ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 12561053

HOTEL CO 51 UK LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025


HOTEL CO 51 UK LIMITED

COMPANY INFORMATION

Directors	D T Linder
	I Bischofsberger
	W Androliakos


Registered number	12561053


Registered office	804-834 Bath Road
	Hounslow
	TW5 9UH


Independent auditor	Ernst & Young
	12 Wellington Place
	Leeds
	LS1 4AP


Bankers	BNP Paribas London
	10 Harewood Avenue
	London
	NW1 6AA


HOTEL CO 51 UK LIMITED

CONTENTS

	Page
Strategic Report	1 - 3
Directors' Report	4 - 11
Independent Auditor's Report	12 - 15
Statement of Comprehensive Income	16
Statement of Financial Position	17
Statement of Changes in Equity	18
Notes to the Financial Statements	19 - 34


HOTEL CO 51 UK LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their Strategic Report and the audited financial statements of Hotel Co 51 UK Limited (the "company") for the year ended 31 December 2025.

Business review

Since 2020 the company has operated hotels in the UK under Marriott franchisee agreements. During 2025, the company operated 17 hotels. On 1 August 2025, the operations of 2 hotels have been transferred to seperate entities. The company continues the operation of 15 hotels.

Financial key performance indicators

The directors monitor the performance of the company using a range of financial key performance indicators (KPIs) to ensure the business remains financially sound and aligned with strategic objectives. The principal KPIs used during the year include:

∙Revenue Growth – the company achieved a year-on-year revenue of £100.9m (2024: £106.0m) reflecting decline of average daily rate (ADR) growth to £95.50 (2024: £96.49) and occupancy to 68.6% (2024: 67.9%)

∙Gross Profit Margin – remained stable at 95.4% (2024: 95.5%), indicating stable cost control and pricing strategy.

∙Operating Profit – operating profit for the year was £8.3m (2024: £8.3m), demonstrating operational efficiency.

∙Net Assets – the company’s net assets stood at £26.6m as at year-end (2024: £19.3m), underlining a stable balance sheet as a result of the increase in business operational activities.

These KPIs are reviewed on monthly basis by management to assess the company’s financial health, support decision-making, and guide long-term planning.

Principal risks and uncertainties

The directors have assessed the key risks and uncertainties affecting the company’s operations in the hotel and hospitality sector and continue to monitor their potential impact on performance and strategy. The principal risks identified for the year ended 31 December 2025 are as follows:

∙Economic Environment: The hospitality sector remains sensitive to changes in the wider economic climate. Inflationary pressures, fluctuations in interest rates, and cost-of-living concerns can impact discretionary consumer spending and booking volumes, particularly in the leisure and short-stay segments.

∙Post-Brexit Operational Challenges: The UK's departure from the European Union continues to present challenges, particularly in areas such as recruitment of hospitality staff, importation of goods and supplies, and changes in travel patterns. Increased administrative burdens and potential regulatory divergence may affect cost structures and cross-border partnerships.

∙Geopolitical Risk: Russia-Ukraine Conflict: The ongoing conflict between Russia and Ukraine has contributed to energy market volatility, inflationary pressures, and general economic uncertainty across Europe. While the company does not have direct exposure to the affected regions, the wider implications — such as increased utility costs and reduced international travel from some markets — may indirectly affect operations.

∙Staffing and Labour Costs: The hospitality industry continues to face significant challenges in recruiting and retaining skilled staff, exacerbated by Brexit and changing workforce expectations. the company remains focused on offering competitive pay, staff development programmes, and maintaining a positive working environment.

Page 1


HOTEL CO 51 UK LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Principal risks and uncertainties (continued)

∙Supply Chain Disruption: Continued disruptions in the global and domestic supply chain — including food and beverage suppliers, linen services, and equipment providers — may result in delays or increased costs. the company actively manages supplier relationships and explores local sourcing options to mitigate risk.

∙Customer Demand and Seasonality: Demand in the hotel sector is highly seasonal and subject to shifts in tourism trends, event calendars, and consumer behaviour. Any unexpected reduction in occupancy rates, average daily rates (ADR), or length of stay may affect financial performance.

∙Regulatory and Compliance Risk: the company is subject to a range of laws and regulations, including health and safety, licensing, environmental compliance, and data protection (GDPR). Non-compliance could result in financial penalties or reputational damage.

∙Cybersecurity and Data Protection: With an increased reliance on digital booking systems and guest data processing, the company faces ongoing risks related to cyber threats and data breaches. Investments in IT security, staff training, and compliance frameworks are regularly reviewed and updated.

The directors are confident that appropriate controls and contingency plans are in place to manage these risks. Regular risk reviews are conducted to assess the adequacy of existing mitigations and ensure the company remains resilient in a dynamic operating environment.

Section 172 statement

The company is committed to promoting the success of the company while taking into account the interests of its stakeholders. In accordance with Section 172 of the Companies Act 2006, this statement outlines how the directors have considered various factors in their decision-making process.

1. Shareholders:

∙The directors have focused on sustainable long-term growth to maximise shareholder value;

∙Monthly reviews of financial performance ensure alignment with shareholder interests.

