... with asset management and effective marketing likely to be the key themes emerging. ..... strata units to composite
Colliers Insight Asia Hotels Q2 2017
Colliers Hotels Insight A quarterly digest of key trends in the hospitality sector
Inside this quarter LEISURE – Theme Parks – Driving Additional Spend HOTELS – Guam - Destination of the Quarter TECHNICAL – IFRS 15 Update – Revenue Recognition
Foreword
Govinda Singh Director | Hotel Specialist Valuation & Advisory | Asia
[email protected]
Welcome to our second edition of Colliers Hotels Insight, our quarterly magazine specifically for hotel and other accommodation stakeholders across Asia. This edition features key trends in various destinations across Asia, a highlight of key industry disruptors, and a technical section. We also provide insights and opinions on topical issues within the gaming and leisure sectors. Across Asia, Revenue Per Available Room (RevPAR) performance for Q1 2017 has been relatively stable. While Central and South Asia properties had the best performance with a modest 2% growth YOY, North Eastern Asia properties posted 0.3% growth, representing the slowest growth rate during a generally weak period. Supply growth paired with a general slowdown in domestic and international consumption have weighed on performance, as disposable income remained tight across the region and globally.
“Taxation is a flexible instrument and adjustments can be made. If it is undermining the tourism industry, then (the authorities) can make adjustments later on” - Dr Ramon Navaratnam, Chairman of the Centre of Public Policy Studies, on the implementation of Malaysia's new Tourism Tax set to be implemented on 1 July 2017
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Colliers Hotels Insight | Q2 2017 | Colliers International
We expect geopolitical risks, especially in Northeast Asia, to remain a key factor during the year. Investment is likely to remain largely domestic driven, as initial yields in gateway cities are continuing to remain at relatively low levels, and emerging markets are offering higher returns to compensate for risk bearing. Attention remains on the gaming, theme park and wider experiences sectors. The increased Anti-Money Laundering (AML) requirements by casinos and banks, in addition to the full/partial smoking bans in some destinations are likely to weigh on the performance of the gaming sector. Theme parks with unique offerings and good catchment areas should continue to do well, especially those tied to international brands. In brief, the outlook for hotels across Asia will remain cautiously optimistic, with asset management and effective marketing likely to be the key themes emerging.
Contents HOTEL TRENDS ........................................... 4 Hotel ADR performance across markets - how comparable are they? .............................................. 4 Market Snapshots - Hong Kong ............................... 5 Market Snapshots - Bangkok ................................... 6 Destination of the Quarter - Guam ........................... 7
HOTEL INVESTMENT AND VALUATION .... 9 Capital markets insights ........................................... 9 Recent notable transactions .................................... 9
HOTELS AND THEME PARKS................... 10 Driving additional spend......................................... 10
TECHNICAL AND OPINION ....................... 11 Revenue accounting - IFRS 15 update.................. 11
COLLIERS HOTELS ................................... 12 Our Hospitality Sectors .......................................... 12 Our Hotels Valuations Service ............................... 13 Our Services .......................................................... 14
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Colliers Hotels Insight | Q2 2017 | Colliers International
Hotel Trends Hotel ADR performance across markets - how comparable are they? Global Cities ADR Comparison April YTD 2016 and 2017
ADR USD
250 200 150 100 50 0
2017
2016
Source: STR and Colliers
How many times do owners/developers ask or question Average Daily Rates (ADR) assumptions by referencing and comparing them across markets? For advisers and asset managers, I suspect quite a bit, with advisers and operators having to painstakingly justify why the average room rate in the Four Seasons Hotel in Seoul is different from the rate in Tokyo, for example. Justification is required to prove otherwise, or in certain instances, advisers and managers would end up using it wrongly in their forecasting! As the chart above shows, the hotel Average Achieved Room Rates (ADR/AARR) are simply not comparable across markets. Instead, more time should be spent conducting local, specific market analysis to assess potential price points, especially in those markets where primary competitors are not present. A lot of headaches could then be avoided when the property opens, especially when targets are not met because of a mismatch between buyers’ and sellers’ price expectations. It is sometimes challenging to establish a price point, especially if you are the first mover in a new market. There are a number of factors, however, influencing the price point at which a hotel can and should establish during market entry or re-positioning, that should be considered.
