%)

0.0

0.0

0.0

0.0

Special Notes
2008 PBT includes 6.9m exceptional costs regarding. intercompany loan This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-249

Company Profiles

Somerston Hotels UK Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Ryon Hill House Ryon Hill Park Warwick Road Stratford Upon Avon Warwickshire CV37 0UX
Trading Activity

67,707 -39,709 0 105 7,529 22,833 107 274 10,128 742

73,703 -2,139 0 3,877 8,908 25,376 201 289 11,394 757

78,039 -10,911 0 581 8,360 22,829 178 389 11,691 797

A group engaged in hotel ownership and management.
Main SIC Codes

55111
Directors (as at May 2011)

Christopher D. Budden Keith I. Griffiths Fredrick G. Parker Shaun Robinson
Company Secretary

Christopher R. Byrd
Auditors

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Kpmg Llp
Date Incorporated

09/06/2006
Registered Number

297,217 0 0 297,217 82 1,846 10,202 12,130 309,347 1,626 9 4,999 6,634 302,713 330,463 3,400 -31,150 302,713

331,755 0 0 331,755 82 1,765 10,390 12,237 343,992 2,514 59 5,137 7,710 336,282 330,103 3,855 2,324 336,282

478,489 0 0 478,489 79 2,034 10,552 12,665 491,154 3,751 86 6,816 10,653 480,501 339,717 2,896 137,888 480,501

05842748
Previous Name(s) with date(s) of change

Somerston Hotels UK PLC, 20/02/2007 Gatesign PLC, 13/07/2006
Holding Company

Somerston Hotels Investments Hldgs. Ltd
Ultimate Holding Company

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities
(£’000)

Stornoway Ltd
Main UK Subsidiaries with Turnover

Somerston Hotels (Investments) Ltd Somerston Hotels (Properties) Ltd Somerston Hotels (Bath) Ltd Somerston Hotels (Bristol North) Ltd Somerston Hotels (Salford Quays) Ltd Somerston Hotels (Glasgow) Ltd Somerston Hotels (Lincoln) Ltd Somerston Hotels (York) Ltd Somerston Hotels (Warwick) Ltd Somerston Hotels (Taunton) Ltd

8 6 2 2 2 2 1 1 1 1

Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-250 Key Note Ltd

Company Profiles

Somerston Hotels UK Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-12.8 -13.1 -58.6 -5.6 ^

-0.6 -0.6 -2.9 6.9 -92.0

-2.2 -2.3 -14.0 2.5 -7.9

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

122 111 135 114

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.82 1.83

1.58 1.59

1.18 1.19

Quick Ratio (Acid Test) Current Ratio

28 32

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -9.1 ^

14,206.6 0.7 109.2

246.4 39.0 191.6

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

120 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

10 8.1 0.1 0.2 0.2 9 0.22

9 6.1 0.1 0.2 0.2 12 0.21

10 2.6 0.1 0.2 0.2 18 0.16

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

41 14 113 97

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

13,650 -3.92 -53,516 91,249 407,969 400,562 15.0

15,052 -0.19 -2,826 97,362 444,230 438,250 15.5

14,669 -0.93 -13,690 97,916 602,887 600,363 15.0

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

84 127 44 24 117

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

108 131 75 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes
2009 PBT includes exceptional charges of 35.9m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-251

Company Profiles

South Bank Hotel Management Co. Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

3rd Floor Sterling House Langston Road Loughton Essex IG10 3TS
Trading Activity

19,074 48 0 8 0 6 10

17,777 48

2,205 8

Hotel management.
Main SIC Codes

17 0 4 10

0 0 0 4

55111
Directors (as at May 2011)

Stephen S. Conway
Company Secretary

Directors Emoluments Employee Pay Number of Employees

2,923

2,631

Allan W. Porter
Auditors

Bdo Llp
Bankers

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Barclays Bank Plc
Date Incorporated

13/01/2004
Registered Number

0 0 0 0 45 1,126 3,876 5,047 5,047 367 17 4,572 4,956 91 0 0 91 91

0 0 0 0 51 1,020 2,387 3,458 3,458 312 11 3,079 3,402 56 0 0 56 56

0 0 0 0 34 1,020 977 2,031 2,031 273 0 1,752 2,025 6 0 0 6 6

05014155
Previous Name(s) with date(s) of change

Bridgeguide Ltd, 24/01/2005
Holding Company

Galliard Homes Ltd
Ultimate Holding Company

Galliard Hldgs. Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-252 Key Note Ltd

Company Profiles

South Bank Hotel Management Co. Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

1.0 52.7 0.3 50.0 52.7

1.4 85.7 0.3 77.6 85.7

0.4 133.3 0.4 133.3 133.3

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

67 2 78 2

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.01 1.02

1.00 1.02

0.99 1.00

Quick Ratio (Acid Test) Current Ratio

49 52

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

18.7 1.8 11.1

19.6 1.6 7.7

0.0 0.3 0.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

27 107 37

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

22 0.5 0.2 209.6 ^ 7 3.78

21 0.3 0.3 317.4 ^ 6 5.14

169 0.3 1.5 367.5 ^ 45 1.09

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

108 25 5

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

0.02 15.3

0.02 14.8

-

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

73 114

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

1 3 3 -

Other Ratios Exports / Sales (%)

-

0.0

-

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-253

Company Profiles

Splendid Property Co. Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

4 Cadogan Square Cadogan Street Glasgow G2 7PH
Trading Activity

19,927 -2,031 0 871 2,173 0 0 0 4,928

20,729 1,836 0 5,843 1,376 0 0 0 5,441

21,552 4,787 0 6,143 1,132 0 0 0

Hotel proprietors.
Main SIC Codes

55111
Directors (as at May 2011)

Paul F. James Stephen Humphreys Mark J. Way John C. Philip Simon R. Vincent Elizabeth J. Rabin Hilton Corporate Director Llc
Company Secretary

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Hlt Secretary Limited
Auditors

Ernst & Young Llp
Date Incorporated

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

11,166 0 0 11,166 119 719 116,170 117,008 128,174 292 139 3,265 3,696 124,478 0 0 124,478 124,478

10,660 0 0 10,660 118 956 117,750 118,824 129,484 311 133 2,817 3,261 126,223 0 0 126,223 126,223

11,985 0 2,035 14,020 125 1,026 112,615 113,766 127,786 394 0 3,127 3,521 124,265 0 0 124,265 124,265

07/11/1962
Registered Number

SC038141
Holding Company

Stocks Trade Debtors Other Current Assets Total Current Assets

Hlt Operating Iii-A Holding Ltd
Ultimate Holding Company

Bh Hotels Holdco Llc

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-254 Key Note Ltd

Company Profiles

Splendid Property Co. Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-1.6 -1.6 -10.2 -1.6 -1.6

1.4 1.5 8.9 1.5 1.5

3.7 3.9 22.2 3.9 3.9

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

93 87 98 107

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

31.63 31.66

36.40 36.44

32.28 32.31

Quick Ratio (Acid Test) Current Ratio

1 1

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

0.1 3,367.9 ^

0.1 3,870.7 0.0

0.0 3,529.3 0.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

5 2 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

13 568.6 0.6 0.2 1.8 5 0.16

17 557.5 0.6 0.2 1.9 5 0.16

17 511.5 0.6 0.2 1.8 7 0.17

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

69 63 28 115

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

-0.41 24.7

0.34 26.2

-

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

95 71

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

90 70 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-255

Company Profiles

St Giles Hotel Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Bedford Avenue London WC1B 3AS
Telephone

16,743 2,181 0 87 906 0 18 118 3,368 168

16,456 2,382 0 237 916 0 17 190 3,554 165

15,196 1,827 0 0 731 0 18 184 3,298 163

02073003030
Fax

02073003001
Trading Activity

The operation of a hotel.
Main SIC Codes

55111
Directors (as at May 2011)

Seng Y. Chua Robert C. M. Tan Stephen H. Noar Rendle M. De Mello Chin B. Oh
Company Secretary

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Boodle Hatfield Secretarial Limited
Auditors

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

6,756 0 318 7,074 204 973 12,937 14,114 21,188 554 2 6,264 6,820 14,368 0 0 14,368 14,368

7,262 0 318 7,580 164 1,103 7,492 8,759 16,339 524 69 3,082 3,675 12,664 0 366 12,298 12,664

7,083 0 318 7,401 164 1,199 5,803 7,166 14,567 579 0 2,870 3,449 11,118 0 366 10,752 11,118

Rsm Tenon Audit Ltd
Date Incorporated

01/08/1994
Registered Number

Stocks Trade Debtors Other Current Assets Total Current Assets

02954321
Previous Name(s) with date(s) of change

Evamode Ltd, 03/11/1994

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-256 Key Note Ltd

Company Profiles

St Giles Hotel Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

10.3 15.2 13.0 15.2 15.2

14.6 18.8 14.5 18.7 19.4

12.5 16.4 12.0 16.4 17.0

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

10 13 32 11

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

2.04 2.07

2.34 2.38

2.03 2.08

Quick Ratio (Acid Test) Current Ratio

27 30

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

0.0 210.7 0.0

0.6 304.3 0.0

0.0 281.8 0.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

3 27 5

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

21 43.6 1.2 1.2 2.5 12 0.79

24 30.9 1.0 1.3 2.3 12 1.01

29 24.5 1.1 1.4 2.1 14 1.04

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

107 100 24 37

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

20,048 0.65 12,982 99,661 85,524 40,214 20.1

21,539 0.67 14,436 99,733 76,752 44,012 21.6

20,233 0.55 11,209 93,227 68,209 43,454 21.7

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

41 27 33 68 94

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

36 22 11 37 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-257

Company Profiles

St. James Court Hotel Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Crowne Plaza London Buckingham Gate London SW1E 6AF
Telephone

25,937 1,531 0 15 2,344 1,523 45 209 5,036 235

26,462 1,350 0 58 2,509 2,543 44 114 5,162 255

25,573 1,321 0 199 2,404 3,425 48 94 4,678 235

02078346655
Trading Activity

The ownership and operation of hotels and apartments.
Main SIC Codes

55111 55300
Directors (as at May 2011)

Directors Emoluments Employee Pay Number of Employees

Farrokh Kavarana Sudhir Nagpal Lalchand M. Nagpal Rajesh Nagpal Rajkumar M. Nagpal Anil P. Goel Raymond Bickson Chandrasekhar Nagarajan
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

90,718 0 0 90,718 245 1,874 1,818 3,937 94,655 888 5,727 2,738 9,353 85,302 37,709 0 47,593 85,302

91,084 0 0 91,084 259 1,857 1,165 3,281 94,365 741 6,472 2,180 9,393 84,972 38,911 0 46,061 84,972

92,527 0 0 92,527 263 1,734 3,488 5,485 98,012 960 7,886 2,360 11,206 86,806 42,097 0 44,709 86,806

Chandrasekhar Nagarajan
Auditors

Pkf (Uk) Llp
Date Incorporated

Stocks Trade Debtors Other Current Assets Total Current Assets

03/12/1999
Registered Number

03888595
Previous Name(s) with date(s) of change

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Sjchl Ltd, 16/01/2001 Trushelfco (No.2587) Ltd, 28/02/2000
Ultimate Holding Company

Indian Hotels Co. Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-258 Key Note Ltd

Company Profiles

St. James Court Hotel Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

1.6 1.8 5.9 3.4 3.2

1.4 1.6 5.1 4.3 2.9

1.3 1.5 5.2 5.0 3.0

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

57 61 55 69

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.39 0.42

0.32 0.35

0.47 0.49

Quick Ratio (Acid Test) Current Ratio

96 95

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

91.3 101.1 49.9

98.5 95.4 65.3

111.8 83.9 72.2

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

55 48 62

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

26 -20.9 0.9 0.3 0.3 12 0.27

26 -23.1 1.0 0.3 0.3 10 0.28

25 -22.4 1.0 0.3 0.3 14 0.26

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

122 87 97 83

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

21,430 0.30 6,515 110,370 362,987 386,034 19.4

20,243 0.26 5,294 103,773 333,224 357,192 19.5

19,906 0.28 5,621 108,821 369,387 393,732 18.3

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

31 43 27 29 99

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

54 23 83 45 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-259

Company Profiles

St. James Hotel Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

6 Waterloo Place London SW1Y 4AN
Telephone

16,393 863 0 268 1,295 2,216 24 0 3,255 165

17,709 1,868 0 126 1,168 2,301 24 0 3,683 192

18,393 1,904 0 198 1,358 2,758 23 0 3,748 195

08708504200
Trading Activity

The development, ownership and management of hotels.
Main SIC Codes

55111
Directors (as at May 2011)

Christian Karaoglanian Richard C. Nottage Naseeb Y. Nasib Robert J. Gaymer-Jones Larry R. Cross
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Robert J. Bush
Auditors

Ernst & Young Llp
Date Incorporated

48,150 0 0 48,150 110 487 2,164 2,761 50,911 568 284 844 1,696 49,215 36,624 327 12,264 49,215

43,886 0 0 43,886 116 531 3,470 4,117 48,003 435 82 1,098 1,615 46,388 34,543 0 11,845 46,388

44,695 0 0 44,695 128 641 5,313 6,082 50,777 472 2,185 1,650 4,307 46,470 35,905 0 10,565 46,470

22/02/2001
Registered Number

04165524
Previous Name(s) with date(s) of change

Rangeregion Ltd, 09/04/2001
Holding Company

Societe Hoteliere Paris Les Halles Sas
Ultimate Holding Company

Societe Hoteliere Paris Les Halles Sas

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-260 Key Note Ltd

Company Profiles

St. James Hotel Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

1.7 1.8 5.3 6.2 7.0

3.9 4.0 10.5 9.0 15.8

3.7 4.1 10.4 9.6 18.0

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

56 63 60 34

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.56 1.63

2.48 2.55

1.38 1.41

Quick Ratio (Acid Test) Current Ratio

35 37

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

300.9 31.7 72.0

292.3 32.8 55.2

360.5 26.3 59.2

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

81 79 69

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

11 6.5 0.7 0.3 0.3 13 0.32

11 14.1 0.7 0.4 0.4 9 0.37

13 9.7 0.7 0.4 0.4 9 0.36

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

46 69 88 74

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

19,727 0.27 5,230 99,352 298,273 291,818 19.9

19,182 0.51 9,729 92,234 241,604 228,573 20.8

19,221 0.51 9,764 94,323 238,308 229,205 20.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

43 45 34 33 98

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

101 55 71 90 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-261

Company Profiles

Strathmore Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Ferintosh Business Centre Station Road Dingwall Ross-Shire IV15 9TR
Telephone

13,913 1,652 0 0 195 198 15 318 5,077 430

13,226 1,012 0 0 173 693 9 230 4,802 432

13,424 1,108

01349865696
Fax

0 166 775 11 292 4,911 411

01349 865232
Trading Activity

The ownership and operation of hotels.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111
Directors (as at May 2011)

Ronald Rickard Lawrence J. Cormack Barbara Rickard Christopher L. Rickard
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Ronald Rickard
Auditors

25,699 0 0 25,699 194 148 1,823 2,165 27,864 960 0 822 1,782 26,082 9,320 1,288 15,474 26,082

25,462 0 0 25,462 181 118 1,528 1,827 27,289 845 827 954 2,626 24,663 9,320 766 14,577 24,663

25,162 0 0 25,162 188 370 1,574 2,132 27,294 846 1,584 1,163 3,593 23,701 9,320 0 14,381 23,701

French Duncan Llp
Date Incorporated

02/11/1990
Registered Number

SC128215
Previous Name(s) with date(s) of change

Strathmore Hotels Plc., 12/02/2002 Strathmore Hotels Ltd, 20/01/1992 Forty Eight Shelf (26) Ltd, 17/12/1990
Holding Company

Strathmore Hotels (Scotland) Ltd
Ultimate Holding Company

Strathmore Hotels (Scotland) Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-262 Key Note Ltd

Company Profiles

Strathmore Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

5.9 6.3 11.9 7.1 10.7

3.7 4.1 7.7 6.7 6.9

4.1 4.7 8.3 7.4 7.7

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

23 32 38 30

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.11 1.21

0.63 0.70

0.54 0.59

Quick Ratio (Acid Test) Current Ratio

43 44

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

60.2 124.9 10.7

69.6 114.7 40.6

75.8 111.4 41.2

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

45 40 34

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

4 2.8 1.4 0.5 0.5 25 0.50

3 -6.0 1.4 0.5 0.5 23 0.48

10 -10.9 1.4 0.6 0.5 23 0.49

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

20 109 67 53

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

11,807 0.33 3,842 32,356 60,656 59,765 36.5

11,116 0.21 2,343 30,616 57,090 58,940 36.3

11,949 0.23 2,696 32,662 57,667 61,221 36.6

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

104 40 116 79 10

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

46 17 61 33 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-263

Company Profiles

Templeton Holdings Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
30/09/2009 £000s 30/09/2008 £000s 30/09/2007 £000s

4 Temple Street Birmingham West Midlands B2 5BN
Trading Activity

15,106 927 0 4 301 24 4 368 5,396 248

14,320 1,043 0 34 301 56 7 391 4,710 217

254

A group engaged in restaurant operators.
Main SIC Codes

55111
Directors (as at May 2011)

30 2 0 2 246 273 7

Remigio Distefano Marcello G. Distefano
Company Secretary

Mary S. Reynard
Auditors

Cassons
Date Incorporated

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets
(£’000) 30/09/2009 £000s 30/09/2008 £000s 30/09/2007 £000s

02/01/2003
Registered Number

04627477
Previous Name(s) with date(s) of change

3,175 1,629 0 4,804 198 96 565 859 5,663 1,564 255 1,005 2,824 2,839 800 135 1,904 2,839

1,720 1,690 0 3,410 191 90 1,003 1,284 4,694 1,229 334 1,320 2,883 1,811 178 79 1,554 1,811

6 0 1,630 1,636 0 0 3 3 1,639 0 742 72 814 825 0 1 824 825

Buddah Bar Ltd, 17/01/2003
Main UK Subsidiaries with Turnover

Harnbury Hldgs. Ltd

12

Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-264 Key Note Ltd

Company Profiles

Templeton Holdings Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

16.4 32.7 6.1 30.7 48.7

22.2 57.6 7.3 51.2 67.1

15.5 30.8 16.2 30.8

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

3 6 54 4

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.23 0.30

0.38 0.45

0.00 0.00

Quick Ratio (Acid Test) Current Ratio

107 104

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

383.6 50.7 2.5

^ 49.5 5.1

90.0 101.1 0.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

88 69 24

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

2 -13.0 1.3 5.3 4.8 38 2.67

2 -11.2 1.3 7.9 8.3 31 3.05

-

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

15 107 15 10

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

21,758 0.17 3,738 60,911 11,448 12,802 35.7

21,705 0.22 4,806 65,991 8,346 7,926 32.9

39,000 0.93 36,286 117,857 857 -

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

26 58 77 106 15

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

5 2 1 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-265

Company Profiles

Thistle Barbican Tenant Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
27/06/2010 £000s * year analysed in League Tables 28/06/2009 29/06/2008 01/07/2007 £000s £000s £000s

Po Box 909 Bath Road Uxbridge Middlesex UB8 9FH
Trading Activity

12,387 -2,176

13,121 -1,995

14,130 -1,326

12,998 -1,494 0 0 251 292 0 0 2,819 108

The operation of an hotel in the UK. T/O = Revenue.
Main SIC Codes

-3,633 291 383 0 0 2,557 93

0 250 6 0 0 2,876 73

0 161 2 0 0 2,974 80

55111
Directors (as at May 2011)

Timothy J. Scoble Heiko Figge Andy Hughes
Company Secretary

Directors Emoluments Employee Pay Number of Employees

Seok H. Blackwell
Auditors

Balance Sheet
Date of Accounts
27/06/2010 £000s 28/06/2009 £000s 29/06/2008 £000s 01/07/2007 £000s

Kpmg Llp
Date Incorporated

08/12/2004
Registered Number

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

1,728 0 0 1,728 18 654 801 1,473 3,201 917 8,352 4,114 13,383 -10,182 0 0 -10,182 -10,182

1,827 0 114 1,941 15 627 734 1,376 3,317 732 7,066 3,411 11,209 -7,892 0 0 -7,892 -7,892

1,793 0 615 2,408 23 1,040 660 1,723 4,131 882 5,940 2,956 9,778 -5,647 0 0 -5,647 -5,647

1,038 799 596 2,433 20 639 766 1,425 3,858 989 5,309 1,649 7,947 -4,089 0 0 -4,089 -4,089

05307594
Holding Company

Guoman Hotels Ltd
Ultimate Holding Company

Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Hong Leong Co. (Malaysia) Berhad

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

52

* The Company’s accounts for 28/06/2009 are those used in the analysis. These are shown in bold text and are used to calculate the performance rankings in the League Tables. The later accounts fall outside the analysis period but have been presented for further information.

See sections 6 & 7 for Analysis Notes and Definitions
3-266 Key Note Ltd

Company Profiles

Thistle Barbican Tenant Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-68.0 ^ -17.6 ^ ^

-60.1 ^ -15.2 ^ ^

-32.1 ^ -9.4 -451.9 ^

-38.7 ^ -11.5 -98.5 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

138 109 -

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

0.11 0.11

0.12 0.12

0.17 0.18

0.18 0.18

Quick Ratio (Acid Test) Current Ratio

121 123

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

^ -76.1 ^

^ -70.4 ^

^ -57.8 ^

^ -51.5 ^

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

139 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

19 -96.1 0.1 ^ 7.2 27 3.87

17 -74.9 0.1 ^ 7.2 20 3.96

27 -57.0 0.2 ^ 7.9 23 3.42

18 -50.2 0.2 ^ 12.5 28 3.37

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

88 13 10 4

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

27,495 -0.85 -23,398 133,194 -109,484 18,581 20.6

39,397 -0.69 -27,329 179,740 -108,110 25,027 21.9

37,175 -0.45 -16,575 176,625 -70,588 22,413 21.0

26,102 -0.53 -13,833 120,352 -37,861 9,611 21.7

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

4 106 8 126 85

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

56 111 111 -

Other Ratios Exports / Sales (%)

-

-

-

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-267

Company Profiles

Tonstate (Hotels) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

3 Park Place St James S London SW1A 1LP
Trading Activity

97,391 -6,423 0 170 7,021 27,520 120 0 20,533 1,278

98,948 -3,933 0 783 6,423 26,957 115 0 21,575 1,546

132,889 -2,250 0 1,130 7,619 36,731 10 0 28,029 1,579

A group engaged in the operation of hotels.
Main SIC Codes

55111
Directors (as at May 2011)

Overseas Holdings Capital Group Limited Arthur Matyas Edward Wojakovski Norman A. Smith
Company Secretary

Edward Wojakovski
Auditors

Balance Sheet
Date of Accounts
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Kpmg Llp
Date Incorporated

10/11/2006
Registered Number

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

443,930 39,389 0 483,319 304 5,339 26,783 32,426 515,745 5,085 0 12,621 17,706 498,039 483,912 26,916 -12,789 498,039

448,105 41,768 0 489,873 299 5,164 26,541 32,004 521,877 4,050 11,283 10,950 26,283 495,594 475,044 27,664 -7,114 495,594

447,337 44,126 0 491,463 348 11,257 21,959 33,564 525,027 10,425 0 14,167 24,592 500,435 475,962 27,920 -3,447 500,435

05995053
Previous Name(s) with date(s) of change

Broomco (4051) Ltd, 27/11/2006
Ultimate Holding Company

Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Overseas Hldgs. Capital Gp. Ltd

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

73

See sections 6 & 7 for Analysis Notes and Definitions
3-268 Key Note Ltd

Company Profiles

Tonstate (Hotels) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-1.2 -1.3 -6.6 4.2 ^

-0.8 -0.8 -4.0 4.5 ^

-0.3 -0.3 -1.7 4.9 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

90 83 96 58

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.81 1.83

1.21 1.22

1.35 1.36

Quick Ratio (Acid Test) Current Ratio

29 31

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -2.4 130.4

^ -1.3 117.1

^ -0.7 106.5

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

112 85

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

20 15.1 0.3 0.2 0.2 19 0.19

19 5.8 0.3 0.2 0.2 15 0.19

43 9.5 0.4 0.2 0.2 40 0.18

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

100 33 118 107

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

16,067 -0.31 -5,026 76,206 389,702 347,363 21.1

13,955 -0.18 -2,544 64,003 320,565 289,848 21.8

12,645 -0.08 -1,015 59,950 316,932 283,304 21.1

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

67 91 64 26 87

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

47 77 101 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-269

Company Profiles

J.Townend & Sons (Hull) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
30/04/2010 £000s 30/04/2009 £000s 30/04/2008 £000s

Jackson Way Melton North Ferriby HU14 3HJ
Telephone

15,190 155 0 0 221 68 13 493 2,897 180

12,535 323 0 273 251 85 13 351 2,404 176

13,357 267 0 18 252 88 12 623 2,566 179

01482 638888
Trading Activity

A group engaged in the retail of wine and spirit and operation of a hotel.
Main SIC Codes

55111 52250
Directors (as at May 2011)

Directors Emoluments Employee Pay Number of Employees

Jennifer A. Townend John E. Townend John C. Townend Alexandra L. Townend Angus J. Whitehead
Company Secretary

Balance Sheet
Date of Accounts
30/04/2010 £000s 30/04/2009 £000s 30/04/2008 £000s

Angus J. Whitehead
Auditors

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

3,597 0 9 3,606 3,202 1,910 394 5,506 9,112 1,926 674 853 3,453 5,659 0 236 5,423 5,659

3,637 0 9 3,646 2,681 1,626 880 5,187 8,833 1,927 565 768 3,260 5,573 273 13 5,287 5,573

3,796 0 15 3,811 2,252 1,738 611 4,601 8,412 1,398 581 1,070 3,049 5,363 317 20 5,026 5,363

Dutton Moore
Date Incorporated

19/06/1923
Registered Number

Stocks Trade Debtors Other Current Assets Total Current Assets

00190761
Main UK Subsidiaries with Turnover
(£’000)

House Of Townend Ltd

12

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-270 Key Note Ltd

Company Profiles

J.Townend & Sons (Hull) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

1.7 2.7 1.0 3.5 2.9

3.7 5.8 2.6 6.6 6.1

3.2 5.0 2.0 6.0 5.3

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

55 54 74 66

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.67 1.59

0.77 1.59

0.77 1.51

Quick Ratio (Acid Test) Current Ratio

71 38

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

12.4 147.0 30.5

15.9 149.1 20.8

17.9 148.4 24.8

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

20 34 50

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

46 13.5 21.1 2.7 4.2 46 1.67

47 15.4 21.4 2.2 3.4 56 1.42

47 11.6 16.9 2.5 3.5 38 1.59

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

137 136 16 18

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

16,094 0.05 861 84,389 31,439 19,983 19.1

13,659 0.13 1,835 71,222 31,665 20,665 19.2

14,335 0.10 1,492 74,620 29,961 21,207 19.2

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

66 69 54 95 104

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

24 46 45 43 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-271

Company Profiles

Travelodge Hotels Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

166 High Holborn London WC1V 6TT
Telephone

294,400 66,500

287,000 8,700

241,500 16,600

02073012000
Fax

02073012522
Trading Activity

79,100 41,600 12,300 100 1,255 64,700 3,179

1,700 39,100 7,600 100 1,263 62,200 2,937

4,800 25,700 8,000 400 1,242 53,900 2,819

The operation of hotels and catering units. T/O = Revenue.
Main SIC Codes

55111 55302
Directors (as at May 2011)

Grant D. Hearn Jon W. Mortimore Guy P. C. Parsons Paul V. Harvey Keith Hamill
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Jon W. Mortimore
Auditors

548,600 0 22,000 570,600 1,000 3,600 503,700 508,300 1,078,900 12,100 102,700 58,900 173,700 905,200 28,500 15,300 861,400 905,200

544,400 0 22,000 566,400 800 6,900 403,000 410,700 977,100 8,100 62,800 64,900 135,800 841,300 26,000 16,300 799,000 841,300

552,600 0 21,700 574,300 700 11,100 363,500 375,300 949,600 5,400 49,700 60,200 115,300 834,300 25,600 18,400 790,300 834,300

Pricewaterhousecoopers Llp
Bankers

Royal Bank Of Scot
Date Incorporated

29/07/1963
Registered Number

00769170
Previous Name(s) with date(s) of change

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Travelrest Services Ltd, 30/03/2004 Forte (U.K.) Ltd, 05/12/2001 Trusthouse Forte (U.K.) Ltd, 03/06/1991 Trusthouse Forte Airport Services Ltd, 27/01/1984
Holding Company

Full Moon Holdco 6 Ltd
Ultimate Holding Company

Dubai Intl. Capital Llc
Main UK Subsidiaries with Turnover
(£’000)

Tllc Levpropco7 Ltd Tllc Levpropco1 Ltd Tllc Levpropco5 Ltd

1

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-272 Key Note Ltd

Company Profiles

Travelodge Hotels Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

6.2 7.3 22.6 7.8 7.7

0.9 1.0 3.0 1.8 1.1

1.7 2.0 6.9 2.8 2.1

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

22 28 16 23

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

2.92 2.93

3.02 3.02

3.25 3.25

Quick Ratio (Acid Test) Current Ratio

14 16

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

15.2 396.0 15.6

11.1 448.6 46.6

9.5 496.1 32.5

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

24 17 39

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

4 113.7 0.3 0.3 0.5 15 0.27

9 95.8 0.3 0.3 0.5 10 0.29

17 107.7 0.3 0.3 0.4 8 0.25

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

22 36 68 85

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

20,352 1.03 20,919 92,608 284,744 172,570 22.0

21,178 0.14 2,962 97,719 286,449 185,359 21.7

19,120 0.31 5,889 85,669 295,956 196,027 22.3

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

38 15 40 35 84

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

18 4 34 17 -

Other Ratios Exports / Sales (%)

-

-

-

-

Special Notes
2009 PBT includes net exceptional income of 44.2m.

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-273

Company Profiles

Venice Antler 1 Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

The Inspire Hornbeam Square West Harrogate North Yorkshire HG2 8PA
Trading Activity

23,401 -3,877 0 2 2,262 8,043 36 0 6,684 628

25,936 -3,507 0 120 1,295 8,841 1 0 8,203 721

11,137 -2,698 0 -975 306 3,682 1 0 3,529 684

A group engaged in the operation of hotels and conference centres.
Main SIC Codes

55111
Directors (as at May 2011)

Gail S. Hunter Anthony Troy Timothy J. Doubleday
Company Secretary

Directors Emoluments Employee Pay Number of Employees

Timothy Doubleday
Auditors

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Deloitte Llp
Date Incorporated

29/12/2006
Registered Number

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

101,543 6,773 0 108,316 299 1,250 5,538 7,087 115,403 1,381 90,146 2,768 94,295 21,108 25,144 0 -4,036 21,108

101,752 7,164 0 108,916 333 1,673 9,932 11,938 120,854 1,312 11,503 3,438 16,253 104,601 104,844 0 -243 104,601

99,575 7,555 0 107,130 380 1,210 6,045 7,635 114,765 842 3,150 4,614 8,606 106,159 101,974 862 3,323 106,159

06038066
Previous Name(s) with date(s) of change

Golfcrown Ltd, 09/03/2007
Holding Company

Stocks Trade Debtors Other Current Assets Total Current Assets

Venice Luxco Sarl
Ultimate Holding Company

Venice Luxco Sarl

Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

53

See sections 6 & 7 for Analysis Notes and Definitions
3-274 Key Note Ltd

Company Profiles

Venice Antler 1 Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-3.4 -18.4 -16.6 3.7 ^

-2.9 -3.4 -13.5 4.6 ^

-2.3 -2.5 -24.2 0.9 -79.7

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

103 115 110 63

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.07 0.08

0.71 0.73

0.84 0.89

Quick Ratio (Acid Test) Current Ratio

130 132

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -3.4 193.1

^ -0.2 165.7

^ 3.0 374.2

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

115 92

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

19 -372.7 1.3 1.1 0.2 22 0.20

24 -16.6 1.3 0.2 0.3 18 0.21

40 -8.9 3.5 0.1 0.1 28 0.10

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

98 103 110 103

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

10,643 -0.58 -6,174 37,263 33,611 161,693 28.6

11,377 -0.43 -4,864 35,972 145,078 141,126 31.6

5,062 -0.76 -3,870 15,975 155,203 145,577 31.7

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

116 101 108 93 47

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

3 67 78 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-275

Company Profiles

Victoria Park Plaza Operator Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

239-251 Vauxhall Bridge Road London SW1V 1EJ
Telephone

18,281 -460 0 10 0 0 14 0 2,199 119

18,115 1,451 0 31 0 76 18 0 3,112 130

16,824 1,480 0 32 0 261 0 0 3,079 123

02077699999
Trading Activity

The operation of a hotel property.
Main SIC Codes

55111
Directors (as at May 2011)

Euro Sea Hotels N V Chen Moravsky
Company Secretary

Brindley Goldstein Limited
Auditors

Balance Sheet
Date of Accounts
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Mazars Llp
Date Incorporated

08/08/2000
Registered Number

Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets

0 0 0 0 140 1,012 5,542 6,694 6,694 454 6,804 1,280 8,538 -1,844 0 0 -1,844 -1,844

0 0 0 0 126 1,084 2,142 3,352 3,352 285 3,228 1,223 4,736 -1,384 0 0 -1,384 -1,384

0 0 0 0 128 1,161 1,466 2,755 2,755 299 4,413 878 5,590 -2,835 0 0 -2,835 -2,835

04049387
Holding Company

Victoria London Hotel Holding Bv

Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-276 Key Note Ltd

Company Profiles

Victoria Park Plaza Operator Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-6.9 ^ -2.5 -9.3 ^

43.3 ^ 8.0 82.8 ^

53.7 ^ 8.8 110.3 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

115 87 122

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.77 0.78

0.68 0.71

0.47 0.49

Quick Ratio (Acid Test) Current Ratio

62 65

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -21.6 ^

^ -29.2 5.0

^ -50.7 15.0

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

124 -

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

20 -10.1 0.8 ^ ^ 9 2.73

22 -7.6 0.7 ^ ^ 6 5.40

25 -16.9 0.8 ^ ^ 6 6.11

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

103 77 9

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

18,479 -0.21 -3,866 153,622 -15,496 0 12.0

23,938 0.47 11,162 139,346 -10,646 0 17.2

25,033 0.48 12,033 136,780 -23,049 0 18.3

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

56 88 10 117 121

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

38 4 57 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-277

Company Profiles

Webb Hotels & Travel Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

Moor Hall Hotel Four Oaks Sutton Coldfield West Midlands B75 6LN
Telephone

14,140 960 0 -26 356 193 41 266 3,185 312

16,316 557 0 5 332 621 23 275 3,459 328

16,041 575 0 0 298 615 25 222 3,275 319

01213083751
Trading Activity

A group engaged as hoteliers, leisure club operators, restaurateurs and travel agents.
Main SIC Codes

63301 55111 92619 55301
Directors (as at May 2011)

Michael J. Webb Angela C. Burns Simon Ledbrooke Nigel Saunders Sarah L. Webb Helen Griffiths
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
31/12/2009 £000s 31/12/2008 £000s 31/12/2007 £000s

20,387 29 0 20,416 83 499 925 1,507 21,923 667 1,403 1,034 3,104 18,819 9,021 301 9,497 18,819

20,458 39 0 20,497 77 677 824 1,578 22,075 778 1,038 1,092 2,908 19,167 9,910 283 8,974 19,167

18,842 7 0 18,849 67 660 791 1,518 20,367 815 938 1,069 2,822 17,545 8,734 160 8,651 17,545

Nigel Saunders
Auditors

Farmiloes Llp
Bankers

Barclays Bank Plc
Date Incorporated

21/10/1998
Registered Number

03653076
Previous Name(s) with date(s) of change

Moor Hall Group Ltd, 30/04/2007 Broadwebb Group Ltd, 21/08/2002 Equalcover Ltd, 18/01/2002
Main UK Subsidiaries with Turnover
(£’000)

Broads Travel Gp. Ltd Moor Hall Hotel Ltd The George Hotel (Lichfield) Ltd The Gables Hotel Ltd

6 4 1 1

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-278 Key Note Ltd

Company Profiles

Webb Hotels & Travel Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

4.4 5.1 6.8 5.7 10.1

2.5 2.9 3.4 5.8 6.2

2.8 3.3 3.6 6.4 6.6

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

33 40 51 41

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.46 0.49

0.52 0.54

0.51 0.54

Quick Ratio (Acid Test) Current Ratio

90 88

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

110.1 76.4 16.7

122.5 68.5 52.7

111.9 73.8 51.7

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

62 57 40

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

13 -11.3 0.6 0.8 0.7 17 0.64

15 -8.2 0.5 0.9 0.8 17 0.74

15 -8.1 0.4 0.9 0.9 19 0.79

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

64 62 60 40

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

10,208 0.30 3,077 45,321 60,317 65,343 22.5

10,546 0.16 1,698 49,744 58,436 62,372 21.2

10,266 0.18 1,803 50,285 55,000 59,066 20.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

118 44 93 80 80

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

106 12 46 51 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-279

Company Profiles

M F Wells (Hotels) Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Lochs & Glens Holidays School Road Gartocharn Alexandria Dunbartonshire G83 8RW
Telephone

19,586 2,605

18,987 2,421

17,045 236

01389713713
Trading Activity

13 333 1 9 150 3,225 242

177 395 1 9 156 3,194 241

353 318 1 18 302 3,225 233

Hotel proprietors and tour operators.
Main SIC Codes

55111 63302
Directors (as at May 2011)

Michael F. Wells Neil S. Wells Ian M. Wells
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets
31/03/2010 £000s 31/03/2009 £000s 31/03/2008 £000s

Michael F. Wells
Auditors

James Anderson & Co
Date Incorporated

18,983 79 0 19,062 77 50 4,401 4,528 23,590 301 0 3,326 3,627 19,963 97 0 19,866 19,963

18,653 129 0 18,782 73 72 3,791 3,936 22,718 527 0 3,567 4,094 18,624 104 397 18,123 18,624

18,454 179 0 18,633 72 43 4,749 4,864 23,497 529 0 3,085 3,614 19,883 125 1,078 18,680 19,883

22/10/1984
Registered Number

SC090154
Holding Company

Wells Hotels (2008) Ltd
Ultimate Holding Company

Wells Hotels Ltd

Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-280 Key Note Ltd

Company Profiles

M F Wells (Hotels) Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

11.0 13.0 13.3 13.1 13.1

10.7 13.0 12.8 13.0 13.4

1.0 1.2 1.4 1.2 1.3

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

9 15 30 13

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

1.23 1.25

0.94 0.96

1.33 1.35

Quick Ratio (Acid Test) Current Ratio

40 43

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

0.5 533.5 0.0

0.6 394.4 0.0

0.7 387.8 0.4

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

8 14 17

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

1 4.6 0.4 1.0 1.0 6 0.83

1 -0.8 0.4 1.0 1.0 10 0.84

1 7.3 0.4 0.9 0.9 11 0.73

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

8 43 47 34

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

13,326 0.81 10,764 80,934 82,492 78,442 16.5

13,253 0.76 10,046 78,784 77,278 77,398 16.8

13,841 0.07 1,013 73,155 85,335 79,202 18.9

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

87 21 59 70 110

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

22 1 69 35 -

Other Ratios Exports / Sales (%)

-

-

-

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-281

Company Profiles

The Westbury Hotel Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
30/09/2009 £000s 30/09/2008 £000s 30/09/2007 £000s

Flat 1 1-2 Coach And Horses Yard London W1S 2EH
Trading Activity

17,046 1,253 0 12 1,166 4,023 8 0 3,962 186

17,642 -1,314 0 35 823 4,149 8 0 3,524 181

15,384 -938 0 4 868 4,113 10 0 2,826 162

Hotel ownership and management.
Main SIC Codes

55111
Directors (as at May 2011)

Bakir A. Cola Azad B. A. Cola
Company Secretary

Azad B. A. Cola
Auditors

Wilder Coe
Date Incorporated

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed
30/09/2009 £000s 30/09/2008 £000s 30/09/2007 £000s

10/09/2001
Registered Number

04284249
Holding Company

144,707 150 0 144,857 120 517 4,261 4,898 149,755 570 3,282 6,338 10,190 139,565 142,220 0 -2,655 139,565

111,974 175 0 112,149 113 501 5,826 6,440 118,589 962 2,792 3,414 7,168 111,421 115,000 0 -3,579 111,421

112,797 200 0 112,997 42 380 2,607 3,029 116,026 947 1,477 865 3,289 112,737 115,000 0 -2,263 112,737

Cola Hldgs. Ltd
Ultimate Holding Company

Cola Hldgs. Ltd

Type of Accounts Number of weeks

Unconsolidated

Unconsolidated

Unconsolidated

52

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-282 Key Note Ltd

Company Profiles

The Westbury Hotel Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

0.8 0.9 7.4 3.7 ^

-1.1 -1.2 -7.4 2.5 ^

-0.8 -0.8 -6.1 2.8 ^

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

70 70 47 64

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.47 0.48

0.88 0.90

0.91 0.92

Quick Ratio (Acid Test) Current Ratio

89 89

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

^ -1.7 76.3

^ -2.9 146.3

^ -1.9 129.5

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

111 72

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

11 -31.0 0.7 0.1 0.1 12 0.11

10 -4.1 0.6 0.2 0.2 20 0.15

9 -1.7 0.3 0.1 0.1 22 0.13

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

49 70 131 126

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

21,301 0.32 6,737 91,645 750,349 777,995 23.2

19,470 -0.37 -7,260 97,470 615,586 618,641 20.0

17,444 -0.33 -5,790 94,963 695,907 696,278 18.4

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

32 41 42 9 74

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

34 15 14 -

Other Ratios Exports / Sales (%)

-

0.0

0.0

0.0

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-283

Company Profiles

Whitbread PLC
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees
04/03/2010 £000s 26/02/2009 £000s 28/02/2008 £000s

