Benchmark. Middle East Hotel Benchmark Survey Report October 2013

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1 Benchmark Middle East Hotel Benchmark Survey Report October 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 October 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: October 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 October 213 Key Performance Highlights The hospitality market in Egypt continues to under perform into the final quarter of the year due to the continued political unrest in the country In October 213, the overall hospitality market in Egypt has seen sharp declines in RevPAR. Cairo city s RevPAR decreased by 71.8% in October 213 compared to the same period last year. Average occupancy in the city dropped from 47% in October 212 to 16% in October 213, coupled by a decrease in ADR of 18.8% during the same period. Hurghada and Sharm El Shaikh hospitality market has recorded a drop in RevPAR of approximately 51.% and 43.3% respectively, mainly due to a significant slowdown in visitors. Occupancy in Hurghada has declined from 81% in October 212 to 45% in October 213 and Sharm El Shaikh s occupancy dived by approximately 27% during the same period. It should be noted, Hurghada has recorded an increase in RevPAR of 7.2% year to date when compared to the same period last year. Kuwait and Saudi Arabia s hospitality markets have registered a decline in RevPAR in October 213 compared to October 212 In October 213, Kuwait s RevPAR decreased by 44.1% as compared to October 212 figures, this was mainly due to low occupancy rates in October 213 which averaged 44% compared to 64% in October 212, coupled by a drop in ADR from US$362 to US$289 during the same period. Based on our research, approximately 753 new room (mix of 5 and 4 star hotels) have come online in Q2 and Q3 of 213, due to the supply increased of high end hotel rooms, average occupancy and ADR has dropped compared to the previous year. Saudi Arabia witness a slight decline in RevPAR in October 213, with the holy city of Makkah registering the biggest drop of 25.8% as compared to the same period last year. This was due to the fact that the Kingdom has declared 7 September 213 as the first day Pilgrims can arrive in the country and Eid Al Adha being celebrated on 15 October 213. While in 212, Pilgrims first day of arrival was 27 September 212 with Eid Al Adha being celebrated on 25 October 212. UAE s hospitality market witness positive RevPAR growth in October 213 Dubai s overall average occupancy decreased by approximately 3.2% in October 213 compared to October 212, however, ADR increased by 7.%, resulting in a healthy increase in RevPAR of approximately 3.1%. In October 213, Dubai s hospitality market performance improved month over month, with ADR increasing from US$221 in September 213 to US$33 in October 213, which was also coupled with an increase in average occupancy of 8% during the same period. Abu Dhabi witnessed an increase in ADR in October 213, from US$229 to US$248 year on year, resulting in RevPAR growth of 1.7% during the same period. Al Ain recorded a healthy increase in RevPAR of 33.8% in October 213, due to an increase in average occupancy of 6.% when compared to the same period last year, which was coupled with a jump in ADR from US$146 in October 212 to US$181 in October 213.

4 Markets with the largest variance on a per month basis % Occupancy for Hurghada Hotels Occupancy % Occupancy % Average Room Rate for Kuwait (US$) Average room rate Average room rate Rev PAR in Cairo City (US$) Room yield Room yield

5 Dubai overall monthly performance % Occupancy for Dubai Overall Hotels Occupancy % Occupancy % Average room rate for Dubai Overall hotels (US$) Average room rate Average room rate Rev PAR in Dubai Overall hotels (US$) 35 Room yield Room Yield

6 Various markets monthly performance (Local currency) EY Middle East Hotel Benchmark Survey Monthly performance: 1/213 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 ,218 28, % 128,89 111, % Oman Muscat OMR % % Qatar Doha QAR % % Saudi Arabia Jeddah SAR ,9 1,31-2.1% % Madina SAR ,562 1, % 1,116 1, % Makkah SAR ,961 2, % 1,364 1, % Riyadh SAR % % United Arab Emirates Abu Dhabi AED % % Al Ain AED % % Dubai Beach AED ,771 1, % 1,393 1, % Dubai City AED % % Dubai Overall AED ,211 1,131 7.% 1, % 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: 1/213 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 October) 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 ,323 39, % 131,31 174, % Oman Muscat OMR % % Qatar Doha QAR % % Saudi Arabia Jeddah SAR , % % Madina SAR % % Makkah SAR ,195 1, % % Riyadh SAR % % United Arab Emirates Abu Dhabi AED % % Al Ain AED % % Dubai Beach AED ,342 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 October) 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. We are the largest professional services provider in MENA, with 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 publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global EY organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor. ey.com/mena

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