Halmtorvet 20-22

9

Prospects of high occupancy and rooms rates in the years ahead

• The pipeline of new Copenhagen hotel rooms scheduled for completion over the next four years represents more than a 50% drop in new additions relative to the completions recorded in the city between July 2020 and July 2024.

• Moreover, most of the development projects in the pipeline are still in the planning phase.

• Against the backdrop of record-high overnight stays three years in a row and a weak pipeline, we believe that Copenhagen occupancy rates and room rates will increase in the coming years.

New hotel rooms in Copenhagen

1 , 000 1 , 500 2 , 000 2 , 500

1 , 000 1 , 200

2020-2024 6,192

- 200 400 600 800

- 500

2025E-2029E 3,080

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 New hotel rooms (l.a.) RevPAR (r.a.)

Note: The change in number of available hotel rooms from Julyto July. Data for Copenhagen hotels, i.e. in this context the municipalities of Copenhagen, Frederiksberg, Dragør and Tårnby. Some data regarding the projected hotel rooms have been obtained from Byggefakta. The presented pipeline figures should be treated with caution. The information presents a snapshot of the current status, which may change rapidly and consequently, the pipeline becomes more uncertain when analysing projects with completion dates in the far future. The projected RevPAR from 2025 to 2029 is estimated by Colliers and based on a composition of the compounded annual growth rate (CAGR) from 2010 to 2024 in occupancy rates and average daily rates (ADR). Source: Benchmarking Alliance, Byggefakta, Colliers