Whitbread House Park Street West Luton Beds LU1 3BG
Telephone

1,435,000 208,000 13,600 1,100 92,900 43,900 600 5,132 377,500 25,794

1,334,600 198,600 0 6,800 106,200 35,400 700 5,220 360,200 26,377

1,216,700 134,600 0 11,200 86,300 51,600 800 4,844 344,400 27,141

01582424200
Fax

02078065444
Trading Activity

A group engaged in the operation of budget hotels, restaurants and coffee shops. T/O = revenue.
Main SIC Codes

Directors Emoluments Employee Pay Number of Employees

55111 55301 55302
Directors (as at May 2011)

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities
04/03/2010 £000s 26/02/2009 £000s 28/02/2008 £000s

Christopher C. B. Rogers Anthony J. Habgood Simon R. Melliss Wendy Becker Stephen G. Williams Patrick J. A. Dempsey Richard Baker Andrew Harrison Ian M. Cheshire
Company Secretary

2,310,700 150,000 20,200 2,480,900 17,000 49,700 100,000 166,700 2,647,600 0 50,300 307,700 358,000 2,289,600 546,200 636,400 1,107,000 2,289,600

2,301,100 118,900 25,000 2,445,000 16,500 35,700 75,800 128,000 2,573,000 106,600 13,700 172,700 293,000 2,280,000 701,200 451,000 1,127,800 2,280,000

2,127,400 101,200 5,200 2,233,800 13,200 31,900 138,100 183,200 2,417,000 103,200 378,800 175,800 657,800 1,759,200 167,900 274,100 1,317,200 1,759,200

Simon C. Barratt
Auditors

Ernst & Young Llp
Date Incorporated

01/12/2000
Registered Number

04120344
Previous Name(s) with date(s) of change

Whitbread Holdings PLC, 10/05/2001
Main UK Subsidiaries with Turnover
(£’000)

Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Whitbread Gp. PLC Premier Inn Ltd Whitbread Restaurants Ltd Costa Ltd Premier Inn Hotels Ltd Costa Intl. Ltd Whitbread Hotel Co. Ltd Premier Inn Manchester Trafford Ltd Premier Inn Manchester Airport Ltd Pi Hotels & Restaurants Ireland Ltd

1,435 485 351 323 45 9 4 3 2 2

Type of Accounts Number of weeks

Consolidated

Consolidated

Consolidated

53

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-284 Key Note Ltd

Company Profiles

Whitbread PLC Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

7.7 8.9 14.5 10.6 18.4

7.7 8.7 14.9 10.2 17.6

5.6 7.7 11.1 8.7 10.2

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

16 22 29 16

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

0.42 0.47

0.38 0.44

0.26 0.28

Quick Ratio (Acid Test) Current Ratio

93 91

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

62.3 71.9 17.4

70.9 78.0 15.1

45.0 119.8 27.7

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

47 60 41

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

13 -13.6 1.2 0.6 0.6 0 0.53

10 -12.4 1.2 0.6 0.6 29 0.52

10 -39.0 1.1 0.7 0.6 31 0.50

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

65 97 63 51

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

14,359 0.55 7,912 54,583 88,765 89,583 26.3

13,656 0.55 7,529 50,597 86,439 87,239 27.0

12,689 0.39 4,959 44,829 64,817 78,383 28.3

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

76 28 82 67 65

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

21 16 42 69 -

Other Ratios Exports / Sales (%)

-

0.9

0.0

0.0

Special Notes
2010 PBT includes exceptional charges of 15.6m 2009 PBT includes exceptional charges of 31.3m. This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-285

Company Profiles

Yianis Holdings Ltd
Address

Profit & Loss
Date of Accounts Sales Pre-tax Profit Exports Non-Trading Income Depreciation Interest Paid Auditors Fees Directors Emoluments Employee Pay Number of Employees
30/04/2009 £000s 30/04/2008 £000s

Langley House Park Road East Finchley London N2 8EX
Trading Activity

65,757 3,098

66,166 4,559

A holding company for a group engaged in property investment, development, management and letting, hotel operation and aircraft and yacht chartering.
Main SIC Codes

1,787 2,497 33,903 182 50 8,903 296

3,688 2,352 32,448 161 46 10,346 362

70209 70110 55111 62201 61101
Directors (as at May 2011)

Yiannakis T. Christodoulou Lambros Hadjiioannou
Company Secretary

Balance Sheet
Date of Accounts Tangible Fixed Assets Intangible Assets Intermediate Assets Total Fixed Assets
30/04/2009 £000s 30/04/2008 £000s

Richard V. Short

Date Incorporated

866,539 -8,069 0 858,470 153 3,322 59,637 63,112 921,582 1,280 47,634 34,903 83,817 837,765 568,167 54 269,544 837,765

912,983 610 0 913,593 224 2,896 69,357 72,477 986,070 1,618 46,394 19,040 67,052 919,018 586,511 8,889 323,618 919,018

26/11/2003
Registered Number

04977321
Main UK Subsidiaries with Turnover
(£’000)

Stocks Trade Debtors Other Current Assets Total Current Assets Total Assets Trade Creditors Short-Term Loans Other Current Liabilities Total Current Liabilities T/Assets - C/Liabilities Long-Term Loans Other L/Term Liabilities Total Capital & Reserves Capital Employed

Octagon Assets Ltd West India Quay (Eastern) Ltd Yianis Fscr Ltd Yianis Heathrow Ltd Wiq Hotel Corp. Ltd Yianis Hotels Ltd Yianis Manchester Ltd Octagon Overseas Ltd

17 12 10 8 6 3 1

Type of Accounts Number of weeks

Consolidated

Consolidated

52

52

See sections 6 & 7 for Analysis Notes and Definitions
3-286 Key Note Ltd

Company Profiles

Yianis Holdings Ltd Performance Analysis
Profitability Ratios Return on Total Assets (%) Return on Capital (%) Pre-tax Profit Margin (%) Return on Investment (%) Rtn. on Total Capital & Reserves (%)
10/11 09/10 08/09 07/08

League Table Positions
Profitability
Position in subsector

-

-

0.3 0.4 4.7 4.2 1.1

0.5 0.5 6.9 3.8 1.4

Return on Total Assets Return on Capital Pre-tax Profit Margin Return on Investment

-

Liquidity

Position in subsector

Liquidity Ratios Quick Ratio (Acid Test) Current Ratio

-

-

0.75 0.75

1.08 1.08

Quick Ratio (Acid Test) Current Ratio

-

Gearing

Position in subsector

Gearing Ratios Total Debt / Net Worth (%) Equity Gearing (%) Income Gearing (Interest Cover) (%)

-

-

221.8 41.3 91.6

195.9 48.9 87.7

Total Debt / Net Worth Equity Gearing Income Gearing (Interest Cover)

-

Efficiency

Position in subsector

Efficiency Ratios Debtor Days Outstanding Working Capital / Sales (%) Stocks / Sales (%) Sales / Capital Employed Sales / Fixed Assets Creditor Days Asset Utilisation

-

-

18 -31.5 0.2 0.1 0.1 7 0.07

16 8.2 0.3 0.1 0.1 9 0.07

Debtor Days Outstanding Stocks / Sales Sales / Fixed Assets Asset Utilisation

-

Employee Performance

Position in subsector

Employee Performance Pay per Employee (£) Profit per £ of Pay (£) Profit per Employee (£) Sales per Employee (£) Capital Employed per Employee (£) Fixed Assets per Employee (£) Pay / Sales (%)

-

-

30,078 0.35 10,466 222,152 2,830,287 2,927,497 13.5

28,580 0.44 12,594 182,779 2,538,724 2,522,052 15.6

Pay per Employee Profit per £ of Pay Sales per Employee Capital Employed per Employee Pay / Sales

-

Growth

Position in subsector

Sales Growth Pre-tax Profit Growth Total Assets Growth Number of Employees Growth Exports Growth

-

Other Ratios Exports / Sales (%)

-

-

-

-

Special Notes

Symbols
^ represents a figure that cannot be calculated. - indicates a figure that is unavailable.

This company is one of the 143 companies appearing in Subsector 1 : THE HOTEL INDUSTRY

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 3-287

Performance League Tables

In this section, companies are ranked, in a series of league tables, by a range of performance indices. Companies have been allocated to particular industry subsectors, allowing valid like-with-like performance comparisons. See section 1 for details.
● Size ● ● ● ● ● ● ●

Profitability Efficiency Liquidity Gearing Employee Productivity Other Ratios Growth Rates

Notes
1 To ensure that all comparisons made between companies are over a similar period, the ‘analysis year’, or the year on which League Table rankings are based, is the latest year for which data is available on all companies. A small number of companies may have accounts available for a more recent year, and when this is the case, these figures are presented to the left of the analysis column, and labelled ‘Recently Filed Accounts’. 2 Although all companies appear in the League Tables, the figures for certain companies may not be used to generate totals and averages, either because the company is large and has significant interests in other industry sectors and would therefore bias any calculations in which it is included (*), or because the company does not have full data for all three years (n). See Section 6 for details.

Performance League Tables

Sales
League Table Position

Recently Filed Accounts
10/11 09/10

Sales £’000 08/09 07/08

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 * Whitbread PLC * L.5.1.N Ltd Millennium & Copthorne Hotels PLC Premier Inn Ltd * De Vere Venice Ltd Endell Gp. Hldgs. Ltd * Travelodge Hotels Ltd * M W B Gp. Hldgs. PLC * Q.M.H Ltd Dorchester Gp. Ltd * Guoman Hotel Hldgs. Ltd * Accor UK Bus. & Leisure Hotels Ltd L.R.G Hotels Ltd * Marriott Hotels Ltd * De Vere Village Trading No 1 Ltd * Macdonald Hotels Ltd * Adda Hotels Accor UK Economy Hotels Ltd Jarvis Hotels Ltd. * Edwardian Gp. Ltd * Qhotels Gp. Ltd * Hilton Worldwide Ltd Tonstate (Hotels) Ltd * Festival Gp. Ltd Maple Hotels 1 Ltd Curzon Hotels (Operator) Ltd Globalgrange Ltd * Shearings Hotels Ltd * Somerston Hotels UK Ltd * J.H. Leeke & Sons Ltd * Bridgemere UK PLC Arora Hotels Ltd * Imperial London Hotels Ltd (The) Hand Picked Hotels Ltd G H Hotel Operating Co. Ltd * Quintain Estates & Development PLC * Hilton Intl. Hotels (UK) Ltd Oxford Hotels & Inns Mgmt. Ltd * Britannia Hotels Ltd Firmdale Hotels PLC Claridge’s Hotel Ltd H L T Stakis Operator Ltd * Marston Hotels Ltd Menzies Hotels Hldgs. Ltd * Premier Inn Hotels Ltd


199,532 70,156 59,203 39,894 -

1,407,925 1,067,214 654,000 476,082 465,127 297,300 294,400 284,299 250,700 243,387 198,612 189,064 175,643 158,390 150,773 125,999 121,877 119,700 119,135 118,292 116,728 102,549 97,391 97,254 91,273 81,806 72,817 70,655 67,707 65,603 62,788 62,603 61,155 58,347 57,611 56,937 56,347 53,361 52,249 50,556 48,617 47,106 45,334 45,027 44,958 43,487 42,538 41,660 41,228 40,338

1,334,600 702,900 503,274 475,000 289,700 287,000 277,876 274,500 259,365 220,432 198,258 196,529 149,482 159,321 135,424 138,561 121,849 129,585 122,995 130,186 110,992 98,948 103,601 106,073 91,018 58,987 66,232 73,703 62,237 32,538 54,102 60,261 61,638 54,315 66,019 59,368 60,012 40,509 53,458 52,447 48,088 49,154 51,255 33,786 45,206 46,619 41,348 48,500 48,760

1,216,700 669,600 450,927 406,070 243,800 241,500 252,119 257,600 231,032 203,609 194,346 194,581 150,811 189,568 153,357 136,205 111,330 130,084 122,528 123,035 198,933 94,661 82,414 109,970 105,309 56,395 57,650 78,039 65,173 33,126 42,589 56,980 43,850 46,104 46,676 58,076 63,464 39,235 50,993 47,550 51,553 53,467 159,530 34,664 41,862 37,425 40,962 53,467

Hotel Inter-Continental London Ltd The Cumberland Guoman Ltd * Kew Green Hotels Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd * Menzies Hotels Operating Ltd

See sections 6 & 7 for Analysis Notes and Definitions
4-2 Key Note Ltd

Performance League Tables

Sales
League Table Position

Recently Filed Accounts
10/11 09/10

Sales £’000 08/09 07/08

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

Mandarin Oriental Hyde Park Ltd * L.R.G Hotels Gp. (UK) Ltd The Berkeley Hotel Ltd * Gleneagles Hotels Ltd * Deckers Restaurants Ltd Chesterfield (Mayfair) Ltd De Vere Village Hotels & Leisure Ltd London May Fair Hotel Ltd C.D.L Hotels (U.K.) Ltd Apex Hotels Ltd Hastings Hotels Gp. Ltd Churchill Gp. Ltd Centre Island Hotels Ltd * Hotel Property Investors U.K. Ltd ■ H L T Stakis S P E Ltd Champneys Henlow Ltd * Percy R.Brend & Sons (Hoteliers) Ltd * De Vere Venues Properties Ltd ■ Landmark Hotel London Ltd * Puma Hotels PLC Morgans Hotel Gp. London Ltd London L.R.G Hotel Ltd * Ritz Hotel (London) Ltd (The) * The Lancaster Landmark Hotel Co. Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd * Paragon Hotels Ltd Prestmade Ltd Park Hotels Mgmt. Ltd Malmaison & Hotel Du Vin Property Hldgs. Ltd Land Securities (Hotels) Ltd * Forestdale Hotels Ltd Park Tower Hotel Ltd (The) St. James Court Hotel Ltd Lomondo Ltd * Corus Hotels Ltd London Tara Hotel Ltd North Brit. Trust Hotels Ltd Riverbank Hotel Operator Ltd * Lanesborough Mgmt. Ltd Venice Antler 1 Ltd * Pbn Hldgs. Ltd Royal Garden Hotel Ltd The Park Lane Hotel Ltd Hhr Piccadilly Ltd * The Barton Grange Gp. Ltd Splendid Property Co. Ltd * M F Wells (Hotels) Ltd Lomar Hotel Co. Ltd South Bank Hotel Mgmt. Co. Ltd London Britannia Hotel Ltd Victoria Park Plaza Operator Ltd Park Hotel Heathrow Ltd

33,668 32,430 -

39,011 37,625 37,038 35,579 34,770 34,567 34,393 34,385 34,224 33,858 32,864 32,423 31,841 31,763 31,586 30,954 30,852 30,394 30,177 30,000 28,701 28,572 28,412 28,370 28,106 26,523 26,430 26,309 26,260 26,253 26,171 25,956 25,937 25,843 25,474 24,012 23,962 23,940 23,477 23,401 23,088 22,204 22,090 21,848 21,175 19,927 19,586 19,347 19,074 18,765 18,281 18,264

43,113 43,181 38,486 38,231 32,311 34,650 18,434 34,978 36,384 26,754 33,776 33,897 29,682 39,255 29,982 31,210 30,078 29,615 28,455 30,998 31,384 29,721 64,083 28,995 26,042 27,660 26,501 25,145 29,548 29,045 29,699 26,462 28,413 26,603 25,639 24,862 25,361 24,106 25,936 20,473 24,078 24,251 22,982 18,719 20,729 18,987 21,116 17,777 20,689 18,115 21,452

45,282 45,638 38,775 35,322 31,012 33,286 11,526 34,203 35,886 26,614 33,820 28,625 32,031 47,672 30,151 30,075 30,823 76,991 31,967 30,222 28,916 70,781 34,336 28,473 25,902 27,306 13,553 23,818 32,457 29,108 25,573 28,135 28,843 24,215 25,863 25,314 26,622 10,927 40,079 24,778 23,952 23,740 14,429 21,552 17,045 22,624 2,205 20,610 16,824 21,899

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-3

Performance League Tables

Sales
League Table Position

Recently Filed Accounts
10/11 09/10

Sales £’000 08/09 07/08

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 -

The Westbury Hotel Ltd Crieff Hydro Ltd St Giles Hotel Ltd * Doyle Hotels (UK) Ltd ■ De Vere Wokefield Park Ltd St. James Hotel Ltd Ramside Hldgs. Ltd Gloucester Capital Ltd Brook Hotels Ltd Pennyhill Park Ltd ■ Jake Feather Hotels Ltd * J.Townend & Sons (Hull) Ltd * Guoman Hotel Mgmt. (UK) Ltd


21,501 15,904 14,767 13,415 12,387 -

17,046 16,788 16,743 16,580 16,396 16,393 16,294 16,108 16,061 15,731 15,658 15,190 15,119 15,106 14,892 14,797 14,708 14,486 14,408 14,354 14,243 14,196 14,186 14,175 14,140 13,913 13,893 13,822 13,820 13,765 13,314 13,121 13,100 13,039 12,907 12,357 12,120 12,118 -

17,642 16,077 16,456 16,834 16,146 17,709 16,351 17,584 16,887 17,163 12,535 20,921 14,320 16,044 16,534 16,872 16,189 14,900 14,548 18,373 14,337 12,720 12,772 16,316 13,226 16,480 14,475 14,122 12,528 12,127 14,130 12,498 12,600 13,904 14,253 10,132 12,409 89,532 65,757 25,656

15,384 15,374 15,196 17,904 18,393 15,948 11,057 15,870 16,772 13,357 17,069 15,066 17,891 18,641 17,263 13,680 12,714 14,749 15,150 12,584 16,041 13,424 16,717 14,846 14,773 12,108 11,313 12,998 11,723 33,602 13,122 13,909 10,918 12,309 90,209 66,166 24,089

Templeton Hldgs. Ltd Kensington Close Hotel Ltd Festival Inns Ltd Rezidor Hotel Stansted Airport Ltd Comojo (U.K.) Ltd

F B M London Ltd * B.D.L Select Hotels Ltd Firoka (Kings Cross) Ltd Choice Hotels Ltd * Peel Hotels PLC Manor House Hotel (Okehampton) Ltd Webb Hotels & Travel Ltd Strathmore Hotels Ltd Rezidor Hotel Manchester Ltd * Pl Hotel Ltd * Ramside Estates Ltd Leisureplex Ltd Andrew Brownsword Hotels Ltd Thistle Barbican Tenant Ltd Lake District Hotels Ltd * Paramount Hotels Ltd The Cavendish Hotel (London) Ltd Blackfriars Hotels Ltd * Doyle London Hotels Ltd * Jurys Hotel Gp. (UK) Ltd
■ Rocco Forte & Family Ltd * Yianis Hldgs. Ltd * Longmint Gp. Ltd

See sections 6 & 7 for Analysis Notes and Definitions
4-4 Key Note Ltd

Performance League Tables

Pre-tax Profit
League Table Position

Recently Filed Accounts
10/11 09/10

Pre-tax Profit £’000 08/09 07/08

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 * Whitbread PLC Premier Inn Ltd Millennium & Copthorne Hotels PLC * Travelodge Hotels Ltd * Hilton Intl. Hotels (UK) Ltd * Accor UK Bus. & Leisure Hotels Ltd * L.5.1.N Ltd Dorchester Gp. Ltd L.R.G Hotels Ltd * Imperial London Hotels Ltd (The) Claridge’s Hotel Ltd The Berkeley Hotel Ltd Accor UK Economy Hotels Ltd C.D.L Hotels (U.K.) Ltd * Edwardian Gp. Ltd London Tara Hotel Ltd Hotel Inter-Continental London Ltd Park Tower Hotel Ltd (The) Churchill Gp. Ltd Apex Hotels Ltd London L.R.G Hotel Ltd London Britannia Hotel Ltd ■ Landmark Hotel London Ltd * Ritz Hotel (London) Ltd (The) Lomondo Ltd * Macdonald Hotels Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd Mandarin Oriental Hyde Park Ltd Land Securities (Hotels) Ltd The Park Lane Hotel Ltd Globalgrange Ltd F B M London Ltd * Lanesborough Mgmt. Ltd * J.H. Leeke & Sons Ltd * Jurys Hotel Gp. (UK) Ltd Lake District Hotels Ltd H L T Stakis S P E Ltd Hastings Hotels Gp. Ltd * Doyle London Hotels Ltd * M F Wells (Hotels) Ltd


7,742 2,982 -745 -

204,075 102,509 81,900 66,500 64,293 43,458 39,212 24,553 23,168 19,220 16,931 15,434 14,138 13,710 10,994 10,267 9,972 9,676 9,358 7,123 6,727 6,614 6,486 5,226 5,177 5,130 4,923 4,782 4,600 4,476 3,951 3,943 3,827 3,460 3,076 3,071 3,030 2,791 2,675 2,605 2,523 2,487 2,303 2,235 2,181 2,173 2,046 2,043 1,824 1,794

198,600 174,753 102,800 8,700 -444,288 37,528 41,374 32,357 14,968 20,234 13,446 21,180 13,444 3,282 10,898 8,304 10,807 10,840 2,664 5,760 6,417 -2,757 2,521 -9,399 6,481 4,617 5,289 5,597 4,389 3,609 1,565 1,381 2,875 1,362 5,726 3,514 -725 2,421 4,372 11,065 3,160 1,328 2,382 -1,393 1,362 11,080 1,797 -

134,600 123,089 157,400 16,600 -120,632 170,604 45,709 47,021 11,969 18,711 15,081 68,828 13,950 14,715 10,266 -859 9,353 6,544 5,204 3,091 7,247 -4,432 3,125 99,092 5,249 8,617 703 5,524 7,119 2,893 5,785 3,552 7,945 1,902 3,341 3,006 236 6,373 14,738 4,515 1,680 1,827 -16,671 -4,342 7,271 1,017 -

Firoka (Kings Cross) Ltd * Gleneagles Hotels Ltd Firmdale Hotels PLC Leisureplex Ltd St Giles Hotel Ltd De Vere Village Hotels & Leisure Ltd * Paramount Hotels Ltd * The Lancaster Landmark Hotel Co. Ltd London May Fair Hotel Ltd ■ Jake Feather Hotels Ltd

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-5

Performance League Tables

Pre-tax Profit
League Table Position

Recently Filed Accounts
10/11 09/10

Pre-tax Profit £’000 08/09 07/08

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

Pennyhill Park Ltd Manor House Hotel (Okehampton) Ltd Strathmore Hotels Ltd St. James Court Hotel Ltd Blackfriars Hotels Ltd * The Barton Grange Gp. Ltd Morgans Hotel Gp. London Ltd The Westbury Hotel Ltd * Shearings Hotels Ltd * Ramside Estates Ltd Ramside Hldgs. Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd Webb Hotels & Travel Ltd Templeton Hldgs. Ltd St. James Hotel Ltd North Brit. Trust Hotels Ltd The Cavendish Hotel (London) Ltd Champneys Henlow Ltd Brook Hotels Ltd Lomar Hotel Co. Ltd Riverbank Hotel Operator Ltd Crieff Hydro Ltd * Deckers Restaurants Ltd Rezidor Hotel Manchester Ltd * J.Townend & Sons (Hull) Ltd Choice Hotels Ltd * Percy R.Brend & Sons (Hoteliers) Ltd Oxford Hotels & Inns Mgmt. Ltd South Bank Hotel Mgmt. Co. Ltd Centre Island Hotels Ltd * Peel Hotels PLC G H Hotel Operating Co. Ltd Rezidor Hotel Stansted Airport Ltd Royal Garden Hotel Ltd Victoria Park Plaza Operator Ltd Comojo (U.K.) Ltd * Marriott Hotels Ltd Hhr Piccadilly Ltd Andrew Brownsword Hotels Ltd * L.R.G Hotels Gp. (UK) Ltd * Paragon Hotels Ltd Thistle Barbican Tenant Ltd Splendid Property Co. Ltd Chesterfield (Mayfair) Ltd Festival Inns Ltd * B.D.L Select Hotels Ltd Prestmade Ltd Kensington Close Hotel Ltd Gloucester Capital Ltd * Premier Inn Hotels Ltd Venice Antler 1 Ltd * Forestdale Hotels Ltd

-257 81 -2,176 79 -

1,759 1,698 1,652 1,531 1,515 1,493 1,448 1,253 1,200 1,088 1,040 975 960 927 863 740 726 446 400 295 271 251 249 169 155 120 112 95 48 -68 -74 -286 -319 -454 -460 -527 -569 -669 -721 -779 -1,319 -1,995 -2,031 -2,177 -2,731 -2,910 -2,946 -3,081 -3,204 -3,567 -3,877 -4,452

984 1,100 1,012 1,350 2,628 -420 3,080 -1,314 -4,893 1,317 842 -3,778 557 1,043 1,868 1,685 -1,419 -905 424 1,106 -471 552 333 1,821 323 157 43,850 105 48 -490 664 1,229 847 2,347 1,451 389 652 -746 -1,996 5,227 -10,067 -1,326 1,836 -3,462 -3,619 560 7,634 440 -4,336 -27,983 -3,507 -656

508 1,012 1,108 1,321 2,007 709 4,480 -938 6,565 1,865 1,319 4,026 575 254 1,904 749 -1,399 982 197 1,376 427 1,341 299 2,038 267 221 163 121 8 1,497 9,590 1,091 2,076 1,840 1,480 1,829 658 1,307 -1,782 2,115 -6,284 -1,494 4,787 -3,244 -1,500 6,020 999 -3,778 409,229 -2,647 3,523

See sections 6 & 7 for Analysis Notes and Definitions
4-6 Key Note Ltd

Performance League Tables

Pre-tax Profit
League Table Position

Recently Filed Accounts
10/11 09/10

Pre-tax Profit £’000 08/09 07/08

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 -

The Cumberland Guoman Ltd * Corus Hotels Ltd Park Hotel Heathrow Ltd Malmaison & Hotel Du Vin Property Hldgs. Ltd Hotel Property Investors U.K. Ltd Doyle Hotels (UK) Ltd Kew Green Hotels Ltd Puma Hotels PLC

-6,074 -509 -7,294 1,712 -

-4,458 -4,523 -4,582 -5,015 -5,341 -5,443 -6,025 -6,237 -6,423 -6,440 -6,600 -6,643 -7,009 -7,623 -8,002 -8,117 -8,235 -9,434 -9,925 -10,149 -11,028 -11,380 -13,000 -15,422 -15,431 -15,635 -20,077 -23,927 -24,511 -35,558 -38,870 -39,709 -42,584 -44,172 -68,722 -75,888 -101,700 -486,166 -

1,903 -11,029 -1,778 -37,008 3,147 -11,471 276 -8,779 -3,933 889 -6,455 -6,670 -9,953 -777 -15,035 -5,318 -3,111 58,588 -4,632 -129,066 -2,601 -6,033 -3,000 -9,926 -7,772 -4,120 -12,978 -33,691 -21,541 -10,921 -32,233 -2,139 4,255 -11,594 -75,495 -24,394 -78,100 -150,507 3,098 -643 -5,655

-1,006 7,006 -319 2,458 1,577 -1,670 -2,691 -25,146 -1,603 -3,601 822 -4,403 -2,923 -665 -3,914 -1,418 843 -241 -54,740 2,008 -578 -3,100 -13,763 -2,575 4,503 -5,472 -3,085 -4,187 383,501 -7,678 -10,911 -2,055 -14,976 -8,156 -63,200 -173,837 4,559 -1,692 5,782

* * * *

Tonstate (Hotels) Ltd * Britannia Hotels Ltd ■ H L T Stakis Operator Ltd Arora Hotels Ltd * Bridgemere UK PLC * Guoman Hotel Mgmt. (UK) Ltd * Pl Hotel Ltd Park Hotels Mgmt. Ltd Hand Picked Hotels Ltd * Guoman Hotel Hldgs. Ltd * * * * * Pbn Hldgs. Ltd Quintain Estates & Development PLC Marston Hotels Ltd Festival Gp. Ltd Q.M.H Ltd

* M W B Gp. Hldgs. PLC Maple Hotels 1 Ltd Jarvis Hotels Ltd. * Menzies Hotels Operating Ltd * Hilton Worldwide Ltd Curzon Hotels (Operator) Ltd * De Vere Village Trading No 1 Ltd Menzies Hotels Hldgs. Ltd * Somerston Hotels UK Ltd * Adda Hotels
■ De Vere Wokefield Park Ltd * Qhotels Gp. Ltd * De Vere Venues Properties Ltd Endell Gp. Hldgs. Ltd * De Vere Venice Ltd

* Yianis Hldgs. Ltd * Longmint Gp. Ltd ■ Rocco Forte & Family Ltd

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-7

Performance League Tables

Total Assets
League Table Position

Recently Filed Accounts
10/11 09/10

Total Assets £’000 08/09 07/08

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50


* Hilton Intl. Hotels (UK) Ltd Millennium & Copthorne Hotels PLC * Whitbread PLC Premier Inn Ltd * L.5.1.N Ltd L.R.G Hotels Ltd De Vere Venice Ltd Premier Inn Hotels Ltd De Vere Village Trading No 1 Ltd Quintain Estates & Development PLC

763,828 305,432 205,729 172,116 -

2,824,303 2,755,100 2,647,600 2,193,976 1,804,893 1,304,880 1,246,630 1,223,489 1,173,115 1,114,441 1,078,900 1,041,902 881,087 806,600 789,800 769,777 717,110 667,176 543,164 515,745 501,062 481,313 427,421 402,254 369,280 348,424 336,324 336,118 309,347 306,470 304,790 294,294 293,961 258,389 242,112 234,832 223,048 219,526 217,854 205,133 203,689 201,584 199,084 192,099 189,021 180,085 178,419 176,817 166,267 158,317

2,833,552 2,932,600 2,573,000 2,456,213 1,217,651 1,654,756 1,228,724 1,068,538 1,082,811 977,100 1,110,295 955,426 815,400 953,000 774,489 730,919 684,848 525,984 521,877 481,621 503,136 543,674 411,932 445,888 362,167 386,088 346,035 343,992 428,424 285,312 279,147 354,027 357,009 242,721 175,962 213,059 220,984 228,714 200,734 243,583 191,598 198,030 181,660 172,471 184,483 160,424 162,101 143,503

2,856,498 2,414,200 2,417,000 2,413,455 1,026,808 1,715,981 1,167,420 853,447 1,448,718 949,600 902,955 862,446 816,600 920,300 783,926 826,617 724,116 533,763 525,027 395,181 547,860 587,306 415,597 433,265 456,795 272,320 367,068 491,154 410,999 300,228 254,192 339,212 372,094 248,456 162,636 197,760 204,441 232,138 202,887 265,304 175,165 195,027 167,926 186,550 140,034 145,337 165,403 70,500

* * * *

* Travelodge Hotels Ltd Dorchester Gp. Ltd * Hilton Worldwide Ltd Endell Gp. Hldgs. Ltd * Q.M.H Ltd * Guoman Hotel Hldgs. Ltd * Edwardian Gp. Ltd * M W B Gp. Hldgs. PLC Malmaison & Hotel Du Vin Property Hldgs. Ltd Tonstate (Hotels) Ltd Globalgrange Ltd Puma Hotels PLC Qhotels Gp. Ltd Macdonald Hotels Ltd De Vere Venues Properties Ltd

* * * *

Land Securities (Hotels) Ltd * Pbn Hldgs. Ltd London May Fair Hotel Ltd * Somerston Hotels UK Ltd * Gleneagles Hotels Ltd * Paramount Hotels Ltd Claridge’s Hotel Ltd * Accor UK Bus. & Leisure Hotels Ltd * The Lancaster Landmark Hotel Co. Ltd * Corus Hotels Ltd Apex Hotels Ltd The Berkeley Hotel Ltd Hotel Inter-Continental London Ltd Jarvis Hotels Ltd. Mandarin Oriental Hyde Park Ltd Landmark Hotel London Ltd Menzies Hotels Hldgs. Ltd * Doyle Hotels (UK) Ltd Prestmade Ltd Firmdale Hotels PLC Accor UK Economy Hotels Ltd Hand Picked Hotels Ltd London L.R.G Hotel Ltd * Ritz Hotel (London) Ltd (The) De Vere Village Hotels & Leisure Ltd

See sections 6 & 7 for Analysis Notes and Definitions
4-8 Key Note Ltd

Performance League Tables

Total Assets
League Table Position

Recently Filed Accounts
10/11 09/10

Total Assets £’000 08/09 07/08

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

* L.R.G Hotels Gp. (UK) Ltd * Adda Hotels The Westbury Hotel Ltd * Bridgemere UK PLC * Kew Green Hotels Ltd Churchill Gp. Ltd * Marston Hotels Ltd Royal Garden Hotel Ltd * Imperial London Hotels Ltd (The) Splendid Property Co. Ltd * Britannia Hotels Ltd C.D.L Hotels (U.K.) Ltd The Cavendish Hotel (London) Ltd Morgans Hotel Gp. London Ltd Venice Antler 1 Ltd Centre Island Hotels Ltd H L T Stakis S P E Ltd * J.H. Leeke & Sons Ltd * Jurys Hotel Gp. (UK) Ltd * Menzies Hotels Operating Ltd


86,695 56,277 -

154,733 150,270 149,755 145,093 144,633 137,762 131,452 130,517 128,350 128,174 127,251 123,028 120,305 116,722 115,403 113,926 109,727 106,940 106,244 99,895 94,655 93,876 93,528 91,160 88,676 80,619 77,548 77,335 75,937 74,207 73,535 72,759 69,705 68,494 66,062 59,076 56,336 55,778 55,766 55,668 54,425 50,911 46,069 44,857 42,912 41,232 40,959 36,301 34,305 34,012 33,072 32,881

141,713 154,219 118,589 144,079 137,050 128,703 144,530 123,970 123,785 129,484 110,408 123,725 121,729 117,765 120,854 118,508 143,017 95,342 102,269 95,319 94,365 97,997 97,794 91,807 90,445 100,774 81,478 77,523 77,139 118,218 89,186 70,684 69,694 69,677 66,101 59,716 57,566 5,077 55,830 57,328 51,751 48,003 51,940 49,371 43,439 37,672 31,093 29,832 34,827 35,749 32,483 29,840

131,972 193,284 116,026 162,120 108,495 118,484 125,673 126,233 120,085 127,786 106,636 125,162 108,425 132,622 114,765 103,689 91,406 98,787 96,332 98,012 86,172 112,354 130,235 89,252 76,013 84,215 76,585 84,297 90,476 82,165 74,572 39,998 65,188 62,180 63,174 4,242 50,543 53,813 50,777 48,300 52,998 44,604 39,114 34,262 29,008 33,297 26,955 38,025 27,292

St. James Court Hotel Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd * Pl Hotel Ltd Firoka (Kings Cross) Ltd London Britannia Hotel Ltd Curzon Hotels (Operator) Ltd Gloucester Capital Ltd Kensington Close Hotel Ltd * Paragon Hotels Ltd ■ De Vere Wokefield Park Ltd * Festival Gp. Ltd * Lanesborough Mgmt. Ltd Champneys Henlow Ltd Arora Hotels Ltd London Tara Hotel Ltd Andrew Brownsword Hotels Ltd Lomondo Ltd Jake Feather Hotels Ltd * Doyle London Hotels Ltd Hastings Hotels Gp. Ltd * B.D.L Select Hotels Ltd St. James Hotel Ltd Pennyhill Park Ltd * Forestdale Hotels Ltd Blackfriars Hotels Ltd North Brit. Trust Hotels Ltd * Peel Hotels PLC Lake District Hotels Ltd F B M London Ltd G H Hotel Operating Co. Ltd * Hotel Property Investors U.K. Ltd Chesterfield (Mayfair) Ltd

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-9

Performance League Tables

Total Assets
League Table Position

Recently Filed Accounts
10/11 09/10

Total Assets £’000 08/09 07/08

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 -

* Blackpool Pleasure Beach (Hldgs.) Ltd Leisureplex Ltd * Shearings Hotels Ltd Crieff Hydro Ltd Strathmore Hotels Ltd The Park Lane Hotel Ltd H L T Stakis Operator Ltd Rezidor Hotel Manchester Ltd

28,611 14,728 19,202 11,918 3,201 -

31,007 29,008 28,014 27,914 27,864 27,082 26,473 26,160 25,107 25,007 24,272 23,590 23,132 22,686 21,923 21,546 21,188 19,034 18,305 17,943 17,791 17,054 16,613 15,076 14,334 14,127 13,432 12,853 11,966 9,112 8,350 6,694 5,935 5,663 5,047 3,317 3,284 2,132 -

32,158 18,502 117,376 26,039 27,289 29,522 23,435 26,566 18,254 24,114 24,827 22,718 23,075 15,882 22,075 21,717 16,339 19,413 15,241 17,275 18,404 18,149 21,341 23,320 14,763 14,556 14,965 11,147 12,038 8,833 7,621 3,352 6,099 4,694 3,458 4,131 2,774 6,316 921,582 346,254 43,687

38,284 18,220 127,911 25,440 27,294 35,964 25,410 16,500 27,649 27,081 23,497 26,595 10,770 20,367 22,053 14,567 20,730 15,791 15,798 10,854 16,566 18,021 24,948 16,174 16,877 12,268 15,516 12,182 8,412 9,681 2,755 6,307 1,639 2,031 3,858 4,945 20,925 986,070 262,307 41,822



Brook Hotels Ltd Maple Hotels 1 Ltd Hhr Piccadilly Ltd * M F Wells (Hotels) Ltd * The Barton Grange Gp. Ltd Park Hotels Mgmt. Ltd Webb Hotels & Travel Ltd * Ramside Estates Ltd St Giles Hotel Ltd Ramside Hldgs. Ltd * Deckers Restaurants Ltd Manor House Hotel (Okehampton) Ltd Park Hotel Heathrow Ltd Park Tower Hotel Ltd (The) * Marriott Hotels Ltd Comojo (U.K.) Ltd The Cumberland Guoman Ltd Oxford Hotels & Inns Mgmt. Ltd * Guoman Hotel Mgmt. (UK) Ltd * Percy R.Brend & Sons (Hoteliers) Ltd Choice Hotels Ltd * J.Townend & Sons (Hull) Ltd Lomar Hotel Co. Ltd Victoria Park Plaza Operator Ltd Rezidor Hotel Stansted Airport Ltd Templeton Hldgs. Ltd South Bank Hotel Mgmt. Co. Ltd Thistle Barbican Tenant Ltd Riverbank Hotel Operator Ltd Festival Inns Ltd * Yianis Hldgs. Ltd ■ Rocco Forte & Family Ltd * Longmint Gp. Ltd

See sections 6 & 7 for Analysis Notes and Definitions
4-10 Key Note Ltd

Performance League Tables

Number of Employees
League Table Position

Recently Filed Accounts
10/11 09/10

Number of Employees

08/09

07/08

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 * Whitbread PLC * L.5.1.N Ltd Millennium & Copthorne Hotels PLC * De Vere Venice Ltd * Marriott Hotels Ltd * Macdonald Hotels Ltd * De Vere Village Trading No 1 Ltd * Q.M.H Ltd Endell Gp. Hldgs. Ltd L.R.G Hotels Ltd Jarvis Hotels Ltd. * Travelodge Hotels Ltd * Qhotels Gp. Ltd * M W B Gp. Hldgs. PLC Dorchester Gp. Ltd * Accor UK Bus. & Leisure Hotels Ltd * Shearings Hotels Ltd Maple Hotels 1 Ltd * Edwardian Gp. Ltd Oxford Hotels & Inns Mgmt. Ltd * Guoman Hotel Hldgs. Ltd Tonstate (Hotels) Ltd * Britannia Hotels Ltd Menzies Hotels Hldgs. Ltd * Menzies Hotels Operating Ltd * Marston Hotels Ltd * Percy R.Brend & Sons (Hoteliers) Ltd Hand Picked Hotels Ltd * Imperial London Hotels Ltd (The) Hastings Hotels Gp. Ltd Accor UK Economy Hotels Ltd Globalgrange Ltd Curzon Hotels (Operator) Ltd Champneys Henlow Ltd * Kew Green Hotels Ltd * Forestdale Hotels Ltd Centre Island Hotels Ltd * J.H. Leeke & Sons Ltd G H Hotel Operating Co. Ltd * Somerston Hotels UK Ltd De Vere Village Hotels & Leisure Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd Firmdale Hotels PLC * Festival Gp. Ltd * Gleneagles Hotels Ltd Chesterfield (Mayfair) Ltd Apex Hotels Ltd * Corus Hotels Ltd Arora Hotels Ltd Venice Antler 1 Ltd 1,792 1,328 1,082 757 25,794 16,073 11,131 9,227 8,801 4,010 3,488 3,320 3,230 3,206 3,198 3,179 3,108 2,679 2,257 2,179 1,786 1,784 1,743 1,495 1,310 1,278 1,269 1,265 1,265 1,259 1,151 1,106 1,092 1,085 1,059 1,043 1,027 939 864 857 841 781 754 742 734 724 699 682 682 662 659 637 632 628 26,377 12,778 10,820 8,465 4,149 4,119 3,780 2,989 3,445 3,446 2,937 3,047 2,735 2,370 4,124 1,772 1,826 1,811 1,952 1,920 1,546 1,187 1,534 1,534 1,161 1,046 1,011 1,103 933 1,040 845 1,268 965 906 949 700 849 805 757 627 947 743 817 676 662 562 703 613 721 27,141 12,957 9,684 9,304 4,652 6,069 3,971 2,870 3,058 3,653 2,819 2,907 2,461 2,403 4,290 1,581 1,839 1,783 1,820 2,021 1,579 1,106 1,540 1,540 881 1,027 794 1,141 987 990 799 1,553 945 720 1,012 706 815 773 797 235 971 730 805 605 664 551 796 396 684

