Middle East Hotel Benchmark Survey. March 2011

Middle East Hotel Benchmark Survey March 211

Introduction Introduction Ernst & Young We hope you enjoy the March 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 Principal Transaction Real Estate Services Group Leader - MENA 2

Ernst & Young % Occupancy Abu Dhabi Hotels Occupancy % March 21 - March 211 9 8 7 79 76 73 71 69 69 83 84 8 76 85 82 6 61 Occupancy % 4 3 2 1 Hurghada Hotels (US$) March 21 - March 211 7 6 63 4 3 44 54 42 36 43 49 42 55 49 49 52 32 2 1 Rev PAR in Beirut Hotels (US$) Room Yield March 21 - March 211 3 2 27 Room Yield 2 1 155 28 158 188 141 151 26 159 1 12 99 84 17 Ernst & Young 3

% Occupancy Dubai - Overall Hotels Occupancy % March 21 - March 211 1 9 8 82.9 79 77.4 78 87.3 82 82 9.2 85.6 Occupancy % 7 6 4 68.6 68.5 56.1 65.3 3 2 1 Dubai - Overall Hotels (US$) March 21 - March 211 3 2 251 252 2 262 231 245 256 262 2 1 1 186 154 1 144 177 Rev PAR in Dubai - Overall Hotels (US$) Room Yield March 21 - March 211 2 228 231 224 2 28 199 195 189 21 Room Yield 1 1 144 15 13 115 81 4 Ernst & Young

