2016 AFRICAN HOTEL VALUATION INDEX - HVS/STR Hotel .
SEPTEMBER 2016 PRICE 5002016 AFRICANHOTEL VALUATION INDEXTim SmithManaging PartnerTshepo MakhuduSenior ConsultantLaura DutrieuxConsulting and Valuation AnalystHVS.comHVS Office 504A Sunclare Building, Dreyer Street, Claremont, Cape Town
Highlightsmarkets, and also because much lending andinvestment is made in US .As with all hotel investment, anywhere in the world,there are many influences outside the control of hotelmanagers and brands that can impact the tradingcycle; currency fluctuations being only one.Unfortunately, again we have to mention terrorism andthe threat of terrorism, especially in the North Africanmarkets. If there is a silver lining to the cloud of terrorover Turkey and parts of Europe, it may be thattourists may be displaced to new markets, includingsome in Africa. Similarly, with travel advisories beinglifted for East Africa the possibility of safari and sunholidays in Kenya and Tanzania will increase for moretourists.Welcome to the third edition of the African HotelValuation Index (HVI). We are thrilled that the numberof markets included in the study continues to grow. Inthe first edition we had 14 cities, that grew to 18 lastyear and this year it has increased again to 21 cities in16 different countries. A 50% increase in markets insuch a short space of time is indicative of the everincreasing interest in the African hotel market.Moreover, and equally importantly it also illustrates animproved transparency and increase in data across thecontinent.CHART 1: TOP AND BOTTOM THREE – PERCENTAGECHANGE IN HOTEL VALUE PER ROOM (US )40.0%Accessibility and visas remain key issues for bothtourists and commercial travelers. However, there isan increase in low cost airlines, and others areexpanding and increasing code share agreements.Kenyan Airways and Ethiopian Airlines are continuingto expand and South African Airways, through theirvarious affiliates serve an increasing number ofregional cities in southern Africa. Visas remain achallenge and visitors to many African countries willeither have a long and costly wait for a visa before theyfly or on arrival; either will deter many. Howevergovernments are aware of the problem and appearkeen to find a solution; the latest being the AfricanUnion discussing the possibility of an African Passport.Things do not change quickly in Africa, but everyjourney starts with a single step 30.0%20.0%10.0%0.0%-10.0%-20.0%-30.0%Source: HVS – Cape Town OfficeIt is becoming as important to look at performance inlocal currency as in US . Although revenue fromabroad will continue to form part of the attraction ofhotel operation and investment in Africa, local demandis becoming increasingly important. Many markets areshowing a drop in value in US this year, in localcurrency terms, hotels have performed well and hadanother good year. However, values are reported inUS to allow some level of comparison betweenThe other major challenge facing some of the marketsincluded in the HVI continues to be commodity prices.Oil prices have increased in recent months, howeverthe price per barrel remains below 50, adverselyaffecting economies and demand for hotel rooms.Despite some short term challenges hoteliers of allsizes continue to expand, it is not just Accor Hotels,Hilton and Rezidor that have substantial pipelines ofhotels under development, smaller regional chainsincluding Azalai, City Lodge, Onomo and Protea allcontinue to expand. The long term climate for hoteldevelopment and investment remains sunny and welook forward to growing the HVI into new marketsover the next few years.The Stars of the ShowIn absolute value terms, the top three markets remainthe same as last year; Seychelles, Abuja and AddisAbaba. However more interesting is the change intrends and the growth in values of the markets.2016 AFRICAN – HOTEL VALUATION INDEX PAGE 2
