Middle East Hotel Benchmark Survey. August 2011

Middle East Hotel Benchmark Survey August 211

Introduction Introduction Ernst & Young We hope you enjoy the August 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 Hurghada Hotels Occupancy % August 21 - August 211 9 8 81 89 93 95 83 79 82 83 7 69 Occupancy % 6 5 4 56 61 3 2 1 15 21 Makkah Hotels (US$) August 21 - August 211 9 8 792 7 6 5 4 3 2 572 646 255 598 185 215 216 196 196 163 167 27 Rev PAR in Amman Hotels (US$) Room Yield August 21 - August 211 14 12 121 16 Room Yield 8 6 69 82 89 71 73 79 77 87 79 86 4 38 2 Ernst & Young 3

% Occupancy Dubai - Overall Hotels Occupancy % August 21 - August 211 9 8 78 87.3 82 82 9.2 85.6 85.8 76.7 75.9 8.8 Occupancy % 7 6 5 4 56.5 65.3 52.6 3 2 1 Dubai - Overall Hotels (US$) August 21 - August 211 3 25 25 262 231 245 256 262 269 2 15 145 177 193 156 158 147 5 Rev PAR in Dubai - Overall Hotels (US$) Room Yield August 21 - August 211 25 228 231 224 231 2 195 189 21 Room Yield 15 115 148 119 128 82 77 5 4 Ernst & Young

