Courbet Heritage · EURONEXT:MLCOU
Courbet Heritage — Investor Presentation (March 2026)
36 slides from Courbet Heritage's investor presentation, March 2026
Slide 1: Lourdes: Building a Global Pilgrimage Hospitality Platform
LOURDES BUILDING A GLOBAL PILGRIMAGE HOSPITALITY PLATFORM MARCH 2026 1
Slide 2: Ott Heritage Hospitality: Who We Are
A Leading European and American Developer Creating Landmark Destinations Expertise forged since the early 1990s in major turnaround situations and complex real estate development €4B+ of real estate portfolios developed across Europe 30+ years of experience across the principal OTT HERITAGE European
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Slide 5: Ott Heritage Hospitality Investment DNA
We Transform Commodity Hospitality into Experiential Destinations that Attract More Visitors, More Spending, and Greater Long-Term Value for Communities We invest in cities whose names are already known worldwide • Lourdes, Cannes, Paris, Magny-Cours, Grasse, La Bourboule • International recognition
Slide 6: Lourdes Investment Thesis
Global Demand, Fragmented Supply, and a Clear Path to Institutional Market Leadership. Lourdes is a Globally Recognized Destination — Institutionally Underserved • ~1.4B Catholics worldwide • ~6M annual visitors to Lourdes; ~4M overnight stays • 10,000 hotel rooms; 3rd largest French city by capacit
Slide 7: The Origins of Lourdes
The Creation of a Sanctuary that Transformed Lourdes into a Lasting Spiritual Destination. A Remote Pyrenean Town • Until the mid-19th century, Lourdes was a small provincial town shaped by its fortified château, agriculture, its river, and its position at the edge of the Pyrenees 1858: The Appariti
Slide 8: Global Pilgrimage City
A Permanent International Pilgrimage Ecosystem Built to Receive the World. From Sanctuary to International Network • By the late 19th century, dedicated pilgrimage trains were linking Lourdes directly to the major cities of France and Europe • Dioceses, national pilgrimages, and medical hospitality
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Slide 10: Gateway to the Pyrenees
Lourdes is the Accommodation Hub for a Four-Season International Mountain Destination A Region that Extends the Length of Stay • Lourdes is a natural accommodation hub for exploring the High Pyrenees • Opportunity to combine pilgrimage, wellness, and outdoor experiences in a single trip • Diversific
Slide 11: International Access & Connectivity
Purpose-Built International Access for High- Volume, Recurring Global Travel. A Dedicated International Airport for High- Volume Travel • Tarbes–Lourdes–Pyrénées Airport located 10 km from the city center • Infrastructure capable of handling wide- body aircraft (A380) and large pilgrimage charters •
Slide 12: Renovation & Consolidation Strategy
From Market Conviction to a 2,000-Key Institutional Consolidation Platform. From Solid Market Fundamentals to Strategic Vision • These structural strengths of Lourdes — compelling history, global recognition, permanent demand, international accessibility, and regional diversification — led to our fo
Slide 13: Our Initial Hotel
Prime Location • Acquired by Courbet Heritage in 2024 • 180-key full-service hotel within walking distance of the Sanctuary and Grotto • One of the largest hotel assets in Lourdes, with strong group and pilgrimage capacity • Restaurant, meeting space, and facilities designed for organized internatio
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Slide 15: Hotel Christ Roi Current Condition
HOTEL CHRIST ROI CURRENT CONDITION 15
Slide 16: Hotel Christ Roi Current Condition
HOTEL CHRIST ROI CURRENT CONDITION 16
Slide 17: Christ Roi: €6M Financing & Use of Funds
€6M Financing to Convert the Hotel Christ Roi into an Institutional Level Asset Valued at €11.85M (PropCo) €3M Capital structure stabilization • Refinancing of the existing €3M La Première Brique facility, eliminating near-term refinancing risk and costly short-term funding. • Replacement with a sus
Slide 18: Hotel Christ Roi Renderings
HOTEL CHRIST ROI RENDERINGS 18
Slide 19: Hotel Christ Roi Renderings
HOTEL CHRIST ROI RENDERINGS 19
Slide 20: Christ Roi: Bridge to Normative Performance
Stabilized Performance Derived from the Cushman & Wakefield Valuation Report (Normative Year Scenario) All forward-looking operating metrics, margins, and rent levels presented are based on the independent valuer’s underwriting and not on Courbet internal projections. Source: Cushman & Wakefield – V
Slide 21: Christ Roi: Bridge to Normative Performance
Stabilized Earnings Level Derived from Identified Operational Levers Rather than Market Growth Assumptions Margin Expansion – Cost Ratios Aligned with the Valuer’s Stabilized Scenario • Centralized procurement and cluster-based shared services driving purchasing power and overhead absorption across
