Tokyo 2020: The Olympic Games Effect€¦ · JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC London Beijing 131.1 148.1 164.0 175.1 183.8 198.9 213.1 205.3 200.2 197.3 181.2 150.1

Tokyo 2020: The Olympic Games Effect

Tokyo Hotel and Tourism Report | October 2013Hotels & Hospitality Group

Tokyo Hotel and Tourism Report 1

In Summary

• TheJapaneseGovernmenthasquotedTokyowillattract8.5milliontouristsduringtheGames.Priortowinningtheirbid,agoalofraisingthenumberofinternationaltouriststo30millionby2030aspartofalongtermtourismgrowthstrategywasannounced.Thisnowappearshighlyachievable;

• AnincreaseinthenumberofhotelroomsintheleaduptotheGamesisanticipated,albeitTokyoboastsanaccommodationindustrywellequippedtocaterfortheexpectedmediumterm(2014-17)increaseofinboundtourists.AccordingtoanInternationalOlympicCommittee(IOC)assessmentontheTokyobid,thecitycurrentlyhasenoughroomsupplytomeetthedemandgeneratedbytheGamesintheOlympicyear.Unlikemostprevioushostcities,substantialnewsupplyisthereforeexpectedtoberatherlimitedvianewhoteldevelopment.GivenTokyoisamorematurehotelmarketincomparisontoBeijing,JLLexpectthatonlyamoderateadditiontosupplyislikelyandwilllimitasubstantialpost-GamesdeclineinRevenueperAvailableRoom(RevPAR);

JonesLangLaSalle’sHotels&HospitalityGroup(JLL)andSTRGlobalhavecollaboratedonthefollowingreportprovidinganoverviewofthe2020OlympicGamesimpactonTokyo’shotelandtourismsectors.Thereportconsiderskeydistinctionswiththemostrecenthostcities,LondonandBeijing,andalsodeterminesTokyo’scurrentstatustomeetexpectationsthatcomewithhostingtheGames.

BothJLLandSTRGlobalintendtocompleteafutureupdateofthisreportwithamorecomprehensiveoutlook,particularlyafterTokyohashadmoretimetoconsidertheirsuccessfulbidandwhatitwillmeanfortheircountrypolitically,culturallyandeconomically.

Executive Summary• BasedonSTRGlobal’sdatatrackinghotelperformanceinsix

Olympichostcities,adeclineinannualaverageoccupancyduringtheyearoftheGamescanbeexpected.Thisisfollowedbyareturntothelongtermaveragethereafterandisacommonoutcomeforallhostcities.Likewise,thiswillbethecaseinTokyo.WhilstitistoosoontoknowwhatwillhappenintheleaduptotheGamesintermsofAverageDailyRate(ADR)performance,rateswillincreaseduringtheOlympicmonthsubstantially;

• TherearelongtermpositiveeffectsonRevPARforhostcitiesstartingfromtheannouncementyearandcontinuingoverthenextsevenyears.Fromaninvestmentperspective,thiswillalsoboosttheattractionofTokyohotelsasanassetclasstoinvestors.JLLanecdotallycanconfirmariseinpurchasersentimentforinvestmentgradehotelassetsinTokyowithoverUSD1.4billionrecordedintransactionsasatYTDQ32013(up267%overthesameperiodin2012).Thissignificantgrowthincapitalvolumein2013wasnotdirectlyaresultofanimpendingOlympicannouncement,butratherthelongtermoutlookforhotelinvestmenthasimprovedaswellastheavailabilityofhotelassetsforacquisitionduetotheunwindingoftheCMBSmarket;

• GenerallytheperformanceofhotelsasreportedbySTRGlobalinthepost-Gamesperioddependsonlocalmarketfundamentals,suchasthemacroeconomicenvironment,geopoliticaleventsandthevolumeofadditionalnewhotelroomstosupply.Tokyoappearswellplacedcomparedtoprevioushostcitiesinthisregardalthougheconomicfactors(andunforeseencircumstancessuchasnaturaldisasters)canobviouslychangethisoutcome;and

• AsmallerglobaleconomicpresenceandlossofregionalcompetitivenesshassharpenedJapan'sfocusonattractingglobalinvestment.Japanaimsby2020toattractsignificantlymoreforeigncorporationstoestablishregionalheadquartersinTokyo.ThefocusoninfrastructuredevelopmentandinboundinvestmentresultingfromtheGamescomplementsandfurthersthisobjective.

