Hotel Intelligence Report 2012 Seoul

Hotel Intelligence Report
Market Insight
Seoul
October 2012
Hotel Intelligence Report • Market Insight Seoul • October 2012 • 1
Contributor
Kyoungjoon (“June”) Kim
Vice President
june.kim@ap.jll.com
Glossary
ADR
RevPAR
GDP
MICE
Korean Wave
FAR
Officetel
CAGR
KTO
KHA
KMCST
KRW
Average Daily Rate
Revenue per Available Room
Gross Domestic Product
Meetings, incentives, conferencing, and exhibitions
Popularity of Korean entertainment and culture outside Korea, starting in the 1990s
Floor Area Ratio
Hybrid of "office" and "hotel" in Korea; refers to a multi-purpose building with units that can be used both as office or
residential space
Compounded Annual Growth Rate
Korea Tourism Organization
Korea Hotel Association
Korean Ministry of Culture, Sports and Tourism
Korean Won
Remarks
In this report, we have used information about those hotels registered as tourist hotels and controlled by the KMCST under the “Korean
Tourism Promotion Law”.
Instead of Seoul tourism statistics, Korean tourism statistics are used in the inbound business analysis due to the lack of information
available for the Seoul market, which is visited by approximately 80% of international visitors to Korea, according to the KTO.
Hotel Intelligence Report • Market Insight Seoul • October 2012 • 2
Market Summary
Seoul, the capital of South Korea, is one of the most active hotel
development markets in Asia. Against a backdrop of strong
demand growth and limited room supply in the recent years, there
has been a recent increase in hotel development in the capital.
The Seoul Metropolitan Government reports that approximately 77
new hotel projects have been submitted that could potentially add
around 14,776 rooms by 2015. Given the current lack of
construction finance in the country, it is unlikely that all these
projects will materialise and some may also be delayed. KTO
forecasts that more than 10 million international tourists will visit
Korea in 2012 in a trend that is expected to continue until 2015,
with an increase of one million visitors each year. The trend should
sustain Seoul's strong hotel market performance in the short term
which is heavily dominated (approximately 80%) by international
visitors to Korea.
The centre of Korea's political, economic and financial sectors for
more than 600 years, Seoul has capitalised on its rich heritage,
traditions and natural tourism resources to strengthen its profile as
a major leisure destination in Asia by offering tourists a diverse mix
of cultural, entertainment, dining and shopping experiences.
The number of international visitors to South Korea has grown
significantly over the past decade. In addition to the depreciation of
the KRW and the increased popularity of the Korean Wave, more
visitors from mainland China as a result of visa deregulation and
the Korean government’s tourism initiatives have made Seoul more
attractive as a tourism destination compared to other cities in Asia.
We have also witnessed solid growth in the performance of Seoul's
hotel sector over the past few years in terms of both occupancy
rates and ADR. It has been noted that this is due mainly to a
shortage of hotel rooms in the market and an increase in demand.
We expect demand among potential visitors to Seoul to remain
strong, due mainly to the ongoing popularity of the Korean Wave
and rising demand from mainland China, which will ensure that the
Seoul hotel market continues to perform strongly, despite the new
hotel supply that will be added to the market over the coming years.
Healthy investment returns and easier development/conversion
options available under the government’s incentive policies are
expected to diversify the hotel investment landscape in Seoul and
make the market even more active.
