IGI-3R provides a unique offering in India – a global standards of asset management tailored for the domestic hospitality industry’s owners, investors and financiers of hotels, resorts and serviced apartments. IGI-3R is focused on creating and enhancing value, using our skills and proven methods to design and implement short term tactics and long term strategies to drive or fix the performance of hospitality assets. Its principals are mature investment and operational professionals who have worked for global and independent hotel operating companies, leading investment and lending institutions and publicly traded companies. IGI-3R is an independent company and is not affiliated with any hotel brand or brokerage house. We advise on turnaround and underperforming assets by identifying operating inefficiencies, restructuring and re-organization opportunities and thereafter bringing in solutions for the hotel, restaurants or spa.

1. HOTEL INVESTMENT ADVISORY &
ASSET MANAGEMENT
PORTFOLIO OF SERVICES INDIA & MIDDLE EAST
Autumn 2014

2. IGI-3R provides a unique offering in India – a global standards of asset
management tailored for the domestic hospitality industry’s owners, investors
and financiers of hotels, resorts and serviced apartments.
IGI-3R is focused on creating and enhancing value, using our skills and
proven methods to design and implement short term tactics and long term
strategies to drive or fix the performance of hospitality assets.
Its principals are mature investment and operational professionals who have
worked for global and independent hotel operating companies, leading
investment and lending institutions and publicly traded companies.
IGI-3R is an independent company and is not affiliated with any hotel brand
or brokerage house.
We advise on turnaround and underperforming assets by identifying
operating inefficiencies, restructuring and re-organization opportunities and
thereafter bringing in solutions for the hotel, restaurants or spa.
IGI-3R offers the following service lines:
• asset management and owner representation
• hotel management
• strategic planning, business development and portfolio reviews
• capital structuring
• operational restructuring
INTRODUCING IGI-3R
2
BUILDING VALUE
IN THE
HOSPITALITY
BUSINESS

3. SERVICES
ASSET MANAGEMENT
Operator/franchisor oversight
Financial and operational turnaround
Assessing CapEx projects
Monitoring competition
Overseeing budget process
Exit considerations
Working capital optimisation
Real estate optimisation
Managing the operator
Value enhancement
HOTEL MANAGEMENT
Cost, budgeting, and financial
reviews
Accounting and reporting
Strategic sales and marketing
Yield management
Compliance
Renovation management
Pre-opening
Recruitment
Training
Employee relations
STRATEGIC PLANNING /
PORTFOLIO MANAGEMENT
Review of portfolios
Investment rankings
Strategy formulation
Hold vs. sell analysis
Preparation for exit
Loan restructuring
3

4. 4
IGI-3R principals have worked with owners / financiers / operators in all phases of the hotel life cycle. For example:
RECENT ASSIGNMENTS
Situation Client IGI-3R Role
Development
Residential training centre Property Developer Developed hotel concept. Prepared trading projections. Coordinated architectural brief
New resort hotel Property Developer Developed concept. Wrote investment memorandum
Portfolio of 7 new build upscale hotels Property Developer Selected brand. On-going owners representative
New build upscale hotel development
Asia-based Hotel Group Owner/
Operator
Prepared market study. Did space planning. Achieved pre-planning with developer and architects
Financial / Funding
Acquisition support Boutique Hotel Group Owner/Operator Assisted with purchase strategy and funding negotiations. Prepared financial projections.
Insolvent hotel development Chartered Accounting firm Recommended remedial actions to turn around performance
Distressed hotel loan book Commercial Bank Advised board on options to maximise recovery. Full business plan and financial analysis
Acquisition of midscale hotel Fund Manager Financial due diligence and performance projections
Equity raising & business expansion Hotel Group Owner / Operator Prepared investment memorandum. Negotiated with prospective equity partners
Turnaround strategy for hotel portfolio Private Investment firm
Comprehensive advisory services, site analysis, strategic and financial, operator negotiations and
liaison
Ownership
Conversion to boutique hotel HNWI Owner Project managed residential into boutique hotel. Operated hotel. Organized sale
Underperforming resort Int'l Hotel Management Company Reviewed management and operations/yield
Redevelopment of upscale hotel Int'l Owner/Operator Hotel Group Owners representative to manage funding, architecture, executive recruitment and pre-opening
Economy hotel poor distribution Property Owner/Developer Secured international brand master franchise
Manager and brand selection Real Estate Investor Solicited and evaluated proposals, recommended manager. Secured lease agreement