2 Tokyo Hotel and Tourism Report

ThekeyimpactsoftheGamesonhotelsandtourismgenerallyarereflectedintheprevioussummary.However,therearealsomoredirectandshortterminfluences.OuranalysisrevealsthatthedirecthotelimplicationsofhostingtheGameswilldependuponthesizeandrelativematurityofthelocalpropertymarket.Theseimpactsappeargreateronsmallerandlessmaturemarkets.

ThesuccessfulbidhasbeenbeneficialforconstructionandhospitalityindustriesalreadyinTokyo.Bothsectorshavealreadyenjoyedan"Olympicbounce".Stocksofkeybuildingcontractorslikelytobeinvolvedintheconstructionofstadiumandassociatedsportingfacilitieshaverisen.Transportcompanies,suchasJREast,willbenefitfromthestronginboundtourismgrowththatfollowsoverthenextsevenyears(andbeyondtheGames).Theflowoneffectsfortheeconomyisdifficulttoquantify,buttheJapaneseGovernmentreportstheOlympicsmaygenerateasmuchasthreetrillionyenand150,000jobs.

TheTokyo2020BidCommitteepredictsthatakeyphysicallegacyoftheGameswillbeanenhancementtotheurbanenvironmentandarevitalisationoftheinterfacebetweenthecityanditswaterfront.AnotherbenefitofhostingtheGamesisthedevelopmentofnewandimprovedinfrastructure,fromwhichahostcityderivesbenefitslongaftercompletion.ThiswascertainlythecaseforBeijingandtoalesserextent,London.Tokyoalreadyappearswellplacedonitscurrentinfrastructureanditiswidelyunderstoodthatmajorupgradesarenotrequired.


Onthe7thofSeptember2013,Tokyowonitsbidtobecomethehostcityforthe2020SummerOlympicGames.Itlastheldtheeventin1964andisthefirstcityinAsiatohosttheGamestwice.

WiththeJapaneseeconomyalreadyreboundingfromtheimpactofmonetaryeasingandfiscalstimulusvia“Abenomics”,winningtheGameshasfurtherbolsteredoptimismthatthecountrywillsucceedinovercomingdeflationandimprovingdomesticdemand.

Fortunately,recenthostcitieshavelearnedfromthecostlymistakesofearlierhosts,minimisinginvestmentintemporaryfacilitiesandmaximisinginvestmentinlongtermprojects.ThemostobviousadditionsareneworupgradedstadiumsandhousingbuiltspecificallyfortheGames.Thesefacilitiesgenerateongoingincomethroughtheattractionofsubsequentmajorsportingevents.Suchexamplesforprevioushostsincludethe2015AthleticsWorldChampionshipsinBeijingortheannualAthleticsGrandPrixandthe2015RugbyWorldCup,bothinLondon.

InanticipationoftheGames,Japanwillhostoverthenextfewyearsthe2014ISUWorldFigureSkatingChampionships,the2014WorldTableTennisChampionships,the2017AsianWinterGamesandthe2019IRBRugbyWorldCup.

TheOlympicVillagesiteaftertheGameswillbecomeInternationalExchangePlaza,aresidentialandmixed-usedevelopmentthatwillbecomeamajorculturalandeducationcentrehousingfacilitiesforinternationalstudentsandglobalinstitutions.

TheIOCcommissionedreportonTokyo’sOlympicbidnotedwithina50kilometreradiusofthecitythereareapproximately140,000existinginternational-brandedhotelrooms,aswellas9,500roomsintraditional“Ryokans”orJapaneseInns.Tokyo’saccommodationplanoffersatotalguaranteedroominventoryofover46,000roomsin363hotels(between2to5star)whichmetIOCrequirements.Approximately37,000ofthesearewithina10kilometreradiusoftheOlympicVillagesite,reflectingacompactaccommodationoffering.