Some of those demonstrating the highest growth arestill in recovery mode, and building from very lowbases. However, others such as Addis Ababa arestrong success stories. With several new hotels aboutto or recently opening in the city, performance mayslow slightly for the next couple of years whilst thatnew supply is absorbed. However, the trend continuesto be impressive.One of the newcomers, Cape Verde, is also showingpositive growth. The archipelago is an interestingmarket with plenty of new rooms entering theplayground, yet performance continues to grow. Thisis clearly a market to watch over the next few years.Despite the ongoing turmoil in Egypt, these marketscontinue to improve, although it should be notedvalues remain less than half that of pre-crisis levels inCairo.Market OverviewsBotswana – GaboroneBotswana is one of Africa’s success stories. Real GDPgrowth has been around 5% per annum over the past10 years. After suffering negative growth in 2015,mainly due to the downturn in China and fallingcommodities prices, the economy is forecast to growaround 3.7% in 2016.The Botswana hospitality industry is one sector of theeconomy continuing to thrive. Marriott has recentlyannounced a new 160 bedroom Protea hotel in theGaborone CBD. Cresta Hotels has announced theopening of the 83 bedroom Cresta Maun resort in2017. Much of the economic success is a result ofsound macro-economic policies; resulting in the WorldBank describing Botswana as “a development successstory”. This strong endorsement is assisting the overalldemand for hotels for business travelers in Gaborone.In addition Botswana is lucky enough to have two ofthe outstanding tourist destinations on the continent,Chobe National Park and the Okavango Delta, thusdrawing significant numbers of leisure travelers to thecountry. Combined, business and leisure travelershave resulting in occupancy of 65-70% over the pastfew years. Such stable performance, despite a growthin ADR (in local currency) demonstrates the health ofthe market. An improvement in global economies iscrucial to further growth in the Gaborone hotelmarket; higher demand and prices for commoditiesand diamonds will lead to increased corporatedemand, whilst improved economic confidence athome will encourage more tourists to the country.Cape VerdeCape Verde’s economy is an exemplary example of astable political environment and a working democracy.A steady economic growth path has been followed by arising quality of life for its citizens. This is all despitethe country not having an abundance of naturalresources, occasional drought and a small agriculturalbase. Given this success and the ability of the islands to2016 AFRICAN – HOTEL VALUATION INDEX PAGE 3
attract European guests for leisure breaks, we felt itwas an interesting market to include in the HVI.currently exerting a negative impact on the country’stourism outlook.Tourism is one of the main contributors to theeconomy of Cape Verde. Foreign direct investment isactive in the country due to high levels of investorconfidence arising from a stable political and economicenvironment and a growing market. The countryattracts tourists from Europe, in particular the UnitedKingdom, Germany and Portugal due to strong nationaland cultural tiesThe economic landscape of Egypt has been a mixedbag. The biggest news was the announcement of aplanned 60 billion infrastructure investment by SaudiArabia. The economy started to recover in 2014/15, asthe government scaled up infrastructure spending c stability. As such the World Bankreported, growth rebounded to 4.2% in 2014/15,double the growth during the previous four years.The hotel industry is a beneficiary of the FDI that thecountry enjoys. A new Resort Group property is beingconstructed on Sal Island and will be ready inNovember 2016. Thereafter they have plans forseveral other hotels in the main islands, all of whichwill be branded by international hoteliers.The market is evolving rapidly and as such neitheroccupancy nor ADR can be seen as stable, yet.However, as both the number of visitors to the islandsand hotel supply continue to increase the future for thehotel industry looks positive.Egypt – Cairo and Sharm el SheikhEgypt has had more than its fair share of terror-relatedincidents over the last twelve months. Politically thecountry still has issues to resolve with marathon courtcases against the Muslim Brotherhood featuringprominently in global media. Security concerns areIn Cairo, occupancy increased to above 50% whilstADR remained flat. The performance can be attributedto the return of international visitors to Egypt after thepolitical unrest of late 2013 and early 2014. Travelresulting from Eid al-Adha also aided performance inthe market. Hotel values still achieved a respectable18.6% increase in 2015, although remain below thelevels in 2011.Sharm-el-Sheikh has not had the same fortunes asCairo. Occupancy levels plunged in Sharm El Sheikh inNovember following the crash of a Russian civilianaeroplane in early November 2015. A subsequent banon travel and cancellation of flights to the region fromRussia and various European countries severelyimpacted performance in the Rea Sea destination.Despite challenging trading values improved slightly,although Sharm remains in last place on the HVI.2016 AFRICAN – HOTEL VALUATION INDEX PAGE 4
