colliers hotel insights - q2 2019 v7 formatted · 2 colliers insights hotels | asia | q2 2019...

Govinda SinghExecutive Director

Valuation & Advisory | Asia+65 6531 8566

[email protected]

COLLIERS INSIGHTS HOTELS | ASIA | Q2 2019

HOTEL INSIGHTSA quarterly digest of key trends in the hospitality sector

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Welcome to the Q2 2019 edition of Colliers Hotel Insights, our quarterly magazine for hotel and other accommodation stakeholders across Asia. This edition features key destination trends 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.

Hotels across Asia Pacific have had a tough Q1 in 2019 when compared to the corresponding period in 2018, with overall room occupancy and average daily rate (ADR) showing decreases to 67.4% and US$103.46, respectively. This resulted in RevPAR for the region showing a decline of some 7.2% year‐on‐year. We note this figure would have been negatively impacted by forex currency movements together with economic fundamentals. In terms of room occupancy, Delhi‐NCR, Metro‐Manila and Seoul were the stand out performers, with year‐on‐year growth in excess of 3%, according to STR. HCMC, KL, and Phuket led the crowded field in being the worst performers.

In local currency terms, Bali, Hanoi, Mumbai, all witnessed increases in excess of 7% in terms of ADR. KL, Phuket, Sanya, Seoul and Shanghai witnessed declines, with Osaka slipping significantly.

It is evident that the recent escalation in the trade dispute and political impasse between the USA and China is starting to weigh on business and consumer confidence, thereby tempering demand growth. This, combined with movements in forex, the Mount Agung eruption, and the fall in the number of Chinese visitors to Thailand, together with new supply in some destinations has all significantly impacted performance. However, we note that intra‐Asia and growing domestic travel in the larger destinations across Asia, is likely to continue to underpin demand in the region. As such, we would expect some upturn in performance in the coming months. On that note, good reading!

FOREWORD‘’Robot‐assisted hotel services get generally high marks in a study of guests at 88 hotels in China.

Guests reported making fairly frequent use of the robots, primarily for such relatively simple functions as turning on the lights and turning off the TV.

Chief problems occur when the robot cannot recognise operation commands, when guests must repeat their request, and when the robot isn’t actually programmed for a particular operation.

Asked what services they expect from a hotel robot, guests cited food distribution, delivering goods, handling check‐in and checkout, and providing travel information and consumption recommendations.

Two‐thirds of customers considered that “robot rooms” present a good value, and a similar proportion were willing to make a return visit to rooms equipped with robots.

Keys to the acceptance of hotel robots are that they must provide worthwhile services and be easy to use.”

– Extract from “Robot Rooms” How Guests Use and Perceive Hotel Robots – Cornell Centre For Hospitality Research (2019)

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TABLE OF CONTENT

HOTELS 3

Opinion: Hotel Feasibility Studies 4

Destinations of the Quarter – Singapore 5

Destinations of the Quarter – Kuala Lumpur 8

HOTEL INVESTMENT AND VALUATION 10

Capital markets insights 11

Recent notable transactions 11

GAMING UPDATE 11

About Colliers Hotels 13

Next Quarter / Contacts 13

Page Page

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HOTELS OPINION The hotel feasibility study – Is it worth the time and cost?Our specialists take on the do’s and don’ts of hotel investment

As the time for build it and they will come ends for many destinations as they mature, and with an ever increasing competitive environment, investors have begun to ask the right questions. Questions, that in our opinion must always be asked before a hotel is built.

First of all it is important to differentiate between a market research report and a feasibility study. Whilst a market research report may do well in providing enough information for decision making for ‘traditional’ assets, for hotels and other any property type that has dynamic cash flows such as casinos, golf, meetings, incentives, conference and exhibitors (MICE) etc., this is hardly sufficient. The true value in a feasibility study is not to gain market data (most of which is readily available in this age) but in obtaining insight, information and recommendations from specialists who have had hands on experience in the industry. Developing a proposition that is:

> Relevant – Will it still be relevant three years plus from now (i.e. for new projects allowing time for construction)? Will it still be relevant 20 years from now?

> Focused – What should be the number of rooms and mix? What market positioning and facilities/amenities should be provided to ensure success? Suite mix, number of covers, destination concepts or not? To brand or not to brand?

