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Branded Serviced Apartments and Residences Worldwide - International - June 2010

This report covers two distinctly different types of lodging products – branded serviced apartments and branded residences. Serviced apartments or ‘aparthotels’ (generally known as extended-stay accommodation in North America) are self-contained living units that typically rent out by the week or month as opposed to one or several nights like standard hotel rooms. Corporate housing, which is an important market in North America, is typically leased out on a monthly basis and competes to some extent with extended-stay hotels.

Meanwhile, branded residences are freehold properties – either apartments, houses or villas – either attached or freestanding. The market for branded residences has shrunk somewhat with the financial crisis and recession, which have both sapped the buying power of the high net worth individual (HNWI) customer base and eliminated much of the liberal financing that was available before the sub-prime crisis hit in the summer of 2007. (It should be noted that various forms of fractional ownership – private residence clubs or destination clubs – are not covered in this report, as they were already the subject of a recent special report, Timeshare and Secondary Residences, March 2009.)

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Table of contents

  1. Introduction

      • Key findings
        • Branded serviced apartments
          • Branded residences
          • Data Sources

              • Macroeconomic/general
                • Serviced apartments
                  • Branded residences
                    • Abbreviations
                      • Definitions
                      • Overview

                          • Ageing of the population
                            • Demographic implications
                              • Figure 1: Percentage distribution of the population in selected age groups, by selected region and country, 2009 and 2050
                            • Economic growth forecast for major countries/regions
                              • Asia and Africa leading the way
                                • Figure 2: Overview of the world economic outlook projections (% change, unless otherwise noted), January 2010
                              • Financial markets have rebounded
                                • Inflation and interest rate outlook
                                  • Figure 3: Inflation outlook, by monetary zone, April 2008-11
                                  • Figure 4: Interest rate forecasts, by currency zone, April 2010
                                • Exchange rate outlook
                                  • Short-run forecasts
                                    • Figure 5: Exchange rate forecast, US Dollar against major currencies, April 2010
                                    • Figure 6: Exchange rate forecast, Euro against major currencies, April 2010
                                    • Figure 7: Exchange rate forecast, UK Pound against major currencies, April 2010
                                    • Figure 8: Exchange rate forecast, US Dollar against Eastern European and Latin American currencies, April 2010
                                    • Figure 9: Exchange rate forecast, Euro against Eastern European and Latin American currencies, April 2010
                                  • The Renminbi is a contentious issue
                                    • Figure 10: Exchange rate forecast, US Dollar against Asian currencies, April 2010
                                    • Figure 11: Exchange rate forecast, Euro against Asian currencies, April 2010
                                  • Spending forecasts by major region/country
                                    • Figure 12: Travel and tourism expenditure worldwide, 2010-20
                                  • Crisis has decimated the rank of the wealthy
                                    • Figure 13: Number of HNWIs, by region, 2005-08
                                  • Latin America wealthy suffered least
                                    • Figure 14: HNWIs by country, 2007-08
                                  • US still the leader for HNWIs
                                    • A surge of HNWIs in the BRICs
                                      • Also some big losses
                                        • Over half of Asian HNWIs in Japan
                                          • Ultra-HNWIs hit even harder
                                            • Figure 15: Number of HNWIs and ultra-HNWIs, by region, 2008
                                          • A brightening outlook
                                            • Asia-Pacific to surpass North America
                                              • Europe and Middle East to lag
                                                • Figure 16: HNWI financial wealth trend and forecast, by region, 2006-13
                                              • Trend in residential property values
                                                • The winners
                                                  • … and the losers
                                                    • A nascent recovery in 2010?
                                                      • Figure 17: Knight Frank Global House Price Index, Q4/2009
                                                    • A turnaround in London underway
                                                      • A lack of supply
                                                        • Housing starts up
                                                          • Figure 18: Knight Frank Prime Central London Index results, Feb 2008-Feb 2010
                                                        • A good harbinger
                                                        • Branded Serviced Apartments

