Benchmark. Middle East hotel benchmark survey report
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1 Benchmark Middle East hotel benchmark survey report March 215 The hotel benchmark report provides a monthly performance overview of leading hotels in the Middle East. The hotel set includes international branded and operated properties across the ve star and four star segments.
2 Yousef Wahbah Partner and Head of MENA Transaction Real Estate, Ernst & Young Middle East, UAE EY Middle East hotel benchmark survey We hope you enjoy the March 215 report of the EY 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 Middle East hotel benchmark survey is part of our services to the hospitality sector. The EY 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 nancial 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. EY is the largest professional services organi ation in the Middle East with 2 of ces in 15 countries and is part of the global EY organization with more than 19, people in 15 countries. Page 3: March 215 key performance highlights Page 4: We have highlighted the largest variance on a per-month basis for the various markets over the last12-month period in regards to occupancy, average room rate, and rooms yield Page 5: Dubai overall occupancy, average room rate and rooms yield over the past 12 months Page 6: Monthly performance of various markets compared to the previous year s monthly period in local currency Page 7: Monthly performance of various markets compared to the previous year s monthly period in US dollars Page 8: Year-to-date performance of various markets compared to the previous year. In local currency Page 9: Year-to-date performance of various markets compared to the previous year. In US dollars 2 Benchmark March 215
3 March 215 Key Performance Highlights Hospitality markets in Beirut, Doha and Kuwait witness a positive increase in March 215 In March 215, Beirut s hospitality market witnessed an increase in occupancy of 14.% as compared to March 214. ADR increased from US$142 in March 214 to US$167 in March 215, which resulted in a rise in RevPAR by 6.6% from US$57 in March 214 to US$91 in March 215. The increase in occupancy was attributed to the continuous stabilized political situation along with the ArabNet Beirut 215 Conference, the largest event for digital creative sectors Doha s hospitality market witnessed an increase in occupancy from 66.% in March 214 to 77.% in March 215. The increase in occupancy was coupled with a jump in ADR from US$237 in March 214 to US$266 in March 215, resulting in a rise in RevPAR by 29.6% in March 215 when compared to the same period last year, this is ascribed to the Multaqa Conference, the MENA regions leading risk and insurance forum Kuwait s hospitality market has witnessed an increase in RevPAR of 9.3% in March 215 when compared to the same period last year. This was mainly due to the increase in average occupancy from 66.% in March 214 to 75.% in March 215 Dubai and Abu Dhabi s hospitality market witness a drop in RevPAR when compared to March 214 In March 215, Dubai s hospitality market witnessed a drop in RevPAR by 6.9% when compared to the same period last year Dubai s overall average occupancy drops by 1.5% when compared to March 214, due to the additional supply of new branded hotel rooms that have been added to Dubai s hotel supply over the past year Abu Dhabi s occupancy performance decreased from 85.% in March 214 to 82.% in March 215. The decrease in occupancy was coupled with a drop in ADR from US$214 in March 214 to US$24 in March 215, resulting RevPAR to drop by 8.7% in March 215 when compared to the same period last year Amman and Riyadh s hospitality market performance dropped when compared to the same period last year Amman s hospitality market continues to fall in March 215, average occupancy declined by 8.% when compared to March 214. ADR dropped from US$16 in March 214 to US$154 in March 215, resulting in a double digit decrease in RevPAR by 16.4% when compared to same period last year, this is due to the ongoing political instability in neighboring countries Riyadh s hospitality market witnessed a slight decrease in RevPAR of 2.6% in March 215 as compared to March 214, this was mainly due to ADR dropping from US$22 in March 214 to US$218 in March 215, coupled by a slump in average occupancy of 1.% in March 215 when compared to the same period last year Benchmark 3
4 Markets with the largest variance on a per month basis % Occupancy for Cairo Hotels 6 Occupancy % Occupancy % Average Room Rate for Jeddah (US$) 35 Average room rate Average room rate RevPAR in Beirut (US$) 14 Room yield Room yield Benchmark March 215
5 Dubai overall monthly performance % Occupancy for Dubai Overall hotels 1 Occupancy % Occupancy % Average room rate for Dubai Overall hotels (US$) Average room rate Average room rate Rev PAR in Dubai Overall hotels (US$) Room yield Room yield Benchmark 5
