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Colliers Insight
Asia Hotels
Q2 2017
Colliers Hotels Insight A quarterly digest of key trends in the hospitality sector
Inside this quarter
LEISURE – Theme Parks – Driving Additional Spend
HOTELS – Guam - Destination of the Quarter
TECHNICAL – IFRS 15 Update – Revenue Recognition
2 Colliers Hotels Insight | Q2 2017 | Colliers International
Govinda Singh Director | Hotel Specialist
Valuation & Advisory | Asia
“Taxation is a flexible instrument and
adjustments can be made. If it is
undermining the tourism industry, then
(the authorities) can make adjustments
later on”
- Dr Ramon Navaratnam, Chairman of the Centre of
Public Policy Studies, on the implementation of Malaysia's
new Tourism Tax set to be implemented on 1 July 2017
Foreword Welcome to our second edition of Colliers Hotels Insight,
our quarterly magazine specifically for hotel and other
accommodation stakeholders across Asia. This edition
features key trends in various destinations across Asia,
a highlight of key industry disruptors, and a technical
section. We also provide insights and opinions on topical
issues within the gaming and leisure sectors.
Across Asia, Revenue Per Available Room (RevPAR)
performance for Q1 2017 has been relatively stable.
While Central and South Asia properties had the best
performance with a modest 2% growth YOY, North
Eastern Asia properties posted 0.3% growth,
representing the slowest growth rate during a generally
weak period.
Supply growth paired with a general slowdown in
domestic and international consumption have weighed
on performance, as disposable income remained tight
across the region and globally.
We expect geopolitical risks, especially in Northeast
Asia, to remain a key factor during the year. Investment
is likely to remain largely domestic driven, as initial yields
in gateway cities are continuing to remain at relatively
low levels, and emerging markets are offering higher
returns to compensate for risk bearing.
Attention remains on the gaming, theme park and wider
experiences sectors. The increased Anti-Money
Laundering (AML) requirements by casinos and banks,
in addition to the full/partial smoking bans in some
destinations are likely to weigh on the performance of
the gaming sector. Theme parks with unique offerings
and good catchment areas should continue to do well,
especially those tied to international brands.
In brief, the outlook for hotels across Asia will remain
cautiously optimistic, with asset management and
effective marketing likely to be the key themes emerging.
3 Colliers Hotels Insight | Q2 2017 | Colliers International
Contents
HOTEL TRENDS ........................................... 4
Hotel ADR performance across markets - how
comparable are they? .............................................. 4
Market Snapshots - Hong Kong ............................... 5
Market Snapshots - Bangkok ................................... 6
Destination of the Quarter - Guam ........................... 7
HOTEL INVESTMENT AND VALUATION .... 9
Capital markets insights ........................................... 9
Recent notable transactions .................................... 9
HOTELS AND THEME PARKS ................... 10
Driving additional spend ......................................... 10
TECHNICAL AND OPINION ....................... 11
Revenue accounting - IFRS 15 update .................. 11
COLLIERS HOTELS ................................... 12
Our Hospitality Sectors .......................................... 12
Our Hotels Valuations Service ............................... 13
Our Services .......................................................... 14
4 Colliers Hotels Insight | Q2 2017 | Colliers International
Hotel Trends Hotel ADR performance across markets - how comparable are they?
Source: STR and Colliers
How many times do owners/developers ask or question
Average Daily Rates (ADR) assumptions by referencing
and comparing them across markets? For advisers and
asset managers, I suspect quite a bit, with advisers and
operators having to painstakingly justify why the average
room rate in the Four Seasons Hotel in Seoul is different
from the rate in Tokyo, for example. Justification is
required to prove otherwise, or in certain instances,
advisers and managers would end up using it wrongly in
their forecasting!
