Covivio Hotels : 2024 Universal Registration Document

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UNIVERSAL REGISTRATION DOCUMENT 2 02 4 E D I T ION Contents KEY FIGURES 2024 AFR 1 MANAGEMENT REPORT Strategy and outlook Activity of the company and its subsidiaries Portfolio Valuation of assets and NAV Net financial income Shareholder structure at 31 December 2024 Stock market and dividend Information about the company and its investments Supplementary report by the General Manager to the Combined General Meeting of 15 April 2025 2 RISK FACTORS, INTERNAL CONTROL AND RISK MANAGEMENT 2 7 8 8 21 24 32 40 45 47 49 59 Risk factors 60 Internal control, risk management and compliance policy 76 3 Trends and outlook for 2025 82 SUSTAINABILITY REPORT 85 General information 86 Environmental information 117 Social information 186 Business conduct policies and corporate culture (ESRS G1) 228 CSR performance 238 4 Independent third party audit 260 CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024 269 Consolidated financial statements as at 31 December 2024 271 Notes to the consolidated financial statements 276 Statutory Auditors' report on the consolidated financial statements 321 Company financial statements as at 31 December 2024 326 Notes to the company financial statements 329 Statutory Auditors' report on the annual financial statements 360 Statutory Auditors' special report on regulated agreements 364 Presentation of the agenda and draft resolutions for the Combined General Meeting of 15 April 2025 373 Statutory Auditors' report on the capital reduction 388 Statutory Auditors' report on the issue of shares and other securities with or without waiver of shareholders' preferential subscription right 389 Statutory Auditors' report on the issue of ordinary shares or other transferable securities reserved 5 for the benefit of subscribers to a corporate savings plan 391 CONTROL OF THE COMPANY 393 Report by the Supervisory Board to the Combined General Meeting of 15 April 2025 394 Report by the Supervisory Board on corporate governance 397 INFORMATION AND MANAGEMENT 455 General information concerning the issuer and its share capital 456 Company overview 461 Administration, Management and Supervisory Board 464 Person responsible for the document 467 Annual information document (Article 221-1 - 1 of the AMF General regulation) 468 Summary appraisers' report 469 CROSS - REFERENCE TABLES 475 Cross - reference table 476 Table of concordance with the annual financial report 478 Table of concordance with the report of the Annual General Meeting 478 AFR The components of the annual financial report are labelled in the contents HO TEL S 2024 Universal Registration Document including the Annual Financial Report This Universal Registration Document was filed on 19 March 2025 with the AMF, in its role as the competent authority under Regulation (EU) 2017/1129, without prior authorisation in accordance with Article 9 of said Regulation. The Universal Registration Document may be used for the purposes of a public offering of financial securities or for the listing of financial securities for trading on a regulated market if it is supplemented by a note regarding financial securities and, where applicable, a summary and all amendments made to the Universal Registration Document. The entire document is approved by the AMF in accordance with Regulation (EU) 2017/1129. The Universal Registration Document is a reproduction of the official version of the Universal Registration Document, which was prepared in xHTML and is available on our website https://www.covivio -hotels.fr Covivio Hotels Partnership limited by shares with share capital of €592,565,808 Registered office: 10 rue de Madrid, 75008 Paris, Paris Trade and Companies Register 955 515 895 COVIVIO HOteLS UNIVERSAL REGISTRATION DOCUMENT 2024 1 Key figures 2024 Covivio Hotels is a public real estate investment company (Société d'investissement immobiliers cotée - SIIC) and a market leader in hotels. Covivio Hotels is now the leading investor in hotel real estate in Europe. Covivio Hotels has a unique hotel portfolio comprising 283 hotels located at the centre of major European cities. It currently partners with around 17 hotel chains representing some 30 brands in Europe. Midscale and upscale hotels make up 73% of its portfolio. Overall distribution of the portfolio (Group share) by value at 31/12/2024 61% Hotel leased properties Covivio Hotels supports brands in their leasing, operating properties and developments, positioning itself alongside them in Europe's most dynamic cities. Covivio Hotels is supported by institutional shareholders including Covivio, the life insurance subsidiaries of Crédit Agricole, Crédit Mutuel - CIC, BNP Paribas, Generali, Société Générale, and Caisse des Dépôts et Consignations. The company's investment policy is focused on building partnerships with leading operators in each business sector, as well as innovative players who stand out for their pioneering, profitable concepts, with a view to offering shareholders a recurring return on their investment. The sector classification of the portfolios reflects the reporting segments used by the Covivio Hotels management. There are three segments: hotel leased properties (Accor, B&B, NH Hotel Group, IHG, Motel One, Melia, Hotusa, Barcelo Group, Pierre et Vacances, Club Med, Meininger, Iberostar); hotels under management (Radisson, Marriott, Accor, IHG, Hilton); retail premises. (in € million) Value of portfolio, Group share 5,861 5,822 Of which: Hotel leased properties 3,593 4,434 Hotels under management 2,226 1,337 Retail premises 43 51 (in € million) 1% Retail 38% Hotels under management 2024 fiscal Group Share revenues 336.7 323.6 Of Hotel leased properties which: (rental income) 254.3 244.7 Hotels under management (EBITDA) 80.3 72.5 Retail premises (rental income) 2.1 6.4 year 2024 fiscal year 2023 fiscal year 2023 fiscal year Simplified consolidated income statement (in € million) 2024 fiscal year 2023 fiscal year Net Rental Income 262.7 257.4 Managed hotel income 82.6 74.6 Other Activity income 0.0 0.0 Net operating costs -15.1 -19.3 Depreciation of operating asset -56.7 -48.2 Net allowances to provisions and other 14.7 23.8 Operating result 288.2 288.4 Income from asset disposals 12.6 0.3 Result of value adjustments 51.3 -197.5 Income from disposals of securities -0.4 0.0 Income from changes in scope -4.9 -3.8 Operating income 346.8 87.4 Net financial income -152.1 -145.3 Share of income from companies accounted for under the equity method 15.1 -2.0 Net income before tax 267.2 -59.9 Taxes -30.5 34.6 Net income 236.7 -25.3 Profit from discontinued operations - - Minority interests 12.1 -13.7 Net income Group Share 224.6 -11.6 Figures, Group Share 2024 fiscal year 2023 fiscal year Net income, Group Share (in € per share) 1.52 -0.08 EPRA Earnings (in €M) 258.1 238.8 EPRA Earnings (in € per share) 1.74 1.61 EPRA NTA (in €M) 3,815 3,550 EPRA NTA (in € per share) 25.8 24.0 EPRA NDV (in €M) 3,690 3,512 EPRA NDV NAV (in € per share) 24.9 23.7 Dividend* (in € per share) 1.50 1.30 * 2024 dividend proposed to the General Meeting of 10 April 2025. Number of shares during the period 2024 fiscal year 2023 fiscal year Number of shares at opening 148,141,452 148,141,452 Number of shares created by capital increase 0 0 Number of shares at period - end* 148,141,452 148,141,452 Average number of shares 148,141,452 148,141,452 * Including treasury shares: 2,793 at 31 December 2024 (versus 7,687 at 31 December 2023). Simplified consolidated balance sheet (in €M) Net 31/12/2024 Net 31/12/2023 Net 31/12/2024 Net 31/12/2023 ASSETS LIABILITIES Non - current assets 6,354 6,291 Shareholders' equity 3,601 3,551 Current assets 224 324 Non - current liabilities 2,798 2,747 Cash 577 109 Current liabilities 756 426 ASSETS 7,155 6,724 LIABILITIES 7,155 6,724 Key figures 2024 Features of debt as at 31 December 2024 At 31 December 2024, the Group Share of net financial debt stood at €2,119 million, with an average rate for the period of 2.33% and an average maturity of 4.8 years. In 2024, the average active hedging rate was 94.8%. 