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We believe that each market is unique and therefore inherently not comparable, but if you were to compare across cities then you should consider the following adjustment factors: 1. Purchasing power of targeted source markets for the hotel. If, for example, the hotel is a luxury offering, and the source markets are mainly from emerging countries, it will be difficult to set a price point at the same level as that of say another hotel whose main source markets are from mature destinations. 2. Domestic purchasing power, both corporate and leisure. If the local purchasing power is too low or sensitive, setting a very high room rate would simply not work. 3. Country and city purchasing power parity. How strong is the purchasing power of a destination compared to its rivals? Is it weaker or stronger? Is the market more or less mature? 4. Foreign currency movements. Beware of this pitfall especially when comparing across time periods or a specific point in time. As we have seen recently, exchange rates are likely to move rapidly in response to specific factors. 5. Inflation. We are now seeing different levels of inflation as monetary policy diverges, even across developed countries
Market Snapshots - Hong Kong
RevPAR has slipped by a CAGR of 1.5% between 2011 and 2015, mainly underpinned by stable visitation throughout the period, with new room supply increasing at reasonable levels during this period. RevPAR in Hong Kong was HKD1,202.5 in 2015, versus HKD1,303.5 in 2011, a 7.1% decrease over the period, mainly underpinned by a drop in ADR as the impact of the reduction on conspicuous spending, especially at the top end of the market, took hold in late 2014 and 2015. In 2016, ADR remained under pressure with hoteliers offering discounts to boost room occupancy levels.
Hong Kong Hotels KPIs 2,000
87 86 85 84 83 82 81
1,500
According to the IMF, Hong Kong’s economy is expected to achieve an average annual Gross Domestic Product (GDP) growth of circa 2.8% over the next five years, with inflation at circa 2.8%. This is in line with the previous five-year period. Growth has been closely linked to the Mainland over the last five years as the destination increased its leisure attractions and the airport continued to become a strong regional hub. While the economic growth is accelerating in both mainland China and Hong Kong, as the destination matures, and given the country’s exposure to a downturn in China and currency movements in key source markets, economic growth will likely to moderate in the medium to long term. Hong Kong witnessed strong growth in tourist arrivals between 2011 and 2013 as the Individual Visit Scheme (IVS) was further relaxed for Mainland visitors. Between 2011 (22.2 million) and 2016 (26.6 million), tourist arrivals (overnight stays) grew by a Compound Annual Growth Rate (CAGR) of 3%, with overnight travellers increasing by 7% alone between 2011 and 2012, however, recent growth has been tempered by the reduction of conspicuous spending by the Mainland. We note that mainland Chinese tourist arrivals in Hong Kong are rebounding modestly. The destination remains attractive especially to a large Chinese market, and will likely remain a mature destination with future growth in arrivals determined by market led supply. Whilst the outlook for tourism visitation to Hong Kong remains cautiously optimistic, much will depend on wider economic issues and the provision of accommodation at the mid to lower end of the market.
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1,000 500 2011
2012
ADR (HKD)
2013
2014
RevPAR (HKD)
2015
2016
Room occp (%)
Source: STR and Colliers
Investment in hotels in Hong Kong is likely to continue to be driven by REITs, sovereign wealth funds and local High Net Worth Individual/Investor (HNWI). The increasing cost of land and desirability of assets in the city has driven yields down. In addition, the relative dearth of assets coming onto the market has fuelled high prices being demanded for hotel assets.
Across all hotel categories
Market Snapshots - Bangkok
Bangkok Hotels KPIs 4,000
100
3,000
80 60
2,000
40
1,000
20
-
0 2011
2012
ADR (USD)
2013
2014
RevPAR (USD)
2015
2016
Room occp (%)
Source: Colliers International
According to the IMF, the Thai economy is expected to achieve an average annual GDP growth of circa 3.1% over the next five years, with inflation at circa 2.0%. This is well above the previous five-year period. Growth has been sluggish over the last five years as political events weighed on performance, with tourism remaining the main growth driver in the country.
Hotel investment in Bangkok is likely to continue to be driven by REITs and local HNWI. The increasing cost of land and desirability of assets in the city has driven yields down. In addition, the political uncertainty has left international investors on the sidelines, creating a more insular market.