                                                            • Corporate housing competes with serviced apartments
                                                              • Difference with extended stay
                                                                • Competition from budget hotels
                                                                  • Different grades of product
                                                                    • Figure 19: Extended stay brands, by ADR range in the US, 2009
                                                                  • Upscale growing fastest in the US
                                                                    • Figure 20: Trend in the distribution of US extended-stay room supply in % of total room supply, 1998-2009
                                                                  • Essentially serving business travellers
                                                                    • Figure 21: Breakdown by travel purpose of serviced apartment guests by region, 2009
                                                                  • Leisure share increasing in the US
                                                                    • Figure 22: Trend in travel purpose of guests in US extended-stay hotels, 1998-2009
                                                                  • Extended-stay profitability by segment
                                                                    • Economy extended-stay hotel profitability
                                                                      • Figure 23: Statement of income and expense for a hypothetical economy extended-stay hotel*, 2008-09
                                                                    • Midscale extended-stay hotel profitability
                                                                      • Figure 24: Statement of income and expense for a hypothetical midscale extended-stay hotel*, 2008-09
                                                                    • Upscale extended-stay hotel profitability
                                                                      • Figure 25: Statement of income and expense for a hypothetical upscale extended-stay hotel*, 2009
                                                                    • Regional development and performance of serviced apartments
                                                                      • 11% capacity growth in 2009
                                                                        • Figure 26: Growth in number of serviced apartments*, by region, 2008 and 2009
                                                                      • Africa
                                                                        • Recent performance trend
                                                                          • Figure 27: Trend in rates for serviced apartments in Africa, 2009
                                                                          • Figure 28: Trend in rates* for serviced apartments in Cape Town and Nairobi, Q3/2009
                                                                        • The Americas
                                                                          • Figure 29: Trend in rates for serviced apartments in the Americas, 2009
                                                                          • Figure 30: Trend in rates* for serviced apartments in Buenos Aires, New York, Rio de Janeiro and Toronto, Q3/2009
                                                                        • US
                                                                          • Figure 31: Trend in US extended-stay RevPAR, by grade, 2002-09
                                                                        • Growing supply has impacted performance
                                                                          • Figure 32: Trend in US extended-stay occupancy, supply and demand, 2002-09
                                                                          • Figure 33: Trend in US extended-stay occupancy by grade, 2002-09
                                                                        • 37% of extended-stay guests are transients
                                                                          • Figure 34: Trend in breakdown between extended-stay and transient* guests at US extended-stay hotels, by grade, 1998-2009
                                                                          • Figure 35: Trend in length of stay at US extended-stay hotels, by grade (in days), 1998-2009
                                                                          • Figure 36: Trend in US extended-stay ADR, by grade, 2002-09
                                                                          • Figure 37: Trend in US extended-stay revenues, by segment, 2002-09
                                                                        • Canada
                                                                          • Corporate housing in North America
                                                                            • Weakness in the upscale segment
                                                                              • Figure 38: Trend in US corporate housing stock and performance data, 2005-10
                                                                            • Canada
                                                                              • Asia
                                                                                • Figure 39: Trend in rates for serviced apartments in East Asia and Indian subcontinent, 2009
                                                                                • Figure 40: Trend in rates for serviced apartments in selected major Asian cities, Q3/2009
                                                                              • China
                                                                                • Hong Kong
                                                                                  • India
                                                                                    • Singapore
                                                                                      • Thailand
                                                                                        • Vietnam
                                                                                          • Australia and New Zealand
                                                                                            • Figure 41: Trend in rates for serviced apartments in Australia and New Zealand*, 2009
                                                                                            • Figure 42: Trend in rates for serviced apartments in Sydney and Auckland, Q3/2009
                                                                                          • Trend towards sharing apartments
                                                                                            • Pressure from lower hotel rates
                                                                                              • Price differentials lessening
                                                                                                • New properties
                                                                                                  • Europe
                                                                                                    • Figure 43: Trend in rates for serviced apartments in Europe, 2009
                                                                                                  • Madrid the cheapest – Paris the most expensive
                                                                                                    • Figure 44: Trend in rates for serviced apartments in selected major European cities, Q3/2009
                                                                                                  • Germany
                                                                                                    • Berlin has become the leading market
                                                                                                      • Germans are price conscious
                                                                                                        • 18,000 apartments in Germany
                                                                                                          • New properties
                                                                                                            • UK
                                                                                                              • Occupancies steady
                                                                                                                • New properties
                                                                                                                  • Middle East
                                                                                                                    • Figure 45: Trend in rates for serviced apartments in the Middle East, 2009
                                                                                                                  • Dubai
                                                                                                                    • Residential capacity being converted to serviced apartments
                                                                                                                      • Figure 46: Trend in rates for serviced apartments in Dubai, Q3/2009
                                                                                                                    • Capacity still growing
                                                                                                                      • Figure 47: Dubai’s aparthotel sector capacity, 2009
                                                                                                                    • Bavaria Executive Suites Dubai
                                                                                                                      • Distribution
                                                                                                                        • Figure 48: Percentage of serviced apartments on GDS, by region, 2009
                                                                                                                      • Growth of sector stunted by lack of GDS listing
                                                                                                                        • A different rate structure from hotels
                                                                                                                          • Corporate housing unlikely to embrace the GDS channel
                                                                                                                            • Franchise fees
                                                                                                                              • About 9.5% of room’s revenue
                                                                                                                                • Figure 49: Franchise fees for US extended-stay brands, 2010
                                                                                                                              • Franchising – a popular business model
                                                                                                                              • Profiles of the Major Operators