283 hotels in the heart of major European cities with a value of €6.4 billion NH Santa Lucia Venise © Covivio / DR 6 COVIVIO HOteLS UNIVERSAL REGISTRATION DOCUMENT 2024 1 Management report Strategy and outlook 8 Activity of the company and its subsidiaries 8 2024 events 8 Hotel portfolio 11 Operating retail portfolio 19 Portfolio 21 Geographic area 21 Breakdown of revenues 22 Lease schedule 23 Hotel occupancy rate 23 Valuation of assets and NAV 24 Appraisals 25 Net asset value (NAV) - EPRA format 29 Net financial income 32 Consolidated financial statements as at 31 December 2024 32 Company financial statements as at 31 December 2024 36 Shareholder structure at 31 December 2024 40 Information on share capital 40 Distribution of share capital and voting rights 41 Threshold crossing disclosures and declarations of intent 41 Changes in equity over the last five fiscal years 42 Information on treasury shares and share buyback programme 43 Options for the subscription or purchase of treasury shares 44 Transactions carried out by corporate officers and related persons on the company's securities 44 Stock market and dividend 45 Share price at 31 December 2024 45 Dividend distribution 46 Shares held by corporate officers 46 Information about the company and its investments 47 Group organisation 47 Equity investments 48 Results of subsidiaries and equity investments 48 Research and development activities of the company and its subsidiaries 48 Significant events since the end of the fiscal year 48 Information on trends 48 Related - party transactions 48 Competitive position 48 Supplementary report by the General Manager to the Combined General Meeting of 15 April 2025 49 1 Management report Strategy and outlook ‌Strategy and outlook Covivio Hotels - a real estate company listed on Compartment A of the Euronext regulated market in Paris, having opted for SIIC status - had, at 31 December 2024, a portfolio of 319 assets, including 283 hotels, with a total appraisal value of €6.5 billion (€5.9 billion Group Share), located throughout France and Europe. The strategy of Covivio Hotels, Europe's leading hotel real estate company, is based on partnerships with the most innovative hotel operators in France and in the rest of Europe. It is in this spirit of partnership that Covivio Hotels continued its development with the signing at the end of November 2024 of an operation to consolidate the ownership of hotel properties and business assets held jointly with AccorInvest. This transaction involves the acquisition by Covivio Hotels of 43 business assets, in exchange for the transfer to AccorInvest of 16 other hotels held by AccorInvest as operating properties. The acquisition of a hotel in the Canary Islands at the end of 2024 marks Covivio Hotels' desire to strengthen its presence in the main tourist destinations in southern Europe. Covivio Hotels and its partners hold regular partnership Committee meetings to define portfolio development initiatives, analyse the business and operations, and monitor the progress of works programmes. 2025 outlook As a leader in hotel real estate in the main European markets, Covivio Hotels intends to continue its development and Asset Management to extract the potential of its existing portfolio. ‌Activity of the company and its subsidiaries ‌2024 events Hotel market: positive momentum in Europe continued in 2024 The European hotel sector benefited from a good momentum in 2024, with the continued increase in RevPAR, by 4% on average, supported by the increase in prices and a slight increase in occupancy rates. Southern Europe contributed to this performance and in particular Spain, with a +13% increase in RevPAR. Germany continued to catch up, posting a +7% increase. France recorded more moderate results (+2%), with the wait - and - see attitude of tourists during the preparatory phase of the Olympic Games having partly offset the good performance of the summer. Hotel investment in Europe in 2024 was up by 34%, at €19.5 billion and now represents 9.5% of total real estate investment volumes. Major consolidation transaction with AccorInvest In this context, Covivio Hotels had a particularly active year in 2024. At the end of November, the Group signed the transaction to consolidate the ownership of operating and property companies of hotels held jointly with AccorInvest, for a total exchange value of nearly €800 million. Until the end of November 2024, Covivio Hotels held the property companies of 54 hotels, let to the AccorInvest group as variable rent based on revenue, under long - term leases. AccorInvest owned the operating companies assets for these hotels and signed long - term management contracts with the Accor Group. Covivio Hotels was also, indirectly, owner and asset manager for a further 60 hotels let to AccorInvest and held via two joint ventures, established in 2010 and 2014 respectively: one is 80% held by Crédit Agricole Assurances and 20% by Covivio Hotels, while the other is shared between Caisse des Dépôts et Consignations, Société Générale Assurances and Covivio Hotels. The transaction involves the acquisition by Covivio Hotels (and its partners for the two joint ventures) of 43 operating companies (1) - thereby enabling them to be consolidated as properties owned and operated by Covivio Hotels - in exchange for the transfer to AccorInvest of 16 other hotel property companies, subsequently owned by AccorInvest. These consolidation transactions for Covivio Hotels and the joint - ventures represent a total of €393 million (2) for the hotel property companies sold by Covivio Hotels and its partners, equivalent to that of the operating companies owned and operated by the companies whose shares were acquired. ‌Through the acquisition of shares in hotel operating companies.‌ Duties included, at 100%. The deal enables Covivio Hotels to strengthen its presence in the hotel sector in major tourist areas with considerable potential for value creation through repositioning and management optimisation. Of the 43 hotels concerned, 14 are directly managed by the Covivio Hotels operational platform: WiZiU. Covivio Hotels also relies on two other players: Atypio and Sohoma, which will operate 12 and 10 establishments respectively, via management contracts. Five hotels are still operated by Accor. The Covivio Hotels hotel portfolio is now 62% lease assets, mainly fixed, and 38% operating properties assets. This transaction strengthens Covivio Hotels' transition from a real estate investor approach to an asset manager and hotel operator approach. Today, the Group supports nearly twenty brands in Europe, with an increasingly diversified model (assets under lease or assets in operating properties). Acquisition of a 4 - star hotel in the Canary Islands, Spain's leading tourist destination Covivio Hotels also acquired for nearly €81 million including transfer taxes, a hotel located in Tenerife, in the Canary Islands, Spain's leading tourist destination with 69.7 million overnight stays in 2023 (20% of the national total), and the only leisure destination in Europe without seasonality. The temperate climate of the island allows the hotel to be open all year round, with an average occupancy rate of between 85% and 90%. The establishment consists of 429 rooms, a restaurant, 3 bars, 3 swimming pools, a gym, squash and volleyball courts, as well as 2 meeting rooms that can accommodate up to 140 people. Renovated in 2021, it has a solid environmental performance, with a carbon footprint of 18.9 kgCO2 e /m ² /year in 2023, in line with CRREM (1) objectives. With a stabilised yield of around 6.75%, the hotel is leased on the basis of a firm triple net lease until 2041 with Iberostar, Spain's number 5 hotel operator which the Spanish Fluxa family has owned for 60 years. This first significant acquisition in Southern Europe marks Covivio Hotels' desire to strengthen its presence in the main tourist destinations in Southern Europe (Spain, Italy and Portugal). Four hotel renovations completed during the year: strong revenue