Benchmark. Middle East Hotel Benchmark Survey Report August 2013
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1 Benchmark Middle East Hotel Benchmark Survey Report August 213 The hotel benchmark report provides a monthly performance overview of leading hotels in the Middle East. The hotel set includes international branded and operated properties across the 5 star and 4 star segment.
2 Introduction EY Middle East Hotel Benchmark Survey We hope you enjoy the August 213 report of the EY Middle East Hotel Benchmark Survey. Inside we cover occupancy and rate performance in key hotel markets across selected countries and cities in the Middle East on a monthly and Year-to-Date basis in local currencies and US dollars. This monthly Middle East Hotel Benchmark Survey is part of our services to the hospitality sector. EY Transaction Real Estate Advisory Services team headquartered in Dubai is the leading business advisory practice in the region. Our team consists of professionals from around the globe with extensive real estate, hospitality operations and advisory experience. We understand and offer a full scope of multidisciplinary services for developers, lenders, owners and operators. Our specialist services include acquisitions, capital sourcing, highest and best use analysis, due diligence, market and financial feasibility studies, management company selection/contract reviews, strategic business planning, repositioning analysis, operational enhancement/ diagnostics, valuations/appraisals and disposition, for every real estate industry segment such as hotel, residential, commercial, retail, restaurant, golf, marina, theme park and convention center. EY is the largest professional services firm in Middle East with 18 offices in 13 countries and part of the global EY network with over 167, people in 14 countries. Sincerely Yousef Wahbah Partner and Head of MENA Transaction Real Estate Page 3: August 213 key performance highlights. Page 4: We have highlighted the largest variance on a per month basis for the various markets over the last twelve month period in regards to occupancy, average room rate, and Rooms yield. Page 5: Dubai overall occupancy, average room rate and Rooms yield over the past twelve months. Page 6: Monthly performance of various markets compared to the previous year s monthly period in local currency. Page 7: Monthly performance of various markets compared to the previous year s monthly period in US dollar currency. Page 8: Year-to-Date performance of various markets compared to previous year period in local currency. Page 9: Year-to-Date performance of various markets compared to previous year period in US dollar currency.
3 August 213 Key performance highlights Amman and Beirut average occupancy rates were higher in August 213 than August 212, mainly due to the celebration of Eid Al Fitr in August this year In August 213, average occupancy in Amman was registered at 63.% compared to 42.% in August 212. Although ADR was slightly lower by 1.3% in the same period last year, RevPAR increased by an outstanding rate of 46.3%. Beirut s hospitality market has also recorded an increase in RevPAR during August this year, RevPAR increased from USD 69 in August 212 to USD 86 in August 213. This was due to an increase in average occupancy of approximately 12.% over the same period, from 35.% to 47.%. The hospitality market in both Kuwait and Muscat recorded an increase in RevPAR during August 213 of 38.4% and 37.1% respectively. Kuwait s occupancy rates increased by 9.% in August 213 compared to the same period last year, in addition, ADR jumped by 11.7% during the same period from USD 277 to USD 39. Muscat recorded a slight increase in average occupancy of 3.% when compared to the same period last year, which was coupled with a healthy increase in ADR from USD 166 in August 212 to USD 211 in August 213. Makkah and Madina s hospitality market witnessed a decline in August 213, which was due to the fact that Ramadan started on 8 July 213 compared to last year which commenced on 19 July 212 During the holy month of Ramadan, many Muslims from across the globe visit the holy cities of Makkah and Madina. However, each year the holy month is observed at a different date, this year Ramadan started on 8 July 213 and ended on 7 August 213, while in the previous year, Ramadan commenced on 19 July 212 and ended on 18 August 212. In August 213, Makkah s average occupancy rates declined by 22.% compared to the same period last year, the decrease was coupled with a drop in ADR from USD 723 to USD 613 during the same period, which resulted in RevPAR decrease of 39.5%. Madina also witnessed a decline of 22.% in average occupancy during the same period, coupled with a decrease in ADR from USD 468 to USD 3, resulting in a 48.1% decrease in RevPAR. Continuing the downward trend seen in July 213, Cairo s RevPAR plunged by 61.6% in August 213 compared to August 212 figures, which was mainly due to the decrease in average occupancy by 23.% from the previous year. UAE s hospitality market witness positive RevPAR growth in August 213 Dubai s overall average occupancy increased by approximately 7.8% in August 213 compared to August 212, with a further increase in ADR of 11.7%, resulting in a healthy increase in RevPAR of approximately 25.8%. This was due to tourist arrivals from the GGC visiting Dubai during Eid Al Fitr as well as the Dubai Summer Surprises festival. In August 213, Dubai s hospitality market performance improved month over month, with ADR increasing from USD 179 in July 213 to USD 213 in August 213, which was also coupled with an increase in average occupancy of 19% during the same period. Abu Dhabi witnessed an increase in ADR in August 213, from USD 128 to USD 145 year on year, resulting in RevPAR growth of 19.6% during the same period.
