Hotel, Tourism and Leisure. Asia Pacific Quarterly Update Volume 3 Spotlight: Malaysia

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1 Hotel, Tourism and Leisure Asia Pacific Quarterly Update Volume 3 Spotlight: Malaysia

2 ASIA PACIFIC HOTEL REVIEW HOTEL OPENING BY COUNTRY HOTEL OPENINGS Total hotel openings by international hotel management companies increased by 51% in Q in Asia Pacific, as compared to the same period in The 53 openings this quarter, combined with 42 openings witnessed last quarter, brings the year to date total to 95 hotels, an increase of 36% when compared to H With regards to the number of rooms, year to date performance shows a 24% increase in openings, from 16,968 hotel rooms opened H to 21,015 rooms in H Continuing the trend witnessed in the first quarter of 2014, the majority of hotels (81%) are opening under management agreements, with only 19%of hotels opening under a franchise agreement. Recent trends show that new hotel openings in Asia are predominately new build hotels and the same is true this quarter, with almost three quarters (74%) of the hotels considered new builds. China continued to dominate as the most popular location for new hotel openings, accounting for 30% of all hotels openings, while the number of openings in Australia decreased by 11% when compared to the same quarter in This quarter also saw an opening in Fiji, the first hotel opening seen in this location for some time.

3 DEAL SIGNING DEAL SIGNING BY COUNTRY Deal signings decreased by 6% in the second quarter of 2014 when compared to Q With a decrease also witnessed in Q1 2014, there has been an overall decrease of 4% for H when compared to H In terms of the number of rooms, Q2 saw a decrease of 2% when compared to the same period in Taking into account the 12%decrease in rooms recorded in Q1 2014, the number of rooms signed in H has decreased by 7% when compared to H More than half (55%) of the deal signings in Q were for hotels located in China. Indonesia continued to prove a popular location accounting for 13% of all new signings, only showing a marginal decrease when compared to the 15%seen in Q Note: Deal signing refers to management and franchise agreements signed by the international hotel management companies. Notably, there was signing activity in Singapore, with two hotel deals. The most recent Singapore deals signed prior to these were back in The majority of signings are management agreements with only 20% of deals as franchise agreements. The franchise model proves to be most popular in the South Korea and India markets. The type of property, in terms of conversion or new build was more varied in Q2 2014, where 60% of new deals signed were for new build properties compared to the 90% for new build signings seen in Q

4 ASIA PACIFIC QUARTERLY UPDATE VOL.3 ASIA PACIFIC HOTEL PERFORMANCE Philippines (+3.2%), China (+3.0%) and Australia (+2.7%) experienced the strongest increase in occupancy June 2014 YTD within the region, while Thailand (-17.2%), Vietnam (-2.9%) and French Polynesia (-1.7%) declined in this measure. Maldives showed the strongest growth in average daily rate (ADR, +13.6%), measured in local currency, resulting in the strongest growth in revenue per available room (RevPAR, +13.5%) of all countries within this region compared to June 2013 YTD. Indonesia (+10.5%) and Japan (+8.6%) came second and third in terms of ADR growth, while China (-3.5%) and India (-3.4%) were the only countries within the region posting declines in this measure. Delhi-NCR (-6.2%) and Mumbai (-4.3) have experienced the biggest drop in ADR within the region, measured in the respective local currency. Bangkok (-26.4%) continued to report the most significant decline in hotel performance of all markets, solely driven by a drop in occupancy due to on-going political unrest, while Osaka (+18.7%) and Bali (+15.5%) were the top markets in terms of RevPAR growth. ASIA PACIFIC - HOTEL PERFORMANCE ACROSS SELECTED MARKETS ASIA PACIFIC ACTIVE ROOM PIPELINE China (+290k rooms) remains the country with the strongest under contract room pipeline, followed by India (+58k rooms) and Indonesia (+54k rooms). In the coming years, more than 2,300 hotels with +520k rooms are expected to enter the region The Upscale class currently is expected to grow the fastest, followed by Upper Upscale and Luxury. YTD 2014, room supply for the Luxury class grew strongest (+5.0%), followed by Midscale and Economy class (+4.3%) and Upscale class (+3.6%). ASIA PACIFIC ACTIVE ROOM PIPELINE BY COUNTRY The constant growing supply continued to impact the ADR performance for China and India. Albeit demand is up, resulting in a positive occupancy trend for both countries. ASIA PACIFIC - HOTEL OCCUPANCY AND ADR ASIA PACIFIC ACTIVE ROOM PIPELINE BY SCALE