growth In 2024, Covivio Hotels renovated two hotels in Lille and one hotel in Bruges, as well as a hotel leased to Melia in Malaga. These projects represent 458 keys, works worth a total of €28.5 million and a yield of more than 15%. Covivio Hotels has set up the new Novotel concept in Bruges, after having created 12 additional rooms and renovated the lobby and service areas. In Lille, two deliveries took place during the year: the Hilton Lille (replacing Crowne Plaza) after a complete renovation of the rooms, and the Grand Hôtel Bellevue located in the heart of the Grand Place de Lille, after the creation of five rooms and a rooftop bar. €455 million of disposals at margins higher than 2023 values 1 At the same time Covivio Hotels signed new disposal commitments totalling €455 million in Group share (€606 million at 100%): 43 properties in France for €333 million, including 31 Accor - branded hotels, 6 hotels in Germany (€62 million), 4 in Poland (€34 million), 1 in Spain (€17 million) and 1 in Belgium (€9 million). The commitments were signed at a margin of around +4% over end - 2023 appraisal values, reflecting strong investor appetite for the hotel industry. Portfolio up by +1.5%, driven by higher revenues and hotel renovation At the end of December 2024, Covivio Hotels held a portfolio worth €5,818 million (€6,439 million at 100%), characterised by: high - quality locations: the average grade given for "location" by customers on Booking.com is 8.9/10; a diversified portfolio, in terms of countries (12 countries), segments (66% of economy and mid - range hotels and 34% of high - end hotels) and partner operators (17 including leaders in Europe such as Accor, Marriott, IHG, NH and B&B); long - term leases of 11.0 years firm on average. At like - for - like scope, the hotel portfolio was up +1.5% over a year. The growth mainly concerns hotels in France (+2%) and in Southern Europe (+4.8% in Italy, +3.4% in Spain), driven by the increase in revenues and asset management. The hotel portfolio has an average yield excluding transfer taxes of 6.4% (+50 bps over one year), of which 6% on the lease portfolio and 7% on the operating properties portfolio. Successful refinancing, increased debt maturity and strengthened liquidity Three new financings for an amount of €880 million were arranged in 2024, making it possible to refinance future maturities. In particular, in May 2024 Covivio Hotels carried out a €500 million Green Bond issue with a nine - year maturity and a 148 - bps margin spread over the mid - swap rate. The fixed rate of the issue was largely swapped for a floating rate in order to leverage the Group's hedging position. The net debt of Covivio Hotels decreased to €2,119 million in Group share compared to €2,260 million at 31 December 2023, for a rate of 2.33% at the end of December and an average maturity up by 1.2 years, to 4.8 years. Covivio Hotels had a strengthened debt coverage ratio of 95% at the end of December 2024 (compared with 89% at the end of 2023), with a high hedging maturity of 5.6 years. At 31 December 2024, the LTV (Loan To Value) stood at 32.5%, down -1.9 points compared to 2023. The interest coverage ratio (ICR) was 6.09x, an improvement compared to the end of 2023 (5.38x). The net debt/EBITDA ratio stood at 7.6x compared to 8.5x at the end of 2023. Covivio Hotels had €891 million liquidity (including undrawn credit lines) as of 31 December 2024. ‌(1) CRREM: Carbon Risk Real Estate Monitor As part of its annual review, S&P Global Ratings confirmed Covivio Hotels' BBB+ stable outlook rating, in line with the overall Covivio rating. This confirmation recognises the solidity of the company's operational and financial profile. S&P also upgraded Covivio Hotels' standalone rating from BB+ to BBB-. Revenue growth: +7.2% like - for - like The good results of the hotel market and our hotels over the year resulted in revenue growth of +4.1% on a current basis and +7.2% on a like - for - like basis, to €334.6 million compared to €317.3 million as of 31 December 2023. Hotel lease properties (76% of hotel revenue group share) Variable - rent hotels (22% of hotel revenue): the portfolio is mainly let to AccorInvest, in France and Belgium, and also includes the variable - rent portion of the minimum guaranteed rent leased assets located in Spain, Italy, and the UK. The 31.2% like - for - like year - on - year increase was driven by the excellent performance from hotels in Southern Europe. Fixed - rent hotels (54% of hotel revenue): rents up +4.3% like - for - like , mainly due to rental indexation (+5.6% in France, +3.8% in Germany, and +3.6% in Spain). The occupancy rate remained at 100% across the leased hotel portfolio. Hotel operating properties (24% of hotel revenue group share) Most of these hotels are located in Germany and France. Like - for - like EBITDA for operating properties rose +4.9% year - on - year, mainly driven by good hotel performances in Berlin and Nice. Revenues from operating hotels include the EBITDA for the month of December of the assets taken over as part of the consolidation operation with AccorInvest (+€5.0 million). Growth in recurring net income of +8% in 2024 Recurring net income (EPRA Earnings) was €258.1 million at the end of December 2024, up +8.1% from €238.8 million a year earlier, boosted by revenue growth. EPRA Earnings per share amounted to €1.74, also up +8.1% from €1.61 the previous year. The EPRA NTA (net tangible assets) NAV stood at €3,815 million, compared with €3,550 million at the end of 2023. On a per - share basis, it was €25.8, up +7.5% compared with the end of 2023. The EPRA NDV NAV, which takes account of the fair value adjustment of interest rate hedges and fixed - rate debt, rose to €3,690 million, from €3,512 million at end - December 2023, up +5.1%. It stands at €24.9/share. Dividend At the 15 April 2025 General Meeting, Covivio Hotels will propose a dividend of €1.50 per share, up +15% (€1.30 per share in 2023), putting the pay - out ratio at 86%. In order to support its development, Covivio Hotels will offer its shareholders the possibility of opting for the payment of this dividend in shares (1). This payment option aims to give Covivio Hotels additional resources to accelerate its development in Europe. ‌(1) Subject to approval by the Shareholders' Meeting of 15 April 2025 ‌Hotel portfolio Hotel market in Europe In France (Source: MKG) Overall, the year's performance was up +1.8% but was mainly driven by the performance of the "Upscale" segment. In the "Economy" segment, performance was down by -0.1% with a -1.5 point decrease in the occupancy rate, not offset by the increase in the average daily rate (+2.2%). Hotel performance varies depending on the city, from -4.1% in Lyon to + 9% in Nice. In the United Kingdom (Source: MKG) 2024 ended with a RevPAR increase of +2.3%. This increase was driven by the performance of the "Upscale" segment (+3.9% vs 2023). Over the year, the major cities did well: Edinburgh and Glasgow recorded a +13.7% and +11.6% increase in RevPAR, while London registered growth of +0.5%. In Germany (Source: MKG) In 2024, Germany made up for lost time and posted +7.2% of RevPAR compared with 2023. This performance was driven by all segments (between +6.6% for the economy and +9.1% for the upscale). The performance was balanced between an increase in the occupancy rate (+2.0 points) and the average daily rate (+4.1%). However, performance is very uneven depending on the city, with Munich and Frankfurt posting growth of +10.0% and +12.6%, while Düsseldorf remains down compared to 2023 (-0.8%). In Belgium and the Netherlands (Source: MKG) Belgium and the Netherlands remain at the back of the pack in Western Europe, with an increase in RevPAR vs 2023 of +2.6% and +2%, respectively. In Italy 1 (Source: MKG) In 2024, performance continues to improve in Italy, with a RevPAR increase of +4.2% compared to 2023, after an increase of +32% in 2023 compared to 2019. Hotel performance varied by city, ranging from -2.7% in Florence to +15.9% in Venice. In Central and Eastern Europe (Source: MKG) In Poland, the ADR (average daily rate) increased by 1.8% over the year, resulting in a +5.3% increase in RevPAR compared to 2023. In Prague and Budapest, the sharp increase in the average daily rate, respectively +10% and +5.8%, led to an increase in RevPAR, which posted performances of +13.9% and +11.3% compared to 2023. Portfolio overview The portfolio comprises 283 hotels and has a balanced distribution both in terms of range and geography. The hotel real estate business (rental income from operating properties and EBITDA of hotels under management) generated total revenues of €351 million in 2024, with a Group Share of €335 million, up 7.2% year - on - year on a like - for - like basis. Geographic area of hotels by value at 31 December 2024 (€5,818 million in Group Share) At 31 December 2024, the appraisal value of the hotel portfolio held by Covivio Hotels totalled €5,818 million, or a Group Share of €6,439 million (excluding duties). 