> Consider competitive environment – what is the impact of demand generators in the area and how will the hotel integrate with the wider development and destination seamlessly? How can it be leveraged to add value? What does the existing and future competitive landscape look like and what would the impact be on the proposed development?

> Maximises ROI – Even if the motivation is not to make a profit, it is important for the hotel to be self sufficient to avoid future operating challenges. Does the business model stack up for lending and operating cashflows?

In an increasingly competitive environment, it is vital that hotels stay relevant well into the future, at least taking their fair market share. Preconceived concepts may work in less mature destinations, but as experience has taught us, these have a habit of not remaining relevant, at tremendous cost to the owner over time.

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Hotels in the Garden City continue to do well

Tourism arrivals in Singapore are expected to grow by 3.5% in 2019 following a relatively strong performance in 2018. In 2019, visitor arrivals are expected to reach 19.2m, with a further 3% growth forecast for 2020. This is a robust performance after the stagnant figures in 2015, and strong growth in 2016, and is mostly underpinned by an increase in visitation from North and South Asia, and in particular China, Indonesia and India. Tourist arrivals from India have seen the highest spike of 13% with cruise arrivals going up by 27%. This growth represents a compound annual growth rate (CAGR) of 6% between 2010 and 2019f. In 2018, the average length of stay fell to 3.3 days, from 3.4 days previously recorded. However, total visitor stays (what really matters to hotels), grew by a CAGR of 4.8%. With the changing travel habits of travelers from nearby source markets, the average length of stay is expected to dip slightly as day trips and shorter corporate trips become a common sight in Singapore. This is perhaps not surprising given the relative high costs of staying in hotels in Singapore, with ADR increasing 1.7% to S$219 by the end of 2018.

Tourism receipt per capita decreased from S$1,691 in 2011, to S$1,430 in 2015, a drop of 15.4%. However, tourism receipts started to rebound in

2016, increasing by a whopping 8% into 2017 and another circa 1% in 2018. The increase in tourism receipts was boosted by more tourist arrivals from high‐spending markets such as China, South Korea, the US and the UK. In addition, the forecast for tourism receipts is to grow by another circa 3% in 2019 mainly attributed to higher spending in sightseeing, entertainment, gaming and shopping for health and wellness products.

According to the Singapore Tourism Board (STB), circa 55% of overnight stays are in hotels (latest available), of which 47% of visitors are repeat guests. The main purpose of visit is leisure/VFR (Visit Friends/Relatives) (70%), with circa 14% here on business/MICE visits. Considering these statistics, it suggests that Singapore still requires a significant amount of hotel rooms to accommodate its visitors, with growth in visitation being tempered by the low level of room supply especially at the mid‐market to lower end. This is despite the addition of 2,865 rooms in 2016 and the significant 7.4% increase in 2017 (4,738 rooms). Although there were only 770 rooms added in 2018, we note that an estimated 1,700 rooms are expected to enter the market in 2019, as room supply continues to be moderated in Singapore.

Source: STB

Singapore tourism statistics 2011–2019F

DESTINATIONS OF THE QUARTER Singapore

49,719 51,579 55,018 57,050 60,841 63,706 68,444 69,214 70,929

13.2 14.5 15.6 15.1 15.2 16.4 17.4 18.5 19.2

22.3 23.1 23.5 23.6 21.8 24.8 26.8 27.1 27.9

49.1 51.4 54.2 56.1 55.0 56.3 58.8 61.6 63.4

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Hotel supply to remain muted in the short term

With the recent tender of the government land site at Club Street, the white sites at Pasir Ris Central and Marina View, which can together potentially accommodate circa 930 rooms, in our estimation, we expect another 2,500 rooms to be added between 2022 and 2025. Significant new hotels scheduled to open beyond 2021 include the Pullman Singapore (342 rooms), Banyan Tree Mandai (400 rooms), and Club Street (390 rooms). In addition, in circa 2025 we expect Marina Bay Sands (MBS) and Resorts World Sentosa (RWS) to add 2,100 rooms as part of their integrated resort (IR) expansion plans. It is therefore likely that demand will continue grow as the IRs expand their offerings.

From our analysis, in 2012, given that 65% of overnight visitors would stay in a hotel, based on the total number of available rooms at that time gives an implied room occupancy of 134%. From the hotel statistics provided by STB, which indicates that room occupancies for 2012 were 87%, this suggests only circa 64.9% of those requiring accommodation were able to do so in a hotel.