5 MALAYSIA HOTEL MARKET REVIEW HOTEL OPENINGS The Malaysian Market is a steady market, with at With the opening of the second bridge least one new opening and signing each quarter. connecting the peninsula and Penang Island, and the re-emergence of George Town as an After a slow start to 2014, hotel openings international destination, market expectations are doubled in Q with the opening of two for an increase openings and signings of new hotels compared to only one hotel in Q hotels in the coming years. This corresponds to an increase of 35% in the number of rooms over the same period. In Johor, the continuing development of Nusajaya, Medini and Danga Bay, as well as the Comparing the hotel opening performance year Desaru coast in eastern Johor, is attracting plenty to date, H recorded a 50% increase in of attention from hotel developers and more openings compared to H1 2013, however the announcements are expected in the coming number of rooms opened has fallen by 29%. The years. average number of rooms per property has decreased from 414 rooms in H to 195 in H The focus seems to have shifted somewhat from the capital of Kuala Lumpur to regional destinations such as Johor (Iskandar), Penang, Langkawi, Melaka and Kota Kinabalu. The issue of land titles continues to hamper hotel development in Langkawi that is experiencing pent-up demand for mid-tier and top-tier hotels.

6 DEAL SIGNINGS 2013 was a good year for hotel signings, 16 deals comprising of 3,499 rooms were signed across Malaysia. After a promising start to 2014, signing activity slowed in the second quarter of The number of hotels deals signed declined by 80%, when compared to Q and looking performance over the first half of the year, the number of deals signed has dropped by 38%, from 8 deals seen in H to only five deals in H As a result of only one new signing the number of new rooms dropped by 75% during the same period. Despite the significant number of rooms signed during the first quarter of the year, the year to date performance is down by 20% when compared to H The new deal signing for Q is for a 300 room hotel in the once popular resort of Desaru Beach. The resort area is currently being regenerated and we expect to see more hotel opening and signing activity in this area in the future. The planned massive Pengerang Oil & Gas complex and enclave south of Desaru is expected to induce more hotel openings post OVERALL HOTEL PERFORMANCE June 2014 YTD, Malaysia reported a positive trend in occupancy and ADR, resulting in a double digit RevPAR growth to MYR (+10.2%), mainly driven by the growth in rate. June (-3.9%) experienced the first decline in hotel performance of all months in 2014, as declining demand lead to notable falls in occupancy, which mainly was driving the decrease in RevPAR. OVERALL HOTEL PERFORMANCE

7 ASIA PACIFIC QUARTERLY UPDATE VOL.3 HOTEL PERFORMANCE BY CLASS The Upscale class in Malaysia experienced the strongest increase in ADR (+9.8%) of all classes, as well as the most significant growth in occupancy (+6.5%). The Upper Midscale class was the only class reporting declines in ADR (-0.7%) and occupancy (-1.2%) of all segments, while Upper Upscale class only declined in occupancy (-1.8%). Upper Upscale (+6.3%) and Upscale (+2.8%) saw the strongest supply growth of all classes, while demand for Luxury grew by +5.6%, and for Midscale and Economy +3.1%. HOTEL PERFORMANCE BY MARKET All markets in Malaysia experienced an increase in occupancy and ADR. Sarawak/ Sabah reported the strongest increase of all markets in both occupancy (+3.0%) and rate (+12.8%). Langkawi managed to maintain the highest rates of all markets and reported an increase of this measure by +8.0%. Kuala Lumpur was the only market reporting occupancy levels above 70% (+2.8%), however, ADR increased by only +4.2%, the lowest growth in this measure of all markets. OCCUPANCY & ADR LEVELS BY CLASS OCCUPANCY & ADR LEVELS BY MARKET REVPAR LEVELS BY MARKET