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-11

Performance League Tables

Number of Employees
League Table Position

Recently Filed Accounts
10/11 09/10

Number of Employees

08/09

07/08

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

* L.R.G Hotels Gp. (UK) Ltd * Bridgemere UK PLC Ramside Hldgs. Ltd * The Barton Grange Gp. Ltd North Brit. Trust Hotels Ltd * Hotel Property Investors U.K. Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd Choice Hotels Ltd Park Hotels Mgmt. Ltd * Ramside Estates Ltd Claridge’s Hotel Ltd * B.D.L Select Hotels Ltd * Peel Hotels PLC Strathmore Hotels Ltd Brook Hotels Ltd
■ Landmark Hotel London Ltd * The Lancaster Landmark Hotel Co. Ltd Crieff Hydro Ltd Andrew Brownsword Hotels Ltd * Deckers Restaurants Ltd

428 447 445 -

594 561 556 533 521 507 486 477 471 454 453 440 440 430 421 413 407 394 386 380 370 367 363 353 349 338 333 326 321 319 314 312 310 309 284 276 265 260 248 242 235 228 222 221 218 213 211 209 209 205 196 190

684 524 533 550 615 581 511 484 507 429 471 475 389 432 533 874 406 394 482 394 434 397 534 339 311 331 325 320 317 338 328 317 291 302 274 257 217 241 255 225 242 243 225 208 233 260 207 210 209 206

620 534 555 421 621 842 503 500 577 441 464 425 411 521 977 391 388 430 408 461 398 576 329 335 331 330 316 290 385 319 270 268 296 274 270 7 233 235 246 239 232 256 194 224 272 200 246 216 200

London May Fair Hotel Ltd C.D.L Hotels (U.K.) Ltd Mandarin Oriental Hyde Park Ltd Festival Inns Ltd The Berkeley Hotel Ltd * Ritz Hotel (London) Ltd (The) Leisureplex Ltd Royal Garden Hotel Ltd Manor House Hotel (Okehampton) Ltd Hotel Inter-Continental London Ltd * Paragon Hotels Ltd Webb Hotels & Travel Ltd Lake District Hotels Ltd ■ Jake Feather Hotels Ltd Churchill Gp. Ltd London Tara Hotel Ltd The Park Lane Hotel Ltd * Lanesborough Mgmt. Ltd Templeton Hldgs. Ltd * M F Wells (Hotels) Ltd St. James Court Hotel Ltd Hhr Piccadilly Ltd * Quintain Estates & Development PLC Lomondo Ltd Pennyhill Park Ltd Kensington Close Hotel Ltd Park Tower Hotel Ltd (The) London Britannia Hotel Ltd Prestmade Ltd * Doyle Hotels (UK) Ltd Morgans Hotel Gp. London Ltd London L.R.G Hotel Ltd

See sections 6 & 7 for Analysis Notes and Definitions
4-12 Key Note Ltd

Performance League Tables

Number of Employees
League Table Position

Recently Filed Accounts
10/11 09/10

Number of Employees

08/09

07/08

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 -

Comojo (U.K.) Ltd The Westbury Hotel Ltd * J.Townend & Sons (Hull) Ltd Riverbank Hotel Operator Ltd Firoka (Kings Cross) Ltd St Giles Hotel Ltd * Guoman Hotel Mgmt. (UK) Ltd St. James Hotel Ltd The Cumberland Guoman Ltd Rezidor Hotel Manchester Ltd Rezidor Hotel Stansted Airport Ltd Blackfriars Hotels Ltd Gloucester Capital Ltd * Pbn Hldgs. Ltd Park Hotel Heathrow Ltd Victoria Park Plaza Operator Ltd The Cavendish Hotel (London) Ltd Lomar Hotel Co. Ltd * Doyle London Hotels Ltd Thistle Barbican Tenant Ltd F B M London Ltd * Pl Hotel Ltd Malmaison & Hotel Du Vin Property Hldgs. Ltd * Puma Hotels PLC ■ Rocco Forte & Family Ltd * Yianis Hldgs. Ltd * Longmint Gp. Ltd * Jurys Hotel Gp. (UK) Ltd * * * *
■ ■ ■

184 164 164 93 -

187 186 180 178 171 168 167 165 158 154 150 146 136 135 129 119 104 103 102 73 53 15 3 2 -

220 181 176 179 191 165 296 192 201 175 167 163 163 95 160 130 127 124 95 80 53 3 2 1,273 296 159 138 -

225 162 179 183 103 163 195 219 189 201 152 155 93 208 123 133 141 93 108 50 3 2,433 1,378 362 166 189 3,433 1,002 -

Premier Inn Hotels Ltd Paramount Hotels Ltd Adda Hotels De Vere Venues Properties Ltd De Vere Wokefield Park Ltd

H L T Stakis Operator Ltd H L T Stakis S P E Ltd * Hilton Intl. Hotels (UK) Ltd * Hilton Worldwide Ltd ■ Land Securities (Hotels) Ltd
■ ■ ■

Premier Inn Ltd South Bank Hotel Mgmt. Co. Ltd Splendid Property Co. Ltd

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-13

Performance League Tables

Return on Capital
League Table Position

Recently Filed Accounts
10/11 09/10

Return on Capital % 08/09 07/08

Pre-tax Profit £’000 09/10

Capital Employed £’000 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Park Tower Hotel Ltd (The) South Bank Hotel Mgmt. Co. Ltd * Hilton Intl. Hotels (UK) Ltd Premier Inn Ltd C.D.L Hotels (U.K.) Ltd Templeton Hldgs. Ltd Churchill Gp. Ltd ■ Land Securities (Hotels) Ltd * Accor UK Bus. & Leisure Hotels Ltd The Park Lane Hotel Ltd * Imperial London Hotels Ltd (The) London Tara Hotel Ltd St Giles Hotel Ltd London L.R.G Hotel Ltd * M F Wells (Hotels) Ltd Manor House Hotel (Okehampton) Ltd F B M London Ltd Accor UK Economy Hotels Ltd Lomondo Ltd Morgans Hotel Gp. London Ltd Lake District Hotels Ltd * Whitbread PLC * Macdonald Hotels Ltd Hastings Hotels Gp. Ltd London Britannia Hotel Ltd Leisureplex Ltd * The Barton Grange Gp. Ltd * Travelodge Hotels Ltd Hotel Inter-Continental London Ltd The Berkeley Hotel Ltd Ramside Hldgs. Ltd Strathmore Hotels Ltd * Shearings Hotels Ltd * Ramside Estates Ltd Claridge’s Hotel Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd * Doyle London Hotels Ltd * Lanesborough Mgmt. Ltd Webb Hotels & Travel Ltd Lomar Hotel Co. Ltd Pennyhill Park Ltd Oxford Hotels & Inns Mgmt. Ltd ■ H L T Stakis S P E Ltd * J.H. Leeke & Sons Ltd


-1.3 3.9 -

296.9 52.7 41.2 39.9 35.6 32.7 23.1 20.9 20.4 19.9 16.7 16.1 15.2 14.6 13.0 12.9 12.5 12.1 11.1 10.3 9.7 8.9 8.7 8.5 8.4 8.2 7.7 7.3 7.3 7.1 7.0 6.3 6.2 6.1 6.0 5.9 5.9 5.6 5.5 5.1 4.8 4.4 4.2 3.8 3.8 3.7 3.7 3.5 3.3 3.3

382.4 85.7 -484.8 127.4 13.7 57.6 32.4 ^ 16.9 22.8 14.5 17.2 18.8 13.9 13.0 8.5 11.3 19.7 5.2 2.7 5.3 8.7 -2.5 10.7 7.4 8.5 -2.5 1.0 6.6 6.5 5.7 4.1 -4.7 7.4 7.6 -25.0 7.4 -1.6 7.0 2.9 40.4 2.4 5.9 7.5 1.8 6.4 1.8 3.8

142.2 133.3 -22.5 288.7 14.0 30.8 22.6 1.1 88.8 21.6 11.9 16.3 16.4 8.2 1.2 8.7 9.4 74.3 5.8 3.5 7.6 7.7 27.9 10.2 8.4 11.4 4.7 2.0 -0.7 7.8 8.4 4.7 5.6 10.5 7.7 18.9 7.3 6.7 20.7 3.3 19.9 1.3 6.5 4.7 4.7 3.9 7.3

9,676 48 64,293 102,509 13,710 927 9,358 4,600 43,458 4,476 19,220 10,267 2,181 6,727 2,605 1,698 3,943 14,138 5,177 1,448 3,071 204,075 5,130 2,791 6,614 2,235 1,493 66,500 9,972 15,434 1,040 1,652 1,200 1,088 16,931 975 4,923 2,675 3,827 960 295 1,759 95 3,030 3,460 1,515 1,794 7,123 6,486 81,900

3,259 91 156,028 256,797 38,537 2,839 40,454 21,962 213,202 22,510 115,022 63,867 14,368 46,149 19,963 13,131 31,533 117,170 46,665 14,056 31,751 2,289,600 59,004 32,676 78,600 27,168 19,372 905,200 136,046 217,073 14,818 26,082 19,375 17,777 282,385 16,422 83,790 47,437 69,140 18,819 6,137 40,086 2,253 79,545 91,912 41,239 48,955 201,234 197,761 2,498,200



Blackfriars Hotels Ltd Jake Feather Hotels Ltd Apex Hotels Ltd Landmark Hotel London Ltd Millennium & Copthorne Hotels PLC

See sections 6 & 7 for Analysis Notes and Definitions
4-14 Key Note Ltd

Performance League Tables

Return on Capital
League Table Position

Recently Filed Accounts
10/11 09/10

Return on Capital % 08/09 07/08

Pre-tax Profit £’000 09/10

Capital Employed £’000 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

* Ritz Hotel (London) Ltd (The) Firoka (Kings Cross) Ltd * Jurys Hotel Gp. (UK) Ltd * J.Townend & Sons (Hull) Ltd Dorchester Gp. Ltd L.R.G Hotels Ltd Mandarin Oriental Hyde Park Ltd Brook Hotels Ltd North Brit. Trust Hotels Ltd * Paramount Hotels Ltd St. James Court Hotel Ltd * Deckers Restaurants Ltd St. James Hotel Ltd * Percy R.Brend & Sons (Hoteliers) Ltd * Edwardian Gp. Ltd Choice Hotels Ltd Firmdale Hotels PLC Crieff Hydro Ltd * The Lancaster Landmark Hotel Co. Ltd The Westbury Hotel Ltd Globalgrange Ltd * Gleneagles Hotels Ltd Champneys Henlow Ltd Rezidor Hotel Manchester Ltd The Cavendish Hotel (London) Ltd London May Fair Hotel Ltd Centre Island Hotels Ltd * Peel Hotels PLC * Premier Inn Hotels Ltd Royal Garden Hotel Ltd * Quintain Estates & Development PLC Andrew Brownsword Hotels Ltd Tonstate (Hotels) Ltd * Guoman Hotel Hldgs. Ltd * Puma Hotels PLC Prestmade Ltd Splendid Property Co. Ltd * Q.M.H Ltd ■ Malmaison & Hotel Du Vin Property Hldgs. Ltd * Corus Hotels Ltd * * * * M W B Gp. Hldgs. PLC Pbn Hldgs. Ltd De Vere Village Trading No 1 Ltd Hilton Worldwide Ltd Hhr Piccadilly Ltd

3.6 0.9 -0.3 0.4 -4.7 0.1 -

3.2 3.0 3.0 2.7 2.6 2.5 2.4 2.2 2.1 1.9 1.8 1.8 1.8 1.7 1.6 1.4 1.3 1.1 1.0 0.9 0.9 0.9 0.8 0.7 0.6 0.6 -0.1 -0.2 -0.7 -0.7 -0.9 -1.3 -1.3 -1.3 -1.3 -1.6 -1.6 -2.0 -2.1 -2.5 -2.7 -3.1 -3.2 -3.5 -3.8 -3.9 -4.0 -4.3 -5.0 -5.6 -5.8 -6.2

-1.8 5.3 2.9 5.8 4.0 3.5 2.4 3.3 5.3 1.2 1.6 3.1 4.0 678.3 0.5 1.8 1.8 2.5 3.4 -1.2 1.0 3.8 -3.9 7.5 -1.2 0.5 -0.5 2.5 -4.9 3.8 -12.5 -3.6 -0.8 7.9 -6.2 4.1 1.5 -0.4 ^ -6.1 -3.7 -1.2 -1.1 -4.8 -3.9 24.9 5.2 0.6 -1.8 1.1 -7.5 -7.9

-2.8 5.1 8.2 5.0 5.5 5.4 4.4 1.6 2.4 -3.1 1.5 3.1 4.1 1.5 1.8 2.5 2.9 7.8 2.0 -0.8 1.9 5.3 4.0 8.8 -1.3 0.3 1.7 32.5 60.3 1.6 -3.9 -3.0 -0.3 0.1 -4.8 3.3 3.9 -0.4 0.8 3.7 -2.3 -0.1 48.1 -0.4 6.0 12.5 8.6 1.4 -1.1 -3.0 ^

5,226 2,523 3,076 155 24,553 23,168 4,782 400 740 2,046 1,531 249 863 112 10,994 120 2,303 251 2,043 1,253 3,951 2,487 446 169 726 1,824 -68 -74 -3,567 -454 -10,149 -721 -6,423 -9,434 -6,237 -2,946 -2,031 -13,000 -5,015 -4,523 -15,422 -9,925 -35,558 -23,927 -669 -779 -527 -3,081 -8,235 -2,910 -7,009 -3,204

160,919 83,934 103,214 5,659 939,213 929,733 198,583 18,364 34,515 108,406 85,302 13,874 49,215 6,576 690,352 8,788 179,056 22,899 213,078 139,565 443,580 292,212 58,530 24,490 118,710 330,721 96,742 35,755 511,051 61,231 1,074,632 56,476 498,039 724,209 467,321 181,480 124,478 645,800 236,110 180,022 562,845 324,818 1,105,602 683,187 17,591 19,807 13,321 70,883 163,159 52,132 121,400 51,698

* L.R.G Hotels Gp. (UK) Ltd Comojo (U.K.) Ltd Kensington Close Hotel Ltd Hand Picked Hotels Ltd * B.D.L Select Hotels Ltd * Bridgemere UK PLC ■ Gloucester Capital Ltd

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-15

Performance League Tables

Return on Capital
League Table Position

Recently Filed Accounts
10/11 09/10

Return on Capital % 08/09 07/08

Pre-tax Profit £’000 09/10

Capital Employed £’000 09/10

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 -

G H Hotel Operating Co. Ltd * Britannia Hotels Ltd Chesterfield (Mayfair) Ltd Rezidor Hotel Stansted Airport Ltd Jarvis Hotels Ltd. * Forestdale Hotels Ltd * Marriott Hotels Ltd * Pl Hotel Ltd * Somerston Hotels UK Ltd * Doyle Hotels (UK) Ltd Endell Gp. Hldgs. Ltd * Qhotels Gp. Ltd Venice Antler 1 Ltd * * * * De Vere Venues Properties Ltd Hotel Property Investors U.K. Ltd De Vere Venice Ltd Marston Hotels Ltd Curzon Hotels (Operator) Ltd

-30.1 ^ ^ -

-6.6 -7.1 -7.3 -7.6 -9.0 -10.7 -11.1 -11.6 -13.1 -14.1 -14.5 -17.1 -18.4 -20.9 -24.4 -41.7 -42.3 -60.7 -68.1 -74.6 -101.0 -129.8 -270.6 -346.7 ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ 1.5

26.2 1.3 -13.0 18.8 -2.2 -1.4 11.7 -19.6 -0.6 -26.2 -10.9 -14.8 -3.4 -5.6 11.5 -9.7 -5.6 -32.9 4.1 -8.3 -462.2 -61.2 -73.3 -7.3 7.9 0.4 -1.9 -2.0 ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ 3.2

34.8 -5.3 -13.5 53.5 2.3 7.7 13.5 -0.6 -2.3 -3.0 -8.7 -2.7 -2.5 -1.9 6.3 -11.1 4.4 -8.7 -2.1 -0.8 -8.3 3.7 ^ -74.7 0.5 -5.0 2.5 -20.1 -24.5 -28.7 ^ ^ ^ ^ ^ ^ ^ ^ 5.1

-286 -6,440 -2,177 -319 -15,635 -4,452 -569 -8,002 -39,709 -5,443 -101,700 -68,722 -3,877 -75,888 -5,341 -486,166 -11,028 -24,511 -42,584 -11,380 -1,319 -6,600 -6,643 -7,623 -6,025 -38,870 2,173 -4,582 -44,172 -2,731 39,212 -15,431 -20,077 -8,117 271 -4,458 -1,995 -460

4,337 90,408 29,927 4,170 173,735 41,420 5,121 68,807 302,713 38,653 701,800 400,788 21,108 362,992 21,914 1,165,603 26,085 40,363 62,561 15,251 1,306 5,085 2,455 2,199 -1,907 -62,702 -9,285 -4,736 -56,435 -9,367 -516,443 -26,501 -38,656 -15,164 -7,051 -15,653 -7,892 -1,844

* Adda Hotels * Festival Gp. Ltd * Paragon Hotels Ltd ■ H L T Stakis Operator Ltd Arora Hotels Ltd * * * *
■ ■ ■ ■ ■ ■

Guoman Hotel Mgmt. (UK) Ltd Kew Green Hotels Ltd Yianis Hldgs. Ltd Longmint Gp. Ltd Rocco Forte & Family Ltd Menzies Hotels Hldgs. Ltd De Vere Village Hotels & Leisure Ltd Park Hotel Heathrow Ltd De Vere Wokefield Park Ltd Festival Inns Ltd

* L.5.1.N Ltd ■ Maple Hotels 1 Ltd * Menzies Hotels Operating Ltd ■ Park Hotels Mgmt. Ltd ■ Riverbank Hotel Operator Ltd
■ ■ ■

The Cumberland Guoman Ltd Thistle Barbican Tenant Ltd Victoria Park Plaza Operator Ltd

Average of companies with 3 years data Total of companies selected

156,074

10,525,851

Average of companies with 3 years data Total of companies selected

1.5

3.2

5.1 156,074 10,525,851

See sections 6 & 7 for Analysis Notes and Definitions
4-16 Key Note Ltd

Performance League Tables

Return on Total Assets
League Table Position

Recently Filed Accounts
10/11

Return on Total Assets % 09/10 08/09 07/08

Pre-tax Profit £’000 09/10

Total Assets £’000 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Park Tower Hotel Ltd (The) The Park Lane Hotel Ltd Templeton Hldgs. Ltd London Tara Hotel Ltd * Imperial London Hotels Ltd (The) * Accor UK Bus. & Leisure Hotels Ltd F B M London Ltd C.D.L Hotels (U.K.) Ltd * M F Wells (Hotels) Ltd St Giles Hotel Ltd Manor House Hotel (Okehampton) Ltd Lomondo Ltd Lake District Hotels Ltd Riverbank Hotel Operator Ltd Accor UK Economy Hotels Ltd * Whitbread PLC Leisureplex Ltd London Britannia Hotel Ltd The Berkeley Hotel Ltd Churchill Gp. Ltd * The Barton Grange Gp. Ltd * Travelodge Hotels Ltd Strathmore Hotels Ltd Claridge’s Hotel Ltd Ramside Hldgs. Ltd * Lanesborough Mgmt. Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd * Ramside Estates Ltd Hastings Hotels Gp. Ltd * Doyle London Hotels Ltd Premier Inn Ltd Hotel Inter-Continental London Ltd Webb Hotels & Travel Ltd * Shearings Hotels Ltd Pennyhill Park Ltd London L.R.G Hotel Ltd Lomar Hotel Co. Ltd Blackfriars Hotels Ltd * J.H. Leeke & Sons Ltd ■ Jake Feather Hotels Ltd
■ Landmark Hotel London Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd * Ritz Hotel (London) Ltd (The) Apex Hotels Ltd Millennium & Copthorne Hotels PLC

-0.9 3.8 3.4 -

56.7 16.5 16.4 15.5 15.0 14.8 11.5 11.1 11.0 10.3 9.5 9.2 8.5 8.3 7.9 7.7 7.7 7.5 6.9 6.8 6.5 6.2 5.9 5.8 5.5 5.3 5.2 5.0 5.0 4.8 4.7 4.5 4.4 4.3 3.8 3.8 3.5 3.5 3.2 3.2 3.2 3.1 3.1 3.0 3.0 2.9 2.8 2.8 2.4 2.3

59.5 19.0 22.2 16.5 12.1 10.6 10.4 10.9 10.7 14.6 6.4 4.4 4.6 -17.0 12.3 7.7 7.2 7.1 6.3 8.4 -1.8 0.9 3.7 7.2 4.3 2.2 6.6 6.1 6.1 -1.3 7.1 3.8 2.5 -4.2 1.9 3.6 14.5 6.0 1.4 -11.7 -1.7 1.5 3.5 2.8 4.8 4.0 3.7 2.3

56.5 15.4 15.5 15.7 10.0 50.3 8.7 11.1 1.0 12.5 6.4 4.9 6.6 8.6 36.9 5.6 9.2 8.1 7.6 5.5 2.7 1.7 4.1 7.4 6.4 7.0 6.1 8.5 6.2 5.9 5.1 -0.4 2.8 5.1 1.1 2.1 14.2 4.5 3.9 10.5 -2.7 3.2 6.5 8.0 4.9 5.1 4.2

9,676 4,476 927 10,267 19,220 43,458 3,943 13,710 2,605 2,181 1,698 5,177 3,071 271 14,138 204,075 2,235 6,614 15,434 9,358 1,493 66,500 1,652 16,931 1,040 3,827 4,923 1,088 2,791 2,675 102,509 9,972 960 1,200 1,759 6,727 295 1,515 3,460 1,794 6,486 975 5,226 7,123 81,900 3,076 2,523 3,030 24,553 4,782

17,054 27,082 5,663 66,062 128,350 293,961 34,305 123,028 23,590 21,188 17,943 56,336 36,301 3,284 180,085 2,647,600 29,008 88,676 223,048 137,762 23,132 1,078,900 27,864 294,294 19,034 72,759 93,876 21,546 55,668 55,766 2,193,976 219,526 21,923 28,014 46,069 176,817 8,350 42,912 106,940 55,778 203,689 31,007 166,267 234,832 2,755,100 106,244 91,160 109,727 1,041,902 205,133

* Jurys Hotel Gp. (UK) Ltd Firoka (Kings Cross) Ltd ■ H L T Stakis S P E Ltd Dorchester Gp. Ltd Mandarin Oriental Hyde Park Ltd

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-17

Performance League Tables

Return on Total Assets
League Table Position

Recently Filed Accounts
10/11

Return on Total Assets % 09/10 08/09 07/08

Pre-tax Profit £’000 09/10

Total Assets £’000 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

* Hilton Intl. Hotels (UK) Ltd * L.5.1.N Ltd North Brit. Trust Hotels Ltd L.R.G Hotels Ltd * J.Townend & Sons (Hull) Ltd St. James Hotel Ltd St. James Court Hotel Ltd Brook Hotels Ltd * Edwardian Gp. Ltd De Vere Village Hotels & Leisure Ltd * Deckers Restaurants Ltd Land Securities (Hotels) Ltd * Macdonald Hotels Ltd Morgans Hotel Gp. London Ltd Firmdale Hotels PLC Choice Hotels Ltd South Bank Hotel Mgmt. Co. Ltd Crieff Hydro Ltd * Percy R.Brend & Sons (Hoteliers) Ltd The Westbury Hotel Ltd * Gleneagles Hotels Ltd * The Lancaster Landmark Hotel Co. Ltd Globalgrange Ltd Oxford Hotels & Inns Mgmt. Ltd * Paramount Hotels Ltd Rezidor Hotel Manchester Ltd Champneys Henlow Ltd The Cavendish Hotel (London) Ltd London May Fair Hotel Ltd Centre Island Hotels Ltd * Peel Hotels PLC * Premier Inn Hotels Ltd Royal Garden Hotel Ltd * L.R.G Hotels Gp. (UK) Ltd G H Hotel Operating Co. Ltd * Quintain Estates & Development PLC Malmaison & Hotel Du Vin Property Hldgs. Ltd Andrew Brownsword Hotels Ltd * Guoman Hotel Hldgs. Ltd Tonstate (Hotels) Ltd * Puma Hotels PLC Prestmade Ltd Splendid Property Co. Ltd * Q.M.H Ltd * Paragon Hotels Ltd * * * * Corus Hotels Ltd M W B Gp. Hldgs. PLC Hilton Worldwide Ltd Doyle Hotels (UK) Ltd Hhr Piccadilly Ltd

0.7 -0.2 0.2 -

2.3 2.2 1.8 1.8 1.7 1.7 1.6 1.6 1.5 1.4 1.4 1.3 1.3 1.2 1.2 1.0 1.0 0.9 0.9 0.8 0.8 0.8 0.8 0.7 0.7 0.6 0.6 0.6 0.5 -0.1 -0.2 -0.3 -0.3 -0.5 -0.8 -0.9 -0.9 -1.2 -1.2 -1.2 -1.3 -1.5 -1.6 -1.6 -1.7 -1.9 -2.3 -2.7 -2.7 -2.8 -3.0 -3.0

-15.7 4.5 2.7 3.7 3.9 1.4 2.3 0.4 -1.0 2.2 1.5 -2.3 2.6 1.7 1.3 1.4 2.1 393.4 -1.1 2.6 3.1 0.9 0.7 0.5 6.9 -1.3 -1.2 0.5 -0.4 2.1 -2.3 1.9 3.7 3.4 -11.9 -7.0 -3.3 7.6 -0.8 -1.7 3.9 1.4 -0.3 -13.1 -4.5 -1.4 -3.5 -6.0 -3.0 -1.2 -1.0

-4.2 1.9 4.6 3.2 3.7 1.3 1.2 1.8 -23.6 1.9 0.2 23.8 3.4 2.7 1.8 0.4 5.3 1.1 -0.8 3.6 2.0 1.8 0.7 -1.4 8.0 1.3 -1.3 0.3 1.4 28.0 35.1 1.5 1.6 4.0 -3.8 0.5 -2.9 0.1 -0.3 -4.6 3.1 3.7 -0.3 -7.5 2.8 -1.9 -0.4 -1.0 4.8 -0.1 44.9

64,293 39,212 740 23,168 155 863 1,531 400 10,994 2,173 249 4,600 5,130 1,448 2,303 120 48 251 112 1,253 2,487 2,043 3,951 95 2,046 169 446 726 1,824 -68 -74 -3,567 -454 -779 -286 -10,149 -5,015 -721 -9,434 -6,423 -6,237 -2,946 -2,031 -13,000 -1,319 -4,523 -15,422 -23,927 -5,443 -669 -9,925 -35,558

2,824,303 1,804,893 41,232 1,304,880 9,112 50,911 94,655 25,107 717,110 158,317 18,305 348,424 402,254 116,722 189,021 11,966 5,047 27,914 12,853 149,755 306,470 258,389 501,062 14,127 304,790 26,160 69,705 120,305 336,118 113,926 40,959 1,223,489 130,517 154,733 34,012 1,114,441 543,164 59,076 769,777 515,745 481,313 192,099 128,174 789,800 75,937 242,112 667,176 881,087 199,084 24,272 336,324 1,173,115

* Pbn Hldgs. Ltd * De Vere Village Trading No 1 Ltd

See sections 6 & 7 for Analysis Notes and Definitions
4-18 Key Note Ltd

Performance League Tables

Return on Total Assets
League Table Position

Recently Filed Accounts
10/11

Return on Total Assets % 09/10 08/09 07/08

Pre-tax Profit £’000 09/10

Total Assets £’000 09/10

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 -

Venice Antler 1 Ltd * Marriott Hotels Ltd Comojo (U.K.) Ltd Kensington Close Hotel Ltd Gloucester Capital Ltd * Kew Green Hotels Ltd Hand Picked Hotels Ltd * Bridgemere UK PLC * Britannia Hotels Ltd * B.D.L Select Hotels Ltd Rezidor Hotel Stansted Airport Ltd Chesterfield (Mayfair) Ltd Victoria Park Plaza Operator Ltd Jarvis Hotels Ltd. * Marston Hotels Ltd * Pl Hotel Ltd Arora Hotels Ltd * Forestdale Hotels Ltd Endell Gp. Hldgs. Ltd Somerston Hotels UK Ltd Festival Gp. Ltd Qhotels Gp. Ltd Hotel Property Investors U.K. Ltd

-4.2 0.1 -41.2 -2.7 -68.0 -

-3.4 -3.4 -3.5 -4.0 -4.1 -4.2 -4.6 -4.8 -5.1 -5.3 -5.4 -6.6 -6.9 -7.2 -8.4 -8.6 -9.7 -9.9 -12.6 -12.8 -15.5 -16.1 -16.1 -19.3 -20.1 -20.6 -24.9 -25.8 -28.3 -30.4 -31.1 -35.8 -39.0 -56.8 -59.5 -60.1 -61.7 -128.1 1.0

-2.9 3.1 1.7 0.6 -5.3 0.2 -1.7 -6.9 0.8 1.1 13.9 -11.6 43.3 -1.8 -1.8 -15.4 -9.6 -1.3 -9.6 -0.6 -6.8 -13.9 9.7 -13.2 -13.6 -5.5 -27.5 -9.7 2.8 -21.4 12.9 -33.5 -9.1 -5.2 -9.8 -32.1 -32.2 -57.3 0.3 -1.5 -1.6 2.1

-2.3 3.7 7.3 1.3 -4.5 -2.5 -1.0 -2.7 -3.4 32.9 -11.9 53.7 1.9 1.6 -0.6 2.1 6.6 -7.7 -2.2 -0.6 -2.5 4.1 -2.9 -5.7 -1.9 -2.9 -1.1 -5.5 -6.2 -36.3 -10.1 -23.8 -38.7 -9.3 -7.2 0.5 -4.0 2.2 3.4

-3,877 -569 -527 -3,081 -3,204 -6,025 -8,235 -7,009 -6,440 -2,910 -319 -2,177 -460 -15,635 -11,028 -8,002 -6,643 -4,452 -101,700 -39,709 -11,380 -68,722 -5,341 -38,870 -20,077 -75,888 -6,600 -4,582 -42,584 -24,511 -4,458 -8,117 -486,166 -7,623 -44,172 -1,995 -15,431 -2,731 -

115,403 16,613 15,076 77,335 77,548 144,633 178,419 145,093 127,251 54,425 5,935 32,881 6,694 217,854 131,452 93,528 68,494 44,857 806,600 309,347 73,535 427,421 33,072 201,584 99,895 369,280 26,473 17,791 150,270 80,619 14,334 22,686 1,246,630 13,432 74,207 3,317 25,007 2,132 -

* * * *

Menzies Hotels Hldgs. Ltd * Menzies Hotels Operating Ltd * De Vere Venues Properties Ltd ■ H L T Stakis Operator Ltd Park Hotel Heathrow Ltd * Adda Hotels Curzon Hotels (Operator) Ltd The Cumberland Guoman Ltd Park Hotels Mgmt. Ltd * De Vere Venice Ltd * Guoman Hotel Mgmt. (UK) Ltd ■ De Vere Wokefield Park Ltd Thistle Barbican Tenant Ltd Maple Hotels 1 Ltd Festival Inns Ltd * Yianis Hldgs. Ltd * Longmint Gp. Ltd ■ Rocco Forte & Family Ltd

Average of companies with 3 years data Total of companies selected

156,074

15,897,383

Average of companies with 3 years data Total of companies selected

1.0

2.1

3.4 156,074 15,897,383

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-19

Performance League Tables

Pre-tax Profit Margin
League Table Position

Recently Filed Accounts
10/11

Pre-tax Profit Margin % 09/10 08/09 07/08

Pre-tax Profit £’000 09/10

Sales £’000 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 * Hilton Intl. Hotels (UK) Ltd London Tara Hotel Ltd The Berkeley Hotel Ltd C.D.L Hotels (U.K.) Ltd Park Tower Hotel Ltd (The) London Britannia Hotel Ltd Claridge’s Hotel Ltd * Imperial London Hotels Ltd (The) Churchill Gp. Ltd F B M London Ltd * Jurys Hotel Gp. (UK) Ltd London L.R.G Hotel Ltd Lake District Hotels Ltd * Accor UK Bus. & Leisure Hotels Ltd Hotel Inter-Continental London Ltd * Travelodge Hotels Ltd * Doyle London Hotels Ltd Premier Inn Ltd ■ Landmark Hotel London Ltd Apex Hotels Ltd The Park Lane Hotel Ltd Lomondo Ltd * Ritz Hotel (London) Ltd (The) Firoka (Kings Cross) Ltd Land Securities (Hotels) Ltd * Lanesborough Mgmt. Ltd Leisureplex Ltd * Paramount Hotels Ltd * Whitbread PLC * M F Wells (Hotels) Ltd L.R.G Hotels Ltd St Giles Hotel Ltd Millennium & Copthorne Hotels PLC Blackfriars Hotels Ltd Mandarin Oriental Hyde Park Ltd Manor House Hotel (Okehampton) Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd Strathmore Hotels Ltd Accor UK Economy Hotels Ltd Jake Feather Hotels Ltd 23.9 20.2 -2.2 114.1 42.8 41.7 40.1 37.3 35.2 34.8 31.4 28.9 27.4 25.4 23.5 23.4 23.0 22.9 22.6 22.1 21.5 21.5 21.0 20.3 20.0 18.4 17.7 17.5 16.3 16.2 15.7 14.5 13.3 13.2 13.0 12.5 12.3 12.3 12.0 11.9 11.9 11.8 11.5 11.2 10.1 9.6 9.3 8.5 7.9 7.4 7.2 7.1 7.0 -748.4 42.5 34.9 37.0 36.4 31.0 38.6 24.8 32.0 24.2 23.2 18.4 10.9 18.9 18.4 3.0 -7.2 34.7 10.0 23.1 8.9 -9.3 23.8 17.9 6.5 10.6 10.8 14.9 12.8 16.5 14.5 14.6 18.4 10.7 8.6 13.4 7.7 17.4 5.7 16.0 19.1 2.7 10.4 9.3 -7.4 17.3 -2.2 28.9 -207.7 42.4 38.9 38.9 32.1 35.2 39.4 21.0 22.9 21.1 64.5 10.2 16.2 87.8 -2.5 6.9 27.5 27.3 19.6 23.1 11.1 -15.3 50.1 3.0 21.7 13.9 -12.9 11.1 1.4 24.2 12.0 23.5 14.4 19.0 8.0 12.8 8.3 61.8 3.0 19.8 12.0 9.9 12.6 -6.1 10.3 4.9 41.7 64,293 10,267 15,434 13,710 9,676 6,614 16,931 19,220 9,358 3,943 3,076 6,727 3,071 43,458 9,972 66,500 2,675 102,509 6,486 7,123 4,476 5,177 5,226 2,523 4,600 3,827 2,235 2,046 204,075 2,605 23,168 2,181 81,900 1,515 4,782 1,698 4,923 1,652 14,138 1,794 1,759 24,553 3,030 10,994 2,791 1,088 1,253 2,043 1,493 2,487 56,347 24,012 37,038 34,224 25,956 18,765 48,617 61,155 32,423 14,408 12,118 28,572 13,100 189,064 43,487 294,400 12,120 476,082 30,177 33,858 22,090 25,843 28,412 14,243 26,253 23,477 13,765 13,039 1,407,925 19,586 175,643 16,743 654,000 12,357 39,011 14,175 41,228 13,913 119,700 15,658 15,731 243,387 31,586 118,292 32,864 13,820 17,046 28,370 21,175 35,579



Pennyhill Park Ltd Dorchester Gp. Ltd ■ H L T Stakis S P E Ltd * Edwardian Gp. Ltd Hastings Hotels Gp. Ltd * Ramside Estates Ltd The Westbury Hotel Ltd * The Lancaster Landmark Hotel Co. Ltd * The Barton Grange Gp. Ltd * Gleneagles Hotels Ltd

See sections 6 & 7 for Analysis Notes and Definitions
4-20 Key Note Ltd

Performance League Tables

Pre-tax Profit Margin
League Table Position

Recently Filed Accounts
10/11

Pre-tax Profit Margin % 09/10 08/09 07/08

Pre-tax Profit £’000 09/10

Sales £’000 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102



Webb Hotels & Travel Ltd Ramside Hldgs. Ltd De Vere Village Hotels & Leisure Ltd Templeton Hldgs. Ltd St. James Court Hotel Ltd

-0.4 0.6 0.9 -15.2 -

6.8 6.4 6.3 6.1 5.9 5.6 5.4 5.3 5.3 5.3 5.0 4.6 4.1 3.7 3.5 3.1 2.5 1.7 1.5 1.5 1.4 1.2 1.1 1.0 0.8 0.7 0.4 0.3 0.2 -0.2 -0.4 -0.5 -0.5 -2.0 -2.1 -2.2 -2.5 -3.1 -3.6 -4.7 -5.0 -5.2 -5.4 -5.4 -6.3 -6.6 -7.9 -10.2 -10.5 -10.6 -11.1 -11.2

3.4 5.1 -7.6 7.3 5.1 -10.2 7.4 5.1 2.2 10.5 9.9 5.9 -6.9 -13.0 6.8 2.5 -7.4 5.2 3.4 -2.9 11.0 -1.9 2.6 1.1 1.0 145.8 0.3 0.2 -1.7 0.4 2.3 5.2 9.7 12.1 5.0 8.0 -3.2 2.4 26.6 -38.7 -1.1 -16.5 -3.6 -10.0 -4.0 -82.8 8.9 4.1 -12.3 27.6 -30.6

3.6 8.3 -144.6 5.2 -10.7 12.6 3.0 5.5 10.4 14.0 8.9 64.6 11.7 2.9 1.2 11.4 6.1 8.7 3.3 12.2 1.7 2.0 1.5 1.0 0.5 0.4 0.2 4.7 0.4 2.4 63.3 7.4 4.6 11.1 8.8 5.5 10.6 0.4 -22.1 -1.2 -15.8 -5.5 -9.7 -1.7 256.5 22.2 -2.4 1.9 23.2 -13.3

960 1,040 2,173 927 1,531 726 3,951 1,824 3,460 863 1,448 2,303 5,130 39,212 975 740 400 1,200 295 251 446 169 271 155 120 249 112 48 95 -68 -569 -286 -74 -454 -779 -319 -460 -669 -527 -9,434 -1,319 -13,000 -721 -15,422 -2,177 -6,423 -3,567 -2,031 -4,458 -6,643 -2,946 -7,009

14,140 16,294 34,393 15,106 25,937 12,907 72,817 34,385 65,603 16,393 28,701 50,556 125,999 1,067,214 28,106 23,962 16,061 70,655 19,347 16,788 30,954 13,893 23,940 15,190 14,196 34,770 30,852 19,074 53,361 31,841 158,390 57,611 14,186 22,204 37,625 14,708 18,281 21,848 14,486 198,612 26,523 250,700 13,314 284,299 34,567 97,391 44,958 19,927 42,538 62,603 26,430 62,788

The Cavendish Hotel (London) Ltd Globalgrange Ltd London May Fair Hotel Ltd * J.H. Leeke & Sons Ltd St. James Hotel Ltd Morgans Hotel Gp. London Ltd Firmdale Hotels PLC * Macdonald Hotels Ltd * L.5.1.N Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd North Brit. Trust Hotels Ltd Brook Hotels Ltd * Shearings Hotels Ltd Lomar Hotel Co. Ltd Crieff Hydro Ltd Champneys Henlow Ltd Rezidor Hotel Manchester Ltd Riverbank Hotel Operator Ltd * J.Townend & Sons (Hull) Ltd Choice Hotels Ltd * Deckers Restaurants Ltd * Percy R.Brend & Sons (Hoteliers) Ltd South Bank Hotel Mgmt. Co. Ltd Oxford Hotels & Inns Mgmt. Ltd Centre Island Hotels Ltd * Marriott Hotels Ltd G H Hotel Operating Co. Ltd * Peel Hotels PLC Royal Garden Hotel Ltd * L.R.G Hotels Gp. (UK) Ltd Rezidor Hotel Stansted Airport Ltd Victoria Park Plaza Operator Ltd Hhr Piccadilly Ltd Comojo (U.K.) Ltd * Guoman Hotel Hldgs. Ltd * Paragon Hotels Ltd * Q.M.H Ltd Andrew Brownsword Hotels Ltd * M W B Gp. Hldgs. PLC Chesterfield (Mayfair) Ltd Tonstate (Hotels) Ltd * Premier Inn Hotels Ltd Splendid Property Co. Ltd The Cumberland Guoman Ltd Arora Hotels Ltd Prestmade Ltd * Bridgemere UK PLC

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-21

Performance League Tables

Pre-tax Profit Margin
League Table Position

Recently Filed Accounts
10/11

Pre-tax Profit Margin % 09/10 08/09 07/08

Pre-tax Profit £’000 09/10

Sales £’000 09/10

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 -

* Festival Gp. Ltd * Britannia Hotels Ltd Jarvis Hotels Ltd. H L T Stakis Operator Ltd Hand Picked Hotels Ltd * Kew Green Hotels Ltd Thistle Barbican Tenant Ltd Venice Antler 1 Ltd * Hotel Property Investors U.K. Ltd Maple Hotels 1 Ltd * Forestdale Hotels Ltd * Corus Hotels Ltd * Quintain Estates & Development PLC Festival Inns Ltd Malmaison & Hotel Du Vin Property Hldgs. Ltd Gloucester Capital Ltd * B.D.L Select Hotels Ltd Kensington Close Hotel Ltd * * * * Puma Hotels PLC Hilton Worldwide Ltd De Vere Village Trading No 1 Ltd Marston Hotels Ltd Park Hotel Heathrow Ltd


