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TOURISM AND HOSPITALITY IN ASIA PACIFIC
February 2018
2 CBRE | CAMBODIA
• Trends in the hospitality sector in SE Asia / Global• Demand• Occupancy and room rates• Supply• Infrastructure• Challenges & opportunities of hotels in a frontier market• What makes hotels work – or fail• Hotel Design and Operation• Operator Selection - what to look out for• Lessons learnt from the Vietnam experience
AGENDA
3 CBRE | CAMBODIA
ARRIVALS
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
2010 2011 2012 2013 2014 2015 2016 2017
International Visitor Arrivals
Cambodia Myanmar Vietnam Indonesia Laos
4 CBRE | CAMBODIA
ARRIVALS
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
2010 2011 2012 2013 2014 2015 2016 2017
International Visitor Arrivals
Cambodia Myanmar Vietnam Indonesia Malaysia Thailand Laos
5 CBRE | CAMBODIA
GROWTH IN ARRIVALS
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
2011 2012 2013 2014 2015 2016 2017
Annual Changes in International Visitor Arrivals
Average Cambodia Vietnam Indonesia Malaysia Thailand Laos
6 CBRE | CAMBODIA
OCCUPANCY
50%
55%
60%
65%
70%
75%
80%
85%
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17
Hanoi Ho Chi Minh City Bangkok Kuala Lumpur Manila JakartaSource: STR Global, CBRE Hotels
Occupancy (MAT)
7 CBRE | CAMBODIA
ROOM RATES IN USD
60
70
80
90
100
110
120
130
140
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17
Hanoi Ho Chi Minh City Bangkok Kuala Lumpur Manila Jakarta
U
Source: STR Global, CBRE Hotels
United States - DollarAverage Daily Rate (MAT)
8 CBRE | CAMBODIA
ROOM RATE GROWTH
80
90
100
110
120
130
140
150
Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17Hanoi Ho Chi Minh City Bangkok Kuala Lumpur Manila Jakarta
Source: STR & CBRE Hotels
Local currencyAverage Daily Rate (MAT) Indexed
Source:STR Global, CBRE Hotels
9 CBRE | CAMBODIA
REVENUE PER ROOM IN USD
40
50
60
70
80
90
100
Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17Hanoi Ho Chi Minh City Bangkok Kuala Lumpur Manila Jakarta
United States - Dollar
Source: STR Global, CBRE Hotels
RevPAR (MAT)
10 CBRE | CAMBODIA
GROWTH IN REVENUE PER ROOM
80
90
100
110
120
130
140
150
Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17Hanoi Ho Chi Minh City Bangkok Kuala Lumpur Manila Jakarta
Source: STR & CBRE Hotels
Local currencyRevPAR (MAT) Indexed
Source:STR Global, CBRE Hotels
11 CBRE | CAMBODIA
INFRASTRUCTURE
12 CBRE | CAMBODIA
PoliticalInformation
Access and cost of financeSecurity
LegalLanguage
People
SOME CHALLENGES
13 CBRE | CAMBODIA
WHAT MAKES HOTELS WORK OR FAIL?
The operator• Reputation (guests and
owners)
• Track record
• Marketing
• Financial
• Flexibility
• Relationship with owners
The development• Design
• Size
• Facilities
• Cost
All four need to match
The market• Demand
• Competition
• Gap
• Positioning
• Financials
The owner/developer• Aspirations
• Financial
• Long or short term
14 CBRE | CAMBODIA
• Needs input from range of skills• Architect• Engineer• Interior Designer• Operator• Project Manager• Quantity Surveyor• Developer
They all have different agenda
Some key issuesHOTEL DESIGN AND OPERATION
15 CBRE | CAMBODIA
What is appropriate?HOTEL DESIGN AND OPERATION
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Some key issuesHOTEL DESIGN AND OPERATION
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• Meet or beat the market• Future proofing• Efficiency v luxury• Essential features• Understanding the guests• Site issues• Operational issues• Feng shui• Market position• Branding• Highest and best use v ego
Some key issuesHOTEL DESIGN AND OPERATION
18 CBRE | CAMBODIA
• They are experts – most owners and developers are not• Use a lawyer experienced in management agreements• Put them in competition• Key money and sliver equity• Control• Its not just about the management fees• Experience
Matching the market, the property, the brand and the owner’s requirements
What to look out forOPERATOR SELECTION
19 CBRE | CAMBODIA
• Rapid Development• Infrastructure• Reliance on a single source of business• Condotels• Build for the future not today• Choose good partners• Quality pays• It will be cyclical
SOME LESSONS FROM VIETNAM
20 CBRE | CAMBODIA
CBRE HOTELS SERVICESHOTEL BROKERAGE &INVESTMENT SALESFor single and multiple asset transactions, CBRE Hotels offerscomprehensive capital markets services includingacquisition/disposition and advisory across all hospitalityproduct segments.
INVESTMENT & MARKET ADVISORYWe provide advice for existing and prospective hotel owners,investors and lenders on the wider hotel industry, as well asspecific assets and markets in order to maximize investmentreturns.
VALUATION SERVICESCBRE Hotels’ global Valuation teams complete appraisal andadvisory work led by MAI, RICS, or appropriately qualifiedvaluers with specialist hotel-sector knowledge.
FEASIBILITY STUDIESOur teams advise on the appropriate development scheme andhelp optimize returns offering solutions, strategies andalternatives to strengthen your hotel business decision process.
OPERATOR SELECTIONOur teams work closely with hotel owners to assess theirbusiness and legal requirements in order to select the mostappropriate operating structure and brand.
LEISURE & ALTERNATIVEINVESTMENTSWe offer unparalleled consultation, brokerage, financing andappraisal services to specialized industries such as golf and resortproperties, gaming, pubs, bars
and clubs.
PROJECT MANAGEMENT SERVICESProject Management partners with clients to deliver projectsfrom “concept to completion” by implementing cost efficient,industry leading processes to optimize projects, minimize riskand create value.
Rob McIntoshExecutive Director, CBRE Hotels Asia PacificT +61 2 93333 3250M +61 (0) 449 587 [email protected]