2. Employees:

∙Regular communication channels are maintained to engage with employees and address their concerns;

∙Investment in training and development programs to enhance employee skills and well-being;

∙The yearly recurring "Housekeeping Appreciation Week" and "Employee Appreciation Week" has been celebrated, this aims to show the housekeeping staff as well as our own staff our appreciation for the work they do.

∙Staff Survey conducted every 6 months to receive feedback on staff morale and opinions.

3. Customers:

∙Customer feedback surveys are conducted and reviewed weekly to continuously improve services and meet customer needs.

∙Quality assurance programmes by Marriott ensure that customer expectations are consistently met.

4. Suppliers:

∙Transparent supplier selection process with emphasis on ethical sourcing and fair treatment;

∙Regular supplier reviews to maintain strong relationships and address any concerns.

Page 2


HOTEL CO 51 UK LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Section 172 statement (continued)

5. Community and Environment:

∙Environmental impact assessments conducted to minimise the company's carbon footprint, for instance Moxy Southampton, Moxy Glasgow Merchant City, Moxy York and Moxy London Stratford have achieved LEED Platinum certification, Moxy Edinburgh Fountainbridge, Moxy Aberdeen Airport, Moxy Milton Keynes, Moxy Chester, Moxy Edinburgh Airport, Moxy Glasgow SEC, Moxy Birmingham NEC, Courtyard Glasgow SEC and AC Inverness have achieved LEED Gold certification.

∙Moxy London Excel has achieved BREEAM Very Good and Moxy London Heathrow has achieved BREEAM Excellent certifications.

∙Moxy Bristol has achieved BREEAM IN-USE Very Good.

∙All hotels have achieved Green Key Certification.

6. Risk Management:

∙Comprehensive risk management framework in place to identify and mitigate potential risks;

∙Regular board discussions to assess emerging risks and formulate mitigation strategies.

The company recognises the importance of balancing the interests of its stakeholders to ensure long-term success. The directors have made conscious efforts to consider the needs of various stakeholders in their decision-making process, maintaining a commitment to responsible and sustainable business practices.

Principal Decisions taken in the year

On 1 August 2025, the operation of 2 hotels, Moxy London Stratford and Moxy Edinburgh Fountainbridge, have been transferred to newly incorporated entities of the group. The transfer has involved employees, assets, contracts and future obligation towards customers.

This report was approved by the board and signed on its behalf by:

D T Linder Director Date: 10 July 2026	I Bischofsberger Director Date: 10 July 2026

W Androliakos
Director

Date: 10 July 2026

Page 3


HOTEL CO 51 UK LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report and the audited financial statements of the company for the year ended 31 December 2025.

Principal activity

The company began trading in 2020 operating hotels in the UK. The company's hotels operate under franchise agreements with international hotel brand owners. The company is a 100% subsidiary of VHOS UK HOT 1 Ltd, which owns the properties currently being operated.

Business review

A review of the business and its principal risks and uncertainties is set out in the Strategic Report on page 1 of these financial statements.

Results and dividends

The profit for the year, after taxation, amounted to £7,281,491 (2024: £7,001,208).

No dividends were paid or proposed during the year (2024: £Nil).

Directors

The directors who served during the year, and up to the date of signing this report, were:

D T Linder

I Bischofsberger

W Androliakos

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

∙select suitable accounting policies and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

HOTEL CO 51 UK LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Going concern

The directors have prepared a going concern assessment up until 31 July 2027.

As at the end of the year the company had £30,054 (2024: £16,982) of cash, £26,624,543 (2024: £19,343,052) of net assets and generated profit of £7,281,491 (2024: £7,001,208).

The company manages its cash through a combination of current account and a deposit account. As at 31 December 2025 the company had deposited £34.0m (2024: £25.6m) of its cash with Interogo Holding AG (the ultimate parent) under the Lending and Borrowing Master agreement. Under this agreement, the company has the ability to choose whether to transfer cash to be held on deposit, and has the ability to withdraw the cash at its discretion when required to meet working capital needs.

The directors have considered the company’s current financial position, cash flow forecast, and future plans, and are satisfied that the company has adequate resources to continue in operational existence for the period to 31 July 2027. The directors have assessed the base case forecast which demonstrates that the company is cash generative throughout the going concern period. Furthermore, the directors have sensitised these forecasts by assuming a reduction in occupancy rates, average room rate, and a reduction to food and beverage spend, with only variable costs reduced. Under both scenarios the company is able to meet its liabilities as they fall due during the period to 31 July 2027.

As of 1 September 2025, Vastint Hospitality BV, the intermediate parent company, has initiated a sales process to sell its 100% holding in VHOS UK HOT 1 Ltd, together with its subsidiaries which includes the company. This proposed transaction encompasses both the property interests and the operational businesses of the 15 hotels of the company, and is structured as a single portfolio sale with no option to sell individual hotels separately. Despite the potential change in ownership, the hotels are contractually required to continue operating in their current capacity under existing franchise and lease agreements. On 1 May 2026, Vastint Hospitality BV signed an exclusivity agreement with a counterparty to sell 100% of its shareholding in the company, targeting the transfer of business by the third quarter of 2026.

