Benchmark. Middle East hotel benchmark survey report
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1 Benchmark Middle East hotel benchmark survey report May 215 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
2 Yousef Wahbah Partner and Head of MENA Transaction Real Estate, Ernst & Young Middle East, UAE EY Middle East hotel benchmark survey We hope you enjoy the May 215 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. The 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 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 in 15 countries and is part of the global EY organization with more than 19, people in 15 countries. Page 3: May 215 key performance highlights Page 4: We have highlighted the largest variance on a per-month basis for the various markets over the last12-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 12 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 dollars Page 8: Year-to-date performance of various markets compared to the previous year. In local currency Page 9: Year-to-date performance of various markets compared to the previous year. In US dollars 2 Benchmark May 215
3 May 215 Key Performance Highlights Hospitality markets in Madina, Kuwait and Cairo witnessed a positive increase in May 215 In May 215, Madina s hospitality market has witnessed a double digit increase in RevPAR of 22.6% when compared to the same period last year. This is mainly due to the start of the month of Rajab one of the sacred months of Islam, where many of the Muslims are accustomed to perform Umrah, fast and start to prepare themselves for the Holy month of Ramadan. Kuwait s hospitality market witnessed a jump in average occupancy of 4.% when compared to May 214, coupled with an increase in ADR from US$271 in May 214 to US$324 in May 215, resulting a rise in RevPAR of 29.7% during the same period last year. The increase in occupancy was attributed to the Kuwait Travel Market Expo one of the region s leading travel and tourism networking seminars. Cairo s hospitality market has continued a positive trend month over month, with average occupancy increasing by 28.% when compared to the same period last year, which resulted in a triple digit increase in RevPAR by 143.% from US$27 in May 214 to US$65 in May 215. This may be ascribed to the Pharaons International Cross Country Rally which attracts competitors from all parts of the world. Dubai hospitality market sees an increase in occupancy when compared to May 214 The hospitality market in Dubai has witnessed an increase in occupancy from 81.4% in May 214 to 85.2% in May 215, this may be attributed to the Arabian Hotel Investment Conference, proven to be the Middle East s annual meeting place for the region s most senior hotel investors, developers, operators and advisors. However, RevPAR dropped from US$28 in May 214 to US$194 in May 215, which was mainly due to the drop in ADR by 11.% in May 215 when compared to the same period last year. Abu Dhabi s hospitality market witnessed a decrease in RevPAR performance in May 215 Abu Dhabi s hospitality market witnessed a decrease in RevPAR of 11.4% in May 215 when compared to the same period last year, this was mainly due to ADR dropping from US$141 in May 214 to US$127 in May 215. Manama and Jeddah s hospitality market performance dropped when compared to the same period last year Manama s hospitality market witnessed a decrease in RevPAR of 1.9% in May 215 when compared to May 214, this was mainly due to ADR dropping from US$233 in May 214 to US$212 in May 215, coupled by a slump in average occupancy of 1.% in May 215 when compared to the same time last year. In May 215, Jeddah s hospitality market witnessed a decrease in occupancy by 5.% when compared to the same period last year. ADR dropped from US$279 in May 214 to US$268 in May 215, which resulted in a drop in RevPAR from US$218 in May 214 to US$198 in May 215, this may be endorsed from vacationing Saudis ensued ahead of Ramadan. Benchmark 3
4 Markets with the largest variance on % Occupancy for Riyadh Hotels 9 Occupancy % May 214 May 215 Occupancy % Average Room Rate for Manama (US$) Average room rate May 214 May Average room rate 15 5 RevPAR in Beirut (US$) 14 Room yield May 214 May 215 Room yield Benchmark May 215
5 Dubai overall monthly performance % Occupancy for Dubai Overall hotels Occupancy % May 214 May 215 Occupancy % Average room rate for Dubai Overall hotels (US$) Average room rate May 214 May Average room rate RevPAR in Dubai Overall hotels (US$) 3 25 Room yield May 214 May Room yield Benchmark 5
6 Selected markets monthly performance (local currency) EY Middle East hotel benchmark survey Monthly performance: May 215 Currency: local Occupancy Average room rate Rooms yield Currency 215% 214% Change in % points Change Change Bahrain Manama BHD % % Egypt Cairo City EGP % % Jordan Amman JOD % % Kuwait Kuwait KWD % % Lebanon Beirut LBP ,28 252,61 7.8% 168, , % Qatar Doha QAR % % Saudi Arabia Jeddah SAR ,5 1,45 3.8% % Madina SAR % % Riyadh SAR % % United Arab Emirates Abu Dhabi AED % % Dubai Beach AED ,325 1,457 9.% 1,112 1, % Dubai City AED % % Dubai Overall AED % % Notes Figures may not add up due to rounding. Cairo Overall includes Cairo City and Cairo Pyramid Hotels. Dubai Overall includes Dubai Beach, Dubai City and Dubai Apartment Hotels. Advisory Services group across the MENA region. It is intended for informational use only. The reader should consult his or her professional investment advisor, attorney or accountant before making any decision or taking any action based upon the information presented in this document. Benchmark data is provided by individual hotel companies. While we believe the data collected is reliable, we have not performed an audit or review of the information gathered and do not express an opinion or any form of assurance on the accuracy of such information. This report is also proprietary of EY and no part of this report, in whole or in part, may be reproduced or transmitted without written consent Benchmark May 215
7 Selected markets monthly performance (US dollars) EY Middle East hotel benchmark survey Monthly performance: May 215 Currency: US$ Occupancy Average room rate Rooms yield Currency 215% 214% Change in % points Change Change Bahrain Manama US$ % % Egypt Cairo City US$ % % Jordan Amman US$ % % Kuwait Kuwait US$ % % Lebanon Beirut US$ % % Qatar Doha US$ % % Saudi Arabia Jeddah US$ % % Madina US$ % % Riyadh US$ % % United Arab Emirates Abu Dhabi 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 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, we have not performed an audit or review of the information gathered and do 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 Benchmark 7
8 (local currency) EY Middle East hotel benchmark survey Occupancy Average room rate Rooms yield Currency 215% 214% Change in % points Change Change Bahrain Manama BHD % % Egypt Cairo City EGP % % Jordan Amman JOD % % Kuwait Kuwait KWD % % Lebanon Beirut LBP , ,38 6.4% 147,64 115, % Qatar Doha QAR % % Saudi Arabia Jeddah SAR % % Madina SAR % % Riyadh SAR % % United Arab Emirates Abu Dhabi AED % % Dubai Beach AED ,575 1, % 1,351 1,43 3.7% Dubai City AED % % Dubai Overall AED ,56 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. 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, we have not performed an audit or review of the information gathered and do 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 Benchmark May 215
9 (US dollars) EY Middle East hotel benchmark survey Occupancy Average room rate Rooms yield Currency 215% 214% Change in % points Change Change Bahrain Manama US$ % % Egypt Cairo City US$ % % Jordan Amman US$ % % Kuwait Kuwait US$ % % Lebanon Beirut US$ % % Qatar Doha US$ % % Saudi Arabia Jeddah US$ % % Madina US$ % % Riyadh US$ % % United Arab Emirates Abu Dhabi 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. 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 do 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 Benchmark 9
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 grown to over 5, people united across 2 offices and 15 countries, sharing the same values and an unwavering commitment to quality. As an organization, we continue to develop outstanding leaders who deliver exceptional services to our clients and who contribute to our communities. We are proud of our accomplishments over the years, reaffirming our position as the largest and most established professional services organization in the region. 215 EYGM Limited. All Rights Reserved. ED none 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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