5% Italy Others % gium % in 14% UK 8% 33% Spain (Source: MKG) In 2024, Spain has significantly improved its performance Bel 11 6 France compared to 2023, mainly thanks to a very positive summer season. The country recorded a 2 - point increase in its occupancy rate. With regard to RevPAR, there is a clear improvement, mainly supported by the increase in average prices. In comparison with 2023, Spain posted an increase of 12.9%. Portugal (Source: MKG) 2024 ended with a RevPAR increase of +5.5%. This increase was driven by the performance of the "Upscale" segment (+7.5% vs 2023). Spa 23% Germany The detailed list of assets is as follows: Tenants Brand Asset Name Town/City Country Number of rooms AccorInvest Ibis Ibis Brussels Airport Machelen Belgium 98 AccorInvest Ibis Ibis Brussels. Expo Atomium Grimbergen Belgium 81 AccorInvest Novotel Novotel Brussels Airport Brussels Belgium 209 AccorInvest Formule 1 Formule 1 Paris Porte de Montmartre Paris France 386 AccorInvest Ibis Budget Ibis Budget Gennevilliers Gennevilliers France 119 AccorInvest Ibis Budget Ibis Budget Lille Centre Gare Lille France 102 AccorInvest Ibis Budget Ibis Budget L'Isle Adam L'Isle d'Adam France 68 AccorInvest Ibis Budget Ibis Budget Lyon Gerland Lyon France 106 AccorInvest Ibis Budget Ibis Budget Paris Porte de Montmartre Paris France 464 AccorInvest Ibis Budget Ibis Budget Saint Cyr l'École Saint Cyr l'École France 48 AccorInvest Ibis Budget Ibis Budget Vélizy Vélizy France 123 AccorInvest Ibis Ibis Marseille Gare Saint Charles Marseille France 172 AccorInvest Ibis Ibis Metz Centre Cathédrale Metz France 79 AccorInvest Ibis Ibis Paris Bastille Opéra Paris France 305 AccorInvest Ibis Ibis Paris La Villette Paris France 284 AccorInvest Ibis Ibis Paris Porte d'Orléans Montrouge France 402 AccorInvest Ibis Ibis Strasbourg Centre Ponts Couverts Strasbourg France 244 AccorInvest Mercure Mercure Marseille Centre Marseille France 200 AccorInvest Mercure Mercure Massy Gare TGV Massy France 116 AccorInvest Mercure Mercure Paris Gare de Lyon Paris France 315 AccorInvest Mercure Mercure Paris La Défense 5 Courbevoie France 507 AccorInvest Mercure Mercure Paris Porte d'Orléans Montrouge France 188 AccorInvest Novotel Novotel Atria Grenoble Grenoble France 118 AccorInvest Novotel Novotel Paris Massy Palaiseau France 147 AccorInvest Novotel Novotel Paris Roissy Roissy France 201 AccorInvest Novotel Novotel Roissy CDG Convention & Wellness Roissy France 295 AccorInvest Novotel Novotel Saclay Saclay France 139 AccorInvest Sofitel Sofitel Lyon Bellecour Lyon France 164 B&B B&B Aachen Würselen Germany 78 B&B B&B Baden Airpark Rheinmünster Germany 85 B&B B&B Berlin Berlin Germany 105 B&B B&B Berlin Messe Berlin Germany 140 B&B B&B Berlin - Süd Genshagen Germany 73 B&B B&B Böblingen Böblingen Germany 100 B&B B&B Braunschweig Braunschweig Germany 78 B&B B&B Duisburg Duisburg Germany 101 B&B B&B Düsseldorf - Ratingen Düsseldorf Germany 74 B&B B&B Düsseldorf Airport Düsseldorf Germany 100 B&B B&B Düsseldorf City Düsseldorf Germany 84 B&B B&B Erfurt Erfurt Germany 95 B&B B&B Erlangen Erlangen Germany 100 B&B B&B Essen Essen Germany 106 B&B B&B Frankfurt - Offenbach Frankfurt Germany 74 B&B B&B Frankfurt - Nord Frankfurt Germany 100 B&B B&B Freiburg Freiburg Germany 80 B&B B&B Hamburg East Hamburg Germany 155 B&B B&B Hannover Hanover Germany 74 Tenants Brand Asset Name Town/City Country Number of rooms B&B B&B Hannover Hanover Germany 73 B&B B&B Heidelberg Heidelberg Germany 123 B&B B&B Herne Herne Germany 78 B&B B&B Ingolstadt Ingolstadt Germany 73 B&B B&B Kassel Kassel Germany 74 B&B B&B Köln Cologne Germany 105 B&B B&B Köln - Porz Köln - Porz Germany 104 B&B B&B Konstanz Konstanz Germany 100 B&B B&B Lübeck Lübeck Germany 96 B&B B&B Mainz Mainz Germany 92 B&B B&B Mannheim Mannheim Germany 100 B&B B&B Mönchengladbach Mönchengladbach Germany 100 B&B B&B Mülheim Mülheim an der Ruhr Germany 101 B&B B&B Munich Aschheim Germany 127 B&B B&B Munich Airport - Hallbergmoos Hallbergmoos Germany 101 B&B B&B Niederrad Frankfurt Germany 148 B&B B&B Nuremberg Nuremberg Germany 135 B&B B&B Osnabruck Osnabruck Germany 100 B&B B&B Potsdam Potsdam Germany 101 B&B B&B Regensburg Regensburg Germany 96 B&B B&B Schweinfurt Schweinfurt Germany 74 B&B B&B Würzburg Würzburg Germany 95 B&B B&B Valencia Valencia Spain 125 B&B B&B Madrid Airport Madrid Spain 124 B&B B&B Alicante Alicante Spain 120 B&B B&B Girona Salt - Girona Spain 93 B&B B&B Angers 1 Beaucouze France 60 B&B B&B Angers 2 Beaucouze France 70 B&B B&B Arras Arras France 81 B&B B&B Arras Centre Arras France 63 B&B B&B Aulnay - sous - Bois Aulnay - sous - Bois France 113 B&B B&B Avranches Avranches France 60 B&B B&B Bagnolet Bagnolet France 108 B&B B&B Bayonne Tarnos Tarnos France 74 B&B B&B Beauvais Allonne France 72 B&B B&B Besançon Besançon France 59 B&B B&B Béziers Villeneuve - lès - Béziers France 60 B&B B&B Blois Blois France 63 B&B B&B Bordeaux Bruges Bordeaux France 72 B&B B&B Bordeaux Mérignac Mérignac France 72 B&B B&B Brest Kergaradec Brest Kergaradec France 46 B&B B&B Brest Port Brest France 40 B&B B&B Brignoles Brignoles France 70 B&B B&B Brive La Gaillarde Ussac France 70 B&B B&B Caen Mémorial Saint - Contest France 70 B&B B&B Cannes Ouest La Bocca Cannes France 96 B&B B&B Cergy Cergy - Pontoise France 84 B&B B&B Chalon Sur Saône Sud Saint - Rémi France 71 B&B B&B Châlons - en - Champagne Châlons - en - Champagne France 84 1 Tenants Brand Asset Name Town/City Country Number of rooms B&B B&B Chambéry Chambéry France 54 B&B B&B Chartres Centre Chartres France 82 B&B B&B Châtenay - Malabry Châtenay - Malabry France 127 B&B B&B Chevilly - Larue Chevilly - Larue France 83 B&B B&B Cholet Cholet France 56 B&B B&B Clermont Gerzat 1 Gerzat France 71 B&B B&B Colmar Wintzenheim France 70 B&B B&B Corbeil Corbeil - Essonnes France 47 B&B B&B Creil Chantilly Creil France 83 B&B B&B Dieppe Saint - Aubin Saint - Aubin - sur - Scie France 72 B&B B&B Dreux Dreux France 45 B&B B&B Euralille Lille France 135 B&B B&B Évreux Évreux France 83 B&B B&B Évry Lisses 1 Lisses France 99 B&B B&B Évry Lisses 2 Lisses France 84 B&B B&B Herblay Herblay France 48 B&B B&B Hyères Hyères France 52 B&B B&B La Queue - en - Brie La Queue - en - Brie France 47 B&B B&B Le Mans Nord 1 Saint - Saturnin France 69 B&B B&B Le Mans Nord 2 Saint - Saturnin France 72 B&B B&B Le Mans Sud Arnage France 60 B&B B&B Lens Lens France 80 B&B B&B Lens Noyelles - Godault Noyelles - Godault France 72 B&B B&B Louveciennes Louveciennes France 81 B&B B&B Lyon Berthelot Lyon France 113 B&B B&B Lyon Gambetta Lyon France 116 B&B B&B Lyon Monplaisir Lyon France 95 B&B B&B Lyon Nord Dardilly France 107 B&B B&B Lyon Vénissieux Vénissieux France 137 B&B B&B Malakoff - Paris Parc des Expositions Malakoff France 233 B&B B&B Marne La Vallée Bussy Saint Georges France 130 B&B B&B Marseille Centre Marseille France 52 B&B B&B Marseille Parc Chanot Marseille France 82 B&B B&B Marseille Prado Parc des Expositions Marseille France 116 B&B B&B Maurepas Maurepas France 70 B&B B&B Metz Augny Augny France 60 B&B B&B Metz Jouy aux Arches Jouy aux Arches France 70 B&B B&B Metz Semecourt Semecourt France 70 B&B B&B Montélimar