Fast forward to 2018, when hotel room occupancies have dipped slightly to 86% for the year, indicating that only 46% of the 55% requiring rooms would have been accommodated. We note that the implied room occupancy for 2017 would have dropped to 107%, given the increase in new supply. This remained rather stagnant in 2018, nevertheless, we expect implied room occupancy to rebound in 2019, given the growing demand from international arrivals. Perhaps its time to reconsider more development and investment in this sector.

In 2018, occupancy grew to 86%, with average daily rate (ADR) increasing by 1.7% resulting in a revenue per available room (RevPAR) growth of 3.5% to S$188.6. This was mainly underpinned by the substantially low supply of new hotels entering the market against a backdrop of surging visitor arrivals. Hoteliers were therefore able to maximise their yield strategy through higher room rates.

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Source: STB

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Source: STB, URA and Colliers forecast

Singapore hotel room stock vs overnight stays

In terms of hotel performance, room occupancy remains well in excess of 83% despite the new supply. In any event, a closer look at the room stock versus demand, suggest that hotels in Singapore are full almost all the time during peak periods, and especially during Monday to Thursday, and Saturday nights. This suggests that there is a high degree of existing frustrated and latent demand, whereby visitors who wish to come to Singapore either cannot find rooms or have to turn to alternative accommodation providers.

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Going forward, as tourist arrivals increase, and given a positive economic and geo‐political outlook, we expect room occupancy to continue to grow slightly in 2019 and beyond. In addition, given the already high room occupancy levels, and the continued low levels of new supply anticipated, hoteliers can be expected to drive room rates even higher. This would ultimately result in year‐on‐year income growth over the coming years. However, much of this will depend on the global economic outlook, and the fallout from the trade disputes between the US and the rest of the World. Indeed, much will also rest on the outcome of the 2020 US elections.

In our view, Singapore will continue to remain as a global hub, largely drawing on its largest source markets across the Asia Pacific region. The planned new attractions and infrastructure projects scheduled between 2020 and 2030 bodes well for future visitation and combined with the relatively low level of new room supply, we consider this should continue to underpin hotel fundamentals over the medium term. In addition, the Singapore government constantly monitors land use to ensure there is minimal demand/supply imbalance.

As such, given this background, recent and anticipated trends, we expect overnight stays to continue to outstrip hotel room stock, as is evident in previous years. This therefore bodes well for any planned new hotel supply over this period.

Final thoughts – capital values

Given the government’s recent announcement of the hike in development charges, we expect this to put a dampener on hotel development projects. This, combined with the already high land costs, is therefore likely to put off any new development and refocus capital on existing projects or those properties that can be easily converted to hotel use within the existing plot ratio. As such, we expect this to continue to fuel interest in existing properties, with the hunt for yield giving away to long term capital appreciation for investors in the city state. REITs’ anyone?

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DESTINATIONS OF THE QUARTER Kuala LumpurA storm in a teacup

Being amongst the fastest growing metropolitan regions in Southeast Asia, Kuala Lumpur holds firm as the national capital and largest city in Malaysia. According to the Department of Statistics Malaysia, from 2010 to 2017 (latest available statistics), Kuala Lumpur registered a Compound Annual Growth Rate (CAGR) of 7.7% in real Gross Domestic Product (GDP) growth, higher than most cities in the region. This was primarily backed by strong growth in the construction and services sector, which contributed 12.8% and 6.6% to the city’s GDP growth respectively. Although growth is holding up, albeit at a slightly slower pace than before, in the short term, any geo‐political risk such as potential risk of trade war, slowdown in overseas remittances, and fluctuations in the exchange rate in key source markets will affect the country’s economic growth.

Kuala Lumpur is currently the 7th most visited city in the world, and the 3rd most visited city in South‐East Asia after Bangkok and Singapore. The city has recorded 12.58 million international visitors in 2017, which saw an 11.5% increase in tourist numbers as compared to 2016. Although growth in tourism arrivals has largely stalled for Malaysia overall according to the latest statistics by Tourism Malaysia, KL witnessed a 7.1% growth largely underpinned by a strong domestic market with strong growth in the Indonesian, Vietnam, US Korean and Middle Eastern markets. Tourism in Kuala Lumpur has been heavily reliant on several key source markets, namely Singapore, Indonesia, China, Thailand and Brunei. The provision of Mandarin speaking desks, the addition of the Kuala Lumpur‐Frankfurt route and an increase of flight frequency from Kuala Lumpur to various Korean cities should boost connectivity and visitations from other source markets. As such, this might have offset the significant slump in tourists from Singapore, China and Brunei.

