Hotels & Hospitality Group March Asia Pacific Hotel Investment Highlights H2 2014

Transcription

1 Hotels & Hospitality Group March 2015 Asia Pacific Hotel Investment Highlights H2 2014

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3 Sold: Konotta Island Resort, Maldives. Newly developed luxury resort in one of the world s most pristine island destinations, featuring 27 beachfront villas and 21 over-water villas.

4 4 Hotel Investment Highlights March 2015 For Sale: The Westin Sydney & Heritage Retail, Sydney. One of Australia s premium luxury hotels. Contents 06 Subdued end to 2014 in Asia, new record reached in Australia 12 Sovereign wealth funds have been quiet 18 Properties for Sale Asia 08 Australia & Japan dominate investment activity 15 Asia Pacific hotel trading performance Contributors 12 China becoming a major player in hotel real estate globally 16 Properties for Sale Australasia On the cover For Sale: The Westin Sydney & Heritage Retail. The iconic five-star hotel, located at the prestigious address of 1 Martin Place, features 416 rooms & suites, extensive conferencing facilities and is complemented by a large retail component.

5 March 2015 Hotel Investment Highlights 5 Highlights $3.7 billion transacted in H deals across Asia Pacific in 2014 Australian transaction volumes up 86% Cross-border investors dominated capital flow, accounting for 2/3 of all deals

6 6 Hotel Investment Highlights March 2015 Sold: Beachfront Development Site, Phuket, Thailand. Land along Phuket s world-famous west coast. Subdued end to 2014 in Asia, new record reached in Australia Asia Pacific s hotel investment market recorded an impressive $9.2 billion worth of transactions back in 2013, led by the resurgence of Japan and big-ticket trophy deals in Singapore and Shanghai. However, 2014 witnessed a moderation in sales activity across the region, falling by 18% to just above $7.5 billion with over 34,000 keys traded at an average rate of $221,000 per key. This was largely the result of reduced sales volume in Asia, falling by $2.8 billion from In stark contrast to Asia, 2014 proved to be an extraordinary year for Australia. Transactions volumes reached a record $2.2 billion (up 86% y-o-y). Activity in Asia was dominated by Japan ($2.3 billion), Mainland China ($1.4 billion), Thailand ($338 million) and Malaysia ($292 million). This overall decline in investment activity in Asia partly reflected a geographic shift of investment focus to recovering and emerging markets (such as the Americas and Western Europe) by Asian capital, rather than a diminishing interest in local hospitality assets. The lack of investment opportunities in Asia compared to 2013 was also a key factor in reduced volumes last year. Total transaction volume in Asia Pacific totalled $3.7 billion in H2 2014, a 34% decline on the same period in Whilst total investment volume was down, cross-border capital for hotel assets recorded in 2014 reached $4.8 billion, outpacing the $3.9 billion of inter-market investment over Australia once again remained firmly on the radar of Mainland Chinese investors. However the growing interest in the USA and Europe was also evident with a flood of outbound capital chasing assets in several international gateway cities including New York, London and Paris. Across Asia Pacific, the average price per key in 2014 was down 26% (y-o-y) despite Australasia alone increasing to $292,000 (up 24%). Asia registered $201,000 per key (down 35% y-o-y and reflective of the lack of large-scale transactions compared to previous years). This was the lowest rate per key in over 10 years. The record sale of the Sheraton on the Park in Sydney to new Chinese heavyweight investor Sunshine Insurance Group is indicative of the high-profile acquisitions now occurring. Selling for $398 million, the transaction was a new record for a single-asset hotel sale in Australasia. During H2 2014, Asia Pacific investment activity was dominated by Australia ($1.6 billion) and Japan ($1.2 billion). Arm s length transactions in Mainland China amounted to just $250 million, further highlighting that Chinese investors prefer to purchase abroad on stronger trading fundamentals.