Les Tourrettes France 70 B&B B&B Montlhéry Linas Montlhéry France 50 B&B B&B Moulins Toulon - sur - Allier France 72 B&B B&B Mulhouse Dornach Mulhouse France 66 B&B B&B Nanterre Nanterre France 150 B&B B&B Nantes Centre Nantes France 60 B&B B&B Nantes La Beaujoire Nantes France 60 B&B B&B Nantes La Chapelle La Chapelle - sur - Erdre France 60 B&B B&B Nantes Saint Herblain Saint Herblain France 72 B&B B&B Nantes Saint Sébastien St - Sébastien - sur - Loire France 70 B&B B&B Orgeval Orgeval France 72 Tenants Brand Asset Name Town/City Country Number of rooms B&B B&B Paray - le - Monial Paray - le - Monial France 70 B&B B&B Paris Cergy Cergy - Pontoise France 191 B&B B&B Paris Est Bondy Bondy France 118 B&B B&B Paris Versailles Parly 2 Le Chesnay France 72 B&B B&B Poitiers 1 Chasseneuil - du - Poitou France 70 B&B B&B Poitiers 3 Chasseneuil - du - Poitou France 76 B&B B&B Porte des Lilas Paris France 265 B&B B&B Rennes Cesson - Sévigné Cesson - Sévigné France 91 B&B B&B Rennes Saint - Grégoire Saint - Grégoire Cedex France 71 B&B B&B Roissy Paris Nord 2 Roissy France 134 B&B B&B Roubaix Roubaix France 85 B&B B&B Rouen Centre Rive Droite Rouen France 88 B&B B&B Rouen Centre Rive Gauche Rouen France 80 B&B B&B Rouen Parc des Expositions Le Grand - Quevilly France 60 B&B B&B Rouen Saint-Étienne - du - Rouvray St-Étienne - Du - Rouvray France 57 B&B B&B Saint - Michel - sur - Orge Saint - Michel - sur - Orge France 70 B&B B&B Saint - Quentin Saint - Quentin France 54 Saint - Quentin en Yvelines Centre Gare B&B B&B Montigny - le - Bretonneux France 74 B&B B&B Saint - Witz Saint - Witz France 42 B&B B&B Salon Provence Salon - de - Provence France 83 B&B B&B Sophia Antipolis Le Biot Biot France 67 B&B B&B Sophia Antipolis Le Relais Biot France 47 B&B B&B Toulouse Cité de l'Espace N 2 Toulouse France 69 B&B B&B Tours Nord 1 Tours France 61 B&B B&B Tours Nord 2 Tours France 70 B&B B&B Tours Sud Joué-lès - Tours France 72 B&B B&B Troyes Barberey Barberey - Saint - Sulpice France 64 B&B B&B Troyes Saint - Parres St - Parres - aux - Tertres France 69 B&B B&B Valenciennes Marly Marly France 83 B&B B&B Vannes Est Vannes France 71 B&B B&B Lyon Caluire Caluire - et - Cuire France 120 B&B B&B Porte De Choisy Ivry - sur - Seine France 182 B&B B&B Romainville Noisy - le - Sec France 107 B&B B&B Torcy Torcy France 130 B&B B&B B&B Lodz Lodz Poland 149 B&B B&B B&B Warsaw Warsaw Poland 154 Barcelo Barceló Hotels Barceló Corralejo Bay Fuerteventura Spain 241 & Resorts Barcelo Barceló Hotels Barceló Torre De Madrid Madrid Spain 256 & Resorts Club Med Club Med Da Balaia Albufeira Portugal 372 Hotusa Eurostars Hotels Eurostars Grand Marina Barcelona Spain 291 Hotusa Exe Hotels Exe Plaza Castilla Madrid Spain 262 Iberostar Iberostar Las Dalias Santa Cruz de Tenerife Spain 429 IHG InterContinental InterContinental Edinburgh George Edinburgh UK 240 Street IHG Kimpton Kimpton London London UK 334 IHG Kimpton Kimpton Manchester Manchester UK 270 IHG Kimpton Kimpton Edinburgh Charlotte Square Edinburgh UK 199 1 Tenants Brand Asset Name Town/City Country Number of rooms IHG Kimpton Kimpton Glasgow Blythswood Square Glasgow UK 113 IHG Voco Voco Oxford Spires Oxford UK 181 IHG Voco Voco Oxford Thames Oxford UK 104 IHG Voco Voco Cardiff Cardiff UK 142 IHG Voco Voco Glasgow Grand Central Glasgow UK 243 HCI Holiday Inn Holiday Inn Ciudad De Las Ciencias Valence Spain 100 HCI Ramada Almussafes Almussafes Spain 133 Radisson Radisson Paseo Del Arte Madrid Spain 260 Meininger Meininger Munich Munich Germany 173 Meininger Meininger Lyon Zimmermann Lyon France 169 Meininger Meininger Porte De Vincennes Paris France 249 Melia Tryp Tryp Oceanic Valencia Valence Spain 197 Melia Tryp Tryp Alameda Malaga Malaga Spain 132 Melia Tryp Tryp Aeropuerto Barcelona Barcelona Spain 205 Motel One Motel One Motel One Frankfurt Niederrad Frankfurt Germany 271 Motel One Motel One Motel One Berlin Mitte Berlin Germany 186 Motel One Motel One Motel One Porte Dorée Paris France 255 NH Hotel Group Antanara NY Palace Budapest Budapest Hungary 185 NH Hotel Group Antanara Palazzo Naiadi Rome Italy 232 NH Hotel Group Antanara Plaza Nice Nice France 151 NH Hotel Group NH NH Frankfurt Frankfurt Germany 165 NH Hotel Group NH NH Düsseldorf Düsseldorf Germany 111 NH Hotel Group NH NH Stuttgart Stuttgart Germany 208 NH Hotel Group NH NH Nuremberg Nuremberg Germany 244 NH Hotel Group NH NH Oberhausen Oberhausen Germany 171 NH Hotel Group NH NH Berlin City Ost Berlin Germany 99 NH Hotel Group NH NH Hamburg Mitte Hamburg Germany 134 NH Hotel Group NH NH Collection Colón Madrid Spain 146 NH Hotel Group NH NH Amersfoort Amersfoort Netherlands 114 NH Hotel Group NH NH Amsterdam Amsterdam Netherlands 232 NH Hotel Group NH NH Amsterdam Noord Amsterdam Netherlands 290 NH Hotel Group NH Santa Lucia Venice Italy 100 NH Hotel Group NH Collection Palazzo Dei Dogi Venice Italy 64 NH Hotel Group NH Collection Palazzo Gaddi Florence Italy 86 NH Hotel Group NH Collection Budapest City Center Budapest Hungary 138 NH Hotel Group NH Collection Carlo IV Prague Czech Republic 152 Pierre & Vacances Sunparks Kempense Meren Kempense Meren Belgium 594 Pierre & Vacances Sunparks Oostduinkerke Oostduinkerke Belgium 283 Sub - total Hotel lease properties 229 Manager Brand Asset Name Town/City Country Number of rooms Accor Ibis Ibis Paris Cambronne Paris France 527 Accor Ibis Styles Ibis Styles Paris Bercy Paris France 361 Accor Mercure Mercure Tour Eiffel Paris France 405 Accor Pullman Pullman Roissy Roissy France 305 Atypio Mercure Mercure Paris La Défense Residence Nanterre France 63 Atypio Ibis Ibis Fontainebleau Fontainebleau France 86 Atypio Ibis Ibis Toulouse Centre Toulouse France 178 Atypio Ibis Budget Ibis Budget Toulouse Matabiau Toulouse France 130 Atypio Mercure Mercure Paris Porte St Cloud Boulogne Billancourt France 180 Atypio Mercure Mercure Paris La Défense Nanterre France 97 Atypio Novotel Novotel Paris Pont de Sèvres Sèvres France 131 Event Hotels Ibis Ibis Dresden Dresden Germany 612 Event Hotels Mercure Mercure Potsdam City Potsdam Germany 210 Event Hotels Park Inn Park Inn Alexander Platz Berlin Germany 1028 Event Hotels Radisson Blu Radisson Blu Leipzig Leipzig Germany 214 Event Hotels Radisson Blu Radisson Blu Erfurt Erfurt Germany 284 Event Hotels Westin The Westin Grand Berlin Berlin Germany 400 Event Hotels Westin The Westin Leipzig Leipzig Germany 436 IHG Crowne Plaza Crowne Plaza Brussels Airport Brussels Belgium 315 RHG Park Inn Park Inn Leuven Leuven Belgium 133 RBH Independent York York UK 155 RBH Independent Wotton House Wotton UK 127 RBH Independent Hotel Indigo Leeds Leeds UK 120 Sohoma Ibis Ibis Annecy Annecy France 85 Sohoma Ibis Ibis Bordeaux Gare Bordeaux France 80 Sohoma Ibis Ibis Bordeaux Lac 2 Bordeaux France 116 Sohoma Ibis Ibis Bordeaux Bastide Bordeaux France 92 Sohoma Ibis Ibis Lyon Part Dieu Lyon France 144 Sohoma Ibis Ibis Nancy Centre Gare Nancy France 82 Sohoma Ibis Ibis Strasbourg Halles Strasbourg France 98 Sohoma Ibis Ibis Paris Montmartre Paris France 326 Sohoma Mercure Mercure Lyon Saxe Lafayette Lyon France 156 Sohoma Novotel Novotel Strasbourg Halle Strasbourg France 96 TIFCO Hilton Hilton Dublin Dublin Ireland 130 Wiziu Autograph C. Bourgtheroulde Rouen France 78 Wiziu Autograph C. Hermitage Gantois Lille France 88 Wiziu Crowne Plaza Crowne Plaza Lille France 124 Wiziu Holiday Inn Holiday Inn Picardy Le Touquet France 88 Wiziu Ibis Ibis Brugge Centrum Bruges Belgium 128 Wiziu Ibis Ibis Antwerpen Centrum Antwerp Belgium 150 Wiziu Ibis Ibis Brussels Grand Place Brussels Belgium 184 Wiziu Ibis Ibis Gent Centrum St Baafs Kathedraal Ghent Belgium 120 Wiziu Ibis Ibis Gent Opera Ghent Belgium 134 Wiziu Ibis Styles Ibis Styles Lille Centre Lille France 140 Wiziu Independent Grand Hôtel Bellevue Lille France 64 Wiziu Independent Art Déco Lille France 56 Wiziu Independent Couvent des Minimes Lille France 83 Wiziu Mercure Mercure Nice Nice France 124 1 Manager Brand Asset Name Town/City Country Number of rooms Wiziu Meridian Méridien Nice Nice France 324 Wiziu Novotel Novotel Brugge Centrum Bruges Belgium 138 Wiziu Novotel Novotel