TheMonzieBusinessPlan HOTEL

John Burke
Owner, Managing Director

Corryard Developments Ltd &
The Monzie Hotel Ltd
Executive Summary
Seeking funding to convert A-Listed Church in Crieff, Perthshire, into a 5
star Exclusive Use venue (The Monzie), with 12 bedrooms, banqueting
space for 100 guests and Spa area.
Requesting a total Crowd-Sourcing funding of 1,000,000 in return for a
20% equity stake in The Monzie Hotel Ltd.
This Business Plan outlines the proposition and strategy for the project,
examines the external environment and competition, and provides
financial projections for 3 years
The Monzie will have 1.38m turnover by the end of Year 3 with EBITDA
of 901,146 and net profit of 292,432. These projections are based on a
conservative occupancy rate of 49% (compared to 75% for Scotland (72%
for Perthshire))*
Work is scheduled to commence October 2014, with a planned 18 month
build period, opening in April 2016
Source: * BDO LLP Accountants Report April 2014
Executive Summary - Location

The Monzie is situated on the edge of the
country market town of Crieff, in central
Perthshire, known as the gateway to the
Scottish Highlands. Crieff is a well established
tourist destination
Crieff is centrally located within Scotland, within
easy reach of Glasgow and Edinburgh
airports (1 hour) as well as close to Stirling and
Perth (30 mins)
The world famous golfing resort of Gleneagles
Hotel is 8 miles away and St Andrews is 1hr
15mins drive
Crieff is home of Famous Grouse Whiskey
Distillery Scotlands oldest distillery
World class fishing, shooting, hiking and
biking all available in Crieff locality
3
Executive Summary Home of the Ryder Cup
The Monzie is situated just 10 min drive from Gleneagles Golf Resort, home of Ryder Cup
in September
The location of The Monzie close to Gleneagles and also to St Andrews will be a key sales
& marketing tool. Many of our future guests and potentially our investors, will be passionate
about golf, and at The Monzie, we will create truly life-long golfing experiences for them
Executive Summary
The Monzie the "before photos
Executive Summary
The property has the highest level of protection (A-listed) from Historic Scotland
with unique architectural and historic features
Executive Summary - Crowd Funding

Total Crowdcube.com funding request of 1,000,000 in return 20% Equity stake in
The Monzie Hotel Ltd.
Total development costs of 1,765,371 (see detailed breakdown of the development
costs from Hamish Bell Associates Quantity Surveyors). Corryard
can deliver the project
Goals
for 1.38m (by forgoing contractors profit margin, Corryard & The Monzie have the same
owners)
Owners contribution
250,000 already spent on purchasing property, initial site work and all professional
fees to date (incl. architectural & engineering fees for planning permission &
Building Warrant)
200,000 additional funds to be invested at the start of the project.
Bank funding committed
800k bank funding agreed in principal, but only when first 1.2m is spent (1m
from equity sale and 200k owners funds). This 800k includes the following:
Funds to close out the project (200k)
400k for fittings & furnishings
200k contingency fund
Executive Summary Investor Returns

Funds invested are committed for a 4 year period (from the date of the official opening of
The Monzie (scheduled for April 2016))
Investors will receive their original capital investment back plus a guaranteed return of
7%. For example, for an initial 100,000 investment , a minimum
return of 107,000 will
Goals
be paid out after 4 years.
If The Monzie exceeds its business targets by Year 4, all investors will receive a greater
return than 7%
A range of Investor Rewards have been designed to make investing in The Monzie an
attractive all-round investment proposition for potential investors. (see next pages for
details)
For example, 100,000 investment has Investor Rewards of 60,000 over 3 years, of
which 30,000 can be realised as cash returns to investors.
Executive Summary - Investor Rewards

We want our Stakeholders to enjoy their equity stake in The Monzie, we have
developed a range of Rewards depending on the level of investment, which include:
1. Exclusive Invitation to Opening Party of the Monzie
2. The Monzie Lifetime Membership Card
10% discount of all bookings (incl. food & drink) at The Goals
Monzie (value 1,250
for 2 night weekend hire)
Free exclusive use of the SPA for a set number of days per year
Invitation of special events organized at The Monzie throughout the year
Invitation (with 10% discount) to special Dining Evenings at The Monzie
Only available at investment stage
3. SPA Day for 10 guests, plus lunch at The Monzie
4. 1 night exclusive hire of The Monzie (excluding catering) (not Friday or Saturday).
Golfing at Gleneagles. Transferrable to friends and family
5. 2 night weekend exclusive use of The Monzie (excluding catering) golfing at
Gleneagles. Transferrable to friends and family
6. VIP 3 and 2 night weekend exclusive use of The Monzie full package, full
experience itinerary including fishing, stag / grouse shooting, golfing at
Gleneagles. Airport pick-up and drop-off. Transferrable to friends and family
9

There is a minimum investment of 100 with no maximum investment. The investment
tiers and associated rewards are outlined below.
100,000+ investment:
Class A shares of The Monzie Hotel Ltd (voting rights)
Goals
VIP 3-night weekend exclusive use of The Monzie full package,
including
catering (not drinks), full experience itinerary including fishing, stag / grouse
shooting, golfing at Gleneagles. Airport pick-up and drop-off. Transferrable to
friends and family. Every year for 3 years. (value 60,000).
Weekends can also be handed over to The Monzie for 50% of the list price, The
Monzie will then release that weekend into their availability pool. (Value of
10,000 per year, 10% return on investment)
Exclusive Invitation to Opening Party of The Monzie, with Bed & Breakfast and
private Investor Dinner
The Monzie Lifetime Membership Card
20% discount off all future bookings at The Monzie, transferable to third parties
10

50,000+ investment:
VIP - 2 night weekend exclusive use of The Monzie, full package, including
catering (not drinks), full experience itinerary including fishing, stag / grouse
shooting, golfing at Gleneagles. Airport pick-up and drop-off. Transferable
Goals to
friends and family. Every year for 2 years. (value 28,000),
Weekends can also be handed over to The Monzie, The Monzie will then release
that weekend into their availability pool. (Value of 5,000 per year, 10% return on
investment)
Exclusive Invitation to Opening Party of The Monzie, with Bed & Breakfast and
private Investor Dinner
11

