International Lodging Operating
Trends - January 2009
Soft Global Operating Trends Persist
Lodging
Joseph GreffAC
(1-212) 622-0548
joseph.greff@jpmorgan.com
Kevin Milota
(1-212) 622-0987
kevin.milota@jpmorgan.com
Daniel Yoon
(1-212) 622-1205
daniel.yoon@jpmorgan.com
J.P. Morgan Securities Inc.
See page 39 for analyst certification and important disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may
have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their
investment decision.
GLOBAL DATA. We believe it is important for lodging investors to track
global operating trends to more accurately assess the magnitude of the
current lodging down cycle, especially given the expansion in international
portfolios of major lodging companies. In this monthly report, we present
historical revenue per available room (RevPAR), occupancy, and average
daily rate (ADR) trends for four regions – Americas (AMR), Europe
(EUR), Middle East & Africa (MEA), & Asia Pacific (AP) – as well as
subregions & selected cities as compiled by Smith Travel Research. We
also present the portfolio and financial exposures of lodging companies
under our coverage to these regions, based on available data.
• JANAURY 2009. In January ’09, RevPAR in USD in all regions was
negative, with MEA (RevPAR in USD -7.7%) and AMR (RevPAR in
USD -15.9%) outperforming AP (-28.3%) and EUR (-30.8%) on a
relative basis. ADR in MEA (in USD) was +6.9%, while ADR in AMR,
AP, and EUR posted declines of 6.1%, 12.2%, and 22.5%, respectively.
That said, occupancy in MEA was -13.7% compared to +2.2% in
October and -3.7% in November and -10.0% in December, which led to
the negative RevPAR result for MEA. In USD, January RevPAR decline
leaders were Beijing (-51.1%), London (-36.0%), Rome (-32.2%), and
Sydney (-31.9%), while RevPAR outperformers were Tokyo (+12.4%),
Buenos Aires (-14.4%), and Cairo (-16.3%).

Table of Contents
Figure 1: Lodging Universe Comparative Valuation...................................................3
Figure 2: Global Monthly RevPAR Trend by Region (USD)......................................4
Figure 3: Global Monthly RevPAR Trend by Region (Euro) ......................................5
Figure 4: Global Monthly Occupancy Trend by Region..............................................6
Figure 5: Global Monthly ADR Trend by Region (USD)............................................7
Figure 6: Global Monthly ADR Trend by Region (Euro)............................................8
Figure 7: Americas Monthly RevPAR Trend - Select Regions (USD)........................9
Figure 8: Americas Monthly Occupancy Trend - Select Regions..............................10
Figure 9: Americas Monthly ADR Trend - Select Regions (USD)............................11
Figure 10: Europe Monthly RevPAR Trend – Select Regions (Euro) .......................12
Figure 11: Europe Monthly RevPAR Trend – Select Regions (USD).......................13
Figure 12: Europe Monthly Occupancy Trend – Select Regions...............................14
Figure 13: Europe Monthly ADR Trend – Select Regions (Euro).............................15
Figure 14: Europe Monthly ADR Trend – Select Regions (USD).............................16
Figure 15: Middle East & Africa Monthly RevPAR Trend – Select Regions (USD)17
Figure 16: Middle East & Africa Monthly Occupancy Trend – Select Regions........18
Figure 17: Middle East & Africa Monthly ADR Trend – Select Regions (USD)......19
Figure 18: Asia Pacific Monthly RevPAR Trend – Select Regions (USD) ...............20
Figure 19: Asia Pacific Monthly Occupancy Trend – Select Regions.......................21
Figure 20: Asia Pacific Monthly ADR Trend – Select Regions (USD).....................22
Figure 21: Monthly RevPAR Trend – Select Cities (Euro) .......................................23
Figure 22: Monthly RevPAR Trend – Select Cities (Euro) .......................................24
Figure 23: Monthly RevPAR Trend – Select Cities (USD) .......................................25
Figure 24: Monthly RevPAR Trend – Select Cities (USD) .......................................26
Figure 25: Monthly Occupancy Trend – Select Cities...............................................27
Figure 26: Monthly Occupancy Trend – Select Cities...............................................28
Figure 27: Monthly ADR Trend – Select Cities (Euro) .............................................29
Figure 28: Monthly ADR Trend – Select Cities (Euro) .............................................30
Figure 29: Monthly ADR Trend – Select Cities (USD).............................................31
Figure 30: Monthly ADR Trend – Select Cities (USD).............................................32
Figure 31: World Regions..........................................................................................33
Figure 32: HOT Hotel Portfolio Composition ...........................................................34
Figure 33: HOT Room Portfolio Composition ..........................................................34
Figure 34: HOT EBITDA Geographic Distribution ..................................................34
Figure 35: MAR Hotel Portfolio Composition ..........................................................35
Figure 36: MAR Room Portfolio Composition .........................................................35
Figure 37: MAR Lodging Income Composition........................................................36
Figure 38: OEH Hotel Portfolio Composition ...........................................................36
Figure 39: OEH Room Portfolio Composition ..........................................................37
Figure 40: OEH TTM’08 Owned Hotel EBITDA Composition................................37
Figure 41: CHH Hotel Portfolio Composition ...........................................................38
Figure 42: CHH Room Portfolio Composition ..........................................................38

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