Bangkok has witnessed exponential growth in tourist arrivals after relaxing its visa rules and the increase in low cost carriers and destinations served since 2012. Between 2011 (13.8 million) and 2015 (19.6 million), tourist arrivals (overnight stays) grew by a CAGR of 7.2%, with overnight travelers increasing by 15% alone between 2014 and 2015, as the destination recovered from the political fallout in 2014. The destination's increasing attractiveness, the growing Chinese market and medical tourism sectors have all contributed to this result. In addition, direct flights from new destinations such as Russia, the Middle East and China have increased significantly. As such, whilst the outlook for tourism visitation to Bangkok remains cautiously optimistic, much will depend on wider economic issues and geo-political events. But as the destination has shown time and again in the past, it can recover quickly from any event. RevPAR has grown by a CAGR of 4.5% between 2011 and 2015, mainly underpinned by the significant increase in visitation in 2015, with new room supply remaining at high levels during this period. RevPAR in Bangkok was THB2,752 in 2015, versus THB2,206 in 2011, an increase of 24.7% over the period, mainly underpinned by occupancy growth. In 2016, ADR for hotels in Bangkok remained under pressure as hoteliers continued to offer discounts to drive higher room occupancy to higher levels.
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Average across all hotel categories
Destination of the Quarter - Guam
Guam’s GDP growth, is strongly correlated to overnight arrivals (0.6 million), suggests that a large demand base tends to visit the destination. Corporate, mainly Meetings, Incentives, Conferencing and Exhibitions (MICE) and leisure demand will depend on the performance of its key source markets: Japan, South Korea, USA, Taiwan, China and Philippines. Tourists travel to Guam mainly for leisure purposes, to enjoy the island’s pristine beaches and its excellent diving waters.
The economy of wider Micronesia, and Guam is largely dependent on US Armed Forces spending in the gaming and tourism sectors. The economy contracted by an average 1.2% for the five-year period to 2015, mainly due to a sharp slowdown in spending by the US defense between 2013 and 2014, and contraction in gaming. It is now recovering slowly as tourism increases its GDP share. We note that Guam’s economic performance is somewhat decoupled from the wider country, with the island’s GDP growing by 0.4% for the corresponding period. Guam has witnessed strong growth in tourist arrivals since visa rules were relaxed for Russians and direct flights to the country increased from major source market destinations. Between 2011 (1.2 million) and 2015 (1.4 million), tourist arrivals (overnight stays) grew by a CAGR of 3.6%, with overnight travelers expected to increase by 9% between 2015 and 2016.
Guam overnight visitors (m) 3.00
Direct flights from Taiwan, South Korea and Russia have recently boosted visitation from these destinations, with China being a fast-growing market. The island’s size and its restrictions on development inherently limit the number of visitors it can receive. The destination is fairly seasonal, with lower periods of visitation in December, April and May. The island benefits from good year-round visitation mostly from international visitors in the leisure segment. The entry requirements for Guam are the same as in the US. A surge in visitation has been seen in recent years, mostly supported by the relaxation of visa rules for Russians and Chinese visitors (soon), as well as an increasing number of direct flights from the key source markets.
Guam Hotels KPIs 200
85
150
80
100
75
50
70
-
65 2011
2012
2013
2014
2.00
2015
2016 Oct YTD
1.00 ADR (USD)
RevPAR (USD)
Room occp (%)
2011 2012 2013 2014 2015 2016f
2020e
Source: GHRA
The destination has recovered well from the Japan air disaster in 2011, and is now aiming to attract approximately 2 million overnight visitors by 2020, with China being a major source market. The island is also looking to increase its length of stay from the current average of 3 days to 4 in the short term. As such, whilst the outlook for tourism visitation to Guam remains cautiously optimistic, much will depend on the economic performance of its key source markets, airlift, and infrastructure development including new hotel supply.
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Source: GHRA
RevPAR has grown by a CAGR of 7.5% between 2011 and 2015, mainly underpinned by the significant increase in visitation in 2012 and 2013, with new room supply remaining at low levels during this period. RevPAR in Guam was USD117.7 in 2015, versus USD82.1 in 2011. In 2016, YTD October (latest available), the destination continued to perform well, with a circa 5% growth in RevPAR compared to 2015.