25,000+ investment:
VIP - 2 night weekend exclusive use of The Monzie (outside peak season), full package,
including catering (not drinks), full experience itinerary including fishing, stag / grouse
shooting, golfing at Gleneagles. Airport pick-up and drop-off. Transferable
Goals to friends and
family (value 15,000)
Weekends can also be handed over to The Monzie, The Monzie will then release that
weekend into their availability pool. (Value of 3,000, 12% return on investment)
Exclusive Invitation to Opening Party of The Monzie, with Bed & Breakfast and private
Investor Dinner
10,000+ investment:
Class B shares of The Monzie Hotel Ltd (non-voting rights)
1 night exclusive use of The Monzie (excluding catering) (outside peak season).
Transferable to friends and family. (value 5,000)
Exclusive Invitation to Opening Party of The Monzie
10% discount off a future booking at The Monzie, non-transferable to third parties
12

5,000+ investment:
1 night exclusive use of The Monzie (excluding catering), when booking for 2 nights (All
year round). Transferable to friends and family. (value 4,000)
Goals

3,000+ investment:
1 night exclusive use of The Monzie (excluding catering), (Mon-Thurs, outside peak
season) when booking for 2 nights. Transferable to friends and family. (value 3,000),
13

1,000+ investment:
SPA Day for 10 guests, plus lunch at The Monzie (value 500)
Goals
500+ investment:
SPA Day for 10 guests at The Monzie (value 300)
100+ investment:
14
Contents
Executive Summary
Introduction to The Monzie
External Analysis
Scottish Tourism
Competitor Analysis
Goals
Strategy & Plans

Vision, Mission and Goals
The Monzie Team
The Monzie Advisory Board
Target Markets
Financial Analysis
Funding Request
Financial Projects - Profit & Loss, Balance Sheet and Cashflow Analysis
Risk Analysis
Risks and Risk Mitigation Plan
SWOT Analysis
15
Introduction

The Monzie Hotel will be a 5 star Exclusive Use Venue within a converted AListed Gothic Church called The Old South Church, in the country market town of
Crieff, in central Perthshire, Scotland
Goals
The Monzie will have 12 bedrooms, with large open areas within the body of the
former Church. There will banqueting space for 100 guests in the Mission Halls to
the rear, with a Moroccan Hammam Spa in the vaults under the building
Being Exclusive Use Venue means that a person or group can book the entire
property for their sole use for a minimum period of a day, with a fixed fee per
day which includes catering. Beverages and other services are added to the final
bill
The Monzie has been designed with its end use in mind, at the same time as
keeping options open for different operational models in future (i.e. fully functional
hotel)
16
Introduction

- Key USPs for the Monzie
Stunning A-Listed Church conversion providing a totally unique
5 star Exclusive Use experience
Secondary USPs
1. Private Exclusive Use venue providing accommodation for 24 guests, and up to
100 guests for weddings
2. Moroccan Hammam spa set in the vaults of the old Church, exclusively for guests
of The Monzie
3. Super cool contemporary interior design, with a Scottish timeless twist
4. World class dining experience, using local Scottish fayre
5. Exceptional customer service delivered in a relaxed, easy-going but professional
manner
17
Introduction
The Story so far .

Purchased by Corryard Developments Ltd in April 2012
Commissioning of Award-winning Architectural practice, McKenzie Strickland
Associates in June 2012
Goals
Received planning permission to convert the A-listed Old South Church into a
boutique hotel with 12 bedrooms, restaurant and spa, in December 2013
The Monzie Hotel Ltd established in February 2014 with ownership of The Monzie
transferring from Corryard Developments Ltd in May 2014
100% ownership of The Monzie Hotel by John Burke and Susie Whyte (husband &
wife team)
Building Warrant Application to commence work on site submitted in April 2014
Planning to commence work on site in October 2014
Target Open Date is April 2016 (18-month build period)
18
Introduction
World Class Design of A-listed historic Church

We are passionate about preserving the special architectural and historic
features of the Church. We aim to balance the extent of physical and aesthetic
intervention with the realistic requirement for establishing a business model that
can function efficiently and economically as a hotel in the long term. The
requirement to retain and restore the existing historic features wherever
Goals
appropriate is a key objective so that the unique features can add value and
serve as an unique selling point when marketing the hotel
Please refer to the architectural plans

for details of the proposed design
and layout. A full set of plans can be
sent on request.
19
Introduction
The Monzie Hotel Owner

Founder and MD of Corryard Holdings Ltd, which includes The
Monzie Hotel Ltd
BSc, MSc and MBA qualified from leading European Business
School
Worked in the Pharmaceutical for 20 years, resigned in May 2014,
Goals
to focus on The Monzie project and Corryard
Developments
Last position in the Pharma industry, was Global Category Director
for Swiss-based global organization, responsible for the spend and
strategies in Temp Labour and Management Consultancy (>1Bn
CHF / year)
Built up Corryard Developments, award-winning building company from scratch in 2007, into
2m turnover company
o Won 2010 UK Master Builder award (for Locherlour Mill project)
o Won 2013 Scottish Homes Award Renovation of the Year
o Won 2013 Herald Property Award Conversion of the Year
o Finalist 2014 Scottish Homes Award Conversion of the Year & Small House Builder of
the Year
Converted B-listed Locherlour Mill in 2009 into as a 5 star Holiday Home (sleeping 20) and
ran it successfully for 3 years before selling
20
Contents
Executive Summary
External Analysis
Scottish Tourism
Competitor Analysis
Strategy & Plans
The Monzie Team
Target Markets
Financial Analysis
Risk Analysis
SWOT Analysis
21
External Analysis
Tourism in Scotland some key facts

In 2012, almost 15m
overnight tourism trips
were taken in Scotland,
for which visitor
expenditure totalled
4.3bn
Overseas
residents account
for around 15% of
the total number
of tourism trips,
but 33% of total
spend
30% of GB
Visitors to
Scotland have
children in their
Goals
household
In 2012, there were

12.75m trips by GB
visitors to Scotland,
averaging 3.4 nights
per trip. Overseas
guests stayed 7.8
nights
People from
within GB account
for the majority of
tourism in
Scotland
The months of
July to September
are more popular
in Scotland for
both GB and
oversea guests
22
Source: VisitScotland report Scotland The Key Facts on tourism 2012
External Analysis
Tourism in Scotland GB Tourism

People from within GB account for the majority of tourism in Scotland
GB Tourists transport
to Scotland
other; 5%
by regular bus /
coach; 5%
by plane; 8%
by train; 15%
Goals
by car; 64%
Categories of spend
by GB tourists
by coach
tour; 3%
Leisure
Tourism
All Tourism
Accommodation
34%
31%
Eating / Drinking
18%
19%
Travel
17%
24%
Shopping
17%
15%
Entertainment
6%
5%
Package trip
6%
4%
23
External Analysis
Tourism in Scotland GB Tourism