Economic Snapshot
2010
Real GDP Growth (%)
2011
2012F
2013F
2014F
6.3
3.6
2.2
2.1
3.4
Nominal GDP (USD billion)
1,015
1,116
1,115
1,236
1,405
Consumer Price Index (%)
2.9
4.0
2.0
1.9
2.9
2.50
3.25
2.75
3.00
3.75
1,005
980
3.9
3.8
Policy Interest Rate (%)
Avg. Exchange Rates
1,135
1,153
1,111
(KRW per USD)
Avg. Unemployment Rate
3.7
3.4
3.4
(%)
Source: Global Insight (forecast as at 25 October 2012)
Hotel Intelligence Report • Market Insight Seoul • October 2012 • 3
Major Business Districts
There are three major business districts in Seoul, namely the Seoul
Central Business District (Seoul CBD), the Gangnam Business
District (the GBD) and the Yoido Business District (the YBD). As
these areas attract business clientele with accommodation needs,
the city's main hotel markets are formed in and around these
districts. Each district can be characterised as below:
Seoul CBD
Located in Jung-gu and Jongro-gu Districts, north of the Han-gang
River, the Seoul CBD has been the heart of the country’s political
and economic scene since the 14th century. Most commercial and
investment banks, embassies, conglomerates’ headquarters and
Korean branches of foreign companies are located in this area. In
addition, the historical architecture, museums, commercial districts
and Namsan Mountain attract leisure visitors to this area. Major
hotels in the Seoul CBD include such full-service properties as The
Westin Chosun Seoul, the Lotte Hotel Seoul, The Plaza Hotel
Seoul and The Shilla Seoul, as well as such limited-service hotels
as the Ibis Seoul Myeongdong, the Sky Park hotel portfolio, and
the Ramada Hotel and Suites Seoul Namdaemun. The Seoul CBD
is also the hottest area for recent hotel development projects, with
about 40 hotels planned to be added in Jung-gu and Jongro-gu
Districts, as well as in Dongdaemun-gu District, which is adjacent
to the Seoul CBD.
GBD
Located in Gangnam-gu and Seocho-gu Districts, south of the
Han-gang River, the GBD is the newest of the city's three business
districts, although it already plays a critical role in Korea's economy.
Companies from the IT, private banking, venture capital funds,
chemical, health and pharmaceuticals, and defence industry
sectors are located in this area. Compared to the Seoul CBD, there
are a limited number of leisure destinations in the GBD but,
following the opening of the COEX Convention Center in 1979, the
area became a mecca for Seoul’s MICE business. Hotels in the
GBD are located near office complexes, such as COEX, as well as
along Teheran Road, the main road leading to corporate and
government offices, and commercial buildings in the area. Major
hotels in the GBD include such full-service properties as Park Hyatt
Seoul, the InterContinental Seoul COEX, The Ritz Carlton Seoul
and the Lotte Hotel World, along with such limited-service hotels as
the Ibis Seoul Ambassador and the Bestwestern Premier Gangnam.
In the GBD area, about 15 hotels are planned to be added over the
coming years.
YBD
Yoido Island in Yongdeungpo-gu District, located south-west of the
Han-gang River and also recognised as the YBD, is Korea's
finance hub, home to the Korean Stock Exchange and domestic
securities companies, as well as the National Assembly and major
media companies. Due to high land prices and its easy
accessibility to the Seoul CBD, the YBD has yet to see its hotel
market take shape. In addition, accommodation demand in the
YBD has generally been absorbed by the Seoul CBD, which offers
more entertainment and leisure attractions, or other adjacent submarkets with reasonable ADRs. The major accommodation
property in the YBD is the Marriott Executive Apartments Seoul,
which opened in 2006. In recent years, however, there has been
an emerging trend of hotels being included in redevelopment
projects in new sub-markets near the YBD, such as Mapo,
Yongdeungpo and Guro. With a limited number of hotels in the
area, and an expected increase in both leisure and corporate traffic,
these sub-markets are expected to continue to develop. Major
hotels in these sub-markets include the Lotte City Hotel Mapo, the
Courtyard Seoul Times Square and the Sheraton Seoul D-Cube
City Hotel. Taking advantage of the recent FAR incentive for hotel
development offered by the government, new mixed-use
complexes in the YBD started to include hotels as a part of their
properties, such as the Conrad Seoul in the Seoul International
Finance Center.
Source: Jones Lang LaSalle
Hotel Intelligence Report • Market Insight Seoul • October 2012 • 4
Tourism Market Overview
In 2011, Seoul’s tourism and accommodation market benefitted
from increased demand from Asian countries. The earthquake that
hit the eastern part of Japan on 11 March 2011 (the 3-11
earthquake) resulted in an immediate drop in both leisure and
business visitors from Japan, Korea’s number one tourism market,
although demand began to recover from June 2011 up to June
2012 and had exceeded more than 10% of the figure for the same
period in the previous year. The 3-11 earthquake in Japan and the
flood in Thailand in 2011 had a positive impact on the Korea
tourism market by encouraging Asian tourists to choose
Seoul/Korea as an alternative destination.