-12.3 -17.6 0.5 -2.4 -

-11.7 -12.3 -13.1 -14.0 -14.1 -14.5 -15.2 -16.6 -16.8 -16.9 -17.0 -17.8 -17.8 -18.5 -19.1 -19.9 -20.3 -20.7 -20.8 -23.3 -23.6 -24.3 -25.1 -30.0 -30.9 -32.8 -34.2 -34.9 -43.0 -49.8 -50.4 -57.9 -58.6 -58.9 -86.3 -104.5 -249.7 -269.4 3.7

-5.8 2.2 -3.2 -13.4 -5.0 0.7 -9.4 -13.5 8.0 -7.3 -2.3 -41.5 -195.5 -21.9 -147.2 -24.7 3.8 2.7 -30.9 -30.4 -6.9 -5.3 -8.3 -23.7 -20.1 -68.1 -27.0 3.1 -22.6 -26.6 -3.7 -103.9 -2.9 -58.0 -62.9 -31.7 -82.4 -71.8 4.7 -2.5 -6.3 7.7

-0.7 -9.2 3.5 -3.2 -7.2 -11.5 -24.2 3.3 -2.3 10.9 24.3 -117.3 -8.4 18.1 -34.2 6.6 -32.7 -1.6 202.3 3.9 -1.5 -4.0 -14.3 -9.3 -25.9 -1.5 -0.6 -10.2 -17.1 -4.5 -14.0 -12.2 -14.4 -42.8 -26.5 6.9 -7.0 6.4 12.7

-11,380 -6,440 -15,635 -6,600 -8,235 -6,025 -1,995 -3,877 -5,341 -15,431 -4,452 -4,523 -10,149 -2,731 -5,015 -3,204 -2,910 -3,081 -6,237 -23,927 -35,558 -11,028 -4,582 -24,511 -8,117 -5,443 -101,700 -42,584 -9,925 -20,077 -7,623 -8,002 -39,709 -68,722 -38,870 -486,166 -75,888 -44,172 -

97,254 52,249 119,135 47,106 58,347 41,660 13,121 23,401 31,763 91,273 26,171 25,474 56,937 14,797 26,260 16,108 14,354 14,892 30,000 102,549 150,773 45,334 18,264 81,806 26,309 16,580 297,300 121,877 23,088 40,338 15,119 13,822 67,707 116,728 45,027 465,127 30,394 16,396 -

Curzon Hotels (Operator) Ltd Park Hotels Mgmt. Ltd * Doyle Hotels (UK) Ltd Endell Gp. Hldgs. Ltd * Adda Hotels * * * * * Pbn Hldgs. Ltd Menzies Hotels Operating Ltd Guoman Hotel Mgmt. (UK) Ltd Pl Hotel Ltd Somerston Hotels UK Ltd

* Qhotels Gp. Ltd Menzies Hotels Hldgs. Ltd * De Vere Venice Ltd * De Vere Venues Properties Ltd ■ De Vere Wokefield Park Ltd * Yianis Hldgs. Ltd * Longmint Gp. Ltd ■ Rocco Forte & Family Ltd

Average of companies with 3 years data Total of companies selected

155,147

4,190,422

Average of companies with 3 years data Total of companies selected

3.7

7.7

12.7 155,147 4,190,422

See sections 6 & 7 for Analysis Notes and Definitions
4-22 Key Note Ltd

Performance League Tables

Return on Investment
League Table Position

Recently Filed Accounts
10/11

Return on Investment % 09/10 08/09 07/08

Pre-Interest Profit £’000 09/10

Investment £’000 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Park Tower Hotel Ltd (The) South Bank Hotel Mgmt. Co. Ltd Riverbank Hotel Operator Ltd Templeton Hldgs. Ltd * Paramount Hotels Ltd The Park Lane Hotel Ltd * Accor UK Bus. & Leisure Hotels Ltd * Imperial London Hotels Ltd (The) London Tara Hotel Ltd F B M London Ltd St Giles Hotel Ltd Manor House Hotel (Okehampton) Ltd * M F Wells (Hotels) Ltd Lomondo Ltd C.D.L Hotels (U.K.) Ltd * Whitbread PLC Lake District Hotels Ltd * The Barton Grange Gp. Ltd Accor UK Economy Hotels Ltd Leisureplex Ltd * Lanesborough Mgmt. Ltd Hastings Hotels Gp. Ltd * Travelodge Hotels Ltd London Britannia Hotel Ltd * L.5.1.N Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd Land Securities (Hotels) Ltd Ramside Hldgs. Ltd Morgans Hotel Gp. London Ltd Strathmore Hotels Ltd Churchill Gp. Ltd The Berkeley Hotel Ltd Blackfriars Hotels Ltd St. James Hotel Ltd * Shearings Hotels Ltd Pennyhill Park Ltd * Ramside Estates Ltd Hotel Inter-Continental London Ltd Claridge’s Hotel Ltd London L.R.G Hotel Ltd Webb Hotels & Travel Ltd Prestmade Ltd * Macdonald Hotels Ltd * Ritz Hotel (London) Ltd (The) * Blackpool Pleasure Beach (Hldgs.) Ltd * Kew Green Hotels Ltd * Puma Hotels PLC * Doyle London Hotels Ltd ■ Jake Feather Hotels Ltd Choice Hotels Ltd -1.3 3.6 66.9 50.0 30.8 30.7 21.0 20.3 17.6 17.1 15.9 15.9 15.2 14.3 13.1 12.0 11.4 10.6 9.6 8.4 8.4 8.4 8.1 7.8 7.8 7.6 7.6 7.3 7.2 7.2 7.2 7.1 7.1 7.1 6.8 6.2 6.1 6.1 6.1 6.0 5.9 5.7 5.7 5.6 5.4 5.4 5.2 5.1 5.1 5.1 5.0 5.0 70.4 77.6 -22.6 51.2 6.8 22.3 12.0 14.5 16.8 16.1 18.7 10.5 13.0 8.9 11.1 10.2 6.4 -0.2 13.2 9.8 6.7 11.4 1.8 7.2 9.9 7.7 7.4 8.7 6.7 9.9 6.5 10.4 9.0 -4.6 5.8 7.9 7.6 7.5 8.0 5.8 9.1 3.3 4.6 -11.3 7.2 4.2 -1.4 5.5 68.6 133.3 24.3 16.2 3.8 17.5 57.7 13.2 16.1 14.8 16.4 11.4 1.2 9.2 11.4 8.7 8.9 4.7 41.0 12.7 11.8 9.8 2.8 8.2 9.5 5.1 10.2 8.9 7.4 7.3 7.8 9.1 9.6 5.6 5.2 11.0 2.5 7.5 7.2 6.4 6.0 34.8 3.5 16.2 3.1 0.8 6.4 6.1 9,676 54 433 951 22,770 4,611 43,494 19,695 10,267 5,167 2,181 1,889 2,606 6,034 13,710 247,147 3,222 1,673 14,138 2,287 5,599 4,042 78,800 6,628 117,444 6,368 24,936 1,140 8,203 1,850 9,557 15,434 2,805 3,079 1,200 2,573 1,136 12,887 16,931 9,971 1,153 10,282 20,045 8,644 1,299 6,984 24,064 2,705 2,676 481 14,457 108 1,407 3,094 108,406 22,756 246,536 115,067 64,470 32,580 14,370 13,189 19,963 50,368 120,262 2,339,900 33,497 19,862 167,906 27,276 69,140 51,598 1,007,900 87,250 1,551,812 87,618 347,377 15,906 114,556 26,082 134,857 218,040 41,239 49,499 19,533 41,989 18,665 213,572 287,762 174,545 20,222 182,864 368,734 160,950 25,184 135,618 467,321 53,395 53,462 9,664

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-23

Performance League Tables

Return on Investment
League Table Position

Recently Filed Accounts
10/11

Return on Investment % 09/10 08/09 07/08

Pre-Interest Profit £’000 09/10

Investment £’000 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

Lomar Hotel Co. Ltd Champneys Henlow Ltd Premier Inn Ltd * Deckers Restaurants Ltd Mandarin Oriental Hyde Park Ltd Brook Hotels Ltd Apex Hotels Ltd Tonstate (Hotels) Ltd * Hilton Intl. Hotels (UK) Ltd * Edwardian Gp. Ltd * J.H. Leeke & Sons Ltd Globalgrange Ltd Venice Antler 1 Ltd The Westbury Hotel Ltd ■ Landmark Hotel London Ltd * J.Townend & Sons (Hull) Ltd Millennium & Copthorne Hotels PLC Dorchester Gp. Ltd St. James Court Hotel Ltd London May Fair Hotel Ltd The Cavendish Hotel (London) Ltd L.R.G Hotels Ltd Hhr Piccadilly Ltd Crieff Hydro Ltd * Pbn Hldgs. Ltd Firoka (Kings Cross) Ltd Gloucester Capital Ltd * Jurys Hotel Gp. (UK) Ltd ■ H L T Stakis S P E Ltd Centre Island Hotels Ltd Oxford Hotels & Inns Mgmt. Ltd Malmaison & Hotel Du Vin Property Hldgs. Ltd Kensington Close Hotel Ltd * The Lancaster Landmark Hotel Co. Ltd North Brit. Trust Hotels Ltd * Peel Hotels PLC * Q.M.H Ltd * M W B Gp. Hldgs. PLC Firmdale Hotels PLC Royal Garden Hotel Ltd De Vere Village Hotels & Leisure Ltd * Percy R.Brend & Sons (Hoteliers) Ltd * L.R.G Hotels Gp. (UK) Ltd G H Hotel Operating Co. Ltd * Gleneagles Hotels Ltd * B.D.L Select Hotels Ltd * Premier Inn Hotels Ltd Rezidor Hotel Manchester Ltd * Quintain Estates & Development PLC * Paragon Hotels Ltd Hand Picked Hotels Ltd * Doyle Hotels (UK) Ltd

4.0 3.7 -0.3 6.4 0.4 -

4.8 4.7 4.7 4.5 4.4 4.3 4.2 4.2 4.1 4.0 3.8 3.8 3.7 3.7 3.7 3.5 3.5 3.4 3.4 3.3 3.3 3.2 3.2 3.2 3.0 3.0 3.0 2.9 2.9 2.7 2.4 2.3 2.3 2.3 2.1 2.0 2.0 1.9 1.8 1.5 1.4 1.4 1.3 1.1 0.8 0.8 0.7 0.7 0.6 0.6 0.3 -0.1

40.4 3.2 7.7 6.5 5.9 7.2 1.8 4.5 -11.6 3.2 2.2 3.5 4.6 2.5 6.6 4.4 5.5 4.3 3.7 4.4 4.2 11.4 5.0 3.6 5.4 3.0 2.9 4.2 2.9 4.3 -3.4 7.0 4.8 5.3 3.6 3.6 2.8 2.2 5.3 2.7 573.0 7.9 37.5 2.6 7.4 -0.1 7.5 -10.5 -8.4 2.5 -1.5

19.9 5.2 5.1 7.0 8.0 7.1 3.5 4.9 0.2 4.3 5.2 4.5 0.9 2.8 6.0 7.9 6.9 5.0 3.5 4.4 6.5 17.8 8.5 6.1 5.3 1.7 8.7 4.9 6.0 2.8 7.4 3.6 2.4 35.2 4.3 2.3 3.4 4.9 -21.0 1.4 6.3 9.9 3.7 38.5 8.8 -2.4 0.7 3.0 2.6

295 2,787 102,509 618 8,744 867 9,814 21,097 114,548 27,545 3,706 18,274 4,166 5,276 7,294 223 91,600 34,248 3,054 11,037 3,861 41,418 735 770 9,944 2,670 2,224 3,076 3,030 2,891 131 12,712 1,663 5,732 740 791 15,000 10,789 3,290 1,949 2,173 123 1,933 225 2,487 418 8,736 169 6,890 413 548 -149

6,137 58,705 2,192,267 13,874 200,264 20,321 231,234 498,039 2,816,856 697,211 97,007 485,024 111,254 142,847 198,052 6,333 2,606,000 998,838 91,029 331,802 118,710 1,280,717 22,801 24,105 326,636 88,191 75,132 105,132 103,982 108,312 5,560 542,125 73,572 254,082 34,568 39,097 754,300 579,952 183,291 125,843 152,178 8,768 151,239 21,017 298,126 52,132 1,189,091 24,490 1,076,232 71,254 163,629 194,877

See sections 6 & 7 for Analysis Notes and Definitions
4-24 Key Note Ltd

Performance League Tables

Return on Investment
League Table Position

Recently Filed Accounts
10/11

Return on Investment % 09/10 08/09 07/08

Pre-Interest Profit £’000 09/10

Investment £’000 09/10

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 -

Comojo (U.K.) Ltd * Corus Hotels Ltd Andrew Brownsword Hotels Ltd * Guoman Hotel Hldgs. Ltd Splendid Property Co. Ltd * Hilton Worldwide Ltd * De Vere Village Trading No 1 Ltd * Bridgemere UK PLC * * * * * Pl Hotel Ltd Marston Hotels Ltd Britannia Hotels Ltd Somerston Hotels UK Ltd Marriott Hotels Ltd

3.8 -57.5 -1.9 ^

-1.1 -1.1 -1.1 -1.3 -1.6 -1.8 -3.1 -3.3 -4.0 -4.4 -5.3 -5.6 -5.6 -5.8 -6.4 -6.7 -7.2 -7.6 -8.5 -9.3 -9.4 -11.7 -12.6 -13.5 -18.3 -20.9 -27.4 -30.2 -31.6 -31.8 -33.1 -42.7 -50.9 -61.5 -61.8 -120.7 ^ ^ 3.0

6.0 -2.8 -2.5 7.9 1.5 -2.1 0.4 -5.1 -10.6 2.9 2.2 6.9 9.4 -8.9 -0.3 3.4 17.9 -3.0 -7.2 82.8 -9.5 -5.7 -3.2 -4.3 11.2 -1.5 -10.2 -0.8 3.3 31.2 -36.4 -20.9 -59.0 -5.6 -6.3 -59.7 4.2 3.3 -0.3 -124.6 -451.9 4.6

12.9 4.5 -2.1 4.3 3.9 1.1 48.8 0.3 4.0 6.3 -2.5 2.5 9.3 -8.6 2.2 14.0 53.5 3.6 3.9 110.3 8.3 3.1 3.1 2.6 4.9 4.2 -3.3 -2.9 -0.5 -1.3 5.4 -62.8 -15.2 -16.6 3.8 -0.1 7.4 -7.9 -98.5 6.1

-146 -2,597 -633 -9,434 -2,031 -15,348 -35,107 -4,397 -3,632 -5,518 -5,820 -16,876 -351 -1,732 -12,346 -2,790 -319 -53,400 -34,573 -460 -5,696 -22,890 -8,091 -12,825 -5,341 -75,888 -4,582 -352,405 -42,584 -3,325 -6,486 -17,454 -8,116 -7,623 -44,172 -15,363 -2,123 -1,989

13,603 237,760 57,323 737,111 124,617 833,659 1,116,997 131,550 91,269 126,118 109,197 302,722 6,223 29,963 194,355 41,455 4,408 701,800 406,536 4,960 60,903 196,048 64,372 95,247 29,143 362,992 16,716 1,168,814 134,732 10,444 19,616 40,870 15,957 12,401 71,432 12,728 -2,561 -826

Chesterfield (Mayfair) Ltd Jarvis Hotels Ltd. * Forestdale Hotels Ltd Rezidor Hotel Stansted Airport Ltd Endell Gp. Hldgs. Ltd * Qhotels Gp. Ltd Victoria Park Plaza Operator Ltd Arora Hotels Ltd Menzies Hotels Hldgs. Ltd * Festival Gp. Ltd * Menzies Hotels Operating Ltd * Hotel Property Investors U.K. Ltd * De Vere Venues Properties Ltd Park Hotel Heathrow Ltd * De Vere Venice Ltd * Adda Hotels The Cumberland Guoman Ltd ■ H L T Stakis Operator Ltd Curzon Hotels (Operator) Ltd Park Hotels Mgmt. Ltd * Guoman Hotel Mgmt. (UK) Ltd ■ De Vere Wokefield Park Ltd Maple Hotels 1 Ltd * Yianis Hldgs. Ltd * Longmint Gp. Ltd
■ ■ ■

Rocco Forte & Family Ltd Festival Inns Ltd Thistle Barbican Tenant Ltd

Average of companies with 3 years data Total of companies selected

452,271

15,169,690

Average of companies with 3 years data Total of companies selected

3.0

4.6

6.1 452,271 15,169,690

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-25

Performance League Tables

Profit per £ of Pay
League Table Position

Recently Filed Accounts
10/11 09/10

Profit per £ of Pay £ 08/09 07/08

Pre-tax Profit £’000 09/10

Employee Pay £’000 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 * Hilton Intl. Hotels (UK) Ltd F B M London Ltd The Berkeley Hotel Ltd Claridge’s Hotel Ltd C.D.L Hotels (U.K.) Ltd London Tara Hotel Ltd Park Tower Hotel Ltd (The) London Britannia Hotel Ltd Hotel Inter-Continental London Ltd * Doyle London Hotels Ltd * Accor UK Bus. & Leisure Hotels Ltd ■ Premier Inn Ltd Churchill Gp. Ltd Firoka (Kings Cross) Ltd * Travelodge Hotels Ltd London L.R.G Hotel Ltd Accor UK Economy Hotels Ltd * Imperial London Hotels Ltd (The) The Park Lane Hotel Ltd Lomondo Ltd * M F Wells (Hotels) Ltd Lake District Hotels Ltd * Lanesborough Mgmt. Ltd Apex Hotels Ltd ■ Landmark Hotel London Ltd * Ritz Hotel (London) Ltd (The) St Giles Hotel Ltd * Whitbread PLC Blackfriars Hotels Ltd Leisureplex Ltd


1.21 0.79 -

5.73 3.25 2.35 2.17 1.95 1.89 1.86 1.52 1.35 1.15 1.13 1.12 1.12 1.12 1.03 1.01 1.00 0.92 0.90 0.82 0.81 0.80 0.72 0.72 0.68 0.66 0.65 0.55 0.53 0.49 0.47 0.47 0.45 0.43 0.39 0.38 0.38 0.34 0.33 0.33 0.32 0.31 0.30 0.30 0.27 0.26 0.26 0.26 0.25 0.25

2.21 2.15 2.43 1.70 1.90 1.72 1.23 1.12 -0.32 0.93 1.30 1.66 0.14 0.84 1.44 0.60 0.95 0.37 0.76 0.37 0.29 0.32 -0.36 0.67 0.55 0.88 0.30 0.43 0.57 0.62 0.48 0.64 0.26 0.10 -0.47 0.21 -0.37 0.17 0.26 0.16 0.51 0.32 0.70 0.26 0.09 0.28

-10.16 2.22 2.53 2.48 1.69 1.84 1.85 1.42 -0.12 1.38 4.18 0.91 3.94 0.31 0.47 5.14 0.56 1.11 0.45 0.07 0.56 1.04 0.64 -0.60 0.55 0.39 0.69 0.42 0.83 0.85 0.55 0.79 0.79 0.23 0.47 -0.49 0.23 -0.33 0.09 0.28 0.18 0.51 0.32 0.41 0.15 0.23 3.89

64,293 3,943 15,434 16,931 13,710 10,267 9,676 6,614 9,972 2,675 43,458 102,509 9,358 2,523 66,500 6,727 14,138 19,220 4,476 5,177 2,605 3,071 3,827 7,123 6,486 5,226 2,181 204,075 1,515 2,235 1,794 4,782 23,168 4,923 81,900 24,553 1,698 10,994 726 1,652 1,253 1,759 1,531 960 863 2,791 2,043 1,824 3,460 1,088

11,221 1,213 6,565 7,812 7,022 5,445 5,196 4,361 7,388 2,322 38,314 91,311 8,366 2,258 64,700 6,636 14,141 20,844 4,992 6,276 3,225 3,815 5,284 9,905 9,558 7,905 3,368 370,377 2,849 4,570 3,784 10,146 51,447 11,427 208,400 65,180 4,522 32,318 2,199 5,077 3,962 5,733 5,036 3,185 3,255 10,583 7,801 7,005 13,608 4,373

Jake Feather Hotels Ltd Mandarin Oriental Hyde Park Ltd L.R.G Hotels Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd Millennium & Copthorne Hotels PLC

Dorchester Gp. Ltd Manor House Hotel (Okehampton) Ltd * Edwardian Gp. Ltd The Cavendish Hotel (London) Ltd Strathmore Hotels Ltd The Westbury Hotel Ltd Pennyhill Park Ltd St. James Court Hotel Ltd Webb Hotels & Travel Ltd St. James Hotel Ltd Hastings Hotels Gp. Ltd * The Lancaster Landmark Hotel Co. Ltd London May Fair Hotel Ltd * J.H. Leeke & Sons Ltd * Ramside Estates Ltd

See sections 6 & 7 for Analysis Notes and Definitions
4-26 Key Note Ltd

Performance League Tables

Profit per £ of Pay
League Table Position

Recently Filed Accounts
10/11 09/10

Profit per £ of Pay £ 08/09 07/08

Pre-tax Profit £’000 09/10

Employee Pay £’000 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

Morgans Hotel Gp. London Ltd De Vere Village Hotels & Leisure Ltd * The Barton Grange Gp. Ltd Ramside Hldgs. Ltd * L.5.1.N Ltd * Gleneagles Hotels Ltd Globalgrange Ltd Templeton Hldgs. Ltd Firmdale Hotels PLC * Macdonald Hotels Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd North Brit. Trust Hotels Ltd Lomar Hotel Co. Ltd Rezidor Hotel Manchester Ltd Riverbank Hotel Operator Ltd Brook Hotels Ltd * Deckers Restaurants Ltd * Shearings Hotels Ltd * J.Townend & Sons (Hull) Ltd Champneys Henlow Ltd Crieff Hydro Ltd Choice Hotels Ltd ■ South Bank Hotel Mgmt. Co. Ltd * Percy R.Brend & Sons (Hoteliers) Ltd Oxford Hotels & Inns Mgmt. Ltd * Marriott Hotels Ltd Centre Island Hotels Ltd * Peel Hotels PLC G H Hotel Operating Co. Ltd Royal Garden Hotel Ltd * L.R.G Hotels Gp. (UK) Ltd Comojo (U.K.) Ltd Hhr Piccadilly Ltd Andrew Brownsword Hotels Ltd Rezidor Hotel Stansted Airport Ltd * Q.M.H Ltd Chesterfield (Mayfair) Ltd Victoria Park Plaza Operator Ltd * Bridgemere UK PLC * M W B Gp. Hldgs. PLC Tonstate (Hotels) Ltd * Paragon Hotels Ltd Hand Picked Hotels Ltd Jarvis Hotels Ltd. ■ Splendid Property Co. Ltd * Britannia Hotels Ltd * Forestdale Hotels Ltd Arora Hotels Ltd * Corus Hotels Ltd * Kew Green Hotels Ltd Venice Antler 1 Ltd * Hotel Property Investors U.K. Ltd

-0.06 -0.01 0.01 -0.33 -

0.24 0.23 0.23 0.21 0.21 0.21 0.20 0.17 0.13 0.10 0.10 0.10 0.08 0.08 0.08 0.07 0.06 0.06 0.05 0.04 0.04 0.02 0.02 0.01 0.01 0.00 -0.01 -0.01 -0.02 -0.05 -0.08 -0.12 -0.14 -0.14 -0.15 -0.19 -0.19 -0.21 -0.26 -0.27 -0.31 -0.35 -0.38 -0.39 -0.41 -0.43 -0.47 -0.48 -0.51 -0.52 -0.58 -0.64

0.47 -0.26 -0.07 0.16 0.91 0.29 0.22 0.17 -0.17 -0.31 0.21 0.24 0.72 -0.11 0.08 0.09 -0.26 0.13 -0.08 0.09 0.03 0.02 3.48 0.00 0.01 -0.06 0.15 0.09 0.28 0.46 0.08 -0.14 -0.38 0.35 -0.04 -0.30 0.47 -0.53 -0.16 -0.18 -2.70 -0.15 -0.10 0.34 0.08 -0.06 -0.49 -1.20 0.03 -0.43 0.29

0.71 -4.99 0.14 0.25 1.37 0.52 0.93 0.26 1.71 0.31 0.08 0.32 0.69 0.10 0.04 0.08 0.38 0.10 0.09 0.24 0.03 0.01 0.01 0.01 0.17 1.99 0.09 0.23 0.17 0.46 0.27 -0.37 0.83 -0.05 -0.29 0.48 -0.30 -0.26 -0.08 -1.58 -0.09 0.11 -0.32 0.31 0.11 0.70 -0.29 -0.76 0.12

1,448 2,173 1,493 1,040 39,212 2,487 3,951 927 2,303 5,130 975 740 295 169 271 400 249 1,200 155 446 251 120 48 112 95 -569 -68 -74 -286 -454 -779 -527 -669 -721 -319 -13,000 -2,177 -460 -7,009 -15,422 -6,423 -1,319 -8,235 -15,635 -2,031 -6,440 -4,452 -6,643 -4,523 -6,025 -3,877 -5,341

6,043 9,395 6,618 4,870 187,267 12,035 19,480 5,396 17,327 49,294 10,098 7,723 3,732 2,229 3,598 5,437 3,871 19,874 2,897 10,658 6,106 6,017 2,923 12,891 18,416 134,114 8,587 4,975 11,446 8,665 10,268 4,430 4,889 5,050 2,093 69,500 11,400 2,199 27,149 58,164 20,533 3,811 21,418 40,080 4,928 15,052 9,441 13,714 8,819 11,634 6,684 8,405

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-27

Performance League Tables

Profit per £ of Pay
League Table Position

Recently Filed Accounts
10/11 09/10

Profit per £ of Pay £ 08/09 07/08

Pre-tax Profit £’000 09/10

Employee Pay £’000 09/10

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 -

* B.D.L Select Hotels Ltd Festival Inns Ltd Maple Hotels 1 Ltd Thistle Barbican Tenant Ltd * Hilton Worldwide Ltd * Guoman Hotel Hldgs. Ltd The Cumberland Guoman Ltd Prestmade Ltd * De Vere Village Trading No 1 Ltd * Marston Hotels Ltd Kensington Close Hotel Ltd * Quintain Estates & Development PLC Gloucester Capital Ltd Curzon Hotels (Operator) Ltd * Guoman Hotel Mgmt. (UK) Ltd * Doyle Hotels (UK) Ltd Park Hotels Mgmt. Ltd * Festival Gp. Ltd * Menzies Hotels Operating Ltd Endell Gp. Hldgs. Ltd * Qhotels Gp. Ltd Park Hotel Heathrow Ltd Menzies Hotels Hldgs. Ltd * * * * * De Vere Venice Ltd Somerston Hotels UK Ltd Pbn Hldgs. Ltd Puma Hotels PLC Jurys Hotel Gp. (UK) Ltd

0.02 -0.85 0.04 -1.06 -0.09 -

-0.65 -0.66 -0.67 -0.69 -0.71 -0.72 -0.72 -0.73 -0.78 -0.79 -0.83 -0.95 -1.04 -1.13 -1.20 -1.23 -1.24 -1.30 -1.47 -1.55 -1.90 -2.22 -2.85 -3.76 -3.92 -4.43 -27.00 0.06

0.13 -0.70 -0.33 -0.45 4.19 0.45 1.78 -0.21 -0.18 0.13 -10.85 -1.11 -0.84 -0.08 -2.44 -0.82 -0.70 -0.81 -1.25 -1.95 -0.71 -2.01 -1.17 -0.19 -2.74 -102.08 1.30 0.62 0.35 -0.12 -0.24 -0.50 0.20

-0.27 -0.11 -0.53 -0.05 0.02 -0.25 1.38 6.49 0.13 0.35 -3.84 -1.47 -0.14 -0.42 -0.54 -0.07 -0.34 -1.16 -0.40 -0.11 -0.48 -4.11 -0.93 -0.10 -1.24 2.65 0.44 -0.30 0.28 7.97 -0.50 0.42

-2,910 -2,731 -15,431 -1,995 -23,927 -9,434 -4,458 -2,946 -35,558 -11,028 -3,081 -10,149 -3,204 -24,511 -7,623 -5,443 -8,117 -11,380 -20,077 -101,700 -68,722 -4,582 -38,870 -486,166 -39,709 -9,925 -6,237 3,076 3,030 -6,600 -3,567 2,046 -42,584 -75,888 -44,172 4,600 -5,015 -8,002

4,471 4,155 23,177 2,876 33,710 13,155 6,190 4,040 45,783 13,915 3,732 10,642 3,074 21,766 6,374 4,413 6,547 8,784 13,650 65,800 36,168 2,068 13,650 129,225 10,128 2,240 231 -

■ H L T Stakis S P E Ltd * Yianis Hldgs. Ltd * Longmint Gp. Ltd ■ Rocco Forte & Family Ltd ■ H L T Stakis Operator Ltd

* * * *
■ ■ ■

Premier Inn Hotels Ltd Paramount Hotels Ltd Adda Hotels De Vere Venues Properties Ltd De Vere Wokefield Park Ltd

Land Securities (Hotels) Ltd Malmaison & Hotel Du Vin Property Hldgs. Ltd * Pl Hotel Ltd

Average of companies with 3 years data Total of companies selected

55,963

954,025

Average of companies with 3 years data Total of companies selected

0.06

0.20

0.42 55,963 954,025

See sections 6 & 7 for Analysis Notes and Definitions
4-28 Key Note Ltd

Performance League Tables

Asset Utilisation
League Table Position

Recently Filed Accounts
10/11 09/10

Asset Utilisation

Sales £’000 09/10

08/09

07/08

Total Assets £’000 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 * Marriott Hotels Ltd Riverbank Hotel Operator Ltd Festival Inns Ltd Thistle Barbican Tenant Ltd South Bank Hotel Mgmt. Co. Ltd Oxford Hotels & Inns Mgmt. Ltd Maple Hotels 1 Ltd The Cumberland Guoman Ltd Victoria Park Plaza Operator Ltd Templeton Hldgs. Ltd 3.87 2.71 2.45 1.13 1.12 9.53 7.29 6.94 3.96 3.78 3.78 3.65 2.97 2.73 2.67 2.52 2.48 2.40 2.32 1.90 1.78 1.69 1.67 1.52 1.32 1.19 1.16 1.13 1.05 1.03 1.01 0.96 0.96 0.92 0.91 0.91 0.90 0.86 0.83 0.82 0.81 0.79 0.79 0.66 0.64 0.64 0.64 0.64 0.61 0.60 0.59 0.59 0.58 0.58 0.55 7.00 9.14 2.62 3.42 5.14 4.12 4.40 3.16 5.40 3.05 0.56 2.77 2.70 2.77 2.12 2.05 1.52 1.42 1.64 1.16 1.19 1.67 1.40 1.16 1.17 0.90 0.69 1.21 0.81 0.78 0.90 0.93 0.84 0.84 0.82 0.90 1.01 0.74 0.71 0.74 0.56 0.65 0.93 0.65 0.62 0.59 0.59 0.66 0.57 8.37 5.12 0.86 3.37 1.09 3.76 3.98 2.59 6.11 0.45 2.96 1.94 2.34 1.96 1.71 1.59 1.76 0.91 1.21 2.54 1.39 1.22 2.02 1.39 0.69 1.25 0.54 1.06 0.90 0.88 0.77 0.73 0.67 0.70 1.04 0.80 0.60 0.79 0.57 0.67 0.96 0.71 0.60 0.63 0.61 0.66 0.56 158,390 23,940 14,797 13,121 19,074 53,361 91,273 42,538 18,281 15,106 70,655 14,708 30,852 19,347 34,770 47,106 57,611 15,190 25,956 97,254 14,196 26,309 15,119 34,567 18,264 81,806 14,486 31,763 21,175 62,603 28,106 21,848 16,294 19,586 22,090 121,877 16,743 14,175 119,700 14,140 189,064 13,820 16,061 65,603 16,788 1,067,214 32,864 26,171 23,962 119,135 16,613 3,284 2,132 3,317 5,047 14,127 25,007 14,334 6,694 5,663 28,014 5,935 12,853 8,350 18,305 26,473 34,012 9,112 17,054 73,535 11,966 22,686 13,432 32,881 17,791 80,619 15,076 33,072 23,132 68,494 31,007 24,272 19,034 23,590 27,082 150,270 21,188 17,943 180,085 21,923 293,961 21,546 25,107 106,940 27,914 1,804,893 55,668 44,857 41,232 217,854



* Shearings Hotels Ltd Rezidor Hotel Stansted Airport Ltd * Percy R.Brend & Sons (Hoteliers) Ltd Lomar Hotel Co. Ltd * Deckers Restaurants Ltd H L T Stakis Operator Ltd G H Hotel Operating Co. Ltd * J.Townend & Sons (Hull) Ltd Park Tower Hotel Ltd (The) * Festival Gp. Ltd Choice Hotels Ltd Park Hotels Mgmt. Ltd * Guoman Hotel Mgmt. (UK) Ltd Chesterfield (Mayfair) Ltd Park Hotel Heathrow Ltd Curzon Hotels (Operator) Ltd Comojo (U.K.) Ltd * Hotel Property Investors U.K. Ltd * The Barton Grange Gp. Ltd Arora Hotels Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd Hhr Piccadilly Ltd Ramside Hldgs. Ltd * M F Wells (Hotels) Ltd The Park Lane Hotel Ltd * Adda Hotels St Giles Hotel Ltd Manor House Hotel (Okehampton) Ltd Accor UK Economy Hotels Ltd Webb Hotels & Travel Ltd * Accor UK Bus. & Leisure Hotels Ltd * Ramside Estates Ltd Brook Hotels Ltd * J.H. Leeke & Sons Ltd Crieff Hydro Ltd * L.5.1.N Ltd Hastings Hotels Gp. Ltd * Forestdale Hotels Ltd North Brit. Trust Hotels Ltd Jarvis Hotels Ltd.


See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-29

Performance League Tables

Asset Utilisation
League Table Position

Recently Filed Accounts
10/11 09/10

Asset Utilisation

Sales £’000 09/10

08/09

07/08

Total Assets £’000 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

* Whitbread PLC Rezidor Hotel Manchester Ltd Strathmore Hotels Ltd * Imperial London Hotels Ltd (The) Leisureplex Ltd Lomondo Ltd Champneys Henlow Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd * Bridgemere UK PLC * M W B Gp. Hldgs. PLC F B M London Ltd * Britannia Hotels Ltd * Menzies Hotels Operating Ltd * De Vere Venice Ltd Endell Gp. Hldgs. Ltd London Tara Hotel Ltd Lake District Hotels Ltd * Paragon Hotels Ltd * Peel Hotels PLC * Marston Hotels Ltd Pennyhill Park Ltd Hand Picked Hotels Ltd * Lanesborough Mgmt. Ltd St. James Hotel Ltd * Q.M.H Ltd * Macdonald Hotels Ltd * Kew Green Hotels Ltd Blackfriars Hotels Ltd ■ H L T Stakis S P E Ltd ■ Jake Feather Hotels Ltd Centre Island Hotels Ltd C.D.L Hotels (U.K.) Ltd St. James Court Hotel Ltd * Qhotels Gp. Ltd * Travelodge Hotels Ltd Firmdale Hotels PLC * B.D.L Select Hotels Ltd * Guoman Hotel Hldgs. Ltd Morgans Hotel Gp. London Ltd * L.R.G Hotels Gp. (UK) Ltd Millennium & Copthorne Hotels PLC Churchill Gp. Ltd Dorchester Gp. Ltd Andrew Brownsword Hotels Ltd Menzies Hotels Hldgs. Ltd
■ De Vere Wokefield Park Ltd * Somerston Hotels UK Ltd * Doyle London Hotels Ltd De Vere Village Hotels & Leisure Ltd Premier Inn Ltd

0.34 0.28 0.26 -

0.53 0.53 0.50 0.48 0.47 0.46 0.44 0.44 0.43 0.43 0.42 0.41 0.40 0.37 0.37 0.36 0.36 0.35 0.35 0.34 0.34 0.33 0.32 0.32 0.32 0.31 0.29 0.29 0.29 0.28 0.28 0.28 0.27 0.27 0.27 0.27 0.26 0.26 0.25 0.24 0.24 0.24 0.23 0.23 0.22 0.22 0.22 0.22 0.22 0.22 0.21 0.21

0.52 0.62 0.48 0.49 0.68 0.49 0.45 0.49 0.23 0.41 0.43 0.37 0.51 0.29 0.36 0.39 0.42 0.34 0.41 0.34 0.33 0.33 0.34 0.37 0.29 0.33 0.30 0.33 0.21 0.25 0.29 0.28 0.24 0.29 0.29 0.28 0.28 0.26 0.30 0.24 0.26 0.23 0.20 0.21 0.14 0.21 0.18 0.13 0.20 0.23 0.22

0.50 0.66 0.49 0.47 0.66 0.45 0.40 0.48 0.20 0.35 0.41 0.37 0.56 0.24 0.30 0.37 0.40 0.34 0.44 0.41 0.35 0.31 0.32 0.36 0.28 0.37 0.34 0.31 0.31 0.29 0.26 0.21 0.25 0.30 0.26 0.24 0.35 0.28 0.24 0.26 0.18 0.20 0.16 0.22 0.16 0.19 0.23 0.13

1,407,925 13,893 13,913 61,155 13,765 25,843 30,954 41,228 62,788 284,299 14,408 52,249 40,338 465,127 297,300 24,012 13,100 26,523 14,186 45,334 15,731 58,347 23,477 16,393 250,700 125,999 41,660 12,357 31,586 15,658 31,841 34,224 25,937 116,728 294,400 50,556 14,354 198,612 28,701 37,625 654,000 32,423 243,387 13,314 45,027 16,396 67,707 12,120 34,393 476,082 18,765 16,108

2,647,600 26,160 27,864 128,350 29,008 56,336 69,705 93,876 145,093 667,176 34,305 127,251 99,895 1,246,630 806,600 66,062 36,301 75,937 40,959 131,452 46,069 178,419 72,759 50,911 789,800 402,254 144,633 42,912 109,727 55,778 113,926 123,028 94,655 427,421 1,078,900 189,021 54,425 769,777 116,722 154,733 2,755,100 137,762 1,041,902 59,076 201,584 74,207 309,347 55,766 158,317 2,193,976 88,676 77,548

London Britannia Hotel Ltd Gloucester Capital Ltd

See sections 6 & 7 for Analysis Notes and Definitions
4-30 Key Note Ltd

Performance League Tables

Asset Utilisation
League Table Position

Recently Filed Accounts
10/11 09/10

Asset Utilisation

Sales £’000 09/10

08/09

07/08

Total Assets £’000 09/10

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 -

Venice Antler 1 Ltd Hotel Inter-Continental London Ltd Kensington Close Hotel Ltd Mandarin Oriental Hyde Park Ltd Tonstate (Hotels) Ltd * Ritz Hotel (London) Ltd (The) Royal Garden Hotel Ltd The Berkeley Hotel Ltd Claridge’s Hotel Ltd * Edwardian Gp. Ltd London L.R.G Hotel Ltd Firoka (Kings Cross) Ltd Splendid Property Co. Ltd
■ Landmark Hotel London Ltd * Pl Hotel Ltd Globalgrange Ltd Apex Hotels Ltd Prestmade Ltd

0.17 0.16 0.11 -

0.20 0.20 0.19 0.19 0.19 0.17 0.17 0.17 0.17 0.16 0.16 0.16 0.16 0.15 0.15 0.15 0.14 0.14 0.13 0.13 0.12 0.12 0.11 0.11 0.11 0.11 0.11 0.10 0.08 0.08 0.08 0.07 0.06 0.05 0.05 0.04 0.04 0.02 0.26

0.21 0.20 0.21 0.21 0.19 0.18 0.19 0.18 0.19 0.17 0.20 0.20 0.16 0.15 0.12 0.15 0.14 0.16 0.15 0.12 0.09 0.12 0.15 0.18 0.11 0.11 0.10 0.09 0.07 0.08 0.05 0.06 0.06 0.05 0.04 0.03 0.02 0.59 0.26 0.07 0.27

0.10 0.17 0.20 0.22 0.18 0.17 0.20 0.20 0.19 0.15 0.21 0.10 0.17 0.13 0.14 0.16 0.13 0.19 0.22 0.23 0.09 0.12 0.13 0.19 0.12 0.12 0.09 0.10 0.07 0.05 0.15 0.14 0.03 0.03 0.11 0.14 0.02 0.58 0.34 0.07 0.27

23,401 43,487 14,892 39,011 97,391 28,412 22,204 37,038 48,617 118,292 28,572 14,243 19,927 30,177 13,822 72,817 33,858 26,430 175,643 150,773 102,549 35,579 12,118 17,046 28,370 12,907 25,474 34,385 16,580 30,394 26,253 23,088 30,000 56,937 26,260 13,039 44,958 56,347 -

115,403 219,526 77,335 205,133 515,745 166,267 130,517 223,048 294,294 717,110 176,817 91,160 128,174 203,689 93,528 501,062 234,832 192,099 1,304,880 1,173,115 881,087 306,470 106,244 149,755 258,389 120,305 242,112 336,118 199,084 369,280 348,424 336,324 481,313 1,114,441 543,164 304,790 1,223,489 2,824,303 -

* * * *

L.R.G Hotels Ltd De Vere Village Trading No 1 Ltd Hilton Worldwide Ltd Gleneagles Hotels Ltd Jurys Hotel Gp. (UK) Ltd

The Westbury Hotel Ltd * The Lancaster Landmark Hotel Co. Ltd The Cavendish Hotel (London) Ltd * Corus Hotels Ltd London May Fair Hotel Ltd * Doyle Hotels (UK) Ltd * De Vere Venues Properties Ltd Land Securities (Hotels) Ltd * Pbn Hldgs. Ltd * Puma Hotels PLC * Quintain Estates & Development PLC Malmaison & Hotel Du Vin Property Hldgs. Ltd * Paramount Hotels Ltd * Premier Inn Hotels Ltd * Hilton Intl. Hotels (UK) Ltd * Longmint Gp. Ltd ■ Rocco Forte & Family Ltd * Yianis Hldgs. Ltd

