NHC QUARTERLY NORDIC HOTEL REPORT

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1 FOURTH QUARTER COPENHAGEN OSLO STOCKHOLM - page 1 -

2 FOURTH QUARTER COPENHAGEN OSLO STOCKHOLM Performance data supplied by Benchmarking Alliance for all three hotel markets All amounts are in Danish Kroner (DKK) for the Copenhagen hotel market, in Swedish Kroner (SEK) for the Swedish hotel market and in Norwegian Kroner (NOK) for the Norwegian hotel market - page 2 -

3 HIGHLIGHTS > RevPAR growth was seen in all three cities from Q to. > Copenhagen experienced the most significant RevPAR increase of 9,2%, due to an improved occupancy and a heightened ADR. > Stockholm achieved a RevPAR growth of 4,2%, largely due to an improved occupancy. ADR was almost unchanged. > Oslo experienced improvements in both occupancy and ADR, resulting in a RevPAR rise of 5,7% from the same quarter in > Stockholm obtained the highest RevPAR ( 81) of the group in, followed by Oslo with a 76 RevPAR. Copenhagen performed the weakest with a RevPAR of 68. > The hotel supply will increase in all three cities in the coming years. In Stockholm, new rooms are in the pipeline, whereas the Copenhagen room supply will grow with units, and Oslo can expect 693 new rooms. > In Copenhagen, local hotelier Arp-Hansen Hotel Group is expanding considerably with 786 new rooms in the pipeline, accounting for 57% of the new supply. HOTEL MARKET ANALYSIS The following section offers an overview of the hotel market performance in the three Scandinavian capitals. Copenhagen In Copenhagen, a RevPAR growth of 9,2% was recorded in compared to the fourth quarter of This is especially due to an improved ADR, but occupancy has risen as well. The hotel market performance is displayed in the graphs and table below. - page 3 -

4 Stockholm The Stockholm hotel market has increased its RevPAR by 4,2% in the fourth quarter compared to Q This was largely due to an improved occupancy, since ADR was almost unchanged. The hotel market performance is displayed in the graphs and table below. - page 4 -

5 - page 5 -

6 Oslo The Oslo hotel market has experienced some performance growth in both occupancy and ADR, leading to a RevPAR improvement of 5,7% compared to the same quarter in The hotel market performance is displayed in the graphs and table below. - page 6 -

7 NEW DEVELOPMENTS Copenhagen There are currently five projects under development in Copenhagen, which will result in a room increase in capacity. The table below shows the entry of new supply in Copenhagen. Additional information is available for the following properties: - page 7 -

8 > Arp-Hansen is currently building its 12th property, a budget hotel, which will be located on Borgergade, next to Kongens Nytorv. It is expected to open in the summer of Originally, the hotel was planned to have a capacity of 340 rooms, but by mid December it was announced that Arp-Hansen had purchased the next-door property, making it possible to reach a total of 498 rooms. > Hotel Fox Copenhagen has closed down to undergo a complete renovation and double its capacity to 118 rooms. The hotel is part of Danish chain Brøchner Hotels, which has bought the next-door property to complete the expansion. The hotel will change its name to SP34 and reopen in April 2014 as a 4+ star boutique hotel. > Budget hotel Cabinn Metro, which is located in Ørestad between Copenhagen and the airport, plans to build another 274 rooms, resulting in a total capacity of 983 rooms. This will make Cabinn Metro one of Scandinavia s largest hotels. > Radisson Blu Scandinavia recently obtained a permit, which allows them to build ten additional floors. The current room capacity of 544 rooms will be enlarged to a total of 810 rooms. > Hotel D Angleterre has opened 60 rooms and suites. The remaining 30 rooms will open around Easter > The former Zleep Hotel Astoria next to Copenhagen s Central Railway Station has been taken over by Brøchner Hotels. The hotel is going to be renovated gradually throughout 2014, and will be upgraded from a budget hotel to a midscale property. > Arp-Hansen Hotel Group has revealed that they have a new hotel project under way, which will expectedly open in Danish architect Kim Utzon will design the 12- story building with 288 rooms and 25 meeting- and conference rooms. The location is Kalvebod Brygge, and there are going to be certain synergies with neighbouring Tivoli Hotel & Congress Centre. The project is another collaboration between Arp-Hansen and Tivoli Gardens. There are rumours of a new hotel project next to Copenhagen Airport, but this has not been confirmed. Stockholm The next three years, Stockholm will see its supply grow with new rooms. There are currently 11 hotel projects in the pipeline, which are listed in the table below. - page 8 -

