1. Subject of the evaluation

Name of property: Hotel Garzonplase
Title: 9024 Győr, Vasvári Pál utca 1/b
Type of property: 4-star hotel in operation
Property classification: for commercial/restaurant use

2. Basis of assessment
The valuation is based on market prices and a comparative method, taking into account the technical condition of the property, its functional layout and local demand conditions.

3. Description of the property

• Ground floor (1 101 m²): furnished restaurant, offices, conference rooms and business premises

• First floor (1 101 m²): 24 hotel rooms with corridor

• Second floor (1 101 m²): 22 hotel rooms, wellness area (swimming pool, infra sauna, massage room, pool table)

• Loft (320 m²): 8 additional rooms, storage, kitchen, hallway

• Total net area: 4 003 m²

4. Applied prices and value calculation

• Ground floor: 1 101 m² × 950 000 Ft/m² = 1 045 950 000 Ft

• First floor: 1 101 m² × 950 000 Ft/m² = 1 045 950 000 Ft

• Second floor: 1 101 m² × 950 000 HUF/m² = 1 045 950 000 HUF

• Loft: 320 m² × 700 000 HUF/m² = 224 000 000 HUF

Total estimated market value (building): HUF 3 361 850 000

5. Comparison data The evaluation also took into account a 4-star hotel property actively advertised on the Győr market, which is:

• Surface area: 1 450 m²

• Advertised price: 1 490 000 000 HUF

• Calculated milestone: 1 027 586 Ft/m²

This reference confirms that the unit price of ~950 000 HUF/m² used in this estimate is a conservative reflection of market realities.

6. Value-adding factors: full furnishing The complete equipment required to run the hotel, including the furnishing of the hotel rooms, three changes of high-quality linen (bed linen, towels), restaurant and breakfast facilities with full kitchen and catering equipment, represents a significant value-added factor if the investor intends to use the facility in its existing function. The replacement value of these assets is estimated to be in excess of HUF 300 000 000, which will further enhance the value of the property through its ready-to-use, turnkey condition.

7. Summary Based on the current technical condition of the Hotel Garzon building, its complete equipment and its continued use, the market value of the building is:

HUF 3 361 850 000 (three billion three hundred and sixty-six million eight hundred and fifty thousand forints)

The estimated turnkey value calculated with the complete equipment can reach:

HUF 3 661 850 000 (i.e. three billion six hundred and sixty-six million eight hundred and fifty thousand forints)

The valuation also takes into account the usability of the tangible assets and their suitability for operation, but does not include the goodwill or operating rights of the company.