Source: 2020 STR, LLC / STR Global, Ltd. trading as "STR". © CoStar Realty Information, Inc. Any reprint, use or republication of all or a part of this presentation without the prior written approval of STR is strictly prohibited. Any such reproduction shall specifically credit STR as the source. This presentation is based on data collected by STR. The information in the presentation should not be construed as investment, tax, accounting or legal advice.

COVID-19 Middle East update11th May 2020Philip Wooller – Area Director MEA

© 2020 STR. All Rights Reserved.

Middle East

Southern Africa

Northern Africa

77%

Levels of hotels closures vary significantly around the worldPercentage of STR participating hotels closed as at 30th April 2020

Europe

Asia17%

72%

76%

57%

78%

36%38%

Australia & Oceania

23%

North America

Central America

South America excl. Venezuela

© 2020 STR. All Rights Reserved.

Middle East

Southern Africa

Northern Africa

47.7%

Global Occupancy for Q1 at 49.4%Occupancy, Q1 2020

Europe

Asia51.6%

51.2%

48.8%

46.5%

50.1%

59.2%42.1%

Australia & Oceania

62.7%

North America

Central America

South America

© 2020 STR. All Rights Reserved.

Middle East

Southern Africa

Northern Africa

10.8%

Global Occupancy now at 23.4%.............Occupancy, April 30th 2020

Europe

Asia23.1%

7.8%

10.1%

10.6%

13.9%

30.5%29.1%

Australia & Oceania

22.1%

North America

Central America

South America

© 2020 STR. All Rights Reserved.

Middle East

Southern Africa

Northern Africa

-86.6%

Global RevPAR % ChangeUSD, Europe in EUR, Constant Currency, April 30th 2020

Europe

Asia-80.6%

-89.7%

-90.5%

-90.3%

-86.1%

-74.0%-77.1%

Australia & Oceania

-43.3%

North America

Central America

South America

© 2019 STR. All Rights Reserved.

The Middle East

Source: STR. 2020 © CoStar Realty Information, Inc.

Key Middle Eastern cities - Percentage of rooms closed

MuscatJeddah Abu Dhabi

DubaiManama

Doha

Amman

Beirut

Riyadh12

33

1021

11

38

3643

Kuwait City 26

Makkah 8217

As at the 30th April 2020

Source: STR. 2020 © CoStar Realty Information, Inc.

Middle East – double digit occupancy decline Q1 2020USD, Constant Currency

Source: STR. 2020 © CoStar Realty Information, Inc.

Occupancy

71%+0.7%

ADR

148-9.1%

RevPAR

105-8.5%

Occupancy

59%-16.7%

ADR

136-7.9%

RevPAR

80-23.2%

Q1 2019

Q1 2020

Source: STR. 2020 © CoStar Realty Information, Inc.

Middle East actuals for 2019 & “Philip’s predictions” for Q2 2020USD, Constant Currency

Source: STR. 2020 © CoStar Realty Information, Inc.

Occupancy

62%+2.0

ADR

146-7.7%

RevPAR

90-5.8%

Occupancy

29%-53.2%

ADR

103-29.0%

RevPAR

30-66.6%

Q2 2019

Q2 2020

Source: STR. 2020 © CoStar Realty Information, Inc.

-90%

-80%

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

Occ ADR RevPAR

On average ADR is down over 40% across the Middle East Daily ADR % change vs prior year, 1st February to 3rd May 2020

Source: STR / 2020 © CoStar Realty Information, Inc..

Key Middle Eastern markets – it’s a very mixed bagOccupancy & ADR, USD $, Month of April 2020

3%

15% 16%19% 19% 20%

22%24%

38%

45%48%

50%

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

Medina Makkah Kuwait City Manama Jeddah Muscat Amman Dubai Riyadh Al Khobar &Dammam

Abu Dhabi Qatar

ADR Occupancy

Source: STR / 2020 © CoStar Realty Information, Inc..

Declines could be greater in the Middle East than in any other region Average Occ, ADR % RevPAR % change across Forecast Markets*, March Forecast

-20% -21%

-39%

-27%

-43%

-15%

-9%

-18%-14% -14%

-31%-28%

-54%

-37%

-51%

China Markets Asia Markets Excl. China Middle East Europe Markets Total US

OCC ADR RevPAR

Notes: * Average forecast for selected markets in each region for China, Asia and Europe, Middle East

Source: STR. 2020 © CoStar Realty Information, Inc.

Operational Innovation

13

Source: STR / 2020 © CoStar Realty Information, Inc..

2020 Top Tips for the Summer!!

Ras Al Khaimah BeachBeach & Resorts Dubai Downtown

55% 48% 54%

© 2019 STR. All Rights Reserved.

2020 Top Tips for the Summer!!

Abu Dhabi Oman Resorts

60% 55%

Musandam

Source: 2020 STR, LLC / STR Global, Ltd. trading as "STR". © CoStar Realty Information, Inc. Any reprint, use or republication of all or a part of this presentation without the prior written approval of STR is strictly prohibited. Any such reproduction shall specifically credit STR as the source. This presentation is based on data collected by STR. The information in the presentation should not be construed as investment, tax, accounting or legal advice.

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