4 Markets with the largest variance on a per month basis % Occupancy for Amman Hotels Occupancy % Occupancy % Average Room Rate for Madina (US$) 468 Average room rate Average room rate Rev PAR in Kuwait Hotels (US$) Room yield Room yield
5 Dubai overall monthly performance % Occupancy for Dubai Overall hotels Room yield Occupancy % Average room rate for Dubai Overall hotels (US$) Average room rate Average room rate Rev PAR in Dubai Overall hotels (US$) 3 Room yield Occupancy %
6 Various markets monthly performance (Local currency) EY Middle East Hotel Benchmark Survey Monthly performance: 8/213 Currency: Local Occupancy Average room rate Rooms yield Currency 213% 212% Change in % points Change Change Bahrain Manama BHD % % Egypt Cairo City EGP % % Cairo Overall EGP % % Hurghada EGP % % Sharm El Shaikh EGP % % Jordan Amman JOD % % Kuwait Kuwait KWD % % Lebanon Beirut LBP , ,21-8.5% 13,339 15,72 24.% Oman Muscat OMR % % Qatar Doha QAR % % Saudi Arabia Jeddah SAR ,19 1,79 2.8% % Madina SAR ,312 1, % 642 1, % Makkah SAR ,297 2, % 1,263 2, % Riyadh SAR % % United Arab Emirates Abu Dhabi AED % % Al Ain AED % % Dubai Beach AED % % Dubai City AED % % Dubai Overall AED % % Notes Figures may not add up due to rounding. Cairo Overall includes: Cairo City and Cairo Pyramid Hotels. Dubai Overall Includes: Dubai Beach, Dubai City and Dubai Apartment Hotels The Middle East Hotel Benchmark Survey was developed and is maintained by EY s Dubai office under the direction of Yousef Wahbah who leads the Transaction Real Estate Advisory Services Group across the MENA region. It is intended for informational use only. The reader should consult his or her professional investment advisor, attorney, or accountant before making any decision or taking any action based upon the information presented in this document. Benchmark data is provided by individual hotel companies. While we believe the data collected is reliable, EY has not performed an audit or review of the information gathered and does not express an opinion or any form of assurance on the accuracy of such information. This report is also proprietary of EY and no part of this report, in whole or in part, may be reproduced or transmitted without written consent of EY. All requests to reproduce this information must be addressed to yousef.wahbah@ae.ey.com. For information regarding the Hotel Benchmark, contact the Dubai office of EY at
7 Various markets monthly performance (US dollar) EY Middle East Hotel Benchmark Survey Monthly performance: 8/213 Currency: US$ Occupancy Average room rate Rooms yield Currency 213% 212% Change in % points Change Change Bahrain Manama US$ % % Egypt Cairo City US$ % % Cairo Overall US$ % % Hurghada US$ % % Sharm El Shaikh US$ % % Jordan Amman US$ % % Kuwait Kuwait US$ % % Lebanon Beirut US$ % % Oman Muscat US$ % % Qatar Doha US$ % % Saudi Arabia Jeddah US$ % % Madina US$ % % Makkah US$ % % Riyadh US$ % % United Arab Emirates Abu Dhabi US$ % % Al Ain US$ % % Dubai Beach US$ % % Dubai City US$ % % Dubai Overall US$ % % Notes Figures may not add up due to rounding. Cairo Overall includes: Cairo City and Cairo Pyramid Hotels. Dubai Overall Includes: Dubai Beach, Dubai City and Dubai Apartment Hotels The Middle East Hotel Benchmark Survey was developed and is maintained by EY s Dubai office under the direction of Yousef Wahbah who leads the Transaction Real Estate Advisory Services Group across the MENA region. It is intended for informational use only. The reader should consult his or her professional investment advisor, attorney, or accountant before making any decision or taking any action based upon the information presented in this document. Benchmark data is provided by individual hotel companies. While we believe the data collected is reliable, EY has not performed an audit or review of the information gathered and does not express an opinion or any form of assurance on the accuracy of such information. This report is also proprietary of EY and no part of this report, in whole or in part, may be reproduced or transmitted without written consent of EY. All requests to reproduce this information must be addressed to yousef.wahbah@ae.ey.com. For information regarding the Hotel Benchmark, contact the Dubai office of EY at