Brussels Grd Place Brussels Belgium 140 Wiziu Novotel Novotel Gent Centrum Ghent Belgium 117 Wiziu Novotel Novotel Lille Centre Palais Congres Lille France 104 Wiziu Novotel Novotel Lille Flandres Lille France 96 Sub - total operating properties assets 54 TOTAL HOTEL REAL ESTATE ASSETS 283 TOTAL ROOMS 39,477 1.2.2.3 Partnership with AccorInvest, a subsidiary 1.2.2.4 Partnership with B&B of the Accor group In 2005, the year of the first investment transaction, Covivio Hotels and the AccorInvest group signed a partnership agreement to optimise the performance of leases and occupancy agreements. Regular Committee meetings are held so that the parties can: decide which portfolio development initiatives to implement in the short and medium - term; analyse information on hotel management and the business; monitor the implementation of works programmes planned during transactions; decide on joint disposals of assets in the portfolio; discuss future development operations. Plans to extend, develop or create new hotels are also regularly examined at partnership meetings. As of 31 December 2024, Covivio Hotels owns, directly or indirectly, 145 B&B hotels in France, Germany, Spain and Poland. The Covivio Hotels and B&B partnership was formed in 2010. As part of this partnership, development and acquisition projects are regularly reviewed, in particular the transaction signed in 2022 in Poland for an asset in Lublin. B&B Group: key figures (Source: B&B website) The B&B Hôtels chain was established in France in 1990. Its pioneering concept proved an immediate success and is the reason for the company's continued growth. B&B opened its first hotel in Germany in 1998, in Italy in 2009 and crossed the milestone of 250 hotels in France in 2016. The group has continued to grow and now has more than 800 hotels in Europe and around the world. In 2019, the chain was bought by Goldman Sachs from PAI Partners for €1.9 billion. Accor group: key figures 1.2.2.5 Partnership with IHG (Source: Accor & AccorInvest website) Accor is a world leader in the hotel industry in Europe. Present in 110 countries, the group has 5,682 hotels and more than 40 hotel brands. Accor has a broad and unique portfolio of award - winning, complementary brands. These cover the entire spectrum from luxury to budget and are internationally recognised for their quality of service: Raffles, Fairmont, Sofitel, Pullman, Swissôtel, MGallery, Novotel, Suite Novotel, Mercure, Mama Shelter, Ibis, Ibis Styles, Ibis Budget and HotelF1. With 260,000 employees working for Accor brands worldwide, the group's customers and partners have been benefiting from its knowledge and expertise for almost 45 years. Supported by resolutely solid demand, 2024 demonstrated the resilience of the hospitality sector in a contrasting consumer environment. The group recorded revenue of €5,606 million, up 11% compared to the 2023 fiscal year. This increase translates into an increase of 5% for the Premium, Mid - Range and Economy division and of 19% for the Luxury & Lifestyle division. In 2024, Accor opened 293 hotels, over 50,000 rooms, representing net organic growth for the network of 3.5% over the last 12 months. At the end of December 2024, the group had 850,285 rooms (5,682 hotels) and a pipeline of over 233,000 rooms (1,381 hotels). At 31 December 2024, Covivio Hotels owned 12 hotels under the IHG brand in the United Kingdom, France, Spain and Belgium. The partnership between Covivio Hotels and IHG began in 2018 with the acquisition of a portfolio of upscale hotels located in major cities in the UK. The assets, which have benefited from recent work programmes, offer significant growth potential. This scope was the subject of a new rental agreement with IHG in 2022 covering nine hotels. Through this partnership, IHG is able to develop its upscale and innovative brands in Europe: Voco and Kimpton. IHG group: key figures (Source: IHG website) The IHG group is one of the leaders in the global hotel industry, operating in more than 100 countries with more than 6,000 hotels at the end of 2024, including the opening of 371 properties this year, an increase of 59,117 rooms (+23% compared to 2023). With revenue of $2.3 billion and operating income of $1.1 billion, IHG outperformed forecasts for 2024. ‌Operating retail portfolio Market overview Commercial food service market (Source: Stratégique Food Service Vision website) Out - of - home consumption fluctuates according to consumer sentiment. However, several trends should be seen in the long term: increased attention to meal prices, with 89% of customers being vigilant (+5 points compared to 2023), and a diversity of consumption modes and channels. To attract a volatile customer base, retailers are engaged in intense competition on prices and communication strategies, particularly via social media. This competition stimulates product innovations. However, certain categories, such as bakeries and coffee shops, remain vulnerable to inflation. The prices of certain products, such as chocolate (+52.9%) and butter (+12.1%), continue to increase. 1 Despite the challenges, Food Service Vision forecasts a 1% increase in revenue for 2024, thus concluding a respectable year. Portfolio overview At 31 December 2024, Covivio Hotels' portfolio of retail premises comprised 36 assets with an estimated value of €43 million. The portfolio is divided between 9 restaurants, and 27 assets formerly operated under the Courtepaille brand, vacant at 31 December 2024. List of restaurants held at 31/12/2024 Brand Town/City Department Anamour Les Ulis Essonne (91) Courtepaille Vallauris Alpes - Maritimes (06) Courtepaille Caen Mondeville Calvados (14) Courtepaille Puiboreau Charente - Maritime (17) Courtepaille Rosny - sous - Bois Seine - Saint - Denis (93) Le Véritable Stade La Plaine - Saint - Denis Seine - Saint - Denis (93) L'Ocean Créteil Val - de - Marne (94) Maison Cesar Vitrolles Bouches - du - Rhône (13) Signorizza Saint - Saturnin Sarthe (72) TOTAL RESTAURANT ASSETS 9 Courtepaille: key figures List of vacant assets (formerly Courtepaille) Brand Town/City Department Vacant Aix - en - Provence Bouches - du - Rhône (13) Vacant Brie Comte Robert Seine - et - Marne (77) Vacant Trégueux Côtes - d'Armor (22) Vacant Valence Drôme (26) Vacant Évreux Eure (27) Vacant Chartres Eure - et - Loir (28) Vacant Nîmes Gard (30) Vacant Mérignac Gironde (33) Vacant Voreppe Isère (38) Vacant Bouguenais Loire - Atlantique (44) Vacant Mormant - sur - Vernisson Loiret (45) Vacant Artenay Loiret (45) Vacant La Chapelle - Saint - Mesmin Loiret (45) Vacant Reims Marne (51) Vacant Heillecourt Meurthe - et - Moselle (54) Vacant La Charité-sur - Loire Nièvre (58) Vacant Englos Nord (59) Vacant Pierre - Bénite Rhône (69) Vacant Châlon - sur - Saône Nord Saône - et - Loire (71) Vacant Crèches - sur - Saône Saône - et - Loire (71) Vacant Lognes Seine - et - Marne (77) Vacant Mareuil - lès - Meaux Seine - et - Marne (77) Vacant Moissy - Cramayel Seine - et - Marne (77) Vacant Nemours Seine - et - Marne (77) Vacant Guyancourt Yvelines (78) Vacant Appoigny Yonne (89) Vacant Linas Essonne (91) TOTAL VACANT ASSETS 27 Geographic area of retail premises by value as at 31/12/2024 (total: €43 million) 31 P 24% % aris region 45% Other French regions Major regional cities Partnerships with retail premises The operating retail portfolio held by Covivio Hotels includes 9 restaurants and 27 vacant assets (formerly Courtepaille). At 31 December 2024, the portfolio was valued at €43 million, down compared to the previous year (-7% on a like - for - like basis). The Courtepaille group, founded in 1961 and which had been taken over by the Napaqaro group in 2020, was placed in court - ordered liquidation in June 2023. Some sites have been taken over by La Boucherie, but most are now vacant. 