Since 2012, Hoteliers have consistently witnessed occupancy levels in excess of 75%, even reaching 81% in 2012 (75% in 2015). These numbers suggest that Guam hotels are mostly full during the high season from January to March, and from June to November, with strong levels of MICE demand during the weaker leisure periods. Hoteliers have adopted a room rate strategy to maximise yield, leading to an ADR increase on the island from USD114 in 2011 to USD157 in 2015, reflecting a 37.9% increase over the period. We expect visitation to continue to increase over the next two years, albeit at lower growth rates. Future performance is likely to be impacted by the economic performance of its key source markets (especially Japan which accounts for more than 60% of arrivals) and wider geo-political events. Hotel investment in Guam is likely to continue to be driven by investors mainly from South Korea and Japan. The scarcity of land, and relatively older age of assets on the island means that yields will remain at high levels. The market, however, remains fairly illiquid with little to no transactions recently. The initial yield outlook for hotel investment remains stable and at high levels. We expect the four-star and above market segment to offer good opportunities, as demand in this sector will likely continue to grow, especially as Guam seeks to attract high-yield visitors. Excluding land, it may still be less expensive to buy existing properties given the high build costs. Opportunity – acquisition, repositioning and refurbishment of existing hotels.
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Colliers Hotels Insight | Q2 2017 | Colliers International
Hotel Investment and Valuation Capital markets insights
Recent notable transactions
China remains one of the main source markets for hotel investment across Asia. The country's position to restrict offshore capital flows last year clearly has had a direct impact, with a Q1 YOY decline in hotel transactions across the region. Nevertheless, real estate remains a core investment for most Chinese investors. Marquee Mergers and Acquisitions (M&A) activity in the region has decreased because Mainland players have been unable to move significant amounts of funds around. Real estate investment saw only a relatively modest decline, as hard assets remain the safe haven for most Small Medium Enterprises (SME) and High Net Worth Individuals (HNWI).
Continuous investment into asset class by institutional investors and the dearth of assets being sold show that yields have been low and are expected to remain at these levels, at least until interest rates increase significantly.
The global hotel sector was not immune to a drop in transaction activity, however, the core “safe haven” markets show no signs of slowing down in the region. Singapore, Tokyo and Hong Kong assets continue to trade at compressed cap rates and record pricing despite a softening in demand and additional supply. Geo-political tensions have led Asian real estate investors to refocus on regional investments, while global interest in trophy and opportunistic acquisitions continues. Although all outbound Chinese investments are in clear decline, real estate remains the preferred vehicle for mainland buyers, and hotel investment, though slower, remains the preferred alternative asset class. Overall, despite strong demand driven by both family offices and private equity with Asian real estate mandates, quality inventory remains scarce and thus investors with disposition scenarios in the next 18 months, should consider expediting their process in order to take advantage of favourable market conditions, especially as the outlook for increases in interest rates remains high. Of note, as asset prices remain high, investors are now considering taking more development risk, however, this risk must be shared with the developer who not only is required to contribute “real” equity into the project, but also to provide put options guaranteeing a mandated exit to shareholders. These terms are not new to hotel developments but becoming more common to developers looking to raise funds for emerging market projects.
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Colliers Hotels Insight | Q2 2017 | Colliers International
In 2016, most of the transactions across Asia came from gateway cities, where investors remain very active.
Hotel
Location
Value per room (USD)
Hyatt Regency Osaka
Osaka
324,535
Hotel Sunroute Plaza Tokyo
Tokyo
378,265
Butterfly on Morrison Boutique Hotel
Hong Kong
1,220,166
Newton Place Hotel
Hong Kong
493,518
New Century Grand Hotel
Beijing
916,916
Amenity Centre
Shanghai
796,040
Graceland International Hotel
Shanghai
650,212
Crystal Orange Hotels
China
Undisclosed
Conrad Seoul
Seoul
286,335
Belle Essence Hotel (formerly Renaissance)
Gangnam
Toscana Hotel Jeju Island
Jeju
320,687
The Boathouse Phuket
Phuket
443,017
Long Beach Resort
Phu Quoc
177,466
Oakwood
Asia
W Hotel Melbourne
Melbourne
603,269
Hilton Melbourne South Wharf
Melbourne
442,122
1,217,039
Undisclosed
Source: Colliers Research. Note: USD conversions are at time of transaction and represent approx. values.
