Benchmark. Middle East Hotel Benchmark Survey Report January 2014
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1 Benchmark Middle East Hotel Benchmark Survey Report January 214 The hotel benchmark report provides a monthly performance overview of leading hotels in the Middle East. The hotel set includes international branded and operated properties across the 5 star and 4 star segment.
2 Introduction EY Middle East Hotel Benchmark Survey We hope you enjoy the January 214 report of the EY Middle East Hotel Benchmark Survey. Inside we cover occupancy and rate performance in key hotel markets across selected countries and cities in the Middle East on a monthly and Year-to-Date basis in local currencies and US dollars. This monthly Middle East Hotel Benchmark Survey is part of our services to the hospitality sector. EY Transaction Real Estate Advisory Services team headquartered in Dubai is the leading business advisory practice in the region. Our team consists of professionals from around the globe with extensive real estate, hospitality operations and advisory experience. We understand and offer a full scope of multidisciplinary services for developers, lenders, owners and operators. Our specialist services include acquisitions, capital sourcing, highest and best use analysis, due diligence, market and financial feasibility studies, management company selection/contract reviews, strategic business planning, repositioning analysis, operational enhancement/ diagnostics, valuations/appraisals and disposition, for every real estate industry segment such as hotel, residential, commercial, retail, restaurant, golf, marina, theme park and convention center. EY is the largest professional services firm in Middle East with 18 offices in 13 countries and part of the global EY network with over 167, people in 14 countries. Sincerely Yousef Wahbah Partner and Head of MENA Transaction Real Estate Page 3: January 214 key performance highlights. Page 4: We have highlighted the largest variance on a per month basis for the various markets over the last twelve month period in regards to occupancy, average room rate, and Rooms yield. Page 5: Dubai overall occupancy, average room rate and Rooms yield over the past twelve months. Page 6: Monthly performance of various markets compared to the previous year s monthly period in local currency. Page 7: Monthly performance of various markets compared to the previous year s monthly period in US dollar currency. Page 8: Year-to-Date performance of various markets compared to previous year period in local currency. Page 9: Year-to-Date performance of various markets compared to previous year period in US dollar currency.
3 January 214 Key Performance Highlights Hospitality market witnesses positive increases in Qatar, and Oman During the month of January this year, Doha s hospitality market recorded average occupancy levels of 7%, an increase of approximately 9% from the same period last year. The increase is due to the growth in business travel to the country, as several project tenders have been issued in relation to the Qatar World Cup 222. Furthermore, Doha International Airport announced a record 2.2 million passenger travelling in January 214, up by approximately 18% from January 213. The jump in Doha s average occupancy was coupled with an increase in average room rate from USD 23 in January 213 to US$243 in January 214, resulting in RevPAR growth of approximately 21.1% compared to the same period last year. Muscat s hospitality market witnessed an increase in RevPAR of approximately 15.5% in January 214 compared to January 213, which was mainly due to a healthy growth in average occupancy from 71% to 85% during the same period. The Oman Ministry of Tourism (OMT) has partnered with Oman Air as well as a selection of the country s hotels to launch a range of holiday packages called Oman Short Breaks in the beginning of the year. This was an initiative to attract more visitors from the GCC to Oman, the OMT Director General of Tourism Promotions said The OMT, in association with several key players in the travel and tourism sector, are aggressively promoting the Sultanate as an attractive global tourist destination. Political instability continue to negatively impact Lebanon and Egypt hospitality market In January 214, Beirut had witnessed a 3% decrease in RevPAR, dropping from US$87 in January 213 to US$6 in January 214. Due to the country s unstable security, average occupancy declined by 14% in the same period, coupled with a drop in average room rate from US$173 in January 213 to US$167 in January this year. Egypt s hospitality market has continued with its downward trend, as the political unrest in the country has had a major impact on the number of visitors. Cairo City recorded a decrease in RevPAR of approximately 34% in January 214, compared to the same period last year. The Red Sea city resorts such as Hurghada and Sharm El Shaikh, have also witnessed a drop in RevPAR of 22.8% and 14.6% respectively during the same period. It should be noted that Hurghada achieved an increase in average occupancy of 8% in January 214 compared to January 213, however average room rates declined by approximately 31% during the same period. Dubai hospitality market sees positive growth during January 214 In January 214, Dubai overall hospitality market recorded average occupancy of 87%, a slightly drop from January 213 of 2.6%, however it should be noted that over 2,78 new branded hotel rooms all within 4 & 5 star hotel segment were added to Dubai s room supply during 213. Dubai s hospitality market has rapidly absorbed this influx of new supply and continues to perform exceptionally well, showing a jump in average room rates from US$38 in January 213 to US$337 January 214, resulting in an increase in RevPAR of 6.2% during the same period. In January 214, Dubai s hospitality market performance improved month over month, with average occupancy growing by approximately 5%, coupled with an increase in average room rate from US$35 in December 213 to US$337 in January 214.
