Quarterly Report Saudi Arabia Hotels Q Saudi Arabia Q Review 5 Key Cities 1 Hot Spot City
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1 Quarterly Report Saudi Arabia Hotels Q Saudi Arabia Q Review 5 Key Cities 1 Hot Spot City
2 Contents Riyadh... 3 Jeddah... 4 Makkah... 5 Madinah... 6 Greater Dammam... 7 Hot spot: Half Moon Bay, Al Khobar
3 Riyadh Performance & Demand With delays in hotel openings and continued growth in corporate demand, Riyadh's hotel RevPAR is expected to see a 2% increase by year end 2015 compared to Although Riyadh is a corporate destination, weekend occupancy has improved in the past decade due to growing demand from domestic families. Supply KPIs YOY % change Q Q Q OCC -1% +5% -2% ADR +1% -7% 0% RevPAR Source: STR Global, Colliers International Projected Hotel Supply No. of Keys Forecast FY % Occ 61% +1% SAR 889 Supply has remained fairly stable during Q2 2015, with only one new addition to the market, the 88 key Suite Novotel Riyadh Centre. Internationally branded hotel keys account for 55% of the market s total hotel supply, 57% of which are rated 5-star. Locally branded and unbranded supply, account for 9% and 36% of the market s hotel supply, respectively. Market Opportunities 15,150 11,572 8,812 6,380 6,729 Q Q FY 2015(f) FY 2016(f) FY 2017(f) Note: Includes 3,4 and 5-star quality supply Development Tips of the Quarter The lack of hospitality offerings on the road to the Holy city of Makkah presents the opportunity to develop branded highway motels which provide quality accommodation facilities. Furthermore, locally branded and unbranded establishments account for 98% of the market s total serviced apartment supply, highlighting the opportunity to develop quality branded serviced apartments within Al Olaya and Al Rawda districts. Internationally Branded Road Motels Branded Upscale Hotels to the East Internationally Branded Serviced Apartments On the road to Makkah city, catered to Umrah pilgrims traveling by car. Near International Convention & Exhibition Centre, catering to the growing MICE segment Develop branded Serviced Apartments catered to families and relocating business men 3
4 Jeddah Performance & Demand Jeddah s hotel market has seen a slight performance drop in Q Nonetheless, the full year RevPAR is forecasted to increase by 3% by year-end, due to continued delays in hotel openings. Since Jeddah is popular among leisure tourists, high occupancy levels are achieved even during summer months as well. Supply 2,000 KPIs YOY % change OCC ADR RevPAR Q % +16% 3,973 4,153 Q Q Projected Hotel Supply No. of Keys 10,000 Q has not witnessed any additional 8,000 supply, although more than 1,600 keys (60% of which are 5-star rated) are expected to 6,000 6,358 enter the market by year end ,764 4,000 However, it is likely that some hotel openings will be further delayed, which could result in a softer increase in supply than projected. +1% +9% Source: STR Global, Colliers International -3% -3% Forecast FY % Occ 76% +1% 8,941 SAR Q Q FY 2015(f) FY 2016(f) FY 2017(f) Note: Includes 3,4 and 5-star quality supply Market Opportunities High profile developments, such as Kingdom City, are expected to boost corporate and leisure demand north of Jeddah, making Obhur a more attractive destination. This indicates the opportunity to develop branded resorts in Obhur, catered to the growing leisure market. With the emerging dining trends in Jeddah, the city s corniche presents an opportunity to develop signature dining, featuring popular brands and trendy concepts. Development Tips of the Quarter Branded Serviced Apartments Branded Resorts in North Obhur Signature Restaurants Catered to corporate travellers and leisure families from the GCC Providing quality product offerings with international operating standards With trendy concepts, located on the corniche, complementing the area s vibrant nightlife 4
5 Makkah Performance & Demand The hotel market in Makkah has witnessed an improvement in performance during Q despite the low pilgrim visa quotas set in place. Moreover, the volume of religious demand is expected to further increase on completion of Masjid Al Haram s expansion. Supply KPIs YOY % change Q Q Q OCC -9% -2% +1% ADR +14% -2% +27% RevPAR Source: STR Global, Colliers International Projected Hotel Supply No. of Keys Forecast FY % Occ 65% +3% SAR 844 Internationally branded keys represent only 30% of Makkah s current supply, while locally branded and unbranded ones account for 27% and 43% respectively. Only one new hotel opened in Q2 2015, the 656 key Hyatt Regency. The majority of new supply is expected to enter the market in 2016 onwards, with more than half being 4-star. Market Opportunities 10,402 11,615 13,275 Development Tips of the Quarter 18,598 22,418 Q Q FY 2015(f) FY 2016(f) FY 2017(f) Note: Includes 3,4 and 5-star quality supply Large pilgrim groups currently experience chaotic processing upon arrival and departure from the hotel due to inadequate facilities capable of managing multiple groups at a time. Serviced apartments in Makkah are highly represented by unbranded establishments, accounting for 96% of the market s supply. This highlights the opportunity to develop branded serviced apartments catered to domestic families traveling for pilgrimage. Operationally Efficient Hotel Design Pilgrim Facilities Branded Serviced Apartments Capable of processing large pilgrim groups during check-in and check-out procedures Capable of providing a variety of services to the masses during the pilgrimage Catered to families traveling for pilgrimage. 5