Hotels and Theme Parks Driving additional spend Parks operators and owners are increasingly looking at hotels as a key part to unlock real estate value, whilst realising a higher return on investment and cash flow. To understand the dynamics of what makes a hotel at a tourist attraction successful, we must firstly analyse some of the key success factors. In recent years, we have seen an increasing trend in the USA, Europe and Asia: Theme parks and visitor attractions have been adding on-site hotels to generate new revenue streams. The main concept is to attract new visitors, persuade the existing visitors to stay longer, to spend more and come back again. Colliers’s researches show that the global average length of stay in theme park hotels is 2.8 days. Adding hotels can also help smooth seasonality and business cycle, i.e. by attracting conferences, corporate meetings and business guests. Combining parks with lodging options can generate significantly larger returns than from theme parks alone. By having visitors stay within the vicinity, the theme park destination can significantly extend visitors’ length of stay, as well as ensure the tendency of repeat visits. We believe that a number of factors are required for a theme park to attract sufficient overnight demand to support a hotel. Some of those factors are described in more details below:
Visitor numbers – more visitors mean more customers who can potentially increase overnight demand. Length of stay at the attraction – the longer time it takes to visit an attraction, the more likely a visitor is to stay overnight. Our research shows that people drive 2 to 3 hours on average before staying overnight. Catchment area - the further the distance travelled, the more likely visitors are to stay overnight; Age group – Families with young children are more likely to stay overnight than teenagers or adults without children; Attraction opening times – attractions which are open all year round provide a more stable demand source for a hotel; Multiple on-site offerings – locations which offer a number of facilities (i.e. conference facilities) in addition to the attraction itself, are more likely to attract overnight demand than those with only one offering; Mode of transport – those travelling by car are more likely to stay overnight than those travelling by public transport or those being dropped-off; Location – the further away from a major conurbation the attraction is, the higher the number of visitors who will stay overnight; Accessibility – this is linked with mode of transport and location as the less accessible the park is, the more likely people will stay overnight; and Local hotels’ market – the higher the demand for hotel accommodation in the area, particularly frustrated demand, the higher the demand for accommodation at the attraction.
In our next quarterly digest Opinion - The Serviced Apartment sector across Asia Opinion - High-end Restaurants and Hotels. Do they fit? Hotels - Destination of the Quarter - Kuala Lumpur
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Colliers Hotels Insight | Q2 2017 | Colliers International
Technical and Opinion In this section, we briefly look at relevant operational, recent accounting and technical issues that are likely to have an impact on the hospitality and leisure sectors. We also provide topical opinion articles.
Revenue accounting - IFRS 15 update IFRS 15 - Revenues from Contracts with Customers applies to accounting periods beginning on or after 1 January 2018. IFRS 15 will have a significant impact on the hospitality sector especially in regard to how and when revenue should be recognised. According to a paper published by Deloitte, the standard is expected to affect both the operator, especially those with Hotel Management Agreements (HMAs), and the property itself in a number of ways: >
Customer loyalty programs and how the costs of this is captured, and the likelihood of the rewards being redeemed will need to be taken into consideration, marking a departure from the straight cost allocation model that currently exists.
>
Total consideration that an entity is expected to receive over the life time of the HMA will need to be assessed, with particular attention on incentive fees based on hotel profitability. This will require operators assessing the level of incentive fees it can expect to receive over the life time of the agreement.
>
All agreements that form the overall management relationship with the same entity will now be treated as one.
'The core principle of the model is to recognise revenue when control of the goods or services transfers to the customer, as opposed to recognising revenue when the risks and rewards transfer to the customer under the existing rule.' Further, the new standard requires additional disclosure requirements and can have tax implications. We expect operators in particular to start to respond to these new requirements, with management agreements and loyalty programs being updated to reflect new structures.
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Source: IFRS Box
Disclaimer All opinions in this digest represent general rather than specific views of the author. It should not be relied upon for making investments decisions nor assessing specific views of the author. The author nor Colliers International do not accept any liability for any decision made based on this digest.