Average of companies with 3 years data Total of companies selected

4,190,422

15,891,720

Average of companies with 3 years data Total of companies selected

0.26

0.27

0.27 4,190,422 15,891,720

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-31

Performance League Tables

Sales / Fixed Assets
League Table Position

Recently Filed Accounts
10/11 09/10

Sales / Fixed Assets

Sales £’000 09/10

08/09

07/08

Fixed Assets £’000 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Festival Inns Ltd * Marriott Hotels Ltd Rezidor Hotel Stansted Airport Ltd Rezidor Hotel Manchester Ltd * Quintain Estates & Development PLC Oxford Hotels & Inns Mgmt. Ltd The Cumberland Guoman Ltd Maple Hotels 1 Ltd Park Tower Hotel Ltd (The) Thistle Barbican Tenant Ltd Lomar Hotel Co. Ltd * Accor UK Bus. & Leisure Hotels Ltd * Percy R.Brend & Sons (Hoteliers) Ltd * Shearings Hotels Ltd ■ Templeton Hldgs. Ltd * J.Townend & Sons (Hull) Ltd ■ H L T Stakis Operator Ltd Endell Gp. Hldgs. Ltd G H Hotel Operating Co. Ltd The Park Lane Hotel Ltd Accor UK Economy Hotels Ltd Chesterfield (Mayfair) Ltd * Deckers Restaurants Ltd St Giles Hotel Ltd * Hotel Property Investors U.K. Ltd * De Vere Village Trading No 1 Ltd * Hilton Worldwide Ltd Splendid Property Co. Ltd Park Hotels Mgmt. Ltd Hhr Piccadilly Ltd Comojo (U.K.) Ltd Curzon Hotels (Operator) Ltd * Menzies Hotels Operating Ltd * Festival Gp. Ltd * Guoman Hotel Mgmt. (UK) Ltd Park Hotel Heathrow Ltd L.R.G Hotels Gp. (UK) Ltd Adda Hotels The Barton Grange Gp. Ltd Blackpool Pleasure Beach (Hldgs.) Ltd 18.1 7.2 4.5 2.5 1.2 411.0 258.4 63.9 38.3 21.0 19.9 18.9 12.8 7.6 7.2 6.2 5.5 5.2 5.0 4.8 4.2 3.7 3.6 3.2 2.8 2.7 2.6 2.6 2.5 2.3 2.1 1.9 1.8 1.8 1.7 1.7 1.7 1.7 1.6 1.4 1.4 1.4 1.3 1.3 1.2 1.2 1.2 1.2 1.1 1.1 1.1 1.0 1.0 1.0 0.9 50.6 188.3 56.1 36.1 16.0 22.8 20.7 29.9 9.1 7.9 15.2 6.6 6.1 5.1 8.3 3.4 3.1 3.3 3.2 2.8 2.6 2.2 2.6 2.3 4.6 2.1 1.7 1.9 2.5 1.8 1.9 2.1 1.6 1.2 1.9 1.8 1.5 1.1 1.1 1.4 1.2 1.0 1.2 1.1 0.9 1.1 1.0 1.0 0.9 10.2 150.4 55.8 38.3 16.9 22.7 19.5 19.0 7.7 12.5 16.3 8.1 2.1 5.1 3.5 3.0 3.3 2.8 2.9 2.2 2.5 2.1 4.4 3.4 2.6 1.8 7.1 1.9 1.8 4.8 1.9 1.0 1.6 5.2 1.5 1.1 1.0 1.5 1.3 1.3 1.0 1.0 1.2 1.1 0.9 0.9 1.0 14,797 158,390 14,708 13,893 56,937 53,361 42,538 91,273 25,956 13,121 19,347 189,064 30,852 70,655 15,106 15,190 47,106 297,300 57,611 22,090 119,700 34,567 34,770 16,743 31,763 150,773 102,549 19,927 26,309 21,848 14,486 81,806 40,338 97,254 15,119 18,264 37,625 121,877 21,175 28,106 14,196 62,603 32,423 16,294 45,334 13,820 19,586 56,347 1,067,214 65,603 36 613 230 363 2,716 2,686 2,245 7,148 3,431 1,827 3,142 34,092 5,906 14,003 3,175 3,597 12,602 82,900 17,906 7,867 43,837 13,087 13,530 6,756 13,603 72,998 54,448 11,166 15,004 12,781 8,482 49,277 24,435 62,269 10,599 12,926 26,867 90,523 16,695 22,734 11,532 52,338 27,489 14,405 41,046 12,965 18,983 55,899 1,091,932 75,782

* * * *

Choice Hotels Ltd Arora Hotels Ltd Churchill Gp. Ltd Ramside Hldgs. Ltd * Marston Hotels Ltd * * * * * Ramside Estates Ltd M F Wells (Hotels) Ltd Hilton Intl. Hotels (UK) Ltd L.5.1.N Ltd J.H. Leeke & Sons Ltd

See sections 6 & 7 for Analysis Notes and Definitions
4-32 Key Note Ltd

Performance League Tables

Sales / Fixed Assets
League Table Position

Recently Filed Accounts
10/11 09/10

Sales / Fixed Assets

Sales £’000 09/10

08/09

07/08

Fixed Assets £’000 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

Brook Hotels Ltd Manor House Hotel (Okehampton) Ltd L.R.G Hotels Ltd * Imperial London Hotels Ltd (The) Jarvis Hotels Ltd. Crieff Hydro Ltd * Bridgemere UK PLC North Brit. Trust Hotels Ltd Hastings Hotels Gp. Ltd Webb Hotels & Travel Ltd London Tara Hotel Ltd * Forestdale Hotels Ltd * Whitbread PLC Firmdale Hotels PLC Pennyhill Park Ltd Lomondo Ltd Strathmore Hotels Ltd * Travelodge Hotels Ltd F B M London Ltd * Premier Inn Hotels Ltd * M W B Gp. Hldgs. PLC * Britannia Hotels Ltd Leisureplex Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd Champneys Henlow Ltd


0.4 0.4 0.3

0.9 0.8 0.8 0.8 0.8 0.8 0.7 0.7 0.7 0.7 0.7 0.6 0.6 0.6 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3

1.3 0.8 0.9 0.8 0.8 0.8 0.4 0.7 0.7 0.8 0.7 0.6 0.6 0.6 0.6 0.6 0.5 0.5 0.5 0.3 0.5 0.4 0.7 0.6 0.5 0.4 0.1 0.5 0.4 0.2 0.5 0.3 0.4 0.3 0.4 0.4 0.3 0.4 0.4 0.3 0.3 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.3 0.3

1.3 0.8 0.8 0.8 0.8 0.7 0.4 0.9 0.8 0.9 0.7 0.7 0.6 0.5 0.6 0.6 0.5 0.4 0.5 2.1 0.4 0.4 0.7 0.5 0.5 0.3 0.4 0.2 0.3 0.4 0.3 0.4 0.4 0.5 0.4 0.3 0.4 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.4 0.3 0.3 0.2 0.3 0.3

16,061 14,175 175,643 61,155 119,135 16,788 62,788 23,962 32,864 14,140 24,012 26,171 1,407,925 50,556 15,731 25,843 13,913 294,400 14,408 44,958 284,299 52,249 13,765 41,228 30,954 31,586 23,088 35,579 28,370 25,474 13,100 465,127 23,477 26,523 14,186 58,347 250,700 16,393 125,999 654,000 31,841 12,357 243,387 41,660 28,701 22,204 25,937 34,224 15,658 116,728 26,430 198,612

18,833 17,113 212,970 76,869 155,619 22,090 88,300 33,837 46,713 20,387 35,400 41,809 2,310,700 84,928 26,597 45,480 25,699 548,600 27,426 86,347 559,466 103,465 27,767 84,488 63,592 70,347 53,607 82,769 66,101 60,600 32,199 1,163,059 60,289 72,605 39,514 168,980 734,600 48,150 373,074 1,975,900 97,141 39,019 776,359 137,229 98,679 77,030 90,718 120,216 55,379 414,536 94,423 726,407

* * * *

H L T Stakis S P E Ltd Pbn Hldgs. Ltd Gleneagles Hotels Ltd The Lancaster Landmark Hotel Co. Ltd Corus Hotels Ltd Lake District Hotels Ltd De Vere Venice Ltd Lanesborough Mgmt. Ltd Paragon Hotels Ltd Peel Hotels PLC

* * * *

Hand Picked Hotels Ltd * Q.M.H Ltd St. James Hotel Ltd * Macdonald Hotels Ltd Millennium & Copthorne Hotels PLC Centre Island Hotels Ltd Blackfriars Hotels Ltd Dorchester Gp. Ltd * Kew Green Hotels Ltd Morgans Hotel Gp. London Ltd Royal Garden Hotel Ltd St. James Court Hotel Ltd C.D.L Hotels (U.K.) Ltd ■ Jake Feather Hotels Ltd * Qhotels Gp. Ltd Prestmade Ltd * Guoman Hotel Hldgs. Ltd

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-33

Performance League Tables

Sales / Fixed Assets
League Table Position

Recently Filed Accounts
10/11 09/10

Sales / Fixed Assets

Sales £’000 09/10

08/09

07/08

Fixed Assets £’000 09/10

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 -

De Vere Wokefield Park Ltd De Vere Village Hotels & Leisure Ltd * B.D.L Select Hotels Ltd Andrew Brownsword Hotels Ltd Claridge’s Hotel Ltd London L.R.G Hotel Ltd Menzies Hotels Hldgs. Ltd Venice Antler 1 Ltd Kensington Close Hotel Ltd Hotel Inter-Continental London Ltd * Somerston Hotels UK Ltd The Berkeley Hotel Ltd Gloucester Capital Ltd * Doyle London Hotels Ltd Premier Inn Ltd Tonstate (Hotels) Ltd London Britannia Hotel Ltd Mandarin Oriental Hyde Park Ltd * Ritz Hotel (London) Ltd (The) Firoka (Kings Cross) Ltd * De Vere Venues Properties Ltd * Jurys Hotel Gp. (UK) Ltd * Edwardian Gp. Ltd * Pl Hotel Ltd Globalgrange Ltd Apex Hotels Ltd ■ Landmark Hotel London Ltd * Doyle Hotels (UK) Ltd The Westbury Hotel Ltd London May Fair Hotel Ltd The Cavendish Hotel (London) Ltd Malmaison & Hotel Du Vin Property Hldgs. Ltd * Longmint Gp. Ltd
■ Rocco Forte & Family Ltd * Yianis Hldgs. Ltd * Paramount Hotels Ltd * Puma Hotels PLC ■ Land Securities (Hotels) Ltd ■ ■ ■



0.3 0.2 0.2 -

0.3 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 ^ ^ ^ ^ ^ ^ 0.4

0.1 0.2 0.3 0.3 0.3 0.3 0.2 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.2 0.2 0.2 0.1 0.2 0.1 0.2 0.1 0.1 0.1 1.6 0.3 0.1 0.1 0.1 ^ ^ ^ ^ 0.4

0.2 0.3 0.2 0.3 0.2 0.1 0.2 0.2 0.2 0.2 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.2 0.2 0.1 0.2 0.2 0.2 0.1 0.1 0.1 0.0 1.5 0.5 0.1 0.1 0.1 ^ ^ ^ ^ 0.4

16,396 34,393 14,354 13,314 48,617 28,572 45,027 23,401 14,892 43,487 67,707 37,038 16,108 12,120 476,082 97,391 18,765 39,011 28,412 14,243 30,394 12,118 118,292 13,822 72,817 33,858 30,177 16,580 17,046 34,385 12,907 26,260 13,039 30,000 26,253 23,940 19,074 18,281

62,769 132,653 55,427 51,743 194,704 114,878 185,157 101,543 64,940 189,905 297,217 164,022 71,358 54,965 2,167,175 443,930 87,915 188,356 142,565 72,778 158,775 67,575 683,932 83,000 464,955 220,970 198,719 129,356 144,707 296,458 115,690 420,704 0 0 0 0 0 0

Riverbank Hotel Operator Ltd South Bank Hotel Mgmt. Co. Ltd Victoria Park Plaza Operator Ltd

Average of companies with 3 years data Total of companies selected

4,190,422

10,871,155

Average of companies with 3 years data Total of companies selected

0.4

0.4

0.4 4,190,422 10,871,155

See sections 6 & 7 for Analysis Notes and Definitions
4-34 Key Note Ltd

Performance League Tables

Stocks / Sales
League Table Position

Recently Filed Accounts
10/11 09/10

Stocks / Sales % 08/09 07/08

Stocks £’000 09/10

Sales £’000 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Arora Hotels Ltd * De Vere Venues Properties Ltd F B M London Ltd * Guoman Hotel Mgmt. (UK) Ltd Land Securities (Hotels) Ltd Malmaison & Hotel Du Vin Property Hldgs. Ltd * Marriott Hotels Ltd * Paramount Hotels Ltd * Puma Hotels PLC Accor UK Economy Hotels Ltd The Cumberland Guoman Ltd Premier Inn Ltd Thistle Barbican Tenant Ltd * Somerston Hotels UK Ltd * Pl Hotel Ltd * Guoman Hotel Hldgs. Ltd Kensington Close Hotel Ltd Park Hotel Heathrow Ltd Prestmade Ltd London Tara Hotel Ltd Lomar Hotel Co. Ltd C.D.L Hotels (U.K.) Ltd Gloucester Capital Ltd Firoka (Kings Cross) Ltd South Bank Hotel Mgmt. Co. Ltd * Festival Gp. Ltd The Cavendish Hotel (London) Ltd London L.R.G Hotel Ltd * The Lancaster Landmark Hotel Co. Ltd Hhr Piccadilly Ltd * Adda Hotels * Accor UK Bus. & Leisure Hotels Ltd Tonstate (Hotels) Ltd London Britannia Hotel Ltd Endell Gp. Hldgs. Ltd * Travelodge Hotels Ltd L.R.G Hotels Ltd * Kew Green Hotels Ltd Maple Hotels 1 Ltd * L.R.G Hotels Gp. (UK) Ltd G H Hotel Operating Co. Ltd Riverbank Hotel Operator Ltd * M F Wells (Hotels) Ltd Blackfriars Hotels Ltd Hotel Inter-Continental London Ltd Landmark Hotel London Ltd Centre Island Hotels Ltd * Edwardian Gp. Ltd * Corus Hotels Ltd Pennyhill Park Ltd


0.0 0.1 0.1 0.2 0.2 0.4 -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.1 0.2 0.1 0.2 0.2 0.1 0.2 0.2 0.2 0.1 0.2 0.1 0.2 0.3 0.3 0.2 0.2 0.1 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.4 1.1 0.3 0.4 0.3 0.5 0.4 0.4 0.5 0.6

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.1 0.2 0.1 0.2 0.2 0.1 0.2 0.1 0.2 0.2 0.2 0.2 0.2 1.5 0.3 0.2 0.2 0.4 0.3 0.3 0.3 0.4 0.3 0.3 0.3 0.3 0.4 0.4 0.3 1.3 0.3 0.4 0.4 0.7 0.4 0.4 2.4 0.6

0 0 0 0 0 0 0 0 0 74 27 404 15 82 21 302 23 29 43 43 35 62 32 31 45 241 32 72 82 64 366 590 304 61 1,000 1,000 598 145 329 137 217 91 77 51 183 128 140 558 122 80

62,603 30,394 14,408 15,119 26,253 26,260 158,390 13,039 30,000 119,700 42,538 476,082 13,121 67,707 13,822 198,612 14,892 18,264 26,430 24,012 19,347 34,224 16,108 14,243 19,074 97,254 12,907 28,572 28,370 21,848 121,877 189,064 97,391 18,765 297,300 294,400 175,643 41,660 91,273 37,625 57,611 23,940 19,586 12,357 43,487 30,177 31,841 118,292 25,474 15,731

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-35

Performance League Tables

Stocks / Sales
League Table Position

Recently Filed Accounts
10/11 09/10

Stocks / Sales % 08/09 07/08

Stocks £’000 09/10

Sales £’000 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

* Jurys Hotel Gp. (UK) Ltd ■ De Vere Wokefield Park Ltd ■ H L T Stakis S P E Ltd * Doyle London Hotels Ltd Rezidor Hotel Stansted Airport Ltd Morgans Hotel Gp. London Ltd * Premier Inn Hotels Ltd Curzon Hotels (Operator) Ltd London May Fair Hotel Ltd Rezidor Hotel Manchester Ltd Apex Hotels Ltd Webb Hotels & Travel Ltd Splendid Property Co. Ltd * Hotel Property Investors U.K. Ltd * Forestdale Hotels Ltd Millennium & Copthorne Hotels PLC Jarvis Hotels Ltd. Firmdale Hotels PLC St. James Hotel Ltd The Westbury Hotel Ltd


0.8 0.8 -

0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.9 0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.0 1.1 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.3

0.5 0.8 0.5 0.4 0.6 0.8 0.2 0.6 0.4 0.5 0.7 0.5 0.6 0.7 0.6 9.7 0.6 0.7 0.7 0.6 0.7 0.6 0.7 0.7 0.7 0.6 0.7 0.7 0.6 0.7 0.8 0.7 0.4 0.7 1.0 0.8 1.0 1.0 1.0 1.2 0.9 1.2 1.1 1.3 1.3 1.1 1.2 1.2 1.2 1.0 1.3 1.4

0.4 0.5 0.5 0.7 0.0 0.5 0.5 0.5 0.6 0.4 0.6 0.6 0.6 11.1 0.6 0.6 0.7 0.3 0.9 0.6 0.7 0.7 0.7 0.8 0.8 0.8 0.9 0.7 0.6 0.8 0.8 0.7 1.0 0.9 0.9 0.9 0.9 1.5 1.1 1.6 1.6 1.1 1.1 1.3 1.1 1.1 1.1 1.2

62 84 162 64 78 155 245 451 197 80 195 83 119 190 160 4,200 796 338 110 120 332 318 101 190 194 179 140 206 102 318 261 113 143 122 133 523 245 2,400 250 993 431 581 422 158 188 370 17,000 203 472 204 1,452 439

12,118 16,396 31,586 12,120 14,708 28,701 44,958 81,806 34,385 13,893 33,858 14,140 19,927 31,763 26,171 654,000 119,135 50,556 16,393 17,046 47,106 45,027 14,196 25,956 26,309 23,962 18,281 26,523 13,100 40,338 32,864 14,186 16,580 13,765 14,354 56,347 25,937 250,700 25,843 102,549 41,228 53,361 37,038 13,820 16,294 30,852 1,407,925 16,788 39,011 16,743 116,728 34,567

H L T Stakis Operator Ltd Menzies Hotels Hldgs. Ltd Choice Hotels Ltd Park Tower Hotel Ltd (The) Park Hotels Mgmt. Ltd

North Brit. Trust Hotels Ltd Victoria Park Plaza Operator Ltd * Paragon Hotels Ltd Lake District Hotels Ltd * Menzies Hotels Operating Ltd Hastings Hotels Gp. Ltd * Peel Hotels PLC * Doyle Hotels (UK) Ltd Leisureplex Ltd * B.D.L Select Hotels Ltd * Hilton Intl. Hotels (UK) Ltd St. James Court Hotel Ltd * Q.M.H Ltd Lomondo Ltd * Hilton Worldwide Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd Oxford Hotels & Inns Mgmt. Ltd The Berkeley Hotel Ltd * Ramside Estates Ltd Ramside Hldgs. Ltd * Percy R.Brend & Sons (Hoteliers) Ltd * Whitbread PLC Crieff Hydro Ltd Mandarin Oriental Hyde Park Ltd St Giles Hotel Ltd * Qhotels Gp. Ltd Chesterfield (Mayfair) Ltd

See sections 6 & 7 for Analysis Notes and Definitions
4-36 Key Note Ltd

Performance League Tables

Stocks / Sales
League Table Position

Recently Filed Accounts
10/11 09/10

Stocks / Sales % 08/09 07/08

Stocks £’000 09/10

Sales £’000 09/10

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 -

Venice Antler 1 Ltd Churchill Gp. Ltd * Marston Hotels Ltd Festival Inns Ltd Templeton Hldgs. Ltd * Shearings Hotels Ltd Strathmore Hotels Ltd The Park Lane Hotel Ltd


1.4 3.9 8.0 -

1.3 1.3 1.3 1.3 1.3 1.4 1.4 1.6 1.8 1.9 2.2 2.2 2.3 2.3 2.3 2.6 2.7 3.0 3.1 3.1 3.6 3.9 5.0 5.0 5.1 5.6 5.9 6.1 6.4 7.6 8.7 11.5 13.5 21.1 24.1 36.3 49.3 154.9 0.9

1.3 1.2 1.4 1.4 1.3 1.4 1.4 1.4 1.7 2.0 2.9 2.1 1.9 2.1 2.9 2.6 3.3 3.1 2.6 3.5 4.9 2.9 4.2 3.5 12.5 7.4 32.3 6.2 10.8 4.3 11.7 21.4 21.9 33.8 40.3 177.0 0.2 3.6 7.9 2.4

3.5 1.4 1.0 1.4 1.5 1.4 1.2 1.4 2.3 2.3 2.3 8.8 1.6 2.8 2.7 2.5 2.6 2.2 3.3 8.9 3.7 3.8 9.8 13.2 7.6 157.5 6.4 3.5 5.5 9.2 16.9 20.4 27.0 33.2 88.0 0.3 3.4 11.5 2.7

299 415 581 191 198 974 194 363 233 272 741 347 1,105 3,429 547 365 844 7,187 689 873 585 2,249 1,731 14,306 23,936 4,105 3,064 3,818 1,828 2,706 10,979 2,427 144,238 3,202 14,735 23,824 28,058 35,770 -

23,401 32,423 45,334 14,797 15,106 70,655 13,913 22,090 13,314 14,486 34,393 15,658 48,617 150,773 23,477 14,175 30,954 243,387 22,204 28,106 16,061 58,347 34,770 284,299 465,127 72,817 52,249 62,788 28,412 35,579 125,999 21,175 1,067,214 15,190 61,155 65,603 56,937 23,088 -



Andrew Brownsword Hotels Ltd Comojo (U.K.) Ltd De Vere Village Hotels & Leisure Ltd Jake Feather Hotels Ltd Claridge’s Hotel Ltd

* De Vere Village Trading No 1 Ltd * Lanesborough Mgmt. Ltd Manor House Hotel (Okehampton) Ltd Champneys Henlow Ltd Dorchester Gp. Ltd Royal Garden Hotel Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd Brook Hotels Ltd Hand Picked Hotels Ltd * Deckers Restaurants Ltd * M W B Gp. Hldgs. PLC * De Vere Venice Ltd Globalgrange Ltd * Britannia Hotels Ltd * Bridgemere UK PLC * * * * * * * * * * Ritz Hotel (London) Ltd (The) Gleneagles Hotels Ltd Macdonald Hotels Ltd The Barton Grange Gp. Ltd L.5.1.N Ltd J.Townend & Sons (Hull) Ltd Imperial London Hotels Ltd (The) J.H. Leeke & Sons Ltd Quintain Estates & Development PLC Pbn Hldgs. Ltd

* Yianis Hldgs. Ltd ■ Rocco Forte & Family Ltd * Longmint Gp. Ltd

Average of companies with 3 years data Total of companies selected

35,886

4,190,422

Average of companies with 3 years data Total of companies selected

0.9

2.4

2.7 35,886 4,190,422

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-37

Performance League Tables

Debtor Days Outstanding
League Table Position

Recently Filed Accounts
10/11

Debtor Days Outstanding

Debtors £’000 09/10

Sales £’000 09/10

09/10

08/09

07/08

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 * Guoman Hotel Mgmt. (UK) Ltd Malmaison & Hotel Du Vin Property Hldgs. Ltd * Paramount Hotels Ltd * De Vere Venues Properties Ltd * Puma Hotels PLC * Marriott Hotels Ltd London Tara Hotel Ltd * M F Wells (Hotels) Ltd C.D.L Hotels (U.K.) Ltd * Festival Gp. Ltd * Shearings Hotels Ltd London Britannia Hotel Ltd Choice Hotels Ltd Lake District Hotels Ltd ■ Templeton Hldgs. Ltd Manor House Hotel (Okehampton) Ltd Crieff Hydro Ltd Leisureplex Ltd Firmdale Hotels PLC Strathmore Hotels Ltd Endell Gp. Hldgs. Ltd * Travelodge Hotels Ltd Accor UK Economy Hotels Ltd Premier Inn Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd North Brit. Trust Hotels Ltd * Percy R.Brend & Sons (Hoteliers) Ltd Festival Inns Ltd Blackfriars Hotels Ltd Chesterfield (Mayfair) Ltd Hand Picked Hotels Ltd Andrew Brownsword Hotels Ltd Champneys Henlow Ltd * Britannia Hotels Ltd * Forestdale Hotels Ltd H L T Stakis S P E Ltd Prestmade Ltd * Pbn Hldgs. Ltd * Ritz Hotel (London) Ltd (The) * Kew Green Hotels Ltd * Somerston Hotels UK Ltd ■ H L T Stakis Operator Ltd * L.R.G Hotels Gp. (UK) Ltd * Hilton Intl. Hotels (UK) Ltd * De Vere Village Trading No 1 Ltd St. James Hotel Ltd * Adda Hotels Ramside Hldgs. Ltd The Westbury Hotel Ltd ■ Jake Feather Hotels Ltd


0 2 3 9 -

0 0 0 0 0 0 1 1 1 1 1 2 2 2 2 2 3 3 4 4 4 4 5 5 5 5 6 7 8 8 8 8 8 8 8 9 9 10 10 10 10 10 10 11 11 11 11 11 11 11

0 0 0 0 0 14 2 1 2 1 2 3 1 2 2 2 6 30 4 3 6 9 3 8 7 9 6 8 7 8 11 9 8 6 10 13 9 12 8 12 9 15 10 12 12 11 15 14 10 -

0 0 4 52 2 19 1 1 3 2 1 4 3 4 1 2 30 6 10 12 17 4 9 5 10 6 8 13 9 16 11 1 11 12 16 6 11 13 10 9 27 12 13 19 21 9 -

0 0 0 0 0 0 56 50 106 303 281 90 69 68 96 94 150 130 537 148 3,600 3,600 1,646 6,547 398 347 505 300 266 749 1,287 294 693 1,177 603 788 684 601 761 1,122 1,846 1,286 1,078 1,622 4,445 487 3,640 488 517 475

15,119 26,260 13,039 30,394 30,000 158,390 24,012 19,586 34,224 97,254 70,655 18,765 14,196 13,100 15,106 14,175 16,788 13,765 50,556 13,913 297,300 294,400 119,700 476,082 28,106 23,962 30,852 14,797 12,357 34,567 58,347 13,314 30,954 52,249 26,171 31,586 26,430 23,088 28,412 41,660 67,707 47,106 37,625 56,347 150,773 16,393 121,877 16,294 17,046 15,658

See sections 6 & 7 for Analysis Notes and Definitions
4-38 Key Note Ltd

Performance League Tables

Debtor Days Outstanding
League Table Position

Recently Filed Accounts
10/11

Debtor Days Outstanding

Debtors £’000 09/10

Sales £’000 09/10

09/10

08/09

07/08

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

F B M London Ltd L.R.G Hotels Ltd Menzies Hotels Hldgs. Ltd * Doyle London Hotels Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd Morgans Hotel Gp. London Ltd * L.5.1.N Ltd Comojo (U.K.) Ltd Maple Hotels 1 Ltd * J.H. Leeke & Sons Ltd * Paragon Hotels Ltd * Ramside Estates Ltd * Peel Hotels PLC Webb Hotels & Travel Ltd * Whitbread PLC * Q.M.H Ltd * Menzies Hotels Operating Ltd De Vere Village Hotels & Leisure Ltd Splendid Property Co. Ltd ■ Landmark Hotel London Ltd Centre Island Hotels Ltd * Hilton Worldwide Ltd The Cavendish Hotel (London) Ltd Pennyhill Park Ltd * Pl Hotel Ltd Rezidor Hotel Stansted Airport Ltd London May Fair Hotel Ltd Globalgrange Ltd * The Barton Grange Gp. Ltd * Macdonald Hotels Ltd Millennium & Copthorne Hotels PLC * M W B Gp. Hldgs. PLC Hhr Piccadilly Ltd * Lanesborough Mgmt. Ltd Apex Hotels Ltd Jarvis Hotels Ltd. * Gleneagles Hotels Ltd Thistle Barbican Tenant Ltd The Berkeley Hotel Ltd * Doyle Hotels (UK) Ltd * Deckers Restaurants Ltd * Marston Hotels Ltd Brook Hotels Ltd Hotel Inter-Continental London Ltd * De Vere Venice Ltd Royal Garden Hotel Ltd * Edwardian Gp. Ltd Venice Antler 1 Ltd Hastings Hotels Gp. Ltd Tonstate (Hotels) Ltd Gloucester Capital Ltd Park Hotels Mgmt. Ltd

30 12 19 -

12 12 12 12 12 12 12 12 12 12 12 13 13 13 13 13 13 13 13 13 13 13 14 14 14 14 15 16 16 16 16 16 17 17 17 17 17 17 18 18 18 18 19 19 19 19 19 19 20 20 20 20

12 12 13 16 13 11 4 17 16 11 17 14 15 10 17 14 16 17 11 60 21 10 28 13 15 18 25 18 20 17 12 11 17 16 39 27 14 14 9 22 13 20 23 24 17 24 27 19 24 18

14 14 22 13 17 12 9 24 13 16 22 15 15 10 19 22 16 17 13 45 15 15 22 15 25 25 28 20 20 14 17 17 15 21 29 18 29 25 17 27 19 23 24 33 26 40 29 43 26 20

457 5,580 1,435 387 1,319 929 34,987 477 3,062 2,203 892 482 500 499 49,700 8,900 1,435 1,234 719 1,101 1,169 3,768 482 592 526 578 1,426 3,111 924 5,506 28,700 12,566 1,002 1,084 1,592 5,650 1,692 627 1,784 817 1,735 2,275 822 2,254 24,178 1,170 6,257 1,250 1,771 5,339 884 1,456

14,408 175,643 45,027 12,120 41,228 28,701 1,067,214 14,486 91,273 65,603 26,523 13,820 14,186 14,140 1,407,925 250,700 40,338 34,393 19,927 30,177 31,841 102,549 12,907 15,731 13,822 14,708 34,385 72,817 21,175 125,999 654,000 284,299 21,848 23,477 33,858 119,135 35,579 13,121 37,038 16,580 34,770 45,334 16,061 43,487 465,127 22,204 118,292 23,401 32,864 97,391 16,108 26,309

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-39

Performance League Tables

Debtor Days Outstanding
League Table Position

Recently Filed Accounts
10/11

Debtor Days Outstanding

Debtors £’000 09/10

Sales £’000 09/10

09/10

08/09

07/08

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 -

Victoria Park Plaza Operator Ltd * Accor UK Bus. & Leisure Hotels Ltd Dorchester Gp. Ltd Riverbank Hotel Operator Ltd St Giles Hotel Ltd South Bank Hotel Mgmt. Co. Ltd London L.R.G Hotel Ltd Curzon Hotels (Operator) Ltd * Jurys Hotel Gp. (UK) Ltd Arora Hotels Ltd Lomondo Ltd * Corus Hotels Ltd * Qhotels Gp. Ltd Churchill Gp. Ltd Oxford Hotels & Inns Mgmt. Ltd Rezidor Hotel Manchester Ltd * The Lancaster Landmark Hotel Co. Ltd * B.D.L Select Hotels Ltd Firoka (Kings Cross) Ltd St. James Court Hotel Ltd ■ De Vere Wokefield Park Ltd * Guoman Hotel Hldgs. Ltd * Hotel Property Investors U.K. Ltd Claridge’s Hotel Ltd Lomar Hotel Co. Ltd * Bridgemere UK PLC Kensington Close Hotel Ltd The Cumberland Guoman Ltd G H Hotel Operating Co. Ltd The Park Lane Hotel Ltd Park Hotel Heathrow Ltd * Imperial London Hotels Ltd (The) Mandarin Oriental Hyde Park Ltd Park Tower Hotel Ltd (The) * J.Townend & Sons (Hull) Ltd * Quintain Estates & Development PLC * Premier Inn Hotels Ltd Land Securities (Hotels) Ltd
■ Rocco Forte & Family Ltd * Yianis Hldgs. Ltd * Longmint Gp. Ltd

13 24 30 32 -

20 21 21 21 21 22 22 22 22 22 23 23 23 23 23 24 25 25 26 26 27 27 27 27 27 27 29 30 30 31 33 34 34 40 46 62 69 71 14

22 21 22 18 24 21 19 25 26 28 19 17 27 19 25 15 8 13 26 26 99 29 20 40 30 59 26 33 31 38 32 40 28 44 47 32 46 98 11 18 45 16

25 19 30 35 29 169 21 22 22 28 19 19 32 21 18 23 24 28 25 30 25 33 26 28 24 33 38 45 34 36 26 50 47 212 2 36 12 16 43 19

1,012 10,675 13,782 1,357 973 1,126 1,690 4,883 725 3,848 1,596 1,579 7,292 2,042 3,388 914 1,957 995 1,005 1,874 1,192 14,445 2,312 3,623 1,445 4,712 1,173 3,464 4,708 1,877 1,645 5,684 3,654 2,875 1,910 9,695 8,549 5,074 -

18,281 189,064 243,387 23,940 16,743 19,074 28,572 81,806 12,118 62,603 25,843 25,474 116,728 32,423 53,361 13,893 28,370 14,354 14,243 25,937 16,396 198,612 31,763 48,617 19,347 62,788 14,892 42,538 57,611 22,090 18,264 61,155 39,011 25,956 15,190 56,937 44,958 26,253 -

Average of companies with 3 years data Total of companies selected

165,751

4,190,422

Average of companies with 3 years data Total of companies selected

14

16

19 165,751 4,190,422

See sections 6 & 7 for Analysis Notes and Definitions
4-40 Key Note Ltd

Performance League Tables

Current Ratio
League Table Position

Recently Filed Accounts
10/11 09/10

Current Ratio

08/09

07/08

Current Assets £’000 09/10

Current Liabilities £’000 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Splendid Property Co. Ltd * Gleneagles Hotels Ltd Rezidor Hotel Manchester Ltd London Tara Hotel Ltd * Jurys Hotel Gp. (UK) Ltd The Berkeley Hotel Ltd Claridge’s Hotel Ltd Firmdale Hotels PLC * Pbn Hldgs. Ltd The Park Lane Hotel Ltd * Imperial London Hotels Ltd (The) Comojo (U.K.) Ltd * Lanesborough Mgmt. Ltd Rezidor Hotel Stansted Airport Ltd * De Vere Venues Properties Ltd * Travelodge Hotels Ltd The Cavendish Hotel (London) Ltd Prestmade Ltd Andrew Brownsword Hotels Ltd Mandarin Oriental Hyde Park Ltd F B M London Ltd L.R.G Hotels Ltd * Bridgemere UK PLC Lomar Hotel Co. Ltd Blackfriars Hotels Ltd * Accor UK Bus. & Leisure Hotels Ltd Chesterfield (Mayfair) Ltd * Quintain Estates & Development PLC * J.H. Leeke & Sons Ltd St Giles Hotel Ltd Tonstate (Hotels) Ltd * Somerston Hotels UK Ltd Accor UK Economy Hotels Ltd * Hotel Property Investors U.K. Ltd Hhr Piccadilly Ltd * The Barton Grange Gp. Ltd St. James Hotel Ltd * J.Townend & Sons (Hull) Ltd * Premier Inn Hotels Ltd Dorchester Gp. Ltd H L T Stakis S P E Ltd Firoka (Kings Cross) Ltd * M F Wells (Hotels) Ltd Strathmore Hotels Ltd * Edwardian Gp. Ltd * Ramside Estates Ltd * Ritz Hotel (London) Ltd (The) * B.D.L Select Hotels Ltd Ramside Hldgs. Ltd Lomondo Ltd


17.56 1.78 1.80 -

31.66 15.69 15.45 13.97 12.76 9.88 8.35 5.11 4.89 4.20 3.76 3.63 3.45 3.23 2.96 2.93 2.89 2.79 2.64 2.56 2.48 2.41 2.39 2.35 2.33 2.32 2.31 2.29 2.13 2.07 1.83 1.83 1.79 1.74 1.72 1.71 1.63 1.59 1.45 1.39 1.30 1.27 1.25 1.21 1.19 1.18 1.16 1.13 1.10 1.07

36.44 2.45 11.86 11.85 16.08 7.07 5.95 6.68 7.62 4.17 1.85 0.83 0.19 3.61 1.90 3.02 1.14 2.37 4.14 2.26 2.23 2.68 5.56 1.27 1.84 1.78 1.78 1.10 1.54 2.38 1.22 1.59 1.56 4.61 1.99 0.99 2.55 1.59 1.57 1.71 1.06 0.92 0.96 0.70 1.15 2.12 0.96 1.86 1.07 0.91

32.31 2.46 10.66 0.42 28.89 6.63 6.38 4.91 5.11 2.64 2.17 3.52 0.38 2.46 1.67 3.25 1.20 1.94 5.82 1.98 1.37 0.12 6.20 2.95 2.16 1.50 1.63 1.91 1.47 2.08 1.36 1.19 1.02 2.07 2.41 1.04 1.41 1.51 2.12 1.54 0.96 1.35 0.59 1.24 2.12 0.75 1.06 1.23

117,008 223,685 25,797 30,661 38,669 59,020 99,440 50,917 56,286 19,205 50,091 6,369 12,470 5,705 18,616 508,300 4,615 29,624 6,870 16,777 6,879 905,443 56,614 5,208 3,893 187,338 6,813 91,210 31,950 14,114 32,426 12,130 112,450 19,469 11,491 6,437 2,761 5,506 1,033,987 142,460 39,380 9,202 4,528 2,165 31,853 4,459 6,202 2,587 4,629 10,329

3,696 14,258 1,670 2,195 3,030 5,975 11,909 9,965 11,506 4,572 13,328 1,755 3,619 1,765 6,288 173,700 1,595 10,619 2,600 6,550 2,772 375,147 23,693 2,213 1,673 80,759 2,954 39,809 15,028 6,820 17,706 6,634 62,915 11,158 6,681 3,760 1,696 3,453 712,438 102,689 30,182 7,226 3,627 1,782 26,758 3,769 5,348 2,293 4,216 9,671

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-41

Performance League Tables

Current Ratio
League Table Position

Recently Filed Accounts
10/11 09/10

Current Ratio

08/09

07/08

Current Assets £’000 09/10

Current Liabilities £’000 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

Millennium & Copthorne Hotels PLC South Bank Hotel Mgmt. Co. Ltd * De Vere Venice Ltd Oxford Hotels & Inns Mgmt. Ltd * Deckers Restaurants Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd * Shearings Hotels Ltd North Brit. Trust Hotels Ltd * Hilton Worldwide Ltd Endell Gp. Hldgs. Ltd Jarvis Hotels Ltd. Landmark Hotel London Ltd * Corus Hotels Ltd Lake District Hotels Ltd Victoria Park Plaza Operator Ltd


0.69 1.53 0.16 0.51 0.34 -

1.05 1.02 1.00 0.96 0.94 0.93 0.93 0.90 0.88 0.86 0.84 0.84 0.80 0.80 0.78 0.78 0.77 0.77 0.76 0.74 0.73 0.73 0.71 0.68 0.67 0.65 0.64 0.63 0.62 0.62 0.62 0.58 0.58 0.58 0.56 0.54 0.54 0.49 0.48 0.47 0.47 0.45 0.43 0.43 0.42 0.40 0.40 0.39 0.38 0.35 0.35 0.32

1.40 1.02 0.92 0.93 0.44 0.96 0.70 0.51 0.87 0.82 0.92 0.05 0.51 0.71 1.28 1.29 0.82 0.78 1.24 1.33 0.03 0.72 0.50 0.44 0.62 0.57 0.19 0.79 0.68 0.42 0.52 0.84 1.73 0.48 0.54 0.60 0.54 0.90 0.38 0.44 0.44 0.22 0.27 0.35 0.48 0.17 0.05 0.26 0.29 0.58 0.27

1.22 1.00 0.97 0.94 0.48 0.69 0.65 0.94 0.83 0.97 0.81 0.10 0.27 0.49 1.35 1.28 1.06 0.90 1.24 1.11 0.32 0.83 0.73 0.38 0.55 0.62 0.73 1.87 0.38 0.47 0.85 1.05 0.44 0.64 0.54 0.54 0.92 0.26 0.28 0.52 1.73 1.62 0.49 0.48 0.16 0.14 0.92 0.09 0.71 0.42

269,500 5,047 80,948 11,441 4,183 9,388 8,030 6,013 173,971 89,900 37,258 4,970 49,595 3,627 6,694 31,342 8,841 10,604 79,757 33,897 3,937 10,183 4,820 59,747 1,241 13,871 2,207 65,805 10,656 9,439 22,698 78,744 39,393 33,530 109,751 75,460 16,106 1,507 4,898 61,939 166,700 11,878 2,598 10,528 3,937 12,089 122,442 4,372 55,200 29,621 17,859 3,284

256,900 4,956 81,027 11,874 4,431 10,086 8,639 6,717 197,900 104,800 44,119 5,928 62,090 4,550 8,538 40,256 11,492 13,795 105,367 45,568 5,397 13,992 6,743 87,709 1,840 21,388 3,437 104,331 17,184 15,260 36,843 134,926 67,513 57,482 196,384 138,551 29,675 3,104 10,190 130,668 358,000 26,633 5,983 24,721 9,353 29,987 307,054 11,175 144,000 83,480 51,508 10,335