People from within GB account for the majority of tourism in Scotland
Accommodation A key element of peoples experience of Scotland is where
they stay and therefore the quality of facilities and service have a major bearing on
our visitor satisfaction
67% of GB visitors are in the ABC1 socio-economic groups
Goals
Key activities of GB visitors include general sightseeing (39%), short walks (17%),
just relaxing (20%), visited castles / stately homes (14%)
Age 16-24; 10%
Age 65+; 15%
Age 25-34; 17%
Demographics of GB
holiday visitors to
Scotland
Age 55-64; 18%
Age 35-44; 18%

Age 45-54; 22%
24
External Analysis
Tourism in Scotland Overseas Tourism

In 2012, overseas residents account for around 15% of the total number of
tourism trips, but 33% of total spend
Volume and value of tourism from overseas
Trips
M
Holiday
1.15
VFR
Nights
Origin of overseas tourists

Trips
Spend
000s
Nights
%
2880
16%
274
20%
13%
1977
11%
143
10%
174
8%
1243
7%
108
8%
150
7%
946
5%
77
6%
52%
7.55
43%
748
53%
USA
324
15%
0.60
27%
5.90
34%
287
20%
Germany
281
Business
0.38
17%
1.83
10%
245
18%
France
Other
0.05
2%
1.73
10%
96
7%
Holland
Study
0.04
2%
0.47
3%
25
2%
Total
2.23
100
17.50
100%
1.4b
100%
000s
Spend
Goals
USA, Germany, France and Ireland are long-time major markets for Scotland, while over
the last 5 years growth has been seen in non-Euro markets such as Norway and
Switzerland
The Monzie overseas marketing will be focused on USA, Germany, France and Holland,
which representations 42% of the total spend from overseas holiday visitors
25
External Analysis
Tourism in Scotland Perthshire

Tourism figures for Perthshire closely mirror Scotland figures on the whole
2012 - 65% Hotel Occupancy for Scotland Vs. 62% for Perthshire
Average trip duration for GB Tourist is 3.4 days for Scotland and 3.1 days for
Perhshire, and for overseas tourist 7.5 days for Scotland VsGoals
5.5 days for Perthshire
Top 5 Visitor Attractions in Perthshire including -
Queens View Visitor Centre, Pitlochry

Scone Palace, Perth
The Birnam Institute, Dunkeld
The Famous Grouse Experience, Crieff
Perth Museum & Art Gallery
20k
Source: VisitScotland report Tourism in Eastern Scotland 2011
40k
60k
80k
Visitors
in 2011 100k
120k
140k
26
External Analysis
Scotland Hotel Sector

2012 Monthly accommodation occupancy
65% for Scotland (62% for Perthshire)*
Month
Scotland Hotel (% room

occupancy)
Perthshire Hotel (% room

occupancy)
January
45%
42%
February
55%
March
58%
54%
Goals
April
63%
63%
May
72%
69%
June
76%
73%
July
74%
74%
August
79%
78%
September
78%
76%
October
70%
66%
November
60%
52%
December
49%
43%
Annual Average
65%
62%
56%
2013 Occupancy levels in Scotland were 75.5%**

Source: **TNS / VisitScotland - Scottish Accommodation Occupancy Survey Annual Report 2012
27
External Analysis
Scotland Hotel Sector - key findings

A sector of consistency over the past 7 years
Occupancy rates have shown a considerable degree of consistency for hotels
across Scotland, with 63-65% Room Occupancy from 2005 to 2012 (62% for
Perthshire)
Goals
Months outside the main tourist season have shown the greatest consistency (Feb
at 39% since 09, March at 58% since 07 and Nov at 42% since 07)
Larger hotels, those with higher star gradings and those in the highest tariff band
recorded the most stable rates and room occupancy
101+ rooms 68-74% occupancy since 2002
5 star grading 66-71% occupancy since 2002
Over the years, there has remained a correlation between occupancy rates and
tariff, size and grading
28
Source: TNS / VisitScotland - Scottish Accommodation Occupancy Survey Annual Report 2012
External Analysis
Scotland Hotel Sector - key findings

A sector of consistency over the past 7 years
City / large town establishments continue to record the highest rates and
demonstrate greatest stability over time, especially with room occupancy (68-74%
occupancy since 2002)
Areas likely to attract higher proportions of business guestsGoals
as well as tourist trade
recorded the highest room occupancy rates
Edinburgh & Lothians 76%
Aberbeen & Grampian 71%
Glasgow & Clyde Valley 70%
For 2012 - Business confidence levels highest at the start of the year and then again
for most months outside the main tourist season. Business confidence in 2014 has
increased in line with the overall economy
83% Very/quite
67%
Confident
Jan
Feb
Mar
Apr
May
Jun
Jul
Source: TNS / VisitScotland - Scottish Accommodation Occupancy Survey Annual Report 2012
79%
Aug
Sep
Oct
Nov
Dec
29
External Analysis
Scotland Hotel Sector - 2014 Outlook

Strong increase in Occupancy for Scotland in 2013 & trend to continue in 2014
Scotlands hotel sector had the highest occupancy and revenue levels of the whole
of the UK in 2013 with the trend set to continue into 2014*
Goals
2013 Occupancy levels in Scotland were 75.5%, compared with
72.5% in regional
UK and just under 72% in England*
In line with previous years, Perthshire occupancy levels for 2013 and 2014 should
mirror Scottish results, in 70-75% range. (Note: we have used a 49% occupancy
level in our assumptions & financial projections for The Monzie)
Hotel room yields (measure of revenue) was 52 in Scotland, compared to 43 in
regional UK and 42 in England*
European cities rejuvenated by economic recovery. Growth across most cities as
Dublin, London, Paris, Edinburgh and Berlin lead the charge in 2014**

Source: **PwC European Cities Hotel Forecast 2014 & 2015, (March 2014)
30
External Analysis
Scotland Hotel Sector - 2014 Outlook

Strong increase in Occupancy for Scotland in 2013 % trend to continue in 2014
Overseas tourism visits to Scotland increased in 2013 which led to an increase in
overseas tourism expenditure. Overseas tourists increased by 10% in the full year
2013 and spent 1.68 billion, 20% more than in 2012*
Goals
The majority of overseas visitors to Scotland come from Europe as does the
majority of overseas expenditure*
There was a 32% increase in spend from visitors from the rest of the world,
excluding Europe and North America, such as Australia and India*
There was a significant increase, 220,000 trips in 2013 compared to 2012, in
tourists visiting rural areas (the North and South of Scotland)*
The rises in expenditure suggest that Scotland is as a destination offering quality
experiences and visitors are prepared to spend their money in our hotels, tourism
attractions and restaurants as a result*
Source: * Office for National Statistics Scottish Government Press Release 8th May 2014
31
External Analysis
Scotland Hotel Sector - 2014 Outlook Edinburgh