Given the proposed transaction and uncertainty over the post-sale group structure and future financing arrangements, the directors are unable to assess or control all of the scenarios for the company’s future and operations of the business. As such, this circumstance indicates the existence of a material uncertainty related to events or conditions that may cast doubt on the company’s ability to continue as a going concern.

Nevertheless, the directors conclude the going concern basis is appropriate for the financial statements. The financial statements do not reflect any adjustments that would be required to be made if they were prepared on a basis other than the going concern basis.

Future developments

Engagement with employees

A review of the company's engagement with employees is set out in the section 172 statement within the Strategic Report on page 2 of these financial statements.

Page 5

HOTEL CO 51 UK LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Disabled employees

The company respects fundamental human rights. The company recognises its responsibility to observe those rights that apply to its activities involving co-workers and the communities in which the employees work and live. The company hires and treats its co-workers in a manner that does not discriminate with regards to gender, race, religion, age, disability, sexual orientation, nationality, political opinion, union affiliation, social or ethnic origin. The company is committed to support its employees if they were to encounter any disability during their course of employment with us. Training, career development and promotion is not discriminated in regards to gender, race, religion, age, disability, sexual orientation, nationality, political opinion, union affiliation, social or ethnic origin.

Statement of Streamlined Energy and Carbon Reporting (SECR)

Introduction

This statement forms the company's energy and carbon report for the purposes of Part 7A of Schedule 7 to the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008.

In doing so it has taken account of the "Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting guidance" dated March 2019 published by HM Government.

Methodology

The calculations for this energy and carbon report align with the Greenhouse Gas Reporting Protocol. The GHG protocol defined three different scopes of carbon reporting. GHG Protocol Corporate Accounting and Reporting Standard https://ghgprotocol.org /corporate-standard.

Scope 1: Direct GHG emissions

Direct GHG emissions occur from sources owned or controlled by the company, such as emissions from combustion in boilers and vehicles.

Scope 2: Electricity indirect GHG emissions

Indirect emission from the generation of purchased electricity. The emissions physically occur at the facility where electricity is generated.

Scope 3: Other indirect GHG emissions

Optional reporting on all other emissions that are a consequence of the activities of the company but occur from sources not owned or controlled by the company.

For the 2025 reporting, scopes 1 and 2 are included in this report, which is in line with the SECR reporting requirements.

The company's primary activity during 2025 which gives rise to the reported energy consumption figures, involved the hotel business itself, with occupied room and restaurant services. Its main consumption of energy therefore arose from electricity, gas and district heating, used for the rooms and the public areas of each of the hotels that the company operated during the period.

At present, the company does not generally use or operate its own transport and therefore its energy consumption for the year is stated as zero. District cooling is present in one hotel, but is not being represented in this report since there have been no conversion factors.

Page 6

HOTEL CO 51 UK LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Statement of Streamlined Energy and Carbon Reporting (SECR) (continued)

As a general point, only electricity or fuel directly procured and paid for by the company has been included. There are instances where energy has been consumed by the company for its activities but it has been procured and paid by the owner of the building, as part of the provision of a wider service to the company. That consumption is not included in the figures below.

Energy consumption has generally been calculated based on consumption reports provided by the supplier of each utility.

Energy consumption has been converted to carbon emissions (tCO2e) using DEFRA published conversion factors for 2025.

The conversion factor for electricity is a location-based grid average, which is required by the "environmental reporting guidelines".

The conversion factor for electricity does not include the emissions associated with the transmission and distribution of electricity, which is usually reported as scope 3 emissions.

Given the primary activity of the company during 2025, we have selected the total number of sold rooms during the calendar year as the most appropriate basis for the intensity ratio required in this report.

Comparative figures have been given for the previous financial year.

Locations included

All Hotel Co 51's UK operated hotels are included in the scope of this report. For all of these properties, Hotel Co 51 is responsible for the operations and maintenance of the buildings.

Location Name	Location Type	Address	Address - City	Country
Aberdeen Airport (Moxy)	Property	Argyll Way	Aberdeen	United Kingdom
Birmingham NEC (Moxy)	Property	Perimeter Road	Birmingham	United Kingdom
Moxy Bristol Newfoundland	Property	Newfoundland Street	Bristol	United Kingdom
Chester Waitrose (Moxy)	Property	Boughton Street	Chester	United Kingdom
Edinburgh Airport (Moxy)	Property	Fairview Road	Edinburgh	United Kingdom
Edinburgh Fountain Bridge (Moxy)	Property	Freer Gait	Edinburgh	United Kingdom
Glasgow Merchant City (Moxy)	Property	High Street	Glasgow	United Kingdom
Glasgow SEC 1 (Courtyard)	Property	Stobcross Road	Glasgow	United Kingdom
Glasgow SEC 2 (Moxy)	Property	Finnieston Street	Glasgow	United Kingdom
London Heathrow Airport (Moxy)	Property	Bath Road	Hounslow	United Kingdom
Inverness Glebe Street (AC)	Property	Glebe Street	Inverness	United Kingdom
London Excel (Moxy)	Property	Dockside Road	London	United Kingdom
London Stratford (Moxy)	Property	Great Eastern Road	London	United Kingdom
Milton Keynes (Moxy)	Property	Avebury Boulevard	Milton Keynes	United Kingdom
Plymouth Moxy	Property	Millbay Road	Plymouth	United Kingdom
Southampton West Quay (Moxy)	Property	Harbour Parade	Southampton	United Kingdom
Moxy York Stonebow	Property	Blace Horse Lane	York	United Kingdom

Page 7

HOTEL CO 51 UK LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Statement of Streamlined Energy and Carbon Reporting (SECR) (continued)

Scope 1

Natural gas consumption 2024 - 2025

From activities for which the company own or control including combustion of fuel & operation of facilities.

