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1、,time.,A,Games.,1,European Hotel Valuation Index 2006,This report is produced by the London office of HVS InternationalKristin Thorsteinsdottir and Karen SmithHighlights The European Hotel Valuation Index(HVI)shows that hotelvalues(expressed in euro)achieved a second consecutive year ofgrowth.On ave
2、rage,values across Europe increased by 5%in2005,compared with an increase of 3%in 2004.These rises invalue followed three years of decline.The European average hotelvalue is now back at the level achieved in the peak year 2000,although much of this has been driven by growth in EasternEuropean market
3、s.Many markets,such as Milan,Zrich,Geneva,Rome,Budapest and Edinburgh,have indeed surpassed the 2000peak,whilst others,including Paris and Hamburg,have comevery close.We have also seen in 2005 that 18 of the 28 markets under reviewhave achieved an increase in excess of inflationary growth;onlyfive m
4、arkets Berlin,Munich,Barcelona,Athens and Lisbon recorded a decline in average values.In contrast,in 2004 eightmarkets showed a decline in value and only Barcelona recorded adecline in both 2004 and 2005.Istanbul was a star performer in 2005,bringing to an endMoscows four-year run of being the marke
5、t that recorded thehighest annual growth in values in our survey.After recording anincrease in values in 2004 of almost 17%,Istanbul saw a dramaticimprovement in trading performance in 2005:hotel values,March 2006increased by 32%.This increase was driven largely by bothoccupancy(up by ten percentage
6、 points)and average rate(up byalmost 25%);this led to an increase in RevPAR of 44%.Hotel values in Moscow are continuing to reach for the skies,anda double-digit increase was again recorded this year.Values in thecity have now seen double-digit increases for six consecutiveyears,with the exception o
7、f 2003 when they recorded an increaseof only 9%.This now gives Moscow an average value of 240,910per room,placing it above the Europewide average for the first Despite a dramatic increase in values in 2005 of 8%(the seventh-highest growth rate in the survey),Warsaw still finds itselflanguishing at t
8、he bottom of the table of hotel values per roomwith a figure of approximately 104,500.This is some 16,700(or14%)adrift of the next contender Lisbon at 121,200.Othermarkets finding their hotels in the lower reaches of the table areAthens,Copenhagen,Frankfurt,Stockholm and Istanbul.London has retained
9、 its position as the most expensive city inwhich to acquire a hotel,this year breaking through the 500,000barrier;the average value per room was 516,120 and the growthrate 7.2%.Paris remains in second place(484,520 per room andgrowth of 6.6%).There is a wide gap between second and thirdplace in the
10、table of 68,710 before we reach Milan on 415,820.The gap in value between third and fourth place is 39,880;Zrichis in fourth place on 375,990.,Tables 1 and 2Source:HVS International,Winners and Losers 2004 and 2005-%Change in Hotel Value(),Changes in Valuemsterdam,one of Europes strongesthotel marke
11、ts,has seen hotel valuesgradually decline since 2001,albeitthat this decline was marginal in 2004.In2005,hotel values in Amsterdam rose by 5.7%as the city experienced a 6.5%improvement inRevPAR,compared to 2004.New supplyentering the citys quality hotel stock has beenlimited in recent years and only
12、 one new hotelwas opened in 2005:the 256-room,four-starHotel Artemis,in May.However,it nowappears that hotel supply is on the increaseagain;it is estimated that a total of 4,000,majority of these projects are ratherspeculative at this stage.Among theconfirmed additions are the 410-roomMvenpick,which
13、 is currently underconstruction and due to open this September,and the 160-room Grand Scheepvaarthuis,which is due to open in December.Development work is also under way on aproposed 250-room Hyatt,which will open inJanuary 2008.Planning approval has beengranted for a 130-room Rocco Forte Hotel,and
14、the plan is for this hotel to open inSeptember 2008.Since the 2004 peak in hotel values,whichwere driven up by the Olympic Games,bucked the trend of tumbling occupancy,which has historically been the case amongother host cities,and retained a stableoccupancy of 61%,it has seen average rate fallby al
15、most 21%.This led hotel values in Athensto drop by just over 7%compared to 2004,which is significant,considering that our 2004values had already been adjusted for thedirect impact of the Olympic Games.Perhapssurprisingly,additions to hotel supply in 2005were only minimal and no major hoteldevelopmen
16、ts are under way.Activity in thehotel investment market was also minimal,asowners sought to benefit from all themarketing and media exposure of Athens andGreece in connection with the Olympic,rooms will have been added to the greaterAmsterdam area by 2010,although theHVS International,Athens hotel m
17、arket has shown a decline inoverall performance.Although the city has,European Hotel Valuation Index 2006,Table 3,2,Despite an estimated year-end increase ofalmost 5%(to approximately 70 million)in thenumber of tourist arrivals in Spain in 2005,thecontinued and substantial increase in newsupply in B