8 ASIA PACIFIC QUARTERLY UPDATE VOL.3 SPOTLIGHT: KUALA LUMPUR KUALA LUMPUR HOTEL PERFORMANCE Kuala Lumpur showed positive growth for both occupancy (+2.8%) and ADR (+4.2%) June 2014 YTD, resulting in the highest RevPAR levels (MYR295.07) for this time period since 1994, when STR Global began collecting hotel performance for the country. Demand growth for the Malaysian capital slowed in May (+4.8%) relative to previous months, and declined in June (-3.3%), also impacted by the bad publicity around Malaysia airlines, with its key role connecting major destinations around the world with Kuala Lumpur International Airport. KUALA LUMPUR PERFORMANCE BY CLASS Upscale class reported the strongest increase in occupancy (+7.8%) as well as ADR (+6.2%) of all classes June 2014 YTD, resulting in a double digit RevPAR growth to MYR (+14.5%). Occupancy for the Upper Upscale segment declined by -3.4% to 68.5%, the lowest level of all classes, impacted by the strong supply growth for the class (+10.1%), while demand is up 6.3% June 2014 YTD. OCCUPANCY & ADR LEVELS BY CLASS KUALA LUMPUR HOTEL PERFORMANCE BY MONTH SPOTLIGHT: REGIONAL MALAYSIA (EXCLUDING LANGKAWI) REGIONAL MALAYSIA HOTEL PERFORMANCE BY MONTH REIGONAL MALAYSIA HOTEL PERFORMANCE Occupancy and ADR reported positive growth on average June 2014 YTD, while ADR (+11.0%) clearly was the driving force behind double digit RevPAR growth to MYR (+12.7%), the highest levels since 1994, when STR Global began tracking hotel performance for the country. Similar to the capital, demand growth slowed in May (+3.7%) compared to previous months, and declined in June (-6.9%), indicating that recent events not only impact hotel performance within Kuala Lumpur.

9 ASIA PACIFIC QUARTERLY UPDATE VOL.3 REGIONAL MALAYSIA HOTEL PERFORMANCE BY CLASS Upscale class showed the strongest increase in both ADR (+15.0%) and occupancy (+7.3%), indicating a strong double digit RevPAR growth to MYR (+23.3%). Upper Upscale reported the second strongest increase in ADR (+9.7%) of all classes. But at the expense of occupancy, which declined by -1.6% to 62.2%. OCCUPANCY & ADR LEVELS BY CLASS MALAYSIA UNDER CONTRACT* PIPELINE Malaysia currently has 500+ hotels with 115k+ rooms and experienced an increase in supply by +4.1% in June 2014 YTD. In particular the classes Upper Upscale (+6.3%) and Upscale (+2.8%) showed the largest growth. With an under contract rooms pipeline of +18.0% on top of the existing supply, Malaysia has the fourth largest pipeline within APAC after China, India, and Indonesia. MALAYSIA UNDER CONTRACT* HOTEL PIPELINE BY PROJECT PHASE IN FINAL CONSTRUCTION PLANNING PLANNING MALAYSIA KUALA LUMPUR MALAYSIA PENINSULAR AREA SARAWAK/ SABAH OTHER * Under Contract includes projects currently under construction, in final planning or planning phase MALAYSIA UNDER CONTRACT* ROOM PIPELINE BY CHAIN SCALE This document has been prepared in good faith on the basis of information available to Horwath HTL and STR Global at the date of publication. The content includes analysis and commentary that are the sole opinions of our research teams and are not to be construed as investment advice. The opinions expressed are our current opinions as of the date appearing in the material and may be subject to change from time to time without notice. Horwath HTL and STR Global do not guarantee or warrant the accuracy or reliability of the information and encourage readers to independently assess the relevance and accuracy of the information before taking any action based on the information contained in this document. Horwath HTL and STR Global will not be liable for any loss, damage, cost or expense incurred or arising by reason of any person using or relying on information in this publication. The foregoing does not replace, supersede or amend any other disclaimers or warranties that may appear in this publication.