2025		2024
Location Name	Usage (kWh)	Location Name	Usage (kWh)
Aberdeen Airport (Moxy)	544,465	Aberdeen Airport (Moxy)	631,427
Birmingham NEC (Moxy)	527,248	Birmingham NEC (Moxy)	616,180
Bristol Newfoundland (Moxy)	559,347	Bristol Newfoundland (Moxy)	584,119
Chester Waitrose (Moxy)	609,981	Chester Waitrose (Moxy)	689,364
Edinburgh Airport (Moxy)	549,879	Edinburgh Airport (Moxy)	685,236
Edinburgh Fountain Bridge (Moxy)	506,857	Edinburgh Fountain Bridge (Moxy)	937,015
Glasgow Merchant City (Moxy)	298,160	Glasgow Merchant City (Moxy)	376,808
Glasgow SEC 1 (Courtyard)	508,635	Glasgow SEC 1 (Courtyard)	435,018
Glasgow SEC 2 (Moxy)	945,595	Glasgow SEC 2 (Moxy)	1,160,060
London Heathrow Airport (Moxy)	959,703	London Heathrow Airport (Moxy)	1,029,814
London Excel (Moxy)	556,450	London Excel (Moxy)	529,050
York Stonebow (Moxy)	372,515	York Stonebow (Moxy)	335,500
Total	6,938,835	Total	8,009,591

In line with SECR requirements, gas-related emissions for the reporting period have been calculated using the UK Government's DEFRA 2025 GHG Conversion Factors (Gross CV basis). The emission factor for natural gas in 2025 was 0.18296 kg CO2 per kWh.

Total gas consumption emissions in 2025 amounted to 1,270 tons of CO2, compared to 1,464 tons of CO2 in 2024.

This represents a 13.2% decrease (2024: 0.9% decrease) in emissions year-on-year, primarily driven by the transfer of the operation of the 2 hotels during 2025 and a continuous focus on operational efficiency.

Continued efforts in energy efficiency measures and low-carbon alternatives will be key in further reducing emissions in future reporting periods.

Page 8

HOTEL CO 51 UK LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Statement of Streamlined Energy and Carbon Reporting (SECR) (continued)

Scope 2

Energy consumption purchased from the grid - renewable 2024 - 2025

2025		2024
Location Name	Usage (kWh)	Location Name	Usage (kWh)
Aberdeen Airport (Moxy)	514,585	Aberdeen Airport (Moxy)	475,179
Birmingham NEC (Moxy)	633,271	Birmingham NEC (Moxy)	616,221
Bristol Newfoundland (Moxy)	606,274	Bristol Newfoundland (Moxy)	651,826
Chester Waitrose (Moxy)	496,232	Chester Waitrose (Moxy)	521,018
Edinburgh Airport (Moxy)	682,552	Edinburgh Airport (Moxy)	670,628
Edinburgh Fountain Bridge (Moxy)	479,069	Edinburgh Fountain Bridge (Moxy)	760,215
Glasgow Merchant City (Moxy)	519,194	Glasgow Merchant City (Moxy)	294,745
Glasgow SEC 1 (Courtyard)	939,662	Glasgow SEC 1 (Courtyard)	968,035
Glasgow SEC 2 (Moxy)	686,800	Glasgow SEC 2 (Moxy)	631,986
London Heathrow Airport (Moxy)	1,459,662	London Heathrow Airport (Moxy)	1,328,131
Inverness Glebe Street (AC)	1,095,785	Inverness Glebe Street (AC)	1,018,361
London Excel (Moxy)	589,105	London Excel (Moxy)	575,916
London Stratford (Moxy)	418,490	London Stratford (Moxy)	712,125
Milton Keynes (Moxy)	558,737	Milton Keynes (Moxy)	528,856
Plymouth (Moxy)	851,029	Plymouth (Moxy)	535,320
Southampton (Moxy)	466,261	Southampton (Moxy)	437,080
York Stonebow (Moxy)	423,408	York Stonebow (Moxy)	396,780
Total	11,420,116	Total	11,122,422

The total emissions from electricity consumption in 2025, based on the UK location-based grid average conversion factor of 0.20705 kg CO2 per kWh (as published by DEFRA's 2025 UK Government GHG Conversion Factors for Company Reporting), amounted to 2,365 tons of CO2.

In 2025, total electricity-related emissions reflect 2,7% increase compared to 2,302 tons of CO2 in 2024.