Tokyo’scurrentinfrastructureofferingalreadypossessesanexcellentmodernandhigh-capacitytransportnetworkanddoesnotrequireanymajoradditionaltransportupgrades.Tokyohasalongtermtransportplanwhichincludesinfrastructuretobeputinplaceirrespectively.AWesternmotorwayring-roadtobypasscentralTokyoandamajorcentralarterialroadareunderconstructiontoimproveconnectionstotheTokyoBayarea,wherethemajorityofOlympicvenueswillbesituated.

Introduction


AccordingtoSTRGlobal’sdatafrom2001to2012,BeijingandLondonexperiencedahighergrowthrateonRevPARduringthesevenyearsfromtheannouncementtotheOlympicyearcomparedtotheaverageover12years.Beijing’s12-yearcompoundannualgrowthrate(CAGR)was0.45%,whiletheseven-yearCAGRwas4.2%.London’s12-yearCAGRwas3.3%,whiletheseven-yearCAGRwas6.4%.

Howeverwenotethefollowing.Firstly,Beijing’sroomsupplyhasgrownrapidlyandthenumberofhoteloperatorshasfollowedsuit.Thestatisticsdon’ttrackthesamepool’sperformance.WehaveutilisedavailabledataacrossallcategoriesofhotelstoobservethemarketRevPARgrowth.Secondly,asmentionedearlier,theGamesarenotasolefactortodetermineRevPARgrowthandtherearemanyotherfactorsinfluencingit.Thenation’sGDPforecasts,newdevelopments,externaleconomicimpactssuchastheGlobalFinancialCrisis,andnaturalorunforseendisastersarekeyexamples.

Amongotherfactors,roomsupplygrowthinfluencesRevPAR.BecauseoftheexpectationonRevPARgrowthduetotheGames,bothLondonandBeijingexperiencedgrowthinroomsupplyinthetwoyearsleadinguptotheGamesandtheOlympicyearitself.TheCAGRforLondoninsupplywas3.4%(between2010and2012),drivenbyLuxuryandUpscaleroomsin2010and2011,andbyMidscaleandEconomyroomsintheOlympicyearitself.Alternatively,BeijingachievedaCAGRof10.1%fortheperiod2006to2008,drivenbythestrongergrowingLuxuryroomsegment.

InLondon,amoderatedeclineinaverageoccupanciesofalmosttwopercentto80.6%in2012wasessentiallydrivenbythetwomonthspriortothegamesinAugust.ThisfallindemandseemstobeacommonoccurrenceinthemonthspriortotheGames.Londonreboundedstronglyduringthefinalquarterof2012,basedonthepresumptionthatmanytravellerspostponedtheirtripstoaftertheevent.

Source:STRGlobal

Olympic Year RevPAR

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

London

Beijing

131.1 148.1 164.0 175.1 183.8 198.9 213.1 205.3 200.2 197.3 181.2 150.1

64.6 45.9 85.3 97.4 77.2 69.1 58.1 231.9 60.1 74.3 56.8 38.6

$0

$50

$100

$150

$200

$250

USD

London Beijing

Key Performance Measures of Hotels

ThehotelsectorisclearlythemostinfluencedbytheGamesduetothedirectimpactofOlympic-relatedarrivalsandtheresultingdemandforshorttermaccommodation.However,theprecisenatureofthisimpacthasvariedbetweenhostcitiesduetoanumberoffactorsincludingthematurityofthelocaltouristmarket,thedegreeofOlympicinducedhotelsupplyandhowwelltheregionleveragedtheGamesforitstourismindustry.

Source:STRGlobal

London & Beijing RevPAR (Year End)

£120

£110

£100

£90

£80

£70

£60

£50

£40¥0

¥100

¥200

¥300

¥400

¥500

¥600

¥700

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Beijing London


JLLandSTRGlobalexpectthesametooccurinTokyowithnon-urgentbusinessorleisuretripstobepostponed.TouristsavoidedBeijingandLondonpriortotheGamesnotduesolelytohigherroomratesbutbecauseofotherfactorssuchasnegativepublicityandmedia,andgeneralavoidanceofthehostcity.