PwC expect another two good years, high occupancies (83%) with
rates look like staying put in 2014 and 2015
Lonely Planet lists Scotland as one of the top three countries in the world to visit during
2014. Edinburghs hotels are likely to benefit from 2014 events such as the
Commonwealth Games in Glasgow, the Ryder Cup at Gleneagles; and a staged repeat of
Goals
2009s Homecoming campaign throughout the year
The expansion of Edinburgh Airport and the launch of further long and short haul routes
are also likely to positively impact hotels this year. Tourism is likely to be boosted by
expansion of the Edinburgh International Conference Centre (EICC)
Economic Outlook: Edinburgh is consistently one of the most prosperous parts of the
UK, the economy is largely based around the services sector, with tourism and financial
services particularly important. 2013 was a very good year that saw the economy
bouncing back in the UK, and the effects of the Olympics being reversed. 2014 is
expected to be another good year in the UK, with GDP expected to grow at 2.5% and by
2.4% in 2015. Scotlands economy has outperformed other parts of the UK;
unemployment in the Sep-Nov 2013 period was 6.4% compared to 7.2% in the rest of the
UK. Added uncertainty over our projections stem from the independence referendum
scheduled for September 2014
Source: **PwC European Cities Hotel Forecast 2014 & 2015, (March 2014)
32
External Analysis
External Analysis - Competitor Analysis

There are 13 Exclusive Use Venues in Scotland which are rated 5 stars by
VisitScotland, in addition to traditional hotels who offer exclusive use hire for 1 or
2 nights
Goals
There are Exclusive Use Venues in Scotland, which are not rated by
VisitScotland, but still provide a high quality offering
Three 5-star exclusive use venues and three 5 star hotels (in addition to one 4
star hotel in Crieff) which offer exclusive use hire, were selected for the
competitor analysis. These venues and hotels were selected based on similarity
of size (no. of bedrooms & function space), target market, quality reputation and
high service levels
33
External Analysis
Competitor Analysis for The Monzie

5 Star Exclusive Use Venues / Hotels in Scotland
Venue
Gilmerton
House
Location
No. of
Bedrooms
Rates
East Lothian
10
3000 per night
Max numbers for

guests / party
Target Markets
Exclusive Use
Starting at 75 per Venue (EUV) person
200
Parties, Weddings
EUV Golf,
Weddings,
40 in house (200 Starting at 66 per Corporate, House
with marque) person
Parties
Goals
Kinloch House Perthshire
15
5900 for 2 night stay (10 beds)

upto 40 wedding guests
14,400 for 2 night weekend stay
(19,200 for 3 night stay). Drops
to 9,600 for Nov, Dec, Jan and
Feb. 33k for 1 week
50
8500 / night Low season
10150 / night High season (2
80
night min stay) Breakfast included
1 night stay - April-Oct 8500
(bed & breakfast) for upto 30
guests. Nov-March rate is 7000.
May-Sept min 2 night rental
30 in house (300
with marque)
required (17,000)
7000 per night (including
catering)
30 in house
Knock Castle Crieff
22
1 night weekend 9500 and midweek 7500
Hillhouse
Aldourie
Castle
Troon
Inverness
10
13
Inverlochy
Castle
Fort William
17
Cromlix
Dunblane,
Stirlingshire
15
Details of
Wedding
Packages
60
EUV Starting at 66 per Weddings, House

person
Parties
Starting from 67 Hotel, offering
per person
EUV, Weddings
Menus starting at Hotel, offering

35 per person
EUV, Weddings
Hotel, offering
EUV
Starting at 65 per Hotel, offering
person
EUV, Weddings
34
External Analysis

The Monzie is competitively positioned in terms of pricing and product offering
with room for price increases over time
Service Level / Product Offering**
Future position for The Monzie
High
19,500
12,000
The Monzie
19,000
9080
20,800
Goals
Cromlix Hotel
Inverlochy Hotel
Hilhouse
Aldourie Castle
9200
Gilmerton House
14,000
16,500
Kinloch House
Knock Castle
Low
Low
Price*
*Based on 2 night weekend stay in May-Sept period, for 12 bedrooms Exclusive Use of Venue /Hotel including catering. If catering costs
unknown, assumed 100 per person per day
**Rating based on USPs of each venue, quality of service levels as rated by TripAdvisor
Circle size represents strong market position
High
35
External Analysis

IHMG Hotels are a key benchmark which The Monzie will compete
in the same target market
Cromlix House Andy Murrays hotel
in Dunblane, opened in April and fully
booked for the summer! Won the
Scottish Hotel of the Year 2014 at the
recent Scottish Hotel Awards. Managed
by Inverlochy Hotel Management Group
(IHMG), will be very popular all year
round, with high service levels from
IHMG
Inverlochy Hotel Flagship hotel of
the IHMG, very professionally operated,
with strong marketing and positioning in
the luxury end of the market. Well
connected with international booking
agents, with over 50% of guests from
overseas. Part of the Scottish Tour for
wealthy US guests
Goals
36
External Analysis

Aldourie Castle similar operating model and target market to The Monzie
Aldourie Castle opened in 2012
www.aldouriecastle.co.uk/
Newly renovated castle on the shores
of Loch Ness, fully booked every weekend
from June to November this year (I called
to enquire about a booking!) at 14,400
for 2-night (13 beds) plus catering.
Goals
Catering costs average of 130 per person per day

Closest competitor to The Monzie based on operating model and target
market.
Clients mainly from UK, USA and Russia (info from Receptionist)
USP for Aldourie - Highland Castle on the shores of Loch Ness, with 200 acre
estate.
37
External Analysis
The Monzie Vs Aldourie Castle

How can The Monzie compete with Aldourie Castle on the international market?
The Monzie
USP Unique A-listed Church conversion

with super cool interiors, situated at the
foothills of the Highlands
The only Exclusive Use high-end converted

Church in Scotland
Golfers paradise with Gleneagles

Championship courses just 8 miles away,
and St Andrews, home of golf, 1hr15 min
drive
World-class hiking & mountain biking

directly from The Monzie
Whiskey Experience Crieff home to

Scotlands oldest whiskey distillery scenic
walk along the River Earn from The Monzie
Easy access from Glasgow & Edinburgh

international airports (within 1 hour drive)
World class sales, marketing & PR team
The Monzie will compete with Aldourie

