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Operations Review

Hotel Operations & Management

The Group's hotel operations and management businesses performed creditably for FY2016. Despite business slowdown in two key cities, overall operating profit is consistent with the previous financial year after accounting for a 10% decline in AUD and NZD and loss of contributions from the closure of Stamford Grand North Ryde.

The falling AUD has resulted in an increase in both domestic and international visitors in FY2016. This trend looks set to continue in FY2017. Demand for hotel rooms is expected to remain strong in Sydney and Melbourne. However, secondary cities such as Brisbane and Adelaide will continue to experience pressure on RevPAR in near term as prevailing supply exceeds demand.

SYDNEY

Stamford Plaza Sydney Airport ("SPSA")

Sir Stamford at Circular Quay ("SSCQ")

MELBOURNE

Stamford Plaza Melbourne ("SPM")

BRISBANE

Stamford Plaza Brisbane ("SPB")

ADELAIDE

Stamford Plaza Adelaide ("SPA")

Stamford Grand Adelaide ("SGA")

AUCKLAND

Stamford Plaza Auckland ("SPAK")

PROPERTY DEVELOPMENT

PROPERTY INVESTMENT

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