Press release For immediate release February 2012
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1 Press release For immediate release February 2012 Euro debt crisis lures Middle East hotel investors Arabian Hotel Investment Conference 2012 to explore investment opportunities beyond Middle East - $30 billion worth of hotel deals expected globally in 2012, latest industry figures show Opportunities for Middle East investors in core Western European markets will come into focus at the annual Arabian Hotel Investment Conference 2012 (AHIC), which will take place in Dubai, on April at Madinat Jumeirah. Europe s worsening debt crisis will tempt investors from oil-exporting Gulf states, flush with petrodollars, to broaden their search for bargains. The capital markets in Europe are extremely tight, banks are struggling to raise enough cash to cover their own liabilities let alone lending to others, commented Richard Thompson, Editor, MEED This is naturally leading to an increase of distressed real estate assets in Europe and in the case of hotels, many offer yields that outperform other property investments and are coming to market well below their peak market values, as prices remain subdued, added Thompson. A good example of that was the recent purchase of the prestigious Carlton Hotel in Cannes on the French Riviera, which was sold for EUR 450 million to Qatarbased investor Ghanim Bin Saad Al Saad.
2 That figure was significantly lower than the EUR 634 million that Morgan Stanley paid for the Carlton in The Qatar investor is also interested in other properties of the Intercontinental chain including those in Vienna, Frankfurt, Budapest, Rome, Amsterdam and Madrid. Speakers at this year s AHIC event who will discuss investment opportunities outside the Middle East include H.E. Enrique Meyer, Minister of Tourism, Argentina; Tarik Senhaji, Chief Executive Officer, Moroccan Fund for Tourism Development and Kevin Wallace, General Manager, Hospitality Investment and Development Dutco Group and CEO, Jebel Ali International Hotels. Other Middle Eastern investors have also made the headlines recently with a raft of high profile hotel acquisitions in London and Paris. In the last two months alone, Qatar National Hotels Company (QNH) snapped up Le Royal Monceau Raffles Paris, while late last year Middle East investors spent some $500 million buying luxury hotels The Sanderson, St Martins Lane and the W Hotel. Global hotel transaction volumes will hold steady in 2012 to reach upwards of US $30 billion in deals according to recent figures released by Jones Lang LaSalle Hotels, in line with 2011 figures, which were up 13% from Hotel investment activity is expected to remain stable across EMEA this year with $11 billion worth of deals expected, similar to 2011 levels, the real estate services company said. London and Paris will remain the primary drivers for investment activity, it added. The increasing focus on hotel acquisitions is the latest in a series of Gulf-wide investments in European assets, commented Jebel Ali International Hotels Wallace. Outside the hospitality sector, Qatar s investment portfolio includes luxury department store Harrods, and stakes in Barclays and the London Stock Exchange. Elsewhere in the Gulf, Abu Dhabi s flagship carrier Etihad Airways recently raised its stake in Air Berlin to nearly 30% as it continues its aggressive expansion plan. One of Abu Dhabi s most high profile European acquisitions remains Manchester City Football Club. Held under the patronage of HH Sheikh Ahmed Bin Saeed Al Maktoum, President Dubai Civil Aviation Authority, Chairman Dubai Airports and Chairman and Chief Executive, Emirates Airline & Group, organiser MEED Events in partnership with Bench Events has put together a three-day programme designed to explore the outlook for hotel investment in the Middle East s changing landscape.
3 The Middle East reported positive results in the three key occupancy performance measurements in 2011 despite the Arab Spring, according to industry consultants STR Global, although performances in individual countries differed greatly. Occupancy rose by 3% to 62.3%, revenue per available room (RevPar) increased by 4.1% to US$ while average daily rates increased 1.1% to US$ Following 12 months of unrest in parts of the Arab world, investment opportunities post Arab Spring will be the main topic of discussion at this year s AHIC event. AHIC will hold sessions that focus on individual case studies. Experts who will discuss Egypt, one of the MENA s most important markets, include Samih Sawiris, Chairman, Orascom Development Holding. Industry players will also look at Saudi Arabia and the challenges of developing and operating in the holy cities of Mecca and Medina. For more information on the Arabian Hotel Investment Conference: - Ends - Photo caption: Richard Thompson, Editor, MEED. Notes to the editor The confirmed list of speaker includes: Mark Wynne-Smith, Global CEO, Jones Lang LaSalle Hotels; Alex Kyriakidis, President & Managing Director MEA, Marriott International; Rudi Jagersbacher, President, Middle East & Africa, Hilton Worldwide; Jan Smits, CEO, Asia, Middle East & Africa, IHG; Bashar Al Natoor, Director, Corporates, Fitch Ratings; Iyad Duwaji, CEO, West Asia Capital; Fergal Harris, Head of Real Estate Middle East, Standard & Chartered; Olivier Ebner, Senior Manager at Project and Structured Finance, National Bank of Abu Dhabi; Alexis Waller, Partner Clyde & Co; Olivier Granet, Director of Development, ACCOR Middle East; Kurt Ritter, CEO & President, The Rezidor Hotel Group; Bassel S.Hamwi, Chief Executive Officer, Bank Audi Syria; Lo ai B. Bataineh, DGM, Investment & Development, Head of Investment Management Group, Oman Arab Bank SAOC; Nilay Orzral, Director of Real Estate Operations, Aldar Properties PJSC; Sanjay Tanna, Director Business Development and Investments, Abu Dhabi National Exhibitions Company.
4 About MEED Events MEED's comprehensive portfolio of events has been developed over the last decade to cover the region's key business issues and sectors. From large-scale summits and conferences to unique one-to-one networking opportunities, MEED Events provide high-profile speakers, relevant and critical business content and the latest news from across the GCC. About Bench Events Bench Events is one of the founders and organisers of several well-known conferences for the hotel investment industry including Berlin (IHIF), Dubai (AHIC), Istanbul (CATHIC), Moscow (RHIC) and the Africa Hotel Investment Forum (AHIF). About the Arabian Hotel Investment Conference AHIC attracts over 500 industry leaders annually from over 40 countries, including many of the most influential names within the Middle East s hotel investment community, as both speakers and attendees. Details of AHIC can be found on Platinum sponsors: Carlson & The Rezidor Hotel Group, IHG, Jumeirah Group, Wyndham Worldwide. Emerald sponsors: Corinthia Hotels, Hilton Worldwide, Jebel Ali International Hotels, Maroc, Starwood Hotels and Resorts Worldwide. Gold sponsors: Accor, AECOM, Argentina National Institute of Tourism Promotion, Clyde & Co, Fairmont Raffles Hotels International, Fonatur, Golden Tulip MENA, Horwath HTL, Hyatt International, IFA Hotel Investments, Jones Lang LaSalle Hotels, Marriott International, MENA Hotels and Resorts, Orient- Express Hotels, Premier Inn, Ras Al Khaimah Tourism Investments and Development Authority, Rixos Hotels, STR Global, Turnkey Ventures, WATG.
5 Media contact Jason Benham Account Director PO Box Office 106 Al Sufouh Tower Dubai Media City Dubai, United Arab Emirates Tel: Cell:
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