Latvia Hotel Market Overview

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1 Research & Forecast Report Latvia 2016 Latvia Hotel Market Overview Annual Review Accelerating success.

2 Hotel Market General Overview > > During the first three quarters of 2015, the number of visitors to Latvian hotels and other accommodation establishments grew for the fifth year in a row. Reduced numbers of Russian tourists were compensated by visitors from other countries. > > Continuous development of tourist attractions and big public events (e.g. Latvian Presidency of the Council of the EU) positively influenced the hospitality market in > > Hotel market stock in 2015 was supplemented by the new 4-star Wellton Hotel Riga and Spa hotel with 174 rooms. > > International chains which are already represented in Latvia continued their development plans; for example, two Accor Hotel Group hotels are expected to be commissioned in 2016 / > > Despite May and August being marked by the best occupancy figures in the last decade, average hotel room occupancy in the first eleven months of 2015 fell slightly compared to the same period in > > 2015 saw a reduction in the trend of hotel acquisitions by investors from CIS countries observed in Supply By 2015 Riga had 247 hotels, of which 123 were not certificated. 71 per cent of a total of 8,232 certified hotel rooms were located in Riga. In general, certified hotel room supply was largely dominated by 4-star hotel rooms, constituting 58.5 per cent and 69.3 per cent respectively of Latvia s total certified hotel room stock and total Riga certified hotel room stock. The Latvian hotel market is clearly dominated by local hotel operators saw no new international hotel chain entries to the Latvian hotel market, where the two largest international hotel chains represented are Rezidor and the Accor Hotel Group. In 2015, the Riga hotel market saw the opening of the new 4-star 174-room Wellton Hotel Riga and Spa in the Old Town operated by local company Mogotel. Moreover, by the end of 2015 a number of projects were under development. An 11-storey hotel building on the left bank of the River Daugava and next to the Z-Towers project is expected to be commissioned by the end of Additionally, under development at the moment are the 5-star Kempinski Grand Hotel Number of Hotels and Rooms STARS RIGA LATVIA HOTELS ROOMS HOTELS ROOMS 5-star star 32 4, ,819 3-star 26 1, ,859 2-star star TOTAL CERTIFIED 66 5, ,232 Non-certified ,304 TOTAL 89 6, ,536 Distribution of Hotels by Number of Stars in Latvia 39% 6% Riga and Pullmann Riga Hotel, the 4-star Semarah Hotel, as well as the Ibis Style Hotel. At the end of 2016 the increase in hotel room stock is expected to reach 635 rooms, while in 2017 hotel room stock is expected to be supplemented by an additional 150 rooms upon completion of a new hotel on Raina Street. Demand 1%2% 52% 1-star 2-star 3-star 4-star 5-star During the first three quarters of 2015, the number of people serviced by Latvian hotels and other accommodation establishments experienced positive growth. A total of 1.72 mln visitors were serviced by the Latvian hotel industry, of whom 1.19 mln or 69 per cent were foreign visitors. Total visitor numbers in the first three quarters of 2015 grew by 2.6 per cent and foreign visitor numbers grew by 3.4 per cent compared to the same period in Russian, German, Lithuanian, Estonian and Finnish visitors accounted for half of all foreign visitors in the first three quarters of Visitor numbers from Russia fell by 33 per cent in the first nine months of 2015 compared to the same Real Estate Market Overview 2016 Latvia Colliers International 2