International Visitor Arrivals
The total number of international visitors to Korea has shown a
healthy growth over the past 10 years and has reached
approximately 9.8 million in 2011, an 11.3% increase over the
previous year and almost double 2002 result. The only exception of
this trend was 2003, the year after 2002 FIFA World Cup
Korea/Japan and the Busan Asian Games 2002, and when global
tourism was affected negatively by the Iraq war and the Severe
Acute Respiratory Syndrome (SARS) epidemic.
major currencies as the US dollar and the Japanese yen. In line
with the increase in visitors, the y-t-d August figure for international
tourism receipts increased by 32.4% over the same period in 2011.
Figure 1: International Visitor Arrivals, 2002 to y-t-d Sep 2012
Figure 2: Korea: International Visitor Arrivals by Month
The y-t-d- September figure for visitor arrivals increased by 18.9%
in 2012 compared to the same period in 2011.
Figure 3: Korea: International Tourism Receipts, 2002 to y-t-d Aug 2012
The increase in the number of international visitor arrivals to Korea
in recent years can be attributed to several factors, including the
increase in the popularity and influence of the Korean Wave in
other Asian countries, improved visa regulations for mainland
Chinese tourists, which started in August 2010, and the favourable
exchange rate of the KRW to other major currencies, as well as
recent economic growth in other Asian countries and the Korean
government’s ongoing tourism promotions.
The Korean government designated 2010-12 as “Visit Korea
Years” in a bid to achieve 10 million visitors by 2012. Major events
and festivals were planned over these three years, among them
the G-20 Summit in 2010, the Formula One Korean Grand Prix
from 2010 and Expo 2012 Yeosu.
Tourism receipts have also grown significantly since 2005, due not
only to the increase in demand for inbound tourism to the country,
but also because of the depreciation of the KRW compared to such
Hotel Intelligence Report • Market Insight Seoul • October 2012 • 5
Major Tourism Source Markets
Japan was ranked the top international source market for Korea in
2011, accounting for 33.6% of total inbound visitors, followed by
mainland China (22.7%) and the USA (6.8%).
The majority of international visitors to Korea come from Japan and
mainland China, accounting for 56.3% of the total. It is also worth
noting that eight of the top 10 source markets are Asian countries,
with demand from these eight countries accounting for 78.2% of
total international visitor arrivals in 2011.
Of the top 10 source markets, five countries, namely mainland
China, the Philippines, Thailand, Hong Kong and Malaysia, showed
double-digit growth in 2011 compared to the previous year.
Figure 4: Korea: Major Source Markets in 2011 By Country of Residence
Accommodation Demand
Of total hotel demand reported by the KHA, international visitors
accounted for 75.6% in Seoul and 46.4% in Korea overall in 2011.
According to the KTO, about 80% of international tourists to Korea
visit Seoul. Accommodation demand from Korean residents is
relatively small as most major industries are located and about half
of the country's population resides in the greater Seoul
metropolitan area, not only Seoul, but also Incheon Metropolitan
city and Gyeonggi-do Province nearby, and as other major cities
are within one-day trip distance from Seoul. Compared to Japan
and Tokyo in particular, where domestic consumers accounted for
about 95% and 85% of the total accommodation demand in 2011
respectively, it is noteworthy that Seoul's hotel industry relies
heavily on international visitors.
Figure 5: Seoul: Hotel Guest Mix, Domestic vs. Int'l
Hotel Intelligence Report • Market Insight Seoul • October 2012 • 6
Hotel Supply Trend
Hotel room supply in Seoul has increased consistently since 2005
and this trend is expected to continue in the near future.
In terms of future supply in and after 2012, we are aware of 90
hotels with 21,702 rooms that are planned for development or
conversion in Seoul. If these hotels open as planned, hotel room
supply in Seoul will almost double to 48,000 rooms within the next
decade.
According to the KHA, the trading performance of Seoul's hotel
market (108 hotels with 20,720 rooms as of December 2011) over
the past six years has been positive in terms of RevPAR from an
increase both in the occupancy rates and ADR that can be
attributed to rising demand and limited new supply in the market.
