Middle East Hotel Benchmark Survey. June 2011

Middle East Hotel Benchmark Survey June 211

Introduction Introduction Ernst & Young We hope you enjoy the June 211 report of the Ernst & Young 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 and our monthly Spa Industry Benchmark Survey are part of our services to the hospitality sector. Ernst & Young s 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. Ernst & Young is the largest professional services firm in Middle East with 2 offices in 15 countries and part of the global Ernst & Young network with over 141, people in 14 countries. Sincerely Yousef Wahbah Partner and Head of MENA Transaction Real Estate 2

Ernst & Young % Occupancy Jeddah Hotels Occupancy % June 21 - June 211 78 76 76 74 Occupancy % 72 7 68 72 7 73 69 73 73 68 7 71 73 71 66 66 64 62 6 Hurghada Hotels (US$) June 21 - June 211 7 6 63 5 4 3 36 43 49 42 55 49 49 52 32 33 28 27 2 1 Rev PAR in Beirut Hotels (US$) Room Yield June 21 - June 211 3 25 27 Room Yield 2 15 188 141 151 26 159 142 1 12 99 84 17 12 119 5 Ernst & Young 3

% Occupancy Dubai - Overall Hotels Occupancy % June 21 - June 211 1 9 8 78 87.3 82 82 9.2 85.6 85.8 76.7 75.9 Occupancy % 7 6 5 4 69.9 68.5 56.1 65.3 3 2 1 Dubai - Overall Hotels (US$) June 21 - June 211 3 25 25 262 231 245 256 262 269 2 15 1 152 15 144 177 193 156 5 Rev PAR in Dubai - Overall Hotels (US$) Room Yield June 21 - June 211 25 228 231 224 231 2 195 189 21 Room Yield 15 1 17 13 115 148 119 81 5 4 Ernst & Young

Monthly Performance: 6/211 Currency: Local Occupancy Rooms Yield Bahrain Currency 211 21 Change in 211 21 Change 211 21 Change % % % Points Manama BHD 3. 54. -24. 88 93-5.8% 27 51-47.2% Egypt Cairo - City EGP 34. 64. -3. 669 631 6.1% 231 46-43.2% Cairo -Overall EGP 37.1 65.2-28.1 683 643 6.2% 253 419-39.6% Hurghada EGP 69. 73. -4. 157 21-25.1% 19 154-29.2% Sharm El Shaikh EGP 46. 76. -3. 245 289-15.% 114 221-48.6% Jordan Amman JOD 6. 63. -3. 1 12-2.% 6 64-5.8% Kuwait Kuwait KWD 49. 56. -7. 79 76 3.9% 39 43-9.2% Lebanon Beirut LBP 62. 77. -15. 341,58 369,138-7.5% 214,526 284,726-24.7% Oman Muscat OMR 57. 64. -7. 69 73-5.2% 4 47-14.8% Qatar Doha QAR 58. 59. -1. 843 871-3.3% 493 515-4.3% Saudi Arabia Jeddah SAR 76. 72. 4. 845 86 4.8% 643 587 9.6% Madina SAR 68. 67. 1. 444 416 6.5% 34 281 8.% Makkah SAR 74. 7. 4. 626 69 2.8% 469 43 9.2% Riyadh SAR 57. 55. 2. 864 884-2.3% 499 493 1.1% United Arab Emirates Abu Dhabi AED 72. 71. 1. 585 665-12.% 426 479-11.% Dubai - Apartments AED 79. 75. 4. 378 391-3.2% 31 293 2.6% Dubai - Beach AED 77. 71. 6. 725 669 8.3% 564 478 18.1% Dubai - City AED 74. 68. 6. 57 514-1.4% 378 353 6.9% Dubai - Overall AED 75.9 69.9 5.9 574 56 2.6% 436 392 11.3% 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 was developed and is maintained by Ernst & Young'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, Ernst & Young 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 Ernst & Young and no part of this report, in whole or in part, may be reproduced or transmitted without written consent of Ernst & Young. 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 Ernst & Young at +971 4 332 4. Ernst & Young 5

Monthly Performance: 6/211 Currency: US $ Occupancy Rooms Yield Currency 211 21 Change in 211 21 Change 211 21 Change % % % Points Bahrain Manama US $ 3. 54. -24. 233 248-5.8% 71 134-47.2% Egypt Cairo - City US $ 34. 64. -3. 116 19 6.1% 4 7-43.2% Cairo -Overall US $ 37.1 65.2-28.1 118 111 6.2% 44 73-39.6% Hurghada US $ 69. 73. -4. 27 36-25.1% 19 27-29.2% Sharm El Shaikh US $ 46. 76. -3. 43 5-15.% 2 38-48.6% Jordan Amman US $ 6. 63. -3. 141 144-2.% 86 91-5.8% Kuwait Kuwait US $ 49. 56. -7. 272 261 3.9% 133 147-9.2% Lebanon Beirut US $ 62. 77. -15. 225 244-7.5% 142 188-24.7% Oman Muscat US $ 57. 64. -7. 179 189-5.2% 13 121-14.8% Qatar Doha US $ 58. 59. -1. 232 24-3.3% 136 142-4.3% Saudi Arabia Jeddah US $ 76. 72. 4. 225 215 4.8% 172 157 9.6% Madina US $ 68. 67. 1. 118 111 6.5% 81 75 8.% Makkah US $ 74. 7. 4. 167 162 2.8% 125 115 9.2% Riyadh US $ 57. 55. 2. 23 236-2.3% 133 132 1.1% United Arab Emirates Abu Dhabi US $ 72. 71. 1. 159 181-12.% 116 13-11.% Dubai - Apartments US $ 79. 75. 4. 13 16-3.2% 82 8 2.6% Dubai - Beach US $ 77. 71. 6. 197 182 8.3% 154 13 18.1% Dubai - City US $ 74. 68. 6. 138 14-1.4% 13 96 6.9% Dubai - Overall US $ 75.9 69.9 5.9 156 152 2.6% 119 17 11.3% 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 was developed and is maintained by Ernst & Young'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, Ernst & Young 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 Ernst & Young and no part of this report, in whole or in part, may be reproduced or transmitted without written consent of Ernst & Young. 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 Ernst & Young at +971 4 332 4. 6 Ernst & Young

