2024 Universal Registration Document

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

Risk factors 60

Internal control, risk management and compliance policy 76

3

Trends and outlook for 2025 82

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 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

Report by the Supervisory Board to the Combined General Meeting of 15 April 2025 394

Report by the Supervisory Board on corporate governance 397

Strategy and outlook 8

Activity of the company

and its subsidiaries 8

1. 2024 events 8

2. Hotel portfolio 11

3. Operating retail portfolio 19

Portfolio 21

1. Geographic area 21

2. Breakdown of revenues 22

3. Lease schedule 23

4. Hotel occupancy rate 23

Valuation of assets and NAV 24

1. Appraisals 25

2. Net asset value (NAV) - EPRA format 29

Net financial income 32

1. Consolidated financial statements

   as at 31 December 2024 32

2. Company financial statements

   as at 31 December 2024 36

Shareholder structure

at 31 December 2024 40

1. Information on share capital 40

2. Distribution of share capital

   and voting rights 41

3. Threshold crossing disclosures

   and declarations of intent 41

4. Changes in equity over the last five fiscal

   years 42

5. Information on treasury shares

   and share buyback programme 43

6. Options for the subscription or purchase

   of treasury shares 44

7. Transactions carried out by corporate officers and related persons

   on the company's securities 44

Stock market and dividend 45

1. Share price at 31 December 2024 45

2. Dividend distribution 46

3. Shares held by corporate officers 46

Information about the company

and its investments 47

1. Group organisation 47

2. Equity investments 48

3. Results of subsidiaries and equity

   investments 48

4. Research and development activities

   of the company and its subsidiaries 48

5. Significant events since the end

   of the fiscal year 48

6. Information on trends 48

7. Related-party transactions 48

8. Competitive position 48

Supplementary report by the General Manager to the Combined General

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.

1. ‌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.

   1. ‌Through the acquisition of shares in hotel operating companies.‌

   2. 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 kgCO2e/m²/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

2. ‌Hotel portfolio

   1. 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.

   2. 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.

3. ‌Operating retail portfolio

   1. 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.

   2. 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

   3. 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

      
      
      

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.

1. ‌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

2. ‌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

   
   
   
3. ‌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%

4. ‌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.

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

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

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

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:

   1. 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

        
        
        

   2. 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.

   3. Valuation of retail premises