Hamburg Market Report

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1 Market Report Hamburg Hotel 2014/2015 Hamburg Market Report Accelerating success.

2 Overall information The Hanseatic City of Hamburg has a population of about 1.75 million, making it the second largest city in Germany. The expansion of the A7 autobahn and construction of noise abatement tunnels covering the highway is opening up possibilities for developing the newly available space in Schnelsen and Stellingen to accommodate small-scale garden facilities, housing, and parks. Hamburg is also the German applicant city for the 2024 Olympics; the International Olympic Committee (IOC) will decide on the venue in summer Transportation infrastructure Hamburg s transportation infrastructure is excellently developed and dense. The city has connections to the national and international railway network (Europe s largest marshalling yard is located in nearby Maschen) and road network (A1, A7, A20, A21, A24, A39). During the first half of 2015, about 4,000 meters of track at Hamburg s main rail station will be replaced, and there are also plans for work on traffic signals and bridges (Horn-Eidelstedt). The Hamburg airport, the fifth largest in Germany, posted the largest gain in passenger figures among the country s top ten airports, at million, an increase of 9.3%. In addition, Hamburg is now the leading metro area for shipping in Northern Europe and Germany s third largest inland port, reaching new records in 2014 (cargo handling volume for the first half of 2014: 72.6 million tons, up 6.6%). Centre of economic and business activity Due to the port, Hamburg has positioned itself as a hub of commerce and logistics. The city is home to more than 52,000 businesses, with approximately 893,000 employees in all. The majority of the employees who are liable for social insurance who work in Hamburg do so in the economic sectors of economic services (21.3%), manufacturing (16.2%) and trade as well as motor vehicle maintenance and repairs (15.7%). The largest employers in Hamburg include Airbus Deutschland GmbH (over 15,000 employees), Asklepios Kliniken (over 13,000 employees), Deutsche Lufthansa AG (over 10,700 employees) and Deutsche Bahn AG (over 8,300 employees). HAMBURG In Numbers Inhabitants 1,746,000 Unemployment rate 7.6 % Employees subject to social insurance requirements Source: Federal Statistical Office, Statistical Offices, Federal Employment Agency Demand 893,000 Disposable income per capita 23,609 Centre of travel and tourism The business and leisure segments are each responsible for generating about the same amount of demand in the travel and tourism market in Hamburg. Trade fairs and conferences bring additional demand. In the tourism and leisure segment, Hamburg offers a wealth of cultural attractions, especially a broad range of musicals and sports highlights. With the development of the HafenCity area and the city s close proximity to the water, Hamburg is one of the most attractive urban destinations in Germany. Source: Federal Statistical Office 2 Market Report 2014/2015 Hotel Colliers International

3 Trade fair grounds Hamburg Messe und Congress (HMC) counted 14,146 exhibitors and 41 events organized either by the company or by guest organizers on the Hamburg trade fair grounds overall in At 979,229 gross square meters, the company also made a new record for the amount of exhibition space used. WindEnergy Hamburg made its debut in 2014 and was already crowned the leading fair in the industry right in its very first year. HMC logged 12% more attendees than in the reference year, 2012, and the Congress Center Hamburg (CCH) also drew 37,000 more visitors than the year before. The CCH offers 23 versatile rooms with a direct connection between the conference area and the multipurpose hall, featuring 12,500 seats in all and 10,000 m² of exhibition space. There are plans to renovate and expand the CCH from 2017 to 2019 at a cost of 194 million euros. Hotel market Constant growth and sustained demand reflect the positive developments on the Hamburg hotel market. Available accommodations increased in 2014 from 334 to 342 hotel properties (up 2.4%) with over 55,800 available beds (an increase of 5.9%). The majority of the hotel businesses still fall within the three-star to four-star segment, as in the past. There are still quite a few planned hotel projects in the pipeline for the next few years. There are currently some 26 projects in the planning and construction stages. According to current plans and publications, this is expected to add approximately 4,600 available rooms in the medium term. The openings planned for 2015 include a Hampton by Hilton (161 rooms), Holiday Inn Express (104 rooms), Innside by Meliá (205 rooms), Ramada Hotel (261 rooms), and a boarding house with 100 units is expected to bring the completion of a Holiday Inn Hotel (297 rooms) and a Novum Style Hotel (100 rooms), among others, as well as the reopening of the former Intercontinental Hotel as luxury hotel The Fontenay (147 rooms). Another Holiday Inn (267 rooms), a Courtyard by Marriott (277 rooms), a Moxy Hotel (98 rooms), and a Residence Inn by Marriott (99 rooms) are among the properties expected to follow. The number of arrivals (6,051,766, +2,9%) and overnight stays (12,008,154, +3.5%) increased once again in 2014 in comparison to the. Domestic travellers accounted for nearly 80% of that figure. Guests from Europe (+11.5% year on year) and America (+8.8% year on year) made up the largest share of the demand from other countries. The European countries with the largest percentages of guests were Denmark (173,832, +24.7%) and the UK (135,240, +6.6%). The strongest source markets were Ireland (+89.4%), Malta (+43.9%), and China (+25.0%). The average stay length for all guests was 2.0 days. Hotel market structure by classification Source: HRS Development of accommodation supply Source: Colliers International, Federal Statistical Office Development of accommodation demand (in thousands) Source: Colliers International, Federal Statistical Office 3 Market Report 2014/2015 Hotel Colliers International