This rise is driven by an increase in electricity consumption due to higher hotel occupancy rates.

Despite this increase, further energy efficiency measures or renewable energy sourcing could help mitigate future emission growth.

District heating consumption 2024 - 2025

2025		2024
Location Name	Usage (kWh)	Location Name	Usage (kWh)
London Stratford (Moxy)	367,000.00	London Stratford (Moxy)	644,448.86
Milton Keynes (Moxy)	366,400.00	Milton Keynes (Moxy)	363,460.00
Southampton (Moxy)	473,000.00	Southampton (Moxy)	384,000.00
Total	1,206,400.00	Total	1,391,908.86

As part of our SECR compliance, emissions from district heating consumption have been calculated using the DEFRA 2025 GHG Conversion Factor of 0.01853 kg CO2 per kWh.

Total emissions from district heating in 2025 amounted to 224 tons of CO2, compared to 250 tons of CO2 in 2024, reflecting a 10.4% decrease.

Page 9

HOTEL CO 51 UK LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Statement of Streamlined Energy and Carbon Reporting (SECR) (continued)

Scope 2 (continued)

This reduction is attributed to a decline in heating consumption, demonstrating improvements in energy efficiency and operational control. The reduction is also attributed to the transfer of the operation of one of the properties. Further initiatives will continue to focus on optimizing heating systems and exploring lower-carbon heating alternatives.

Scope 1 and 2 Emissions & Metrics

The CO2 emissions per sold room have shown a consistent downward trend over the past three years, reflecting ongoing efforts to enhance energy efficiency and sustainability across operations. In 2023, the emissions intensity was 4.82 kg CO2 per sold room, which decreased to 4.38 kg CO2 in 2024, and further dropped to 4.11 kg CO2 in 2025.

This 14.7% reduction over two years highlights the effectiveness of our energy management strategies, operational optimizations, and potential increases in renewable energy sourcing. Moving forward, we remain committed to further reducing emissions intensity through energy-efficient technologies, responsible energy procurement, and continued focus on sustainability initiatives.

Energy Efficiency Measures

Throughout the Hotel Co 51 properties, our primary use of energy comes through electricity, followed by gas. During 2025 we conducted the following to ensure that energy usage was as low as possible whilst increasing our occupancies throughout the hotels:

∙In Winter, the hotels are set to 23 degrees, and the hotels are set up in a way that each room can only be adjusted by a couple of degrees either side making this more environmentally friendly. Our housekeeping teams are instructed to turn off the heating system when the guest is outside to ensure that the heating system is not on constantly. During the winter period, if the room is too hot, by turning this off, the rooms cool down by using the ventilation and the outside temperature. Resulting in not using unnecessary energy.

∙In Summer, the opposite of the above happens. The room will be cooled by using the outside temperature for as long as possible with the fresh air supply. For those hotels with the 4-pipe system, the heating will be limited and for those with 2 pipes, the heating is completely shut off as with the cooling in the winter period. Housekeeping is instructed to turn off the system when the room is unoccupied or the guest is not in the room.

∙During lower occupancies periods, or where a hotel is particularly seasonal, we have a protocol of shutting down certain areas or blocks within the hotel and allocating other parts of the building to arriving guests. During this time, we can lower the volume of the AHUs of the unoccupied rooms.

∙Hotel Co 51 also shuts off the electrical components in the rooms such as the TVs power sockets, routers etc to ensure that no power is being wasted by such things being in standby mode.

∙During 2024, we also had one of our hotels closed from May to December due to construction works. This could affect the consumption figures somewhat due to no rooms being occupied but construction works ongoing.

∙Following an energy audit, we were also informed that we could increase the server room temperature from 18 degrees to 21 degrees which has resulted in further energy savings.

∙All our hotels have either gone through or are going through the Green Key certification process and as a result, we have multiple information relating to sustainability for our guests to be more green energy conscious.

Page 10

HOTEL CO 51 UK LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Statement of Streamlined Energy and Carbon Reporting (SECR) (continued)

Energy Efficiency Measures (continued)

∙Our maintenance technicians are trained to inspect the plant rooms and report any faults on BMS systems to ensure they are performing efficiently and effectively.

∙All the buildings in operation under Hotel Co 51 UK have an environmental certification according to internationally recognized certification systems (12 LEED certificates, being 4 of them PLATINUM, 6 GOLD, 1 EXCELLENT and 1 VERY GOOD).

∙Amongst other initiatives, the company also aims to purchase 100% electricity from renewable sources (i.e. electricity with so-called green certificate) where there is such a possibility on the market and the potential costs are not unreasonable.

Subsequent events

On 1 May 2026, Vastint Hospitality BV signed an exclusivity agreement with a counterparty to sell 100% of its shareholding in the company's immediate parent, targeting the transfer of business by the third quarter of 2026.

On 31 May 2026, the company exited the intercompany borrowing and lending arrangement, resulting in £28.7m being received as cash in bank.