Monthly Performance: 8/211 Currency: Local Occupancy Rooms Yield Bahrain Currency 211 21 Change in 211 21 Change 211 21 Change % % % Points Manama BHD 24. 42. -18. 64 8-2.6% 15 34-55.5% Egypt Cairo - City EGP 17. 48. -31. 591 64-7.7% 16 313-66.2% Cairo -Overall EGP 2.9 49. -28.1 617 648-4.7% 129 317-59.3% Hurghada EGP 83. 81. 2. 193 285-32.2% 161 231-3.3% Sharm El Shaikh EGP 7. 83. -13. 225 392-42.5% 158 325-51.5% Jordan Amman JOD 27. 49. -22. 99 99.2% 27 49-45.2% Kuwait Kuwait KWD 31. 39. -8. 75 71 5.1% 24 28-15.5% Lebanon Beirut LBP 31. 43. -12. 3,527 416,51-27.8% 96,64 182,75-47.2% Oman Muscat OMR 34. 45. -11. 63 7-9.7% 22 31-3.2% Qatar Doha QAR 34. 36. -2. 844 846 -.3% 295 38-4.1% Saudi Arabia Jeddah SAR 66. 73. -7. 865 85 1.7% 575 629-8.6% Madina SAR 79. 75. 4. 1,669 1,145 45.8% 1,325 87 52.3% Makkah SAR 91. 81. 1. 2,969 2,145 38.4% 2,75 1,742 55.3% Riyadh SAR 31. 37. -6. 688 739-6.9% 22 276-2.5% United Arab Emirates Abu Dhabi AED 54. 61. -7. 523 568-7.8% 287 348-17.5% Dubai - Apartments AED 64. 6. 4. 372 397-6.3% 239 239 -.3% Dubai - Beach AED 66. 69. -3. 642 62 3.5% 43 43 -.1% Dubai - City AED 43. 49. -6. 473 482-1.8% 26 237-13.% Dubai - Overall AED 52.6 56.5-3.9 539 534 1.% 284 32-6.% 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: 8/211 Currency: US $ Occupancy Rooms Yield Currency 211 21 Change in 211 21 Change 211 21 Change % % % Points Bahrain Manama US $ 24. 42. -18. 169 213-2.6% 41 92-55.5% Egypt Cairo - City US $ 17. 48. -31. 12 111-7.7% 18 54-66.2% Cairo -Overall US $ 2.9 49. -28.1 17 112-4.7% 22 55-59.3% Hurghada US $ 83. 81. 2. 33 49-32.2% 28 4-3.3% Sharm El Shaikh US $ 7. 83. -13. 39 68-42.5% 27 56-51.5% Jordan Amman US $ 27. 49. -22. 14 14.2% 38 69-45.2% Kuwait Kuwait US $ 31. 39. -8. 256 243 5.1% 81 96-15.5% Lebanon Beirut US $ 31. 43. -12. 198 275-27.8% 63 12-47.2% Oman Muscat US $ 34. 45. -11. 164 181-9.7% 57 82-3.2% Qatar Doha US $ 34. 36. -2. 232 233 -.3% 81 85-4.1% Saudi Arabia Jeddah US $ 66. 73. -7. 231 227 1.7% 153 168-8.6% Madina US $ 79. 75. 4. 445 35 45.8% 353 232 52.3% Makkah US $ 91. 81. 1. 792 572 38.4% 722 465 55.3% Riyadh US $ 31. 37. -6. 183 197-6.9% 59 74-2.5% United Arab Emirates Abu Dhabi US $ 54. 61. -7. 143 155-7.8% 78 95-17.5% Dubai - Apartments US $ 64. 6. 4. 11 18-6.3% 65 65 -.3% Dubai - Beach US $ 66. 69. -3. 175 169 3.5% 117 117 -.1% Dubai - City US $ 43. 49. -6. 129 131-1.8% 56 65-13.% Dubai - Overall US $ 52.6 56.5-3.9 147 145 1.% 77 82-6.% 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: 1/211-8/211 Currency: Local Occupancy Rooms Yield Bahrain Currency 211 21 % % Change in % Points 211 21 Change 211 21 Change Manama BHD 28. 63. -35. 85 96-11.1% 24 6-6.3% Egypt Cairo - City EGP 32. 71. -39. 77 661 7.1% 228 472-51.7% Cairo - Pyramids EGP 5. 72. -22. 756 692 9.2% 385 499-23.% Cairo -Overall EGP 34. 71. -37. 716 665 7.8% 248 476-47.9% Hurghada EGP 59. 84. -25. 22 25-19.2% 12 212-43.5% Sharm El Shaikh EGP 51. 85. -34. 285 353-19.2% 146 31-51.4% Jordan Amman JOD 54. 63. -9. 11 13-1.9% 55 66-16.3% Kuwait Kuwait KWD 52. 53. -1. 81 77 5.3% 43 41 3.3% Lebanon Beirut LBP 52. 7. -18. 329,2 395,77-16.8% 174,227 277,641-37.2% Oman Muscat OMR 61. 66. -5. 78 77.9% 48 52-6.8% Qatar Doha QAR 62. 62.. 958 1,25-6.5% 598 641-6.8% Saudi Arabia Jeddah SAR 71. 73. -2. 86 795 1.4% 577 58 -.5% Madina SAR 7. 68. 2. 673 589 14.2% 476 44 17.9% Makkah SAR 81. 77. 4. 1,49 893 17.5% 854 688 24.1% Riyadh SAR 58. 55. 3. 865 871 -.7% 56 485 4.3% United Arab Emirates Abu Dhabi AED 74. 72. 2. 757 824-8.1% 567 596-4.9% Al Ain AED 67. 71. -4. 581 61-4.7% 39 435-1.4% Dubai - Apartments AED 82. 8. 2. 417 428-2.6% 345 343.5% Dubai - Beach AED 81. 8. 1. 1,131 1,45 8.2% 924 838 1.3% Dubai - City AED 76. 72. 4. 628 638-1.5% 48 46 4.3% Dubai - Overall AED 78. 75. 3. 791 77 2.7% 621 58 7.1% 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 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: 1/211-8/211 Currency: US $ Occupancy Rooms Yield Bahrain Currency 211 21 % % Change in % Points 211 21 Change 211 21 Change Manama US $ 28. 63. -35. 226 254-11.1% 64 16-6.3% Egypt Cairo - City US $ 32. 71. -39. 123 114 7.1% 39 82-51.7% Cairo - Pyramids US $ 5. 72. -22. 131 12 9.2% 67 87-23.% Cairo -Overall US $ 34. 71. -37. 124 115 7.8% 43 82-47.9% Hurghada US $ 59. 84. -25. 35 43-19.2% 21 37-43.5% Sharm El Shaikh US $ 51. 85. -34. 49 61-19.2% 25 52-51.4% Jordan Amman US $ 54. 63. -9. 144 147-1.9% 78 93-16.3% Kuwait Kuwait US $ 52. 53. -1. 277 263 5.3% 146 142 3.3% Lebanon Beirut US $ 52. 7. -18. 217 261-16.8% 115 183-37.2% Oman Muscat US $ 61. 66. -5. 23 21.9% 125 134-6.8% Qatar Doha US $ 62. 62.. 263 282-6.5% 164 176-6.8% Saudi Arabia Jeddah US $ 71. 73. -2. 215 212 1.4% 154 155 -.5% Madina US $ 7. 68. 2. 18 157 14.2% 127 18 17.9% Makkah US $ 81. 77. 4. 28 238 17.5% 228 183 24.1% Riyadh US $ 58. 55. 3. 231 232 -.7% 135 129 4.3% United Arab Emirates Abu Dhabi US $ 74. 72. 2. 26 224-8.1% 154 162-4.9% Al Ain US $ 67. 71. -4. 158 166-4.7% 16 119-1.4% Dubai - Apartments US $ 82. 8. 2. 113 116-2.6% 94 93.5% Dubai - Beach US $ 81. 8. 1. 38 284 8.2% 252 228 1.3% Dubai - City US $ 76. 72. 4. 171 174-1.5% 131 125 4.3% Dubai - Overall US $ 78. 75. 3. 215 21 2.7% 169 158 7.1% 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 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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