18、arcelona continues to constrainhotel performance.For the third year in a row,the city has seen average room rate decline,by2.4%in 2005 compared to 2004,andoccupancy remain stable at 71%.This hascontributed to a 5.4%decline in hotel values.Despite the significant number of new hotelrooms that has bee
19、n added to the existingsupply in recent years,there are plans for anadditional 6,500 rooms to be added to thegreater metropolitan area in the next twoyears.Nevertheless,it is worth noting that thenumber of new projects under construction isslowly starting to decrease,and is now back to2000 levels.Am
20、ong the significantdevelopments opening this year is Hesperiashotel in the Hospitalet.The 280-room hotelwill be located in the Hesperia Tower,whichat 100 m will be one of the tallest buildings inthe Barcelona metropolitan area.Anotherlocal player planning a hotel in a high-risebuilding is Barcel Hot
21、els,which hasscheduled the opening of the 190-room,five-star Barcel Rambla del Raval hotel for 2007.Last year we noted Berlins impressiveresilience in maintaining its occupancydespite the number of new additions tosupply.With the increase in supplycontinuing throughout 2005,when nearly1,300 new room
22、s were added,Berlincontinues to impress;the city managed tomaintain occupancy of nearly 69%.RevPARdecreased by 1.8%,which contributed to amarginal decline in hotel values of 0.7%.However,the amount of new supply enteringthe Berlin market in the near future will puteven more pressure on the citys hot
23、elperformance.The four-star Wallstreet ParkPlaza Hotel in Wallstrae,Berlin-Mitte,isexpected to open its 167 rooms in June of this,Average Annual Compound Growth Rate 1998-05 and 1993-05()Source:HVS International,year and the 146-room Rocco Forte hotel theGrand Hotel de Rome is expected to open inAug
24、ust.A month later a 364-room Sol Melihotel near Friedrichstrae is expected to open.This year,construction work will start on athree-star hotel project on Nrnberger Strae,in the district of Schneberg,close toKurfrstendamm;the envisaged openingdate for this 300-room hotel is early 2007.Twohotel projec
25、ts are in the early stages ofdevelopment.Planning permission has beengranted for the construction of a 252-room,three-star to four-star hotel that is due to openin mid 2008 in Berlin-Charlottenburg,close toKantstrae.There are also plans to open afour-star hotel close to the airport atSchnefeld near
26、the existing Holiday Inn inthe first quarter of 2008.Birmingham continues to reap the fruits of itsmarketing efforts,which in recent years haveattracted an increasing number of foreignvisitors and have boosted activity at theNational Exhibition Centre.While retaining astable occupancy,hotels in Birm
27、inghammanaged to increase their average daily rateby 3%,to 100.This contributed to an increasein hotel values of 3%.A number of hoteldevelopments are under way,especially in thebudget and mid-market segments.ChoiceHotels will be opening a 90-room Sleep Inn inthe Star City entertainment complex inOct
28、ober this year.A proposed 120-room Etapis due to open at the end of 2007 atBirmingham International Airport and,within the same building,a 150-room Ibishotel is planned.In addition,a 59-roomextension to the Holiday Inn at BirminghamInternational Airport is planned by the end of2007;this extension wi
29、ll take the hotels roomEuropean Hotel Valuation Index 2006,count to 200.Plans for a 40-room luxury hotelat the Cube development were announcedrecently.Opening in mid 2008,the Cube is thelast phase of the Mailbox development inBirmingham city centre and in addition to thehotel,it will contain a mixtu
30、re of office,residential and retail components.The improvement in hotel performance inBrussels in 2005 was attributable mainly tothe continuing improvement in the Europeanbusiness environment,and to the citys keypolitical position as the capital of theEuropean Union(EU).Occupancy increasedby 1.5%and
31、 RevPAR by nearly 5%;thisincrease contributed to a rise in hotel values of4.5%.Another important factor facilitating therecovery of the hotel market in Brussels is thelimited addition to the supply of qualityhotels.The first hotel to open in Brussels sincelate 2004 was the 149-room Radisson SAS EUHo
32、tel,near the European Parliament,whichopened in January this year.The increase insupply will continue to be restricted and thereis currently only one opening confirmed forthe next two years:a 150-room Sofitel,in June.Since Hungarys accession to the EU in 2004,Budapest has enjoyed a significant incre
33、ase inthe number of visitor arrivals.The majority ofthe inflow of foreign tourists into Hungary isdriven by leisure purposes,which has beengreatly influenced by low-cost airlines,whosepassengers accounted for nearly 30%of thetotal traffic at Ferihegy International Airportin 2005.In total,passenger t