Disclosure of information to auditor

The directors confirm that:

∙so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware; and

∙the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board and signed on its behalf by:

D T Linder Director	I Bischofsberger Director

Date: 10 July 2026	Date: 10 July 2026

W Androliakos
Director

Date: 10 July 2026

Page 11

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOTEL CO 51 UK LIMITED

Opinion

We have audited the financial statements of Hotel Co 51 UK Limited for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes 1 to 24, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

∙give a true and fair view of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 'Auditor's responsibilities for the audit of the financial statements' section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We draw attention to note 2.3 Going Concern in the financial statements, which indicates that as of 1 September 2025, Vastint Hospitality BV, the parent company, has initiated a sales process to sell its 100% holding in VHOS UK HOT 1 Ltd, together with its subsidiaries which includes the company. Given the status of the proposed transaction and uncertainty over the post-sale group structure and future financing arrangements, the directors are unable to assess or control all of the scenarios for the company’s future and operations of the business. As stated in note 2.3, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in this respect.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOTEL CO 51 UK LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or Directors’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Page 13

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOTEL CO 51 UK LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework, FRS 102, the Companies Act 2006 and the relevant tax laws and regulations in the UK. In addition, we concluded that there are certain significant laws and regulations which may influence the determination of the amounts and disclosures in the financial statements relating to health and safety, employee matters and data protection.

∙We understood how the company is complying with those frameworks by making enquiries of management. We corroborated our enquiries through our review of board minutes and consideration of the results of our audit procedures across the company.

∙We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where they considered there was susceptibility to fraud and reviewed the entity level controls in place. We also considered the existence of performance targets and their potential influence on management to manage earnings. We considered the controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how management monitors those controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

∙Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved journal entry testing, with a focus on manual journals and journals indicating large or unusual transactions; enquiries of company management; and challenging the assumptions and judgements made by management by reviewing third party evidence wherever possible. In addition, we completed procedures to conclude on the compliance of the disclosure in the Annual Report and Account with the relevant accounting standards and UK legislation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Page 14

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOTEL CO 51 UK LIMITED (CONTINUED)

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Cara Clancy (Senior statutory auditor)

for and on behalf of Ernst & Young LLP, Statutory Auditor
Leeds

Date: 13/07/2026

Page 15


HOTEL CO 51 UK LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	100,911,477	106,041,600
Cost of sales		(4,646,430)	(4,754,410)
Gross profit		96,265,047	101,287,190
Administrative expenses		(92,721,906)	(93,607,850)
Other operating income	5	4,796,895	669,990
Operating profit	6	8,340,036	8,349,330
Interest receivable and similar income	10	1,269,710	1,088,364
Profit before tax		9,609,746	9,437,694
Tax on profit	11	(2,328,255)	(2,436,486)
Profit for the financial year		7,281,491	7,001,208

There were no recognised gains and losses for 2025 or 2024 other than those included in the Statement of Comprehensive Income.

There was no other comprehensive income for 2025 (2024: £Nil).

All amounts relate to continuing activity.

The notes on pages 19 to 34 form part of these financial statements.

Page 16


HOTEL CO 51 UK LIMITED REGISTERED NUMBER:12561053

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	12		169,364		88,380
Tangible assets	13		1,060,229		869,526
			1,229,593		957,906
Current assets
Stocks	14	390,660		408,340
Debtors: amounts falling due within one year	15	40,336,342		31,195,019
Cash at bank and in hand		30,054		16,982
		40,757,056		31,620,341
Creditors: amounts falling due within one year	16	(15,117,479)		(13,118,219)
Net current assets			25,639,577		18,502,122
Deferred tax	17		(244,627)		(116,976)
Net assets			26,624,543		19,343,052

Capital and reserves
Called up share capital	18	100	100
Share premium account	19	8,526,301	8,526,301
Profit and loss account	19	18,098,142	10,816,651
Total equity		26,624,543	19,343,052

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

D T Linder	I Bischofsberger
Director	Director
Date: 10 July 2026 W Androliakos Director Date: 10 July 2026	Date:10 July 2026

The notes on pages 19 to 34 form part of these financial statements.

Page 17


HOTEL CO 51 UK LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	100	8,526,301	3,815,443	12,341,844
Comprehensive income for the year
Profit for the year	-	-	7,001,208	7,001,208

At 1 January 2025	100	8,526,301	10,816,651	19,343,052
Comprehensive income for the year
Profit for the year	-	-	7,281,491	7,281,491
At 31 December 2025	100	8,526,301	18,098,142	26,624,543

The notes on pages 19 to 34 form part of these financial statements.

Page 18


HOTEL CO 51 UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Hotel Co 51 UK Limited ("the company") is a private company limited by shares, incorporated in England and Wales. Its registered number is 12561053, and its registered head office is located at 804-834 Bath Road, Hounslow, TW5 9UH.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company’s functional and presentation currency is Sterling and all values are rounded to the nearest pound (£) except when otherwise stated.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Vastint Hospitality B.V. as at 31 December 2025 and these financial statements may be obtained from .

2.3

Going concern

The directors have prepared a going concern assessment up until 31 July 2027.

As at the end of the year the company had £30,054 (2024: £16,982) of cash, £26,624,543 (2024: £19,343,052) of net assets and generated profit of £7,281,491 (2024: £7,001,208).