Ghana – AccraEthiopia – Addis AbabaWith a “double-digit” GDP growth that is nowsomething of an official mantra, Ethiopia has becomethe fastest growing economy in the continent and iscommonly referred to as “the capital of Africa” for itspolitical, diplomatic and commercial significance.The increasing number of inbound tourists along withthe new supply of offices in the market enhances asignificant demand for international standard hotels,which remains for the most unsatisfied. In 2015, 1million travelers could not find accommodation up totheir standards in the city and there will be 3 million in2020 if new hotels are not built, according to AwashInternational Bank. In addition, the large diplomaticcommunity and the political activity in Addis Ababawill push MICE activity up significantly.Addis Ababa concentrates 80% of the Ethiopian’s hotelsupply much of which is outdated and of poor quality.However, the strong economic fundamentals alongwith the improvement of the infrastructure attract anincreasing number of international hotel groups whichwill account for 46% of the new supply in the next fewyears.Occupancy and rates have been steady in recent years.Addis Ababa experienced occupancy regularly up to80% and the country has the highest room rate in thecontinent, according to a survey carried out by STRGlobal in late 2015.Hotels’ values in Addis-Ababa have been consistentover recent years, rising steadily. They wereapproximately twice the value of the African Averagein 2015. Given the existing level of unsatisfied demand,the new supply is not likely to affect the long termoccupancy, and the new branded hotel will push theaverage rate up, positively impacting the RevPAR.Therefore, value should be sustainable.The concentration of Ghana's international touristarrivals still revolves between the nation's capital cityAccra, and the mining and agriculture regionaldestinations. However, there is growing demand forhotels in Ghana's second and third tier markets, withmany players taking note of the massive potential.Stakeholders such as hotel operators, investors,developers and the government sectors are closelyfollowing the new investments 'hot spots' of Ghana.Hotel chains such as Hilton, Moevenpick Hotels &Resorts, IBIS Styles, InterContinental Hotels Group,Marriott International, Golden Tulip, as well as Ghana'sdomestic hotel groups such as Fiesta Hospitality Groupand African Regent have indicated their intentions ofstrengthening the presence of their economy to midscale brands in the market.Overall, Accra’s tourism industry can expect stronglong-term potential, bolstered by rising demand forinternational, domestic and regional travel.Future additions to the current supply of hotels willcontinue to exert some pressure on values. With therecent launch of the Kempinski Accra and the IbisStyles properties values have fallen slightly in US terms, although at a slower rate than previous years.Indian Ocean – Mauritius and SeychellesWith blue waters and wonderful climate, Mauritiusand the Seychelles (together with the Maldives andZanzibar) are the dream tourist destinations on theIndian Ocean.Mauritius registered 1,150,000 tourist arrivals in2015, which translates into an 11% increase from2014. South African Airways has further strengthenedits routes to Mauritius due to growing demand – bothfrom the continent and internationally.Mauritius recorded double-digit increases inoccupancy although in US terms RevPAR was downaround 25%, in local currency there was an impressive12% increase. The long term future for the island ispositive with the government growing the economy indifferent sectors, all of which will need hotelaccommodation. In addition increased airlift directfrom Europe should sustain demand for the resorts.Announced new hotels include Park Inn by Radisson inQuatre Bornes, the new commercial hub of Mauritius.Seychelles has seen much political turmoil after itearned its independence from Britain. However, sincea political coup d’état took place in the mid 1980s, thecountry has not looked back.2016 AFRICAN – HOTEL VALUATION INDEX PAGE 5