7 March 2015 Hotel Investment Highlights 7 Asia Pacific Quarterly Transaction Volume Q to Q ,000 Transaction Volume (USD Million) 3,500 3,000 2,500 2,000 1,500 1, Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Australasia Asia Source: JLL Asia Pacific Pricing Metrics 2000 to ,000 12, , ,000 Total transaction volume in Asia Pacific totalled $3.7 billion in H2 2014, a 34% decline on the same period in 2013 Transaction Volume (USD Millions) 10,000 8,000 6,000 4,000 2, Australasia Asia Price per Key Australasia Price per Key Asia Source: JLL Asia Pacific Source of Capital 2000 to , , , , ,000 50,000 0 Price per Key (USD) 100% Cross border investors dominated capital flow, accounting for twothirds of all deals above $5 million. With 146 deals (both single-asset and portfolio transactions) registered in 2014 (94 in Asia), offshore investors have dominated large assets sales with a high average deal size of $55 million. The most active market by number of properties sold was Japan with over 100 hotels trading, many as part of a portfolio deal. Proportion of Transaction Volume 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Cross Border Domestic Source: JLL

8 8 Hotel Investment Highlights March 2015 Australia & Japan dominate investment activity The top 10 single-asset transactions over the second half of 2014 collectively amounted to $1.6 billion. Australia s presence in the list of large-scale deals has increased two-fold along with Japan which enjoyed another record year. Buyer activity in Singapore decelerated significantly in the wake of record values per key recorded in 2013 including The Westin and Grand Park Orchard. Hotel Grand Chancellor, trading for $198 million or $606,000 a key, was the sole 2014 transaction registered (the sale was consequently closed in January 2015). In Singapore, expectations of rising interest rates and a low-yield environment could deter investors from transacting this year unless the current pricing disconnect between buyer and seller narrows. Asia Pacific Top 10 Single Asset Transactions H Sheraton on the Park Tokyo Bay Maihama Hotel Club Resort Sofitel Sydney ICC Under Construction Sheraton Noosa Resort & Spa Outrigger Phi Phi Village Beach Resort & Spa Sydney, Australia Tokyo, Japan Sydney, Australia Noosa Heads, Australia Krabi, Thailand Property Type Property Type Property Type Property Type Property Type Upscale Upscale Upscale Upscale Resort rooms rooms rooms rooms rooms Sale Price (USD Millions) $398.2 Sale Price (USD Millions) $343.0 Sale Price (USD Millions) $318.7 Sale Price (USD Millions) $90.5 Sale Price (USD Millions) $84.3 $714,865 Price per Key (USD) $487,909 Price per Key (USD) $536,587 Price per Key (USD) $514,125 Price per Key (USD) $540,104 Price per Key (USD) Nov-14 Jul-14 Aug-14 Dec-14 Nov-14 Source: JLL

9 March 2015 Hotel Investment Highlights 9 Japan had another year firmly in the spotlight. Tokyo, Osaka and Sapporo have been attracting an increasing number of offshore buyers and significant interest from local investors. To date, the volume of cross-border deals is still low as the established local presence has the edge in completing sales with superior relationships (local brokers, vendors and financiers) and market intelligence. The largest transaction in Japan was the sale of the Tokyo Bay Maihama Hotel Club Resort for $343 million. The 12-story hotel offers around 700 rooms and is one of Tokyo Disney Resort s six official hotels. Following the successful bid for the 2020 Tokyo Olympic Games, foreign interest has been strong in Japan given optimism over the increased development opportunities surrounding the Games and the weakening Yen. Unlike Mainland China and several markets throughout Asia, Japan is clearly undersupplied in hotel rooms. Four years after Fukushima, tourism is bouncing back, shattering expectations on visitor numbers. Novotel Sydney Brighton Beach Best Western Shinjuku Astina Best Western Hotel Sapporo Nakajima Koen Art Hotels Sapporo Sofitel Gold Coast Broadbeach Sydney, Australia Tokyo, Japan Sapporo, Japan Sapporo, Japan Gold Coast, Australia Property Type Property Type Property Type Property Type Property Type Midscale Midscale Midscale Midscale Upscale rooms rooms rooms rooms rooms Sale Price (USD Millions) $83.3 Sale Price (USD Millions) $74.4 Sale Price (USD Millions) $66.6 Sale Price (USD Millions) $66.4 Sale Price (USD Millions) $65.6 $281,301 Price per Key (USD) $361,165 Price per Key (USD) $239,606 Price per Key (USD) $161,165 Price per Key (USD) $221,622 Price per Key (USD) Oct-14 Oct-14 Jul-14 Dec-14 Oct-14

10 10 Hotel Investment Highlights March 2015 Sold: Sheraton on the Park, Sydney. One of Australia s finest, multi-award winning, five-star hotels.