                                                                                                                                  • Figure 50: Suppliers of serviced apartments, 2009
                                                                                                                                • Marriott International
                                                                                                                                  • Figure 51: Marriott International’s serviced apartment portfolio, by brand, year-end 2009
                                                                                                                                • Marriott ExecuStay
                                                                                                                                  • Marriott Executive Apartments
                                                                                                                                    • Residence Inn
                                                                                                                                      • Figure 52: Marriott’s Residence Inn portfolio, by location and business model, 2009
                                                                                                                                    • Costa Rica
                                                                                                                                      • Ecuador
                                                                                                                                        • The European prototype
                                                                                                                                          • TownePlace Suites
                                                                                                                                            • Extended Stay Hotels
                                                                                                                                              • Extended Stay in Chapter 11
                                                                                                                                                • The chain has continued to operate
                                                                                                                                                  • Senior debt holders offered a new package
                                                                                                                                                    • A well-segmented extended-stay offer
                                                                                                                                                      • Strategic approach
                                                                                                                                                        • Extended Stay brands
                                                                                                                                                          • Crossland Economy Studios
                                                                                                                                                            • Extended Stay America
                                                                                                                                                              • Extended Stay America Efficiency Studios
                                                                                                                                                                • Extended Stay Deluxe
                                                                                                                                                                  • Homestead Studio Suites
                                                                                                                                                                    • StudioPLUS Deluxe Studios
                                                                                                                                                                      • Figure 53: Extended Stay hotels’ serviced apartment portfolio, by brand, 2009
                                                                                                                                                                    • Pierre & Vacances
                                                                                                                                                                      • Accommodation supply
                                                                                                                                                                        • Figure 54: P&V Group accommodation units by brand, September 2009
                                                                                                                                                                        • Figure 55: Geographical breakdown (number of apartments/homes), September 2009
                                                                                                                                                                        • Figure 56: Number of P&V-branded apartments, by type of location, September 2009
                                                                                                                                                                        • Figure 57: Structure of P&V’s tourism residence portfolio (number of apartments/homes), September 2009
                                                                                                                                                                      • Source markets
                                                                                                                                                                        • Figure 58: Breakdown of group accommodation turnover, by client origin, fiscal year 2007/08 & 2008/09
                                                                                                                                                                      • Revenues down slightly
                                                                                                                                                                        • Expansion projects
                                                                                                                                                                          • Extension of Avoriaz
                                                                                                                                                                            • Expansion in Morocco
                                                                                                                                                                              • InterContinental Hotels Group
                                                                                                                                                                                • Figure 59: IHG’s serviced apartment portfolio, by brand, 2009
                                                                                                                                                                              • Candlewood Suites
                                                                                                                                                                                • Amenities
                                                                                                                                                                                  • A fast grower
                                                                                                                                                                                    • A majority are franchised
                                                                                                                                                                                      • A new design
                                                                                                                                                                                        • Staybridge Suites
                                                                                                                                                                                          • A first property in the Arab gulf region
                                                                                                                                                                                            • Development
                                                                                                                                                                                              • Figure 60: Staybridge Suites capacity, by region and business model, 2010
                                                                                                                                                                                            • Pipeline
                                                                                                                                                                                              • Oakwood
                                                                                                                                                                                                • Products and services
                                                                                                                                                                                                  • Apartment amenities
                                                                                                                                                                                                    • Hilton
                                                                                                                                                                                                      • Homewood Suites
                                                                                                                                                                                                        • Six Homewood suites properties sold
                                                                                                                                                                                                          • Figure 61: Chatham Lodging Trust’s Homewood Suites portfolio, 2010
                                                                                                                                                                                                        • Home2 Suites by Hilton
                                                                                                                                                                                                          • Low construction and operating costs
                                                                                                                                                                                                            • Guestrooms
                                                                                                                                                                                                              • Special features and amenities
                                                                                                                                                                                                                • 100 properties by 2013?