As the chart above shows, the hotel Average Achieved
Room Rates (ADR/AARR) are simply not comparable
across markets. Instead, more time should be spent
conducting local, specific market analysis to assess
potential price points, especially in those markets where
primary competitors are not present. A lot of headaches
could then be avoided when the property opens,
especially when targets are not met because of a
mismatch between buyers’ and sellers’ price
expectations.
It is sometimes challenging to establish a price point,
especially if you are the first mover in a new market.
There are a number of factors, however, influencing the
price point at which a hotel can and should establish
during market entry or re-positioning, that should be
considered.
We believe that each market is unique and therefore
inherently not comparable, but if you were to compare
across cities then you should consider the following
adjustment factors:
1. Purchasing power of targeted source markets for
the hotel. If, for example, the hotel is a luxury
offering, and the source markets are mainly from
emerging countries, it will be difficult to set a price
point at the same level as that of say another hotel
whose main source markets are from mature
destinations.
2. Domestic purchasing power, both corporate and
leisure. If the local purchasing power is too low or
sensitive, setting a very high room rate would simply
not work.
3. Country and city purchasing power parity. How
strong is the purchasing power of a destination
compared to its rivals? Is it weaker or stronger? Is
the market more or less mature?
4. Foreign currency movements. Beware of this
pitfall especially when comparing across time
periods or a specific point in time. As we have seen
recently, exchange rates are likely to move rapidly in
response to specific factors.
5. Inflation. We are now seeing different levels of
inflation as monetary policy diverges, even across
developed countries
0
50
100
150
200
250
AD
R U
SD
Global Cities ADR ComparisonApril YTD 2016 and 2017
2017 2016
5 Colliers Hotels Insight | Q2 2017 | Colliers International
Market Snapshots - Hong Kong
According to the IMF, Hong Kong’s economy is expected
to achieve an average annual Gross Domestic Product
(GDP) growth of circa 2.8% over the next five years, with
inflation at circa 2.8%. This is in line with the previous
five-year period. Growth has been closely linked to the
Mainland over the last five years as the destination
increased its leisure attractions and the airport continued
to become a strong regional hub. While the economic
growth is accelerating in both mainland China and Hong
Kong, as the destination matures, and given the
country’s exposure to a downturn in China and currency
movements in key source markets, economic growth will
likely to moderate in the medium to long term.
Hong Kong witnessed strong growth in tourist arrivals
between 2011 and 2013 as the Individual Visit Scheme
(IVS) was further relaxed for Mainland visitors. Between
2011 (22.2 million) and 2016 (26.6 million), tourist
arrivals (overnight stays) grew by a Compound Annual
Growth Rate (CAGR) of 3%, with overnight travellers
increasing by 7% alone between 2011 and 2012,
however, recent growth has been tempered by the
reduction of conspicuous spending by the Mainland. We
note that mainland Chinese tourist arrivals in Hong Kong
are rebounding modestly.
The destination remains attractive especially to a large
Chinese market, and will likely remain a mature
destination with future growth in arrivals determined by
market led supply. Whilst the outlook for tourism
visitation to Hong Kong remains cautiously optimistic,
much will depend on wider economic issues and the
provision of accommodation at the mid to lower end of
the market.
RevPAR has slipped by a CAGR of 1.5% between 2011
and 2015, mainly underpinned by stable visitation
throughout the period, with new room supply increasing
at reasonable levels during this period. RevPAR in Hong
Kong was HKD1,202.5 in 2015, versus HKD1,303.5 in
2011, a 7.1% decrease over the period, mainly
underpinned by a drop in ADR as the impact of the
reduction on conspicuous spending, especially at the top
end of the market, took hold in late 2014 and 2015. In
2016, ADR remained under pressure with hoteliers
offering discounts to boost room occupancy levels.
Source: STR and Colliers
Investment in hotels in Hong Kong is likely to continue to
be driven by REITs, sovereign wealth funds and local
High Net Worth Individual/Investor (HNWI). The
increasing cost of land and desirability of assets in the
city has driven yields down. In addition, the relative
dearth of assets coming onto the market has fuelled high
prices being demanded for hotel assets.