34、raffic at theairport grew by almost 25%and topped 8million last year.Hotel occupancy grewmodestly,whereas average daily rate grew by,a healthy 10.3%and RevPAR increased bynearly 15%.This contributed to a rise in hotelvalues of nearly 12%,securing Budapest aplace among this years major winners.Howeve
35、r,the strong performance of themarket over the last two years has whettedthe appetite of investors and we are aware ofseveral new hotel projects that will beopening in the next few years.Hotelscurrently under construction and expected toopen in 2006 include the 107-room BoscoloNew York Palace hotel,
36、a 175-room Novoteland a 55-room spa hotel at the Rac baths.Anumber of other projects are rumoured;however,the planned increase in supply islikely to offset the continuing increase indemand generated by leisure travellerscoming to Budapest.In 2005 Copenhagen was again rated as oneof the worlds ten mo
37、st popular cities forinternational conventions.The city has alsoexperienced continued growth from leisuretravellers in recent years.In particular,theopening of the Oresund Bridge,linkingDenmark and Sweden,and an increase incruise ship passenger arrivals influenced thestrong room night growth.The hot
38、elconstruction boom in Copenhagen,whichwas ignited in 1999,has brought about anincrease in hotel capacity of 40%;this hasfurther increased the attractiveness of the city,especially to the meeting and conferencesegment.In last years edition of the HVI itwas noted that occupancy had risen for thefirst
39、 time since the hotel boom began,as nonew upscale hotels opened over the course of2004.The recovery continued in 2005 whenoccupancy rose by nearly five percentageHVS International,investors.,3,Table 4,Hotel Values-%Change(),Source:HVS International,points and RevPAR by nearly 20%.Thisrecovery had a
40、positive impact on hotelvalues,which rose by 10%,placingCopenhagen among the top five cities interms of the greatest growth in hotel valueslast year.It appears that the hotel boom is toresume,as the number of developments is onthe increase again.The 200-room CopenhagenIsland Hotel by the ARP-Hansen
41、HotelGroup,and a 225-room,four-star hotel inScala,close to the Tivoli Gardens,are bothscheduled to open this year.A five-star Tivolihotel project of approximately 160 rooms,butwith currently no exact developmental time-frame,is rumoured to be entering the marketin the medium term,confirming theconti
42、nued interest in the Copenhagen hotelmarket.The number of visitors to Dublin continuedto increase and despite the continued increasein room supply in the quality hotel market,Dublins hotel performance has remainedremarkably resilient.Hotel values increasedby 6.7%year on year,following a modestincrea
43、se in occupancy,while average dailyrate was stable for the third year in a row.Thisis particularly impressive given that last yearDublin experienced a significant increase inthe supply of rooms;new hotels included the295-room Clarion Liffey Valley Hotel,whichis managed by Choice Hotels International
44、and which opened in April,the 232-roomJurys Croke Park Hotel,which opened in,demand from the USA and other long hauldestinations,is still suffering from thecontinued strength of the euro.In addition,the new hotel supply that is envisaged to beentering the Dublin hotel market in the nearfuture will m
45、ake the hotel market increasinglycompetitive environment.Edinburghs hotel industry has been enjoyinga boom in recent years and the city managedto sustain occupancy of 78%for the secondyear in a row.Average daily rate increased byover five percentage points;however,due toexpectations that significant
46、 new supply willhit the market over the coming years,hotelvalues remained flat.Developers seem tohave responded to the urgent call made byEdinburgh City Council for more privateinvestment to be made in the citys hotelindustry,although many projects can still beconsidered to be rather speculative.The
47、opening of the 132-room Dakota Hotel atSouth Queensferry is scheduled for later thisyear,as is the completion of the 17.5 millionupgrade of the George Hotel,which wasrecently acquired by Principal Hotels.Theconstruction of a 33-room boutique hotel onGeorge Street is well under way and theopening is
48、scheduled for mid 2006.Anotherboutique hotel,the 18-room Le Monde,isscheduled for opening this year.Among themore speculative projects is a 200-room hotelon the site of the former New Street busstation,immediately to the east of the site,marginal 0.2%on 2004.However,in 2006 asubstantial increase in
49、average daily rate canbe anticipated as Frankfurt is one of 12German cities hosting the FIFA World Cup inJune/July.Significant additions to supply thisyear are the 163-room Rocco Forte VillaKennedy,located close to the south bank ofthe River Main and due to open in March,anda 283-room,four-star Mven
50、pick Hotelscheduled to open in June.Continuing thetrend of 2004,the hotel investment market inGermany remained fairly active during 2005.The eye-catching Radisson SAS Hotel inFrankfurt changed hands for 298,200 perroom when it was sold by HochtiefProjectentwicklung to a group of DanishPreliminary fi