Monthly Performance: 3/211 Currency: Local Occupancy Rooms Yield Bahrain Currency 211 21 Change in 211 21 Change 211 21 Change % % % Points Manama BHD 1. 66. -56. 93 116-2.% 9 78-88.% Egypt Cairo - City EGP 21. 82. -61. 694 653 6.3% 146 537-72.8% Cairo -Overall EGP 23.4 83. -59.6 78 654 8.3% 165 542-69.5% Hurghada EGP 21. 9. -69. 185 256-27.7% 4 231-82.8% Sharm El Shaikh EGP 32. 92. -6. 295 355-16.8% 96 329-7.7% Jordan Amman JOD 53. 68. -15. 13 12.1% 55 7-22.4% Kuwait Kuwait KWD 59. 6. -1. 79 81-1.4% 48 49-2.2% Lebanon Beirut LBP 53. 68. -15. 34,184 339,636-1.4% 162,435 234,187-3.6% Oman Muscat OMR 68. 83. -15. 79 78 2.% 54 65-16.2% Qatar Doha QAR 71. 78. -7. 984 1,175-16.3% 75 927-24.% Saudi Arabia Jeddah SAR 71. 76. -5. 794 786 1.% 565 64-6.4% Madina SAR 79. 73. 6. 529 557-5.1% 418 411 1.7% Makkah SAR 86. 86.. 735 674 9.% 633 584 8.4% Riyadh SAR 66. 68. -2. 94 946-4.4% 65 6-6.9% United Arab Emirates Abu Dhabi AED 82. 79. 3. 811 98-17.3% 671 778-13.7% Dubai - Apartments AED 89. 81. 8. 423 442-4.3% 38 362 5.1% Dubai - Beach AED 87. 88. -1. 1,493 1,341 11.3% 1,3 1,19 9.3% Dubai - City AED 84. 79. 5. 712 79.4% 61 565 6.4% Dubai - Overall AED 85.6 82.9 2.8 962 921 4.4% 823 763 7.9% 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: 3/211 Currency: US $ Occupancy Rooms Yield Bahrain Currency 211 21 Change in 211 21 Change 211 21 Change % % % Points Manama US $ 1. 66. -56. 246 38-2.% 25 26-88.% Egypt Cairo - City US $ 21. 82. -61. 12 113 6.3% 25 93-72.8% Cairo -Overall US $ 23.4 83. -59.6 123 113 8.3% 29 94-69.5% Hurghada US $ 21. 9. -69. 32 44-27.7% 7 4-82.8% Sharm El Shaikh US $ 32. 92. -6. 51 61-16.8% 17 57-7.7% Jordan Amman US $ 53. 68. -15. 146 145.1% 77 1-22.4% Kuwait Kuwait US $ 59. 6. -1. 272 276-1.4% 163 167-2.2% Lebanon Beirut US $ 53. 68. -15. 21 224-1.4% 17 155-3.6% Oman Muscat US $ 68. 83. -15. 26 22 2.% 141 168-16.2% Qatar Doha US $ 71. 78. -7. 27 323-16.3% 194 255-24.% Saudi Arabia Jeddah US $ 71. 76. -5. 212 21 1.% 151 161-6.4% Madina US $ 79. 73. 6. 141 149-5.1% 111 11 1.7% Makkah US $ 86. 86.. 196 18 9.% 169 156 8.4% Riyadh US $ 66. 68. -2. 241 252-4.4% 161 173-6.9% United Arab Emirates Abu Dhabi US $ 82. 79. 3. 221 267-17.3% 183 212-13.7% Dubai - Apartments US $ 89. 81. 8. 115 12-4.3% 14 99 5.1% Dubai - Beach US $ 87. 88. -1. 47 365 11.3% 354 324 9.3% Dubai - City US $ 84. 79. 5. 194 193.4% 164 154 6.4% Dubai - Overall US $ 85.6 82.9 2.8 262 251 4.4% 224 28 7.9% 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: 1/211-3/211 Currency: Local Occupancy Rooms Yield Bahrain Currency 211 21 % % Change in % Points 211 21 Change 211 21 Change Manama BHD 33. 66. -33. 97 16-8.4% 32 7-54.% Egypt Cairo - City EGP 36. 79. -43. 76 655 15.9% 278 518-46.3% Cairo - Pyramids EGP 45. 76. -31. 86 668 2.6% 369 512-28.% Cairo -Overall EGP 37. 78. -41. 767 657 16.8% 29 517-44.% Hurghada EGP 39. 85. -46. 265 232 14.2% 15 197-46.9% Sharm El Shaikh EGP 4. 87. -47. 365 332 1.1% 148 29-48.8% Jordan Amman JOD 52. 58. -6. 12 13-1.2% 54 6-1.4% Kuwait Kuwait KWD 61. 58. 3. 83 8 4.3% 51 47 9.7% Lebanon Beirut LBP 47. 69. -22. 312,795 376,969-17.% 147,32 263,88-44.1% Oman Muscat OMR 76. 77. -1. 83 79 4.6% 63 62 3.% Qatar Doha QAR 72. 71. 1. 1,8 1,19-9.2% 734 797-7.9% Saudi Arabia Jeddah SAR 69. 73. -4. 763 771-1.1% 529 567-6.6% Madina SAR 57. 62. -5. 556 53 4.9% 322 331-2.7% Makkah SAR 77. 75. 2. 78 714 9.2% 65 54 12.1% Riyadh SAR 64. 61. 3. 91 99.1% 586 563 4.% United Arab Emirates Abu Dhabi AED 81. 75. 6. 944 1,25-7.9% 77 773 -.3% Al Ain AED 74. 74.. 632 689-8.3% 472 516-8.5% Dubai - Apartments AED 88. 86. 2. 445 456-2.5% 396 396.1% Dubai - Beach AED 86. 83. 3. 1,42 1,315 6.6% 1,26 1,12 9.5% Dubai - City AED 85. 81. 4. 724 737-1.8% 618 61 2.7% Dubai - Overall AED 85. 82. 3. 933 915 2.% 81 756 5.9% 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: 1/211-3/211 Currency: US $ Occupancy Rooms Yield Bahrain Currency 211 21 % % Change in % Points 211 21 Change 211 21 Change Manama US $ 33. 66. -33. 257 28-8.4% 86 186-54.% Egypt Cairo - City US $ 36. 79. -43. 132 114 15.9% 48 9-46.3% Cairo - Pyramids US $ 45. 76. -31. 14 116 2.6% 64 89-28.% Cairo -Overall US $ 37. 78. -41. 133 114 16.8% 9-44.% Hurghada US $ 39. 85. -46. 46 4 14.2% 18 34-46.9% Sharm El Shaikh US $ 4. 87. -47. 63 57 1.1% 26-48.8% Jordan Amman US $ 52. 58. -6. 145 146-1.2% 76 85-1.4% Kuwait Kuwait US $ 61. 58. 3. 286 274 4.3% 176 161 9.7% Lebanon Beirut US $ 47. 69. -22. 26 249-17.% 97 174-44.1% Oman Muscat US $ 76. 77. -1. 216 26 4.6% 165 16 3.% Qatar Doha US $ 72. 71. 1. 277 35-9.2% 22 219-7.9% Saudi Arabia Jeddah US $ 69. 73. -4. 23 26-1.1% 141 151-6.6% Madina US $ 57. 62. -5. 148 141 4.9% 86 88-2.7% Makkah US $ 77. 75. 2. 28 19 9.2% 161 144 12.1% Riyadh US $ 64. 61. 3. 243 242.1% 156 1 4.% United Arab Emirates Abu Dhabi US $ 81. 75. 6. 257 279-7.9% 21 21 -.3% Al Ain US $ 74. 74.. 172 188-8.3% 128 14-8.5% Dubai - Apartments US $ 88. 86. 2. 121 124-2.5% 18 18.1% Dubai - Beach US $ 86. 83. 3. 382 358 6.6% 329 3 9.5% Dubai - City US $ 85. 81. 4. 197 21-1.8% 168 164 2.7% Dubai - Overall US $ 85. 82. 3. 254 249 2.% 218 26 5.9% 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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