6 Selected markets monthly performance (local currency) EY Middle East hotel benchmark survey Monthly performance: March 215 Currency: local Occupancy Average room rate Rooms yield Currency 215% 214% Change in % points Change Change Bahrain Manama BHD % % Egypt Cairo City EGP % % Jordan Amman JOD % % Kuwait Kuwait KWD % % Lebanon Beirut LBP ,52,699 2,14, % 1,38,436 86, % Qatar Doha QAR % % Saudi Arabia Jeddah SAR % % Madina SAR % % Riyadh SAR % % United Arab Emirates Abu Dhabi AED % % Dubai Beach AED ,68 1, % 1,52 1,52 1.2% Dubai City AED % % Dubai Overall AED ,113 1, % 975 1,47 6.9% Notes Figures may not add up due to rounding. Cairo Overall includes Cairo City and Cairo Pyramid Hotels. Dubai Overall includes Dubai Beach, Dubai City and Dubai Apartment Hotels. The Middle East hotel benchmark survey was developed and is maintained by EY s Dubai of ce under the direction of Yousef Wahbah who leads the Transaction Real Estate Advisory Services group across the MENA region. It is intended for informational use only. The reader should consult his or her professional investment advisor, attorney or accountant before making any decision or taking any action based upon the information presented in this document. Benchmark data is provided by individual hotel companies. While we believe the data collected is reliable, we have not performed an audit or review of the information gathered and do not express an opinion or any form of assurance on the accuracy of such information. This report is also proprietary of EY and no part of this report, in whole or in part, may be reproduced or transmitted without written consent of EY. All requests to reproduce this information must be addressed to yousef.wahbah ae.ey.com. For information regarding the hotel benchmark, contact the Dubai of ce at Benchmark March 215
7 Selected markets monthly performance (US dollars) EY Middle East hotel benchmark survey Monthly performance: March 215 Currency: US$ Occupancy Average room rate Rooms yield Currency 215% 214% Change in % points Change Change Bahrain Manama US$ % % Egypt Cairo City US$ % % Jordan Amman US$ % % Kuwait Kuwait US$ % % Lebanon Beirut US$ % % Qatar Doha US$ % % Saudi Arabia Jeddah US$ % % Madina US$ % % Riyadh US$ % % United Arab Emirates Abu Dhabi US$ % % Dubai Beach US$ % % Dubai City US$ % % Dubai Overall US$ % % 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 Middle East hotel benchmark survey was developed and is maintained by EY s Dubai of ce 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, we have not performed an audit or review of the information gathered and do not express an opinion or any form of assurance on the accuracy of such information. This report is also proprietary of EY and no part of this report, in whole or in part, may be reproduced or transmitted without written consent of EY. All requests to reproduce this information must be addressed to yousef.wahbah ae.ey.com. For information regarding the hotel benchmark, contact the Dubai of ce at Benchmark 7
8 Selected markets year to date performance (local currency) EY Middle East hotel benchmark survey Year to Date Performance (January 215 March 215) Currency: local Occupancy Average room rate Rooms yield Currency 215% 214% Change in % points Change Change Bahrain Manama BHD % % Egypt Cairo City EGP % % Jordan Amman JOD % % Kuwait Kuwait KWD % % Lebanon Beirut LBP ,6,892 2,41,661 8.% 1,39,787 95, % Qatar Doha QAR % % Saudi Arabia Jeddah SAR % % Madina SAR % % Riyadh SAR % % United Arab Emirates Abu Dhabi AED % % Dubai Beach AED ,623 1, % 1,414 1,415.1% Dubai City AED % % Dubai Overall AED ,128 1,19 5.2% 984 1,51 6.4% 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 Middle East hotel benchmark survey was developed and is maintained by EY s Dubai of ce 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, we have not performed an audit or review of the information gathered and do not express an opinion or any form of assurance on the accuracy of such information. This report is also proprietary of EY and no part of this report, in whole or in part, may be reproduced or transmitted without written consent of EY. All requests to reproduce this information must be addressed to yousef.wahbah ae.ey.com. For information regarding the hotel benchmark, contact the Dubai of ce at Benchmark March 215
9 Selected markets year to date performance (US dollars) EY Middle East hotel benchmark survey Year to Date Performance (January 215 March 215) Currency: US$ Occupancy Average room rate Rooms yield Currency 215% 214% Change in % points Change Change Bahrain Manama US$ % % Egypt Cairo City US$ % % Jordan Amman US$ % % Kuwait Kuwait US$ % % Lebanon Beirut US$ % % Qatar Doha US$ % % Saudi Arabia Jeddah US$ % % Madina US$ % % Riyadh US$ % % United Arab Emirates Abu Dhabi US$ % % Dubai Beach US$ % % Dubai City US$ % % Dubai Overall US$ % % 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 Middle East hotel benchmark survey was developed and is maintained by EY s Dubai of ce 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, EY has not performed an audit or review of the information gathered and do not express an opinion or any form of assurance on the accuracy of such information. This report is also proprietary of EY and no part of this report, in whole or in part, may be reproduced or transmitted without written consent of EY. All requests to reproduce this information must be addressed to yousef.wahbah ae.ey.com. For information regarding the hotel benchmark, contact the Dubai of ce at Benchmark 9
10 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. The MENA practice of EY has been operating in the region since For over 9 years, we have grown to over 5, people united across 2 offices and 15 countries, sharing the same values and an unwavering commitment to quality. As an organization, we continue to develop outstanding leaders who deliver exceptional services to our clients and who contribute to our communities. We are proud of our accomplishments over the years, reaffirming our position as the largest and most established professional services organization in the region. 215 EYGM Limited. All Rights Reserved. ED none This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ey.com/mena
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