The directors have considered the company’s current financial position, cash flow forecast, and

Page 19


HOTEL CO 51 UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Going concern (continued)

future plans, and are satisfied that the company has adequate resources to continue in operational existence for the period to 31 July 2027. The directors have assessed the base case forecast which demonstrates that the company is cash generative throughout the going concern period. Furthermore, the directors have sensitised these forecasts by assuming a reduction in occupancy rates, average room rate, and a reduction to food and beverage spend, with only variable costs reduced. Under both scenarios the company is able to meet its liabilities as they fall due during the period to 31 July 2027.

2.4

Foreign currency translation

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Page 20


HOTEL CO 51 UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the group and value added taxes.

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate of interest. The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the company has transferred the significant risks and rewards of ownership to the buyer;

∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Page 21


HOTEL CO 51 UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.9

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Interogo Holding Group falls under the scope of the OECD Pillar Two legislation, which is already enacted in Switzerland and is expected to be enacted in the near future in the jurisdictions where the Group operations.

The company is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in the United Kingdom the jurisdiction in which the entity is incorporated and is effective from 1 January 2024.

Under the legislation, the group is liable to pay a top-up tax in the UK for the difference between the GloBE effective tax rate for each jurisdiction and the 15% minimum rate. In addition, top-up taxes are payable locally where qualifying domestic minimum top-up taxes have been legislated and are in effect. The company and its investment profits arise within the UK tax jurisdiction and are taxed at 25% therefore no top-up tax is applicable.

The company applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.

Page 22


HOTEL CO 51 UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Software

years

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property	-	10 years
Fixtures and fittings	-	4 years
Computer equipment	-	4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost of stock includes all costs of purchases, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

Page 23


HOTEL CO 51 UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.14

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 24


HOTEL CO 51 UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.14

Financial instruments (continued)

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Page 25


HOTEL CO 51 UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in the financial statements, when, and if, better information is obtained.

Critical judgements and sources of estimation uncertainty that management have made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following:

Estimates

In the process of preparing the financial statements, no significant estimates were applied.

Judgements

In the process of preparing the financial statements, no significant judgements were applied.

Rooms	84,940,520	88,576,296
Food and beverages	14,649,550	14,987,540
Other	1,321,407	2,477,764
	100,911,477	106,041,600

All turnover arose within the United Kingdom.

5.	Other operating income
		2025	2024
		£	£

	Other operating income	4,796,895	669,990

Other operating income of £3.5m (2024: £Nil) relates to business interruption proceeds. The remaining balance of £1.3m (2024: £0.7m) relates to intercompany recharges of costs to Vastint Hospitality BV and VHOS UK HOT 1 Limited.

Page 26


HOTEL CO 51 UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Depreciation on tangible fixed assets	362,327	372,240
Amortisation of intangible assets	22,250	12,626
Exchange differences	69,339	(7,988)
Operating lease rentals	27,925,194	28,768,894

7.	Auditor's remuneration
		2025	2024
		£	£

	Fees payable to the company's auditor and its associates in respect of:
	The auditing of accounts of the company	54,654	52,552

There were no non-audit services (2024: £Nil) provided by the auditor.

Wages and salaries	13,385,983	13,373,709
Social security costs	1,499,551	814,554
Cost of defined contribution scheme	282,043	637,958
	15,167,577	14,826,221

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Employees	496	535

Page 27


HOTEL CO 51 UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Directors' remuneration
		2025	2024
		£	£

Directors' remunerations	136,000	150,000
Company contribution to defined contribution pension	4,080	4,500
	140,080	154,500

During the year, 2 of the 3 directors were also directors of other group companies and their remuneration is borne by those companies. They consider that the level of their qualifying services to the company as negligible compared to their main roles and as such their remuneration received for the services to this entity was £Nil (2024: £Nil).

One director, for the period he was employed directly in the company, has received remuneration through the company’s payroll in respect of his operational role as CEO from Jan 2025 to 31 July 2025. The director received remuneration of £136,000 (2024: £150,000) and defined pension contributions of £4,080 (2024: £4,500).

10.	Interest receivable and similar income
		2025	2024
		£	£

Interest receivable from group companies

1,269,710

1,088,364

Corporation tax
Current tax on profits for the year	2,253,288	2,389,992
Adjustments in respect of prior periods	(52,684)	10,371
Total current tax	2,200,604	2,400,363

Deferred tax
Origination and reversal of timing differences	127,651	47,147
Adjustments in respect of previous periods	-	(11,024)
Total deferred tax	127,651	36,123

Taxation on profit on ordinary activities

2,328,255

2,436,486

Page 28


HOTEL CO 51 UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.Tax on profit (continued)

Factors affecting tax charge for the year The tax assessed for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of25% (2024:25%). The differences are explained below:
	2025	2024
	£	£

Profit on ordinary activities before tax

9,609,746

9,437,694

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)	2,402,437	2,359,424
Effects of:
Fixed asset differences	(22,077)	(18,802)
Expenses not deductible for tax purposes	580	94,683
Other tax adjustments, reliefs and transfers	-	1,834
Adjustments to tax charge in respect of previous periods	(52,685)	10,371
Adjustments to tax charge in respect of prior periods - deferred tax	-	(11,024)
Total tax charge for the year	2,328,255	2,436,486

Factors that may affect future tax charges

Deferred tax balances have been measured at 25%, being the enacted UK corporation tax rate applicable to future periods at the reporting date.