1 ‌Portfolio As at 31 December 2024, Covivio Hotels owned a portfolio of 319 assets, including 283 hotels, valued at €5,861 million excluding duties, Group Share (€6,482 million in total), up +1.5% on 2024 on a like - for - like basis. ‌Geographic area The geographic breakdown of the Covivio Hotels portfolio by region is as follows: Geographic area of the hotels portfolio as a % of value at 31/12/2024 5% Italy Others % gium % in 14% UK 8% Bel 6 33% France The breakdown of the hotel portfolio underlines the company's strategy of geographical diversification, with no country exceeding 33% of the portfolio. 89% of the portfolio is located in the heart of major European cities. 11 Spa 23% Germany 1 Management report Portfolio ‌Breakdown of revenues Group Share of revenues rose 4.1% (+7.2% on a like - for - like basis) to €336.7 million, compared with €323.6 million at 31 December 2023. This performance is due to the combined effect of: acquisitions and deliveries of development portfolio (+€5.2 million); disposals made in 2023 and 2024 (-€9.0 million); the increase in variable rents and EBITDA on a like - for - like basis (+€12.0 million); the increase in indexation (+€6.0 million) in line with inflation. Covivio Hotels has excellent visibility over its future cash flows, given the signing of firm long - term leases with tenants who have a solid credit rating and are leaders in their industries. The average remaining term of firm leases in the Covivio Hotels portfolio was 11.2 years as at 31 December 2024. Reconciliation of revenues, Group Share at 31/12/2024 and revenues in the consolidated financial statements (see section 4.2.6.2) (€ million) 2024 revenues consolidated financial statements Non - controlling interest 2024 revenues Group Share Hotel real estate (rental income) 268.0 -13.7 254.3 Hotels under management (EBITDA) 82.6 -2.3 80.3 Retail premises (rental income) 2.1 - 2.1 TOTAL 352.7 -16.0 336.7 Annualised revenue Group Share of annualised revenues amounted to €370.0 million at the end of December 2024, the details of which are as follows: Breakdown by business segment (€ million) Number of rooms Number of assets 2023 annualised revenues 2024 annualised revenues in % of total rents Hotel real estate (rental income) 29,095 229 254.5 215.0 58.0% Retail premises (rental income) - 36 1.2 1.0 0.4% TOTAL 26,402 180 255.7 215.9 58.4% Hotels under management (EBITDA) 10,382 54 75.9 154.1 41.6% TOTAL 39,477 319 331.6 370.0 100% Breakdown by geographic location (€ million) Number of rooms Number of assets 2023 annualised revenues 2024 annualised revenues As % of total rental income Paris 3,046 11 36.5 14.5 3.9% Inner rim 1,366 5 6.0 3.0 0.8% Outer rim 3,210 31 11.1 11.0 3.0% TOTAL PARIS REGION 7,622 47 53.6 28.5 7.7% Major regional cities 3,560 34 26.0 15.6 4.2% Other French Regions 3,680 54 9.3 7.0 1.9% Rest of world 14,233 94 165.6 163.9 44.2% TOTAL HOTEL LEASE PROPERTIES 29,095 229 254.5 215.0 58.0% Retail premises (rental income) - 36 1.2 1.0 0.4% Hotels under management (EBITDA) 10,382 54 75.9 154.1 41.6% TOTAL 39,477 319 331.6 370.0 100% Breakdown by tenant/operator (€ million) Number of rooms Number of assets 2023 annualised revenues 2024 annualised revenues in % of total rents Accor 11,815 63 79.1 94.1 25.4% IHG 2,855 16 42.2 45.4 12.2% B&B 13,509 153 42.0 46.2 12.5% RHG 1,919 5 4.2 6.0 1.6% Marriott 1,326 5 23.9 27.1 7.3% NH Hotel Group 3,022 19 50.3 55.7 15.0% Hotusa 553 2 8.1 9.6 2.6% Barcelo 497 2 7.9 7.7 2.1% Club Med 372 1 5.0 5.5 1.5% AC Hotels - - 6.1 - - Melia 534 3 5.9 6.1 1.6% Motel One 712 3 4.7 5.0 1.3% Meininger 591 3 6.9 7.2 2.0% Sunparks 877 2 7.9 8.4 2.3% Others 895 6 36.0 45.1 12.2% TOTAL HOTELS 39,477 283 330.4 369.1 99.5% Retail - 36 1.2 1.0 0.5% TOTAL 39,477 319 331.6 370.0 100% 1 ‌Lease schedule The residual lease term was 11.2 years at 31 December 2024, including 13.0 years for hotels, compared with 12.1 years at 31 December 2023. (€ million) By lease end date As % of the total 2025 2.5 1.2% 2026 11.3 5.2% 2027 4.2 1.9% 2028 5.8 2.7% 2029 2.6 1.2% 2030 2.4 1.1% 2031 30.9 14.3% 2032 8.3 3.8% 2023 10.2 4.7% 2034 6.5 3.0% Beyond 131.3 60.8% TOTAL RENTAL INCOME 215.9 100% ‌Hotel occupancy rate The occupancy rate measures the ratio between the average rental value of the occupied space and the average rental value of the hotel portfolio, expressed as a percentage. The structural rate has been 100% since the company's creation. ‌Valuation of assets and NAV Change in Group Share of the portfolio by value excluding duties (in € million) 6,022 53 5,483 173 5,822 5,861 51 43 4,013 447 2,990 6 29 3 82 3,124 3,270 3,268 2,949 3,039 6 76 2,966 59 7 3 3 2 2,965 582 233 56 9 2 5,807 5,818 5,881 5,9 70 5,771 5,818 6 9 2 423 6 3 0 3 56 59 8 23 5 5,3 10 418 3 ,566 2,6 9 7 1,9 79 2,03 0 1,83 4 2,053 2,03 7 2,13 2 2,456 5,973 5,937 5,942 166 120 6 1 7,000 6 ,000 5,000 3,205 3,230 6 85 704 436 43 0 2,084 2,09 6 , 4,000 3 ,000 2,000 1,000 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Hotels Health Retail premises TOTAL Reconciliation of Group Share of portfolio value as at 31 December 2024 and the value of real estate assets in the consolidated financial statements (see section 4.2.5.1.2) Portfolio as of 31/12/2024 (in € million) €5,861 M Right - of - use on investment properties +€248 M Right - of - use on operating assets +€46 M Equity affiliates > 30% -€156 M Non - accrued goodwill of operating property assets -€262 M REAL ESTATE ASSETS GROUP SHARE €5,739 M The companies' fully consolidated non - controlling interest +€269 M 100% REAL ESTATE ASSETS - IFRS ACCOUNTS €6,008 M 1 ‌Appraisals As at 31 December 2024, the appraisal value of assets excluding duties was €5,861 million in Group Share (€6,482 million in total), compared with €5,822 million as at 31 December 2023. Change in asset value and capitalisation rate Value excluding duties 2023 Value excluding duties 2024 Change 12 months at like - for - like scope 2023 yield rate* 2024 yield rate** As % of total value Hotels (leased properties and hotels under management) 5,771 5,818 + 1.5% 5.9% 6.4% 99% Retail premises 51 43 -7.4% n.a n.a 1% TOTAL 5,822 5,861 +1.4% 5.9% 6.4% 100% * Yields calculated on the basis of 2023 revenues. ** Yields calculated on the basis of 2024 revenues. The value excluding duties is calculated by deducting a percentage from the value inclusive of duties ranging from 1.8% to 7.5% for France (depending on the department), 2.5% to 3.0% for Belgium, 10.4% for the Netherlands, 3.5% to 8.5% for Germany, 1.5% to 5.1% for Spain, 6.8% for the UK (6.3% for Scottish assets) and 7.3% for Portugal. Whenever a new asset is acquired or a new appraiser appointed, the asset undergoes a complete appraisal. Interim appraisals are carried out for discounting purposes. Site visits may also be made. A complete appraisal consists of: Asset valuation method preparation of a file including the legal, technical and financial documents required to objectively analyse the The overall portfolio is appraised by independent experts on a half - yearly basis (30 June and 31 December), and according to the calculation methods determined by an internal set of specifications based on the guidelines of the oversight bodies: recommendation of the French Financial Markets Authority ( Autorité des Marchés Financiers - AMF); instructions from the COB report of 3 February 2000 on real estate appraisals ("report from the Working Group on expert appraisals of the real estate portfolios of companies issuing public calls for savings" chaired by Georges Barthès de Ruyter). Covivio Hotels also abides by the Listed Real Estate Investment Company (SIIC) Code of Ethics applicable to FSIF (French Federation of Real Estate and Property Management Companies) member companies, particularly in terms of real estate appraisals. Moreover, most of the French real estate appraisers selected - i.e. BNP Real Estate Valuation, Cushman & Wakefield Valuation, CBRE Hotels Valuation, CBRE Limited and BPCE Expertises Immobilières - are members of AFREXIM (Association Française des Experts Immobiliers - French Association of Real Estate Appraisers), and are considered as such under the real estate appraisal charter endorsed by AFREXIM. As a result of this, the experts adhere to the various French standards. Their valuation methods comply with the RISC and IVSC international Codes of conduct, in the same way as foreign