4 Markets with the largest variance on a per month basis % Occupancy for Beirut Hotels Occupancy % January 213 January Occupancy % Average Room Rate for Hurghada (US$) Average room rate January 213 January Average room rate Rev PAR in Madina (US$) 3 Room yield January 213 January Room yield
5 Dubai overall monthly performance % Occupancy for Dubai Overall Hotels Occupancy % Occupancy % January 213 January Average room rate for Dubai Overall hotels (US$) 4 4 Average room rate January 213 January 214 Average room rate Rev PAR in Dubai Overall hotels (US$) 4 Room yield January 213 January Room Yield
6 Various markets monthly performance (Local currency) EY Middle East Hotel Benchmark Survey Monthly performance: 1/214 Currency: Local Occupancy Average room rate Rooms yield Currency 214% 213% Change in % points Change Change Bahrain Manama BHD % % Egypt Cairo City EGP % % Cairo Overall EGP % % Hurghada EGP % % Sharm El Shaikh EGP % % Jordan Amman JOD % % Kuwait Kuwait KWD % % Lebanon Beirut LBP , , % 91, ,91-3.1% Oman Muscat OMR % % Qatar Doha QAR % % Saudi Arabia Jeddah SAR , % % Madina SAR % % Makkah SAR % % Riyadh SAR % % United Arab Emirates Abu Dhabi AED % % Al Ain AED % % Dubai Beach AED ,71 1, % 1,37 1, % Dubai City AED % % Dubai Overall AED ,238 1, % 1,81 1,18 6.2% Notes Figures may not add up due to rounding. Cairo Overall includes: Cairo City and Cairo Pyramid Hotels. Dubai Overall Includes: Dubai Beach, Dubai City and Dubai Apartment Hotels The Middle East Hotel Benchmark Survey was developed and is maintained by EY s Dubai office under the direction of Yousef Wahbah who leads the Transaction Real Estate Advisory Services Group across the MENA region. It is intended for informational use only. The reader should consult his or her professional investment advisor, attorney, or accountant before making any decision or taking any action based upon the information presented in this document. Benchmark data is provided by individual hotel companies. While we believe the data collected is reliable, EY has not performed an audit or review of the information gathered and does not express an opinion or any form of assurance on the accuracy of such information. This report is also proprietary of EY and no part of this report, in whole or in part, may be reproduced or transmitted without written consent of EY. All requests to reproduce this information must be addressed to yousef.wahbah@ae.ey.com. For information regarding the Hotel Benchmark, contact the Dubai office of EY at
7 Various markets monthly performance (US dollar) EY Middle East Hotel Benchmark Survey Monthly performance: 1/214 Currency: US$ Occupancy Average room rate Rooms yield Currency 214% 213% Change in % points Change Change Bahrain Manama US$ % % Egypt Cairo City US$ % % Cairo Overall US$ % % Hurghada US$ % % Sharm El Shaikh US$ % % Jordan Amman US$ % % Kuwait Kuwait US$ % % Lebanon Beirut US$ % % Oman Muscat US$ % % Qatar Doha US$ % % Saudi Arabia Jeddah US$ % % Madina US$ % % Makkah US$ % % Riyadh US$ % % United Arab Emirates Abu Dhabi US$ % % Al Ain US$ % % Dubai Beach US$ % % Dubai City US$ % % Dubai Overall US$ % % Notes Figures may not add up due to rounding. Cairo Overall includes: Cairo City and Cairo Pyramid Hotels. Dubai Overall Includes: Dubai Beach, Dubai City and Dubai Apartment Hotels The Middle East Hotel Benchmark Survey was developed and is maintained by EY s Dubai office under the direction of Yousef Wahbah who leads the Transaction Real Estate Advisory Services Group across the MENA region. It is intended for informational use only. The reader should consult his or her professional investment advisor, attorney, or accountant before making any decision or taking any action based upon the information presented in this document. Benchmark data is provided by individual hotel companies. While we believe the data collected is reliable, EY has not performed an audit or review of the information gathered and does not express an opinion or any form of assurance on the accuracy of such information. This report is also proprietary of EY and no part of this report, in whole or in part, may be reproduced or transmitted without written consent of EY. All requests to reproduce this information must be addressed to yousef.wahbah@ae.ey.com. For information regarding the Hotel Benchmark, contact the Dubai office of EY at