                                                                                                                                                                                                                  • Six new locations approved in Q1/2010
                                                                                                                                                                                                                    • Home2 Suites to compete with Candlewood and TownePlace Suites
                                                                                                                                                                                                                      • Accor
                                                                                                                                                                                                                        • Adagio
                                                                                                                                                                                                                          • À-la-carte services
                                                                                                                                                                                                                            • Rate structure
                                                                                                                                                                                                                              • Adagio set to quadruple its room count?
                                                                                                                                                                                                                                • Figure 62: Accor’s serviced apartment portfolio, by brand, 2009
                                                                                                                                                                                                                              • Mercure
                                                                                                                                                                                                                                • Suitehotel
                                                                                                                                                                                                                                  • Studio 6
                                                                                                                                                                                                                                    • Figure 63: Franchise fee structure, 2010
                                                                                                                                                                                                                                  • Ascott International
                                                                                                                                                                                                                                    • Figure 64: Ascott International’s serviced apartment portfolio, by brand, 2009
                                                                                                                                                                                                                                  • Portfolio development by region/country
                                                                                                                                                                                                                                    • China
                                                                                                                                                                                                                                      • Somerset opens in Chengdu
                                                                                                                                                                                                                                        • Figure 65: Ascott’s Asia-Pacific serviced residence portfolio in China, 2009
                                                                                                                                                                                                                                      • India
                                                                                                                                                                                                                                        • Ascott in Ahmedabad
                                                                                                                                                                                                                                          • Figure 66: Ascott’s Asia-Pacific serviced residence portfolio in India, 2009
                                                                                                                                                                                                                                        • Japan
                                                                                                                                                                                                                                          • A second Citadines in Japan
                                                                                                                                                                                                                                            • Figure 67: Ascott’s Asia-Pacific serviced residence portfolio in Japan, 2009
                                                                                                                                                                                                                                          • South East Asia & Oceania
                                                                                                                                                                                                                                            • Figure 68: Ascott’s serviced residence portfolio in South East Asia and Oceania, by country, 2009
                                                                                                                                                                                                                                          • Europe
                                                                                                                                                                                                                                            • Figure 69: Ascott’s European serviced residence portfolio, by country, 2009
                                                                                                                                                                                                                                          • Stella Hospitality
                                                                                                                                                                                                                                            • Stella brands
                                                                                                                                                                                                                                              • Peppers
                                                                                                                                                                                                                                                • Breakfree and Mantra
                                                                                                                                                                                                                                                  • Conference facilities
                                                                                                                                                                                                                                                    • Distribution and marketing
                                                                                                                                                                                                                                                      • Revenue management
                                                                                                                                                                                                                                                        • Human resources
                                                                                                                                                                                                                                                          • Asset elevation
                                                                                                                                                                                                                                                            • Value Place
                                                                                                                                                                                                                                                              • A no-frills hotel chain
                                                                                                                                                                                                                                                                • Guest profile
                                                                                                                                                                                                                                                                  • Brand attributes
                                                                                                                                                                                                                                                                    • Low construction cost
                                                                                                                                                                                                                                                                      • Pricing policy
                                                                                                                                                                                                                                                                        • Performance
                                                                                                                                                                                                                                                                          • High profit margins
                                                                                                                                                                                                                                                                            • Outlook
                                                                                                                                                                                                                                                                              • Choice Hotels International
