Seeking value-add/opportunistic opportunities, looking to expand hospitality exposure across the European market. Targeting high yielding standing hotel assets that require minimal capex, but with room for operational improvements such as flip to franchise, reflag, introducing a new operator etc. Priority is on good city centre or leisure hub locations. Some outlines below: • Strategy & Criteria ○ High-yielding existing hotels where we can buy them unencumbered ○ Target yield: High single digits / early double digits once stabilised ○ Target size: ≥ 100 rooms preferred ○ Minimum ticket size: €20M • Preferred Locations ○ Secondary Spanish leisure resort cities with established tour package demand (Benidorm, Lloret de Mar, Magaluf, Ibiza etc.)