Curzon Hotels (Operator) Ltd * Marriott Hotels Ltd Park Tower Hotel Ltd (The) * Marston Hotels Ltd * Guoman Hotel Hldgs. Ltd London May Fair Hotel Ltd * Puma Hotels PLC Brook Hotels Ltd * Adda Hotels Leisureplex Ltd
■ H L T Stakis Operator Ltd * Forestdale Hotels Ltd * M W B Gp. Hldgs. PLC Centre Island Hotels Ltd Hand Picked Hotels Ltd

* Britannia Hotels Ltd * L.R.G Hotels Gp. (UK) Ltd * De Vere Village Trading No 1 Ltd Globalgrange Ltd * Paramount Hotels Ltd * Menzies Hotels Operating Ltd G H Hotel Operating Co. Ltd Webb Hotels & Travel Ltd The Westbury Hotel Ltd London L.R.G Hotel Ltd * Whitbread PLC * Qhotels Gp. Ltd Pennyhill Park Ltd * Pl Hotel Ltd St. James Court Hotel Ltd The Cumberland Guoman Ltd Malmaison & Hotel Du Vin Property Hldgs. Ltd Champneys Henlow Ltd * Q.M.H Ltd Hotel Inter-Continental London Ltd Maple Hotels 1 Ltd Riverbank Hotel Operator Ltd

See sections 6 & 7 for Analysis Notes and Definitions
4-42 Key Note Ltd

Performance League Tables

Current Ratio
League Table Position

Recently Filed Accounts
10/11 09/10

Current Ratio

08/09

07/08

Current Assets £’000 09/10

Current Liabilities £’000 09/10

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 -

* Blackpool Pleasure Beach (Hldgs.) Ltd Templeton Hldgs. Ltd * Peel Hotels PLC * L.5.1.N Ltd * Guoman Hotel Mgmt. (UK) Ltd Jake Feather Hotels Ltd Arora Hotels Ltd Kensington Close Hotel Ltd Park Hotel Heathrow Ltd Park Hotels Mgmt. Ltd Hastings Hotels Gp. Ltd Crieff Hydro Ltd * Percy R.Brend & Sons (Hoteliers) Ltd Festival Inns Ltd Morgans Hotel Gp. London Ltd Manor House Hotel (Okehampton) Ltd Gloucester Capital Ltd Churchill Gp. Ltd De Vere Village Hotels & Leisure Ltd Choice Hotels Ltd Thistle Barbican Tenant Ltd Apex Hotels Ltd Royal Garden Hotel Ltd * Doyle London Hotels Ltd * The Lancaster Landmark Hotel Co. Ltd ■ De Vere Wokefield Park Ltd * Hilton Intl. Hotels (UK) Ltd London Britannia Hotel Ltd * Macdonald Hotels Ltd Venice Antler 1 Ltd Menzies Hotels Hldgs. Ltd * Festival Gp. Ltd * Doyle Hotels (UK) Ltd * Kew Green Hotels Ltd * Paragon Hotels Ltd C.D.L Hotels (U.K.) Ltd Land Securities (Hotels) Ltd Premier Inn Ltd
■ Rocco Forte & Family Ltd * Longmint Gp. Ltd * Yianis Hldgs. Ltd

0.60 0.16 0.11 -

0.31 0.30 0.28 0.25 0.25 0.24 0.24 0.22 0.22 0.20 0.20 0.18 0.18 0.18 0.18 0.17 0.17 0.17 0.15 0.14 0.12 0.10 0.10 0.10 0.09 0.09 0.08 0.08 0.08 0.08 0.06 0.06 0.06 0.05 0.04 0.03 0.02 0.01 0.51

0.42 0.45 0.32 0.69 1.85 0.22 0.39 0.34 0.22 0.20 0.19 0.23 0.46 3.09 0.13 0.19 0.14 0.15 0.14 0.18 0.10 0.07 0.08 0.49 0.05 0.07 0.37 0.46 0.73 0.02 0.29 0.09 0.05 0.02 0.07 0.09 0.01 0.91 0.83 0.75 0.47

0.57 0.00 1.16 0.09 1.21 0.40 0.53 0.68 0.46 0.19 0.07 0.30 0.81 5.13 0.12 0.05 0.12 0.86 0.16 0.18 0.28 0.96 0.15 1.39 0.10 0.40 0.46 0.89 0.05 0.35 0.07 0.06 0.35 0.05 0.05 0.01 1.14 0.99 1.08 0.33

4,461 859 1,445 590,684 2,833 1,667 15,526 1,450 4,865 7,682 4,659 919 1,146 2,096 18,043 830 4,347 16,325 25,664 434 1,376 3,292 6,715 801 4,215 11,438 202,976 761 25,918 7,087 16,427 3,613 9,226 6,757 3,332 2,812 5,394 26,801 -

14,585 2,824 5,204 2,321,336 11,233 6,823 66,039 6,452 22,527 37,850 22,992 5,015 6,277 11,499 102,666 4,812 25,850 97,308 167,602 3,178 11,209 33,598 69,286 8,329 45,311 130,642 2,668,275 10,076 343,250 94,295 264,286 58,284 160,431 146,540 74,631 84,491 326,462 1,937,179 -

Average of companies with 3 years data Total of companies selected

2,743,391

5,378,355

Average of companies with 3 years data Total of companies selected

0.51

0.47

0.33 2,743,391 5,378,355

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-43

Performance League Tables

Quick Ratio (Acid Test)
League Table Position

Recently Filed Accounts
10/11

Quick Ratio (Acid Test)

09/10

08/09

07/08

Quick Assets £’000 09/10

Current Liabilities £’000 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Splendid Property Co. Ltd * Gleneagles Hotels Ltd Rezidor Hotel Manchester Ltd London Tara Hotel Ltd * Jurys Hotel Gp. (UK) Ltd The Berkeley Hotel Ltd Claridge’s Hotel Ltd Firmdale Hotels PLC The Park Lane Hotel Ltd Comojo (U.K.) Ltd * Lanesborough Mgmt. Ltd Rezidor Hotel Stansted Airport Ltd * De Vere Venues Properties Ltd * Travelodge Hotels Ltd The Cavendish Hotel (London) Ltd Prestmade Ltd * Imperial London Hotels Ltd (The) Andrew Brownsword Hotels Ltd Mandarin Oriental Hyde Park Ltd F B M London Ltd L.R.G Hotels Ltd Lomar Hotel Co. Ltd * Accor UK Bus. & Leisure Hotels Ltd Blackfriars Hotels Ltd * Bridgemere UK PLC Chesterfield (Mayfair) Ltd St Giles Hotel Ltd * Somerston Hotels UK Ltd Tonstate (Hotels) Ltd Accor UK Economy Hotels Ltd * Pbn Hldgs. Ltd * Hotel Property Investors U.K. Ltd Hhr Piccadilly Ltd * Quintain Estates & Development PLC St. James Hotel Ltd * Premier Inn Hotels Ltd Dorchester Gp. Ltd ■ H L T Stakis S P E Ltd Firoka (Kings Cross) Ltd * M F Wells (Hotels) Ltd * Edwardian Gp. Ltd * Ramside Estates Ltd Strathmore Hotels Ltd * B.D.L Select Hotels Ltd * The Barton Grange Gp. Ltd Ramside Hldgs. Ltd Lomondo Ltd Millennium & Copthorne Hotels PLC South Bank Hotel Mgmt. Co. Ltd Oxford Hotels & Inns Mgmt. Ltd 17.35 1.77 1.75 31.63 15.50 15.40 13.95 12.74 9.81 8.26 5.08 4.12 3.47 3.29 3.19 2.96 2.92 2.87 2.79 2.65 2.55 2.49 2.48 2.41 2.34 2.31 2.30 2.23 2.16 2.04 1.82 1.81 1.79 1.78 1.73 1.71 1.59 1.56 1.45 1.32 1.30 1.27 1.23 1.17 1.14 1.11 1.07 1.07 1.05 1.04 1.03 1.01 0.91 36.40 2.42 11.82 11.83 16.05 7.01 5.87 6.63 4.10 0.81 0.18 3.55 1.90 3.02 1.13 2.36 1.21 4.09 2.18 2.23 2.68 1.26 1.77 1.83 4.63 1.63 2.34 1.58 1.21 1.56 2.93 4.55 1.98 0.53 2.48 1.57 1.61 1.06 0.92 0.94 1.14 2.07 0.63 1.81 0.63 1.02 0.88 1.12 1.00 0.88 32.28 2.45 10.63 0.40 28.85 6.55 6.27 4.89 2.61 3.42 0.37 2.42 1.67 3.25 1.20 1.93 1.56 5.78 1.93 1.37 0.12 2.94 1.49 2.13 2.55 1.51 2.03 1.18 1.35 1.02 1.14 2.05 2.40 1.55 1.38 2.12 1.46 0.95 1.33 1.22 2.07 0.54 0.93 1.01 1.20 0.91 0.99 0.87 116,889 220,979 25,717 30,618 38,607 58,598 98,335 50,579 18,842 6,097 11,923 5,627 18,616 507,300 4,583 29,581 35,356 6,637 16,305 6,879 904,845 5,173 186,748 3,842 52,796 6,374 13,910 12,048 32,122 112,376 20,516 19,279 11,427 63,152 2,651 1,033,742 135,273 39,218 9,171 4,451 31,295 4,301 1,971 2,454 4,010 4,441 10,079 265,300 5,002 10,860 3,696 14,258 1,670 2,195 3,030 5,975 11,909 9,965 4,572 1,755 3,619 1,765 6,288 173,700 1,595 10,619 13,328 2,600 6,550 2,772 375,147 2,213 80,759 1,673 23,693 2,954 6,820 6,634 17,706 62,915 11,506 11,158 6,681 39,809 1,696 712,438 102,689 30,182 7,226 3,627 26,758 3,769 1,782 2,293 3,760 4,216 9,671 256,900 4,956 11,874

See sections 6 & 7 for Analysis Notes and Definitions
4-44 Key Note Ltd

Performance League Tables

Quick Ratio (Acid Test)
League Table Position

Recently Filed Accounts
10/11

Quick Ratio (Acid Test)

09/10

08/09

07/08

Quick Assets £’000 09/10

Current Liabilities £’000 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

Hotel Mgmt. Intl. (Hldgs.) Ltd * Hilton Worldwide Ltd North Brit. Trust Hotels Ltd Endell Gp. Hldgs. Ltd Jarvis Hotels Ltd. * Ritz Hotel (London) Ltd (The) ■ Landmark Hotel London Ltd * Shearings Hotels Ltd * Corus Hotels Ltd Lake District Hotels Ltd * Marriott Hotels Ltd Victoria Park Plaza Operator Ltd Curzon Hotels (Operator) Ltd Park Tower Hotel Ltd (The) * Marston Hotels Ltd * Guoman Hotel Hldgs. Ltd * Puma Hotels PLC * De Vere Venice Ltd London May Fair Hotel Ltd * Adda Hotels * J.Townend & Sons (Hull) Ltd ■ H L T Stakis Operator Ltd Brook Hotels Ltd Centre Island Hotels Ltd Leisureplex Ltd * * * * * Forestdale Hotels Ltd L.R.G Hotels Gp. (UK) Ltd Paramount Hotels Ltd Deckers Restaurants Ltd Menzies Hotels Operating Ltd

1.51 0.58 0.16 0.37 0.34 -

0.89 0.87 0.87 0.85 0.83 0.82 0.82 0.82 0.80 0.77 0.77 0.77 0.77 0.75 0.75 0.74 0.73 0.70 0.69 0.68 0.67 0.63 0.63 0.61 0.61 0.60 0.58 0.56 0.55 0.54 0.54 0.54 0.53 0.53 0.51 0.49 0.47 0.47 0.47 0.46 0.43 0.42 0.42 0.40 0.40 0.39 0.39 0.37 0.35 0.34 0.32 0.31

0.92 0.86 0.49 0.81 0.90 0.67 0.62 0.05 0.49 1.29 0.68 1.26 0.81 0.77 1.23 0.03 0.74 1.31 0.50 0.77 0.59 0.60 0.78 0.41 0.52 0.51 0.48 0.24 0.54 0.28 0.58 0.35 0.78 1.36 0.16 0.37 0.50 0.88 0.52 0.27 0.22 0.38 0.48 0.17 0.32 0.39 0.25 0.28 0.57 0.03 0.27

0.66 0.81 0.92 0.96 0.79 0.49 0.57 0.09 0.25 1.28 0.47 1.33 1.04 0.89 1.23 0.32 0.70 1.09 0.72 0.77 0.70 0.72 0.35 0.52 0.46 0.44 0.29 0.63 0.38 0.51 0.30 0.55 0.73 0.54 0.26 1.56 0.91 0.51 1.61 1.72 0.26 0.48 0.16 0.47 0.48 0.89 0.09 0.69 0.13 0.41

8,957 172,978 5,834 88,900 36,462 4,374 4,842 7,056 49,473 3,525 8,841 6,554 30,891 10,414 79,176 33,595 10,183 57,012 3,740 59,381 2,304 13,539 4,235 10,516 1,119 2,047 78,607 109,751 2,452 75,142 8,126 15,889 19,634 35,964 29,425 51,499 61,867 7,190 4,778 1,424 10,507 2,518 149,700 12,062 122,442 3,692 10,426 52,800 29,438 17,530 3,528 3,193

10,086 197,900 6,717 104,800 44,119 5,348 5,928 8,639 62,090 4,550 11,492 8,538 40,256 13,795 105,367 45,568 13,992 81,027 5,397 87,709 3,453 21,388 6,743 17,184 1,840 3,437 134,926 196,384 4,431 138,551 15,028 29,675 36,843 67,513 57,482 104,331 130,668 15,260 10,190 3,104 24,721 5,983 358,000 29,987 307,054 9,353 26,633 144,000 83,480 51,508 11,175 10,335

* J.H. Leeke & Sons Ltd G H Hotel Operating Co. Ltd * Britannia Hotels Ltd * De Vere Village Trading No 1 Ltd Globalgrange Ltd * M W B Gp. Hldgs. PLC London L.R.G Hotel Ltd Hand Picked Hotels Ltd The Westbury Hotel Ltd Webb Hotels & Travel Ltd * Pl Hotel Ltd Pennyhill Park Ltd * Whitbread PLC The Cumberland Guoman Ltd Malmaison & Hotel Du Vin Property Hldgs. Ltd St. James Court Hotel Ltd * Qhotels Gp. Ltd * Q.M.H Ltd Hotel Inter-Continental London Ltd Maple Hotels 1 Ltd Champneys Henlow Ltd Riverbank Hotel Operator Ltd

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-45

Performance League Tables

Quick Ratio (Acid Test)
League Table Position

Recently Filed Accounts
10/11

Quick Ratio (Acid Test)

09/10

08/09

07/08

Quick Assets £’000 09/10

Current Liabilities £’000 09/10

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 -

* Peel Hotels PLC * Guoman Hotel Mgmt. (UK) Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd Arora Hotels Ltd Templeton Hldgs. Ltd Kensington Close Hotel Ltd Park Hotel Heathrow Ltd Park Hotels Mgmt. Ltd Jake Feather Hotels Ltd * L.5.1.N Ltd Hastings Hotels Gp. Ltd Morgans Hotel Gp. London Ltd Gloucester Capital Ltd Festival Inns Ltd Churchill Gp. Ltd De Vere Village Hotels & Leisure Ltd Crieff Hydro Ltd * Percy R.Brend & Sons (Hoteliers) Ltd Thistle Barbican Tenant Ltd Choice Hotels Ltd Manor House Hotel (Okehampton) Ltd Apex Hotels Ltd * The Lancaster Landmark Hotel Co. Ltd * Doyle London Hotels Ltd Royal Garden Hotel Ltd ■ De Vere Wokefield Park Ltd * Hilton Intl. Hotels (UK) Ltd Venice Antler 1 Ltd London Britannia Hotel Ltd Menzies Hotels Hldgs. Ltd * Festival Gp. Ltd * Doyle Hotels (UK) Ltd * Kew Green Hotels Ltd * Macdonald Hotels Ltd * Paragon Hotels Ltd C.D.L Hotels (U.K.) Ltd Land Securities (Hotels) Ltd Premier Inn Ltd
■ Rocco Forte & Family Ltd * Yianis Hldgs. Ltd * Longmint Gp. Ltd

0.60 0.11 0.12 -

0.26 0.25 0.25 0.24 0.23 0.22 0.21 0.20 0.19 0.19 0.19 0.17 0.17 0.17 0.16 0.15 0.14 0.12 0.12 0.10 0.10 0.09 0.09 0.09 0.09 0.09 0.08 0.07 0.07 0.06 0.06 0.06 0.05 0.04 0.04 0.03 0.02 0.01 0.50

0.30 0.69 0.38 0.22 0.38 0.39 0.34 0.21 1.74 0.19 3.04 0.19 0.45 0.13 0.15 0.15 0.16 0.17 0.11 0.05 0.09 0.48 0.08 0.06 0.05 0.07 0.71 0.35 0.01 0.27 0.09 0.05 0.32 0.02 0.06 0.09 0.01 0.85 0.75 0.63 0.45

1.14 0.09 0.52 0.40 0.00 0.52 0.68 0.45 1.15 0.18 5.09 0.05 0.79 0.11 0.75 0.05 0.22 0.18 0.13 0.04 0.27 1.37 0.13 0.89 0.10 0.84 0.37 0.04 0.33 0.06 0.06 0.32 0.32 0.05 0.05 0.01 1.03 1.08 0.63 0.31

1,332 2,833 3,588 15,526 661 1,427 4,836 7,488 1,320 446,446 4,398 17,888 4,315 1,905 15,910 24,923 716 776 1,361 333 465 3,097 4,133 737 6,026 11,354 202,453 6,788 700 16,109 3,372 9,083 6,612 14,939 3,126 2,750 5,394 26,397 -

5,204 11,233 14,585 66,039 2,824 6,452 22,527 37,850 6,823 2,321,336 22,992 102,666 25,850 11,499 97,308 167,602 5,015 6,277 11,209 3,178 4,812 33,598 45,311 8,329 69,286 130,642 2,668,275 94,295 10,076 264,286 58,284 160,431 146,540 343,250 74,631 84,491 326,462 1,937,179 -

Average of companies with 3 years data Total of companies selected

2,706,960

5,378,355

Average of companies with 3 years data Total of companies selected

0.50

0.45

0.31 2,706,960 5,378,355

See sections 6 & 7 for Analysis Notes and Definitions
4-46 Key Note Ltd

Performance League Tables

Total Debt/Net Worth
League Table Position

Recently Filed Accounts
10/11

Total Debt/Net Worth % 09/10 08/09 07/08

Total Debt £’000 09/10

Net Worth £’000 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Rezidor Hotel Manchester Ltd * Paramount Hotels Ltd St Giles Hotel Ltd * Imperial London Hotels Ltd (The) Splendid Property Co. Ltd Leisureplex Ltd The Berkeley Hotel Ltd * M F Wells (Hotels) Ltd * Shearings Hotels Ltd London Tara Hotel Ltd The Park Lane Hotel Ltd Claridge’s Hotel Ltd * Jurys Hotel Gp. (UK) Ltd * Gleneagles Hotels Ltd Andrew Brownsword Hotels Ltd North Brit. Trust Hotels Ltd Firoka (Kings Cross) Ltd Rezidor Hotel Stansted Airport Ltd London Britannia Hotel Ltd * J.Townend & Sons (Hull) Ltd * Doyle London Hotels Ltd Jarvis Hotels Ltd. Firmdale Hotels PLC * Travelodge Hotels Ltd * Accor UK Bus. & Leisure Hotels Ltd * Ramside Estates Ltd South Bank Hotel Mgmt. Co. Ltd Millennium & Copthorne Hotels PLC * Hilton Worldwide Ltd * Marriott Hotels Ltd Manor House Hotel (Okehampton) Ltd H L T Stakis S P E Ltd Lake District Hotels Ltd * The Barton Grange Gp. Ltd Lomar Hotel Co. Ltd


1.2 1.4 4.8 -

0.0 0.0 0.0 0.0 0.1 0.4 0.4 0.5 0.8 1.0 1.1 1.9 1.9 2.0 4.5 5.0 5.2 5.7 11.4 12.4 12.7 13.2 13.9 15.2 16.1 18.0 18.7 19.4 22.0 22.4 29.2 30.7 33.3 34.5 35.4 35.7 38.1 38.8 44.0 45.3 52.2 55.2 57.3 58.9 60.2 61.9 62.3 63.0 66.1 66.3

0.0 142.8 0.6 5.9 0.1 0.8 0.9 0.6 471.0 1.9 2.7 2.4 0.6 45.3 16.3 0.0 6.4 5.4 13.4 15.9 20.4 7.0 10.8 11.1 41.7 19.6 19.6 29.1 28.2 97.6 59.7 79.8 53.5 36.6 31.7 27.2 3.7 21.4 49.8 38.6 30.0 67.1 73.4 61.6 69.6 87.7 70.9 17.4 129.1 72.8

0.2 110.6 0.0 6.4 0.0 1.8 0.4 0.7 397.0 1.3 27.3 1.7 0.0 46.3 15.4 0.1 5.8 0.0 10.1 17.9 6.2 7.7 4.3 9.5 57.5 23.2 0.0 29.9 8.4 82.5 67.7 54.2 58.7 88.8 25.1 31.7 122.3 85.2 30.9 32.6 87.4 68.5 67.0 75.8 118.7 45.0 16.7 74.5 61.4

0 0 2 45 139 108 967 97 162 603 246 5,377 1,918 5,914 2,437 1,536 4,334 238 8,650 674 5,958 20,620 22,385 131,200 33,334 2,781 17 340,800 150,472 1,102 2,884 24,437 8,254 4,791 1,606 25,465 7,229 2,192 50,736 29,095 85,074 5,504 77,526 18,958 9,320 18,946 596,500 14,900 411,207 271,482

24,490 107,151 14,368 114,390 124,478 26,597 217,073 19,787 19,371 62,927 21,814 282,385 99,691 292,212 54,044 30,654 83,433 4,170 75,907 5,423 46,795 156,315 160,906 861,400 207,485 15,448 91 1,752,300 683,187 4,923 9,861 79,545 24,768 13,877 4,531 71,390 18,996 5,654 115,203 64,258 162,889 9,966 135,322 32,189 15,474 30,596 957,000 23,636 622,092 409,710

* J.H. Leeke & Sons Ltd * Hotel Property Investors U.K. Ltd * Percy R.Brend & Sons (Hoteliers) Ltd Accor UK Economy Hotels Ltd * Britannia Hotels Ltd * The Lancaster Landmark Hotel Co. Ltd Ramside Hldgs. Ltd Hotel Inter-Continental London Ltd Hastings Hotels Gp. Ltd Strathmore Hotels Ltd Lomondo Ltd Whitbread PLC Peel Hotels PLC Quintain Estates & Development PLC Edwardian Gp. Ltd

* * * *

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-47

Performance League Tables

Total Debt/Net Worth
League Table Position

Recently Filed Accounts
10/11

Total Debt/Net Worth % 09/10 08/09 07/08

Total Debt £’000 09/10

Net Worth £’000 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102



Crieff Hydro Ltd Jake Feather Hotels Ltd Globalgrange Ltd Blackfriars Hotels Ltd St. James Court Hotel Ltd

131.8 251.1 427.2 1,029.8 -

70.8 77.0 78.9 87.9 91.3 96.7 98.2 101.4 102.0 104.5 106.4 110.1 115.4 127.2 132.1 133.9 136.7 141.5 145.1 176.4 201.9 222.9 222.9 224.5 231.7 240.5 255.7 273.1 285.4 285.8 300.9 315.5 340.2 343.1 343.6 357.6 383.5 383.6 405.5 418.9 463.9 504.7 518.5 605.7 703.4 713.1 715.0 809.2 886.2 1,038.6 1,217.6 1,317.4

66.7 73.9 102.2 98.5 131.1 101.5 114.2 95.5 209.3 94.8 122.5 33.6 118.3 129.4 147.8 112.1 170.0 154.5 212.3 211.7 152.9 168.7 249.2 235.3 275.4 276.2 266.4 294.0 55.1 292.3 258.1 665.7 303.0 443.4 380.8 193.4 ^ 334.0 0.0 29.3 390.4 381.8 350.5 604.7 792.9 812.0 1,704.5 248.5 888.8 1,490.1 2,509.4

65.1 69.3 139.8 111.8 85.7 108.0 141.5 82.8 233.6 110.4 111.9 80.1 87.7 133.9 151.8 67.2 176.1 144.6 172.4 151.2 122.3 98.6 190.6 225.7 294.7 298.2 240.6 293.4 360.5 304.5 539.8 321.3 108.4 618.0 161.4 90.0 212.6 505.4 ^ 186.2 240.6 323.8 731.3 610.0 414.1 6,028.1 42.8 767.5 2,962.9 1,693.2

9,757 22,109 212,125 19,293 43,436 110,683 98,983 44,042 119,838 6,631 64,612 10,424 72,171 710,732 515,556 5,443 678,690 24,528 194,414 14,599 68,084 503,800 771,109 44,766 81,725 94,403 40,672 492,458 128,396 14,531 36,908 10,000 126,353 141,588 11,198 24,537 100,033 1,055 156,224 16,680 10,202 382,272 385,095 34,336 131,432 323,078 100,500 1,935,470 56,957 17,210 4,627 149,595

13,775 28,724 268,914 21,946 47,593 114,512 100,786 43,452 117,451 6,345 60,751 9,468 62,561 558,886 390,374 4,064 496,327 17,333 134,024 8,276 33,716 226,000 345,888 19,937 35,279 39,258 15,904 180,329 44,982 5,085 12,264 3,170 37,139 41,266 3,259 6,862 26,085 275 38,522 3,982 2,199 75,742 74,266 5,669 18,685 45,304 14,056 239,187 6,427 1,657 380 11,355

Apex Hotels Ltd Mandarin Oriental Hyde Park Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd * Corus Hotels Ltd Comojo (U.K.) Ltd Royal Garden Hotel Ltd Webb Hotels & Travel Ltd * Adda Hotels L.R.G Hotels Ltd Dorchester Gp. Ltd Choice Hotels Ltd * Premier Inn Hotels Ltd Pennyhill Park Ltd London May Fair Hotel Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd Centre Island Hotels Ltd * Q.M.H Ltd * De Vere Village Trading No 1 Ltd * Lanesborough Mgmt. Ltd C.D.L Hotels (U.K.) Ltd Churchill Gp. Ltd Champneys Henlow Ltd * Guoman Hotel Hldgs. Ltd London L.R.G Hotel Ltd ■ H L T Stakis Operator Ltd St. James Hotel Ltd * Deckers Restaurants Ltd Hand Picked Hotels Ltd Prestmade Ltd Park Tower Hotel Ltd (The) F B M London Ltd * Marston Hotels Ltd ■ Templeton Hldgs. Ltd * Doyle Hotels (UK) Ltd G H Hotel Operating Co. Ltd * * * * * Guoman Hotel Mgmt. (UK) Ltd M W B Gp. Hldgs. PLC Puma Hotels PLC Forestdale Hotels Ltd L.R.G Hotels Gp. (UK) Ltd

* Macdonald Hotels Ltd Morgans Hotel Gp. London Ltd Premier Inn Ltd * Festival Gp. Ltd Brook Hotels Ltd Oxford Hotels & Inns Mgmt. Ltd * Ritz Hotel (London) Ltd (The)

See sections 6 & 7 for Analysis Notes and Definitions
4-48 Key Note Ltd

Performance League Tables

Total Debt/Net Worth
League Table Position

Recently Filed Accounts
10/11

Total Debt/Net Worth % 09/10 08/09 07/08

Total Debt £’000 09/10

Net Worth £’000 09/10

103 104 105 106 107 108 109 110 -

■ Land Securities (Hotels) Ltd * Hilton Intl. Hotels (UK) Ltd Arora Hotels Ltd

3,847.5 1,467.9 ^ ^ -

1,481.7 2,329.8 2,380.8 3,133.6 3,511.2 8,984.4 10,733.8 25,071.0 ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ 193.7

^ 5,375.3 505.1 853.8 472.0 966.2 5,151.9 221.8 392.7 413.3 561.1 831.8 7,260.8 14,206.6 ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ 207.0

580.8 473.5 4,045.2 645.3 283.5 606.7 195.9 323.7 262.8 1,259.1 341.0 999.1 246.4 616.3 873.6 1,010.2 1,521.2 ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ 206.3

325,415 2,700,928 58,448 53,554 183,635 102,512 87,373 69,948 319,496 141,363 519,426 330,472 258,750 21,452 582,350 1,625,362 66,113 90,402 483,813 161,463 127,867 527,200 6,912 87,841 47,953 79,189 2,434,262 39,229 133,903 31,121 8,458 121,799 26,097 145,502 7,066 483,912 115,290 6,804

21,962 115,928 2,455 1,709 5,230 1,141 814 279 -472 -6,421 -113,897 -31,150 -62,702 -4,736 -40,225 -506,157 -36,150 -49,532 -120,821 -9,285 -56,435 -872,000 -9,473 -14,552 -25,212 -5,617 -1,014,015 -26,501 -38,656 -15,164 -7,051 -3,089 -16,028 -2,805 -7,892 -52,178 -10,809 -1,844

* B.D.L Select Hotels Ltd ■ Landmark Hotel London Ltd * Bridgemere UK PLC * Pl Hotel Ltd * Paragon Hotels Ltd * Yianis Hldgs. Ltd * Longmint Gp. Ltd ■ Rocco Forte & Family Ltd * Pbn Hldgs. Ltd * Kew Green Hotels Ltd * Qhotels Gp. Ltd * Somerston Hotels UK Ltd ■ Menzies Hotels Hldgs. Ltd ■ Park Hotel Heathrow Ltd ■ Malmaison & Hotel Du Vin Property Hldgs. Ltd * De Vere Venice Ltd ■ Chesterfield (Mayfair) Ltd ■ Curzon Hotels (Operator) Ltd * De Vere Venues Properties Ltd ■ De Vere Village Hotels & Leisure Ltd
■ ■ ■ ■ ■

De Vere Wokefield Park Ltd Endell Gp. Hldgs. Ltd Festival Inns Ltd Gloucester Capital Ltd Hhr Piccadilly Ltd

■ Kensington Close Hotel Ltd * L.5.1.N Ltd ■ Maple Hotels 1 Ltd * Menzies Hotels Operating Ltd ■ Park Hotels Mgmt. Ltd ■ ■ ■ ■ ■

Riverbank Hotel Operator Ltd The Cavendish Hotel (London) Ltd The Cumberland Guoman Ltd The Westbury Hotel Ltd Thistle Barbican Tenant Ltd Tonstate (Hotels) Ltd Venice Antler 1 Ltd Victoria Park Plaza Operator Ltd

■ ■ ■

Average of companies with 3 years data Total of companies selected

8,801,024

4,543,123

Average of companies with 3 years data Total of companies selected

193.7

207.0

206.3 8,801,024 4,543,123

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-49

Performance League Tables

Equity Gearing
League Table Position

Recently Filed Accounts
10/11 09/10

Equity Gearing % 08/09 07/08

Total Capital & Reserves £’000 09/10

Total Liabilities £’000 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 The Berkeley Hotel Ltd Splendid Property Co. Ltd Claridge’s Hotel Ltd * Gleneagles Hotels Ltd London Tara Hotel Ltd * Jurys Hotel Gp. (UK) Ltd Rezidor Hotel Manchester Ltd Andrew Brownsword Hotels Ltd Leisureplex Ltd Firoka (Kings Cross) Ltd * Imperial London Hotels Ltd (The) London Britannia Hotel Ltd Firmdale Hotels PLC * M F Wells (Hotels) Ltd * Doyle London Hotels Ltd The Park Lane Hotel Ltd * Travelodge Hotels Ltd North Brit. Trust Hotels Ltd * Hilton Worldwide Ltd * Accor UK Bus. & Leisure Hotels Ltd H L T Stakis S P E Ltd Jarvis Hotels Ltd. * Ramside Estates Ltd Rezidor Hotel Stansted Airport Ltd Lake District Hotels Ltd * Shearings Hotels Ltd St Giles Hotel Ltd * J.H. Leeke & Sons Ltd Accor UK Economy Hotels Ltd Millennium & Copthorne Hotels PLC * The Lancaster Landmark Hotel Co. Ltd Hotel Inter-Continental London Ltd * The Barton Grange Gp. Ltd * J.Townend & Sons (Hull) Ltd Hastings Hotels Gp. Ltd * * * * Peel Hotels PLC Hotel Property Investors U.K. Ltd Edwardian Gp. Ltd Quintain Estates & Development PLC Strathmore Hotels Ltd Lomondo Ltd Manor House Hotel (Okehampton) Ltd Lomar Hotel Co. Ltd Globalgrange Ltd Ramside Hldgs. Ltd * Britannia Hotels Ltd Blackfriars Hotels Ltd St. James Court Hotel Ltd Crieff Hydro Ltd Jake Feather Hotels Ltd


2,286.6 1,140.8 202.6 -

3,633.0 3,367.9 2,371.2 2,049.5 2,007.2 1,521.3 1,466.5 1,193.0 1,103.2 1,081.4 819.4 594.5 572.3 533.5 521.6 414.1 396.0 348.2 345.2 264.0 263.6 254.0 253.3 236.3 228.3 224.1 210.7 194.2 177.6 174.7 170.6 160.7 149.9 147.0 137.1 136.4 135.0 133.3 126.4 124.9 123.4 122.0 118.6 116.6 109.9 105.6 104.7 101.1 97.4 96.9

2,188.7 3,870.7 1,864.9 205.0 1,788.1 1,688.5 1,106.4 499.6 457.0 855.1 488.8 527.9 687.8 394.4 348.6 416.3 448.6 500.7 280.1 167.5 115.1 298.7 227.6 276.9 152.1 18.7 304.3 235.3 156.3 145.4 261.3 124.8 146.7 149.1 121.7 283.2 303.9 123.3 69.7 114.7 95.4 94.0 37.8 124.7 90.7 162.8 87.9 95.4 103.4 1,175.6

3,420.7 3,529.3 2,493.8 204.0 2,072.9 1,981.9 984.5 495.7 352.6 1,275.7 363.8 644.1 1,225.8 387.8 653.1 227.0 496.1 338.3 598.0 130.5 394.5 192.8 158.9 142.6 22.7 281.8 239.1 93.8 143.7 232.5 132.5 114.9 148.4 112.3 262.1 162.7 143.8 106.1 111.4 72.4 87.2 61.8 131.4 71.4 171.1 65.7 83.9 109.5 515.7

217,073 124,478 282,385 292,212 62,927 99,691 24,490 54,507 26,597 83,444 114,390 75,907 160,906 19,866 46,795 21,814 861,400 32,033 683,187 213,202 79,545 156,315 15,448 4,170 25,243 19,371 14,368 70,596 115,203 1,752,300 162,889 135,322 13,877 5,423 32,189 23,636 18,996 409,710 622,092 15,474 31,123 9,861 4,531 269,712 9,966 65,346 21,946 47,593 13,775 27,456

5,975 3,696 11,909 14,258 3,135 6,553 1,670 4,569 2,411 7,716 13,960 12,769 28,115 3,724 8,971 5,268 217,500 9,199 197,900 80,759 30,182 61,539 6,098 1,765 11,058 8,643 6,820 36,344 64,882 1,002,800 95,500 84,204 9,255 3,689 23,479 17,323 14,076 307,400 492,349 12,390 25,213 8,082 3,819 231,350 9,068 61,905 20,966 47,062 14,139 28,322

See sections 6 & 7 for Analysis Notes and Definitions
4-50 Key Note Ltd

Performance League Tables

Equity Gearing
League Table Position

Recently Filed Accounts
10/11 09/10

Equity Gearing % 08/09 07/08

Total Capital & Reserves £’000 09/10

Total Liabilities £’000 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

Mandarin Oriental Hyde Park Ltd Apex Hotels Ltd * Corus Hotels Ltd Royal Garden Hotel Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd * Percy R.Brend & Sons (Hoteliers) Ltd Webb Hotels & Travel Ltd L.R.G Hotels Ltd Comojo (U.K.) Ltd * Whitbread PLC * Adda Hotels * Premier Inn Hotels Ltd Dorchester Gp. Ltd London May Fair Hotel Ltd Pennyhill Park Ltd * Paramount Hotels Ltd Centre Island Hotels Ltd Choice Hotels Ltd Templeton Hldgs. Ltd * Marriott Hotels Ltd * De Vere Village Trading No 1 Ltd C.D.L Hotels (U.K.) Ltd * Q.M.H Ltd Churchill Gp. Ltd * Lanesborough Mgmt. Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd London L.R.G Hotel Ltd Champneys Henlow Ltd St. James Hotel Ltd * Guoman Hotel Hldgs. Ltd Prestmade Ltd Hand Picked Hotels Ltd F B M London Ltd * Marston Hotels Ltd * Doyle Hotels (UK) Ltd H L T Stakis Operator Ltd Park Tower Hotel Ltd (The) * Deckers Restaurants Ltd * Puma Hotels PLC * Guoman Hotel Mgmt. (UK) Ltd * M W B Gp. Hldgs. PLC * Forestdale Hotels Ltd Brook Hotels Ltd * L.R.G Hotels Gp. (UK) Ltd Morgans Hotel Gp. London Ltd G H Hotel Operating Co. Ltd * Macdonald Hotels Ltd Premier Inn Ltd * Festival Gp. Ltd * Ritz Hotel (London) Ltd (The) Land Securities (Hotels) Ltd * Hilton Intl. Hotels (UK) Ltd


52.4 34.0 21.0 9.7 -

96.6 95.2 94.6 87.1 86.2 78.5 76.4 74.9 72.7 71.9 71.3 70.6 69.4 66.3 60.3 54.9 53.8 51.4 50.7 44.6 41.8 40.2 40.1 39.9 37.7 36.4 34.1 33.9 31.7 30.6 27.4 26.3 25.0 24.8 24.0 23.8 23.6 23.2 20.6 19.6 18.6 17.0 14.1 13.7 13.7 13.3 12.8 12.2 10.4 7.3 6.7 4.3

94.2 70.6 100.2 97.5 75.4 100.2 68.5 79.6 41.5 78.0 203.0 86.9 71.3 62.8 51.2 69.4 52.8 49.9 49.5 35.3 55.7 39.8 57.5 35.0 34.3 33.3 32.8 31.7 32.8 29.9 31.2 13.8 23.8 47.8 29.0 81.7 18.4 27.3 27.4 249.5 22.5 28.4 18.3 15.8 12.0 13.6 10.5 5.7 36.4 3.8 -11.0 1.9

86.5 108.0 114.5 80.6 59.7 45.5 73.8 103.7 35.1 119.8 99.5 136.0 68.3 66.4 45.0 86.5 70.2 48.5 101.1 36.7 91.6 41.5 71.1 32.3 40.3 41.5 32.2 31.1 26.3 32.4 29.5 16.7 14.7 56.0 45.5 65.5 20.8 41.7 -37.2 39.3 29.7 16.8 12.8 23.5 10.8 13.1 1.7 41.6 5.6 16.9 21.0

100,786 114,512 117,711 60,751 43,452 5,654 9,497 558,886 6,345 1,107,000 62,561 506,310 426,759 134,024 17,333 108,027 39,845 4,064 1,904 5,121 345,888 35,279 226,000 39,258 19,937 8,276 44,982 17,645 12,264 180,329 41,266 37,139 6,862 26,085 38,522 5,085 3,259 3,453 82,226 2,199 104,536 6,510 3,111 18,685 14,056 3,982 45,656 239,187 6,931 11,355 21,962 115,928

104,347 120,320 124,401 69,766 50,424 7,199 12,426 745,994 8,731 1,540,600 87,709 717,179 615,143 202,094 28,736 196,763 74,081 7,902 3,759 11,492 827,227 87,749 563,800 98,504 52,822 22,731 131,835 52,060 38,647 589,448 150,833 141,280 27,443 105,367 160,562 21,388 13,795 14,852 399,087 11,233 562,640 38,347 21,996 136,048 102,666 30,030 356,598 1,954,789 66,604 154,912 326,462 2,708,375

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-51

Performance League Tables

Equity Gearing
League Table Position

Recently Filed Accounts
10/11 09/10

Equity Gearing % 08/09 07/08

Total Capital & Reserves £’000 09/10

Total Liabilities £’000 09/10

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 -



Arora Hotels Ltd Oxford Hotels & Inns Mgmt. Ltd Landmark Hotel London Ltd

6.4 -1.9 -59.7 -76.1 -

3.7 2.8 2.6 2.2 1.8 0.9 0.9 0.4 -1.7 -2.4 -2.5 -3.3 -3.4 -4.4 -5.5 -6.8 -6.9 -9.1 -14.1 -20.9 -21.0 -21.6 -22.8 -23.7 -24.7 -27.9 -28.9 -35.8 -38.1 -40.1 -43.2 -50.9 -51.5 -52.4 -52.8 -68.2 -70.4 -81.6 49.8

15.0 1.9 19.7 1.6 7.5 9.7 1.8 -2.9 -1.3 -2.6 1.8 -0.2 -0.6 -7.0 -3.2 -6.3 0.7 -10.4 1.6 -1.8 -29.2 -15.0 -1.3 -8.6 -16.3 -1.2 -19.7 -33.9 -9.6 -50.0 -31.5 -53.8 -43.3 -72.5 -57.8 -51.6 41.3 24.4 21.5 47.2

2.0 1.1 10.9 0.3 3.2 33.3 15.3 -1.9 -0.7 -1.7 3.0 -1.6 -13.9 -3.3 9.9 39.0 -6.1 13.5 10.0 -50.7 -5.6 16.8 -2.9 -6.0 10.6 -1.4 -29.0 -46.0 -10.7 -53.9 -44.9 -58.1 -51.5 -13.0 48.9 28.0 35.0 49.6