Family hotels include properties with a kitchen that are designed to
accomodate families. Serviced apartments, such as the Oakwood
Premier Coex Center, are included in this sector.
According to the KMCST, the full-service hotel sector accounts for
64.0% of the total hotel room inventory in Seoul, with the limitedservice sector accounting for 23.0% as at end-2011. The limitedservice sector is expected to grow in coming years due to the
relatively small number of these types of hotels in the market, the
low initial investment costs and operational risks, and an expected
increase in demand from Asian countries, especially mainland
China.
Figure 6: Seoul: Number of Hotel Establishments
Existing Hotel Supply
According to the latest information provided by the KMCST, as at
end-2011, there were 148 hotels with 25,160 hotel rooms in Seoul,
with the average property offering 170 rooms.
Korea uses a unique system that classifies hotels in Seoul into
seven types, namely super deluxe, deluxe, first class, second class,
third class, non-rated and family hotels.
The super deluxe and deluxe hotel categories can be described as
full-service hotels that offer such facilities as banqueting, a variety
of restaurants and leisure facilities. Internationally renowned 5-6star hotels, such as The Westin Chosun Seoul, The Shilla Seoul
and Park Hyatt Seoul, are categorised in these sectors.
Note: June 2006 figures are used for 2005 and March 2007 figures are used for
2006. Statistics from 2007 are as of December of each year.
Figure 7: Seoul: Number of Hotel Rooms
First-, second- and third-class hotels can be described as limitedservice properties with a high proportion of room business and
limited F&B options. Internationally renowned 2-4-star hotels, such
as the Ibis Seoul Myeongdong and the Bestwestern New Seoul
Hotel, are included in these sectors.
Non-rated hotels include new hotels currently awaiting
classification, new hotels that have not yet applied for classification
and hotels that have not applied for the classification that is
required every three years.
Note: June 2006 figures are used for 2005 and March 2007 figures are used for
2006. Statistics from 2007 are as of December of each year.
Hotel Intelligence Report • Market Insight Seoul • October 2012 • 7
Future Hotel Supply
The profile of the Seoul hotel market continues to evolve and the
latest data point to a long-term trend towards an increase in hotel
supply that is expected to continue over the next several years.
According to data from the Seoul Metropolitan Government, as of
August 2012, 90 hotels, or 21,702 hotel rooms, will be added to the
city from 2012 on, taking the hotel room inventory in Seoul to more
than 40,000 rooms in 2016, which is an 86.3% increase over room
supply in 2011. These statistics are based on the development
registration applications accepted by the Seoul Metropolitan
Government and there is a chance that many of these plans will be
cancelled or delayed. Nevertheless, it is clear that Seoul's hotel
room inventory will rise significantly over the next a couple of years.
The increase in the number of hotels in the city can be attributed to
the lack of hotel rooms catering to the increase in demand for room
nights in Seoul backed by the rapid growth in international visitor
arrivals. In addtion, both the Seoul and the Korean governments
have initiated incentive policies, such as the FAR incentive, that
are major reasons for the hotel development boom in Seoul as they
are attracting real estate investors and developers seeking to shift
their investments to other asset classes.
With the five-year CAGR (2006-11) for hotel room supply in Seoul
at 3.8% and the five-year CAGR for international visitors to Seoul
at 10.6%, it is clear that growth in hotel supply has lagged behind
growth in tourism demand over the past few years. As the hotel
occupancy rate in Seoul in 2011 was 80.7% and since some
accommodation demand was absorbed by other facilities, such as
motels or non-tourist hotels and accommodation facilities outside of
Seoul, the city's hotel market is expected to enjoy strong
performance for the time being, despite the planned new supply.
Figure 8: Seoul: Additions to Hotel Supply from 2010
Figure 9: Seoul: Additions to Hotel Room Supply from 2010
Based on information that has been announced, the upcoming
supply of hotels is characterised by the following trends:
• The majority of the new hotels will be limited-service properties.
• Most of the hotels will be independently managed or operated
under local Korean hotel brands, such as Lotte City and Shilla
Stay; a limited number of hotels will be operated under
international brands, including Conrad and JW Marriott.