Seychelles has recently won a tourism attractionaward, the Most Scenic Holiday award at theInternational Travel Expo (ITE). Besides marketingaggressively in the Indian Ocean countries such asIndia, Dubai, UAE and many others, Seychelles isachieving success in such western countries as Braziland others in South America.The Seychelles hotel industry has seen an increase inhotel values of 4.6% in 2015.2018 will see a massive increase in supply of brandedhotels offering international standards.Concurrently, Kenya’s hotel market offers significantinvestment opportunities owing to its position ofregional hub for leisure tourism, finance, governmentand commerce. Foreign investment continues to flowinto Kenya, the World Travel and Tourism Councilforecast a 5.2% growth in capital investment perannum until 2025. The huge increase of new supplyresults in a fall in RevPAR. As a result, hotels’ values inNairobi are down 4.8% in 2015. Room supplycontinues to be a challenge and local demand inNairobi is now as important as international. As aresult, rooms demand is weaker, and that has anegative impact on the overall hotels’ profitability.Increased confidence from international travelersalong with the growing supply of international brandsshould boost hotels’ performance in the market andtherefore hotel values.Kenya – NairobiMorocco – Marrakech and CasablancaAlthough the prospect of presidential elections in 2017may have a negative effect on hotels’ performance, thevisit of the President of the United States, BarackObama, and his Holiness the Pope last year should leadto an increase in interest for the country.Nairobi’s hotel market presents a mixed picture.While non-branded hotels are struggling and themarket performance is down (overall REVPAR downby 6.2%), the international hotel groups continue tosee Kenya as a lucrative market for expansion. 2016 -Morocco has been one of the better performingpolitical and economic countries in the North Africanregion. According to Trading Economics, Morocco’sGDP grew from a paltry 1.8% in January 2015 to arespectable 4.5% at the end of the year. This stellarperformance can be attributed to a stable economicenvironment and an established tourism industry. TheWTTC reported Morocco’s tourism industrycontributed 7.7% to the country’s GDP in 2015 and isprojected to grow by 4% between 2016 and 2026.Hotel trading performance in 2015 was encouragingwith stable occupancy and growth in RevPAR. This,despite the islands having to secure new sources ofbusiness in recent years and now focusing more on theAsian markets. HNN has shared the encouraging viewthat “Chinese travelers are arriving in larger numbers;the island enjoys some of the highest room rates in theworld; more than 2% of arrivals come via privateplane”2016 AFRICAN – HOTEL VALUATION INDEX PAGE 6
Marrakech had a tough year in 2015 with falls in bothoccupancy and ADR, resulting in a fall in RevPAR of21%. France remains a key market for the country as awhole so the increased terrorism in France andgeneral nervousness surrounding North Africa, meantmany tourist chose not to travel to the country.Casablanca on the other hand has also seen a drop inperformance, albeit more marginal than forMarrakech. Occupancy fell slightly and ADR was flat inlocal currency terms.The 186-room Four Seasons Hotel Casablanca hasopened, marking Four Season Hotels and Resorts’second property in Morocco.Values in Marrakech and Casablanca fell significantlyin 2015 and are only likely to recover once the generalsecurity situation improves.Namibia – WindhoekNamibia's economy is integrally linked to that of SouthAfrica and the rest of Southern Africa. Based on thisconsideration, the same headwinds that are faced bySouth Africa will have an impact on the Namibianeconomy, with low growth prospects being the orderof business. Sluggish global demand and low prices forits key commodities exports will continue for theforeseeable future.The outlook for tourism in Namibia remains bright, asit is boosted by incredible natural attractions. Thegovernment is actively involved in supporting andmarketing the country to source markets throughseveral international offices. The Department ofEnvironment and Tourism coordinates tourismlegislation and is supported by such bodies asNamibian Tourism Board, the Federation of NamibiaTourism Association, Hosea Kutako InternationalAirport, Ministry of Home Affairs and Immigration.Hotel performance in Windhoek broke with a threeyear growing trend in 2015 with a drop in occupancy,although it remains well ahead of historic levels. Therewas an impressive 8% growth in ADR in localcurrency.Hilton Worldwide has announced the signing of amanagement agreement with Out