2,455 380 5,230 7,128 91 1,320 814 279 -2,655 -12,789 -3,089 -1,880 -4,036 -6,634 -9,285 -5,617 -40,225 -31,150 -12,709 -112,890 -4,736 -1,844 -238,200 -62,702 -120,821 -38,656 -506,157 -1,005,859 -49,532 -15,164 -56,435 -25,212 -26,501 -36,150 -16,028 -7,051 -7,892 -9,473 -

66,039 13,747 198,459 329,196 4,956 143,773 92,714 75,658 152,410 528,534 123,394 56,305 119,439 151,267 167,602 82,952 583,389 340,497 90,257 540,311 22,527 8,538 1,044,800 264,286 490,101 138,551 1,752,787 2,810,752 130,151 37,850 130,642 49,484 51,508 69,031 30,362 10,335 11,209 11,605 -

* Pbn Hldgs. Ltd South Bank Hotel Mgmt. Co. Ltd * Bridgemere UK PLC * Pl Hotel Ltd * Paragon Hotels Ltd The Westbury Hotel Ltd Tonstate (Hotels) Ltd The Cavendish Hotel (London) Ltd * B.D.L Select Hotels Ltd Venice Antler 1 Ltd * Kew Green Hotels Ltd De Vere Village Hotels & Leisure Ltd Kensington Close Hotel Ltd Malmaison & Hotel Du Vin Property Hldgs. Ltd * Somerston Hotels UK Ltd Gloucester Capital Ltd * Qhotels Gp. Ltd Park Hotel Heathrow Ltd Victoria Park Plaza Operator Ltd Endell Gp. Hldgs. Ltd Menzies Hotels Hldgs. Ltd De Vere Venues Properties Ltd Menzies Hotels Operating Ltd De Vere Venice Ltd L.5.1.N Ltd Curzon Hotels (Operator) Ltd Park Hotels Mgmt. Ltd De Vere Wokefield Park Ltd Hhr Piccadilly Ltd Maple Hotels 1 Ltd Chesterfield (Mayfair) Ltd The Cumberland Guoman Ltd Riverbank Hotel Operator Ltd Thistle Barbican Tenant Ltd Festival Inns Ltd * Yianis Hldgs. Ltd * Longmint Gp. Ltd ■ Rocco Forte & Family Ltd

* * * *



Average of companies with 3 years data Total of companies selected

5,303,554

10,649,607

Average of companies with 3 years data Total of companies selected

49.8

47.2

49.6 5,303,554 10,649,607

See sections 6 & 7 for Analysis Notes and Definitions
4-52 Key Note Ltd

Performance League Tables

Income Gearing (Interest Cover)
League Table Position

Recently Filed Accounts
10/11

Income Gearing (Interest Cover) % 09/10 08/09 07/08

Interest Paid £’000 09/10

Pre-Interest Profit £’000 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Claridge’s Hotel Ltd Lomar Hotel Co. Ltd North Brit. Trust Hotels Ltd Rezidor Hotel Manchester Ltd St Giles Hotel Ltd The Berkeley Hotel Ltd * Gleneagles Hotels Ltd Park Tower Hotel Ltd (The) * Jurys Hotel Gp. (UK) Ltd ■ H L T Stakis S P E Ltd Accor UK Economy Hotels Ltd C.D.L Hotels (U.K.) Ltd London Tara Hotel Ltd Premier Inn Ltd De Vere Village Hotels & Leisure Ltd ^ ^ 3.3 3.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.2 1.1 2.1 2.3 2.4 2.5 2.9 4.2 4.7 5.5 6.6 8.8 8.9 10.1 10.6 10.7 10.8 11.1 11.1 14.2 15.6 16.7 17.4 22.6 22.7 23.7 24.9 27.4 27.5 28.3 30.0 30.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5.9 137.9 ^ 0.0 0.0 0.0 ^ 12.3 14.1 5.9 5.1 0.0 9.3 22.5 8.4 27.7 28.5 0.0 23.5 15.3 40.6 ^ 7.7 46.2 46.6 52.7 15.1 49.0 27.7 32.3 ^ 11.4 44.1 29.6 16.9 20.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 5.8 1.0 0.0 0.0 0.0 ^ 0.0 0.4 0.9 0.0 2.2 21.2 11.7 10.4 0.0 2.4 7.7 17.9 6.9 18.2 22.3 2.4 29.9 12.7 41.2 35.0 0.0 41.2 32.5 51.7 27.7 117.5 29.8 38.7 24.2 6.9 63.1 22.9 17.9 24.8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 36 14 30 199 52 475 24 135 48 151 147 246 100 11 191 9,700 198 180 808 6 857 12,300 193 43,072 2,915 1,445 1,224 324 2,691 36 9,695 987 68 16,931 295 740 169 2,181 15,434 2,487 9,676 3,076 3,030 14,138 13,710 10,267 102,509 2,173 1,200 2,606 43,494 6,628 2,705 9,557 2,287 19,695 951 4,611 1,136 3,222 2,670 3,706 1,140 123 1,889 91,600 1,850 1,673 7,294 54 6,034 78,800 1,153 247,147 12,887 6,368 5,167 1,299 9,814 131 34,248 3,290 223



* Shearings Hotels Ltd * M F Wells (Hotels) Ltd * Accor UK Bus. & Leisure Hotels Ltd London Britannia Hotel Ltd * Doyle London Hotels Ltd Churchill Gp. Ltd Leisureplex Ltd * Imperial London Hotels Ltd (The) Templeton Hldgs. Ltd The Park Lane Hotel Ltd * Ramside Estates Ltd Lake District Hotels Ltd Firoka (Kings Cross) Ltd * J.H. Leeke & Sons Ltd Ramside Hldgs. Ltd * Percy R.Brend & Sons (Hoteliers) Ltd Manor House Hotel (Okehampton) Ltd Millennium & Copthorne Hotels PLC Strathmore Hotels Ltd * The Barton Grange Gp. Ltd Landmark Hotel London Ltd South Bank Hotel Mgmt. Co. Ltd Lomondo Ltd * Travelodge Hotels Ltd Webb Hotels & Travel Ltd * Whitbread PLC Hotel Inter-Continental London Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd F B M London Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd Apex Hotels Ltd Oxford Hotels & Inns Mgmt. Ltd Dorchester Gp. Ltd Firmdale Hotels PLC * J.Townend & Sons (Hull) Ltd


See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-53

Performance League Tables

Income Gearing (Interest Cover)
League Table Position

Recently Filed Accounts
10/11

Income Gearing (Interest Cover) % 09/10 08/09 07/08

Interest Paid £’000 09/10

Pre-Interest Profit £’000 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 -

Hastings Hotels Gp. Ltd Pennyhill Park Ltd * Lanesborough Mgmt. Ltd London L.R.G Hotel Ltd ■ Jake Feather Hotels Ltd
■ Riverbank Hotel Operator Ltd * Ritz Hotel (London) Ltd (The) * Hilton Intl. Hotels (UK) Ltd L.R.G Hotels Ltd Mandarin Oriental Hyde Park Ltd

76.8 97.7 1,206.8 -

31.0 31.6 31.6 32.5 33.0 37.4 39.5 43.9 44.1 45.3 46.0 49.9 53.9 59.7 60.1 64.4 66.6 67.4 72.0 74.4 75.1 76.3 78.4 81.2 81.6 82.3 83.5 84.0 91.0 102.3 109.4 123.3 125.9 128.7 130.4 139.5 140.3 140.8 186.3 186.7 191.0 193.1 199.8 227.1 242.9 244.1 247.3 285.3 419.4 796.2 1,602.7 ^

39.7 64.4 65.2 54.2 ^ 138.5 ^ 34.9 59.9 38.6 65.3 56.4 54.4 85.5 31.8 51.7 55.2 175.8 71.8 146.3 73.1 127.5 81.0 69.2 85.8 148.4 92.9 115.2 33.8 63.0 142.4 55.9 117.1 ^ 52.2 ^ 97.0 109.1 128.5 165.7 133.7 30.2 158.5 284.8 ^ 91.6 ^ 84.6 172.6 0.0

29.1 77.6 33.1 69.4 43.2 180.2 2,325.7 27.3 45.3 47.9 72.2 77.6 59.5 57.0 43.7 29.0 59.2 20.8 64.5 129.5 58.7 130.5 97.0 61.1 91.9 71.3 138.9 68.6 8.2 68.9 726.5 46.6 106.5 83.6 73.5 6.0 187.6 108.3 70.1 374.2 101.5 33.0 192.7 378.5 ^ 81.8 1,187.2 136.7 0.0

1,251 813 1,772 3,244 882 162 3,418 50,255 18,250 3,962 1,290 1,523 467 369 16,551 3,689 78,232 519 2,216 14,914 361 4,023 14,323 3,135 20,336 6,755 9,213 2,341 20,724 2,959 865 2,403 30,301 13,228 27,520 17,727 2,712 12,303 13,009 28,000 1,404 8,043 19,869 511 26,211 5,428 17,039 4,744 1,732 3,328 8,783 0

4,042 2,573 5,599 9,971 2,676 433 8,644 114,548 41,418 8,744 2,805 3,054 867 618 27,545 5,732 117,444 770 3,079 20,045 481 5,276 18,274 3,861 24,936 8,203 11,037 2,787 22,770 2,891 791 1,949 24,064 10,282 21,097 12,712 1,933 8,736 6,984 15,000 735 4,166 9,944 225 10,789 2,224 6,890 1,663 413 418 548 -5,341

Blackfriars Hotels Ltd St. James Court Hotel Ltd Brook Hotels Ltd * Deckers Restaurants Ltd * Edwardian Gp. Ltd * The Lancaster Landmark Hotel Co. Ltd * L.5.1.N Ltd Crieff Hydro Ltd St. James Hotel Ltd * Macdonald Hotels Ltd Choice Hotels Ltd The Westbury Hotel Ltd Globalgrange Ltd The Cavendish Hotel (London) Ltd Land Securities (Hotels) Ltd Morgans Hotel Gp. London Ltd London May Fair Hotel Ltd Champneys Henlow Ltd * Paramount Hotels Ltd Centre Island Hotels Ltd * Peel Hotels PLC Royal Garden Hotel Ltd * Puma Hotels PLC Prestmade Ltd Tonstate (Hotels) Ltd


* * * *

Malmaison & Hotel Du Vin Property Hldgs. Ltd L.R.G Hotels Gp. (UK) Ltd Premier Inn Hotels Ltd Kew Green Hotels Ltd Q.M.H Ltd

Hhr Piccadilly Ltd Venice Antler 1 Ltd * Pbn Hldgs. Ltd G H Hotel Operating Co. Ltd * M W B Gp. Hldgs. PLC Gloucester Capital Ltd * Quintain Estates & Development PLC Kensington Close Hotel Ltd * Paragon Hotels Ltd * B.D.L Select Hotels Ltd Hand Picked Hotels Ltd * Hotel Property Investors U.K. Ltd

See sections 6 & 7 for Analysis Notes and Definitions
4-54 Key Note Ltd

Performance League Tables

Income Gearing (Interest Cover)
League Table Position

Recently Filed Accounts
10/11

Income Gearing (Interest Cover) % 09/10 08/09 07/08

Interest Paid £’000 09/10

Pre-Interest Profit £’000 09/10

-

Rezidor Hotel Stansted Airport Ltd Splendid Property Co. Ltd * Guoman Hotel Hldgs. Ltd
■ ■ Victoria Park Plaza Operator Ltd * Adda Hotels * Marriott Hotels Ltd ■ The Cumberland Guoman Ltd * Britannia Hotels Ltd ■



93.8 ^ ^ ^

^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ 65.5

0.0 0.0 0.0 5.0 5.6 36.9 39.7 57.6 70.3 91.6 109.2 142.0 155.0 165.1 380.7 ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ 52.2

0.0 0.0 97.4 15.0 ^ 20.2 ^ ^ 36.8 87.7 191.6 46.6 ^ 72.8 3.0 1.9 36.6 66.8 68.9 115.3 122.3 135.8 136.9 145.3 167.9 196.2 255.6 336.3 338.5 1,171.3 ^ ^ ^ ^ ^ ^ ^ ^ ^ 40.9

0 0 0 0 0 218 1,133 620 381 22,833 1,662 5,510 451 3,289 1,926 947 4,370 3,289 8,579 5,294 0 34,149 15,980 7,057 7,252 48,300 2,612 88 445 133,761 0 608 0 114 68 0 1 6

-319 -2,031 -9,434 -460 -42,584 -351 -3,325 -5,820 -146 -16,876 -2,790 -5,518 -35,107 -12,346 -2,597 -5,696 -3,632 -8,091 -15,348 -149 -75,888 -34,573 -22,890 -17,454 -12,825 -53,400 -4,397 -633 -1,732 -352,405 -44,172 -2,123 -7,623 -6,486 -15,363 -4,582 -8,116 -1,989

* * * *

Comojo (U.K.) Ltd Yianis Hldgs. Ltd Somerston Hotels UK Ltd Forestdale Hotels Ltd Longmint Gp. Ltd

* Marston Hotels Ltd * De Vere Village Trading No 1 Ltd ■ Jarvis Hotels Ltd. * Corus Hotels Ltd ■ Rocco Forte & Family Ltd


* * * *

Arora Hotels Ltd Pl Hotel Ltd Festival Gp. Ltd Hilton Worldwide Ltd Doyle Hotels (UK) Ltd

* De Vere Venues Properties Ltd * Qhotels Gp. Ltd ■ Menzies Hotels Hldgs. Ltd ■ Curzon Hotels (Operator) Ltd * Menzies Hotels Operating Ltd
■ Endell Gp. Hldgs. Ltd * Bridgemere UK PLC ■ Andrew Brownsword Hotels Ltd ■ Chesterfield (Mayfair) Ltd * De Vere Venice Ltd

De Vere Wokefield Park Ltd Festival Inns Ltd * Guoman Hotel Mgmt. (UK) Ltd ■ H L T Stakis Operator Ltd ■ Maple Hotels 1 Ltd
■ ■ ■ ■



Park Hotel Heathrow Ltd Park Hotels Mgmt. Ltd Thistle Barbican Tenant Ltd

Average of companies with 3 years data Total of companies selected

296,197

452,271

Average of companies with 3 years data Total of companies selected

65.5

52.2

40.9 296,197 452,271

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-55

Performance League Tables

Pay per Employee
League Table Position

Recently Filed Accounts
10/11 09/10

Pay per Employee £ 08/09 07/08

Employee Pay £’000 09/10

Number of Employees 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 * Puma Hotels PLC * Bridgemere UK PLC * Quintain Estates & Development PLC Thistle Barbican Tenant Ltd The Cumberland Guoman Ltd * Guoman Hotel Mgmt. (UK) Ltd Lomar Hotel Co. Ltd London L.R.G Hotel Ltd Morgans Hotel Gp. London Ltd Churchill Gp. Ltd Dorchester Gp. Ltd Lomondo Ltd Mandarin Oriental Hyde Park Ltd Royal Garden Hotel Ltd Pennyhill Park Ltd Firmdale Hotels PLC Park Tower Hotel Ltd (The) Comojo (U.K.) Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd * Ritz Hotel (London) Ltd (The) Hotel Inter-Continental London Ltd Landmark Hotel London Ltd F B M London Ltd * Doyle London Hotels Ltd Gloucester Capital Ltd


27,495 35,055 36,189 21,885 20,640 -

115,500 48,394 47,937 39,397 39,177 38,168 36,233 34,926 30,832 29,458 28,879 28,398 27,950 26,580 26,297 24,788 24,626 23,690 23,512 23,388 23,160 23,142 22,887 22,765 22,603 21,758 21,711 21,699 21,527 21,443 21,430 21,301 21,194 21,144 20,934 20,866 20,372 20,352 20,323 20,213 20,048 19,728 19,727 19,514 19,365 19,330 19,167 19,134 19,088 18,932

43,000 36,027 49,136 37,175 20,896 34,260 36,895 33,223 31,354 28,735 27,091 28,156 27,254 25,486 26,289 24,480 27,039 20,864 20,303 24,865 23,407 30,774 23,495 24,018 21,705 22,600 22,390 22,410 22,929 20,243 19,470 20,339 23,795 18,651 19,992 20,910 21,178 21,109 24,547 21,539 19,010 19,182 18,350 20,402 20,739 18,177 18,256 22,791 17,777

8,351 27,459 59,715 26,102 18,388 30,518 32,865 29,181 26,862 24,066 29,625 26,121 24,282 22,621 23,410 22,558 17,556 19,087 22,116 25,038 26,060 23,430 16,559 39,000 21,668 18,679 16,345 19,850 19,906 17,444 18,694 21,430 16,923 18,798 19,059 19,120 20,519 23,907 20,233 18,818 19,221 19,046 19,422 21,885 18,227 17,902 18,795 16,132

231 27,149 10,642 2,876 6,190 6,374 3,732 6,636 6,043 8,366 65,180 6,276 10,146 8,665 5,733 17,327 5,196 4,430 11,427 7,905 7,388 9,558 1,213 2,322 3,074 5,396 58,164 13,714 4,413 4,889 5,036 3,962 21,766 2,199 69,500 4,361 65,800 64,700 5,284 3,598 3,368 5,445 3,255 2,849 21,418 4,040 7,801 7,022 20,844 7,005

2 561 222 73 158 167 103 190 196 284 2,257 221 363 326 218 699 211 187 486 338 319 413 53 102 136 248 2,679 632 205 228 235 186 1,027 104 3,320 209 3,230 3,179 260 178 168 276 165 146 1,106 209 407 367 1,092 370

Templeton Hldgs. Ltd * M W B Gp. Hldgs. PLC Arora Hotels Ltd * Doyle Hotels (UK) Ltd Hhr Piccadilly Ltd St. James Court Hotel Ltd The Westbury Hotel Ltd Curzon Hotels (Operator) Ltd The Cavendish Hotel (London) Ltd * Q.M.H Ltd London Britannia Hotel Ltd Endell Gp. Hldgs. Ltd * Travelodge Hotels Ltd * Lanesborough Mgmt. Ltd Riverbank Hotel Operator Ltd St Giles Hotel Ltd London Tara Hotel Ltd St. James Hotel Ltd Blackfriars Hotels Ltd Hand Picked Hotels Ltd Prestmade Ltd * The Lancaster Landmark Hotel Co. Ltd C.D.L Hotels (U.K.) Ltd * Imperial London Hotels Ltd (The) London May Fair Hotel Ltd

See sections 6 & 7 for Analysis Notes and Definitions
4-56 Key Note Ltd

Performance League Tables

Pay per Employee
League Table Position

Recently Filed Accounts
10/11 09/10

Pay per Employee £ 08/09 07/08

Employee Pay £’000 09/10

Number of Employees 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

The Park Lane Hotel Ltd The Berkeley Hotel Ltd Millennium & Copthorne Hotels PLC Globalgrange Ltd * Edwardian Gp. Ltd Victoria Park Plaza Operator Ltd * Gleneagles Hotels Ltd * Accor UK Bus. & Leisure Hotels Ltd Kensington Close Hotel Ltd * J.H. Leeke & Sons Ltd * L.R.G Hotels Gp. (UK) Ltd Claridge’s Hotel Ltd Chesterfield (Mayfair) Ltd * Pbn Hldgs. Ltd * Hotel Property Investors U.K. Ltd * J.Townend & Sons (Hull) Ltd Tonstate (Hotels) Ltd L.R.G Hotels Ltd Park Hotel Heathrow Ltd Crieff Hydro Ltd * Marriott Hotels Ltd G H Hotel Operating Co. Ltd Apex Hotels Ltd North Brit. Trust Hotels Ltd Rezidor Hotel Manchester Ltd * Whitbread PLC Manor House Hotel (Okehampton) Ltd * De Vere Venice Ltd Rezidor Hotel Stansted Airport Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd Park Hotels Mgmt. Ltd * Corus Hotels Ltd Leisureplex Ltd * Somerston Hotels UK Ltd * Kew Green Hotels Ltd Accor UK Economy Hotels Ltd * M F Wells (Hotels) Ltd Firoka (Kings Cross) Ltd * De Vere Village Trading No 1 Ltd Andrew Brownsword Hotels Ltd Maple Hotels 1 Ltd Brook Hotels Ltd * Festival Gp. Ltd De Vere Village Hotels & Leisure Ltd Choice Hotels Ltd Jarvis Hotels Ltd. * The Barton Grange Gp. Ltd Oxford Hotels & Inns Mgmt. Ltd Lake District Hotels Ltd * Macdonald Hotels Ltd
■ Jake Feather Hotels Ltd * Paragon Hotels Ltd

15,880 13,347 13,388 -

18,838 18,811 18,722 18,677 18,542 18,479 17,647 17,583 17,521 17,424 17,286 17,245 17,221 16,593 16,578 16,094 16,067 16,047 16,031 15,497 15,238 15,180 15,030 14,823 14,474 14,359 14,087 14,005 13,953 13,948 13,900 13,845 13,724 13,650 13,465 13,353 13,326 13,205 13,126 13,083 12,992 12,914 12,880 12,800 12,614 12,533 12,417 12,318 12,306 12,293 12,246 12,137

21,485 18,454 16,599 18,199 18,102 23,938 17,959 9,822 15,731 17,283 16,681 17,703 17,384 17,811 18,375 13,659 13,955 16,570 15,556 14,525 14,763 16,983 14,710 12,795 14,486 13,656 13,322 11,870 14,611 12,962 12,746 13,068 13,323 15,052 10,916 14,191 13,253 13,780 12,692 13,221 12,909 9,854 10,568 8,518 12,952 12,337 11,364 11,031 11,625 13,123 11,015

18,120 18,116 15,443 17,139 17,377 25,033 17,826 9,508 14,789 18,578 19,695 16,267 16,761 25,118 15,240 14,335 12,645 18,051 13,716 14,455 13,490 15,111 14,869 14,214 15,635 12,689 13,934 4,365 12,463 13,196 12,516 12,491 12,215 14,669 12,975 13,514 13,841 15,709 9,739 12,564 12,639 10,511 10,472 14,222 12,666 11,691 12,375 12,913 12,533 12,477 10,322

4,992 6,565 208,400 19,480 32,318 2,199 12,035 38,314 3,732 13,608 10,268 7,812 11,400 2,240 8,405 2,897 20,533 51,447 2,068 6,106 134,114 11,446 9,905 7,723 2,229 370,377 4,522 129,225 2,093 10,098 6,547 8,819 4,570 10,128 11,634 14,141 3,225 2,258 45,783 5,050 23,177 5,437 8,784 9,395 6,017 40,080 6,618 18,416 3,815 49,294 3,784 3,811

265 349 11,131 1,043 1,743 119 682 2,179 213 781 594 453 662 135 507 180 1,278 3,206 129 394 8,801 754 659 521 154 25,794 321 9,227 150 724 471 637 333 742 864 1,059 242 171 3,488 386 1,784 421 682 734 477 3,198 533 1,495 310 4,010 309 314

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-57

Performance League Tables

Pay per Employee
League Table Position

Recently Filed Accounts
10/11 09/10

Pay per Employee £ 08/09 07/08

Employee Pay £’000 09/10

Number of Employees 09/10

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 -

* Britannia Hotels Ltd Strathmore Hotels Ltd Festival Inns Ltd * L.5.1.N Ltd * Qhotels Gp. Ltd Champneys Henlow Ltd * Peel Hotels PLC * Percy R.Brend & Sons (Hoteliers) Ltd * Shearings Hotels Ltd * Marston Hotels Ltd * Forestdale Hotels Ltd Menzies Hotels Hldgs. Ltd * Menzies Hotels Operating Ltd Venice Antler 1 Ltd Centre Island Hotels Ltd Webb Hotels & Travel Ltd * Deckers Restaurants Ltd * B.D.L Select Hotels Ltd * Guoman Hotel Hldgs. Ltd Hastings Hotels Gp. Ltd * Ramside Estates Ltd Ramside Hldgs. Ltd * Longmint Gp. Ltd * Yianis Hldgs. Ltd ■ Rocco Forte & Family Ltd * Jurys Hotel Gp. (UK) Ltd * Premier Inn Hotels Ltd * Paramount Hotels Ltd * Adda Hotels * De Vere Venues Properties Ltd ■ De Vere Wokefield Park Ltd ■ H L T Stakis Operator Ltd ■ H L T Stakis S P E Ltd * Hilton Intl. Hotels (UK) Ltd * Hilton Worldwide Ltd ■ Land Securities (Hotels) Ltd ■ Malmaison & Hotel Du Vin Property Hldgs. Ltd * Pl Hotel Ltd
■ ■ ■

11,533 11,477 29,151 -

11,861 11,807 11,771 11,651 11,637 11,350 11,307 11,200 11,128 11,053 11,016 10,791 10,791 10,643 10,210 10,208 10,187 10,161 10,042 9,754 9,632 8,759 17,469

9,528 11,116 9,699 12,729 11,527 11,288 12,034 10,515 12,455 10,758 10,441 10,441 11,377 11,699 10,546 7,950 9,404 7,285 11,704 11,047 9,842 33,082 30,078 18,162 16,065 16,762

10,199 11,949 9,781 12,962 11,412 11,355 11,972 11,049 16,988 11,345 10,453 10,453 5,062 12,442 10,266 8,249 26,088 10,475 1,088 9,685 34,030 28,580 14,873 15,878 14,949 8,620 15,922

15,052 5,077 4,155 187,267 36,168 10,658 4,975 12,891 19,874 13,915 9,441 13,650 13,650 6,684 8,587 3,185 3,871 4,471 13,155 10,583 4,373 4,870 11,221 33,710 91,311 2,923 4,928

1,269 430 353 16,073 3,108 939 440 1,151 1,786 1,259 857 1,265 1,265 628 841 312 380 440 1,310 1,085 454 556 3 15 -

Premier Inn Ltd South Bank Hotel Mgmt. Co. Ltd Splendid Property Co. Ltd

Average of companies with 3 years data Total of companies selected

954,025

54,613

Average of companies with 3 years data Total of companies selected

17,469

16,762

15,922 954,025 54,613

See sections 6 & 7 for Analysis Notes and Definitions
4-58 Key Note Ltd

Performance League Tables

Sales per Employee
League Table Position

Recently Filed Accounts
10/11 09/10

Sales per Employee £’000 08/09 07/08

Sales £’000 09/10

Number of Employees 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 * Puma Hotels PLC Malmaison & Hotel Du Vin Property Hldgs. Ltd * Pl Hotel Ltd F B M London Ltd The Cumberland Guoman Ltd * Quintain Estates & Development PLC Lomar Hotel Co. Ltd Thistle Barbican Tenant Ltd * Pbn Hldgs. Ltd Victoria Park Plaza Operator Ltd * Guoman Hotel Hldgs. Ltd London L.R.G Hotel Ltd Morgans Hotel Gp. London Ltd * Festival Gp. Ltd Park Hotel Heathrow Ltd Hotel Inter-Continental London Ltd Riverbank Hotel Operator Ltd Prestmade Ltd The Cavendish Hotel (London) Ltd Park Tower Hotel Ltd (The) * Doyle London Hotels Ltd Gloucester Capital Ltd Lomondo Ltd Churchill Gp. Ltd Accor UK Economy Hotels Ltd * Bridgemere UK PLC St. James Court Hotel Ltd Dorchester Gp. Ltd Mandarin Oriental Hyde Park Ltd Claridge’s Hotel Ltd The Berkeley Hotel Ltd * M W B Gp. Hldgs. PLC St Giles Hotel Ltd St. James Hotel Ltd Arora Hotels Ltd Rezidor Hotel Stansted Airport Ltd Hhr Piccadilly Ltd C.D.L Hotels (U.K.) Ltd London May Fair Hotel Ltd * Travelodge Hotels Ltd Endell Gp. Hldgs. Ltd The Westbury Hotel Ltd * Deckers Restaurants Ltd * Somerston Hotels UK Ltd * Guoman Hotel Mgmt. (UK) Ltd * Lanesborough Mgmt. Ltd Rezidor Hotel Manchester Ltd London Britannia Hotel Ltd London Tara Hotel Ltd * Accor UK Bus. & Leisure Hotels Ltd 243 133 150 131 15,000 8,753 921 272 269 256 188 180 171 154 152 150 146 143 142 136 134 126 124 123 119 118 117 114 113 112 110 108 107 107 106 106 100 99 99 98 96 93 93 93 92 92 92 91 91 90 90 90 87 87 14,228 8,382 281 232 273 170 177 216 139 115 152 148 127 134 143 142 134 109 127 107 108 117 116 117 62 104 109 109 111 114 102 100 92 88 101 102 84 89 98 97 97 67 97 71 94 94 80 85 48 32 4,518 274 191 195 160 120 431 137 101 151 148 102 105 120 138 130 99 130 117 71 121 107 112 62 109 96 114 102 118 102 93 94 108 93 97 78 84 86 85 95 72 98 99 88 76 82 45 30,000 26,260 13,822 14,408 42,538 56,937 19,347 13,121 23,088 18,281 198,612 28,572 28,701 97,254 18,264 43,487 23,940 26,430 12,907 25,956 12,120 16,108 25,843 32,423 119,700 62,788 25,937 243,387 39,011 48,617 37,038 284,299 16,743 16,393 62,603 14,708 21,848 34,224 34,385 294,400 297,300 17,046 34,770 67,707 15,119 23,477 13,893 18,765 24,012 189,064 2 3 15 53 158 222 103 73 135 119 1,310 190 196 682 129 319 178 209 104 211 102 136 221 284 1,059 561 235 2,257 363 453 349 2,679 168 165 632 150 228 367 370 3,179 3,230 186 380 742 167 260 154 209 276 2,179

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-59

Performance League Tables

Sales per Employee
League Table Position

Recently Filed Accounts
10/11 09/10

Sales per Employee £’000 08/09 07/08

Sales £’000 09/10

Number of Employees 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

Hotel Mgmt. Intl. (Hldgs.) Ltd Blackfriars Hotels Ltd * Paragon Hotels Ltd * J.Townend & Sons (Hull) Ltd * Ritz Hotel (London) Ltd (The) * J.H. Leeke & Sons Ltd The Park Lane Hotel Ltd Firoka (Kings Cross) Ltd * M F Wells (Hotels) Ltd * Doyle Hotels (UK) Ltd Curzon Hotels (Operator) Ltd Comojo (U.K.) Ltd G H Hotel Operating Co. Ltd Tonstate (Hotels) Ltd * Q.M.H Ltd


80 73 55 44 -

85 85 84 84 84 84 83 83 81 81 80 77 76 76 76 73 72 72 70 70 70 68 68 66 63 63 61 59 56 56 55 55 53 52 52 51 51 51 50 48 47 46 45 44 43 43 42 42 41 41 40 40

95 87 77 71 96 73 89 96 79 80 72 74 67 64 73 72 76 77 70 73 74 68 63 68 66 55 55 52 57 51 61 52 57 48 58 44 46 29 40 50 40 39 40 39 31 38 34 38 34

81 92 74 75 86 80 87 123 73 73 68 77 60 60 65 70 66 78 71 72 75 69 74 57 52 50 47 64 45 55 50 58 48 60 42 52 49 42 50 40 31 39 43 31 37 35 36 34

41,228 12,357 26,523 15,190 28,412 65,603 22,090 14,243 19,586 16,580 81,806 14,486 57,611 97,391 250,700 30,177 50,556 15,731 14,892 72,817 28,370 22,204 118,292 1,067,214 37,625 31,763 15,106 654,000 61,155 26,309 175,643 1,407,925 58,347 34,567 35,579 33,858 91,273 15,658 465,127 41,660 34,393 23,962 14,140 14,175 150,773 16,788 13,100 14,797 13,765 52,249 25,474 21,175

486 146 314 180 338 781 265 171 242 205 1,027 187 754 1,278 3,320 413 699 218 213 1,043 407 326 1,743 16,073 594 507 248 11,131 1,092 471 3,206 25,794 1,106 662 682 659 1,784 309 9,227 864 734 521 312 321 3,488 394 310 353 333 1,269 637 533

Landmark Hotel London Ltd Firmdale Hotels PLC Pennyhill Park Ltd Kensington Close Hotel Ltd Globalgrange Ltd

* The Lancaster Landmark Hotel Co. Ltd Royal Garden Hotel Ltd * Edwardian Gp. Ltd * L.5.1.N Ltd * L.R.G Hotels Gp. (UK) Ltd * Hotel Property Investors U.K. Ltd ■ Templeton Hldgs. Ltd Millennium & Copthorne Hotels PLC * Imperial London Hotels Ltd (The) Park Hotels Mgmt. Ltd L.R.G Hotels Ltd * Whitbread PLC Hand Picked Hotels Ltd Chesterfield (Mayfair) Ltd * Gleneagles Hotels Ltd Apex Hotels Ltd Maple Hotels 1 Ltd ■ Jake Feather Hotels Ltd * De Vere Venice Ltd * Kew Green Hotels Ltd De Vere Village Hotels & Leisure Ltd North Brit. Trust Hotels Ltd Webb Hotels & Travel Ltd Manor House Hotel (Okehampton) Ltd * De Vere Village Trading No 1 Ltd Crieff Hydro Ltd Lake District Hotels Ltd Festival Inns Ltd Leisureplex Ltd * Britannia Hotels Ltd * Corus Hotels Ltd * The Barton Grange Gp. Ltd

See sections 6 & 7 for Analysis Notes and Definitions
4-60 Key Note Ltd

Performance League Tables

Sales per Employee
League Table Position

Recently Filed Accounts
10/11 09/10

Sales per Employee £’000 08/09 07/08

Sales £’000 09/10

Number of Employees 09/10

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 -

* Shearings Hotels Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd Brook Hotels Ltd Centre Island Hotels Ltd * Qhotels Gp. Ltd Venice Antler 1 Ltd Jarvis Hotels Ltd. * Marston Hotels Ltd Oxford Hotels & Inns Mgmt. Ltd Menzies Hotels Hldgs. Ltd Andrew Brownsword Hotels Ltd Champneys Henlow Ltd * B.D.L Select Hotels Ltd Strathmore Hotels Ltd Peel Hotels PLC Menzies Hotels Operating Ltd Macdonald Hotels Ltd Forestdale Hotels Ltd

39 36 31 -

40 39 38 38 38 37 37 36 36 36 34 33 33 32 32 32 31 31 30 30 30 29 27 18 67

37 31 32 42 43 36 38 42 31 33 31 32 31 31 33 32 33 31 33 36 30 31 29 18 222 161 90 70 66

36 35 30 45 42 16 36 59 35 35 29 32 33 36 35 33 32 33 34 29 29 29 16 183 145 65 65 46 34 63

70,655 28,106 16,061 31,841 116,728 23,401 119,135 45,334 53,361 45,027 13,314 30,954 14,354 13,913 14,186 40,338 125,999 26,171 13,820 32,864 14,196 16,294 30,852 158,390 12,118 44,958 13,039 121,877 30,394 16,396 47,106 31,586 56,347 102,549 26,253 476,082 19,074 19,927

1,786 724 421 841 3,108 628 3,198 1,259 1,495 1,265 386 939 440 430 440 1,265 4,010 857 454 1,085 477 556 1,151 8,801 -

* * * *

* Ramside Estates Ltd Hastings Hotels Gp. Ltd Choice Hotels Ltd Ramside Hldgs. Ltd * Percy R.Brend & Sons (Hoteliers) Ltd * * * *


Marriott Hotels Ltd Yianis Hldgs. Ltd Longmint Gp. Ltd Jurys Hotel Gp. (UK) Ltd Rocco Forte & Family Ltd Premier Inn Hotels Ltd Paramount Hotels Ltd Adda Hotels De Vere Venues Properties Ltd De Vere Wokefield Park Ltd

* * * *
■ ■ ■

H L T Stakis Operator Ltd H L T Stakis S P E Ltd * Hilton Intl. Hotels (UK) Ltd * Hilton Worldwide Ltd ■ Land Securities (Hotels) Ltd
■ ■ ■

Premier Inn Ltd South Bank Hotel Mgmt. Co. Ltd Splendid Property Co. Ltd

Average of companies with 3 years data Total of companies selected

3,649,087

54,368

Average of companies with 3 years data Total of companies selected

67

66

63 3,649,087 54,368

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-61

Performance League Tables

Capital Employed per Employee
League Table Position

Recently Filed Accounts
10/11

Capital Employed per Employee £’000 09/10 08/09 07/08

Capital Employed £’000 09/10

Number of Employees 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 * Puma Hotels PLC Malmaison & Hotel Du Vin Property Hldgs. Ltd * Quintain Estates & Development PLC * Pl Hotel Ltd * Pbn Hldgs. Ltd The Cavendish Hotel (London) Ltd London May Fair Hotel Ltd Prestmade Ltd The Westbury Hotel Ltd Claridge’s Hotel Ltd The Berkeley Hotel Ltd F B M London Ltd * Guoman Hotel Hldgs. Ltd Mandarin Oriental Hyde Park Ltd * The Lancaster Landmark Hotel Co. Ltd Firoka (Kings Cross) Ltd Landmark Hotel London Ltd * Ritz Hotel (London) Ltd (The) * Doyle London Hotels Ltd * Gleneagles Hotels Ltd


364 450 450 387 -

233,660 78,703 4,841 4,587 2,406 1,141 894 868 750 623 622 595 553 547 524 491 479 476 465 428 426 425 416 408 396 390 380 376 363 333 317 305 298 290 285 283 282 266 256 243 231 224 217 216 211 210 195 189 188 184

70,645 -11,736 4,281 3,983 932 863 892 616 563 607 605 385 490 368 433 501 471 426 394 546 435 444 387 321 336 333 333 356 248 261 242 265 286 257 252 87 234 201 210 210 239 253 199 97 195 209 189 186

215 98,283 5,879 2,833 788 883 910 696 527 585 612 369 487 368 1,223 473 486 457 402 465 347 603 446 317 -34 317 369 381 131 244 238 285 296 240 279 104 213 188 213 167 254 277 232 246 211 225 355 150

467,321 236,110 1,074,632 68,807 324,818 118,710 330,721 181,480 139,565 282,385 217,073 31,533 724,209 198,583 213,078 83,934 197,761 160,919 47,437 292,212 136,046 443,580 939,213 302,713 690,352 498,039 51,698 78,600 85,302 70,883 1,105,602 201,234 49,215 929,733 905,200 180,022 41,239 69,140 179,056 46,149 63,867 2,498,200 701,800 121,400 46,665 562,845 645,800 38,653 61,231 40,086

2 3 222 15 135 104 370 209 186 453 349 53 1,310 363 407 171 413 338 102 682 319 1,043 2,257 742 1,743 1,278 136 209 235 213 3,488 659 165 3,206 3,179 637 146 260 699 190 276 11,131 3,230 561 221 2,679 3,320 205 326 218

Hotel Inter-Continental London Ltd Globalgrange Ltd Dorchester Gp. Ltd * Somerston Hotels UK Ltd * Edwardian Gp. Ltd Tonstate (Hotels) Ltd Gloucester Capital Ltd London Britannia Hotel Ltd St. James Court Hotel Ltd Kensington Close Hotel Ltd * De Vere Village Trading No 1 Ltd Apex Hotels Ltd St. James Hotel Ltd L.R.G Hotels Ltd * Travelodge Hotels Ltd * Corus Hotels Ltd Blackfriars Hotels Ltd * Lanesborough Mgmt. Ltd Firmdale Hotels PLC London L.R.G Hotel Ltd London Tara Hotel Ltd Millennium & Copthorne Hotels PLC Endell Gp. Hldgs. Ltd * Bridgemere UK PLC Lomondo Ltd * M W B Gp. Hldgs. PLC * Q.M.H Ltd * Doyle Hotels (UK) Ltd Royal Garden Hotel Ltd Pennyhill Park Ltd

See sections 6 & 7 for Analysis Notes and Definitions
4-62 Key Note Ltd

Performance League Tables

Capital Employed per Employee
League Table Position

Recently Filed Accounts
10/11

Capital Employed per Employee £’000 09/10 08/09 07/08

Capital Employed £’000 09/10

Number of Employees 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102



Hotel Mgmt. Intl. (Hldgs.) Ltd Rezidor Hotel Manchester Ltd Jake Feather Hotels Ltd Hand Picked Hotels Ltd Andrew Brownsword Hotels Ltd Churchill Gp. Ltd Qhotels Gp. Ltd De Vere Venice Ltd B.D.L Select Hotels Ltd J.H. Leeke & Sons Ltd

144 121 21

172 159 158 148 146 142 129 126 118 118 115 111 105 105 102 98 89 86 85 82 82 81 77 72 71 71 66 62 61 60 60 58 54 48 45 44 43 41 39 39 37 36 34 33 31 30 28 27 23 22 21 18

171 139 166 142 115 167 144 103 93 147 103 94 227 81 54 86 77 89 77 47 68 84 538 58 34 52 24 57 58 22 54 55 48 40 24 47 41 52 41 22 31 145 31 32 35 27 28 16 89 40 18

144 122 161 151 108 189 162 92 126 94 88 217 93 45 65 68 93 85 44 69 88 587 61 94 49 26 58 55 49 44 53 45 36 24 30 37 31 40 23 35 155 27 30 33 19 28 22 94 51 18

83,790 24,490 48,955 163,159 56,476 40,454 400,788 1,165,603 52,132 91,912 96,742 117,170 115,022 38,537 31,751 213,202 2,289,600 14,368 22,510 19,963 27,168 35,755 17,591 14,056 90,408 13,321 34,515 58,530 26,082 18,819 6,137 22,899 173,735 41,420 29,927 18,364 21,914 13,131 40,363 17,777 13,874 19,372 21,108 19,807 5,659 32,676 4,170 14,818 16,422 15,251 26,085 8,788

486 154 309 1,106 386 284 3,108 9,227 440 781 841 1,059 1,092 367 310 2,179 25,794 168 265 242 333 440 228 196 1,269 187 521 939 430 312 103 394 3,198 857 662 421 507 321 1,027 454 380 533 628 594 180 1,085 150 556 724 682 1,259 477

