Middle East Hotel Benchmark Survey. November 2010

Middle East Hotel Benchmark Survey November 21

Introduction Introduction Ernst & Young We hope you enjoy the November 21 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 Advisory Services Group Leader - MENA Paul Arnold Principal Transaction Real Estate Advisory Services Group Leader - MENA 2

Ernst & Young % Occupancy Hurghada Hotels Occupancy % November 29 - November 21 Occupancy % 9 8 7 6 4 94 66 77 88 9 94 84 73 87 81 89 93 95 3 2 1 Madina Hotels (US$) November 29 - November 21 4 3 362 3 35 33 2 2 1 27 154 132 14 149 1 112 111 133 167 Rev PAR in Madina Hotels (US$) Room Yield November 29 - November 21 3 3 297 2 232 Room Yield 2 1 192 176 98 61 95 11 114 77 75 96 81 Ernst & Young 3

% Occupancy Dubai - Overall Hotels Occupancy % November 29 - November 21 Occupancy % 9 8 7 6 4 87.6 75.7 77.1 89.1 82.5 79 77.4 68.6 68.5 56.1 65.3 78 87.3 3 2 1 Dubai - Overall Hotels (US$) November 29 - November 21 3 3 289 2 2 1 237 246 248 247 252 186 154 1 144 177 2 262 Rev PAR in Dubai - Overall Hotels (US$) Room Yield November 29 - November 21 3 2 253 22 228 Room Yield 2 1 179 19 23 199 144 195 15 13 81 115 4 Ernst & Young