Across all hotel categories
81
82
83
84
85
86
87
-
500
1,000
1,500
2,000
2011 2012 2013 2014 2015 2016
Hong Kong Hotels KPIs
ADR (HKD) RevPAR (HKD) Room occp (%)
6 Colliers Hotels Insight | Q2 2017 | Colliers International
Market Snapshots - Bangkok
According to the IMF, the Thai economy is expected to
achieve an average annual GDP growth of circa 3.1%
over the next five years, with inflation at circa 2.0%. This
is well above the previous five-year period. Growth has
been sluggish over the last five years as political events
weighed on performance, with tourism remaining the
main growth driver in the country.
Bangkok has witnessed exponential growth in tourist
arrivals after relaxing its visa rules and the increase in
low cost carriers and destinations served since 2012.
Between 2011 (13.8 million) and 2015 (19.6 million),
tourist arrivals (overnight stays) grew by a CAGR of
7.2%, with overnight travelers increasing by 15% alone
between 2014 and 2015, as the destination recovered
from the political fallout in 2014.
The destination's increasing attractiveness, the growing
Chinese market and medical tourism sectors have all
contributed to this result. In addition, direct flights from
new destinations such as Russia, the Middle East and
China have increased significantly. As such, whilst the
outlook for tourism visitation to Bangkok remains
cautiously optimistic, much will depend on wider
economic issues and geo-political events. But as the
destination has shown time and again in the past, it can
recover quickly from any event.
RevPAR has grown by a CAGR of 4.5% between 2011
and 2015, mainly underpinned by the significant increase
in visitation in 2015, with new room supply remaining at
high levels during this period. RevPAR in Bangkok was
THB2,752 in 2015, versus THB2,206 in 2011, an
increase of 24.7% over the period, mainly underpinned
by occupancy growth. In 2016, ADR for hotels in
Bangkok remained under pressure as hoteliers
continued to offer discounts to drive higher room
occupancy to higher levels.
Source: Colliers International
Hotel investment in Bangkok is likely to continue to be
driven by REITs and local HNWI. The increasing cost of
land and desirability of assets in the city has driven
yields down. In addition, the political uncertainty has left
international investors on the sidelines, creating a more
insular market.
Average across all hotel categories
0
20
40
60
80
100
-
1,000
2,000
3,000
4,000
2011 2012 2013 2014 2015 2016
Bangkok Hotels KPIs
ADR (USD) RevPAR (USD) Room occp (%)
7 Colliers Hotels Insight | Q2 2017 | Colliers International
Destination of the Quarter - Guam
The economy of wider Micronesia, and Guam is largely
dependent on US Armed Forces spending in the gaming
and tourism sectors. The economy contracted by an
average 1.2% for the five-year period to 2015, mainly
due to a sharp slowdown in spending by the US defense
between 2013 and 2014, and contraction in gaming. It is
now recovering slowly as tourism increases its GDP
share. We note that Guam’s economic performance is
somewhat decoupled from the wider country, with the
island’s GDP growing by 0.4% for the corresponding
period.
Guam has witnessed strong growth in tourist arrivals
since visa rules were relaxed for Russians and direct
flights to the country increased from major source market
destinations. Between 2011 (1.2 million) and 2015 (1.4
million), tourist arrivals (overnight stays) grew by a
CAGR of 3.6%, with overnight travelers expected to
increase by 9% between 2015 and 2016.
Source: GHRA
The destination has recovered well from the Japan air
disaster in 2011, and is now aiming to attract
approximately 2 million overnight visitors by 2020, with
China being a major source market. The island is also
looking to increase its length of stay from the current
average of 3 days to 4 in the short term. As such, whilst
the outlook for tourism visitation to Guam remains
cautiously optimistic, much will depend on the economic
performance of its key source markets, airlift, and
infrastructure development including new hotel supply.