of Africa Hospitalityto open a mid-market Hilton Garden Inn hotel inWindhoek, Namibia. The new property will openadjacent to the existing Hilton Windhoek in 2017.In US hotel values remain strong, although the trendhas fallen due to the currency fluctuation.Nigeria – Abuja and LagosNigeria is one of the countries that were mostadversely affected by the commodities and currencycrises. The country has not reported a single case ofEbola since the crisis was declared over, however BokoHaram has not yet been brought under completecontrolTotal international tourist arrivals in 2015 did notexceed 2014 levels, however Nigeria has a largerdomestic tourism market. In 2015 Lagos experiencedan increase in occupancy compared to 2014 althoughbelow historic levels. Unfortunately the change infocus to domestic travelers has resulted in a sharp fallin ADR. STR Global analysts cite Boko Haram conflictsin the country as well as uncertainty during theNigerian general elections and low oil prices asnegative factors contributing to Lagos’ overallperformance.CHART 5: YEAR-ON-YEAR CHANGE IN VALUES PER ROOM BY REGION 2010-15African AverageWestern AfricaSouthern AfricaNorthern AfricaEastern 201320142015Source: HVS – Cape Town Office2016 AFRICAN – HOTEL VALUATION INDEX PAGE 7
The long term remains positive with Carlson Rezidorannouncing the signing of its first Quorvus Collectionin Africa: the 5-star, 244-room luxury Emerald GrandHotel & Spa in Lagos, Nigeria.Marriott has announced plans to construct a flagshiphotel at the Melrose Arch, which is a popular mixeduse development providing a live, work and playenvironment outside the central business district.Abuja hotels saw an increase in occupancy in 2015despite the Boko Haram insurgency. Average roomrate did not perform as well with a substantialdecrease from 325.00 to 275.00. Like Lagos, this isdue in large part to the lack of international guests andan increase in local guests. Many new hotels areplanned for Abuja over the next five years, whichillustrates the confidence in which the market is heldfor the longer term.Cape Town saw a small dip in occupancy to 66%, butADR (in US ) remained steady, despite the weakeningof the Rand against the US . In local currency therewas a 30% growth in ADR. This represents fourconsecutive years of strong performance, proving theoversupply is fully absorbed. This is further illustratedby Tsogo Sun Group starting construction on a 500room hotel complex comprising three brands in CapeTown. There is a planned development at theCapetonian Hotel in Heerengracht; and the GorgeousGeorge Hotel and Bar development being constructedin St Georges Mall. All these hotels are located in thecentral business district.Accordingly, both Lagos and Abuja experiencedreduced hotel values, however these reductions wereless severe than 2014.Durban is the only Commonwealth country city thatagreed to play host to the 2022 Commonwealth Games.Preparations have started with the announcement ofmany commercial projects. Durban hotel performancewas more or less in line with that of the other twoSouth African cities we are covering with growth inboth occupancy and ADR.South Africa – Johannesburg, Cape Town andDurbanSouth African Tourism, the marketing wing of thegovernment’s Department of Tourism, continues toperform an important function of keeping the countrytop of mind when it comes to holidaymakers andbusiness travelers. The Home Affairs Department haseased the new entry visa regulations that had such anegative impact on visitor numbers in 2015. Thecurrency exchange rate has had a positive impact ontourism numbers and these are expected to rise evenfurther. Brexit raises fresh concerns for the tourismmarket in South Africa, given the large number ofBritish tourists who visit the country. Uncertaintyover their economy at home and the weakening ofSterling may deter many from long haul trips.Johannesburg enjoyed the highest level of occupancyfor at least six years and strong ADR performance, withRevPAR growing by 16% in local currency.Unfortunately the performance of the Rand against theUS masks this strong growth.Hotel values in South Africa rose impressively in 2015in Rand terms, due to a steady increase in revenue peravailable room. However, in dollar terms the countryhas not done so well, with a 16% drop in value forJohannesburg and Durban in 2015. Cape Town buckedthe trend with only a marginal decrease in US terms.This performance is consistent with the currency crisisthat was evident throughout