8 Various markets Year-to-Date performance (Local currency) EY Middle East Hotel Benchmark Survey Year over Year performance (January January) Currency: Local Occupancy Average room rate Rooms yield Currency 214% 213% Change in % points Change Change Bahrain Manama BHD % % Egypt Cairo City EGP % % Cairo Overall EGP % % Hurghada EGP % % Sharm El Shaikh EGP % % Jordan Amman JOD % % Kuwait Kuwait KWD % % Lebanon Beirut LBP , , % 91, ,91-3.1% Oman Muscat OMR % % Qatar Doha QAR % % Saudi Arabia Jeddah SAR , % % Madina SAR % % Makkah SAR % % Riyadh SAR % % United Arab Emirates Abu Dhabi AED % % Al Ain AED % % Dubai Beach AED ,71 1, % 1,37 1, % Dubai City AED % % Dubai Overall AED ,238 1, % 1,81 1,18 6.2% Notes Figures may not add up due to rounding. Cairo Overall includes: Cairo City and Cairo Pyramid Hotels. Dubai Overall Includes: Dubai Beach, Dubai City and Dubai Apartment Hotels The Middle East Hotel Benchmark Survey was developed and is maintained by EY s Dubai office under the direction of Yousef Wahbah who leads the Transaction Real Estate Advisory Services Group across the MENA region. It is intended for informational use only. The reader should consult his or her professional investment advisor, attorney, or accountant before making any decision or taking any action based upon the information presented in this document. Benchmark data is provided by individual hotel companies. While we believe the data collected is reliable, EY has not performed an audit or review of the information gathered and does not express an opinion or any form of assurance on the accuracy of such information. This report is also proprietary of EY and no part of this report, in whole or in part, may be reproduced or transmitted without written consent of EY. All requests to reproduce this information must be addressed to yousef.wahbah@ae.ey.com. For information regarding the Hotel Benchmark, contact the Dubai office of EY at
9 Various markets Year-to-Date performance (US dollar) EY Middle East Hotel Benchmark Survey Year over Year performance (January January) Currency: US$ Occupancy Average room rate Rooms yield Currency 214% 213% Change in % points Change Change Bahrain Manama US$ % % Egypt Cairo City US$ % % Cairo Overall US$ % % Hurghada US$ % % Sharm El Shaikh US$ % % Jordan Amman US$ % % Kuwait Kuwait US$ % % Lebanon Beirut US$ % % Oman Muscat US$ % % Qatar Doha US$ % % Saudi Arabia Jeddah US$ % % Madina US$ % % Makkah US$ % % Riyadh US$ % % United Arab Emirates Abu Dhabi US$ % % Al Ain US$ % % Dubai Beach US$ % % Dubai City US$ % % Dubai Overall US$ % % Notes Figures may not add up due to rounding. Cairo Overall includes: Cairo City and Cairo Pyramid Hotels. Dubai Overall Includes: Dubai Beach, Dubai City and Dubai Apartment Hotels The Middle East Hotel Benchmark Survey was developed and is maintained by EY s Dubai office under the direction of Yousef Wahbah who leads the Transaction Real Estate Advisory Services Group across the MENA region. It is intended for informational use only. The reader should consult his or her professional investment advisor, attorney, or accountant before making any decision or taking any action based upon the information presented in this document. Benchmark data is provided by individual hotel companies. While we believe the data collected is reliable, EY has not performed an audit or review of the information gathered and does not express an opinion or any form of assurance on the accuracy of such information. This report is also proprietary of EY and no part of this report, in whole or in part, may be reproduced or transmitted without written consent of EY. All requests to reproduce this information must be addressed to yousef.wahbah@ae.ey.com. For information regarding the Hotel Benchmark, contact the Dubai office of EY at
10 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. The MENA practice of EY has been operating in the region since For over 9 years, we have grown to over 5, people united across 2 offices and 15 countries, sharing the same values and an unwavering commitment to quality. As an organization, we continue to develop outstanding leaders who deliver exceptional services to our clients and who contribute to our communities. We are proud of our accomplishments over the years, reaffirming our position as the largest and most established professional services organization in the region. 214 Ernst & Young. All Rights Reserved. ED 114 This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global EY organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor. ey.com/mena
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