11 March 2015 Hotel Investment Highlights 11 Sydney accounted for the majority of transaction volume, recording $982 million in H Japan logged a record 13.4 million international visitors in 2014, double the number of 2011 and more than half of the 20 million the government hopes to attract in 2020 when Tokyo hosts the Summer Olympics. This is a key reason for the stronger investment impetus. Investment into Mainland Chinese hotels was limited by quality offerings and a challenging operating environment. Shanghai was the preferred destination for capital. Despite another delay, the opening of Shanghai Disney Resort will be a defining moment for Shanghai s tourism industry. JLL expects hotel performance in Shanghai to improve in 2016, in particular by the potential increased length of stay and attraction of new tourism segments. Australia was a key target market of Chinese capital with investors firmly focused on Sydney. The gateway city accounted for the majority of transaction volume, rising from a total of $350 million in H to $982 million in H The record sale of the Sheraton on the Park in Sydney transacted by JLL is indicative of the high-profile acquisitions worldwide that made headlines last year. The purchaser also recently acquired Manhattan s Baccarat Hotel from Starwood Capital Group LLC for $230 million, equivalent to more than $2 million per room. In October 2014, China s Anbang Insurance Group Co purchased the Waldorf Astoria Hotel in New York for $1.95 billion. Australia is likely to continue to be a target market due to its growing Chinese population and tourism and a weakening Dollar versus the Chinese Renminbi. The relatively higher cap rate when compared to other gateway cities in Asia, USA and Europe is also appealing. Since the Chinese government announced its Go Global policy in 2012, encouraging Chinese companies to invest overseas, there s been a rush into hotel investment. Transaction Volume (USD Millions) Source: JLL 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Asia Pacific Most Active Cities H Sydney (12 deals) $981.5 million Tokyo (5 deals) $617.8 million Shanghai (1 deal) $189.1 million Sapporo (3 deals) $188.1 million Melbourne (4 deals) $162.4 million Krabi (1 deal) $84.3 million Bangkok (3 deals) $67.4 million Surfers Paradise (1 deal) $65.6 million Townsville (1 deal) $60.9 million Hong Kong (1 deal) $51.3 million Asia Pacific Most Active Markets H Outside of the key gateways, Chinese investors are examining destinations with potential to attract increasing tourism. A slowing Chinese economy has pushed developers and investors offshore into new tourism markets. Beijing s Fu Wah International Group has won the right to build a new 200-room Wynyard Quarter hotel on the old Team New Zealand America s Cup base. 0 Source: JLL Australia Malaysia Hong Kong Maldives India New Zealand Japan Singapore Mainland China Thailand Other Driven by stable economic performance and relatively high yielding assets, many investors over the past two years have been attracted to opportunities in Australia. While Sydney and Melbourne saw the first flurry of investment in 2013, diminishing stock in these markets is forcing investors to look further afield and closed deals saw greater foreign activity in Brisbane and Perth in 2014.