• Many hotels in the major business districts are expected to be
developed through conversion from commercial buildings and/or
officetels to save on high initial construction costs.
• Several full-service hotels will be added to redevelopment
projects using the FAR incentive for hotel developments, such as
the Conrad Seoul in the Seoul International Finance Center.
Both demand for and supply of accommodation in Seoul are
expected to continue to increase in coming years. According to the
KTO, about 8.4 million foreign tourists had visited Korea as at y-t-d
September 2012 and international visitor arrivals are expected to
reach 10 million in 2012 as a whole. The KTO forecasts that this
trend will continue until 2015, with an increase of one million
visitors each year. The Korean government also announced that it
will continue campaigns and/or promotional activities in order to
achieve 20 million visitors by 2020, the KMCST’s target for annual
inbound tourist numbers to the country.
It is to be noted that Korean won appreciation in the future may
cause a decrease of inbound visitation to Seoul, which makes a
negative impact on the Seoul accommodation market if the
planned hotels are continuously supplied to the market
Hotel Intelligence Report • Market Insight Seoul • October 2012 • 8
Hotel Market Performance
The latest KHA statistics show the following trends in the
performance of the Seoul hotel market:
• Since 2006, the occupancy rate has increased consistently,
reaching 80.7% in 2011, due mainly to the rise in leisure demand
from Asian countries and the growth in the number of
international MICE events held in the city.
• ADR growth since 2007 can be attributed to the favourable
exchange rate between the KRW and other currencies, and the
limited room inventory in Seoul.
• Consequently, RevPAR has also grown since 2006.
Occupancy in the Seoul hotel market typically peaks during
October and November, as shown in the graph below. January,
February and December are shoulder months.
Figure 10: Seoul Hotel Market Performance
Figure 11: Seasonality of Seoul Hotels' Monthly Occupancy Rate
Hotel Intelligence Report • Market Insight Seoul • October 2012 • 9
Hotel Investment Market
Major Hotel Investors
With only a couple owned by foreign investors, most hotels in
Seoul are owned by domestic investors and independently
operated under local brands.
Domestic hotel companies that are subsidiaries of major Korean
corporations use their hotel businesses to strengthen their primary
firm’s corporate brand image. They also use the hotel facilities for
the primary firm’s accommodation and/or MICE event needs, and
synergise the hotel business with their other businesses, such as
wineries/importers, restaurants, duty free shops, etc.
Of the domestic hotel companies with their own brands, Shilla and
Lotte are outstanding in their portfolio expansion with the new
limited-service hotel brands Shilla Stay and Lotte City. It has been
announced that Shilla will add 30 hotels in Korea by 2020 and Lotte
will operate 40 more hotels by 2018 within and outside of Korea.
These two companies, which own their existing hotels, have
expanded their hotel portfolio aggressively with third-party real
estate owners.
Hotels are becoming one of the most attractive sectors for real
estate investors and developers in Seoul due to the decreasing
investment return in other real estate sectors, the rising demand for
accommodation in the city, the relaxation of government
restrictions covering hotel development or/and conversion, and the
possibility of the pro-rata sale of hotel rooms.
The following are the emerging hotel investor categories that are
supporting the hotel development boom in Seoul:
• Real Estate Funds, or REITs, seeking to diversify their real
estate portfolios.
• Real estate developers seeking to add hotels to their mixed-use
complexes using the current FAR incentive offered by the
Korean government.
• Companies that would like to capitalise on their main businesses
and earn income from the hotel business, such as travel
agencies.
• Real estate owners wanting to increase their returns on
investment by converting existing buildings into hotels or by
developing hotels using a higher FAR than other types of
buildings.
ML (Master Lease) structure and rent structure, and FF&E
(Furniture, Fixtures, & Equipment) investments will be key
negotiation items between lessee and a lessor. Real estate owners
that are familiar with office buildings and would like to minimize
operational risks prefer fixed rents only, while hotel operators prefer
variable rents based on the monthly net cash flow according to
seasonality.