Year-to-Date Performance: 1/211-6/211 Currency: Local Occupancy Rooms Yield Bahrain Currency 211 21 % % Change in % Points 211 21 Change 211 21 Change Manama BHD 26. 68. -42. 94 1-5.9% 25 68-63.3% Egypt Cairo - City EGP 34. 75. -41. 718 65 1.5% 245 489-49.8% Cairo - Pyramids EGP 49. 76. -27. 772 687 12.4% 385 523-26.4% Cairo -Overall EGP 36. 75. -39. 727 654 11.2% 263 493-46.6% Hurghada EGP 51. 84. -33. 26 244-15.7% 15 27-49.2% Sharm El Shaikh EGP 43. 85. -42. 317 344-7.9% 139 296-53.1% Jordan Amman JOD 55. 64. -9. 11 15-3.% 56 67-15.8% Kuwait Kuwait KWD 57. 57.. 81 78 4.% 47 45 3.9% Lebanon Beirut LBP 54. 72. -18. 314,51 372,4-15.6% 169,671 271,447-37.5% Oman Muscat OMR 67. 72. -5. 8 78 2.1% 54 57-5.4% Qatar Doha QAR 69. 69.. 98 1,63-7.8% 68 744-8.7% Saudi Arabia Jeddah SAR 71. 73. -2. 793 782 1.5% 569 572 -.6% Madina SAR 67. 66. 1. 56 498 1.6% 343 332 3.5% Makkah SAR 78. 76. 2. 72 678 6.1% 567 517 9.7% Riyadh SAR 64. 6. 4. 899 897.1% 583 544 7.1% United Arab Emirates Abu Dhabi AED 78. 74. 4. 818 897-8.8% 645 67-3.7% Al Ain AED 7. 73. -3. 592 637-7.% 418 467-1.7% Dubai - Apartments AED 84. 83. 1. 425 435-2.4% 36 363 -.9% Dubai - Beach AED 84. 82. 2. 1,269 1,165 9.% 1,67 966 1.4% Dubai - City AED 81. 76. 5. 659 676-2.4% 538 52 3.5% Dubai - Overall AED 82. 79. 3. 853 832 2.5% 74 66 6.7% 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 was developed and is maintained by Ernst & Young'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, Ernst & Young 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 Ernst & Young and no part of this report, in whole or in part, may be reproduced or transmitted without written consent of Ernst & Young. 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 Ernst & Young at +971 4 332 4. Ernst & Young 7

Year-to-Date Performance: 1/211-6/211 Currency: US $ Occupancy Rooms Yield Bahrain Currency 211 21 % % Change in % Points 211 21 Change 211 21 Change Manama US $ 26. 68. -42. 248 264-5.9% 66 181-63.3% Egypt Cairo - City US $ 34. 75. -41. 124 113 1.5% 43 85-49.8% Cairo - Pyramids US $ 49. 76. -27. 134 119 12.4% 67 91-26.4% Cairo -Overall US $ 36. 75. -39. 126 113 11.2% 46 85-46.6% Hurghada US $ 51. 84. -33. 36 42-15.7% 18 36-49.2% Sharm El Shaikh US $ 43. 85. -42. 55 6-7.9% 24 51-53.1% Jordan Amman US $ 55. 64. -9. 144 148-3.% 8 95-15.8% Kuwait Kuwait US $ 57. 57.. 279 268 4.% 161 155 3.9% Lebanon Beirut US $ 54. 72. -18. 27 246-15.6% 112 179-37.5% Oman Muscat US $ 67. 72. -5. 28 24 2.1% 14 148-5.4% Qatar Doha US $ 69. 69.. 269 292-7.8% 187 25-8.7% Saudi Arabia Jeddah US $ 71. 73. -2. 212 28 1.5% 152 153 -.6% Madina US $ 67. 66. 1. 135 133 1.6% 92 88 3.5% Makkah US $ 78. 76. 2. 192 181 6.1% 151 138 9.7% Riyadh US $ 64. 6. 4. 24 239.1% 155 145 7.1% United Arab Emirates Abu Dhabi US $ 78. 74. 4. 223 244-8.8% 176 183-3.7% Al Ain US $ 7. 73. -3. 161 173-7.% 114 127-1.7% Dubai - Apartments US $ 84. 83. 1. 116 119-2.4% 98 99 -.9% Dubai - Beach US $ 84. 82. 2. 346 317 9.% 29 263 1.4% Dubai - City US $ 81. 76. 5. 179 184-2.4% 147 142 3.5% Dubai - Overall US $ 82. 79. 3. 232 227 2.5% 192 18 6.7% 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 was developed and is maintained by Ernst & Young'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, Ernst & Young 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 Ernst & Young and no part of this report, in whole or in part, may be reproduced or transmitted without written consent of Ernst & Young. 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 Ernst & Young at +971 4 332 4. 8 Ernst & Young

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