                                                                                                                                                                                                                                                                                • MainStay Suites
                                                                                                                                                                                                                                                                                  • Figure 70: Mainstay Suites key figures, 2005-09
                                                                                                                                                                                                                                                                                • Suburban Extended Stay Hotel
                                                                                                                                                                                                                                                                                  • Figure 71: Suburban Extended Stay Hotel key figures, 2005-09
                                                                                                                                                                                                                                                                                • Wyndham Worldwide
                                                                                                                                                                                                                                                                                  • Hawthorn Suites repositioned
                                                                                                                                                                                                                                                                                    • Portfolio
                                                                                                                                                                                                                                                                                      • Figure 72: Number of Hawthorne properties per US state, 2010
                                                                                                                                                                                                                                                                                    • International expansion
                                                                                                                                                                                                                                                                                      • Hawthorn Suites opens in Nigeria
                                                                                                                                                                                                                                                                                        • Quest Serviced Apartments
                                                                                                                                                                                                                                                                                          • Quest’s franchise model
                                                                                                                                                                                                                                                                                            • Site selection, training and promotion
                                                                                                                                                                                                                                                                                              • Return on investment
                                                                                                                                                                                                                                                                                                • Properties
                                                                                                                                                                                                                                                                                                  • Pipeline
                                                                                                                                                                                                                                                                                                    • Frequent-guest programme
                                                                                                                                                                                                                                                                                                      • ResidHotel
                                                                                                                                                                                                                                                                                                        • Families with young children targeted
                                                                                                                                                                                                                                                                                                          • Distribution
                                                                                                                                                                                                                                                                                                            • Figure 73: Breakdown of ResidHotel’s revenue, by distribution channel in 2008
                                                                                                                                                                                                                                                                                                          • Properties by type of location
                                                                                                                                                                                                                                                                                                            • Mountain residences
                                                                                                                                                                                                                                                                                                              • Seaside residences
                                                                                                                                                                                                                                                                                                                • Countryside residences
                                                                                                                                                                                                                                                                                                                  • City aparthotels
                                                                                                                                                                                                                                                                                                                    • Residhotel Adama
                                                                                                                                                                                                                                                                                                                      • Figure 74: Residence Adama rates, price per apartment per week, winter 2010
                                                                                                                                                                                                                                                                                                                      • Figure 75: Residence Adama rates, price per apartment per night, winter 2010
                                                                                                                                                                                                                                                                                                                    • Food and beverage services
                                                                                                                                                                                                                                                                                                                      • Kids club
                                                                                                                                                                                                                                                                                                                        • Leisure amenities
                                                                                                                                                                                                                                                                                                                          • Frasers Hospitality
                                                                                                                                                                                                                                                                                                                              • Figure 76: Frasers’ portfolio, by brand and location, 2010
                                                                                                                                                                                                                                                                                                                            • Development and future expansion
                                                                                                                                                                                                                                                                                                                              • Client profile
                                                                                                                                                                                                                                                                                                                                • Hyatt Summerfield Suites
                                                                                                                                                                                                                                                                                                                                • Branded Residences