The average length of stay for international visitors in Kuala Lumpur is 5.5 nights, whereas domestic visitors recorded an average of 2.3 nights. Staycations are growing in popularity among Malaysians and the nation’s capital could expect to benefit from promising domestic business. The main purpose of visiting Kuala Lumpur has been largely leisure, with 71.2% (latest available) of total visitors taking leisure trips, an increase of 0.5 percentage

point as compared to the previous year. This further proves that tourism plays an integral part in the country’s growth.

Kuala Lumpur is mainly seen as a corporate and a Meetings, Incentives, Conference and Exhibitions (MICE) hub with leisure demand coming from regional and domestic visitors travelling to Kuala Lumpur for shopping and entertainment. However, whilst foreign visitation to the city is significant, even more so is the size of its domestic tourism market. Domestic tourism dominates hotel market performance in Malaysia accounting for 20.5% of total arrivals to hotels in 2017 (latest available), of which Kuala Lumpur accounts for circa 19% of total domestic arrivals. Overall, the city attracted some 17 million visitors in 2016, reversing the downward trend witnessed in 2015. In 2017 alone, 19 million domestic visitors were recorded to have taken trips into Kuala Lumpur, which was an increase of 11.8%.

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Domestic tourism boost with good investment opportunities

According to the Malaysia Inbound Tourism Association (MITA), the increase in domestic tourism can be attributed to the weakening of the Ringgit which has pushed Malaysians to holiday at home. According to Tourism Malaysia, the most common reasons for travelling within Malaysia are visiting friends and relatives (43.6%) closely followed by shopping (33.1%).

as supply is being absorbed. However, when the region’s tallest skyscraper Merdeka PNB 118 completes in 2021, Park Hyatt Hotel will stand to occupy the top floors. 8 Conlay, which will include the world’s tallest spiraled twin residential towers will also bring the Kempinski brand into the luxury market. Other luxury brands entering the market are in the likes of Jumeirah and Sofitel SO, whilst Singaporean property developer Oxley Holdings is set to bring another set of towers in 2023, just nearby the famed Petronas Towers.

The entry of such luxury brands will be a disruptor to the market, suppressing ADR of the overall market. Occupancy levels will also face downward pressure over the short to medium term but as the pipeline increases; we would therefore expect hoteliers to offer discounts to boost room occupancy levels. While the outlook for upscale and above segments looks optimistic, the 3‐star category and below face pressure in terms of occupancy and room rates due to rising competition from home‐sharing facilities such as Airbnb.

In terms of hotel transactions, recent deals include the 418‐key Royale Chulan Bukit Bintang Hotel sold at RM197 million (RM471,292 per key) in March 2019 and the 265‐room Hilton Garden Inn Kuala Lumpur Hotel sold by Singapore’s Royal Group in August 2018 with a transacted volume of RM240 million (RM905,660 per key). Another notable though related transaction was the sale of the Majestic Hotel Kuala Lumpur in May 2017 for RM380 million (RM1,266,667 per key) by YTL Corp Bhd to YTL Hospitality REIT.

Overall, hotel investment in Kuala Lumpur is likely to be driven by HNWIs from Malaysia, the Middle East and Hong Kong looking for a primary residence or trophy assets. Buyers from China, Indonesia and Taiwan are also looking for investment opportunities, although there continues to be concern over China’s restrictive policy for outward investment and the country’s political aims. This remains a volatile challenge for developers of mega‐projects who expect to tap into this market. Nevertheless, the market volume of mainland Chinese buyers looking to invest in rental properties is expected to remain active, with fully‐furnished units preferred by foreign buyers who focus on recurring rental yields. In view of the slowdown in the residential property market and the challenging office and retail sectors that are being swarmed by oversupply, the hotels sector in Kuala Lumpur may then present itself as a more viable investment option.

Kuala Lumpur’s hotel occupancy was on an increasing trend from 2015 to 2017, recording a CAGR of 2.3% over the period. ADR, on the other hand registered a slight drop of 0.6%, giving an overall increase in RevPAR of 6.5%. This was underpinned by an increase in tourist arrivals into the city, especially Mainland Chinese which saw a growth of 7.4% in 2017.