12 12 Hotel Investment Highlights March 2015 China becoming a major player in hotel real estate globally Over H2 2014, Chinese insurance companies continued to broaden their investment scope after the relaxation of outbound investment rules that came into effect on 6 October Previously, any overseas investment project worth more than $100 million required approval from China s Ministry of Commerce. It had been somewhat difficult for local institutional investors to compete in on market processes, as the time frame required for internal and external approvals often exceeded the sales campaign. According to the China Insurance Regulatory Commission, domestic insurance companies currently have around 1% of funds invested in real estate assets abroad, against the regulatory ceiling of 15%, suggesting the significant potential for the growth in outbound capital in years to come. Once traditionally the investment playground for Chinese investors, the drawing out of capital within the Asia region and into new markets previously noted at relatively lower values-per-key is taking place. Chinese investors with a mandate focused on hospitality have also turned their attention to acquiring management companies. More recently, Shanghai s Jin Jiang acquired France s Louvre Hotels Group and the iconic Club Méd was eventually purchased by Fosun International Ltd. China s policy change enables investors to more readily compete in international bidding processes. This will have a mixed implication for China domestically. On one hand, less capital circling the country might temper the development pipeline in markets where supply is too high. On the other hand, China faces a risk that local investors won t focus their attention towards existing assets within China. China s continued velocity and buying preferences will shape the future of hotel real estate for some time to come. In 2015, Chinese capital is expected to represent some $5 billion in global hotel investment, making it among the top three exporters of capital globally along with the USA and the Middle East. Domestic insurance companies currently have around 1% of funds invested in real estate abroad, against the regulatory ceiling of 15% Sovereign wealth funds have been quiet Investment into Asia Pacific hotels from sovereign wealth funds has been intermittent at best over recent years and in 2014 no activity was recorded. Typically, hospitality is one of the preferred asset classes for sovereign wealth funds as hotels can provide significant cash flow if successfully operated. The funds have become more astute to pricing and less reluctant to acquire in inflated markets irrespective of whether a hotel may be classed as a trophy purchase. Over the second half of 2014, REITs were responsible for 8% of the total capital invested in the sector, consistent with Abundant capital, after a period of positive economic growth, has fuelled private company buying, whereas yield-seeking investors have been attracted to the REIT sector over the past few years. Approximately 30% of buyers were developers and/or property companies whilst investment and/or private equity funds accounted for 26%. 40% of all Australasian capital into hotels came via investment and/or private equity funds % 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Corporate Developer / Property Company HNWI Hotel / SA Operator Bank / Institution Investment Fund / PE Other REIT Sovereign Wealth Fund Unknown Source: JLL Asia Pacific Purchaser Profile 2010 to 2014 Purchaser activity in 2014 was dominated by buyer groups that have traditionally had little impact in the Asia Pacific hotel investment landscape. Hotel operators increased their overall share to 8% at $527 million with transactions recorded in Australia, Hong Kong, Japan, Singapore and Indonesia. Notable international operators included The Ascott Group, Outrigger Enterprises Group and Ovolo Hotels Group.

13 March 2015 Hotel Investment Highlights 13 Sold: Oakwood Apartments Trilliant Sukhumvit 18, Bangkok. 129-key serviced apartment property located in the popular Sukhumvit precinct.

14 14 Hotel Investment Highlights March 2015 Sold: Sofitel Sydney Wentworth, Sydney. The landmark property was Sydney s first international hotel and is now one of the most recognised five-star hotels in Australia.

15 March 2015 Hotel Investment Highlights 15 Asia Pacific hotel trading performance 2014 With the strong growth in new hotels over the past few years, declines in ADR have been observed in some markets. Similarly, emerging markets with limited upscale hotel stock amid strong tourism demand are recording solid revenue growth. Despite this, hoteliers are facing operational challenges including rising wage and development costs and a skilled worker shortage in some markets. New room supply has underpinned regional hotel performance with varying results in JLL expect RevPAR growth in 2015 to remain mildly positive overall. Growth is expected to be driven by Japan and Indonesia, slowed in Mainland China with the exception of Shanghai and largely stable in India. Based on previous expansionary cycles, which have lasted seven to nine years in the hotel space, the market still faces several years of future growth, notwithstanding demand shocks. Chinese outbound tourism would continue to drive the region s growth. The statistics are sourced from STR Global, as at YTD December 2014 and reflect market performance of JLL s standard hotel basket categories, which include a mix of graded (where denoted) and whole-market selections. In total, JLL tracks monthly performance of approximately 75 hotel markets throughout the region. Our analysis is intended to provide a snapshot of recent Asia Pacific trading trends across the key performance metrics of occupancy, ADR, RevPAR and growth (or fall) of RevPAR. Last year, the highest occupancy was recorded in Macau (90.6%) which improved 6.4% from The Maldives achieved the highest ADR of 756, a 7.6% increase from the previous year whilst Gurgaon Deluxe hotels RevPAR grew the strongest in local currency terms (up 18.0%), after several years of negative performance. The following league tables highlight the Top 10 performers of Highest Occupancy Highest Average Daily Rate Market Occupancy % Chg YTD Market ADR (USD) % Chg ADR (USD) Macau 90.6% 6.4% Melbourne % 1.8% Tokyo Limited Service 89.1% -0.1% Hong Kong Midscale & Economy 89.1% 2.2% Sydney 87.1% 0.7% Sydney % 1.4% Melbourne 85.8% 1.6% Hong Kong Upscale 85.7% 2.3% Singapore Upscale 85.3% 2.8% Perth 84.8% 1.1% Source: STR Global, JLL Maldives % Hong Kong Luxury % Bali Luxury % Tokyo Luxury % Shanghai Top Tier Hotels % Singapore Luxury % Beijing Top Tier Hotels % Sanya High-End and Luxury % Hong Kong Upscale % Taipei Luxury & Upper Upscale % Source: STR Global, JLL Market RevPAR Growth RevPAR (Local) % Chg RevPAR (Local) Gurgaon Deluxe 3, % Osaka 4, % Chongqing % Macau 1, % Bali Luxury 3,795, % Bali Upscale 1,394, % Tokyo Luxury 38, % Bali Midscale 937, % Jakarta Serviced Apartments 1,110, % Cairns % Source: STR Global, JLL