5. HEMAL MODI
21 year veteran in the hospitality industry,
Former Indian Regional Director of the Intercontinental Hotel Group, during which he implemented the new
Intercontinental brand standards across Intercontinental properties in India
Prior to IHG, worked with the Naman Group where he conceptualized and set up the “Check Inn” brand, a select service
hotel which commenced operations in Delhi in October 2010 and was responsible of setting and commencing the
operations of the Sofitel BKC, a hotel in Mumbai, in February, 2012.
His previous experience in hospitality brands include Holiday Inn and Hilton in the US, The Grand Hyatt in Mumbai where
he was a part of the pre-operations team and Radisson Hotels in Mumbai where he was responsible for commencing the
sales and marketing operations of the hotel in western India.
Mr. Modi is a graduate in International Hotel Development & Management from E.I. Hotel & Motel Association, USA
PRINCIPAL
SENIOR CLIENT TEAM
5
PIERRE-EDOUARD VINTROU
The principal of 3R Hospitality’s South East Asian business and is based in Bangkok, Thailand.
Formerly Director, Corporate Finance at InterContinental Hotels Group Global HQ in the U.K. and led the relationship
management platform with global equity partners and debt providers.
Previously, Manager, of Real Estate Finance with the Royal Bank of Scotland in London and in this role covered
underwriting and credit analysis of property deals, and hotel asset management.
Prior to joining RBS he was a Senior Financial Analyst at TriMont Real Estate Advisors Inc. in Atlanta in the U.S.
providing Asset Management for a $500m hotel portfolio on behalf of Lehman Brother’s Principal Transaction Group.
He holds a master’s degree in Hospitality (Real Estate, Finance) from the School of Hotel Administration, Cornell
University (USA) and a Bachelor of the Glion Hotel Management School in Switzerland.
Prior to joining 3R Hospitality, Pierre-Edouard was asked to consulted to Onyx Hospitality Group in Thailand and with
Taylor Global Advisors in the U.K.
DIRECTOR – ASSET MANAGEMENT

6. ANGSHUMAN CHATTERJEE
Mr. Angshuman Chatterjee has 30 years experience in hospitality business, training and human resources.
has served as Director of two of the largest hospitality institutions in India – DSMS in Durgapur, W. Bengal and HIHT in
Agra, UP.
He has been a senior faculty member with IHM, Calcutta and Head Examiner for National Council for Hotel Management
& Catering Technology, Pune.
He has served as a consultant to hotels and clubs for formulating business policies, achieving target GOP and devising
policies for client retention. He has also been retained by prestigious hospitality centers in eastern India for planning and
designing all aspects of hospitality operations, formulating and implementing SoPs and control systems.
Currently he is setting up the HR policies and practices for a multinational headquartered in Dubai, UAE.
CONSULTANT DIRECTOR
SENIOR CLIENT TEAM
6
ARNAUD MILLECAMPS
A Director and Chief Commercial Officer of 3R Hospitality.
Prior to joining 3R, Arnaud consulted on business planning and hotel development with a project and construction
management company based in Bali, Indonesia.
Arnaud was previously Corporate Finance Manager Europe with InterContinental Hotels Group (Brussels and London
offices) where he undertook investment appraisals and analysis of management and franchise opportunities and
provided commercial recommendations to support IHG's development strategic plan in a multilingual and multicultural
environment.
Before IHG, Arnaud worked in Paris with an organisation providing financing and mentoring services to new ventures; in
this role he covered deal flow development and performed financial, market and risk analysis. Arnaud also worked in
Financial Advisory Services with KPMG Corporate Finance and venture capital in the telecom industry with Orange. He
holds a Master in Management from SKEMA Business School in France. Arnaud is based in Sydney, Australia.
DIRECTOR – INTERNATIONAL SERVICES