However, occupancy and ADR declined circa 3.3 percentage points and 3.5% respectively in 2018, resulting in RevPAR dropping by circa 6.6%. This impact can be attributed to the increasing supply of branded upper upscale and luxury hotels in the market, adding 1,313 rooms into the sector in 2017 alone. From 2018 to 2022, approximately 3,795 new rooms (17 hotels) will enter the market, with 85% of rooms categorised in the luxury segment.

Over the short to medium term, Kuala Lumpur will have to manage their demand and supply disparity, with ADR growth rates expected to remain low

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Kuala Lumpur hotel KPIs

Source: STR

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Recent notable transactionsIn this quarter, most of the transactions across Asia were in gateway cities, where investors remain very active.

HOTEL INVESTMENT AND VALUATIONCapital markets insightsAfter a strong 2016 and 2017, which witnessed a number of high profile transactions, the dearth of supply has meant that the 2018 transaction market was relatively subdued in comparison. Investment in the sector is expected to come in more than 25% down on 2017, as Chinese capital and pricing levels deterred investors.

In 2019, this trend has continued, as owners consolidate their portfolios and seek opportunistic investments as the bid‐ask gap remains at historically high levels. Indeed, attention will continue to swing towards more acceptance of development risk as valuations remain high, and investors seek higher returns.

Interestingly, as the market seeks returns, investors are turning to REIT’s, and purchasing equity stakes in hotel operating companies. We have seen GIC taking a strategic stake in the budget lifestyle hotel operator Citizen M, and IHG following Accor and Marriott in ramping up their luxury offering through the acquisition of Six Senses.

We expect further consolidation and strategic investments to be the theme for 2019. This will be supported by assets being injected into REITs, and even consolidation of REITs to take advantage of high valuations.

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 12 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.

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 low, at least until interest rates increase significantly. In addition, sites that have potential alternative use will continue to depress yields derived on hotel income.

Hotel Location Value per room (USD)

Six Senses Hotels Resorts Spas Global 300 million(Equity deal)

Citizen M Global 2 billion(Equity deal)

Hilton Tokyo Odaiba Tokyo 1.2 million

Royale Chulan Bukit Bintang Hotel Kuala Lumpur 0.1 million

Source: Colliers Research. Note: USD conversions are at time of transaction and represent approx. values.

HOTEL INVESTMENT AND VALUATION

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GAMING UPDATEUpdate on Asian gaming market2018 was a strong year for casinos across Asia. From Macau to Cambodia, operators boasted strong gross gaming revenues (GGR) as the market recovered from its slump. Whilst VIP revenues have continued to witness a significant drop especially in Macau, mass market play continues to gain ground, with 2018 gross gaming revenue increasing by 14%, recording the second consecutive year of gain as demand from the Mainland Chinese continued to rebound after a prolonged slump.

The big winner of the continued VIP fallout from the mature destinations appears to be mainly benefitting those in emerging markets with Cambodia largely benefitting from the fall out in Macau. NagaCorp, Cambodia’s largest casino in Phnom Penh, witnessing a whopping 54% increase in GGR for 2018, when compared to the previous year with the recently opened Naga 2 contributing to this result.

The Philippines also witnessed a strong 23% increase in GGR in 2018, most of which were generated by the four integrated resorts in Manila’s Entertainment City.

Gaming revenues in Vietnam are likely to have grown as well, albeit at a slower pace. The destination continues to suffer from poorly located properties, visa restrictions, in addition to a very opaque and fragmented market. We note that the first casino to allow locals is expected to open in 2019 with this potentially paving the way for others casinos?

It is debatable how much additional GGR this could generate or would it simply cannibilise demand from existing border casinos?

Asian gaming has and continues to shift rapidly to new norms. Previous levels of frustrated and latent demand are being quickly absorbed as new supply enters the market, and as governments across Asia realise they are leaving money on the table (or giving it away in some cases) by not penetrating the gaming market, regulating and taxing it at the right levels. This, combined with slowing growth in demand, has meant that investors are no longer witnessing the eye watering returns as with previous investments and must be more discerning.