Slide 22: Christ Roi: Value Creation from Existing Market Value
Execution Transforms a €12.7M Independent Hotel into a €15M+ Institutional Asset, with a Conservative €11.85M Core Real Estate Value CHRIST ROI: Independent Market Value – Today (Cushman & Wakefield) • €12.7M “as-is” going-concern value (OpCo + PropCo) • Reflects current trading performance, existin
Slide 23: Christ Roi: Isolating an €11.85M Financeable Core Real Estate Value
An €11.85M Financeable Core Real Estate value within a €15M+ Stabilized Institutional Hotel. Value derived from a 10-year DCF methodology and discounted terminal value, CHRIST ROI: consistent with private-equity underwriting for income-producing hotel real estate. Stabilized cash flows discounted at
Slide 24: Christ Roi: Branded Repositioning Driving High-Margin Earnings
A Branded Conversion Transforming Hotel from Independent Asset to €1.66M EBITDAR Institutional Platform. CHRIST ROI: Conversion to Four Points Flex by Sheraton as the primary catalyst for revenue growth, international visibility, and pricing power. Normative EBITDAR: €1.66M, supporting a stabilized
Slide 25: Christ Roi: Financeable Income Stream
A €0.94M Rent Stream Converting Operating Performance into Financeable Real Estate Income. Normative operating performance supporting a market rent of €939,583 per annum translating hotel cash flow into a long-term, indexable real estate income profile. Rent derived from a 60% EBITDAR effort rate, m
Slide 26: Roll-Up Strategy: €50M Capital Deployment
A Time-Bound €50M Program to Build the City’s First Institutional Hotel Portfolio. €50M investment program • Acquisition and repositioning of ~10 hotels • Execution timeline: 24–36 months • Cluster strategy around the Sanctuary Timing ROLL-UP STRATEGY: • Year 1: 3–4 acquisitions • Year 2: 1,200+ key
Slide 27: Hotel Pipeline
Hotel Keys Category Ask Price (€) HÔTEL ALLIANCE 76 3* 2,332,000 € GRAND HOTEL ESPAGNE 130 3* 3,180,000 € HOTEL ROISSY 187 4* 7,280,000 € HOTEL ASTRID 114 4* 6,500,000 € HOTEL DES ROSIERS 70 3* 800,000 € HOTEL MIRAMONT 92 4* 2,000,000 € HOTEL RÉSIDENCE VILLA MARIALE 80 3* HOTEL LOUVRE VINCENETTE 63
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Slide 30: Vision Lourdes 2030
A €100M Public Transformation Directly Accelerating our Private Consolidation Strategy. A State-Backed Regeneration of the Destination • €100M committed by the French State to reposition Lourdes and its surrounding region by 2030 • €300M hospital being developed • Comprehensive urban, mobility, and
Slide 31: Growth Beyond Consolidation
From Consolidation to Category-Defining Experiential Market Leadership. Luxury & Experiential Upside • Development of high-end wellness and spa resort (Old Dialysis Center – 30,000 m² site) • Positioning around water, healing, and spirituality Diversification of Demand • Thermal spa positioning GROW
Slide 32: Food & Beverage Opportunity
A €1–2B Underpenetrated F&B Market as the Platform’s Second Profit Engine. A High-Volume Market with Minimal Quality Supply • ~6 million annual visitors generating an estimated €1–2 billion addressable F&B market • Extremely limited branded or destination dining; currently only one McDonald’s and on
Slide 33: Luxury Development Old Dialysis Center
Creating the Pricing Anchor that Lifts the Wider 2,000-Key Portfolio. A Strategic Landmark Site • 30,000 m² land parcel in a prime location within the Lourdes hospitality ecosystem • 3,000 m² existing built area with significant expansion rights LUXURY • One of the last large-scale development oppor
Slide 34: Value Creation & Platform Resilience
A Repeatable Operating Model Converting Scale into Durable Earnings Growth. A Scalable Earnings Transformation • RevPAR uplift through conversion to international brands and access to global distribution systems • Occupancy growth driven by multi-market visibility and coordinated group sales across
Slide 35: From First Asset to Institutional Exit
A Scalable Path to Market Leadership with Multiple Institutional Exit Routes. A Clear Path to Market Leadership • From 180 keys to ~2,000 keys in 24–36 months • Largest and most efficient hotel owner in Lourdes • First fully branded and professionally operated hospitality platform in the city Multip
Slide 36: Disclaimer
This presentation has been prepared by Ott Heritage Hospitality (the “Company”) solely for informational purposes in connection with a potential financing and does not constitute, nor form part of, an offer to sell or issue, or a solicitation of an offer to buy or subscribe for, any securities or ot
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