Hotel Sector JAKARTA HOTEL. Hotel Supply. Colliers Quarterly Q October Forecast at a glance. Star-rated Hotel

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1 Colliers Quarterly Q3 3 October JAKARTA HOTEL Accelerating success Hotel Sector Ferry Salanto Senior Associate Director Research Hotel occupancy performance in the third quarter of the year was the best for the last three years for the same period. Thus far, the number of additional hotel rooms was quite limited at least until Q3, but would probably inflate at the end of the year, albeit still lower than last year s figure. The ADR has stabilised and is still in the same line with the previous trend, only that it has not exceeded the figures over the last three years. Forecast at a glance Demand Demand continues to be dominated by corporate guests for business purposes, which will maintain higher occupancy on weekdays. As will be recognised as a political year, demand for hotel rooms will be propelled by increasing activities from political parties for internal consolidation, as well as the big event the Asian Games, which will be held in Jakarta and Palembang. Supply Jakarta is expecting 1,767 additional new rooms up to the end of. The supply was still dominated by four-star hotels (three hotels) with 983 rooms, followed by three-star hotels (four hotels) with 534 rooms and five-star hotels (one hotel) with 250 rooms. Occupancy Rate/AOR The level of hotel room absorption in Jakarta is fairly low at 56.5% year-to-date. Both intense political activities and the Asian Games next year might help fuel demand for hotel rooms. However, given a significant hotel room supply projection next year, occupancy might still hover at around the current figure. Hotel Supply Star-rated Hotel In general, the number of new hotel supplies in Jakarta for the entire is quite limited. Jakarta only saw one new four-star hotel (Verse Luxe Wahid Hasyim) coming to the market in Q3. Up to the end of Q3, the total room supply registered at 39,430, consisting of 11,250 three-star hotel rooms, 15,337 four-star hotel rooms and 12,843 five-star hotel rooms. The total supply for is 70% lower than last year s figure, with only 462 rooms. Cumulative Supply of Star-rated Hotel Projects in Jakarta YTD 3-star 4-star 5-star F F 2019F Rent/ADR The year-to-date ADR was recorded at USD We anticipate only small increment in the ADR for because corporate and group guests will push room rates down.

2 Cumulative Supply of Star-rated Hotel Rooms in Jakarta Top 5 Hotel Operator Based on Number of Projects 20,000 18,000 16,000 14,000 12,000 Accor Santika Hotel & Resorts 10,000 8,000 6,000 4,000 2,000 Archipelago International Tauzia Management YTD F F 2019F Marriott International 3-star 4-star 5-star Top 5 Hotel Operator Based on Number of Rooms Accor Archipelago Santika Hotel & Resorts Marriott International Tauzia Management 0 2,000 4,000 6,000 8,000 2 Colliers Quarterly 3 October Jakarta Hotel Colliers International