In our estimation, the size of the Asian gaming market, which remains directly correlated with GDP growth in Asian source markets (0.91 correlation factor over last five years), is likely to slow in the short to medium term. We estimate that after a period when there was significant latent demand for gaming in the region, supply has now caught up, and the sector is relatively mature. As such, any new supply will have to be competitive and offer a unique product that can capture demand from other established destinations in the short to medium term.

Our estimate of total potential GGR in 2019 is circa US$91.7 billion, with this mostly driven by the traditional mature destinations of Macau and Singapore. Going forward, with the recent announcement of the integrated resort expansion in Singapore, and the impending concession review in Macau, this is likely to increase the competitive market in the medium to long term, with these established markets potentially increasing market share. This poses an interesting dilemma for properties in Japan.

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An increasingly crowded market

The announcement that Japan will be legalising gaming in 2016 did not have any impact at the operational level of existing properties, but it has impacted decision making in terms of capital outlay strategy with some operators putting off large scale investments in existing properties. Given any IR development in Japan will only likely evolve beyond 2023, with the government, quite rightly, signaling a cautious approach in the likely number of licences (circa three is expected) to be granted in the first round, we believe Japan IR’s have the ability to be truly iconic and unique, largely tapping into the north Asia and domestic markets, with a potential market share certainly larger than Singapore’s.

As such, we anticipate that the total potential GGR for Japan in 2023 to be circa US$17 billion, taking into account an anticipated ‘novelty’ effect in the first year of operation. This could fall to US$12 billion in year two, stabilising around this figure. We note that this represents total potential GGR. Should only say three licences be granted, depending on location, the fair share of each metropolitan property could therefore be circa US$4.5 billion to US$6.0 billion per annum, stabilised. We would expect, operators in so called tier 2 locations to generate significantly less in GGR per annum.

Gaming is a key driver for international visitation in the region, and if done correctly can add value to local economies, whether it be from income tax contributions, or job creation, and the multiplier effect that can have. As such, the feasibility and economic impact of new developments must be fully assessed especially as the market becomes more crowded and total potential GGR slows.

The recent announcement of the expansion of the IRs in Singapore, which could potentially coincide with Japan’s first openings, together with NagaWord’s third complex in Phnom Penh, suggest the gaming market is set for challenging times ahead, especially given a potential slow down in the growth of gaming revenue.

Source: IMF WEO April 2019 and Colliers estimates

2015 2016 2017 2018 2019F 2020F 2021F 2022F 2023F 2024F

GDP Asia Pac (US$bn) 22,669.7 23,712.0 25,272.2 27,105.4 28,654.6 30,949.0 33,359.4 35,909.2 38,652.8 41,595.7

Potential GGR Asia (US$bn) 79.3 83.0 83.4 89.4 91.7 95.9 103.4 111.3 119.8 128.9

GGR as % of GDP 0.35% 0.35% 0.33% 0.33% 0.32% 0.31% 0.31% 0.31% 0.31% 0.31%

Relationship between GDP and gaming revenue

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ABOUT COLLIERS HOTELSColliers International launched its specialised hotels division in 1985. Our dedicated hotel specialists are based in Australia, Hong Kong, Singapore, Tokyo, London, Nairobi, Dubai, Boston and Los Angeles.

Whether you are a start‐up 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 and feasibility studies

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> Transaction advisory, IPO and REITs listing

> Management agreements and lease reviews

> Extensions, refurbishments

> Benchmarking and forecasting

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We provide timely, relevant and forward‐looking advice. This global division has exceptional relationships with investors worldwide, required for the timely and effective sale of assets.

Our specialised sector expertise includes:

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OPINIONMICE in Asia

DESTINATIONOFTHEQUARTER> Phuket> Okinawa

GOLFUPDATE

NEXTQUARTER

About Colliers International Group Inc.Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provideexpert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, havedelivered industry‐leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.For the latest news from Colliers, visit our website or follow us on

Copyright © 2019 Colliers InternationalThe 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 anyinaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

Primary Authors:

Govinda SinghExecutive Director | Valuation & Advisory | Asia+65 6531 [email protected]

Destination Consulting:

Chris WrightDirector | Valuation & Advisory | Asia+852 2822 0719 [email protected]

Regional Contact:

David FaulknerManaging Director | Valuation & Advisory | Asia+852 2822 [email protected]

colliers hotel insights - q2 2019 v7 formatted · 2 colliers insights hotels | asia | q2 2019...

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