Castle on the following criteria:
Price: 30% cheaper for a comparative product and
service
Goals
Position: Ensuring that the Monzie is well

positioned in the market place by utilizing our
world-class UK & international sales, marketing
& PR team. Realizing our Vision to be the No.1
Exclusive Use Venue in Scotland
Product: Ensure that The Monzie is renovated and
finished to the highest possible standards, with
absolute attention to detail, in line with guests
expectations. Ensuring that the service delivery
is second-to-none and The Monzie gains an
excellent reputation based on customer
feedback within the first year of operation
Place: Creating unique experiences for our guests
utilizing the world class range of outdoor
activities available in the area (golfing, biking,
hiking, whiskey, shooting/hunting, fishing)
38
External Analysis
What are the key differentiators that will set

The Monzie apart from the Competition?
Service
Highly trained & professional
staff delivering high-end
personalized, relaxed service
World class dining
experience with local Scottish
produce
Business Strategy
for the Digital Age
Best in Class Digital mobile
platform, website, on-line
booking
Expert use of social media
platforms
Connectivity within the hotel
Product Offering
World class contemporary
Scottish Highland Church
conversion delivering a totally
unique Scottish experience
Unique branding & market
positioning
Network of Partnerships
Partnerships and long-term
close relationships with 3rd party
travel agents & Corporate
Hospitality providers. serving the
high-end market, in all key
locations (UK, US, Germany,
Russia, France & Holland)
39
Contents
Executive Summary
External Analysis
Scottish Tourism
Competitor Analysis
Strategy & Plans
The Monzie Team
Target Markets
Financial Analysis
Risk Analysis
SWOT Analysis
40
Strategy & Plans
Vision and Mission for The Monzie

Vision
For The Monzie to be the No.1 choice for customers who are seeking a
5 star Exclusive Use Venue in Scotland, providing superb unique
experiences and services to every customer.
Mission
Our customers are our priority and we will provide them with an unique
Scottish experience which is second to none. We will anticipate our
customers needs and provide an exceptional level of service in a truly
unique environment. We recognize that it is our employees and partners
who will deliver this service and we will encourage and reward their
commitment, hard work and loyalty.
Strategy & Plans
Making our Vision & Mission for

The Monzie a reality
Our Vision and Mission Statements are the driving force for The Monzie, from which we
have developed our 2 Year goals, with measured time-bound targets for each goal,
which will filter down into the operational strategy for The Monzie
Goals
Vision
For The Monzie to be the
No.1 choice for customers
who are seeking a 5 star
Exclusive Use Venue in
Scotland, providing superb
experience and services to
every customer.
1. To achieve 5 star rating by

VisitScotland within first year of
opening
2. To win a Scottish Hotel Award
within 2 years of opening
3. To be rated in Conde Nast
Traveller (or other) as one of the
Top 5 hotels to stay in Scotland
within 2 years of opening
4. To be rated as one of the Top 5
wedding venues in Scotland, by 2
independent wedding associations
or magazines, within 2 years of
opening
Strategy & Plans

Mission
1. Our customers are our
priority and we will
provide them with an
unique Scottish
experience which is
second to none.
Mission
2.
We will anticipate our

customers needs and
provide an exceptional
level of service in a truly
unique environment
Goals
1. To be rated Excellent or Very Good
by 100% of guests on TripAdvisor
after Year 1
2. Repeat or direct referrals to account
for 25% of bookings after Year 2
3. To achieve a 95% satisfaction level
with guests within Year 1 (via our
internal customer feedback process)
4. To achieve Excellent rating from all
PR / Journalist / Travel writers on
familiarization visits to the hotel
Strategy & Plans

1. Our customers are our
Mission
priority
and we will
provide them with an
Scottish
3. We unique
recognize
that it is
experience
which is
our employees and
second
towill
none.
partners
who
deliver
this service and we will
encourage and reward
theirWe
commitment,
hard
2.
will anticipate
our
workcustomers
and loyalty.
needs and
provide an exceptional
level of service in a truly
unique environment
Goals
1. We will introduce an employee bonus
scheme within the first year, which
will be directly linked to customer
satisfaction and financial
performance of the hotel
2. We will empower all employees to
make decisions to ensure a customer
is satisfied, at the same as holding
them accountable.
3. We will communicate our Vision,
Mission and goals to our employees
and partners on a quarterly basis and
ensure that we are all aligned on our
common goals
4. We will pay our partners (eg. Catering
supplier) a fair price for the delivery of
their service, and incorporate them as
part of our wider team
Strategy & Plans
The Monzie Development Team

Bringing together a Talented Experienced team
Name
Position
Role in the Development of The Monzie
John Burke
Owner & Managing

Director of The Monzie
Hotel Ltd & Corryard
Developments Ltd
Overall responsibility for project delivery and success measured by

opening The Monzie on-time, on budget to the required quality
Corryard
Developments Ltd
Main Contractor
Award-winning building company specializing in renovating Listed

buildings. Winner of the following awards:
2010 Master Builder of the Year Federation of Master Builders
Best Large Conversion in the UK
2013 Winner Scottish Homes Award Conversion of the Year
2013 Winner Herald Property Awards Conversion of the Year
Bartek Zawilinski
Director, Corryard
Developments
Operation Director & Site Manager for The Monzie project, Bartek
has been Site Manager for all Corryards award winning projects.
Responsible for overall delivery of the project on-time to the required
quality
Susie Whyte
Supervising Architect
& Interior Designer
Qualified architect with many years experience of high end projects

in New York and San Francisco. Overall responsible for final
architectural design and also interior design and finishings
McKenzie
Strickland
Architects
Lead Architect Jamie

Russell
Jamie and his team have been instrumental in achieving Planning

Permission for the A Listed Old South Church. Jamie will be leading
the development of the detailed construction drawings and working
with Susie to finalise the detailed specifications for the project.
Goals
45
Strategy & Plans
The Monzie Development Team