DemandforLondonhotelswasupby2.4%whereasBeijingsufferedadeclineof6.2%aftertheirrespectiveGames,asreportedbySTRGlobal.InBeijing’sinstance,themonthsfollowingtheGameswerethestartoftheGlobalFinancialCrisisin2008.ComparedtoLondon,whereoccupanciesreachedlevelsof80%attheendof2012,Beijingrecordedanoveralloccupancyofjust52.1%bytheendof2008.OversupplyalsounderpinnedlowoccupancyinBeijing.

AllprevioushostcitieshaveexperiencedasubstantialincreaseinADRduringtheOlympicyear.Followingtwoyearsofdownturn,LondonrecoveredfromtheGlobalFinancialCrisisin2010andcontinuedstrongermomentuminto2011.STRGlobalreportedforLondonanADRofGBP134.40whichwasequivalenttoa12.5%increasein2011.

Furthermorein2012,Londonachievedanother3.2%growthtoGBP139.95,duetoaverystrongOlympicmonthwitha39.3%increaseresultinginanADRofGBP158.57inAugust2012.In2008,BeijingexperiencedADRgrowthof30.9%resultinginayearendADRofUSD145.12.ThisratewasdrivenbyanexceptionallystrongOlympicmonthwitha286.3%increaseandanADRofUSD402.42inAugust2008.IncomparisonLondon’sADRgrowthwasalotlowerthanBeijing,however,itwascomingoffahighbase.

DuringtheOlympicyeartheincreasedroomrateshavegenerallybeensufficienttooffsetloweroccupancies,withtheresultthatbothLondonandBeijinghaverecordedanincreaseinhotelperformanceasmeasuredbyRevPARby1.2%(USD179.40)and5.8%(USD80.60)respectively.MovementinhotelperformanceinthepostgamesperiodwasnegativeforLondon(-5.9%)achievingaRevPARofUSD167.49YTDAugust2013.Beijing,attheheightoftheGlobalFinancialCrisis,recordeda43.3%decreaseresultinginanoverallRevPARofUSD45.68.

Theaverageoccupancyoverthatsameperiodin2013was83%,lowerthanpre-OlympicandOlympicyears.In2013,LondonwasprimarilyimpactedbyRamadan,whichstartedon10Julyandended9August.LondonalsohashadasignificantnumberofnewhotelopeningswithYTDAugust2013supplygrowingby4.5%comparedtoahistoricalaverageofonepercent.

STRGlobaltracksmonthlyhotelperformanceforpropertieswith33,739roomsinTokyo.YTDAugust2013performanceispositive,withbothoccupancyandADRincreasingby4.5%to85.0%and7.6%toJPY15,046,respectivelyyearonyear.

CurrentADRgrowthisalsoinpartaresultofAbenomics,providingmonetaryeasement,fiscalsupportandstrategicgrowthtotheeconomy.Adirectresultofthishasbeenthedevaluationoftheyen,anincreaseofconsumerconfidenceandresultinggrowthofinboundtourism.Inaddition,TokyohasalsowitnessedtheopeningofnewtouristattractionssuchasTokyoSkyTreeandOmoteSandoTokyuPlaza,aswellasthe30thanniversaryofTokyoDisneyResort.

AccordingtoSTRGlobalmostrecentforecastreportinTokyo,supplycompoundannualgrowthrate(CAGR)for2013to2015isexpectedtobeupby2.0%,whiledemandCAGRisexpectedtobeupby1.8%.

2013 YTD 2013F chg % 2014F chg %OCC 85.0 +4% +2%

ADR(JPY) 15046.78 +5% +4%

RevPAR(JPY) 12783.77 +10% +6%

Source:STRGlobal

London Occupancy (Daily Comparison)Olympic Games Period

65%

70%

75%

80%

85%

90%

95%

100%

Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun

Pre-Olympic Year 2011 Olympic Year 2012 Post-Olympic Year 2013

Source:STRGlobal

Average Daily Room Rate (Daily Comparison)Olympic Games Period

£50.00

£70.00

£90.00

£110.00

£130.00

£150.00

£170.00

£190.00

£210.00

£230.00

£250.00

Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat Sun

Pre-Olympic Year 2011 Olympic Year 2012 Post-Olympic Year 2013

AnalysisofSTRGlobaldailydatashowsaverageoccupancyin2011was84.4%overwhatisconsideredtheOlympicperiod.LookingattheOlympicyearin2012,occupancywasabove85%onmostdays.Highestoccupancyachievedduringthisperiodwas94.4%onthedayTeamGreatBritainwonsixgoldmedals,dubbedas“SuperSaturday”.