Recent Transactions in the Hotel Market
Due to increasing land prices in the city and high initial costs, the
hotel business has not been considered profitable enough to pay
rents or cover initial investment costs. Also, because most hotels in
Seoul have historically been a unit of a family business and/or a
mark of prestige for major Korean conglomerates, they have not
been considered an investment option that is expected to offer
capital gains through transactions until recently. Indeed, most hotel
transactions that have been reported were through auctions
resulting from the bankruptcies of previous owners. Since 2006,
seven transactions of hotels and a serviced apartment have been
reported. For the past five years, ownership of the Banyan Tree
Club & Spa Seoul (formerly the Tower Hotel) and the Ramada
Hotel Dongdaemun (formerly the Gukdong Star Tower) have each
changed hands twice.
The Seoul hotel investment market since 2006 can be summarised
as follows:
• All hotels are located in or near the city's major business districts.
• Major buyers are Korean investors.
• Many buyers are long-term investors that are seeking to expand
their businesses into the hotel industry or to expand their hotel
portfolios.
• The Nomura RIFA increased hotel's asset value by
approximately KRW 14 billion by converting existing officetel
building into a limited-service hotel during their four-year holding
period.
Other than the hotel transactions noted in the table below, it has
been announced that a couple of office or officetel buildings were
bought by investors seeking to convert the properties into hotels.
Most of these properties are located in the Seoul CBD and will
become limited-service hotels. The latest transaction was in August
2012 when the owner of The Acasia Hotel bought the Rinnai office
building in Donggyeodong (Seoul CBD) for KRW 50.5 billion in
order to convert it into a limited-service hotel.
Hotel Intelligence Report • Market Insight Seoul • October 2012 • 10
Major Lodging Transactions since 2006 (publicly announced transactions only)
Purchase
Price
(KRW million)
Price Per
Room
(KRW million)
Korean Furniture
Retail Company
20,000
333
Korean Hotel Operator
Korean Developer
120,000
550
284
Korean Developer
Korean Hotel Operator
102,300
360
2009
133
N/A
Korean Hotel Operator
N/A
N/A
Yongdeungpo-gu
(YBD)
2010
103
Japanese
Real Estate Company
Korean
Capital Lease Company
55,600
N/A
Purchase price is for 51% share of the
company which owns and operates the
property.
Ramada Hotel
Dongdaemun
(after conversion)
Jung-gu
(Seoul CBD)
2012
154
Japanese
Real Estate Fund
Korean
Real Estate Company
36,700
238
Nomura RIFA bought the property in
2008 at KRW 22.9 billion and
converted this officetel building to a
hotel in 2011
Banyan Tree Club & Spa
Seoul
(formerly Tower Hotel)
Jung-gu
(Seoul CBD)
2012
49
Korean Developer
Korean Conglomerate
163,500
3,337
Property Name
District
Year
No. of
Rooms
Hotel La Casa
(formerly New Samwha Hotel)
Gangnam-gu
(GBD)
2006
Tower Hotel
Jung-gu
(Seoul CBD)
Lotte City Hotel Mapo
Seller's Name
Buyer's Name
60
N/A
2007
218
Mapo-gu
2009
IP Boutique Hotel
(formerly Itaewon Hotel)
Jung-gu
(Seoul CBD)
Marriott Executive
Apartment Seoul
Room numbers are as of December 2011, except for the Hotel La Casa and the Tower Hotel whose room numbers as of 2006 are used.
Source: Jones Lang LaSalle Hotels based on publicly available information
Remarks
Disclaimer
This report is confidential to the recipient of the report. No reference to the report or any part of it may be published in any document,
statement or circular or in any communication with third parties without the prior written consent of Jones Lang LaSalle Hotels, including
specifically in relation to the form and context in which it will appear.
We stress that forecasting is a problematical exercise which at best should be regarded as an indicative assessment of possibilities rather
than absolute certainties. The process of making forward projections involves assumptions in respect of a considerable number of variables
which are acutely sensitive to changing conditions, variations in any one of which may significantly affect the outcome and we draw your
attention to this factor. Jones Lang LaSalle Hotels makes no representation, warranty, assurance or guarantee with respect to any material
with which this report may be issued and this report should not be taken as an endorsement of or recommendation on any participation by
any intending investor or any other party in any transaction whatsoever.