all the emerging marketeconomies.Tanzania – Dar es SalaamLandlocked Uganda has announced it will build amajor pipeline to export its oil through Tanzania. Thisis seen as a major source of confidence in Tanzania’sstability and safety profile. From this majorinfrastructure investment Tanzania can generate moreFDI and capitalise on the benefits of a subsidised routefor its own oil.Dar es Salaam saw a 12% increase in room supply in2015, unsurprisingly occupancy fell significantly. The2015 elections will also have affected demand.However, positively there was a substantial increase inADR in local currency, pushing RevPAR up almost 7%.A 20% fall in value of the Shilling against the US results in a fall in value in the HVI, although it shouldbe noted in local currency terms there was a noticeableincrease in value.2016 AFRICAN – HOTEL VALUATION INDEX PAGE 8
Togo – Lome327,000 visitors from far and wide enjoyed thewonders of Lome in 2013. With tourism contributing3.1% to the GDP of the country, the tourism marketremains underdeveloped. Most of the majorinfrastructures are inadequate and the roads’ networkis deficient in the capital.Togo has a limited and uneven hotel supply. In 2012,rated hotels represented 900 rooms and 6 units inLome. Accor Hotels and Carlson Rezidor are the onlyinternational brands operating in the city. In additionto the international chains, Group Onomo and GrupoPrefaco opened 2 hotels in Lome in 2014. Most of thehotels in Togo are state owned, although it’s nowchanging as the government wants to sell them toprivate investors. The government does not invest inany refurbishment or renovations, and does not haveany hospitality expertise, leaving the propertiesoutdated and under-performing. The on-going processof decentralization should encourage private investorsand boost the premium travel accommodation supplyin the country.However, behind this layer of negativity, Lome has areal potential to grow its tourism activity. The level ofoccupancy had been stable since 2011, showing arebound in 2015. ADR and REVPAR have beensignificantly up reaching a peak of 18.2% in REVPARlast year, boosted by the newly opened internationalhotels attracting demand from international travelers.Hotel values have thus experienced positive andencouraging trends, with double-digit growth over thetwo last years.Investors are increasingly considering Togo forinvestment. The inflow of Foreign Direct Investmentincreased by 61% in 2013 and 49% in 2014.Despite overall positive trends, Lome still needs toaddress key challenges to be able to develop. Inaddition to the poor infrastructure, hotels in Lome2016 AFRICAN – HOTEL VALUATION INDEX PAGE 9
tend to be overpriced, compared to the productoffering and airline fares are dissuasive for travelers.Zambia – LusakaThe copper mining industry in Zambia has impactedthe economy of Zambia in the same way otheremerging markets whose economies are supported bycommodities. As an alternative strategy at maintainingeconomic growth, Zambian authorities are looking atthe tourism industry. Initiatives such as the Zim-ZamUniVisa and the eVisa are targeted at increasing touristarrival figures by simplifying movement across AfricancountriesThe Zambian Investment Agency expressed optimismthat the country was able to capture the targeted 1million tourist arrivals in 2015. According to theZambia Tourism Board (ZTB), Zambia received morethan 946,000 tourists in 2014, Zambia AirportsCorporation Limited reported 1.36 million arrivals in2012, with international visitors accounting for 1.14million, illustrating current levels are significantlybelow historic numbers. The Chinese are still regardedas a prime source of tourists into Zambia and willcontinue to be targeted.Performance of hotels in Lusaka was relatively stablein 2015 with a marginal increase in occupancy and asmall drop in room rate. As a result hotel values inLusaka fell only slightly in 2015 (-2.6%), compared toa massive drop in 2014 (-12.4%). Companies clearlyview this as a short term problem as Hilton Worldwidehas announced the development of a brand new HiltonGarden Inn which is targeted to open in 2017 andQuantum Global purchased the Intercontinental HotelLusaka from Kingdom Hotel Investments.However, the country has a real potential to grow itstourism activity. The level of occupancy has beenincreasing since 2014, proving a rebound in demandfrom international tourists. While ADR and REVPARare down, owing to the competitiveness of borderingcountries, the