ForanyOlympichostcity,thekeyadvantageoftheGamesisthedevelopmentofnewinfrastructure,fromwhichthecityderivesbenefitslongaftertheGameshavecompleted.WiththeJapaneseeconomyreboundingfromtheimpactofmonetaryeasingandfiscalstimulus,winningtheGameshasbolsteredoptimismthatthecountrywillsucceedinfinallycontrollingdeflation.

HotelsareclearlythemajorbenefactoroftheGamesduetothedirectimpactofOlympic-relatedarrivalsandtheresultingdemandforshorttermaccommodation.Thepreciseimpacthashistoricallyvariedbetweenhostcitiesduetoanumberoffactorsincludingthematurityofthetourismmarket,thedegreeofOlympicinducedhotelsupplyandhowwellthecountryleveragedtheGamesforitstourismindustry.

Movementsinhotelperformanceinthepost-Gamesperiodhavevariedasthecitiesresumedtheirnormaltourismcycle.Londonrecoveredwell,whilstBeijingwitnessedRevPARfallsubstantiallyinthetwoyearsfollowingtheGames,reflectinganoversupplyofhotels.Aboveaverageroomrateshavegenerallybeensufficientenoughtooffsetloweroccupancies.LondonrecordedanincreaseinhotelperformanceasmeasuredbyRevPARduringtheOlympicyear.

Eachhostcityisverydifferentintermsofthestateofitseconomyandmaturityofthelocalhotelmarket.Unpredictablegeopoliticaleventsalsogreatlyimpacthotelperformance.WhilstitappearsthatTokyoalreadyhasawell-establishedhotelmarket,itisdifficulttoanticipate

howsuccessfulRyokansareabletocompetewithhotelroomsduringtheOlympicGamesperiod.Regardless,itislikelythatlargescaleadditionsvianewhoteldevelopmentswillbeminimal.

Havingsaidthat,afteradecadeoflobbyingtolegalisecasinogambling,Japanisnowgrantedanopportunitytoreintroducethisforconsideration.Plansareafoottosubmitaninitialbilltoparliamentbytheendof2013.Ifthebillpasses,thiscouldmeanthefirstcasinoresortwouldopeninJapanpriortotheGames,bringingwithitsubstantialroomsupply.

TheGamesareanticipatedtoprovideasignificantstimulusforJapan’seconomy.UltimatelytheGameswillbeanopportunityforJapantodevelopanewvisionforthenation.Itwillbringeconomicdevelopment,forcegrowthwithinTokyo’sinfrastructureandmostimportantlybeaboosttotheJapanesepeople.

Thecountrywasheavilyimpactedbythe2011tsunamiandthesubsequentFukushimanucleardisaster.Japanisstilltryingtomovebeyondtheseevents.TheOlympicGameswillhelptogivetheJapanesepopulationgreaterhopeandachanceforthecountrytoshowtheworlditstrueculturalandeconomicstrength.

Outlook


About Jones Lang LaSalle Hotels & Hospitality Group

JonesLangLaSalle’sHotels&HospitalityGroupservesasthehospitalityindustry’sgloballeaderinrealestateservicesforluxury,upscale,selectserviceandbudgethotels;timeshareandfractionalownershipproperties;conventioncentres;mixed-usedevelopmentsandotherhospitalityproperties.Thefirm’smorethan265dedicatedhotelandhospitalityexpertspartnerwithinvestorsandowner/operatorsaroundtheglobetosupportandshapeinvestmentstrategiesthatdelivermaximumvaluethroughouttheentirelifecycleofanasset.Inthelastfiveyears,theteamcompletedmoretransactionsthananyotherhotelsandhospitalityrealestateadvisorintheworldtotallingnearlyUSD30billion,whilealsocompletingapproximately4,000advisory, valuationandassetmanagementassignments.Thegroup’shotelsandhospitalityspecialistsprovideindependentandexpertadvicetoclients,backedbyindustry-leadingresearch.