8 Various markets Year-to-Date performance (Local currency) EY Middle East Hotel Benchmark Survey Year over Year performance (January August) Currency: Local Occupancy Average room rate Rooms yield Currency 213% 212% Change in % points Change Change Bahrain Manama BHD % % Egypt Cairo City EGP % % Cairo Overall EGP % % Hurghada EGP % % Sharm El Shaikh EGP % % Jordan Amman JOD % % Kuwait Kuwait KWD % % Lebanon Beirut LBP , , % 137, , % Oman Muscat OMR % % Qatar Doha QAR % % Saudi Arabia Jeddah SAR , % % Madina SAR % % Makkah SAR ,139 1,81 5.4% % Riyadh SAR % % United Arab Emirates Abu Dhabi AED % % Al Ain AED % % Dubai Beach AED ,324 1, % 1, % Dubai City AED % % Dubai Overall AED % % Notes Figures may not add up due to rounding. Cairo Overall includes: Cairo City and Cairo Pyramid Hotels. Dubai Overall Includes: Dubai Beach, Dubai City and Dubai Apartment Hotels The Middle East Hotel Benchmark Survey was developed and is maintained by EY s Dubai office under the direction of Yousef Wahbah who leads the Transaction Real Estate Advisory Services Group across the MENA region. It is intended for informational use only. The reader should consult his or her professional investment advisor, attorney, or accountant before making any decision or taking any action based upon the information presented in this document. Benchmark data is provided by individual hotel companies. While we believe the data collected is reliable, EY has not performed an audit or review of the information gathered and does not express an opinion or any form of assurance on the accuracy of such information. This report is also proprietary of EY and no part of this report, in whole or in part, may be reproduced or transmitted without written consent of EY. All requests to reproduce this information must be addressed to yousef.wahbah@ae.ey.com. For information regarding the Hotel Benchmark, contact the Dubai office of EY at
9 Various markets Year-to-Date performance (US dollar) EY Middle East Hotel Benchmark Survey Year over Year performance (January August) Currency: US$ Occupancy Average room rate Rooms yield Currency 213% 212% Change in % points Change Change Bahrain Manama US$ % % Egypt Cairo City US$ % % Cairo Overall US$ % % Hurghada US$ % % Sharm El Shaikh US$ % % Jordan Amman US$ % % Kuwait Kuwait US$ % % Lebanon Beirut US$ % % Oman Muscat US$ % % Qatar Doha US$ % % Saudi Arabia Jeddah US$ % % Madina US$ % % Makkah US$ % % Riyadh US$ % % United Arab Emirates Abu Dhabi US$ % % Al Ain US$ % % Dubai Beach US$ % % Dubai City US$ % % Dubai Overall US$ % % Notes Figures may not add up due to rounding. Cairo Overall includes: Cairo City and Cairo Pyramid Hotels. Dubai Overall Includes: Dubai Beach, Dubai City and Dubai Apartment Hotels The Middle East Hotel Benchmark Survey was developed and is maintained by EY s Dubai office under the direction of Yousef Wahbah who leads the Transaction Real Estate Advisory Services Group across the MENA region. It is intended for informational use only. The reader should consult his or her professional investment advisor, attorney, or accountant before making any decision or taking any action based upon the information presented in this document. Benchmark data is provided by individual hotel companies. While we believe the data collected is reliable, EY has not performed an audit or review of the information gathered and does not express an opinion or any form of assurance on the accuracy of such information. This report is also proprietary of EY and no part of this report, in whole or in part, may be reproduced or transmitted without written consent of EY. All requests to reproduce this information must be addressed to yousef.wahbah@ae.ey.com. For information regarding the Hotel Benchmark, contact the Dubai office of EY at
10 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. The MENA practice of EY has been operating in the region since For over 9 years, we have evolved to meet the legal and commercial developments of the region. Across MENA, we have over 5, people united across 18 offices and 13 Arab countries, sharing the same values and an unwavering commitment to quality. 213 Ernst & Young. All Rights Reserved. ED 114 This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ey.com/mena
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