6 Madinah Performance & Demand Restriction on pilgrim visa quotas have affected the tourism demand in Madinah, although Q has showed an increase in ADR due to Ramadan falling in the month of June. The upcoming Hajj season is expected to witness a further increase the volume of pilgrims in the city. Supply KPIs YOY % change Q Q Q OCC -8% +3% -4% ADR +11% -6% +19% RevPAR Source: STR Global, Colliers International Projected Hotel Supply No. of Keys Forecast FY % Occ 64% +6% SAR 575 As of Q2 2015, internationally branded hotel keys represents only 27% of the supply, while locally branded and unbranded keys account for 73% of the total supply. The continued growth of branded supply over the next 3 years is expected to improve the quality of hospitality offering, although growing at a slower pace compared to other cities within the Kingdom. Market Opportunities 8,164 8,414 7,324 6,032 6,240 Q Q FY 2015(f) FY 2016(f) FY 2017(f) Note: Includes 3,4 and 5-star internationally branded supply Development Tips of the Quarter Masjid Al Nabawi is the primary demand generator for Madinah; its expansion provides the opportunity to develop upscale hotels in primary areas. Knowledge Economic City and Pilgrim City are two mega developments which provide opportunities to develop hotels targeting price-sensitive travelers. Upscale Hotels Midmarket Hotels in Pilgrim City Budget Hotels Replacing the existing outdated supply within districts situated 3km from the Prophet s Mosque Targeting price sensitive travelers Near Al Haramain railway station and bus stations to cater to the local and domestic pilgrims 6
7 Khobar, Dammam & Dhahran Performance & Demand (Greater Dammam Hotel average rates are expected to drop by 7% by year-end 2015 owing to some oil and gas projects put on hold. KPIs YOY % change OCC Q % Q % Q % Forecast FY % Occ 67% The occurrence of Ramadan in June led to a decline in occupancy and ADR during Q compared to last year. ADR RevPAR +2% -1% -9% -7% SAR 663 Supply No additional supply has entered the market in Q Limited supply is expected to enter the market by year-end This is due to the completion delays of the forthcoming supply witnessed in the past. Source: STR Global, Colliers International Projected Hotel Supply No. of Keys 4,300 3,628 3,718 3,882 5,017 As of Q2 2015, 60% of the upcoming projects have already been delayed by one year or more. Market Opportunities Q Q FY 2015(f) FY 2016(f) FY 2017(f) Note: Includes 3,4 and 5-star internationally branded supply Development Tips of the Quarter The districts of North Khobar and Yarmok are well established hotel submarkets with high footfall and strong commercial presence. Upcoming developments such as Half Moon Bay, King Khalid Medical City and Dammam Business Oasis are expected to increase the share of regional visitors to Greater Dammam. Serviced apartments Business Hotels Branded serviced apartments In the upcoming King Khalid Medical City Potential to tap into the corporate demand induced by the upcoming Business Oasis in Dammam Would uplift the undeveloped serviced apartment market in Dammam/Dhahran 7
8 Hotspot: Half Moon Bay Half Moon Bay, located south of Al Khobar and Dhahran, is frequently visited by Saudi families during weekends and holidays. It is also a popular place to own a vacation home. Half Moon Bay currently holds several ongoing developments which are expected to increase its overall attractiveness as a weekend getaway destination. The hospitality supply in Half Moon Bay is currently dominated by locally branded upscale resorts. Half Moon Bay Demand Generators Half Moon Beach Dhahran Saudi Aramco Half Moon Beach Dana Bay Dana Bay Expansion Al Khobar Sunset Beach Resort KFUPM Beach Durrat Al Khobar Al Shola Tourist Village W N S E Future Developments Dana Bay Expansion is expected to include additional residential, hospitality and leisure components. Currently, this development hosts the Golden Tulip resort. Durrat Al-Khobar is a mixed use development planned by Al Abdul-Latif Real Estate and is currently at infrastructural development stage. This project is anticipated to feature 2,050 residential units, a hospitality development and several commercial and educational components. Projected Supply No. of Keys ,064 Current Demand Generators Upcoming Developments 1,244 Performance Half Moon Bay experiences high demand during school holidays and pleasant weather conditions, making it a seasonal destination. In comparison to Al Khobar hotel markets, properties on Half Moon Bay have achieved 152% higher average selling rates in This is attributed to a leisure focused market including villas and chalets achieving higher selling rates. Opportunities Opportunities lie in developing internationally branded resorts primarily targeting domestic and regional leisure families. Introducing branded Midscale and Upscale resorts would diversify the existing supply in Half Moon Bay. Q Q FY 2015(f) FY 2017(f) FY 2019(f) Note: Includes 3,4 and 5-star quality supply Note: No confirmed entry of supply during 2016 & 2018 Half Moon Bay Key Performance Indicators 2,000 1,800 1,600 1,400 1,200 1, ,654 1,734 46% 46% ,830 49% ADR (SAR) RevPAR (SAR) Occupancy % 80% 70% 60% 50% 40% 30% 20% 10% 0% 8
9 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 9
10 502 offices in 67 countries on 6 continents United States: 151 Canada: 46 Latin America: 26 Asia Pacific: 190 EMEA: 89 $2.3 billion in annual revenue 1.7 billion square feet under management For further information, please contact: Filippo Sona Director Head of Hotels MENA Region Main Mobile filippo.sona@colliers.com Selim El Zein Associate Director Hotels MENA Region Main Mobile selim.elzein@colliers.com Imad Damrah Managing Director Valuation & Advisory KSA Main Mobile imad.damrah@colliers.com Colliers International MENA Region Dubai United Arab Emirates ,300 professionals and staff About Colliers International Colliers International is a global leader in commercial real estate services, with over 15,800 professionals operating out of more than 502 offices in 67 countries. Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world. In MENA Colliers International has provided leading advisory services through its regional offices since Colliers International currently has four corporate offices in the region located in Dubai, Abu Dhabi, Riyadh and Jeddah. colliers.com Copyright 2013 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.
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