10 ABOUT STR GLOBAL STR Global benchmarks hotel data for over 6.4 million hotel rooms worldwide with the industry standard STAR report, allowing hoteliers to identify changes in market share and provides developers, financiers, analysts and suppliers in the hotel industry-access to hotel research with regular and custom reports. As the eminent provider of benchmarking reports to the global hotel industry, our data covers daily and monthly performance data, forecasts, annual profitability, pipeline and census information across Europe, Middle East, Africa, Asia Pacific and South America. STR Global is a part of the STR family of companies and is proudly associated with STR, STR Analytics and HotelNewsNow.com. For more information, please visit STR GLOBAL CONTACT DETAILS ASIA PACIFIC BEIJING, CHINA GUANGZHOU, CHINA JAKARTA, INDONESIA MUMBAI, INDIA SINGAPORE, SINGAPORE SYDNEY, AUSTRALIA Disclaimer This report contains proprietary information of STR Global Limited, and no part of such data may be reproduced or transmitted, in any form or by any means without the express written consent of STR Global Limited. All requests to reproduce this information must be addressed to Any approved reproduction of data within this report, in whole or part, must be attributed with an accompanying notice of copyright to 'STR Global Limited. Failure to comply with the preceding guides may result in legal action. Whilst every effort has been made to ensure the accuracy of the data contained in this report, this cannot be guaranteed and neither STR Global Limited nor any related entity shall have any liability to any person or entity that relies on the information contained in this report. Any such reliance is solely at the user's risk. Copyright laws apply. TOKYO, JAPAN EUROPE & CENTRAL SOUTH AMERICA LONDON, UK MILAN, ITALY MIDDLE EAST & AFRICA DUBAI, UNITED ARAB EMIRATES NORTH AMERICA HENDERSONVILLE, USA

11 ASIA PACIFIC AUCKLAND, NEW ZEALAND BANGKOK, THAILAND BEIJING, CHINA HONG KONG, SAR JAKARTA, INDONESIA KUALA LUMPUR, MALAYSIA MUMBAI, INDIA SHANGHAI, CHINA SINGAPORE, SINGAPORE SYDNEY, AUSTRALIA TOKYO, JAPAN AFRICA CAPE TOWN, SOUTH AFRICA DAKAR, SENEGAL LATIN AMERICA BUENOS AIRES, ARGENTINA SÃO PAULO, BRAZIL MEXICO CITY, MEXICO DOMINICAN REPUBLIC SANTIAGO, CHILE BOGOTA, COLOMBIA EUROPE AMSTERDAM, NETHERLANDS ANDORRA LA VELLA, ANDORRA BARCELONA, SPAIN BUDAPEST, HUNGARY DUBLIN, IRELAND FRANKFURT, GERMANY ISTANBUL, TURKEY LISBON, PORTUGAL LONDON, UK MADRID, SPAIN MOSCOW, RUSSIA OSLO, NORWAY PARIS, FRANCE ROME, ITALY SALZBURG, AUSTRIA WARSAW, POLAND ZAGREB, CROATIA ZUG, SWITZERLAND NORTH AMERICA ATLANTA, USA ATLANTA, USA DALLAS, USA CHICAGO, USA DENVER, USA LOS ANGELES, USA LAS VEGAS, USA MONTREAL, CANADA NEW YORK, USA SAN FRANCISCO, USA TORONTO, CANADA

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