Benchmark. Middle East Hotel Benchmark Survey Report June 2013

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1 Benchmark Middle East Hotel Benchmark Survey Report June 213 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 June 213 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: June 213 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 H1 213 & June 213 Key performance highlights The Egyptian Red Sea hospitality markets have continued to register the strongest growth in RevPAR through H1 213, as compared to H1 212 of the countries surveyed within MENA Through the first half ( H1 ) of 213, both the Hurghada and Sharm El Shaikh hospitality markets witnessed a substantial increase in RevPAR compared H Both resort hotspots achieved RevPAR growth of 57.6% and 27.6% respectively over the same period in 212. In terms of monthly performance, Hurghada saw a nominal drop in occupancy over last June, however, this was counteracted by a significant increase in ADR of 43%. The Sharm El Shaikh hotel market continued its upward trend on last year s performance with average occupancy growing 9.% compared to June 212, coupled with a considerable increase in ADR of approximately 22% over last year. Manama and Jeddah lead the GCC cities in recording the highest increases in RevPAR during H1 213 as compared to this time last year Manama s hospitality market witnessed an increase in RevPAR of approximately 15.4% during H1 213 compared to the same period last year, which was largely due to improved security levels in the country. In June 213 alone, Manama registered RevPAR growth of approximately 27.5% compared to June 212. Jeddah experienced growth in RevPAR of approximately 13.4% in H1 213, over H1 212, which was attributed solely to an increase in ADR from USD 24 in H1 212 to USD 275, as average occupancy over the same period remained constant at 8%. The hospitality markets in Lebanon and Jordan continue to underperform through the first half of 213 During H1 213, average occupancy in Beirut averaged 58%, which remained steady in line with the previous month s performance, but reflects a decrease of 7% from H ADR decreased by 21%, from USD 21 to USD 166 over the same period. For June 213, Beirut s average room rate decreased by approximately 18% over June last year, with a corresponding decline in RevPAR of approximately 23%. Jordan s hospitality market fared only slightly better than Beirut, with RevPAR in H1 213 dropping 16% compared to H1 212, from USD 119 to USD 1. The decrease in RevPAR was mainly due to a 16% decrease in average occupancy over the same period. For the month of June, Jordan s hospitality market witnessed an uplift compared to 212, with RevPAR increasing by 8.9%, mainly due to an increase in ADR of approximately 7.4%, from USD 15 to USD 162 over the same period. Dubai s hospitality market witnessed positive growth on almost all Key Performance Indicators through H1 213 compared to the same period last year During H1 213, Dubai s overall hospitality market achieved a slight increase in average occupancy of 2%, coupled with growth in ADR from USD 267 to USD 284, which resulted in an increase in RevPAR of 8.8%, over H In June 213, Dubai overall achieved an increase in RevPAR by 6.9%, due to an increase in ADR from USD 182 to USD 192 over June the previous year. Due to the typical seasonality fluctuations in Dubai, ADR decrease by 21% month over month from USD 243 in May 213 to USD 192 in June 213, which was also couple by a slight decline in average occupancy of 4.8% during the same period.

4 Markets with the largest variance on a per month basis % Occupancy for Sharm El Shaikh hotels Occupancy % Occupancy % Average room rate for Hurghada (US$) Average room rate Average room rate Rev PAR in Manama hotels (US$) 14 Room yield Room yield

5 Dubai overall monthly performance % Occupancy for Dubai Overall hotels Occupancy % Occupancy % Average room rate for Dubai Overall hotels (US$) Average room rate Average room rate Rev PAR in Dubai Overall hotels (US$) 35 Room yield Room yield

6 Various markets monthly performance (Local currency) EY Middle East Hotel Benchmark Survey Monthly performance: 6/213 Currency: Local Occupancy Average room rate Rooms yield Currency 213% 212% 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 , , % 153, , % 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 % % Dubai City AED % % Dubai Overall AED % % 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 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: 6/213 Currency: US$ Occupancy Average room rate Rooms yield Currency 213% 212% 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 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 June) Currency: Local Occupancy Average room rate Rooms yield Currency 213% 212% 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 , , % 145,666 27, % 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 ,43 1,362 5.% 1,26 1,17 9.% Dubai City AED % % Dubai Overall AED , % % 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 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 June) Currency: US$ Occupancy Average room rate Rooms yield Currency 213% 212% 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 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 evolved to meet the legal and commercial developments of the region. Across MENA, we have over 4,2 people united across 18 offices and 13 Arab countries, sharing the same values and an unwavering commitment to quality. 213 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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