3 Newly Operating Hotels in Jakarta During STR CHAIN SCALE RATE LOCATION REGION # ROOM OPENING Yello Hotel Manggarai 3-star Undefined Jl Minangkabau South Jakarta 102 Q1 Total 3-star hotel rooms 102 Verse Luxe Wahid Hasyim 4-star Undefined Jl Wahid Hasyim Central Jakarta 120 Q3 Total 4-star hotel rooms 120 Harris Vertu Hotel Harmoni 5-star Upscale Hayam Wuruk Central Jakarta 240 Q1 Total 4-star hotel rooms 240 Total rooms 462 Rebranded Hotels in Jakarta During Ayana Midplaza Jakarta PREVIOUS NAME Intercontinental Jakarta Midplaza STARrated STARrated YEAR OF OPERATION LOCATION 5-star 1998 Jl Jend. Sudirman Kav REGION CBD 366 NUMBER OF ROOMS New Pipeline STARratED STR CHAIN SCALE RATE LOCATION REGION ROOMS project status Harper TB Simatupang 3-star Undefined TB Simatupang South Jakarta 180 Under Des Indes Boutique Hotel by Preference Tauzia 3-star Undefined HOS Cokroaminoto Ibis Styles TB Simatupang 3-star Upper Midscale Dalton Jakarta Hotel 3-star Undefined Otto Iskandar Dinata Central Jakarta 97 Under TB Simatupang South Jakarta 110 Under East Jakarta 147 Under Hotel Pasar Senen 3-star Undefined Pasar Senen Central Jakarta 200 Under Whiz Prime Hayam Wuruk 3-star Undefined Hayam Wuruk Central Jakarta 130 Under Planning Hotel by Graha Gatsu Lestari 3-star Undefined Jl Gatot Subroto South Jakarta 100 Under Total 3-star hotel rooms 964 projected completion Aston Titanium Cijantung 4-star Upscale Swiss-Belhotel Kirana Avenue - Kelapa Gading Holiday Inn Hotel & Resorts Jakarta Gajah Mada 4-star 4-star Upscale Upper Midscale Mercure PIK Avenue 4-star Upscale Novotel Cikini 4-star Upscale aloft Wahid Hasyim 4-star Upscale Cijantung East Jakarta 225 Under Kelapa Gading North Jakarta 316 Under Gajah Mada Central Jakarta 442 Under Pantai Indah Kapuk North Jakarta 220 Under Cikini Central Jakarta 274 Under Wahid Hasyim Central Jakarta 180 Under Q1 continued 3 Colliers Quarterly 3 October Jakarta Hotel Colliers International

4 New Pipeline STARratED STR CHAIN SCALE RATE aloft Jakarta Simatupang 4-star Upscale Hilton Doubletree Hotel 4-star Upper Upscale LOCATION REGION ROOMS project status TB Simatupang South Jakarta 180 Under Jl Raya Adicipta Kavling 8 West Jakarta 200 Under planning aloft Jakarta Simatupang 4-star Upscale TB Simatupang South Jakarta 180 Under Total 4-star hotel rooms 1,837 projected completion continuation Q Q Alila - SCBD lot 11 5-star Luxury SCBD CBD 250 Under Park Hyatt Hotel 5-star Luxury Kebon Sirih Central Jakarta 150 Under InterContinental Jakarta Pondok Indah Hotel & Residences 5-star Luxury Pondok Indah South Jakarta 300 Under Regent 5-star Luxury Gatot Subroto CBD 160 Under St Regis 5-star Luxury HR Rasuna Said CBD 280 Under The Langham District 28 SCBD 5-star Luxury SCBD CBD 200 Under Q1 Q Waldorf Astoria 5-star Luxury Thamrin CBD 181 Under 2020 Rosewood Jakarta 5-star Luxury Satrio CBD 200 Design 2020 Total 5-star hotel rooms 1,721 Total rooms 4,522, STR 2019 Budget Hotel Since the operation of Amaris hotel in Mampang, South Jakarta with 90 rooms in early, the number of budget hotels has been stagnant at 5,916 rooms, from the operation of 50 hotel projects. However, there is a possibility to see additional hotel rooms at the remainder of should the completion time is set as scheduled. There will be three new economy class hotel projects in Q4, totalling 260 rooms in Jakarta. Cumulative Supply of Budget Hotel Projects in Jakarta 7,000 6,000 5,000 4,000 3,000 2,000 1, YTD F F 2019F 4 Colliers Quarterly 3 October Jakarta Hotel Colliers International