                                                                                                                                                                                                                                                                                                                                    • Sector has suffered from the crisis
                                                                                                                                                                                                                                                                                                                                      • Regional development
                                                                                                                                                                                                                                                                                                                                        • Purchaser financing – a taboo subject
                                                                                                                                                                                                                                                                                                                                        • Profiles of Selected Major Developers

                                                                                                                                                                                                                                                                                                                                            • Amari Hotels & Resorts
                                                                                                                                                                                                                                                                                                                                              • Property details
                                                                                                                                                                                                                                                                                                                                                • Figure 77: Planned Amari Hua Hin facilities and services, 2010
                                                                                                                                                                                                                                                                                                                                              • Banyan Tree
                                                                                                                                                                                                                                                                                                                                                • Resorts with residences for sale
                                                                                                                                                                                                                                                                                                                                                  • Figure 78: Existing Banyan Tree’s resorts with residences for sale, 2009
                                                                                                                                                                                                                                                                                                                                                • Architecture and design philosophy
                                                                                                                                                                                                                                                                                                                                                  • Investment details and membership benefits
                                                                                                                                                                                                                                                                                                                                                    • Exchange programme
                                                                                                                                                                                                                                                                                                                                                      • Laguna Phuket
                                                                                                                                                                                                                                                                                                                                                        • Grand Residences
                                                                                                                                                                                                                                                                                                                                                          • DoublePool Villas
                                                                                                                                                                                                                                                                                                                                                            • Pool Villas
                                                                                                                                                                                                                                                                                                                                                              • Figure 79: Banyan Tree Phuket term sheet – two-bedroom pool villas, 7 May 2010
                                                                                                                                                                                                                                                                                                                                                            • Legal ownership structure and benefits
                                                                                                                                                                                                                                                                                                                                                              • Investment options
                                                                                                                                                                                                                                                                                                                                                                • Payment Terms
                                                                                                                                                                                                                                                                                                                                                                  • Figure 80: Option 2 – financing option details, 2010
                                                                                                                                                                                                                                                                                                                                                                • Banyan Tree Ungasan
                                                                                                                                                                                                                                                                                                                                                                  • Property details
                                                                                                                                                                                                                                                                                                                                                                    • Banyan Tree Lijiang
                                                                                                                                                                                                                                                                                                                                                                      • Resort facilities and amenities
                                                                                                                                                                                                                                                                                                                                                                        • Chun Feng Tea House Main Lobby
                                                                                                                                                                                                                                                                                                                                                                          • Residence amenities
                                                                                                                                                                                                                                                                                                                                                                            • Banyan Tree Hotels Residences Mayakoba
                                                                                                                                                                                                                                                                                                                                                                              • Terrace residences
                                                                                                                                                                                                                                                                                                                                                                                • Spa Pool Villas
                                                                                                                                                                                                                                                                                                                                                                                  • Pipeline
                                                                                                                                                                                                                                                                                                                                                                                    • Upcoming destinations
                                                                                                                                                                                                                                                                                                                                                                                      • Construction at Al Gurm Resort held up
                                                                                                                                                                                                                                                                                                                                                                                        • Outcome remains uncertain
                                                                                                                                                                                                                                                                                                                                                                                          • Fairmont
                                                                                                                                                                                                                                                                                                                                                                                            • Fairmont Residences, Pacific Rim, Vancouver, Canada
                                                                                                                                                                                                                                                                                                                                                                                              • Fairmont Residences, the Palm Jumeirah, Dubai, UAE
                                                                                                                                                                                                                                                                                                                                                                                                • Fairmont Residences, Shock Hill, Colorado
