Quarterly Report Doha Hotels Q Doha Q Review. Hotel Market

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1 Quarterly Report Doha Hotels Q Doha Q Review Hotel Market

2 Doha SUPPLY Doha saw an influx of 538 hotel keys in Q The most recent openings included properties such as the Moevenpick Al Aziziyah and the Centro Capital Doha. Supply is expected to grow at a strong pace, with a large pipeline over the next few years. However, more than 20% of the announced forthcoming supply has already been delayed by one or more years, which leaves more time for the market to absorb the new supply. MARKET PERFORMANCE Due to a drop in oil prices, slowing economic activity and Ramadan, hotels experienced a decline in demand during the second quarter of The hotel market occupancy is forecasted to close 2016 at 64%, which is still relatively higher than the occupancy rate in some GCC cities who are also heavily reliant on the corporate segment. OUTLOOK Slowing economic activity is expected to shift demand for hospitality accommodation towards hotels offering more affordable room rates. On the other hand, the upcoming demand generators such as Lusail City and Msheireb Downtown are expected to increase the appeal of Doha as a leisure destination. The increase in leisure tourism will be gradual over time, and will result in a more diversified demand base, reducing the risk of being reliant on one major segment. PROJECTED HOTEL SUPPLY NO. OF KEYS 14,349 Source: Colliers International OCC ADR RevPAR 16,243 Source: STR Global, Colliers International KPIs YOY % CHANGE +15% +1% -13% -6% +4% +11% -11% -11% Occ 64% -7% US$ 182 Q Q Q Forecast FY 2016 WHAT TO EXPECT Leisure Demand Branded Economy & Midscale Hotels Delays in hotel openings 17,673 21,194 Leisure demand expected to increase with the growing number of leisure attractions. An increase in price-conscious corporate guests seeking easy access to the airport and West Bay. Delays in the delivery of hotel projects will have a positive impact on the competitive landscape of the market. 23,567 Q Q (f) 2017(f) 2018(f) 2 Doha Q Review Aug 2016 Hotels Colliers International

3 District in Focus: West Bay INTRODUCTION West Bay is currently represented by 4,178 hotel keys, predominantly 4 and 5-star hotels, serving mostly corporate and governmental clientele. SUPPLY The announced future hospitality supply is overwhelmingly 5-star with an expected average growth of 14% until 2018, with only one 4-star hotel announced. The high land cost makes it more challenging for investors to consider midscale hotels, hence no such projects are announced in West Bay. HOTEL PERFORMANCE Q saw a substantial drop in both occupancy and ADR resulting in a 19% decline in RevPAR. Corporate demand has decreased as a result of falling oil prices. In addition to the market slowdown, the holy month of Ramadan contributed to the decline in occupancy as well. Online Travel agents remain an important source of bookings for the leisure segment, despite impacting the profitability of the bookings. Demand from GCC families is typically seen during weekends as high-end hospitality offerings West Bay discount their room rates. OUTLOOK West Bay is expected to maintain its segment mix with the corporate market accounting for more than 75%. The online booking channels are expected to gain momentum as a result of the slowed growth in corporate demand. The announced future supply is expected to increase the number of fine dining and specialty restaurants within the district. With the current decline in RevPAR, hotels should focus on other sources of income such as F&B. If successfully implemented, F&B revenue can account for as much as room revenue, or even more in some cases. Having a more attractive F&B offering will also lead to a more appealing property, thus having the No. Keys No. Properties OCC ADR RevPAR CURRENT SUPPLY WEST BAY - HOTELS 28% Source: STR Global, Colliers International 4 WEST BAY KPIs YOY % CHANGE +18% Q Q % -7% -8% +12% +11% -12% Lifestyle Hotels 50% WHAT TO EXPECT 6-7% Occ 65% -8% US$205 Q Forecast FY % 0% 20% 40% 60% 80% 100% Source: Colliers International Luxury Upper Upscale Upscale Branded F&B Lifestyle hotels with a focus on offering unique dining experiences and a differentiated concept will stand out in a competitive market. Hotels that introduce new, branded and interesting F&B concepts will be able to compensate part of the drop in room revenue. 3 3 Doha Q Review August 2016 Hotels Colliers International

4 Score out of 100 Data for July 2016 The Guest Experience Index (GEI) are based on online guest reviews and represent a weighted score on a scale from 1 to 100. GUEST EXPERIENCE INDEX (GEI) - SCORE MAPPING - BY SUBMARKET Score out of 100 Doha GEI West Bay Lagoon 85 West Bay and Diplomatic Area 77 Doha Airport & City Centre GEI - BY TYPE OF PROPERTY RATING Business Couples Families 71 Hotel - 3 stars 79 Hotel - 4 stars 85 Hotel - 5 stars BY TYPE OF GUEST Rating out of Hotel Apartments GEI - TOP 10 BRANDS Rank Brand GEI 1 Four Seasons InterContinental W Hotel Crowne Plaza Kempinski Grand Heritage Wyndham Grand Marriott Melia Ritz-Carlton 85.7 District: West Bay & Diplomatic Area had the highest GEI rating (85) for the month of July. Type of Property: 5-star hotels achieved the highest GEI rating of 85, followed by 4-star hotels with 79. The lower score in the 3-star segment shows a lack of quality midscale hotels. Group purposes were the most satisfied, with a rating of out of 100, suggesting a lack of hotels that are properly set up for leisure tourism. 4 Doha Q Review Aug 2016 Hotels Colliers International

5 Colliers International Hotels Colliers International Hotels division is a global network of specialist consultants in hotel, resort, marina, golf, leisure an spa sectors, dedicated to providing strategic advisory services to owners, developers and government institutions to extract best values from projects and assets. The foundation of our service is the hands-on experience of our team combined with the intelligence and resources of global practice. Through effective management of the hospitality process, Colliers delivers tangible financial benefits to clients. With offices in Dubai, Abu Dhabi, Jeddah, Riyadh and Cairo, Colliers International Hotels combines global expertise with local market knowledge. SERVICES AT A GLANCE The team can advise throughout the key phases and lifecycle of projects Destination / Tourism / Resort / Brand Strategy Market and Financial Feasibility Study Development Consultancy & Highest and Best Use Analysis Operator Search, Selection and Contract Negotiation Pre-Opening Budget Analysis and Operational Business Plan Owner Representative / Asset Management / Lenders Asset Monitoring Site and Asset Investment Sale and Acquisition/Due Diligence RICS Valuations for Finance Purposes and IPOs Our hotels team in the MENA region: $9 39,200 8,880 billion keys Hotel keys investment value of valued under asset management projects advised 5 Doha Q Review Aug 2016 Hotels Colliers International

6 554 offices in 66 countries on 6 continents United States: 153 Canada: 34 Latin America: 24 Asia Pacific: 231 EMEA: 112 $2.5 billion in annual revenue 2 billion square feet under management For further information, please contact: Filippo Sona Director Head of Hotels MENA Region Main Mobile filippo.sona@colliers.com Peter Bibby Country Director Qatar Main Mobile peter.bibby@colliers.com Saahil Lalit Associate Director Hotels MENA Region Main Mobile saahil.lalit@colliers.com Colliers International MENA Region Dubai United Arab Emirates ,000 professionals and staff About Colliers International Colliers International is a leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the 11 consecutive years, more than any other real estate services firm. In MENA, Colliers International has provided leading advisory services through its regional offices located in Dubai, Abu Dhabi, Riyadh and Jeddah since The latest annual real estate survey by Euromoney Best Advisor Arabia. Colliers International, 2016 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. colliers.com

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