SECTOR REPORT HOTEL MARKET

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1 SECTOR REPORT HOTEL MARKET UPDATE AUTUMN

2 34 TOURISM IN THE NETHERLANDS Netherlands as popular as ever: following a rise in the number of travellers in the first quarter of 2017, figures for the second quarter reveal even stronger growth. In total, 2.29 million overnight stays were booked in the first six months of this year an increase of nearly 10% compared to the same period in Increase in the number of international visitors: the number of international visitors in particular rose sharply. Compared to the first half of 2016, the number of overnight stays booked by international travellers rose by 12.7%. The number of overnight stays booked by Dutch travellers increased by 5.5% in this period. Big cities provide impetus behind growth: besides Amsterdam, which is the Netherlands most important destination, several cities are displaying stronger growth in the number of overnight stays than the national average. In Utrecht (+34.2%), Maastricht (+20.7%), and The Hague (+12.7%) in particular, significantly more overnight stays were booked in the first half of 2017 than in the same period a year before. Supply is lagging behind demand: at the start of 2017, the Netherlands had nearly 3,300 hotels with a total of over 120,000 rooms. This number continues to grow steadily. It is striking that the number of hotel rooms is growing at a slower pace than the number of overnight stays. Although hoteliers are seeing occupancy rates and room rates rising as a result, this is not benefiting tourism: a shortage is looming and in the event of a lack of availability, tourists will choose alternative destinations. Schiphol is the market to watch : the Schiphol hotel market is currently experiencing strong growth and this development is expected to continue. RevPAR grew by over 15% in the first 9 months of 2017 compared to the same period in 2016 and Colliers expects that 2017 will be another record year for the region. The growth in the number of passenger movements at the airport underlines this expectation. However, limits have been imposed on the further growth of the airport, forcing airlines to switch flights to other airports, such as Lelystad, Rotterdam and Eindhoven. This will undoubtedly also have an impact on the hotels in the Schiphol region. HOTEL INVESTMENT MARKET The Dutch hospitality sector is in line for a top year: in the first 10 months of 2017, a total of over 1 billion in hotel real estate changed hands. This is a record amount and unprecedented in the Netherlands. In this period, the transaction price per room was nearly 225,000 per room according to Colliers figures a rise of nearly 70% compared to the whole of Trophy assets and portfolios are popular: 2017 has been characterized by transactions of larger trophy assets and the sale of portfolios. In Amsterdam, multiple transactions have taken place involving large hotels, such as the DoubleTree by Hilton CS, W Amsterdam, and nhow Amsterdam RAI. A number of portfolios also changed hands, causing a leap in transaction volumes. For instance, Princess Hotels were acquired by Fletcher Hotels and the Dutch Bilderberg Hotels are now part of the Asian First Sponsor Group. It is expected that in the last quarter of 2017 two or three major hotel transactions will be announced in Amsterdam. It is also expected that in Amsterdam Noord there will be some (large) transactions, as many new hotels are being developed in the area and it is becoming increasingly popular among travellers. Yields fall to historic low: in line with this record volume, Colliers is also seeing yields falling further. In Amsterdam, yields below 4% have now been observed (on the basis of long-term rental contracts). Yields are also falling outside the capital to below 6.5%.

3 35 NUMBER OF OVERNIGHT STAYS (ORIGIN) NUMBER OF OVERNIGHT STAYS AMSTERDAM (ORIGIN) AVAILABILITY HOTELS AMSTERDAM AVAILABILITY HOTELS THE NETHERLANDS INVESTMENT VOLUME (EUR) HOTELS TRANSACTION PRICE PER ROOM INITIAL YIELDS HOTELS AMSTERDAM INITIAL YIELDS HOTELS OUTSIDE AMSTERDAM

