Middle East Hotel Benchmark Survey. September 2011

Middle East Hotel Benchmark Survey September 211

Introduction Introduction Ernst & Young We hope you enjoy the September 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 Beirut Hotels Occupancy % September 21 - September 211 8 7 6 71 73 65 61 58 62 67 76 Occupancy % 4 3 53 44 42 53 31 2 1 Muscat Hotels (US$) September 21 - September 211 3 2 253 2 1 1 169 233 219 216 224 26 211 22 179 19 164 214 Rev PAR in Muscat Hotels (US$) Room Yield September 21 - September 211 2 2 22 193 Room Yield 1 1 177 176 164 141 138 16 13 15 147 77 57 Ernst & Young 3

% Occupancy Dubai - Overall Hotels Occupancy % September 21 - September 211 1 Occupancy % 9 8 7 6 4 65.4 78 87.3 82 82 9.2 85.6 85.8 76.7 75.9 8.8 52.6 74.1 3 2 1 Dubai - Overall Hotels (US$) September 21 - September 211 3 2 2 262 231 245 256 262 269 2 1 1 179 193 156 158 147 189 Rev PAR in Dubai - Overall Hotels (US$) Room Yield September 21 - September 211 2 228 231 224 231 2 195 189 21 Room Yield 1 117 148 119 128 14 1 77 4 Ernst & Young