This report has been produced solely as a general guide and does not constitute advice. Users should not rely on this report and must make
their own enquiries to verify and satisfy themselves of all aspects of information set out in the report. We have used and relied upon
information from sources generally regarded as authoritative and reputable, but the information obtained from these sources may not have
been independently verified by Jones Lang LaSalle Hotels.
Whilst the material contained in the report has been prepared in good faith and with due care, no representation or warranty is made in
relation to the accuracy, currency, completeness, suitability or otherwise of the whole or any part of the report. Jones Lang LaSalle Hotels, its
officers, employees, subcontractors and agents shall not be liable (to the extent permitted by law) to any person for any loss, liability,
damage or expense (“liability”) arising directly or indirectly from or connected in any way with any use of or reliance on this report. If any
liability is established, notwithstanding this exclusion, it shall not exceed $1,000.
Jones Lang LaSalle Hotels’ Dedicated Offices
Atlanta
3344 Peachtree Road, Suite 1200
Atlanta, GA 30326
United States
tel: +1 404 995 2100
fax: +1 404 995 2109
Dallas
8343 Douglas Avenue,
Suite 100, Dallas TX 75225
United States
tel: +1 214 438 6100
fax: +1 214 438 6101
Leeds
St Paul’s House,Park Square
Leeds LS1 2ND
United Kingdom
Tel: +44 113 244 6440
Fax: +44 113 245 4664
Auckland
PricewaterhouseCoopers Tower
Level 16, 188 Quay Street,
Auckland
New Zealand
tel: +64 9 366 1666
fax: +64 9 358 5088
Denver
1225 Seventeenth Street, Suite 1900
Denver, CO 80202
United States
tel: +1 303 260 6500
fax: +1 303 260 6501
London
22 Hanover Square
London W1A 2BN
United Kingdom
tel: +44 20 7493 6040
fax: +44 20 7399 5694
Dubai
Burj Dubai Business Square Hub
Building 1 Office 403, Sheikh Zayed
Road
PO Box 214029
Dubai, UAE
tel +971 4 426 6999
fax +971 4 365 3260
Los Angeles
515 South Flower Street, Suite 1300
Los Angeles, CA 90071
United States
tel: +1 213 239 6000
fax: +1 213 239 6100
Bangkok
19/F Sathorn City Tower
175 South Sathorn Road
Tungmahamek, Sathorn
Bangkok 10120
Thailand
tel: +66 2 624 6400
fax: +66 2 679 6519
Barcelona
Passeig de Gracia 11
4a Planta, Esc. A, 08007 Barcelona
Spain
tel: +34 93 318 5353
fax: +34 93 301 2999
Beijing
China World Trade Centre
4/F West Wing Office
1 Jianguomenwai Avenue
Beijing 100004
China (PRC)
tel: +86 10 5922 1300
fax: +86 10 6505 0298
Birmingham
No.1 Colmore Square
Birmingham B4 6AJ
United Kingdom
Tel: +44 121 643 6440
Fax: +44 121 634 6510
Brisbane
Level 33, Central Plaza One
345 Queen Street
Brisbane QLD 4000
Australia
tel: +61 7 3231 1400
fax: +61 7 3231 1411
Buenos Aires
Av Cordoba 673 7th Floor
C1054AAS Buenos Aires
Argentina
tel: +54 11 4893 2600
fax: +54 11 4893 2080
Chicago
200 E Randolph Drive
Chicago IL 60601
United States
tel: +1 312 782 5800
fax: +1 312 782 4339
Düsseldorf
Kaistrasse 5, 40221 Düsseldorf
Germany
tel: +49 211 13006 0
fax: +49 211 13399 0
Exeter
Keble House , Southernhay East
Exeter EX1 1NT
tel: +44 1392 423696