Guam’s GDP growth, is strongly correlated to overnight
arrivals (0.6 million), suggests that a large demand base
tends to visit the destination. Corporate, mainly
Meetings, Incentives, Conferencing and Exhibitions
(MICE) and leisure demand will depend on the
performance of its key source markets: Japan, South
Korea, USA, Taiwan, China and Philippines.
Tourists travel to Guam mainly for leisure purposes, to
enjoy the island’s pristine beaches and its excellent
diving waters.
Direct flights from Taiwan, South Korea and Russia have
recently boosted visitation from these destinations, with
China being a fast-growing market.
The island’s size and its restrictions on development
inherently limit the number of visitors it can receive. The
destination is fairly seasonal, with lower periods of
visitation in December, April and May.
The island benefits from good year-round visitation
mostly from international visitors in the leisure segment.
The entry requirements for Guam are the same as in the
US. A surge in visitation has been seen in recent years,
mostly supported by the relaxation of visa rules for
Russians and Chinese visitors (soon), as well as an
increasing number of direct flights from the key source
markets.
Source: GHRA
RevPAR has grown by a CAGR of 7.5% between 2011
and 2015, mainly underpinned by the significant increase
in visitation in 2012 and 2013, with new room supply
remaining at low levels during this period. RevPAR in
Guam was USD117.7 in 2015, versus USD82.1 in 2011.
In 2016, YTD October (latest available), the destination
continued to perform well, with a circa 5% growth in
RevPAR compared to 2015.
-
1.00
2.00
3.00
2011 2012 2013 2014 2015 2016f 2020e
Guam overnight visitors (m)
65
70
75
80
85
-
50
100
150
200
2011 2012 2013 2014 2015 2016OctYTD
Guam Hotels KPIs
ADR (USD) RevPAR (USD) Room occp (%)
8 Colliers Hotels Insight | Q2 2017 | Colliers International
Since 2012, Hoteliers have consistently witnessed
occupancy levels in excess of 75%, even reaching 81%
in 2012 (75% in 2015). These numbers suggest that
Guam hotels are mostly full during the high season from
January to March, and from June to November, with
strong levels of MICE demand during the weaker leisure
periods. Hoteliers have adopted a room rate strategy to
maximise yield, leading to an ADR increase on the island
from USD114 in 2011 to USD157 in 2015, reflecting a
37.9% increase over the period.
We expect visitation to continue to increase over the
next two years, albeit at lower growth rates. Future
performance is likely to be impacted by the economic
performance of its key source markets (especially Japan
which accounts for more than 60% of arrivals) and wider
geo-political events.
Hotel investment in Guam is likely to continue to be
driven by investors mainly from South Korea and Japan.
The scarcity of land, and relatively older age of assets on
the island means that yields will remain at high levels.
The market, however, remains fairly illiquid with little to
no transactions recently.
The initial yield outlook for hotel investment remains
stable and at high levels. We expect the four-star and
above market segment to offer good opportunities, as
demand in this sector will likely continue to grow,
especially as Guam seeks to attract high-yield visitors.
Excluding land, it may still be less expensive to buy
existing properties given the high build costs.
Opportunity – acquisition, repositioning and
refurbishment of existing hotels.
9 Colliers Hotels Insight | Q2 2017 | Colliers International
Hotel Investment and Valuation Capital markets insights
China remains one of the main source markets for hotel
investment across Asia. The country's position to restrict
offshore capital flows last year clearly has had a direct
impact, with a Q1 YOY decline in hotel transactions
across the region. Nevertheless, real estate remains a
core investment for most Chinese investors. Marquee
Mergers and Acquisitions (M&A) activity in the region
has decreased because Mainland players have been
unable to move significant amounts of funds around.
Real estate investment saw only a relatively modest
decline, as hard assets remain the safe haven for most
Small Medium Enterprises (SME) and High Net Worth
Individuals (HNWI).
The global hotel sector was not immune to a drop in
transaction activity, however, the core “safe haven”
markets show no signs of slowing down in the region.