3 Distribution of Foreign Visitors by Country of Origin 44% 5% 6% 13% 9% 13% 10% Russia Germany Lithuania Estonia Finland Norway Other period in 2014 and comprised only 13 per cent of all foreign visitors. The rouble s devaluation caused spending reductions among Russian travellers. On the positive side, during the first three quarters of 2015 visitor numbers from Lithuania grew by 23 per cent, German visitors by 4 per cent and Estonian visitors by 16 per cent. We note that the tourism market has become more differentiated. During the first nine months of 2015, the average number of nights spent by foreign visitors in Riga hotels or other accommodation establishments fell slightly to 1.8 compared to 1.9 in the same period the previous year. The leaders in terms of hotel stays were visitors from Belarus with 3.1 nights spent per visitor, the USA with 2.2 nights, and Russia with 2.1 nights. Compared to 2014, visitors from Sweden and Norway spent on average more nights in Latvian hotels and other accommodation establishments in saw growth in total foreign visitor numbers to Latvia. This was for several events, such as the Latvian Presidency of the Council of the EU in the first half of 2015, the men s European basketball championship in September, NATO alliance activities, and specialist tourism promotional activities by the Latvian Tourism Development Agency. Moreover, in 2016 the extended NATO mission in the Baltics, Riga s recognition as a former Capital of Culture, the Cooperation Between Central and Eastern European Countries and China 16+1 summit and other events might have had a positive effect on the Riga hotel market. Price Range for Double Standard Hotel Room in 2015 Prices and Occupancy According to City Cost Barometer, Riga continues to be one of the cheapest travel destinations among other European capitals in terms of overnight stay costs. Thus, for the third consecutive year the Riga hotel market experienced a decrease in accommodation costs in 3-star hotels. While maximum room prices for 3-star hotels dropped by approx 5 per cent, maximum room prices for 4-star hotels are on the same level as in Despite the fact of increasing visitor numbers, the occupancy rate of accommodation establishments slightly decreased in During the first 11 months of 2015, average occupancy of hotels and other accommodation establishments stood at 56.5 per cent in Riga and 44.9 per cent in Latvia, which respectively is 0.7 per cent and 2.8 per cent less compared to the same period in The observed decrease in occupancy can be explained by the decrease of average nights spent by visitors in local accommodation establishments. Price for a 2 Night Stay in 3-star Hotel for 2 Visitors Dynamics of Average Monthly Room Occupancy Rate in Accomodation Establishments 60% 50% 40% Riga EUR Tallinn Vilnius Budapest Dubrovnik Istambul Source: City Cost Barometer Lisbon Brussels Berlin Warsaw Prague Vienna Belfast Edinburgh Paris Dublin London Barcelona Stockholm Copenhagen Rome Amsterdam NUMBER OF STARS MIN PRICE, EUR MAX PRICE, EUR 5-star star star Source: Colliers International 30% 20% Riga M Latvia Number of Visitors Served Thousands Hotels, resort hotels and motels 2015 Other Y-o-y growth 30% 25% 20% 15% 10% 5% 0% Real Estate Market Overview 2016 Latvia Colliers International 3

4 Tendencies and Forecasts > > We expect further market development both in terms of visits and hotel performance indicators. Additionally, we expect Riga hotel room stock to be supplemented by more than 755 rooms after commissioning of new developments in 2016 / > > International hotel chains are expected to continue to expand their presence in the local market. > > After hotel stock is supplemented by mainly 4-star and 5-star hotels, the competition is expected to tighten and might impact hotel performance figures. > > Russian outbound travel is not expected to pick up in However, an increase is envisaged in the number of visitors from other countries. This difference might be compensated during the year in both the leisure and business segments. > > The hospitality industry might well continue to experience a positive influence from international promotion and recognition of Latvia and Riga in particular. Real Estate Market Overview 2016 Latvia Colliers International 4

5 502 offices in 67 countries on 6 continents United States: 140 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 108 Authors: Deniss Kairans Partner, Managing Director Colliers International Advisors Latvia Office K. Valdemara Street 21 Riga Latvia Phone Fax billion in annual revenue million square meters under management 16,300 professionals and staff About Colliers International Colliers International is a global leader in commercial real estate services, with over 16,000 professionals operating out of more than 500 offices in 67 countries. A subsidiary of First Service Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world. colliers.com Copyright 2016 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. Accelerating success.

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