fax: +44 1392 423698
Frankfurt
Wilhelm-Leuschner-Strasse 78
60329 Frankfurt
Germany
tel: +49 69 2003 0
fax: +49 69 2003 1040
Glasgow
150 St Vincent Street , Glasgow G2
5ND
United Kingdom
tel: +44 141 248 6040
fax: +44 141 221 9032
Istanbul
<HúLPVRN1R$NDWODU- Levent
Istanbul 34335
Turkey
tel: +90 212 350 0800
fax: +90 212 350 0806
Jakarta
Jakarta Stock Exchange
Building Tower 1, 28th Floor,
Sudirman Central, Business District
Jl. Jend Sudirman Kav 52-53
Jakarta 12190, Indonesia
tel: +62 21 515 5665
fax: +62 21 515 5666
Lyon
55, avenue Foch
69006 Lyon
Tel: +33 4 78 89 26 26
Fax: +33 4 78 89 04 76
Madrid
Paseo de la Castellana, 51
Planta 5, 28046 Madrid
Spain
tel: +34 91 789 1100
fax: +34 91 789 1200
Manchester
Chancery Place, 50 Brown Street
Manchester M2 2JT
tel: +44 161 828 6440
fax: +44 161 828 6490
Melbourne
Level 21, Bourke Place
600 Bourke Street, Melbourne VIC 3000
Australia
tel: +61 3 9672 6666
fax: +61 3 9600 1715
Mexico City
Monte Pelvoux 111, Piso 5
Lomas de Chapultepec
México, DF 11000
tel: +52 55 5980 8091
fax: +52 55 5202 4377
Miami
2333 Ponce de Leon Blvd, Suite 1000
Coral Gables, Florida 33134
United States
tel: +1 305 529 6345
fax: +1 305 529 6398
Milan
Via Agnello 8
20121 Milan
Italy
tel: +39 02 8586 8672
fax +39 02 8586 8670
Moscow
Kosmodamianskaya Nab. 52/3
Moscow 115054
Russia
tel: +7 495 737 8000
fax: +7 495 737 8011
Munich
HighLight Munich Business
Towers
Mies-van-der-Rohe-Strasse 6
80807 Munich
Germany
tel: +49 89 2900 8882
fax: +49 89 2900 8888
New Delhi
Level 9 Tower A, Global Business
Park,
Mehrauli Gurgaon Road, Sector
26,
Gurgaon 122002
Haryana, India
tel: +91 124 4605000
fax: +91 124 4605001
New York
601 Lexington Avenue, 33rd Floor
New York NY 10022
United States
tel: +1 212 812 5700
fax: + 1 212 421 5640
Paris
40-42, rue La Boétie
75008 Paris
France
tel: +33 1 4055 1718
fax: +33 1 4055 1868
Shanghai
25/F Tower 2 Plaza 66
1366 Nanjing Road (West)
Jing An District
Shanghai 200040
China (PRC)
tel: +86 21 6393 3333
fax: +86 21 6288 2246
Singapore
9 Raffles Place, #38-01 Repulic
Plaza
Singapore 048619
tel: +65 6536 0606
fax: +65 6533 2107
Sydney
Level 18, 400 George Street
Sydney NSW 2000
Australia
tel: +61 2 9220 8777
fax: +61 2 9220 8765
Tokyo
3rd Floor, Prudential Tower
2-13-10 Nagatacho, Chiyoda-ku
Tokyo 100-0014
Japan
tel: +81 3 5501 9240
fax: +81 3 5501 9211
Washington D.C.
1801 K Street NW , Suite 1000
Washington, DC 20006
United States
tel: +1 202 719 5000
fax: +1 202 719 5001
Perth
Level 29, Central Park
152 - 158 St Georges Terrace
Perth Western Australia 6000
tel: +61 8 9322 5111
fax: +61 8 9481 0107
Rome
Via Bissolati 20
00187 Rome
Italy
tel: +39 06 4200 6710
fax: +39 06 4200 6720
São Paulo
Rua Joaquim Floriano,
72 – cj. 97 04534-000
São Paulo, SP
tel: +55 11 3043 6900
fax: +55 11 3043 6999
San Francisco
One Front Street, Suite 300
San Francisco, CA 94111
United States
tel: +1 415 395 4900
fax: +1 415 955 1150
www.joneslanglasallehotels.com
COPYRIGHT © JONES LANG LASALLE IP, INC. 2012.
All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that
we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors
in order to correct them.