7. SPONSORS
BANI BANERJEE
Founder of IGI with interests in investment management, financial advisory, hospitality and financial services business
More than 21 years experience across investing, fund management, large scale industrial development, operations,
corporate finance, business and financial restructuring.
Previously Executive Director of US based The Chatterjee Group (“TCG”).
Former CIO of US$ 314 MM India Property Fund in a JV with Vornado Realty, managed six assets across cities and
executed transactions with returns in excess of 20%.
Extensive experience in Indian property and operational turnaround, creating systems and processes for new hotels and
development project management.
DIRECTOR
7
ROBERT WILSON
DIRECTOR
Prior to co-founding 3R Hospitality Robert was president of Panorama Hospitality and an executive director of Morgan
Stanley Capital based in Tokyo. He joined Morgan Stanley in 2003 as the leader of the hotel asset management group of
Morgan Stanley Properties Japan based in Tokyo. He oversaw the growth of the group and was responsible for its
transition into a separate, dedicated entity, Panorama Hospitality. Under his leadership Panorama asset managed and
operated a portfolio of 49 hotels in Asia and Europe valued at US$5.5 billion. The portfolio was largely comprised of
upscale hotels which operated under InterContinental, Hyatt, Hilton, Sheraton, Westin, Marriott, Mandarin Oriental and
Crowne Plaza brands.
Prior to his Panorama role, Robert was with the Ramada International division of Marriott International as Vice President
Development & Operations - Asia Pacific during 1999-2003. In 1998 he was in charge of Australia & New Zealand for
Bass Hotels and Resorts (now IHG) based in Sydney. Between 1994 and 1997 he was President – Japan, Korea and
Micronesia based in Tokyo for Bass Hotels and Resorts.
From 1989 to 1993 he was Vice President Sales and Marketing - Asia Pacific for Holiday Inn Worldwide based in Hong
Kong and served as a member of the company’s global marketing steering committee.

8. SPONSORS
8
SANJOY CHATTOPADHYAY
Hotel turnaround specialist, completing transactions as investment banker, principal investor and creditor in all four
quadrants of debt/equity, public/private with top tier firms.
Has completed 15 deals in the hotel industry alone, invested in 22 hotel assets and 5 hotel companies.
Most recently led the distressed team for European property for a leading US distressed fund.
Previously Head of Special Situations investing at Benson Elliot Capital Management, a US$ 1 BN PE fund
From 2004-2009 Senior Vice President at Morgan Stanley /MSREF, leading both investment banking advisory and
investing for hotels in Europe, which became the #1-ranked hospitality franchise.
Prior to this, he served on the corporate development team of Le Meridien Hotels after beginning his career with Merrill
Lynch real estate investment banking.
Inter alia, has advised the senior management of EIH, Taj Hotels, Air Asia (Tune Hotels), Whitbread, Hilton, Marriott,
Fairmont and Accor.
DIRECTOR

9. 9
ASSET MANAGEMENT - SERVICES
Monitoring
Review variances
Rolling forecast
Benchmarking
Management meetings
Ownership objectives
Holding strategies
Asset values
Investment cycle
Return
Business Plan
review
Strategic plan
Operating budget
Financial budget
CapEx budget
Reporting
Management reporting
Financial
Operational
Control
Corrective actions
Refine implementation
Inspection
Compliance
Understanding local situation
• Review sales and marketing strategy
• Review business plan and cash flow forecast
• Review cash management, loan covenants
and debt service coverage requirements
• Review capital expenditure plans
• Monitor accounts payable and receivables
over 30-60-90 day cycles
Equity market
• Capitalization rate cycle
• Capital vs. income return
• Separating the signal from the noise
• Liquid vs. illiquid markets
Investment review
• Planning, scheduling, executing and monitoring
CapEx
- Required amenities and upgrade CapEx
- Upgrade CapEx vs. innovative CapEx
- Opportunity cost
- Prepare asset for sale
• Proactively negotiating with hotel retail tenants
• Re-branding opportunity
• Reviewing space utilization
• Reviewing subleases
F&B concept creation
• Design service types
• Analyse customer flow
• Concept design and review
• Implement outsourcing opportunities
• External opportunities
• Menu engineering
• Purchasing
Sales & Marketing review
• Distribution channels
• Distribution mix
• Discounting strategy
• Marketing mix optimization
• Sales and marketing reward system
• Value of brand delivery
• Third party intermediaries
• Regional origins of travelers
• Price elasticity and rate parity
• Measure competitive performance, market
share and penetration
Operating performance review
• Business plan review
- 1 year budget, marketing plan
- 5 year strategy
• Unexploited revenue opportunities
• Brand standard compliance review
• Guest satisfaction review
• Procurement process review
• Ensuring insurance and other risk
management programs are in place