Singapore, Tokyo and Hong Kong assets continue to
trade at compressed cap rates and record pricing
despite a softening in demand and additional supply.
Geo-political tensions have led Asian real estate
investors to refocus on regional investments, while
global interest in trophy and opportunistic acquisitions
continues.
Although all outbound Chinese investments are in clear
decline, real estate remains the preferred vehicle for
mainland buyers, and hotel investment, though slower,
remains the preferred alternative asset class.
Overall, despite strong demand driven by both family
offices and private equity with Asian real estate
mandates, quality inventory remains scarce and thus
investors with disposition scenarios in the next 18
months, should consider expediting their process in
order to take advantage of favourable market conditions,
especially as the outlook for increases in interest rates
remains high.
Of note, as asset prices remain high, investors are now
considering taking more development risk, however, this
risk must be shared with the developer who not only is
required to contribute “real” equity into the project, but
also to provide put options guaranteeing a mandated exit
to shareholders. These terms are not new to hotel
developments but becoming more common to
developers looking to raise funds for emerging market
projects.
Recent notable transactions
Continuous investment into asset class by institutional
investors and the dearth of assets being sold show that
yields have been low and are expected to remain at
these levels, at least until interest rates increase
significantly.
In 2016, most of the transactions across Asia came from
gateway cities, where investors remain very active.
Hotel Location Value per room (USD)
Hyatt Regency
Osaka
Osaka 324,535
Hotel Sunroute Plaza
Tokyo
Tokyo 378,265
Butterfly on Morrison
Boutique Hotel
Hong Kong 1,220,166
Newton Place Hotel Hong Kong 493,518
New Century Grand
Hotel
Beijing 916,916
Amenity Centre Shanghai 796,040
Graceland
International Hotel
Shanghai 650,212
Crystal Orange
Hotels
China Undisclosed
Conrad Seoul Seoul 286,335
Belle Essence Hotel
(formerly
Renaissance)
Gangnam 1,217,039
Toscana Hotel Jeju
Island
Jeju 320,687
The Boathouse
Phuket
Phuket 443,017
Long Beach Resort Phu Quoc 177,466
Oakwood Asia Undisclosed
W Hotel Melbourne Melbourne 603,269
Hilton Melbourne
South Wharf
Melbourne 442,122
Source: Colliers Research.
Note: USD conversions are at time of transaction and represent approx.
values.
10 Colliers Hotels Insight | Q2 2017 | Colliers International
Hotels and Theme Parks
Driving additional spend
Parks operators and owners are increasingly looking at
hotels as a key part to unlock real estate value, whilst
realising a higher return on investment and cash flow. To
understand the dynamics of what makes a hotel at a
tourist attraction successful, we must firstly analyse
some of the key success factors.
In recent years, we have seen an increasing trend in the
USA, Europe and Asia: Theme parks and visitor
attractions have been adding on-site hotels to generate
new revenue streams. The main concept is to attract
new visitors, persuade the existing visitors to stay longer,
to spend more and come back again. Colliers’s
researches show that the global average length of stay
in theme park hotels is 2.8 days. Adding hotels can also
help smooth seasonality and business cycle, i.e. by
attracting conferences, corporate meetings and business
guests.
Combining parks with lodging options can generate
significantly larger returns than from theme parks alone.
By having visitors stay within the vicinity, the theme park
destination can significantly extend visitors’ length of
stay, as well as ensure the tendency of repeat visits.
We believe that a number of factors are required for a
theme park to attract sufficient overnight demand to
support a hotel. Some of those factors are described in
more details below:
Visitor numbers – more visitors mean more customers
who can potentially increase overnight demand.
Length of stay at the attraction – the longer time it
takes to visit an attraction, the more likely a visitor is to
stay overnight. Our research shows that people drive 2
to 3 hours on average before staying overnight.