Monthly Performance: 9/211 Currency: Local Occupancy Rooms Yield Bahrain Currency 211 21 Change in 211 21 Change 211 21 Change % % % Points Manama BHD 46. 52. -6. 84 92-8.4% 39 48-18.5% Egypt Cairo - City EGP 35. 64. -29. 659 649 1.5% 237 421-43.8% Cairo -Overall EGP 39.4 65.3-25.9 679 659 3.% 268 431-37.9% Hurghada EGP 85. 89. -4. 226 241-6.1% 192 215-1.6% Sharm El Shaikh EGP 78. 87. -9. 258 337-23.5% 22 293-31.3% Jordan Amman JOD 59. 58. 1. 1 98 2.4% 6 57 4.6% Kuwait Kuwait KWD 48.. -2. 77 72 6.8% 37 37 2.% Lebanon Beirut LBP 76. 53. 23. 371,798 42,675-7.7% 283,98 213,823 32.4% Oman Muscat OMR 68. 45. 23. 82 65 26.3% 57 3 9.2% Qatar Doha QAR 57. 47. 1. 891 93-1.3% 516 43 2.% Saudi Arabia Jeddah SAR 71. 69. 2. 857 863 -.7% 612 63 1.5% Madina SAR 37. 58. -21. 532 1,135-53.1% 21 662-69.7% Makkah SAR 39. 62. -23. 678 2,424-72.% 269 1,51-82.2% Riyadh SAR. 41. 9. 845 814 3.8% 423 337 25.4% United Arab Emirates Abu Dhabi AED 71. 69. 2. 657 64 2.6% 471 443 6.4% Al Ain AED 59. 82. -23. 569 4 12.9% 338 414-18.3% Dubai - Apartments AED 78. 69. 9. 431 432 -.2% 338 3 12.8% Dubai - Beach AED 73. 67. 6. 855 848.9% 625 575 8.7% Dubai - City AED 74. 63. 11. 622 57 9.1% 463 363 27.4% Dubai - Overall AED 74.1 65.4 8.7 694 658 5.5% 515 431 19.6% 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: 9/211 Currency: US $ Occupancy Rooms Yield Currency 211 21 Change in 211 21 Change 211 21 Change % % % Points Bahrain Manama US $ 46. 52. -6. 224 244-8.4% 15 128-18.5% Egypt Cairo - City US $ 35. 64. -29. 114 112 1.5% 41 73-43.8% Cairo -Overall US $ 39.4 65.3-25.9 118 114 3.% 46 75-37.9% Hurghada US $ 85. 89. -4. 39 42-6.1% 33 37-1.6% Sharm El Shaikh US $ 78. 87. -9. 45 58-23.5% 35 51-31.3% Jordan Amman US $ 59. 58. 1. 142 139 2.4% 85 82 4.6% Kuwait Kuwait US $ 48.. -2. 265 248 6.8% 128 125 2.% Lebanon Beirut US $ 76. 53. 23. 245 266-7.7% 187 141 32.4% Oman Muscat US $ 68. 45. 23. 214 169 26.3% 147 77 9.2% Qatar Doha US $ 57. 47. 1. 245 248-1.3% 142 118 2.% Saudi Arabia Jeddah US $ 71. 69. 2. 229 23 -.7% 163 161 1.5% Madina US $ 37. 58. -21. 142 33-53.1% 53 176-69.7% Makkah US $ 39. 62. -23. 181 646-72.% 72 43-82.2% Riyadh US $. 41. 9. 225 217 3.8% 113 9 25.4% United Arab Emirates Abu Dhabi US $ 71. 69. 2. 179 174 2.6% 128 121 6.4% Al Ain US $ 59. 82. -23. 155 137 12.9% 92 113-18.3% Dubai - Apartments US $ 78. 69. 9. 117 118 -.2% 92 82 12.8% Dubai - Beach US $ 73. 67. 6. 233 231.9% 17 157 8.7% Dubai - City US $ 74. 63. 11. 169 155 9.1% 126 99 27.4% Dubai - Overall US $ 74.1 65.4 8.7 189 179 5.5% 14 117 19.6% 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: 1/211-9/211 Currency: Local Occupancy Rooms Yield Bahrain Currency 211 21 % % Change in % Points 211 21 Change 211 21 Change Manama BHD 29. 62. -33. 85 95-1.9% 25 59-57.% Egypt Cairo - City EGP 32. 7. -38. 72 659 6.4% 229 466 -.9% Cairo - Pyramids EGP 52. 71. -19. 756 696 8.7% 395 499-2.8% Cairo -Overall EGP 35. 7. -35. 712 664 7.2% 2 471-46.9% Hurghada EGP 62. 85. -23. 26 249-17.4% 128 212-39.8% Sharm El Shaikh EGP 54. 85. -31. 281 351-2.% 152 3-49.3% Jordan Amman JOD 54. 63. -9. 11 13-1.5% 56 65-14.2% Kuwait Kuwait KWD 52. 53. -1. 8 76 5.5% 42 41 3.2% Lebanon Beirut LBP 55. 68. -13. 335,625 396,369-15.3% 186,191 27,521-31.2% Oman Muscat OMR 62. 64. -2. 79 76 2.8% 49 49 -.2% Qatar Doha QAR 61. 6. 1. 951 1,14-6.2% 589 618-4.7% Saudi Arabia Jeddah SAR 71. 72. -1. 812 82 1.2% 581 583 -.3% Madina SAR 67. 67.. 664 641 3.6% 446 433 3.2% Makkah SAR 76. 75. 1. 1,28 1,33 -.5% 789 779 1.3% Riyadh SAR 57. 54. 3. 863 866 -.3% 497 469 6.1% United Arab Emirates Abu Dhabi AED 74. 71. 3. 746 85-7.2% 556 579-3.9% Al Ain AED 65. 73. -8. 579 591-2.% 382 432-11.6% Dubai - Apartments AED 82. 79. 3. 418 428-2.3% 344 338 1.7% Dubai - Beach AED 8. 78. 2. 1,1 1,26 7.2% 888 89 9.7% Dubai - City AED 76. 71. 5. 627 631 -.6% 478 449 6.4% Dubai - Overall AED 78. 74. 4. 78 759 2.8% 69 563 8.1% 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: 1/211-9/211 Currency: US $ Occupancy Rooms Yield Bahrain Currency 211 21 % % Change in % Points 211 21 Change 211 21 Change Manama US $ 29. 62. -33. 225 253-1.9% 68 157-57.% Egypt Cairo - City US $ 32. 7. -38. 122 114 6.4% 4 81 -.9% Cairo - Pyramids US $ 52. 71. -19. 131 121 8.7% 69 86-2.8% Cairo -Overall US $ 35. 7. -35. 123 115 7.2% 43 82-46.9% Hurghada US $ 62. 85. -23. 36 43-17.4% 22 37-39.8% Sharm El Shaikh US $ 54. 85. -31. 49 61-2.% 26 52-49.3% Jordan Amman US $ 54. 63. -9. 144 146-1.5% 79 92-14.2% Kuwait Kuwait US $ 52. 53. -1. 276 261 5.5% 144 14 3.2% Lebanon Beirut US $ 55. 68. -13. 222 262-15.3% 123 179-31.2% Oman Muscat US $ 62. 64. -2. 24 199 2.8% 127 128 -.2% Qatar Doha US $ 61. 6. 1. 261 279-6.2% 162 17-4.7% Saudi Arabia Jeddah US $ 71. 72. -1. 216 214 1.2% 155 155 -.3% Madina US $ 67. 67.. 177 171 3.6% 119 115 3.2% Makkah US $ 76. 75. 1. 274 276 -.5% 211 28 1.3% Riyadh US $ 57. 54. 3. 23 231 -.3% 133 125 6.1% United Arab Emirates Abu Dhabi US $ 74. 71. 3. 23 219-7.2% 151 158-3.9% Al Ain US $ 65. 73. -8. 158 161-2.% 14 118-11.6% Dubai - Apartments US $ 82. 79. 3. 114 117-2.3% 94 92 1.7% Dubai - Beach US $ 8. 78. 2. 3 279 7.2% 242 22 9.7% Dubai - City US $ 76. 71. 5. 171 172 -.6% 13 122 6.4% Dubai - Overall US $ 78. 74. 4. 213 27 2.8% 166 153 8.1% 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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