appraisers. factors that enhance or reduce the value of the assets under consideration; an internal visit of the premises and their environment; research and analysis of comparison factors; drafting of a report in which the final appraisal must be consistent with the aforementioned observations, and a relevant analysis of the category market in question. Leasing revenues discount method This approach consists of capitalising the income originating from or likely to originate from the property at an appropriate rate: this rate is based on proven returns, the characteristics of the asset and its estimated potential. It is based on an analysis of sales of other leased real estate properties and must be applied within a general context of expected returns from the various investments in a given economic environment. The main criteria for choosing yield rates are as follows: geographic location; age and condition of the property complex; possibility of converting the property complex; size and profitability of the establishment. Discounted Cash Flow (DCF) method This method takes into consideration future revenues, including billed rental income, anticipated rental income, and work under contract for the lessor and residual gains from any sale at the end of the holding period. This method consists of discounting to present value the flows generated by the asset over a minimum of ten years and adding in the present exit value of the assets in the tenth year. Unit value comparison method This method consists in referring to the sale prices found on the market for equivalent assets. The comparison factors used derive specifically from internal databases in which each reference is analysed, classified by situation and by category, and expressed in gross surface units or weighted surface units. It is more a method of cross - checking the two methods described above, than a principal method. Specific cases of assets in which Covivio does not own the land Cases of temporary occupancy authorisation, long - term leases conferring ad rem rights, and construction leases: These contracts transfer the right of ownership of the property to the lessor or concession holder at the end of the lease, without compensation for the tenant or beneficiary. Uncertainty is always a factor in this type of contract, and although a preferential right or right of first refusal is often granted by the outgoing lessor or concession holder where the lease is due to be renewed upon expiration, there is no full and complete title to the property and the tenant - in this case Covivio Hotels - may have to purchase the asset at market price, sign a simple commercial lease with the new owner, or simply be forced to vacate the property without compensation of any kind. The inclusion of a resale value to term (residual value) is therefore not possible for this type of contract, unless the residual value of the construction lease or long - term lease conferring ad rem rights is sufficient to offset the acquisition or construction cost over a typical holding period, while allowing a potential buyer a normal operating period. The appraisers considered that below a residual maturity of 30 years, the method of valuing the asset for this type of contract should be limited to the discounting of rent flows until the term. Revenues projections for hotels are made on the basis of site visits, investment plans (construction and refurbishment) and market data. The distribution of revenues between accommodation and other sources of revenues (restaurants, bars, etc.) is in proportion to the average distribution in previous years. Land - construction breakdown: on the basis of the value and the floor area of the establishment, the breakdown between land and buildings was estimated using the Afrexim ratio method. Components method: the estimated distribution between the various building elements and their average age was carried out according to the ratios recommended by the FSIF and on the basis of technical information supplied by inspection questionnaires. Specificity regarding hotel valuations in Belgium The appraisals were carried out in accordance with national and international standards (International Valuation Standards) and their implementing procedures, particularly regarding estimates for property investment funds. The investment value is defined as the most probable value that might be reasonably obtained under normal sale conditions between consenting and informed parties, less transaction fees. It is based on the discounted value of future net rental income for each property. In theory, the sale of a property is subject to the French Government receiving transaction fees. The amount of duty depends on the type of sale, the buyer and the location. The first two conditions are only known, and therefore the amount of duties to be paid, once the sale has been completed. An analysis of past sales in the Belgian market reveals average transaction fees of 2.5%. The probable realisable value of properties valued at more than €2.5 million, less transaction fees, corresponding to fair value as defined by IAS/IFRS, may thus be obtained by deducting from the investment value transaction fees equivalent to 2.5%. 1 Hotel valuation The appraisals of hotel sector assets were carried out by BNP Paribas Real Estate Valuation, Cushman & Wakefield, CBRE Hotel Valuation France, CBRE Limited, BPCE Expertises Immobilières and MKG. The change in value of the Covivio Hotels portfolio in the hotel real estate segment is shown below (in € million) : 5,807 5,818 5,881 5,970 5,771 5,818 5,310 3,566 2,456 2,697 2,084 2,096 1,979 2,030 1,834 2,053 2,037 2,132 7,000 6 ,000 5,000 4,000 3 ,000 2,000 1,000 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Hotels The rise in appraisal values was +1.5% on a like - for - like basis. After a rise of +0.5% in the first half of 2024, the values for December 2024 show an increase of +1.0% for the second half of 2024. Valuation of retail premises The appraisals were carried out by BPCE Expertises Immobilières. The portfolio value has changed as follows (in € million) : 685 704 676 692 629 630 597 598 582 569 447 173 166 120 61 53 51 43 800 700 6 00 500 400 3 00 200 100 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Retail premises The value of retail premises decreased by 7% on a like - for - like basis. 1.4.1.4 Summary of expert appraisals Business sector Country Appraisers Appraisal values in Group Share (in €K) % of total portfolio value Hotels France BNP Paribas Real Estate 191,410 3% France CBRE Hotel Valuation 422,840 7% France BPCE Expertises Immobilières 231,912 4% France Cushman & Wakefield 719,893 12% Germany BNP Paribas Real Estate 952,531 16% Germany Cushman & Wakefield 216,356 4% Germany MKG 172,867 3% Belgium BPCE Expertises Immobilières 331,890 6% Netherlands CBRE Hotel Valuation 159,100 3% Spain BNP Paribas Real Estate 545,730 9% Ireland Spain Portugal CBRE Hotel Valuation 140,700 2% UK CBRE UK Hotel Valuation 712,117 12% UK BNP Paribas Real Estate 82,007 1% Italy MKG 279,107 5% France Hungary Czech Republic MKG 248,049 4% Retail premises France BPCE Expertises Immobilières 28,700 0.5% Assets not subjected to an appraisal 425,534 7% TOTAL 5,860,742 100% The summary appraisal report is available in the "Information and management" section in Chapter 6.6 of this Universal Registration Document. 1.4.1.5 Appraisers' details Appraisers Address BNP Paribas Real Estate Valuation 167, quai de la Bataille de Stalingrad - 92130 Issy - les - Moulineaux CBRE Hotels Valuation France 76, rue de Prony - 75017 Paris CBRE Limited Henrietta House, Henrietta Pl, London W1G 0NB, United Kingdom BPCE Expertises Immobilières 50, avenue Pierre Mendès France - 75013 Paris Cushman & Wakefield Valuation France 185, avenue Charles de Gaulle - 92200 Neuilly - sur - Seine MKG 5, rue Dantzig - 75015 Paris The appraisers' fees are calculated on a fixed basis and totalled €681 thousand in 2024. For each company, the fees charged represent less than 10% of their revenues.

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