Formorenews,videosandresearchfromJonesLangLaSalle’sHotels&HospitalityGroup,pleasevisit:www.jll.com/hospitalityordownloadtheHotels&HospitalityGroup’sappfromtheAppStore.

Contributors

Frank Sorgiovanni, Vice President, Research & Strategic Advisory, Asia

AsHeadofResearchforAsia,FrankmanagesJLL'sregionalHotels&HospitalityGroupresearchandsitswithinthestrategicadvisoryteam.Hiskeyresponsibilitiesincludeauthoringleadingedgeindustryresearchaswellasthought-provokingwhitepapersandclientspecificmarketstudies.Frankadditionallyprovidesinputintothewiderfirm’ssuiteofglobalresearchreports,investmenthighlightsandoutlooks,propertydigestsandinvestorsentimentsurveys.

Tom Sawayanagi, Managing Director, Japan

TomSawayanagiisManagingDirectorofJonesLangLaSalleHotels&HospitalityGroup,andheadsupitsTokyooffice.Theserviceshecoversrangefromadvisory,investmentsalesandotherrelatedactivitiesinJapan.HeisalsoresponsibleforbeingaliaisononbehalfofitsoverseasofficesregardinghotelassetsownedbyJapaneseinvestors.

About STR Global

STR Global provides clients—including hotel operators, developers, financiers, analysts and suppliers to the hotel industry—access tohotel research with regular and custom reports covering Europe, Middle East, Africa, Asia Pacific and South America. STR Global providesa single source of global hotel data covering daily and monthly performance data, segmentation data, forecasts, annual profitability,pipeline and census information. Hotel operators can join the surveys on a complimentary basis and benefit from free industry data. STRGlobal is part of the STR family of companies and is proudly associated with STR, RRC Associates, STR Analytics and Hotel News Now. Formoreinformation,visitwww.strglobal.com

Naureen Ahmed, Manager, Marketing and Analysis, United Kingdom

NaureenAhmedisresponsibleforSTRGlobal‘smarketing,brandandcommunicationeffortsglobally,whilealsoprovidingkeyinsightsintohotelperformance.ShejoinedSTRGlobalin2010asForecastAnalystandwasresponsibleforSTRGlobal’sHotelMarketForecastReportsforover40globalmarkets.Naureenregularlyattendsandpresentsatclienteventsandconferences.

Megumi Ishida, Business Development Manager, Japan

MegumiIshidaisBusinessDevelopmentManageratSTRGlobal.ShejoinedSTRGlobalwhenthecompanyopenedaJapanofficein2010.SincethensheisresponsibleforJapansalesandextendsdedicatedservicetoJapanclients.Shehasvariousexperienceinbothpropertyoperationandcorporatesalesandmarketingatdomesticandinternationalhotels.

Elizabeth Randall-Winkle, Managing Director, United Kingdom

ElizabethistheManagingDirectorforSTRGlobalLimited.PriortobeingappointedManagingDirector,shehadbeenDirectorofOperationsforthecompanywithresponsibilityforoperationsandclientrelationshipmanagement.Elizabethisactiveintheindustry,speakingatinternationalconferencesandparticipatingonpanelsatvariousevents.ElizabethwasinvitedtotakepartintheDean'sDistinguishedLectureSeries(DDLS)attheCornellSchoolofHotelAdministration(SHA)in2011andatEcolehôtelièredeLausanne(EHL)in2012.

www.jll.com/hospitality

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COPYRIGHT© JONES LANG LASALLE 2013All rights reserved. No part of this publicationmay be publishedwithout prior written permission from Jones Lang LaSalle. The information in thispublication shouldbe regarded solely asageneral guide.Whilst carehasbeen taken in its preparationno representation ismadeor responsibility accepted for theaccuracyof thewholeor any part.We stress that forecasting is a problematical exercisewhich at best should be regarded as an indicative assessment of possibilities rather than absolute certainties.The process ofmaking forward projections involves assumptions regarding numerous variables which are acutely sensitive to changing conditions, variations in any one of which may significantly affect the outcome, andwedrawyourattentiontothisfactor.

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Documents

Tokyo 2020: The Olympic Games Effect€¦ · JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC London Beijing 131.1 148.1 164.0 175.1 183.8 198.9 213.1 205.3 200.2 197.3 181.2 150.1