NORDIC HOTEL REPORT FOURTH QUARTER Q COPENHAGEN OSLO STOCKHOLM

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1 NORDIC HOTEL REPORT FOURTH QUARTER Q4 215 COPENHAGEN OSLO STOCKHOLM COPENHAGEN OSLO STOCKHOLM Q

2 Q 4 H I G H L I G H T S COPENHAGEN CITY CENTER Q 4 H I G H L I G H T S The fourth quarter of 215 finished with growth in all the three Scandinavian capitals. In general the entire year has been characterized by growth, driven by both occupancy and ADR. Looking at Q4 the strongest RevPAR growth can be observed in Copenhagen (13.8% to EUR 82), closely followed by Stockholm (12% to EUR 87). Oslo did also see positive RevPAR growth, however not as significant (6.7% to EUR 69). In Copenhagen, growth was driven both by occupancy and ADR. Occupancy increased with 6.2% to 73.1% and ADR with 7.2% to EUR 112. The RevPAR increase observed in Stockholm was also driven by both parameters. Occupancy increased with 6.7% to 69.8% and ADR with 4.9% to EUR 125. In Oslo, a more moderate growth was almost equally driven by occupancy and ADR, as occupancy increased with 3.5% to 63.8% and ADR increased with 3.1% to EUR 18. Photopgrapher: Morten Jerichau, WOCO Media Center Q

3 M A R K E T I N D I C A T O R S - C O P E N H A G E N C O P E N H A G E N Amongst the three Scandinavian capitals, Copenhagen finished the last quarter of 215 with the strongest relative RevPAR growth of 13.8 % to DKK 612. Growth was driven both by occupancy and ADR. In October, RevPAR grew with 21.2% to DKK 696 which is the highest RevPAR growth rate in Copenhagen in the quarter and second highest in 215, only beaten by April. The growth was largely driven by a price increase of 13.9% to DKK 888, but also an occupancy increase of 6.5% to 78.4%. Growth in November and December was less aggressive but still significant. In both months respectively, RevPAR increased close to 1%. In November, RevPAR growth was mainly driven by a 6.3% occupancy growth to 76.4%, supported by an ADR increase of 3.2% to DKK 815 resulting in a RevPAR level of DKK 623. December s growth pattern is similar to the one observed in November. However, most probably due to the holiday season, the occupancy level is trading at a lower level resulting in a RevPAR of DKK 518. Copenhagen finished 215 with RevPAR growth in all months of the year corresponding to 11% for the entire year. Especially April and October performed significantly above last year. COPENHAGEN HOTEL MARKET Q4 215 Oct Δ (%) Nov Δ (%) Dec Δ (%) Q4 Δ (%) Occupancy (%) 78.4% % % % 6.2 ADR in DKK RevPAR in DKK ADR in RevPAR in OCCUPANCY AVERAGE DAILY RATE (DKK) REVENUE PER AVAILABLE ROOM (DKK) 9% 8% 7% 6% 5% 4% 3% 2% 1% % 1, Q

4 M A R K E T I N D I C A T O R S - O S L O O S L O Despite RevPAR growth in Q4 not reaching Q3 s strong growth rate of above 12%, the Oslo hotel market continues the positive trend. Looking at the entire quarter, RevPAR is up 6.7% compared to Q4 in 214 driven both by a higher occupancy and price level. The strongest relative growth in Q4 was experienced in October, where a 4.3% increase in occupancy and a 3.8% increase in ADR led to an 8.3% RevPAR growth. RevPAR in October was NOK 747. The highest RevPAR in Q4 was achieved in November with NOK 761. The 5.5% RevPAR growth in November was largely derived from an increase in ADR of 3.7% to NOK 153. December is the worst performing month of the quarter. However, December 215 is still performing above December 214. The performance level is generally a product of the low occupancy rate that, despite a 4.8% increase, is trading below 5%. Oslo has in 215 performed well with a 8.2% RevPAR increase. Especially June and July has affected growth positively. OSLO HOTEL MARKET Q4 215 Oct Δ (%) Nov Δ (%) Dec Δ (%) Q4 Δ (%) Occupancy (%) 72.6% % % % 3.5 ADR in NOK RevPAR in NOK ADR in RevPAR in OCCUPANCY AVERAGE DAILY RATE (NOK) REVENUE PER AVAILABLE ROOM (NOK) 8% 1,2 8 7% 6% 5% 4% 3% 2% 1% % 1, Q