9 Additional information is available for the following properties: > A new hotel brand called HTL has appeared in the Nordics. The concept is chic lifestyle accommodation in central locations. Two of such hotels are now in the pipeline for Stockholm, and the chain plans to have 20 HTL hotels operating in the major Nordic cities within five years. > The Winery Hotel in Solna will be completed in the fall of The owner is Fabege and their investment in the project is estimated at 260 million SEK. The operating company is jointly owned by Star Management AB and HKC Hotels AB, and a 20-year lease contract has been signed on the property. The concept of the hotel is centered on wine, and will include a winery producing its own wine, a wine bar, a delicatessen, a restaurant and Sweden s largest vinotheque. Other facilities include a creative meeting concept and a health club. > A 15-year lease contract has been signed for a new Park Inn Hotel in Solna, which will be operated by ESS Hotell. The owner Peab will invest approx. 200 million SEK in the construction of the sq.m property, which will include 200 hotel rooms. Parts of the ground floor will be used for retail. > Hotel Kungsträdgården / Hotel Kings Garden, a new boutique hotel, will open in the spring of The property is from the 16th century and will contain 98 rooms, all decorated in classic Gustavian design. > Scandic Hotel Continental closed down before Christmas and the hotel has now been demolished. Currently, the whole Central Station area is being restored due to the construction of the new Stockholm City Line. A new Scandic Hotel Continental will be built and the hotel reopens with 300 rooms in Not included in the list is a development project in Gallerian, Central Stockholm. The owner AMF is currently looking to develop the property into a large-scale hotel, possibly with a combination of multiple concepts. Oslo By the end of 2014, 693 additional rooms are expected to enter the market, as indicated in the table below. - page 9 -

10 Additional information is available on the following projects: > Two different hotels with Nordic Choice as the operator will open in Oslo in the coming two years. > Lars Wenaas will develop the two Rezidor brands, Radisson Blu and Park Inn, under the same roof, for a combined total of 343 rooms. SCANDINAVIAN CAPITALS COMPARISONS The following graphs provide an overview of the hotel performance of the three Scandinavian capital cities against each other during the fourth quarter of As the currency differs from one country to the other, a comparison in euro is employed. - page 10 -

11 The occupancy of differed very little from one city to the other. Oslo gained a 63,6% occupancy, Stockholm obtained 64,3% and Copenhagen reached 64,8%. Stockholm had the highest ADR in all three months, and thus the highest ADR average for the quarter of 126, followed by Oslo with an ADR of 118, and Copenhagen with 105. As a result, Stockholm achieved the highest RevPAR in this quarter, while Copenhagen was the weakest of the group. - page 11 -

12 About NHC NHC was founded in 2004 and is the leading specialized hotel consultancy in Scandinavia. We have offices in Denmark, Norway and Sweden. NHC has since 2004 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 2010, an Asset Management division was created in order to respond to an increasing demand and in 2011, 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 2010 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. NHC Offices Denmark Denmark Denmark Norway Sweden Kildehøjvej Birkerød Denmark Ny Østergade 20, 2. sal Copenhagen K Denmark Fredens Torv 1b 8000 Århus C Denmark Skoleveien 2 N-1400 Ski Norway Park Venue Engelbrektsgatan Stockholm Sweden page 12 -

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