Monthly Performance: 11/21 Currency: Local Occupancy Rooms Yield Bahrain Currency 21 29 Change in 21 29 Change 21 29 Change % % % Points Manama BHD 63. 7. -7. 92 111-16.6% 59 78-24.7% Egypt Cairo - City EGP 82. 81. 1. 73 663 6.1% 582 539 7.9% Cairo -Overall EGP 82.7 8.2 2.4 73 67 5.% 581 537 8.1% Hurghada EGP 95. 94. 1. 317 32 4.9% 33 284 6.5% Sharm El Shaikh EGP 92. 93. -1. 427 379 12.5% 393 356 1.4% Jordan Amman JOD 61. 68. -7. 12 1.5% 63 68-7.6% Kuwait Kuwait KWD 55. 6. -5. 85 79 7.9% 47 48-1.8% Lebanon Beirut LBP 73. 79. -6. 422,332 414,283 1.9% 312,32 33,517-5.6% Oman Muscat OMR 8. 73. 7. 84 82 2.5% 68 6 12.4% Qatar Doha QAR 66. 74. -8. 1,34 1,211-14.6% 688 97-24.1% Saudi Arabia Jeddah SAR 73. 7. 3. 827 763 8.3% 611 542 12.8% Madina SAR 82. 71. 11. 1,356 1,11 34.2% 1,112 721 54.2% Makkah SAR 88. 69. 19. 2,241 1,888 18.7% 1,989 1,37 52.2% Riyadh SAR 47.. -3. 873 82 6.4% 419 414 1.% United Arab Emirates Abu Dhabi AED 84. 79. 5. 1,142 1,21-4.9% 963 958.5% Al Ain AED 69. 76. -7. 61 658-8.8% 418 6-17.4% Dubai - Apartments AED 88. 88.. 441 522-15.6% 388 46-15.7% Dubai - Beach AED 89. 9. -1. 1,516 1,482 2.3% 1,36 1,34 1.5% Dubai - City AED 86. 85. 1. 75 846-16.7% 66 726-16.4% Dubai - Overall AED 87.3 87.6 -.2 961 1,61-9.5% 839 929-9.7% 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 Paul Arnold and Yousef Wahbah who lead 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 paul.arnold@ae.ey.com, 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: 11/21 Currency: US $ Occupancy Rooms Yield Bahrain Currency 21 29 Change in 21 29 Change 21 29 Change % % % Points Manama US $ 63. 7. -7. 245 294-16.6% 157 28-24.7% Egypt Cairo - City US $ 82. 81. 1. 122 115 6.1% 11 93 7.9% Cairo -Overall US $ 82.7 8.2 2.4 122 116 5.% 11 93 8.1% Hurghada US $ 95. 94. 1. 55 52 4.9% 52 49 6.5% Sharm El Shaikh US $ 92. 93. -1. 74 66 12.5% 68 62 1.4% Jordan Amman US $ 61. 68. -7. 144 142 1.5% 89 97-7.6% Kuwait Kuwait US $ 55. 6. -5. 293 271 7.9% 163 166-1.8% Lebanon Beirut US $ 73. 79. -6. 279 273 1.9% 26 218-5.6% Oman Muscat US $ 8. 73. 7. 219 214 2.5% 176 156 12.4% Qatar Doha US $ 66. 74. -8. 284 333-14.6% 189 249-24.1% Saudi Arabia Jeddah US $ 73. 7. 3. 221 24 8.3% 163 144 12.8% Madina US $ 82. 71. 11. 362 27 34.2% 297 192 54.2% Makkah US $ 88. 69. 19. 598 3 18.7% 53 349 52.2% Riyadh US $ 47.. -3. 233 219 6.4% 112 111 1.% United Arab Emirates Abu Dhabi US $ 84. 79. 5. 311 327-4.9% 262 261.5% Al Ain US $ 69. 76. -7. 164 179-8.8% 114 138-17.4% Dubai - Apartments US $ 88. 88.. 12 142-15.6% 16 125-15.7% Dubai - Beach US $ 89. 9. -1. 413 44 2.3% 37 365 1.5% Dubai - City US $ 86. 85. 1. 192 23-16.7% 165 198-16.4% Dubai - Overall US $ 87.3 87.6 -.2 262 289-9.5% 228 253-9.7% 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 Paul Arnold and Yousef Wahbah who lead 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 paul.arnold@ae.ey.com, 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: 1/21-11/21 Currency: Local Occupancy Rooms Yield Bahrain Currency 21 29 % % Change in % Points 21 29 Change 21 29 Change Manama BHD 59. 64. -5. 96 97-1.9% 57 63-9.2% Egypt Cairo - City EGP 72. 71. 1. 669 656 1.9% 487 467 4.2% Cairo -Overall EGP 72. 7. 2. 672 662 1.6% 49 469 4.5% Hurghada EGP 86. 8. 6. 266 253 5.% 231 25 12.6% Sharm El Shaikh EGP 86. 82. 4. 368 332 1.7% 319 273 16.7% Jordan Amman JOD 64. 61. 3. 13 3.3% 67 61 9.1% Kuwait Kuwait KWD 53. 54. -1. 76 77-1.2% 41 42-2.8% Lebanon Beirut LBP 69. 73. -4. 391,876 374,531 4.6% 27,428 275,661-1.9% Oman Muscat OMR 67. 63. 4. 85 98-13.4% 57 62-7.2% Qatar Doha QAR 62. 63. -1. 1,19 1,169-12.8% 636 747-14.9% Saudi Arabia Jeddah SAR 72. 74. -2. 798 76 5.1% 582 564 3.2% Madina SAR 66. 57. 9. 719 611 17.7% 482 353 36.5% Makkah SAR 72. 59. 13. 1,163 1,3 16.% 844 599 4.9% Riyadh SAR 54. 59. -5. 871 777 12.1% 479 459 4.4% United Arab Emirates Abu Dhabi AED 74. 76. -2. 851 1,14-25.3% 631 871-27.6% Al Ain AED 69. 71. -2. 576 584-1.4% 4 418-4.2% Dubai - Beach AED 8. 83. -3. 1,115 1,126-1.% 892 944-5.5% Dubai - City AED 73. 7. 3. 659 77-14.4% 481 54-1.9% Dubai - Overall AED 75. 74. 1. 789 877-1.% 595 656-9.3% 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 Paul Arnold and Yousef Wahbah who lead 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 paul.arnold@ae.ey.com, 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: 1/21-11/21 Currency: US $ Occupancy Rooms Yield Bahrain Currency 21 29 % % Change in % Points 21 29 Change 21 29 Change Manama US $ 59. 64. -5. 253 258-1.9% 152 167-9.2% Egypt Cairo - City US $ 72. 71. 1. 116 114 1.9% 84 81 4.2% Cairo -Overall US $ 72. 7. 2. 117 115 1.6% 85 81 4.5% Hurghada US $ 86. 8. 6. 46 44 5.% 4 36 12.6% Sharm El Shaikh US $ 86. 82. 4. 64 58 1.7% 55 47 16.7% Jordan Amman US $ 64. 61. 3. 146 141 3.3% 95 87 9.1% Kuwait Kuwait US $ 53. 54. -1. 262 265-1.2% 141 145-2.8% Lebanon Beirut US $ 69. 73. -4. 259 247 4.6% 178 182-1.9% Oman Muscat US $ 67. 63. 4. 22 254-13.4% 149 16-7.2% Qatar Doha US $ 62. 63. -1. 28 321-12.8% 175 25-14.9% Saudi Arabia Jeddah US $ 72. 74. -2. 213 23 5.1% 155 1 3.2% Madina US $ 66. 57. 9. 192 163 17.7% 128 94 36.5% Makkah US $ 72. 59. 13. 31 267 16.% 225 16 4.9% Riyadh US $ 54. 59. -5. 232 27 12.1% 128 122 4.4% United Arab Emirates Abu Dhabi US $ 74. 76. -2. 232 31-25.3% 172 237-27.6% Al Ain US $ 69. 71. -2. 157 159-1.4% 19 114-4.2% Dubai - Beach US $ 8. 83. -3. 34 37-1.% 243 257-5.5% Dubai - City US $ 73. 7. 3. 179 21-14.4% 131 147-1.9% Dubai - Overall US $ 75. 74. 1. 215 239-1.% 162 179-9.3% 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 Paul Arnold and Yousef Wahbah who lead 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 paul.arnold@ae.ey.com, 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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