* * * *

Centre Island Hotels Ltd Accor UK Economy Hotels Ltd * Imperial London Hotels Ltd (The) C.D.L Hotels (U.K.) Ltd Lake District Hotels Ltd * Accor UK Bus. & Leisure Hotels Ltd * Whitbread PLC St Giles Hotel Ltd The Park Lane Hotel Ltd * M F Wells (Hotels) Ltd Leisureplex Ltd * Peel Hotels PLC Hhr Piccadilly Ltd Morgans Hotel Gp. London Ltd * Britannia Hotels Ltd Comojo (U.K.) Ltd North Brit. Trust Hotels Ltd Champneys Henlow Ltd Strathmore Hotels Ltd Webb Hotels & Travel Ltd Lomar Hotel Co. Ltd Crieff Hydro Ltd Jarvis Hotels Ltd. * Forestdale Hotels Ltd Chesterfield (Mayfair) Ltd Brook Hotels Ltd * Hotel Property Investors U.K. Ltd Manor House Hotel (Okehampton) Ltd Curzon Hotels (Operator) Ltd * Ramside Estates Ltd * Deckers Restaurants Ltd * The Barton Grange Gp. Ltd Venice Antler 1 Ltd * L.R.G Hotels Gp. (UK) Ltd * J.Townend & Sons (Hull) Ltd Hastings Hotels Gp. Ltd Rezidor Hotel Stansted Airport Ltd Ramside Hldgs. Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd * Festival Gp. Ltd * Marston Hotels Ltd Choice Hotels Ltd

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-63

Performance League Tables

Capital Employed per Employee
League Table Position

Recently Filed Accounts
10/11

Capital Employed per Employee £’000 09/10 08/09 07/08

Capital Employed £’000 09/10

Number of Employees 09/10

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 -

Park Tower Hotel Ltd (The) * Macdonald Hotels Ltd * Guoman Hotel Mgmt. (UK) Ltd Templeton Hldgs. Ltd * Shearings Hotels Ltd G H Hotel Operating Co. Ltd * Percy R.Brend & Sons (Hoteliers) Ltd * Paragon Hotels Ltd Arora Hotels Ltd Oxford Hotels & Inns Mgmt. Ltd * Marriott Hotels Ltd * Kew Green Hotels Ltd De Vere Village Hotels & Leisure Ltd Maple Hotels 1 Ltd Victoria Park Plaza Operator Ltd Festival Inns Ltd * Menzies Hotels Operating Ltd * L.5.1.N Ltd Park Hotels Mgmt. Ltd Park Hotel Heathrow Ltd Riverbank Hotel Operator Ltd Menzies Hotels Hldgs. Ltd The Cumberland Guoman Ltd Thistle Barbican Tenant Ltd * Yianis Hldgs. Ltd * Jurys Hotel Gp. (UK) Ltd ■ Rocco Forte & Family Ltd * Longmint Gp. Ltd * * * *
■ ■ ■

10 11 -132 -109 -

15 15 13 11 11 6 6 4 4 2 1 -2 -13 -15 -15 -27 -31 -32 -32 -37 -40 -50 -99 -108 185

12 89 36 8 59 6 6 6 15 1 1 4 -17 -6 -11 -12 -12 -15 -1 -41 -2 -56 -71 2,830 726 224 211 177

29 76 118 74 4 11 198 56 1 1 5 289 -2 -23 -5 -4 -7 5 -37 25 -60 -38 2,539 515 169 205 198 139 172

3,259 59,004 2,199 2,839 19,375 4,337 6,576 1,306 2,455 2,253 5,121 -1,907 -9,285 -26,501 -1,844 -9,367 -38,656 -516,443 -15,164 -4,736 -7,051 -62,702 -15,653 -7,892 103,214 511,051 108,406 62,561 362,992 -56,435 5,085 79,545 156,028 683,187 21,962 256,797 91 124,478

211 4,010 167 248 1,786 754 1,151 314 632 1,495 8,801 864 734 1,784 119 353 1,265 16,073 471 129 178 1,265 158 73 -

Premier Inn Hotels Ltd Paramount Hotels Ltd Adda Hotels De Vere Venues Properties Ltd De Vere Wokefield Park Ltd

H L T Stakis Operator Ltd H L T Stakis S P E Ltd * Hilton Intl. Hotels (UK) Ltd * Hilton Worldwide Ltd ■ Land Securities (Hotels) Ltd
■ ■ ■

Premier Inn Ltd South Bank Hotel Mgmt. Co. Ltd Splendid Property Co. Ltd

Average of companies with 3 years data Total of companies selected

10,122,523

54,616

Average of companies with 3 years data Total of companies selected

185

177

172 10,122,523 54,616

See sections 6 & 7 for Analysis Notes and Definitions
4-64 Key Note Ltd

Performance League Tables

Pay / Sales
League Table Position

Recently Filed Accounts
10/11 09/10

Pay / Sales % 08/09 07/08

Employee Pay £’000 09/10

Sales £’000 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 * Marriott Hotels Ltd * Bridgemere UK PLC Choice Hotels Ltd * Guoman Hotel Mgmt. (UK) Ltd * Percy R.Brend & Sons (Hoteliers) Ltd * Macdonald Hotels Ltd Royal Garden Hotel Ltd Andrew Brownsword Hotels Ltd Hand Picked Hotels Ltd Strathmore Hotels Ltd Pennyhill Park Ltd Crieff Hydro Ltd * Forestdale Hotels Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd ■ Templeton Hldgs. Ltd * Peel Hotels PLC * Corus Hotels Ltd Oxford Hotels & Inns Mgmt. Ltd Champneys Henlow Ltd Firmdale Hotels PLC * Imperial London Hotels Ltd (The) Brook Hotels Ltd * Menzies Hotels Operating Ltd * Gleneagles Hotels Ltd Jarvis Hotels Ltd. Leisureplex Ltd Chesterfield (Mayfair) Ltd * Hilton Worldwide Ltd North Brit. Trust Hotels Ltd Hastings Hotels Gp. Ltd Manor House Hotel (Okehampton) Ltd Millennium & Copthorne Hotels PLC ■ Landmark Hotel London Ltd * Ramside Estates Ltd * The Barton Grange Gp. Ltd * B.D.L Select Hotels Ltd * Qhotels Gp. Ltd * Marston Hotels Ltd Comojo (U.K.) Ltd * De Vere Village Trading No 1 Ltd Menzies Hotels Hldgs. Ltd Ramside Hldgs. Ltd L.R.G Hotels Ltd Apex Hotels Ltd Lake District Hotels Ltd * Britannia Hotels Ltd Venice Antler 1 Ltd * Shearings Hotels Ltd Festival Inns Ltd * Kew Green Hotels Ltd 42.7 27.6 37.7 35.7 30.0 32.3 29.5 84.7 43.2 42.4 42.2 41.8 39.1 39.0 37.9 36.7 36.5 36.4 36.4 36.1 35.9 35.7 35.1 34.6 34.5 34.4 34.3 34.1 33.9 33.8 33.8 33.6 33.2 33.0 32.9 32.2 32.2 31.9 31.9 31.7 31.6 31.3 31.1 31.0 30.7 30.6 30.4 30.3 29.9 29.3 29.3 29.1 28.8 28.6 28.1 28.1 27.9 83.6 58.0 43.7 48.5 41.9 40.2 34.4 43.0 33.5 36.3 34.5 36.7 35.1 42.3 32.9 34.5 34.5 35.9 35.6 34.0 41.7 31.1 32.8 31.8 32.8 35.2 33.2 31.7 32.3 33.4 30.2 33.6 33.4 30.7 29.8 29.4 28.4 32.8 31.2 32.1 29.0 30.9 29.5 27.9 31.6 28.1 31.3 23.9 83.2 44.3 42.9 40.9 37.8 32.3 43.1 35.2 36.6 34.5 36.8 35.4 37.3 31.9 34.5 37.0 35.8 33.5 37.6 34.5 30.1 30.5 32.8 33.4 33.4 29.7 34.1 30.6 35.0 29.9 3.2 36.1 30.6 29.0 22.9 31.2 30.1 33.7 28.4 30.8 28.9 28.7 31.7 30.3 31.5 25.0 134,114 27,149 6,017 6,374 12,891 49,294 8,665 5,050 21,418 5,077 5,733 6,106 9,441 10,098 5,396 4,975 8,819 18,416 10,658 17,327 20,844 5,437 13,650 12,035 40,080 4,570 11,400 33,710 7,723 10,583 4,522 208,400 9,558 4,373 6,618 4,471 36,168 13,915 4,430 45,783 13,650 4,870 51,447 9,905 3,815 15,052 6,684 19,874 4,155 11,634 158,390 62,788 14,196 15,119 30,852 125,999 22,204 13,314 58,347 13,913 15,731 16,788 26,171 28,106 15,106 14,186 25,474 53,361 30,954 50,556 61,155 16,061 40,338 35,579 119,135 13,765 34,567 102,549 23,962 32,864 14,175 654,000 30,177 13,820 21,175 14,354 116,728 45,334 14,486 150,773 45,027 16,294 175,643 33,858 13,100 52,249 23,401 70,655 14,797 41,660

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-65

Performance League Tables

Pay / Sales
League Table Position

Recently Filed Accounts
10/11 09/10

Pay / Sales % 08/09 07/08

Employee Pay £’000 09/10

Sales £’000 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

* Ritz Hotel (London) Ltd (The) * De Vere Venice Ltd * Q.M.H Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd * The Lancaster Landmark Hotel Co. Ltd * Edwardian Gp. Ltd De Vere Village Hotels & Leisure Ltd * L.R.G Hotels Gp. (UK) Ltd Centre Island Hotels Ltd Dorchester Gp. Ltd Globalgrange Ltd * Doyle Hotels (UK) Ltd Curzon Hotels (Operator) Ltd * Hotel Property Investors U.K. Ltd * Whitbread PLC Mandarin Oriental Hyde Park Ltd Churchill Gp. Ltd Maple Hotels 1 Ltd Kensington Close Hotel Ltd Park Hotels Mgmt. Ltd


20.6 -

27.8 27.8 27.7 27.7 27.5 27.3 27.3 27.3 27.0 26.8 26.8 26.6 26.6 26.5 26.3 26.0 25.8 25.4 25.1 24.9 24.7 24.3 24.2 23.2 23.2 23.2 23.1 22.7 22.6 22.5 22.5 22.4 22.1 22.0 21.9 21.9 21.1 21.1 20.7 20.5 20.5 20.4 20.3 20.1 20.0 19.9 19.9 19.9 19.4 19.3 19.2 19.2

26.0 27.0 25.7 21.4 24.8 26.7 29.0 26.4 27.6 24.8 26.1 28.0 28.3 27.2 27.0 25.1 24.7 22.2 20.4 24.4 26.2 24.1 20.0 25.1 21.8 21.0 22.4 24.3 21.2 22.5 22.4 21.6 21.7 21.0 25.4 21.8 21.1 23.6 21.8 22.2 20.0 20.4 21.6 21.2 25.2 20.8 19.5 21.7 22.0

25.6 10.4 26.1 23.4 25.2 25.3 29.0 26.8 27.4 25.0 24.3 22.5 27.6 26.9 28.3 23.0 25.1 21.1 19.0 26.4 24.4 18.4 24.8 21.7 20.8 23.0 20.7 20.4 20.8 20.6 22.4 22.3 21.7 17.4 21.1 19.7 23.2 23.0 21.2 19.2 21.0 21.7 17.4 20.4 25.3 20.4 18.3 19.0 20.0

7,905 129,225 69,500 11,427 7,801 32,318 9,395 10,268 8,587 65,180 19,480 4,413 21,766 8,405 370,377 10,146 8,366 23,177 3,732 6,547 4,928 6,276 3,784 3,962 4,361 6,636 2,849 5,445 4,992 3,185 5,284 4,889 65,800 64,700 2,876 13,714 20,533 6,043 13,608 7,022 58,164 7,005 38,314 3,368 5,196 11,221 11,446 3,255 5,036 3,732 91,311 2,322

28,412 465,127 250,700 41,228 28,370 118,292 34,393 37,625 31,841 243,387 72,817 16,580 81,806 31,763 1,407,925 39,011 32,423 91,273 14,892 26,309 19,927 25,843 15,658 17,046 18,765 28,572 12,357 24,012 22,090 14,140 23,477 21,848 297,300 294,400 13,121 62,603 97,391 28,701 65,603 34,224 284,299 34,385 189,064 16,743 25,956 56,347 57,611 16,393 25,937 19,347 476,082 12,120



Splendid Property Co. Ltd Lomondo Ltd Jake Feather Hotels Ltd The Westbury Hotel Ltd London Britannia Hotel Ltd London L.R.G Hotel Ltd Blackfriars Hotels Ltd London Tara Hotel Ltd The Park Lane Hotel Ltd Webb Hotels & Travel Ltd

* Lanesborough Mgmt. Ltd Hhr Piccadilly Ltd Endell Gp. Hldgs. Ltd * Travelodge Hotels Ltd Thistle Barbican Tenant Ltd Arora Hotels Ltd Tonstate (Hotels) Ltd Morgans Hotel Gp. London Ltd * J.H. Leeke & Sons Ltd C.D.L Hotels (U.K.) Ltd * M W B Gp. Hldgs. PLC London May Fair Hotel Ltd * Accor UK Bus. & Leisure Hotels Ltd St Giles Hotel Ltd Park Tower Hotel Ltd (The) * Hilton Intl. Hotels (UK) Ltd G H Hotel Operating Co. Ltd St. James Hotel Ltd St. James Court Hotel Ltd Lomar Hotel Co. Ltd
■ Premier Inn Ltd * Doyle London Hotels Ltd

See sections 6 & 7 for Analysis Notes and Definitions
4-66 Key Note Ltd

Performance League Tables

Pay / Sales
League Table Position

Recently Filed Accounts
10/11 09/10

Pay / Sales % 08/09 07/08

Employee Pay £’000 09/10

Sales £’000 09/10

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 -

Gloucester Capital Ltd * J.Townend & Sons (Hull) Ltd * Quintain Estates & Development PLC The Berkeley Hotel Ltd * L.5.1.N Ltd The Cavendish Hotel (London) Ltd Hotel Inter-Continental London Ltd * M F Wells (Hotels) Ltd Claridge’s Hotel Ltd Rezidor Hotel Manchester Ltd Firoka (Kings Cross) Ltd South Bank Hotel Mgmt. Co. Ltd Prestmade Ltd

16.6 14.4 19.4 -

19.1 19.1 18.7 17.7 17.5 17.0 17.0 16.5 16.1 16.0 15.9 15.3 15.3 15.0 15.0 14.6 14.4 14.2 12.0 11.8 11.3 11.1 9.7 9.0 8.4 6.6 0.8 26.2

22.3 19.2 18.0 16.3 21.7 16.4 16.8 15.9 15.4 14.3 14.8 15.5 17.3 15.5 9.0 14.3 14.5 17.2 12.1 11.6 11.9 8.3 8.3 10.9 6.3 0.3 30.9 26.7 25.8 20.5 17.9 13.5 25.7

23.2 19.2 30.6 15.4 21.7 20.9 18.9 15.9 17.7 12.7 16.9 17.3 15.0 9.6 14.0 13.4 18.3 12.0 13.0 11.4 5.8 10.2 9.5 25.9 26.4 22.7 23.5 24.4 15.6 32.2 25.7 25.6

3,074 2,897 10,642 6,565 187,267 2,199 7,388 3,225 7,812 2,229 2,258 2,923 4,040 3,598 10,128 6,190 3,811 2,093 2,199 14,141 2,068 3,871 2,240 8,784 1,213 13,155 231 -

16,108 15,190 56,937 37,038 1,067,214 12,907 43,487 19,586 48,617 13,893 14,243 19,074 26,430 23,940 67,707 42,538 26,523 14,708 18,281 119,700 18,264 34,770 23,088 97,254 14,408 198,612 30,000 31,586 47,106 12,118 44,958 13,039 121,877 30,394 16,396 26,253 26,260 13,822



Riverbank Hotel Operator Ltd * Somerston Hotels UK Ltd The Cumberland Guoman Ltd * Paragon Hotels Ltd Rezidor Hotel Stansted Airport Ltd Victoria Park Plaza Operator Ltd Accor UK Economy Hotels Ltd Park Hotel Heathrow Ltd * Deckers Restaurants Ltd * Pbn Hldgs. Ltd * Festival Gp. Ltd F B M London Ltd * Guoman Hotel Hldgs. Ltd * Puma Hotels PLC ■ H L T Stakis S P E Ltd H L T Stakis Operator Ltd Rocco Forte & Family Ltd * Longmint Gp. Ltd * Jurys Hotel Gp. (UK) Ltd * Yianis Hldgs. Ltd
■ ■

* * * *
■ ■ ■

Premier Inn Hotels Ltd Paramount Hotels Ltd Adda Hotels De Vere Venues Properties Ltd De Vere Wokefield Park Ltd

Land Securities (Hotels) Ltd Malmaison & Hotel Du Vin Property Hldgs. Ltd * Pl Hotel Ltd

Average of companies with 3 years data Total of companies selected

948,629

3,622,827

Average of companies with 3 years data Total of companies selected

26.2

25.7

25.6 948,629 3,622,827

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-67

Performance League Tables

Exports / Sales
League Table Position

Recently Filed Accounts
10/11 09/10

Exports / Sales % 08/09 07/08

Exports £’000 09/10

Sales £’000 09/10

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 * Marriott Hotels Ltd Millennium & Copthorne Hotels PLC Dorchester Gp. Ltd * Q.M.H Ltd * Hotel Property Investors U.K. Ltd * L.5.1.N Ltd * M W B Gp. Hldgs. PLC Chesterfield (Mayfair) Ltd * Whitbread PLC * Forestdale Hotels Ltd * Accor UK Bus. & Leisure Hotels Ltd Accor UK Economy Hotels Ltd * Adda Hotels Andrew Brownsword Hotels Ltd Apex Hotels Ltd Blackfriars Hotels Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd * Bridgemere UK PLC * Britannia Hotels Ltd C.D.L Hotels (U.K.) Ltd Centre Island Hotels Ltd Champneys Henlow Ltd Choice Hotels Ltd Churchill Gp. Ltd Claridge’s Hotel Ltd Comojo (U.K.) Ltd De Vere Village Hotels & Leisure Ltd * Deckers Restaurants Ltd * Doyle Hotels (UK) Ltd * Doyle London Hotels Ltd * Edwardian Gp. Ltd Festival Inns Ltd Firmdale Hotels PLC G H Hotel Operating Co. Ltd Globalgrange Ltd Gloucester Capital Ltd Hhr Piccadilly Ltd * Hilton Intl. Hotels (UK) Ltd * Hilton Worldwide Ltd * J.H. Leeke & Sons Ltd * J.Townend & Sons (Hull) Ltd Jarvis Hotels Ltd. Kensington Close Hotel Ltd * Kew Green Hotels Ltd * L.R.G Hotels Gp. (UK) Ltd L.R.G Hotels Ltd Lake District Hotels Ltd Land Securities (Hotels) Ltd * Lanesborough Mgmt. Ltd Leisureplex Ltd 0.0 100.0 79.1 71.4 67.3 35.1 25.7 3.5 2.2 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 86.7 71.9 65.8 30.4 1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 86.3 70.6 60.2 24.1 2.0 0.0 1.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 158,390 517,300 173,808 168,700 11,141 274,324 10,065 761 13,343 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 158,390 654,000 243,387 250,700 31,763 1,067,214 284,299 34,567 1,407,925 26,171 189,064 119,700 121,877 13,314 33,858 12,357 28,106 62,788 52,249 34,224 31,841 30,954 14,196 32,423 48,617 14,486 34,393 34,770 16,580 12,120 118,292 14,797 50,556 57,611 72,817 16,108 21,848 56,347 102,549 65,603 15,190 119,135 14,892 41,660 37,625 175,643 13,100 26,253 23,477 13,765

See sections 6 & 7 for Analysis Notes and Definitions
4-68 Key Note Ltd

Performance League Tables

Exports / Sales
League Table Position

Recently Filed Accounts
10/11 09/10

Exports / Sales % 08/09 07/08

Exports £’000 09/10

Sales £’000 09/10

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

Lomondo Ltd London Britannia Hotel Ltd London L.R.G Hotel Ltd London May Fair Hotel Ltd London Tara Hotel Ltd Malmaison & Hotel Du Vin Property Hldgs. Ltd Manor House Hotel (Okehampton) Ltd Maple Hotels 1 Ltd * Marston Hotels Ltd Menzies Hotels Hldgs. Ltd * Menzies Hotels Operating Ltd Morgans Hotel Gp. London Ltd Park Hotels Mgmt. Ltd Park Tower Hotel Ltd (The) * Peel Hotels PLC Pennyhill Park Ltd * Percy R.Brend & Sons (Hoteliers) Ltd * Premier Inn Hotels Ltd Prestmade Ltd * Puma Hotels PLC * Qhotels Gp. Ltd * Ramside Estates Ltd Ramside Hldgs. Ltd Rezidor Hotel Stansted Airport Ltd Riverbank Hotel Operator Ltd Royal Garden Hotel Ltd * Shearings Hotels Ltd * Somerston Hotels UK Ltd Splendid Property Co. Ltd St Giles Hotel Ltd St. James Court Hotel Ltd St. James Hotel Ltd * The Barton Grange Gp. Ltd The Berkeley Hotel Ltd * The Lancaster Landmark Hotel Co. Ltd The Park Lane Hotel Ltd The Westbury Hotel Ltd Tonstate (Hotels) Ltd Venice Antler 1 Ltd Victoria Park Plaza Operator Ltd Webb Hotels & Travel Ltd * B.D.L Select Hotels Ltd * De Vere Venice Ltd ■ De Vere Wokefield Park Ltd ■ H L T Stakis Operator Ltd
■ ■ ■ ■ ■

0.0 0.0 0.0 -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

25,843 18,765 28,572 34,385 24,012 26,260 14,175 91,273 45,334 45,027 40,338 28,701 26,309 25,956 14,186 15,731 30,852 44,958 26,430 30,000 116,728 13,820 16,294 14,708 23,940 22,204 70,655 67,707 19,927 16,743 25,937 16,393 21,175 37,038 28,370 22,090 17,046 97,391 23,401 18,281 14,140 14,354 465,127 16,396 47,106 31,586 32,864 13,913 15,106 81,806 14,243 43,487

H L T Stakis S P E Ltd Hastings Hotels Gp. Ltd Strathmore Hotels Ltd Templeton Hldgs. Ltd Curzon Hotels (Operator) Ltd Firoka (Kings Cross) Ltd Hotel Inter-Continental London Ltd

■ ■

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-69

Performance League Tables

Exports / Sales
League Table Position

Recently Filed Accounts
10/11 09/10

Exports / Sales % 08/09 07/08

Exports £’000 09/10

Sales £’000 09/10

103 104 105 106 -

■ Jake Feather Hotels Ltd * Macdonald Hotels Ltd ■ Mandarin Oriental Hyde Park Ltd

0.0 0.0 0.0 0.0 -

0.0 0.0 0.0 0.0 25.0

87.7 76.9 26.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27.5

85.5 77.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.1 0.0 0.0 0.0 27.0

0 0 0 0 -

15,658 125,999 39,011 19,074 41,228 16,061 35,579 58,347 12,118 19,347 23,962 53,361 13,039 18,264 476,082 13,893 297,300 13,822 42,538 13,121 62,603 25,474 16,788 30,394 150,773 14,408 97,254 198,612 15,119 61,155 30,177 19,586 26,523 23,088 56,937 28,412 12,907 294,400 -

South Bank Hotel Mgmt. Co. Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd ■ Rocco Forte & Family Ltd * Longmint Gp. Ltd ■ Brook Hotels Ltd




* Gleneagles Hotels Ltd ■ Hand Picked Hotels Ltd * Jurys Hotel Gp. (UK) Ltd ■ Lomar Hotel Co. Ltd ■ North Brit. Trust Hotels Ltd
■ Oxford Hotels & Inns Mgmt. Ltd * Paramount Hotels Ltd ■ Park Hotel Heathrow Ltd ■ Premier Inn Ltd ■ Rezidor Hotel Manchester Ltd ■ Endell Gp. Hldgs. Ltd * Pl Hotel Ltd ■ The Cumberland Guoman Ltd ■ Thistle Barbican Tenant Ltd ■ Arora Hotels Ltd

* Corus Hotels Ltd ■ Crieff Hydro Ltd * De Vere Venues Properties Ltd * De Vere Village Trading No 1 Ltd ■ F B M London Ltd * * * *


Festival Gp. Ltd Guoman Hotel Hldgs. Ltd Guoman Hotel Mgmt. (UK) Ltd Imperial London Hotels Ltd (The) Landmark Hotel London Ltd M F Wells (Hotels) Ltd Paragon Hotels Ltd Pbn Hldgs. Ltd Quintain Estates & Development PLC Ritz Hotel (London) Ltd (The)

* * * * *

■ The Cavendish Hotel (London) Ltd * Travelodge Hotels Ltd * Yianis Hldgs. Ltd

Average of companies with 3 years data Total of companies selected

691,869

2,765,815

Average of companies with 3 years data Total of companies selected

25.0

27.5

27.0 691,869 2,765,815

See sections 6 & 7 for Analysis Notes and Definitions
4-70 Key Note Ltd

Performance League Tables

Sales Growth
League Table Position Compound Annual Growth Rate % 07/10 Sales £’000 09/10 % Change % Change

08/09 - 09/10

07/08 - 08/09

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 South Bank Hotel Mgmt. Co. Ltd De Vere Village Hotels & Leisure Ltd Venice Antler 1 Ltd Malmaison & Hotel Du Vin Property Hldgs. Ltd * Bridgemere UK PLC Arora Hotels Ltd * The Barton Grange Gp. Ltd Gloucester Capital Ltd * Britannia Hotels Ltd Hand Picked Hotels Ltd Globalgrange Ltd Apex Hotels Ltd Hotel Inter-Continental London Ltd G H Hotel Operating Co. Ltd * Shearings Hotels Ltd * Quintain Estates & Development PLC Endell Gp. Hldgs. Ltd * Travelodge Hotels Ltd * Festival Gp. Ltd Andrew Brownsword Hotels Ltd * * * * Whitbread PLC M F Wells (Hotels) Ltd De Vere Venice Ltd J.Townend & Sons (Hull) Ltd Leisureplex Ltd 194 73 46 39 38 21 21 21 15 15 14 13 12 12 11 10 10 10 9 8 8 7 7 7 7 6 6 6 6 6 6 6 5 5 5 5 4 4 4 4 3 3 3 2 2 2 1 1 1 1 19,074 34,393 23,401 26,260 62,788 62,603 21,175 16,108 52,249 58,347 72,817 33,858 43,487 57,611 70,655 56,937 297,300 294,400 97,254 13,314 1,407,925 19,586 465,127 15,190 13,765 32,423 284,299 14,175 34,770 14,243 13,100 41,660 12,120 17,046 26,253 16,743 16,788 18,281 119,700 61,155 476,082 243,387 14,408 158,390 34,567 13,913 97,391 30,954 30,852 48,617 7 87 -10 4 93 16 13 -8 29 -5 23 27 -4 6 7 -14 3 3 -6 10 5 3 -2 21 10 -4 2 11 8 -22 5 1 20 -3 -11 2 4 1 -2 1 -5 -6 -3 6 0 5 -2 -1 3 -7 706 60 137 86 -2 27 30 59 3 41 5 1 30 18 15 41 19 19 26 7 10 11 17 -6 3 18 10 1 4 45 7 10 -7 15 24 8 5 8 9 6 12 12 9 -1 4 -1 5 4 0 10

Churchill Gp. Ltd * M W B Gp. Hldgs. PLC Manor House Hotel (Okehampton) Ltd * Deckers Restaurants Ltd Firoka (Kings Cross) Ltd Lake District Hotels Ltd * Kew Green Hotels Ltd * Doyle London Hotels Ltd The Westbury Hotel Ltd Land Securities (Hotels) Ltd St Giles Hotel Ltd Crieff Hydro Ltd Victoria Park Plaza Operator Ltd Accor UK Economy Hotels Ltd * Imperial London Hotels Ltd (The) Premier Inn Ltd Dorchester Gp. Ltd F B M London Ltd * Marriott Hotels Ltd Chesterfield (Mayfair) Ltd Strathmore Hotels Ltd Tonstate (Hotels) Ltd Champneys Henlow Ltd * Percy R.Brend & Sons (Hoteliers) Ltd Claridge’s Hotel Ltd

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-71

Performance League Tables

Sales Growth
League Table Position Compound Annual Growth Rate % 07/10 Sales £’000 09/10 % Change % Change

08/09 - 09/10

07/08 - 08/09

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102

Ramside Hldgs. Ltd Prestmade Ltd The Cumberland Guoman Ltd St. James Court Hotel Ltd Brook Hotels Ltd Thistle Barbican Tenant Ltd * Gleneagles Hotels Ltd * J.H. Leeke & Sons Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd London May Fair Hotel Ltd Centre Island Hotels Ltd London Tara Hotel Ltd Firmdale Hotels PLC Kensington Close Hotel Ltd * De Vere Venues Properties Ltd * Jurys Hotel Gp. (UK) Ltd The Cavendish Hotel (London) Ltd * Ritz Hotel (London) Ltd (The) Millennium & Copthorne Hotels PLC * Guoman Hotel Hldgs. Ltd * Q.M.H Ltd * Accor UK Bus. & Leisure Hotels Ltd Hastings Hotels Gp. Ltd * Hilton Intl. Hotels (UK) Ltd * Edwardian Gp. Ltd Park Hotels Mgmt. Ltd Choice Hotels Ltd The Berkeley Hotel Ltd C.D.L Hotels (U.K.) Ltd * Qhotels Gp. Ltd Riverbank Hotel Operator Ltd London L.R.G Hotel Ltd Pennyhill Park Ltd * Peel Hotels PLC * Ramside Estates Ltd * Paragon Hotels Ltd * Pl Hotel Ltd North Brit. Trust Hotels Ltd * Doyle Hotels (UK) Ltd Splendid Property Co. Ltd The Park Lane Hotel Ltd Hhr Piccadilly Ltd Lomondo Ltd Jarvis Hotels Ltd. London Britannia Hotel Ltd L.R.G Hotels Ltd Morgans Hotel Gp. London Ltd Royal Garden Hotel Ltd * Adda Hotels Park Tower Hotel Ltd (The) St. James Hotel Ltd Blackfriars Hotels Ltd

1 1 1 1 1 0 0 0 0 0 0 0 0 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -1 -2 -2 -2 -2 -2 -3 -3 -3 -3 -3 -3 -3 -4 -4 -4 -4 -4 -4 -4 -4 -5 -5 -5 -5 -5 -6 -6 -6

16,294 26,430 42,538 25,937 16,061 13,121 35,579 65,603 41,228 34,385 31,841 24,012 50,556 14,892 30,394 12,118 12,907 28,412 654,000 198,612 250,700 189,064 32,864 56,347 118,292 26,309 14,196 37,038 34,224 116,728 23,940 28,572 15,731 14,186 13,820 26,523 13,822 23,962 16,580 19,927 22,090 21,848 25,843 119,135 18,765 175,643 28,701 22,204 121,877 25,956 16,393 12,357

0 -4 -9 -2 -5 -7 -7 5 -15 -2 7 -6 -5 -7 3 -2 -7 -4 -7 -10 -9 -5 -3 -5 -4 -1 -1 -4 -6 -10 -6 -9 -8 12 -2 2 -5 -4 -2 -4 -9 -5 -9 -8 -9 -11 -7 -8 -12 -13 -7 -13

3 7 11 3 6 9 8 -5 18 2 -7 6 5 6 -4 1 6 3 5 8 7 2 0 2 0 -3 -3 -1 1 6 0 4 2 -16 -4 -9 -2 -4 -6 -4 1 -3 1 0 0 1 -3 -3 2 2 -4 2

See sections 6 & 7 for Analysis Notes and Definitions
4-72 Key Note Ltd

Performance League Tables

Sales Growth
League Table Position Compound Annual Growth Rate % 07/10 Sales £’000 09/10 % Change % Change

08/09 - 09/10

07/08 - 08/09

103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 -

* Guoman Hotel Mgmt. (UK) Ltd * Corus Hotels Ltd * Lanesborough Mgmt. Ltd Webb Hotels & Travel Ltd * Marston Hotels Ltd * Somerston Hotels UK Ltd Mandarin Oriental Hyde Park Ltd Lomar Hotel Co. Ltd Menzies Hotels Hldgs. Ltd Oxford Hotels & Inns Mgmt. Ltd Comojo (U.K.) Ltd Park Hotel Heathrow Ltd Rezidor Hotel Manchester Ltd Maple Hotels 1 Ltd Festival Inns Ltd * L.R.G Hotels Gp. (UK) Ltd * Macdonald Hotels Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd * Forestdale Hotels Ltd * De Vere Village Trading No 1 Ltd Rezidor Hotel Stansted Airport Ltd Curzon Hotels (Operator) Ltd * Menzies Hotels Operating Ltd * * * * * Hotel Property Investors U.K. Ltd Pbn Hldgs. Ltd Hilton Worldwide Ltd The Lancaster Landmark Hotel Co. Ltd Puma Hotels PLC

-6 -6 -6 -6 -6 -7 -7 -8 -8 -8 -8 -9 -9 -9 -9 -9 -9 -10 -10 -11 -11 -12 -13 -18 -24 -28 -37 -38 -38 -47 1

15,119 25,474 23,477 14,140 45,334 67,707 39,011 19,347 45,027 53,361 14,486 18,264 13,893 91,273 14,797 37,625 125,999 28,106 26,171 150,773 14,708 81,806 40,338 31,763 23,088 102,549 28,370 30,000 13,039 44,958 1,067,214 47,106 31,586 30,177 16,396 15,658 15,106 14,354 53,043

-28 -4 -3 -13 -8 -8 -10 -8 -12 -11 -11 -15 -16 -14 -11 -13 -7 -3 -10 -5 -13 -10 -17 -19 13 -8 -56 5 3 33 -2 5 2 5 -1 -4

23 -8 -9 2 -5 -6 -5 -7 -4 -5 -6 -2 -1 -4 -8 -5 -12 -16 -11 -16 -9 -14 -9 -18 -49 -44 -9 -63 -63 -79 7 -1 -1 7

* Paramount Hotels Ltd * Premier Inn Hotels Ltd * L.5.1.N Ltd ■ H L T Stakis Operator Ltd ■ H L T Stakis S P E Ltd Landmark Hotel London Ltd De Vere Wokefield Park Ltd ■ Jake Feather Hotels Ltd ■ Templeton Hldgs. Ltd * B.D.L Select Hotels Ltd
■ ■

* Longmint Gp. Ltd ■ Rocco Forte & Family Ltd * Yianis Hldgs. Ltd

Average of companies with 3 years data

Average of companies with 3 years data

1

53,043

-4

7

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-73

Performance League Tables

Pre-tax Profit Growth
League Table Position Compound Annual Growth Rate % 07/10 Pre-tax Profit £’000 09/10 % Change % Change

08/09 - 09/10

07/08 - 08/09

THE HOTEL INDUSTRY
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 * M F Wells (Hotels) Ltd Land Securities (Hotels) Ltd South Bank Hotel Mgmt. Co. Ltd * Travelodge Hotels Ltd Templeton Hldgs. Ltd Pennyhill Park Ltd London L.R.G Hotel Ltd * The Barton Grange Gp. Ltd Brook Hotels Ltd London May Fair Hotel Ltd Manor House Hotel (Okehampton) Ltd Webb Hotels & Travel Ltd Lomondo Ltd Lake District Hotels Ltd * Imperial London Hotels Ltd (The) * Whitbread PLC Strathmore Hotels Ltd Churchill Gp. Ltd Apex Hotels Ltd F B M London Ltd Leisureplex Ltd St Giles Hotel Ltd St. James Court Hotel Ltd Park Tower Hotel Ltd (The) The Berkeley Hotel Ltd London Tara Hotel Ltd North Brit. Trust Hotels Ltd C.D.L Hotels (U.K.) Ltd * J.H. Leeke & Sons Ltd Hotel Mgmt. Intl. (Hldgs.) Ltd London Britannia Hotel Ltd Claridge’s Hotel Ltd * Doyle London Hotels Ltd Hastings Hotels Gp. Ltd Premier Inn Ltd * Deckers Restaurants Ltd The Park Lane Hotel Ltd Ramside Hldgs. Ltd Oxford Hotels & Inns Mgmt. Ltd Blackfriars Hotels Ltd * Edwardian Gp. Ltd * Percy R.Brend & Sons (Hoteliers) Ltd * Lanesborough Mgmt. Ltd Riverbank Hotel Operator Ltd * Ramside Estates Ltd * J.Townend & Sons (Hull) Ltd Globalgrange Ltd Mandarin Oriental Hyde Park Ltd Choice Hotels Ltd Dorchester Gp. Ltd 232 156 145 100 91 86 48 45 43 34 30 29 29 27 27 23 22 20 17 17 15 9 8 2 1 0 -1 -1 -1 -3 -4 -5 -6 -9 -9 -9 -10 -11 -11 -13 -14 -17 -19 -20 -24 -24 -26 -26 -26 -27 2,605 4,600 48 66,500 927 1,759 6,727 1,493 400 1,824 1,698 960 5,177 3,071 19,220 204,075 1,652 9,358 7,123 3,943 2,235 2,181 1,531 9,676 15,434 10,267 740 13,710 3,460 4,923 6,614 16,931 2,675 2,791 102,509 249 4,476 1,040 95 1,515 10,994 112 3,827 271 1,088 155 3,951 4,782 120 24,553 8 -13 0 664 -11 79 17 455 -6 2 54 72 105 125 28 3 63 -14 167 9 68 -8 13 -10 15 -6 -56 2 151 -24 3 -16 469 -21 -41 -25 -20 24 -10 -42 235 -100 145 158 -17 -52 -10 4 -24 -41 926 653 500 -48 311 94 86 -159 115 77 9 -3 -19 -28 25 48 -9 66 -49 25 -21 30 2 16 -11 6 125 -4 -61 23 -11 8 -124 5 42 11 1 -36 -13 31 -78 26,802 -73 -210 -29 21 -38 -46 -29 -9

See sections 6 & 7 for Analysis Notes and Definitions
4-74 Key Note Ltd

Performance League Tables

Pre-tax Profit Growth
League Table Position Compound Annual Growth Rate % 07/10 Pre-tax Profit £’000 09/10 % Change % Change

08/09 - 09/10

07/08 - 08/09

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 -

Millennium & Copthorne Hotels PLC Firmdale Hotels PLC L.R.G Hotels Ltd Champneys Henlow Ltd St. James Hotel Ltd Firoka (Kings Cross) Ltd * Jurys Hotel Gp. (UK) Ltd Morgans Hotel Gp. London Ltd * The Lancaster Landmark Hotel Co. Ltd * Accor UK Bus. & Leisure Hotels Ltd * Blackpool Pleasure Beach (Hldgs.) Ltd Lomar Hotel Co. Ltd Accor UK Economy Hotels Ltd Crieff Hydro Ltd * Shearings Hotels Ltd * Gleneagles Hotels Ltd Rezidor Hotel Manchester Ltd * Macdonald Hotels Ltd * Hilton Intl. Hotels (UK) Ltd * L.5.1.N Ltd Hotel Inter-Continental London Ltd Landmark Hotel London Ltd * Ritz Hotel (London) Ltd (The) ■ H L T Stakis S P E Ltd ■ De Vere Village Hotels & Leisure Ltd
■ ■

-28 -29 -30 -33 -33 -37 -38 -43 -47 -50 -51 -54 -55 -57 -57 -59 -71 -77 ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^

81,900 2,303 23,168 446 863 2,523 3,076 1,448 2,043 43,458 975 295 14,138 251 1,200 2,487 169 5,130 64,293 39,212 9,972 6,486 5,226 3,030 2,173 2,046 1,794 1,253 726 -68 -74 -286 -319 -454 -460 -527 -569 -669 -721 -779 -1,319 -1,995 -2,031 -2,177 -2,731 -2,910 -2,946 -3,081 -3,204 -3,567 -3,877 -4,452

-20 -27 -28 149 -54 -42 7 -53 -82 16 126 -73 -33 -55 125 -78 -91 155 114 20 290 -47 256 50 195 151 86 -111 -123 -138 -119 -132 -235 -187 10 64 -115 87 -50 -211 37 25 -620 -139 -800 26 87 -11 -579

-35 -30 -31 -192 -2 -31 -64 -31 52 -78 -194 -20 -69 -59 -175 -25 -11 -109 -268 1,067 38 92 131 -40 -1 -133 -93 13 -59 28 -2 -79 -1 -157 -12 147 -60 11 -62 -7 -141 27 -56 -15 -107 -32 -119

* Paramount Hotels Ltd ■ Jake Feather Hotels Ltd ■ The Westbury Hotel Ltd ■ The Cavendish Hotel (London) Ltd ■ Centre Island Hotels Ltd * Peel Hotels PLC ■ G H Hotel Operating Co. Ltd ■ Rezidor Hotel Stansted Airport Ltd ■ Royal Garden Hotel Ltd ■ Victoria Park Plaza Operator Ltd
■ Comojo (U.K.) Ltd * Marriott Hotels Ltd ■ Hhr Piccadilly Ltd ■ Andrew Brownsword Hotels Ltd * L.R.G Hotels Gp. (UK) Ltd

* Paragon Hotels Ltd ■ Thistle Barbican Tenant Ltd ■ Splendid Property Co. Ltd ■ Chesterfield (Mayfair) Ltd ■ Festival Inns Ltd * B.D.L Select Hotels Ltd ■ Prestmade Ltd ■ Kensington Close Hotel Ltd ■ Gloucester Capital Ltd * Premier Inn Hotels Ltd
■ Venice Antler 1 Ltd * Forestdale Hotels Ltd

See sections 6 & 7 for Analysis Notes and Definitions
Key Note Ltd 4-75

Performance