There are no other factors that may affect future tax charges.

Page 29


HOTEL CO 51 UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.	Intangible assets

		Software
		£
	Cost
	At 1 January 2025	101,006
	Transfers between classes	140,284
	Disposals	(11,883)
	At 31 December 2025	229,407
	Amortisation
	At 1 January 2025	12,626
	Charge for the year	22,250
	Transfers between classes	29,041
	Disposals	(3,874)
	At 31 December 2025	60,043
	Net book value
	At 31 December 2025	169,364
	At 31 December 2024	88,380

Amortisation of intangible assets is charged to administrative expenses in profit or loss.

Page 30


HOTEL CO 51 UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Tangible fixed assets

	Long-term leasehold property	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
Cost
At 1 January 2025	165,642	1,218,502	412,701	1,796,845
Additions	24,558	418,233	474,270	917,061
Disposals	(118,955)	(325,732)	(116,025)	(560,712)
Transfers between classes	260,514	(415,599)	14,801	(140,284)
At 31 December 2025	331,759	895,404	785,747	2,012,910
Depreciation
At 1 January 2025	33,277	604,977	289,065	927,319
Charge for the year	(7,117)	125,716	243,728	362,327
Disposals	(32,747)	(211,367)	(63,810)	(307,924)
Transfers between classes	53,451	(194,100)	111,608	(29,041)
At 31 December 2025	46,864	325,226	580,591	952,681
Net book value
At 31 December 2025	284,895	570,178	205,156	1,060,229
At 31 December 2024	132,365	613,525	123,636	869,526

14.	Stocks
		2025	2024
		£	£

	Finished goods and goods for resale	390,660	408,340

There is no significant difference between the replacement cost of the inventory and its carrying amount.

Stocks are stated after provisions for impairment of £Nil (2024: £Nil). Impairment losses totalling £Nil (2024: £Nil) were recognised in profit and loss.

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HOTEL CO 51 UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Debtors: amounts falling due within one year

					2025	2024
					£	£


Trade debtors	3,174,462	1,754,088
Amounts owed by group undertakings	34,907,438	25,572,979
Other debtors	768,639	1,407,446
Prepayments	1,485,803	2,460,506
	40,336,342	31,195,019

Amounts owed by group undertakings are unsecured, interest applied at a blended rate of 4.17% and repayable on demand.

16.	Creditors: amounts falling due within one year
		2025	2024
		£	£

Trade creditors	989,758	2,063,666
Amounts owed to group undertakings	5,541,335	12,320
Corporation tax	690,559	3,463,328
Other taxation and social security	957,831	1,371,363
Other creditors	168,745	207,796
Accruals and deferred income	6,769,251	5,999,746
	15,117,479	13,118,219

Amounts owed to group undertakings are non-interest bearing, unsecured and repayable on demand.

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HOTEL CO 51 UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.	Deferred taxation

		2025
		£

	At beginning of year	(116,976)
	Charged to profit or loss	(127,651)
	At end of year	(244,627)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Fixed asset timing differences	(258,859)	(131,995)
	Short term timing differences	14,232	15,019

18.	Called up share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024: 100) Ordinary shares of £1 each	100	100

There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.

19.	Capital and reserves

The company's capital and reserves are as follows:

Called up share capital

Called up share capital represents the nominal value of shares issued.

Share premium account

Share premium includes any premium received on issue of share capital. Any directly attributable transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

The profit and loss account represents cumulative profits, losses and total other comprehensive income made by the company, including distributions to, and contributions from, the parent company.

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HOTEL CO 51 UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

20.	Pension commitments

The company operates a defined contribution scheme for its employees. The pension charge for the year was £282,043 (2024: £637,958). At the reporting date, outstanding contributions totalled £53,777 (2024: £60,078), these were included within other creditors.

Not later than 1 year	40,266,129	47,788,359
Later than 1 year and not later than 5 years	161,064,516	191,153,437
Later than 5 years	429,245,154	548,078,108
	630,575,799	787,019,904

22.	Related party transactions
	The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

23.	Subsequent events

On 31 May 2026, the company exited the intercompany borrowing and lending arrangement, resulting in £28.7m being received as cash in bank.

24.	Ultimate parent undertaking and controlling party

The company's immediate parent undertaking is VHOS UK HOT 1 Ltd, a company incorporated in England and Wales.

The ultimate controlling party is Interogo Foundation, a foundation based in Liechtenstein.

The smallest group into which the company was consolidated is headed by Vastint Holding B.V. Copies of the consolidated financial statements can be obtained from Hogehilweg 7, 1101 CA Amsterdam, The Netherlands. The largest group into which the company was consolidated is headed by Interogo Holding AG. Copies of the consolidated financial statements can be obtained from https://www.interogo -group.com/media-and -reports/annual-reports -to-download/.

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