16 16 Hotel Investment Highlights March 2015 Properties for Sale Australasia The Sands Torquay Torquay, Australia Located just over an hour s drive from the Melbourne CBD and Airport The resort comprises a 4.5-star Peppers Hotel with 112 luxuriously appointed rooms and suites, all with private balconies overlooking the course and coastline The par 72, Stuart Appleby designed, 18 hole links style championship golf course is complemented by exceptional facilities that include a modern clubhouse with restaurant, bar and conference facilities which caters for up to 550 delegates Available individually or in-one-line, this sale represents an exceptional opportunity to acquire the freehold and business of a landmark coastal resort property Peter Harper peter.harper@ap.jll.com Hotel Chino Brisbane, Australia 38 studio apartments (individually titled), managers unit, restaurant and commercial office Lease over the balance 27 apartments within the building providing a total inventory of 65 apartments Located approximately 3.5km from the Brisbane CBD and close to several major demand drivers such as the PA Hospital and Gabba sports ground Excellent connectivity to major arterial roads both north and south of Brisbane Vacant possession of management available upon sale Strong trading profile plus numerous future upside opportunities Peter Harper peter.harper@ap.jll.com

17 March 2015 Hotel Investment Highlights 17 Properties for Sale Australasia The Westin Sydney & Heritage Retail Sydney, Australia The property encompasses Sydney s historic General Post Office building at 1 Martin Place with a modern 31-storey tower The five-star hotel features 416 guest rooms and suites, a diverse range of conferencing facilities, the sun-filled Mosaic restaurant and the refined in-house venue The Bar, Lounge and Room The Heritage Retail offers over 5,700sqm of premium retail space, encompassing an array of high profile tenancies with over 100m of prime frontage to Martin Place This landmark asset is widely regarded as having one of the best CBD locations of all the five-star hotels in Sydney, being bounded by George Street, Pitt Streets and Martin Place, arguably one of Sydney s most renowned thoroughfares Craig Collins craig.collins@ap.jll.com

18 18 Hotel Investment Highlights March 2015 Properties for Sale Asia Boracay Land Parcel Boracay, Philippines 16.7 hectares of beachfront land, offering panoramic vistas of the Tablas Strait Breath-taking coastal position in Boracay, one of Asia s most popular resort destinations Featuring 560m of beach frontage and picturesque sloping landscape Ideally-positioned for luxury resort and/or residential development Held on a freehold basis (Torrens title) Alex Sigeda alex.sigeda@ap.jll.com BIG Hotel Singapore Recently built 308-key limited service boutique hotel in the heart of Singapore s thriving Cultural Civic District Strategically located close to the city s Central Business District and the bustling Orchard Road Strong trading performance since its launch in mid-2013, achieving over 90% occupancy during the second half of 2014 Offered with the benefit of a secure lease for an initial three-year term, with the potential for a lease extension or vacant possession thereafter Paul Chakkrit chakkrit.chakra@ap.jll.com