Our Hospitality Sectors Our track record includes all main asset types from hotels to resorts, heritage properties, serviced apartments, student accommodation, hostels, vacation homes, casinos, theme parks, spas, and golf, all being completed projects or new developments. Our specialised sector expertise includes:
Colliers Hotels Colliers International launched its specialised hotels division in 1985. Today we provide expertise in capital valuations, management agreement and rental advisory feasibility studies, asset management and transaction advisory services, as well as brokerage across Asia Pacific. Our dedicated hotel specialists are based in Australia, Hong Kong / China, India, Singapore and Thailand. We regularly act on behalf of major institutional property owners / funds for their valuation needs, from single strata units to composite developments and golf courses, for all purposes, including IPOs, listings, acquisitions, disposals and mergers. In Asia, our team of professionals provides hospitality services across Greater China, including the Mainland, Hong Kong, Macau and Taiwan, as well as Bangladesh, Cambodia, Guam, India, Indonesia, Japan, Korea, Laos, Malaysia, Maldives, Myanmar, Pakistan, Philippines, Singapore, Sri Lanka, Thailand, and Vietnam. Our sizeable hotels, hospitality and leisure team includes senior specialists with extensive experience in the sector, giving us a unique advantage and insight. Our multi-lingual and multi-cultural team comprised of highly qualified professionals will help clients achieve their real estate goals. Colliers’ professionals have extensive operating and consulting experience in the hospitality industry across the major asset classes, which provides clients with extraordinary value and a single point of contact, through timely, relevant and forward-looking advice. This global division has exceptional relationships with investors worldwide, required for the timely and effective sale of assets. In addition, they have worked with a wide range of clients including corporate hotel clients, private equity, sovereign wealth funds, independent owners, REITS, governments, and banks.
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Colliers Hotels Insight | Q2 2017 | Colliers International
>
Hotels and Resorts
>
Hostels and Student Accommodation
>
Golf
>
Casinos and Racecourses
>
Health and Fitness
>
Spas and Wellness Facilities
>
Meetings and Events
>
Mixed-use Developments
>
Travel Trade
Our Hotels Valuations Service Colliers has a rich valuation experience on multi-market portfolios across Asia Pacific. We undertake more than 250 hospitality valuations each year, including single assets and portfolios for reporting, financing and transaction advisory purposes. Our experience ranges from budget properties to ‘trophy’ assets, many of which also include mixed-use components. We are currently engaged by a number clients to undertake the annual valuations for their properties for reporting purposes, on a rolling basis for several years. Our close relationship with clients paired with in-depth knowledge of the local markets allow us to perform valuations accurately and effectively. The valuation team is supported by our Research and Advisory team within the local markets. The Research and Advisory team works closely with our business service professionals, capitalising on our market expertise to provide our clients the necessary market intelligence across all markets – ranging from data collection to comprehensive market analysis, interpretation and recommendations – required to support sound and practical business decisions. Our market insight and knowledge are our clients’ property, pivotal in accelerating their success. The overall hospitality team is part of one of the largest in Asia Pacific that performs more than 250 valuations per year in the sector, and includes professionals dedicated solely to hotels, leisure and hospitality valuation work, as well as a number of published authors in the field.
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Our Services Whether you are a startup or well-established owner, developer or investor, we will help you go through the business life cycle by providing specialised, value-added advices that are tailor-made to your specific needs: >
Market Demand and Feasibility Studies
>
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>
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>
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>
Capital Markets
>
Due Diligence
>
Internal Business Reviews
>
Operator Search and Select
>
Benchmarking and Forecasting
>
Growing the Business: Extensions, Refurbishments, Brand roll out and Expansion
>
Asset Management
>
Business Restructuring – opco / propco
>
Needs Analysis / Economic Impact Studies
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Highest and Best Use / Concept Designs
>
Transaction Advisory, IPO and REITS listing
>
Management Agreements and Lease Reviews
>
Litigation Support and Dispute Resolution Project Management and Leasing
>
Tourism Strategy and Master Planning
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Colliers Hotels Insight | Q2 2017 | Colliers International
Primary Authors:
396 offices in 68 countries on 6 continents
Govinda Singh Director Hotel Specialist | Valuation & Advisory | Asia + 65 6531 8566
[email protected]
United States: 153 Canada: 29 Latin America: 24 Asia Pacific: 79 EMEA: 111
David Faulkner Managing Director | Valuation & Advisory | Asia +852 2822 0525
[email protected]
Regional Contacts:
$2.6 billion in annual revenue
www.colliers.com
2 billion square feet under management
15,000 professionals and staff
About Colliers International Group Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customised research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm. For the latest news from Colliers, visit Colliers.com/Asia or follow us on Twitter: @Colliers and LinkedIn.
Copyright © 2017 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.