Catchment area - the further the distance travelled, the
more likely visitors are to stay overnight;
Age group – Families with young children are more
likely to stay overnight than teenagers or adults without
children;
Attraction opening times – attractions which are open
all year round provide a more stable demand source for
a hotel;
Multiple on-site offerings – locations which offer a
number of facilities (i.e. conference facilities) in addition
to the attraction itself, are more likely to attract overnight
demand than those with only one offering;
Mode of transport – those travelling by car are more
likely to stay overnight than those travelling by public
transport or those being dropped-off;
Location – the further away from a major conurbation
the attraction is, the higher the number of visitors who
will stay overnight;
Accessibility – this is linked with mode of transport and
location as the less accessible the park is, the more
likely people will stay overnight; and
Local hotels’ market – the higher the demand for hotel
accommodation in the area, particularly frustrated
demand, the higher the demand for accommodation at
the attraction.
In our next quarterly digest
Opinion - The Serviced Apartment sector across Asia
Opinion - High-end Restaurants and Hotels. Do they fit?
Hotels - Destination of the Quarter - Kuala Lumpur
11 Colliers Hotels Insight | Q2 2017 | Colliers International
Technical and Opinion In this section, we briefly look at relevant operational,
recent accounting and technical issues that are likely to
have an impact on the hospitality and leisure sectors.
We also provide topical opinion articles.
Revenue accounting - IFRS 15 update
IFRS 15 - Revenues from Contracts with Customers
applies to accounting periods beginning on or after 1
January 2018.
IFRS 15 will have a significant impact on the hospitality
sector especially in regard to how and when revenue
should be recognised. According to a paper published by
Deloitte, the standard is expected to affect both the
operator, especially those with Hotel Management
Agreements (HMAs), and the property itself in a number
of ways:
> Customer loyalty programs and how the costs of this
is captured, and the likelihood of the rewards being
redeemed will need to be taken into consideration,
marking a departure from the straight cost allocation
model that currently exists.
> Total consideration that an entity is expected to
receive over the life time of the HMA will need to be
assessed, with particular attention on incentive fees
based on hotel profitability. This will require
operators assessing the level of incentive fees it can
expect to receive over the life time of the agreement.
> All agreements that form the overall management
relationship with the same entity will now be treated
as one.
'The core principle of the model is to recognise revenue
when control of the goods or services transfers to the
customer, as opposed to recognising revenue when the
risks and rewards transfer to the customer under the
existing rule.'
Further, the new standard requires additional disclosure
requirements and can have tax implications.
We expect operators in particular to start to respond to
these new requirements, with management agreements
and loyalty programs being updated to reflect new
structures.
Source: IFRS Box
Disclaimer
All opinions in this digest represent general
rather than specific views of the author. It
should not be relied upon for making
investments decisions nor assessing
specific views of the author. The author nor
Colliers International do not accept any
liability for any decision made based on
this digest.
12 Colliers Hotels Insight | Q2 2017 | Colliers International
Colliers Hotels Colliers International launched its specialised hotels
division in 1985. Today we provide expertise in capital
valuations, management agreement and rental advisory
feasibility studies, asset management and transaction
advisory services, as well as brokerage across Asia
Pacific. Our dedicated hotel specialists are based in
Australia, Hong Kong / China, India, Singapore and
Thailand.
We regularly act on behalf of major institutional property
owners / funds for their valuation needs, from single
strata units to composite developments and golf courses,
for all purposes, including IPOs, listings, acquisitions,
disposals and mergers.
In Asia, our team of professionals provides hospitality
services across Greater China, including the Mainland,
Hong Kong, Macau and Taiwan, as well as Bangladesh,
Cambodia, Guam, India, Indonesia, Japan, Korea, Laos,
Malaysia, Maldives, Myanmar, Pakistan, Philippines,
Singapore, Sri Lanka, Thailand, and Vietnam. Our
sizeable hotels, hospitality and leisure team includes
senior specialists with extensive experience in the
sector, giving us a unique advantage and insight.