Bringing together a talented experienced team
Name
Position
Role in the Development of The Monzie
Campbell of Doune
Structural
Engineers
Hugh Campbell MD
and Lead Structural
Engineer on the
project
Hugh and his team are the structural engineers on the project,
responsible for developing the all the engineering details and
Goals
specification
The Keenan
Consultancy
Mechnical &
Electricial Engineers
Responsible for defining and implementing the M&E strategy for

the project, to ensure that The Monzie is as efficient as possible
once completed
Hamish Bell
Associates
CDM Co-ordinator
(Hamish Bell)
As CDM Co-ordinator, Hamish is responsible for notifying the HSE

on commencing of the works, and overall responsible for outlining
the Health & Safety Policy during the project
Hamish Bell
Associates
Andrew Leonard
Quantity Surveyor
As Quantity Surveyor for the project, Andrew is tasked to produce

detailed costs for all areas of the project, as well as monthly
tracking of actuals versus planned, ensuring that the project is
delivered on budget
46
Strategy & Plans
Executive Advisory Board at The Monzie

Our Vision is to be the No.1 choice for customers who are seeking a 5 star
Exclusive Use Venue in Scotland, providing superb experience and services to
every customer.
Goals
To realize this Vision, we have formed an experienced Executive Advisory Board

(EAB)
The role of the EAB is 3-fold:
1.
Advise on the overall strategy for The Monzie, including branding,

positioning and marketing in the pre-launch phase
2.
Support the pre-launch and post-launch activities
3.
Advise and support on the operational delivery of the service, ensuring that
our service levels are truly world class
47
Strategy & Plans
Executive Advisory Board Members

World-class experienced Board to steer The Monzie
in the first years of operation
Name
Current Position
Experience
Key Contribution to
The Monzie
Kiaran
MacDonald
Managing Director,
The Savoy Hotel,
London
25 years international Hotel

Strategic Direction and
Management experience. Responsible
Operational Delivery
Goals
for the multi-million re-opening of The
Savoy in 2010
Andrew
Hamer
Managing Director
Wild Thyme Catering
Ltd
Former Executive Chef at Gleneagles

Hotel, before establishing high-end
catering company, Wild Thyme in 2007,
winner of UK Caterer of Year in 2012 &
2013
Operational Delivery
F&B,
Theresa
Feeney
Managing Director
Highlife Marketing Ltd
Over 20 years experience in marketing &

promoting exclusive private hotels
worldwide, incl. Richard Bransons Altas
Mountain & Nectar Island resorts
Sales and Marketing

Strategy and delivery
(pre and post launch)
Charlotte
Doherty
MD Charlotte Doherty
PR
PR consultant focusing on privatelyowned, boutique hotels. PR lead for

Ballyfin Hotel, Ireland, multiple awardwinning hotel - Top 5 hotel in the world
as voted by Conde Nest Traveller
PR strategy, as part of
the Marketing strategy
48
Strategy & Plans
Executive Advisory Board Members

World-class experienced Board to steer The Monzie
in the first years of operation
Name
Current Position
Experience
Key Contribution to
The Monzie
Mick Keane
Business Analytics
Director, Twitter Inc
Extensive experience of utilizing the Goals

www Social media strategy
to drive business revenues, social media
as part of the
expert
Marketing Strategy
Ado
Cosgrove
Creative Director,
Owens DDB
Advertising Agency
Creative brand marketing expert with over

20 years of developing leading brands
and award-winning ad campaigns, linked
directly to sales growth
Branding &
positioning strategy
as part of the
Marketing Strategy
Sandy Fyfe
Partner, Morrison &

Young Accountants,
Perth
Accountant with extensive experience in

Hotel start-ups, financial appraisals and
financing options
Financial positioning
& funding / financial
performance postlaunch
49
Strategy & Plans
The Monzie Operating Team (once open for business)

Name
Position
Role at the Monzie
John Burke
Owner and Managing

Director of The Monzie Hotel
Management oversight and governance role, ensuring that the

business delivers on key objectives
To be Recruited 4
months out from
opening
General Manager
Responsible for the day-to-day operations at The Monzie,

ensuring world class delivery of service. Key point of contact for
guests pre-arrival and also during their stay. This position is a
key hire for The Monzie, the Advisory Board will be involved in
the selection process to find the right candidate
Aileesh Carew
Operations
Hotel Operations consultant.
Former GM of Ballyfin Hotel
Aileesh will join the team on a part-time consultancy for 6 mths,

starting 3 months from opening. She will develop all the
operational guidelines & SOPs and lead the shaping of the
product offering to ensure it is world-class when we open for
business. Aileesh will also be involved in developing job profiles
& recruiting the GM with the correct skillset to lead a world-class
Exclusive Use Venue. Attention to detail is key to success.
Andrew Hamer
F&B - Managing Director

Wild Thyme Catering
Andrew and his team at Wild Thyme will be responsible for the
delivery of all catering needs for guests at The Monzie (See
back-up slides for sample Menu)
Theresa Feeney
Sales & Marketing

Consultant for The Monzie,
commencing 6 months out
from opening
www.highlifemarketing.com
Theresa will drive the sales & marketing strategy at The Monzie,
using her global connections she will start to position The Monzie
in the market, including Familiarization Trips for key agents and
operators. Development of experience activities in the Crieff area
(golfing, whiskey, hiking, biking, fishing).
Goals
50
Strategy & Plans

Name
Position
Role at the Monzie
Janine & Anthony

Cifelli
Sales & Marketing

US Agent President & CEO
www.janinecifelli.com
Janine will drive the sales & marketing effort in the US. Janine
will introduce The Monzie to the 8000 travel agents her company
regularly connects with across the US, who will then
subsequently book The Monzie on behalf of their wealthy clients.
Overtime, our vision is that a 3 night stay at The Monzie is on the
Scottish Tour for all Americans coming to Scotland
Charlotte Doherty
PR Consultant for The

Monzie, commencing 6
months out from opening
Charlotte will drive the PR strategy for The Monzie, creating

media interest 6 months from opening. Charlotte has a wealth of
experience and connections to ensure the best possible media
spotlight for The Monzie in the first year of opening
To be recruited
Operations
Receptionist /
Coordinator / Concierge
Works closely with the GM to coordinate group itinerary

prior to their arrival. Ensures that all the needs of the guests
are satisfied during their stay, including catering needs,
excursions, Spa etc. Act as wedding coordinator as required
An additional receptionist / coordinator will be hired subject
to demand
Goals
51
Strategy & Plans

Name
Position
Role at the Monzie
To be recruited
Operations
Doorman / Concierge /
Valet driver / Security
2 part-time staff members, shift work depending on guest

bookings. Responsible for valet parking, as required by
guests, doorman general security
during guests stay.
Goals
Helping out wherever needed.
To be recruited
Operations
Cleaners / housekeeping
2 part-time staff members, shift work depending on guest

bookings. Helping out wherever needed.
To be recruited
Operations
Barman
Part-time staff depending on bookings, manage bar /

whiskey room, serving guests. Helping out wherever
needed.
In the first year, staff members (& associated wage costs) will be kept to a minimum and only
increased in line with increased business
All staff recruited will have flexible roles so that they can assist and help out wherever the need is
52
Strategy & Plans
Target Markets for The Monzie