                                                                                                                                                                                                                                                                                                                                                                                                  • Fairmont Residences, On the River, Colorado
                                                                                                                                                                                                                                                                                                                                                                                                    • Fairmont Residences Zamalek Island, Cairo
                                                                                                                                                                                                                                                                                                                                                                                                      • Emaar residences at the Fairmont Makkah (Mecca)
                                                                                                                                                                                                                                                                                                                                                                                                        • Targeting pilgrims
                                                                                                                                                                                                                                                                                                                                                                                                          • Fairmont Residences and Fairmont Estates Mina al Fajer, Fujairah, UAE
                                                                                                                                                                                                                                                                                                                                                                                                            • Four Seasons
                                                                                                                                                                                                                                                                                                                                                                                                              • One of the first in private residences
                                                                                                                                                                                                                                                                                                                                                                                                                • Development and sales are outsourced
                                                                                                                                                                                                                                                                                                                                                                                                                  • Austin, Texas
                                                                                                                                                                                                                                                                                                                                                                                                                    • Baltimore, Maryland
                                                                                                                                                                                                                                                                                                                                                                                                                      • Beijing
                                                                                                                                                                                                                                                                                                                                                                                                                        • Bora Bora
                                                                                                                                                                                                                                                                                                                                                                                                                          • Denver
                                                                                                                                                                                                                                                                                                                                                                                                                            • Mauritius
                                                                                                                                                                                                                                                                                                                                                                                                                              • Miami
                                                                                                                                                                                                                                                                                                                                                                                                                                • Nevis
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Stewart’s Estates
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Clarke’s Estates
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Villas at Pinney’s Beach
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Punta Mita, Mexico
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 81: Estimated cost of a three-week stay in a Four Seasons villa at Punta Mita, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Seattle
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Seychelles
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Toronto
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Vail
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hilton
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Conrad Koh Samui Residences
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 82: Details of Conrad Koh Samui Residences, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Waldorf Astoria Jerusalem
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Waldorf=Astoria Hotel & Residences Montreal
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kempinski Residences
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Kempinski Hotel Adriatic, Istria, Croatia
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Private Residences San Lawrenz Gozo
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Kempinski Private Residences Bahía Estepona, Costa del Sol
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Du Parc Kempinski Private Residences, Switzerland
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kempinski Private Residences Barbaros, Bodrum, Turkey
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Kempinski Private Residences Astoria Istanbul
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Bellevue Residences Istanbul
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kempinski Palm Jumeirah Residences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Kempinski Private Residences Alabadiyah Hills, Beirut
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Tower Residences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Village Residences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Kempinski Private Residences Jakarta
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Kempinski Private Residences Bayterek Almaty
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Kempinski Private Residences Jeruyik Astana
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Marriott/Ritz Carlton
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 83: Ritz Carlton Residence locations, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Currently operating residences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 84: Sample of Ritz-Carlton residences, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Ritz-Carlton residences at Dove Mountain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • The Ritz-Carlton Golf Club, Dove Mountain Marana, Arizona
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Kapalua Bay
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Distribution and marketing of Ritz-Carlton residences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Marriott has stopped further development of timeshare and residences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Luxury residential development halted for good
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mandarin Oriental
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Mandarin Oriental Residences New York
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Boston
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 85: Size and asking prices of apartments at Mandarin Oriental Residences Boston, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Mandarin Residences open in Vegas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • CityCenter, an US$11-billion complex
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • A difficult market environment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • 5-10 years to work off condo inventories
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Vegas condo prices down 44% in 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Mandarin condos the most expensive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Financing programme for CenterCity condos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Design features
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • One Hyde Park
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Mandarin Oriental’s residence pipeline
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 86: Mandarin Oriental’s residence development pipeline, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Pierre & Vacances
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Les Senioriales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Property sales boomed in 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 87: New construction and renovations, deliveries in 2008/09 & 2007/08
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Renovation sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 88: Breakdown property development turnover, 2008-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Property reservations
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 89: Property reservations, including VAT, 2008/09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Properties currently for sale
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 90: Stock of apartments marketed as of 30 September 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • P&V resales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 91: P&V resales available as of May 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Starwood
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 92: Starwood’s private residence portfolio, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Residential services group
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Revenue recognition
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • W residences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Owner benefits programme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Atlanta
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Trump residences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Trump International Hotel & Tower Chicago
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 93: Size and prices of Trump International Hotel and Tower Chicago Suites & Residence, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Trump International Las Vegas
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Trump International Hotel and Tower at Waikiki Beach Walk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Apartments for sale
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 94: Trump Tower Waikiki listings, 2010
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Trump International Golf Club and Residences Puerto Rico
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Trump Las Olas Beach Resort
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Trump Ocean Club Panama
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Trump Ocean Resort Baja
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Trump Tower Palm Beach
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • What Next?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Serviced apartments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Segmentation of serviced apartments by grade
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Segmentation and growth in Europe?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Supply growth slowing in the US
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strong growth to continue in Asia Pacific
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Branded residences
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Development potential shifting to emerging markets
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recovery in markets will help…
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • …but financing remains a problem

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      To learn more about the companies covered in this report please contact us.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Branded Serviced Apartments and Residences Worldwide - International - June 2010

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      £1,495.00 (Excl.Tax)