5 M A R K E T I N D I C A T O R S - S T O C K H O L M S T O C K H O L M The positive growth figures in Stockholm from Q3 continued in Q4. Overall RevPAR increased 12% driven by a 6.7% increase in occupancy and a 4.9% increase in price. RevPAR for Q4 traded at SEK 89 considerably lower than Q3. Both November and December experienced significant growth of 14% in RevPAR. The growth in November was driven almost equally by price and occupancy of around 7%, resulting in a RevPAR of SEK 927 for the month. The RevPAR level in November was the quarter s highest. The growth in December was driven slightly more by occupancy, which increased with 9%. The price level increased with 4.7% resulting in a RevPAR level of SEK 627, the lowest in the quarter. Looking at the entire year, January 215 was the only month with a lower RevPAR level. October also experienced growth, however more moderate compared to November and December. RevPAR was up 8.1% to SEK 873, driven both by occupancy and price. Overall, RevPAR increased with 9.5% in 215. The positive growth was especially driven by the strong growth of Q3. STOCKHOLM HOTEL MARKET Q4 215 Oct Δ (%) Nov Δ (%) Dec Δ (%) Q4 Δ (%) Occupancy (%) 76.1% % % % 6.7 ADR in SEK RevPAR in SEK ADR in RevPAR in OCCUPANCY AVERAGE DAILY RATE (SEK) REVENUE PER AVAILABLE ROOM (SEK) 9% 8% 7% 6% 5% 4% 3% 2% 1% % 1,4 1,2 1, , Q

6 N E W D E V E L O P M E N T S C O P E N H A G E N & O S L O C O P E N H A G E N In Q4, Copenhagen has only seen one addition to the official project pipeline. The local hotel owner and operator Arp-Hansen Hotel Group has purchased a former office building in central Copenhagen, which they will convert to a 28 room hostel with approximately 1 beds. It is expected that the new hostel will open its doors mid 217. In total, the pipeline currently includes approx. 18 rooms. NEW DEVELOPMENTS IN COPENHAGEN Hotel Room No. Opening Year Moxy Zleep Copenhagen Airport 12 room extension 217 Nobis Hotel - Niels Brocks Gade Arp-Hansen Hostel - Nyropsgade Scandic in the meatpacking district Radisson Blu Scandinavia 266 room extension TBA Hotel Skt. Petri 3 room extension TBA Cabinn Metro Hotel 55 room extension TBA Tivoli Corner 17 TBA Source: NHC Data ARP HANSEN HOSTEL NYROPSGADE 38 O S L O Oslo has not seen any additions to the pipeline the last quarter of 215. Furthermore, there has been no hotel openings either. In 216, the extension of Citybox and the new Comfort Hotel Oslo are due to open. However, the majority of new hotel openings are more likely to happen in 217 & 218. The pipeline in Oslo currently includes approx. 2 rooms. NEW DEVELOPMENTS IN OSLO Hotel Room No. Opening Year Citybox 12 room extension 216 Comfort Hotel Oslo Moxy by Marriott Hotell på Youngstorget Best Western Oslo Airport 7 room extension 217/18 Scandic Portalen (Lillestrøm) Thon Hotel Linne 15 room extension 217 Scandic Helsfyr 17 room extension TBA Clarion Royal Hotel Royal Christiania 352 room extension TBA Radisson Blu Hotel Oslo Plaza 335 room extension TBA Source: NHC Data SCANDIC PORTALEN (LILLESTRØM) Q