Our multi-lingual and multi-cultural team comprised of
highly qualified professionals will help clients achieve
their real estate goals. Colliers’ professionals have
extensive operating and consulting experience in the
hospitality industry across the major asset classes,
which provides clients with extraordinary value and a
single point of contact, through timely, relevant and
forward-looking advice. This global division has
exceptional relationships with investors worldwide,
required for the timely and effective sale of assets. In
addition, they have worked with a wide range of clients
including corporate hotel clients, private equity,
sovereign wealth funds, independent owners, REITS,
governments, and banks.
Our Hospitality Sectors
Our track record includes all main asset types from
hotels to resorts, heritage properties, serviced
apartments, student accommodation, hostels, vacation
homes, casinos, theme parks, spas, and golf, all being
completed projects or new developments. Our
specialised sector expertise includes:
> Hotels and Resorts
> Hostels and Student Accommodation
> Golf
> Casinos and Racecourses
> Health and Fitness
> Spas and Wellness Facilities
> Meetings and Events
> Mixed-use Developments
> Travel Trade
13 Colliers Hotels Insight | Q2 2017 | Colliers International
Our Hotels Valuations Service
Colliers has a rich valuation experience on multi-market
portfolios across Asia Pacific. We undertake more than
250 hospitality valuations each year, including single
assets and portfolios for reporting, financing and
transaction advisory purposes. Our experience ranges
from budget properties to ‘trophy’ assets, many of which
also include mixed-use components.
We are currently engaged by a number clients to
undertake the annual valuations for their properties for
reporting purposes, on a rolling basis for several years.
Our close relationship with clients paired with in-depth
knowledge of the local markets allow us to perform
valuations accurately and effectively.
The valuation team is supported by our Research and
Advisory team within the local markets. The Research
and Advisory team works closely with our business
service professionals, capitalising on our market
expertise to provide our clients the necessary market
intelligence across all markets – ranging from data
collection to comprehensive market analysis,
interpretation and recommendations – required to
support sound and practical business decisions.
Our market insight and knowledge are our clients’
property, pivotal in accelerating their success. The
overall hospitality team is part of one of the largest in
Asia Pacific that performs more than 250 valuations per
year in the sector, and includes professionals dedicated
solely to hotels, leisure and hospitality valuation work, as
well as a number of published authors in the field.
14 Colliers Hotels Insight | Q2 2017 | Colliers International
Our Services
Whether you are a startup or well-established owner,
developer or investor, we will help you go through the
business life cycle by providing specialised, value-added
advices that are tailor-made to your specific needs:
> Market Demand and Feasibility Studies
> Valuations – Property and Business
> Plant and Machinery Valuation
> Impairment Testing
> Capital Markets
> Due Diligence
> Internal Business Reviews
> Operator Search and Select
> Benchmarking and Forecasting
> Growing the Business: Extensions, Refurbishments,
Brand roll out and Expansion
> Asset Management
> Business Restructuring – opco / propco
> Needs Analysis / Economic Impact Studies
> Highest and Best Use / Concept Designs
> Transaction Advisory, IPO and REITS listing
> Management Agreements and Lease Reviews
> Litigation Support and Dispute Resolution Project
Management and Leasing
> Tourism Strategy and Master Planning
Copyright © 2017 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.
About Colliers International Group
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customised research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm.
For the latest news from Colliers, visit Colliers.com/Asia or follow us on Twitter: @Colliers and LinkedIn.
396 offices in
68 countries on
6 continents United States: 153
Canada: 29
Latin America: 24
Asia Pacific: 79
EMEA: 111
$2.6 billion in annual revenue
2 billion square feet under management
15,000 professionals and staff
Primary Authors:
Govinda Singh
Director
Hotel Specialist | Valuation & Advisory | Asia
+ 65 6531 8566
Regional Contacts:
David Faulkner
Managing Director | Valuation & Advisory | Asia
+852 2822 0525
www.colliers.com