Marketing focus will be on 3 key Target Markets
Market Segment
Group bookings
Weddings
Corporate
- Incentive Programs
- Destination Mgt
Companies (DMC)*
- Meetings
Target Location
Target %
Scotland
30%
Rest of UK
25%
USA
25%
Russia / Rest of EU
20%
Scotland
50%
Rest of UK
50%
Scotland
40%
Rest of UK
30%
Outside UK
30%
The Monzie
Marketing Plan
will be developed
to focus on three
Market Segments
within the key
market locations
*DMC Contact made with a number of DMCs (including Andrew Burnet, Dream Escapes, Hello Scotland,
K&N Associates, Kyles of Scotland), all of which responded very positively to The Monzie.
53
Contents
Executive Summary
External Analysis
Scottish Tourism
Competitor Analysis
Strategy & Plans
The Monzie Team
Target Market
Financial Analysis
Risk Analysis
SWOT Analysis
54
Financial Analysis
Financial Forecasts for The Monzie

3 Year forecasts Apr 2015 to March 2018 - Profit & Loss, Cashflow Analysis and
Balance Sheet
Goals
Year 1
Year 2
(Apr 2015 Mar

2016)
(Apr 2016 Mar

2017)
Year 3
(Apr 2017 Mar
2018)
Turnover
Nil
1,160,235
1,380,740
EBITDA
(47,767)
708,396
901,146
Net Profit
(76,984)
158,252
292,432
Note: please refer to Excel spreadsheet and Financial Assumptions in Back-up Slides)
55
Financial Analysis
Financial Forecasts for The Monzie

Key Insights from Financial Forecasts:
The breakeven point when fully operational (in cash terms, ie to cover
overheads and loan servicing) is turnover of 1,088,308.00 which is 78% of
projected turnover.
Goals
The profit breakeven point is lower at 901,146 of turnover at projected
margins, which is 48% of projected turnover.
Gross profit percentage overall of 65% (after commissions) is prudent
Once fully operational, EBITDA achieved is 34% of turnover.
If there is a 20% fall in turnover, and a 5% decrease in gross profit %, a
breakeven position would still be achieved. Similarly, a 10% fall in turnover
coupled with a 10% fall in the gross profit % achieved would see the business
achieve better than breakeven.
No revaluation has been included for the hotel once complete & operational,
but it is likely an increment could be added, which would improve the Balance
Sheet.
56
Contents
Executive Summary
External Analysis
Scottish Tourism
Competitor Analysis
Strategy & Plans
The Monzie Team
Target Markets
Financial Analysis
Risk Analysis
SWOT Analysis
57
Risk Analysis
Risk Mitigation Plan

Owners & Advisory Board have identified the Top 6 Risks for this Venture,
and the associated mitigation plan to offset the risks
Mitigation Plan
Builder fails to deliver the project onRISK 1 time and to the required quality
Corryard will be the main contractor on site, and

Corryard has won many awards of this quality
work, and has a strong track record of delivery
on-time and on-budget
Goals
RISK 2
RISK 3
Finished product offering at The

Monzie does not match market
expectations
Fail to reach projected revenue

levels, and business struggles to
break-even and service loan
repayments
Need to ensure that an accurate funding

package is agreed with the RBS to ensure that
the final product is world-class and in line with
guests expectations. Utilizing the Advisory
Board throughout the development phase prior
to opening
Utilizing Marketing & PR channels to correctly

position The Monzie in the UK and
international markets, ensuring that financial
projections are met. Keep staff costs to a
minimum in Year 1, reserve working capital to
service loan payments
58
Risk Analysis
Risk Mitigation Plan

Owners & Advisory Board have identified the Top 6 Risks for this Venture,
and the associated mitigation plan to offset the risks
Mitigation Plan
RISK 4
Having a fabulous product (the

associated development costs) but
no one knows about it
Utilizing The Monzies PR team to correctly

position The Monzie in the UK and international
markets. Develop relationship with key booking
agents. Develop pre-launch and post-launch
plans, finalize Marketing Strategy and action
plans
RISK 5
Poor service delivery once opened,

leading to poor guest feedback
(TripAdvisor etc)
Ensure Advisory Board are involved in recruiting

the General Manager, ensuring that the GM has
the right experience to delivery the expected
service levels. Good pay levels & incentivization
for all staff in place, linked to customer feedback.
RISK 6
Failure to find the right staff to deliver

the expected service levels
Involve a recruitment agency in finding the GM

and other key staff members. Involve Advisory
Board in the selection process, and referrals of
high qualify candidates. Ensure that the GM and
key staff are in place 3 months from opening.
59
Risk Analysis
Summary SWOT Analysis

Positive Outlook for The Monzie based on balanced SWOT analysis
Strengths
Experience Advisory Board and
Operating team
Skilled contractor with Corryard, and
attention to detail in the design & finishings
Outright ownership of property
Weaknesses
Crieff High Street some empty units
and unsightly Drummond Arms Hotel in the
town centre.
Lack of guest parking on-site*
Lack of large estate grounds
Focused USPs and target market

Location scenic and easy access
Opportunities
Realization of Vision to become No.1
Exclusive Use venue in Scotland
currently no clear market leader
Scotland tourism industry is booming and
Scotland is an attractive all-year round
destination
Golfing and ripple effect from Gleneagles
and Ryder Cup putting Perthshire on the
global destination map
Threats
Global economic down-turn
Uncertainty around Scotlands
independence vote in September 2014
Potential for increased competition in the
Exclusive Use market, leading to an over
supply of venues
* Guests will have the choice of on-street parking or the off-site valet service offered by The Monzie at no extra charge
Back-Up Slides
Goals
61
Financial Analysis
The Monzie - Financial Forecasts Assumptions

April 2015 to March 2018
1. Revenue
1. Revenue as per management projections revenue streams for:
1. Revenue from hotel rooms
2. Wedding revenue
3. Catering (food and beverage) revenue
4. Conference/Meetings and SPA
Goals
2. Estimated bookings per management projections detailed for each month on Occupancy sheet
with the estimated rate for each specific booking
3. Revenue from 1 day / night exclusive use hire of The Monzie is 6,000 including catering
(excluding beverages)
2. Initial progression of trade with first six months projected revenue based on an increasing scale of
estimated occupancy: May - 50% of estimated occupancy, June 60%, July 70%, August 70%,
September 75%, October 80%
3. Operating Expenditure
1. Management projection of the following pre-trading expenditure:
1. Marketing & PR Costs commencing January 2016 3000 per month with an increase to
8000 per month upon opening
2. Employment of General Manager in January 2016, four months before opening
3. All other employees starting April 2016
2. Depreciation - Estimated at 15% straight line on non-current assets
62
Financial Analysis