4 Hotel performance Hamburg is one of the most attractive hotel locations in Germany for hotel investors, and after Munich, it has the best key indicators in the hotel segment of any location in Germany. Bed capacity utilization is good, at 59.7%. The city ranks first in Germany in terms of occupancy, at 79.4% (+1.8%), ahead of Munich. The average room rate (ARR) rose 3.9%, to 91.00, which also improved the average revenue per available room (RevPar) by a good 5.8%, to total. There are various reasons for this, including strong demand in the MICE and individual business segments and an increase in supply in the trade fair and conference business. All performance values are thus clearly at the top among major German cities. Rating and outlook Brisk investment activity in the hotel segment, positive developments in demand and supply, and a stable trade fair business are characteristic features of the Hamburg hotel market. In light of Hamburg s excellent geographic location and transportation connections, rising demand in the MICE segment, and the general increase in the city s popularity as a travel destination, Hamburg is in an excellent position, including with regard to the steadily growing urban tourism segment. There is still further potential for development in terms of international demand in particular. Colliers International sees particular development opportunities for internationally branded hotel properties in the economy and midscale segment, which have been underrepresented, and in the luxury segment. Excellent transportation connections are the crucial factor in each case. With regard to the luxury segment, hotel properties should only be developed in absolute top locations. Parameters of the hotel market in German major cities OPERATIONAL FIGURES 2014 City Occupancy ARR RevPar Berlin 76.6 % 2.0 % % % Dusseldorf 66.9 % 5.7 % % % Frankfurt a. M % 3.4 % % % Hamburg 79.4 % 1.8 % % % Cologne 70.3 % 1.6 % % % Munich 78.3 % 1.9 % % % Stuttgart 73.7 % 4.5 % % % Germany 70.1 % 2.3 % % % Source: IHA Deutschland 2015 / STR Global 4 Market Report 2014/2015 Hotel Colliers International

5 502 Office in 67 Countries on 6 Continents United States: 140 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108 Author: Janin Rynski Research Analyst Hotel Colliers International Hotel GmbH Budapester Strasse Berlin Germany TEL FAX billion in annual revenue 75 billion in total transaction volume in more than 84,600 lease and sale transactions 160 billion square feet under management 16,300 professionals and staff About Colliers International Hotel GmbH As part of Colliers International, Colliers International Hotel GmbH provides a full range of hotel real estate services; it sees itself as the lifeblood of brand-name hotels and is at the disposal of clients throughout Germany. Colliers International Hotel GmbH advises hotel corporations, investors, hotel operators as well as project developers on their choice of location, business concept and brand strategy. Together with associates, they provide financing and equity-partners. Moreover, Colliers International Hotel GmbH seeks out the right hotel properties to suit the investor s needs. Colliers International is a global leader in commercial real estate services, with over 16,300 professionals operating out of more than 502 offices in 67 countries. colliers.com Picture credits: Town hall Hamburg and St. Nikolai Church, Photo (Thinkstock Photos) Copyright 2015 Colliers International Hotel GmbH. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

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