4 36 WHAT DOES THE HOTELS FREEZE MEAN IN REALITY? As of 1 January 2017, the Municipality of Amsterdam has implemented a new overnight stays policy that limits the addition of new hotels to the existing market. In view of the strong growth in both the number of travellers in the capital and the number of available hotel rooms, the municipality has introduced this policy with the aim of reining in growth. There are already 60 new hotels scheduled to open in the next few years. The new overnight stays policy, also known as the hotels freeze, does not affect these projects, which have already been announced (and approved), and will only apply to new projects. The policy means that new developments in Amsterdam will not receive approval, regardless of their size, concept, or other characteristics. As a result, aside from the approximately 60 hotels already planned, no other hotels may be added to the market. This applies to the entire city, except at certain locations specified by the municipality where an opt-in policy is in operation. These locations are marked below. There, hotel developments will only be permitted if the concept makes an demonstrable and exceptional contribution to both the innovative supply of overnight accommodation and a particular aspect of the social, cultural, or economic climate. The municipal authority has drawn up strict criteria to test whether hotel developments meet this requirement. NO, UNLESS - POLICY

5 37 WHAT DOES THE HOTELS FREEZE MEAN FOR THE HOTEL SECTOR IN THE NETHERLANDS? Given the increase in the amount of global travel, the number of tourists in Amsterdam is also increasing. The hotel sector is benefiting from this development and is seeing its profits rise, which is also having an impact on the investment climate in Amsterdam. In light of this, the demand from hotel investors is increasing and project developers often regard a hotel function as added value for the building they are developing. The new hotels policy severely restricts the scope for developing new hotels. For this reason, investors are focusing on the acquisition of existing hotels in an attempt to establish a position in this popular market, as a means of getting around the policy. As a result, the prices of hotel real estate in the city are rising and initial yields are falling sharply. Colliers sees investors from new markets in Asia and other areas of the world entering the playing field and expects the prices of hotels to rise further. As a result of the limited supply and rising prices in Amsterdam, investors are switching to different locations in the Netherlands, with cities such as Rotterdam and The Hague currently attracting increased interest from these investors and developers. More and more travellers are also choosing to visit such alternative destinations in order to avoid the congested capital and see something new. This is contributing to profits for hotels in those cities, making it even more attractive for investors to shift their focus to these other locations. Because international investors in particular have experience with different concepts and brands, they bring this experience with them, and more and more new branding concepts are entering the market outside Amsterdam. Although the hotels freeze in Amsterdam is causing many restrictions for developers and investors, it is equally attracting the attention of opportunistic investors in the rest of the Netherlands. Cities which were previously regarded as secondary are becoming ever more important and are offering an increasingly diverse and more international hotel product. This is therefore a good development for the Dutch hotel sector, which is partly down to the Municipality of Amsterdam s policy on new hotels. INVESTORS FOCUS ON OTHER LARGE CITIES LIKE ROTTERDAM AND THE HAGUE. TEN LARGEST HOTEL DEVELOPMENTS IN AMSTERDAM HOTEL NUMBER OF ROOMS OPENING 1 NHOW Amsterdam RAI Congreshotel Maritim Hotel Leonardo Amstel Hotel VEN - Park Inn by Radisson Holiday Inn Express Motorkade Twin towers Zuidas Hotel Amstelkwartier Inntel Hotels Landmark Oostenburg Hotel Amsterdam North Hotel Kauwgomballenfabriek

6 SERVICES Joost Mees Partner Director Hotels Benelux Dirk Bakker Chief Executive Officer Netherlands Martijn Turenhout Head of Hospitality & International Valuation Marieke Dessauvagie Consultant , Amsterdam 2017 Except for the exceptions stipulated in or pursuant to Dutch copyright law, none of the contents of this publication may be reproduced by way of printing, photocopies, automated data files, the internet or in any manner whatsoever without the prior written consent of Nederland. The authors have made every effort to ensure that the publication is as reliable as possible. Nevertheless, they cannot accept any liability for any inaccuracies that may appear in it.

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