picture may change quickly. Indeed,global hospitality brands have started showing interestin the nation. Carlson Rezidor recently announced theopening of a Radisson Blu Hotel in Harare in 2019, andit will certainly encourage competitive brands to enterthe market.Investors are increasingly considering Zimbabwe forinvestment. Capital investments are expected to rise by4.8% per year over the next ten years. China is being aprecious ally: President Xi Jinping confirmed multibillion investments in energy and infrastructure andthe cancellation of US 40 million in debt in exchangeof the yuan becoming Zimbabwe’s internationalcurrency. This should push the number of businesstourists from China in need for a hotel room.The government will need to tackle significantchallenges in the next few years to be able to takeadvantage of this increasing demand, get the ADR backto previous level and boost hotels’ values on themarket.Zimbabwe – HarareKnown as “a world of wonders” in Southern Africa,Zimbabwe welcomes more than two million tourists ayear,Although tourism contributes 10.4% to the GDP of thecountry, the tourism market remains underdeveloped.Most of the major infrastructures are outdated androads need to be upgraded. Political unrest and violentstrikes shake the country and many Zimbabweanshave left their homeland.Hotel supply has not grown for the past five years andis mostly made of local unbranded properties thatstruggle to adapt to the needs of international tourists.Harare lacks international hotel brands which wouldbring quality and expertise to the current tourismlandscape.OutlookThe World Travel and Tourism Council reported thedirect contribution of travel and tourism to the SouthAfrican economy in 2014 was 3% of GDP and isexpected to grow 4.6% per annum to 2025. In otherAfrican countries it is substantially more.Governments are realizing the importance of hotelsand associated industries to the economy and arestarting to assist in the evolution of the industry. Withgovernment support on flights, visas and currencycontrols the hotel industry is well placed to grow well2016 AFRICAN – HOTEL VALUATION INDEX PAGE 10
above inflation and exceed returns from other realestate sectors. There is demand from brands andoperators and both tourists and commercial travelerscontinue to travel to the continent. In addition aseconomies develop, demand will continue to growfrom local and regional guests; providing demand yearround for operators.There will come a time shortly that demand for hotelstaff exceeds supply, given the sheer number of newhotels opening, so thought should be given to trainingand attracting new staff, at all levels, across theindustry. Hotels are one of the few industries thatrequires such a wide variety of skills and abilities; theyprovide a significant opportun
increasing interest in the African hotel market. Moreover, and equally importantly it also illustrates an improved transparency and increase in data across the continent. CHART 1: TOP AND BOTTOM THREE – PERCENTAGE CHANGE IN HOTEL VALUE PER ROOM (US ) Source: HVS
987 Prague Hotel, Hotel Adria, Hotel Ametyst, Aria Hotel, Art Deco Imperial Hotel Praha, . Hotel Belvedere Praha, Hotel Beránek Praha, Hotel Caesar Praha, Hotel Čechie Praha, Hotel Don Giovanni Praha, Hotel Duo Praha, Hotel Elite, Hotel Elysee Praha, Hotel Esplanade praha, Hotel Expo, Hotel Extol Inn, Hotel
1. Airport Hotel 3-5 star 2. Beach Hotel 3-5 star 3. Boutique Hotel 4-5 star 4. Business Hotel 1-5 star 5. City Hotel 1-5 star 6. Convention Hotel 1-5 star 7. Family Hotel 3-5 star 8. Resort Hotel 3-5 star 9. Apartment Hotel 1-5 star Designators are awarded after the hotel has met the requirements of the respective designators.
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Abbreviations xxix PC Carli price index PCSWD Carruthers, Sellwood, Ward, and Dalén price index PD Dutot price index PDR Drobisch index PF Fisher price index PGL Geometric Laspeyres price index PGP Geometric Paasche price index PH Harmonic average of price relatives PIT Implicit Törnqvist price index PJ Jevons price index PJW Geometric Laspeyres price index (weighted Jevons index)
Automated Valuation Models (AVMs) are computer-based systems which encompass all data concerning real estate in a particular area and are capable of producing more consistent valuation reports within a short time. Traditional valuation methods employed by valuers somewhat delay the valuation process. For
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