2. Operating Expenditure (contd)
3. Operating Expenditure per management projections:
1. Beverages & Catering based on an estimated outsourcing at 300,000 per annum. It has
been assumed 30 days credit on this
Goals
2. Spa expenditure is based on the monthly income which has an estimated 20% mark up on
cost
3. Consumables include cost for maintaining rooms, room changes etc. based on estimate of
around 5 per room with an assumption of 500 per month
4. Commission estimated at a rate of 20% per 50% of the total income figure
5. Monthly wages calculated from annual estimations shown on separate schedule on
occupancy sheets.
6. Bank Charges estimated 0.5% of total income figure.
4. VAT - Figures on each Cash Flow Forecast shown gross of VAT
5. Corporation Tax - based on 20% of EBITA less Depreciation to take into consideration capital
allowance relief generating deferred tax
3. Capital Expenditure
1. Total of 2 million capital expenditure estimated 1,500,000 on building developments at
125,000 per month over 12 months; and an estimated 500,000 on other non-current assets at
83,333 over 6 months.
63
Financial Analysis

4. Financing Expenditure
1. Loan introduced on a draw down to fund capital expenditure on building developments and
operational fixed assets.
Goals
2. Total Loan estimated at 500,000 over 15 years at a rate of 5% per annum. Interest
accrued from October 2015 to opening in April 2016.
3. Six months interest-only repayments from date of first draw down to the end of scaled
increase of business (1.3 above).
4. Capital repayments coming into effect January 2016.
5. The remainder of the funding will be financed by an estimated 1,000,000 of crowdfunding, which will be equity based at an estimated 20%.
6. We have assumed no increase for RPI in either income or expenditure during the period of
the forecasts.
64
Financial Analysis
Sample Menu from Wild Thyme caterers at The Monzie
Breakfast
Selection of fresh fruit juices to include pink grapefruit and orange juice
Selection of pastries
Fresh fruit platter & Fruit yoghurts in glass jars
Selection of cereals
Toast and preserve
Hot breakfast: Findonay bacon, pork and herb sausages, sweet vine tomatoes and mushrooms, fried eggs and
scrambled eggs.
Goals
Plated Lunch (can be delivered and served at any off-site location, eg. Loch-side if fishing)
Starter - Salad of baby beets and golden beetroot with Whisky-cured salmon and lime crme fraiche
Main - Pot-roasted quail with spring vegetable pearls and a light tarragon and Jersey Royal broth
Desert - Caramelised baked lemon curd tart with lime sorbet
Fairtrade coffee and Clipper organic teas
Afternoon Tea
Selection of finger sandwiches
Mini smoked haddock and mull cheddar puffs
Pigs in blanket
Whisky clair
Mini seasonal fruit brle
Fruit cake & Home-made scones with Dalchonzie preserve and clotted cream Selection of fruit and organic teas
65
Financial Analysis
Sample Menu from Wild Thyme caterers at The Monzie
Dinner menu
Starter - Free-range duck egg with a spring pea, morel and broad bean salad, crispy pancetta and truffle
hollandaise
Main - Tournedos of Loch Duart salmon rarebit, spring pea risotto, sweet vine tomato and wild garlic pesto
Dessert - Rhubarb and ginger pav with carpaccio of rhubarb, vanilla bean custard ice-cream and candied
Goals
ginger crisp
Fair trade coffee and organic teas
Breakfast, lunch and dinner - 1,700.00 ex VAT per day
(At full occupancy 24 guests - 70.83 per head ex VAT)
Staffing
1 x head chef
2 x waiting staff on site for set up, service and clearing
Notes:
Each groups dining requirements will be customized to their individual needs with menus developed and
agreed prior to arrival
Menus and staff requirements will be adjusted to accommodate all catering requirements at The Monzie,
including 100 guest weddings
66

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John Burke

Owner, Managing Director

Executive Summary - Location

Executive Summary Home of the Ryder Cup

Executive Summary - Crowd Funding

Executive Summary Investor Returns

Executive Summary - Investor Rewards

Executive Summary - Investor Rewards

Executive Summary - Investor Rewards

Executive Summary - Investor Rewards

Executive Summary - Investor Rewards

The Monzie Lifetime Membership Card

Executive Summary - Investor Rewards

Strategy & Plans

Introduction to The Monzie

Introduction to The Monzie

The Story so far .

World Class Design of A-listed historic Church

Please refer to the architectural plans

The Monzie Hotel Owner

Tourism in Scotland some key facts

In 2012, there were

Tourism in Scotland GB Tourism

Source: VisitScotland report Scotland The Key Facts on tourism 2012

Tourism in Scotland GB Tourism

Age 65+; 15%

Age 25-34; 17%

Age 55-64; 18%

Age 35-44; 18%

Tourism in Scotland Overseas Tourism

Origin of overseas tourists

Tourism in Scotland Perthshire

Queens View Visitor Centre, Pitlochry

Scotland Hotel Sector

Scotland Hotel (% room

Perthshire Hotel (% room

2013 Occupancy levels in Scotland were 75.5%**

Scotland Hotel Sector - key findings

Scotland Hotel Sector - key findings

Scotland Hotel Sector - 2014 Outlook

Source: * BDO LLP Accountants Report April 2014

Scotland Hotel Sector - 2014 Outlook

Scotland Hotel Sector - 2014 Outlook Edinburgh

External Analysis - Competitor Analysis

Competitor Analysis for The Monzie

3000 per night

Max numbers for

Kinloch House Perthshire

5900 for 2 night stay (10 beds)

Knock Castle Crieff

1 night weekend 9500 and midweek 7500

EUV Starting at 66 per Weddings, House

Menus starting at Hotel, offering

Competitor Analysis for The Monzie

Service Level / Product Offering**

Future position for The Monzie

Competitor Analysis for The Monzie

Competitor Analysis for The Monzie

Catering costs average of 130 per person per day

The Monzie Vs Aldourie Castle

USP Unique A-listed Church conversion

The only Exclusive Use high-end converted

Golfers paradise with Gleneagles

World-class hiking & mountain biking