1. CATHIC ©2014 STR Global www.strglobal.comwww.strglobal.com
SPOTLIGHT TURKEY:
HOTEL PERFORMANCE TRENDS &
PIPELINE
Elizabeth Winkle
Managing Director, STR Global
CATHIC 9th June 2014

2. CATHIC ©2014 STR Global www.strglobal.com
Performance Improving Globally
April 2014 YTD, % Chg in USD, Europe in Euro
+6.4% +6.9%
-4.8%
-4.9%
+4.4%€
-2.8%

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Europe
RevPAR € Change
+4.4%
Apr 14 YTD
+1.5%
YE 13
+4.2%
YE 12

4. CATHIC ©2014 STR Global www.strglobal.com
Rate Showing Signs of Life
April 2014 YTD, Occ, ADR % Chg in local currency
-8%
-4%
0%
4%
8%
12%
16%
Occupancy ADR

5. CATHIC ©2014 STR Global www.strglobal.com
Still Room for Further Growth
40 €
60 €
80 €
100 €
120 €
140 €
160 €
180 €
200 €
40%
45%
50%
55%
60%
65%
70%
75%
Occupancy ADR
April 2014 YTD, Occ, ADR in Euro

6. CATHIC ©2014 STR Global www.strglobal.com
Ankara, Istanbul lead rate growth
April 2014 YTD, Occ, ADR% Chg in local currency
-10%
-5%
0%
5%
10%
15%
20%
25%
Occupancy ADR

7. CATHIC ©2014 STR Global www.strglobal.com
Ankara, Istanbul are comparing well
0 €
25 €
50 €
75 €
100 €
125 €
150 €
175 €
200 €
225 €
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
80%
Occupancy ADR
April 2014 YTD, Occ, ADR in Euro

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Turkey
RevPAR in TRY
+7.7%
Apr 14 YTD
+3.9%
YE 13
+1.3%
YE 12

9. CATHIC ©2014 STR Global www.strglobal.com
Strong ADR growth, Occ Declines
TRY 150
TRY 170
TRY 190
TRY 210
TRY 230
TRY 250
TRY 270
TRY 290
50%
55%
60%
65%
Total 2012 Total 2013 Apr YTD 2014
OCC ADR RevPAR
Turkey Occ, ADR and RevPAR in TRY
+0.7%
+0.6% -2.7% -6.8%
+6.7% +15.6%
+1.3%
+3.9%
+7.7%

10. CATHIC ©2014 STR Global www.strglobal.com
Ankara, Istanbul driving performance
45%
50%
55%
60%
65%
TRY 0
TRY 50
TRY 100
TRY 150
TRY 200
TRY 250
TRY 300
TRY 350
TRY 400
Turkey Ankara Istanbul Turkey Regional Turkish Riviera
ADR RevPAR OCC
Occ, ADR and RevPAR, in TRY

11. CATHIC ©2014 STR Global www.strglobal.com
Supply Growth strong across top tier
6.1
19.5
4.8
-11.3
6.0
0.80.7
16.2
9.7
-5.0
-2.8
4.6
-15
-10
-5
0
5
10
15
20
Luxury Class Upper Upscale Class Upscale Class
Supply % Chg Demand %Chg Revenue %Chg RevPAR % Chg
Istanbul Supply & Demand % Change, 12 Months Ended April 2014

12. CATHIC ©2014 STR Global www.strglobal.com
New Supply Impacting Occupancy, ADR unaffected
TRY 200
TRY 300
TRY 400
TRY 500
TRY 600
TRY 700
TRY 800
50%
55%
60%
65%
70%
Luxury Class Upper Upscale Class Upscale Class
OCC ADR
Istanbul 12 Months Ended April 2014, in TRY
+13.5%
-16.4% -11.3% -3.8%
+9.6%
+8.8%

13. CATHIC ©2014 STR Global www.strglobal.comwww.strglobal.com
Pipeline

14. CATHIC ©2014 STR Global www.strglobal.com
More Supply to Come
Under Contract, as of May 2014, share by #rooms
53%
Ankara
4%
Istanbul
8%
35%
Turkish Riviera
Turkey Regional
+11,700 total rooms

15. CATHIC ©2014 STR Global www.strglobal.com
Upscale Hotels are leading pipeline share of total
Under Contract, as of May 2014, share by #rooms
10%
23%
42%
19%
2% 4%
Luxury Chains
Upper Upscale Chains
Upscale Chains
Upper Midscale Chains
Midscale Chains
Unaffiliated

16. CATHIC ©2014 STR Global www.strglobal.com
STR Global
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recommendations or advice are intended or implied.
CATHIC 2014
Elizabeth Winkle