7 N E W D E V E L O P M E N T S - S T O C K H O L M HTL UPPLANDSGATAN NEW DEVELOPMENTS IN STOCKHOLM Hotel Room No. Opening Year The Winery Hotel Generator Stockholm 24 (refurb.) 216 Arlanda Holding Scandic Haymarket Scandic Continental Park Inn Solna StayAt Motel L Älvsjö Sleeping Fox Stockholm City Elite Hotels - Hagaplan Scandic Sergel Plaza 17 room extension 217 Bank Hotel AMF Gallerian Arlanda Hotel Kungsleden - Hotel Hagastaden 222 TBA Source: NHC Data S T O C K H O L M There is several hotels in pipeline in Stockholm that are planned to open in 216. Recently, the new 13-room HTL in Upplandsgatan opened its doors. As did the new 16-room property, Hotel With Urban Deli, operated by the deli chain Urban Deli. The pipeline in Stockholm currently accounts for approximately 36 rooms, and some of the biggest projects are up to 4 rooms. Scandic Hotels is currently developing about 8 rooms in their two new flagship projects, Scandic Haymarket and Scandic Continental. Of other large projects, AMF Gallerian can be mentioned, which includes two large hotels, both operated by Nordic Choice Hotels. It was recently announced that the larger of the two hotels will be called At Six and include 343 rooms. NORDIC CHOICE HOTEL AT SIX - AMF GALLERIAN Q

8 C O M P A R I S O N EXCHANGE RATE AGAINST EUROS C I T Y C O M P A R I S O N 12 Comparing the three Scandinavian capitals, a similar pattern for Q4 can be observed. October and November are showing moderate to good performance, indicating the end of the shoulder season. December is, especially indicated by low occupancy, the beginning of the low-season in Scandinavia. Amongst the three capitals, Stockholm achieved the highest RevPAR for the quarter of EUR 87, driven by a high ADR of EUR 125. Looking solely on occupancy, Copenhagen realised an occupancy rate of 73%, thus in front of both Stockholm and Oslo However, December 215 has been performing above last year, showing that the improvements in the hotel market is not The highest RevPAR of the quarter was achieved in Stockholm Danish krone Swedish krona Norwegian krone US dollar only a high-season phenomenon. in November, where a high occupancy and price level resulted in a RevPAR level of EUR 99. Mainly due to a low occupancy, Oslo experienced the lowest RevPAR of the quarter in December of EUR 48. OCCUPANCY AVERAGE DAILY RATE ( ) REVENUE PER AVAILABLE ROOM ( ) 9% 8% 7% 6% 5% 4% 3% 2% 1% % Copenhagen Stockholm Oslo Copenhagen Stockholm Oslo Copenhagen Stockholm Oslo Q

9 N O R D I C H O T E L C O N S U L T I N G ABOUT NHC NHC was founded in 24 and is the leading specialized hotel consultancy in Scandinavia. We have offices in Denmark, Norway and Sweden. NHC has since 24 carried out a range of assignments including feasibility studies, appraisals, operator search, contract negotiations, investment and transaction advisory and more in the Nordics and Europe. In 21, an Asset Management division was created in order to respond to an increasing demand and in 211, an Investment Advisory division was also established. For additional information on NHC, please refer to our website: ABOUT BENCHMARKING ALLIANCE Benchmarking Alliance is the leading provider of hotel, conference, F&B and spa benchmarking as well as hospitality market data for the Nordic hospitality industry. The company was created in 21 by a team with broad background in hotels, real estate and IT. COPYRIGHT This report is the property of NHC and may not be reproduced in parts or whole prior to the written consent of NHC. DISCLAIMER NHC does not guarantee the accuracy of the data presented in this report and cannot be held liable here for any analysis, opinions or decisions derived from reading this report as it is solely at the responsibility of the reader to draw up conclusions. NHC cannot be held liable for any outcome of analysis, opinions and decisions formed based on the information presented in this report. NHC would like to inform the reader that the data from Benchmarking Alliance is collected in different ways and sometimes the figures can include provisions. This means that slight deviations in net ADR and RevPar can occur. Denmark Denmark Norway Sweden Nørre Voldgade Copenhagen K Denmark Råhøj Alle 7 A 827 Højbjerg - Århus Denmark Skoleveien 2 N-14 Ski Norway Engelbrektsgatan Stockholm Sweden Prepared by: Emil Lindvang Bentsen

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