19 March 2015 Hotel Investment Highlights 19 Properties for Sale Asia Mahadhdhoo Island Republic of Maldives Opportunity to complete resort development on the 119,000sqm island Located a scenic 15-minute speedboat journey away from Kooddoo Airport Offered with the benefit of vacant possession of brand and management Held under a direct lease agreement with the Ministry of Tourism Luxury resort market with strong fundamentals Nihat Ercan nihat.ercan@ap.jll.com Four Seasons Langkawi Langkawi, Malaysia Award-winning resort with exceptional reputation and future development potential Prominent location along scenic Andaman Sea coast, steps away from the pristine Tanjung Rhu beach and a short drive away from Langkawi International Airport Designed by two world renowned architects and built over approximately 273,300sqm of beachfront land Featuring 91 villas and pavilions, four food and beverage outlets, two swimming pools, a spa with six therapy rooms, state-ofthe-art fitness centre and in excess of 470 square metres of flexible function space Commanding market position, enjoying superior rates that are more than double the average rates of competitors in the market Nihat Ercan nihat.ercan@ap.jll.com

20 20 Hotel Investment Highlights March 2015 Properties for Sale Asia MiCasa Hotel Apartments Yangon, Myanmar Well-established 183-key serviced apartment property in one of Asia s key emerging economies Prime location along Kaba Aye Pagoda Road, directly facing the Inya Lake and with great accessibility to CBD, Yangon International Airport, and various cultural attractions Offered with vacant possession of management in a tightly held real estate market Strong demand/supply fundamentals, with the dynamics expected to remain in owners favour for the foreseeable future Fully transferable investment, allowing for 100% foreign ownership Adam Bury adam.bury@ap.jll.com Best Western Premier Incheon Airport Seoul, Korea Featuring 305 guest rooms and suites, food & beverage outlets and circa 890 square metres of banquet space Strategically located next to the Incheon International Airport and one of only two international grade hotels located within the International Business Centre Offered with the benefit of a franchise agreement with Best Western International expiring in 2018 Stabilised income stream with proven performance history Proximity to a neighbouring mega casino development which, upon completion in 2017, will increase the overall economic activity at the airport and room demand Adam Bury adam.bury@ap.jll.com

21 March 2015 Hotel Investment Highlights 21 Properties for Sale Asia Holiday Inn Express Jakarta Jakarta, Indonesia Located in Central Jakarta within the Golden Triangle with easy accessibility to the CBD and retail districts Newly designed, high quality 212-key hotel, constructed to IHG s international hotel standards Operated by one of the fastest growing hotel brands in the world, renowned globally for its value, convenience and quality Rare opportunity to penetrate the Jakarta s tightly held hotel market with an internationally-branded asset Adam Bury adam.bury@ap.jll.com Courtyard by Marriott Bali Bali, Indonesia 290-key property built to Marriott International s brand standards, which are widely regarded to be amongst the highest in the industry Situated three minutes away from Seminyak s iconic beach and enjoying good access to Kuta, Legian and Petitenget Road, as well as to the international airport Held under the highest level of ownership possible, Hak Guna Bangunan (HGB) for either a domestic or foreign company, or Hak Malik (freehold) for an Indonesian individual Offered with the benefit of management agreement with Marriott International, one of the most successful hotel operators in the world One of Asia s and the world s most popular resort destinations, Bali is renowned for its picturesque beaches, pristine nature, and charming culture Adam Bury adam.bury@ap.jll.com

22 22 Hotel Investment Highlights March 2015 Contributors Hotel Investment Highlights brings you real-time market insights from Asia Pacific s leading hotel investment and research specialists. Craig Collins Chief Executive Officer Australasia Scott Hetherington Chief Executive Officer Asia Tom Sawayanagi Managing Director Japan Troy Craig Managing Director Strategic Advisory Asia Pacific Mark Durran Managing Director Australasia Mike Batchelor Managing Director Asia Frank Sorgiovanni Head of Research Asia Pacific

23 March 2015 Hotel Investment Highlights 23 JLL s Hotels & Hospitality Group serves as the hospitality industry s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centres; mixed-use developments and other hospitality properties. The firm s 300 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totalling nearly USD36 billion, while also completing approximately 4,000 advisory, valuation and asset management assignments. The group s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research. For more news, videos and research from JLL s Hotels & Hospitality Group, please visit: or download the Hotels & Hospitality Group s iphone app or ipad app from the App Store. Jones Lang LaSalle s Hotels & Hospitality Group Singapore CEA Licence: L E Note: All currencies are USD unless otherwise mentioned. Exchange rate correct as at date of sale.

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