10. 10
ASSET MANAGEMENT - SERVICES
Finance
• Providing full support to owners during annual budgeting process
• Working closely with operators to achieve financial targets
• Monitoring and analysing financial reports and business plans
• Reviewing profit centers performance, revenue centers and cost centers rational
• Cost cutting vs. generating revenue approaches
• Comparing performance with industry standards
• Comparing performance with local market (if data available)
• Balance sheet Restructuring & Capital raising
Communication
• Interacting with management companies
• Discussions with hotel general managers
• Regular visits to hotels
Legal
• Management agreement reviews
• Covenant testing
• Lease covenant review and monitoring
• Insurance, Property taxes
Monitoring
• Proactive action plan (economic growth and downturn)
• Repeat conference events (annually, every two years)
• Budgeting scrutiny, and rational/assumption review
• Budgeting and re-forecast (quarterly, semi annually)
• Revenue delivery channels, booking pace reports,
• Reviewing forecasting accuracy
• Benchmarking of top line performance indicators
Reporting
• Quarterly asset performance overviews and forecasts
• Monthly reports and commentary on prior month’s performance
(variance analysis with budget and previous year) and upcoming
month’s forecast
• Institutional quality reporting
• Reporting based on proprietary template, or tailored template
• On a monthly, quarterly and annual basis
Monitoring
Review variances
Rolling forecast
Benchmarking
Management meetings
Ownership objectives
Holding strategies
Asset values
Investment cycle
Return
Business Plan
review
Strategic plan
Operating budget
Financial budget
CapEx budget
Reporting
Management reporting
Financial
Operational
Control
Corrective actions
Refine implementation
Inspection
Compliance

11. INDIA
Mumbai
Unit # 302 •3rd Floor• Madhava
Bandra Kurla Complex• Bandra East
Mumbai – 400051
T: +91 22 66 714 271
Kolkata
3rd Floor• Aspiration Conclave
22A N.B. Lane • Near Desapriya Park
Kolkata – 700026
M: +91 98 31 0394 994
Bani Banerjee
M: + 91 98 67 748 390
E: bani@igi-3r.com
Hemal Modi
M: +91 98 20 228 911
E: hemal@igi-3r.com
!
UAE (Dubai)
Business Center 4
PO Box 16111
Rasal Khaima
UAE
Bani Banerjee
M: + 97 155 705 0833
E: bani@igi-3r.com
www.igi-3r.com
THAILAND
Level 18 Park Ventures Ecoplex
57 Wireless Road, Lumpini, Patumwan
Bangkok 10330
T: +66 2309 3447
Pierre-Edouard Vintrou
M: +66 80 966 9181
E: pierre@igi-3r.com
!
AUSTRALIA
Level 2, 710 Collins Street
Docklands, Melbourne
Victoria 3008
T: +61 3 9097 1622
Robert J. Wilson
M: +61 413 000 836
E: robert@igi-3r.com
Arnaud Millecamps
M: +61 415 804 934
E: arnaud@igi-3r.com
!
UNITED KINGDOM (London)
Sanjoy Chattopadhyay
M: +44 (0)7801 140 870
E: sanjoy@igi-3r.com