5 Budget Hotel Development Pipelines Cordela Norwood Menteng STR CHAIN SCALE RATE Not define yet LOCATION Jl Teuku Cik Ditiro II No 3 REGION NO. OF ROOMS PROJECT STATUS PROJECTED COMPLETION Central Jakarta 40 Under Q4 Max One Hayam Wuruk Not define yet Jl Hayam Wuruk Central Jakarta 120 Under Q4 NEO Kalideres Midscale Jl Peta Barat No. 1, East Jakarta 100 Under Q4 Kalideres Total rooms 322, STR Hotel Demand Business activity is the major driver for the hotel market in Jakarta, either from a private corporation or government market. As a matter of fact, several hotels still rely on the government market. The presence of the government helps boost overall hotel performance, especially in generating income from MICE activities. The requirement for MICE facilities for the government market is quite specific and not every hotel is able to accommodate. This market generally demands a room with a capacity of 50 to 60 pax for a meeting. Besides that, this market is typically in budget constraint, which is in line with a Presidential Instruction for government institutions to cut or save budget when holding outside office activities. Back in 2014, the government issued a circular from the Ministry of Administrative and Bureaucratic Reform Republic of Indonesia (number 11/2014) about limiting the number of meetings and activities outside the office, followed by the issued Presidential Instruction (2/2015) on measures to save and utilise budget travel expenses and meetings/ consignment of ministry/institution in order to execute the budget and state expenditure budget year 2015, which recommends the ministry and/or state institutions to limit their number of meetings and activities outside the office. This regulation directly impacts the hotel business, particularly in the big cities where guests mainly come from the government market. Occupancy rate plummeted and thus led to price correction as well. To overcome this situation, the government revised the regulation and issued another ministerial regulation (6/2015) on the guidelines for limiting the number of meetings and activities outside the office, in the framework of efficiency improvement and working effectiveness. However, the impact on the market was still limited, reflected from the occupancy figures in the big cities such as Jakarta and Surabaya, which has not shown better progress as experienced prior to The government effort to cut spending and save state budget will continue with the new Presidential Instruction (4/) on the efficiency of goods expenditures of ministries/agencies in the implementation of state budget (APBN) for Fiscal Year. This is not good news for the hotel industry as government s spending on hotel accommodation will be reduced as well. Several ministries and state institutions have already informed their hotel partners that next year there will be reduction or even cancellation of future events. Other than that, the latest regulation will be the benchmark budget ceiling limit for next year. Performance Monthly Average Occupancy Rate (AOR) Based on Area 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Jakarta CBD Outside CBD After Eid al-fitr, business was back to normal as reflected in the hotel occupancy performance. From June to August, occupancy rose by 18.7% to reach 62.4%, the highest so far for the whole year. Occupancy performance for the rest of will likely to follow the general trend over the past three years, which will stabilise until November and will only drop approaching the year end. Aug-17 5 Colliers Quarterly 3 October Jakarta Hotel Colliers International

6 Monthly Average Occupancy Rate (AOR) Jakarta Hotel Market 100% 90% 80% 70% 60% 50% 40% 30% Monthly Average Daily Rate (ADR) Jakarta Hotel Market USD USD USD USD80.00 USD60.00 USD % 10% USD % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec USD0.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Monthly Average Daily Rate (ADR) Based on Area USD USD USD USD80.00 USD60.00 USD40.00 will provide hope for the hotel market particularly in Jakarta and Palembang, as the next Asian Games will be held in both cities. Jakarta and Palembang are progressing with infrastructure works, particularly the of LRT, roads and even the Jakarta MRT, which is underway. The infrastructure works, however, could negatively impact the surrounding hotels. For example, several transportation infrastructures are underway in the TB Simatupang and Pondok Indah areas creating horrendous traffic problems. Hotels in those areas are somewhat affected, but the projects under should provide a better situation for the business in those areas. USD20.00 USD0.00 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Jakarta CBD Outside CBD The month-on-month ADR figures in Jakarta has been relatively stable. However, the overall market is considered low, compared to the previous past years performances. Amidst tight competition, hoteliers tend to maintain their current room rates in order to offer an attractive package. 6 Colliers Quarterly 3 October Jakarta Hotel Colliers International

7 For more information: Ferry Salanto Senior Asociate Director Research Contributors: Nurul Soraya Senior Research Executive Research Copyright Colliers International. 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. Accelerating success

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