Bases del proceso de internacionalización de las cadenas hoteleras de las Islas Baleares

Bases of the globalisation of the hotel

chains of the Balearic Islands

Cirer-Costa, Joan Carles

Escuela universitaria de turismo de Ibiza

8 March 2012

Online at

https://mpra.ub.uni-muenchen.de/37210/

* " %

)" + , " + % (

- . ' * # " %

, " ' # " )

-' + " " % '

% " , $ ' " + "

" & * ! # &

/ * )" + #

" ' * " "

, 0 ( + ( ( $

123( /44( /25( /63

7$ 7

( # " # $ # #

. # " # 8 # ( 9 # (

* 8 # ' # . . #

)" , " # 8 ( . ' # #

9# # # ' # 9 # " , . "

" # # # ' # . . #

' # . # " , # $

# " 9 # # " # " 9# # #

# '

1 # # )" # . "

9 # # " ' # # 9# #

#

, 0 ( ( ( $

! "

& 4:;3 Grand Hotel < = ( 2;;:> (

) * ( - ( +

" " & 7 "

$ . " ?? = (

2;;@A 2;;:A 2;;: > ' + " - " " ! ! 4:3@B

4:C5( # $ " "

- =< " # ( 2;;2>

D % + " " "

" ( * " # " ' # )" !

" " "

-" " # + ( (

- % " "

" % " 4:@C ' . & 2;4; (

- ' - " '

# ' . * "

+ #

" "

- " +

" ( " 4 +

+ " ' +

, " % " ( " ( " " . - (

" " * '

" " . " " * # + ( " * (

) " + ( "

4

) * " )" + "

" # $ * E ( ' (

D . ( " . + '

" .

-#! " " $ "

2.1. Empresas grandes, pero familiares

< ' 1 - =2;;:>( ' 8 & 2;;5 "

. " & * # .

6 " % ( 5 $ , Sol Meliá,

Barceló, Riu, Iberostar ' Fiesta " "

)" + & ( " * #

)" " & 4:@;

8 " # 2 *

" " " 4G( 2C( 26( 3; ' 6G 4

# " " - * " 8

3;; " # ( % " " ,

4 " * " & , 6CH

# " "

2 D " & " ( # (

-I " " 4( 3( C( 5 ' :( - 2;; ;;; #

3 . < " .

" ' ' % ,Husa =E " >(H10

= " >( Lopesan( =/+" - # > ( & $H

- * " . 3

2

Hotels( 2;;:( < 26B33 " & 8 3;;

' " #

3

$H Hoteles . " " " ( - (

* . # ( ! .

" . / ' % " * " 4

& ! # ' " % - ' * 3;;

' & 2;;6 8 Hotels " + "

8 ' # ' # " "

! ' ! + "

1 , Hotels 2;;: < 26B33

' ( ) )

4G - " & G@ 335 3;C

23 0 0 " & C: @GG 3C4

2C $ + 0 J " & CG ;;; 46@

26 0 J " & 3G ;;; 4;;

3; " & 3@ ;;; 4;;

52 0 7 0 E " $ " & 45 @32 4CC G3 04; 0 $ " & 42 3GG C;

6; E 0 " & 44 4:5 6:

6G 1 0 E " " & 4; 354 C5

:@ I 0 " & : 3@4 2G

:G 7 0 " & : 3;; :4

:6 < 0 J " & : 3;; 4:

:: < 0 J 1 # < : 4C3 66

4;C 0 E " $ " & 6 GC: 6G

445 ' E " 7 ' * % 6 ;33 4:

44: / " 0 E " / < " & G @2@ 2;

452 7 # 5 :C; 23

4@3 1 0 7 5 5;; 2;

4GC / 0 < # " 5 ;:G 2;

4G6 # 8 0 E " $ " & 5 ;43 35

4G: < " & 5 ;;; :3

465 D 0 J * % C G:3 22

46@ 0 7 E C G6G 4@

2;4 K E 0 / < C 256 46

24; 0 0 J 3 :3G 42

243 D 0 E " 3 6;2 4:

245 # " 1 3 G4; 22

2@4 7* 0 / 7' " # " 2 65@ 2;

264 D 0 " / 7 2 C26 43

I 7/, C4C 2;; 2 ;33

& #! D + -. " 77 " & ' " % " #

" % - * . " 3;; '

1 , Hotels 2;;: < 26B33

** ) + ) ( ) + )

$ 5 2;@ @6@ G35 3 43 C52 @C

5 6C 533 @C4 < 2 43 C;4 4;@ & 5 54 ;G4 325 * % 2 42 62@ C4 4 G @2@ 2; # " 2 G :53 C; <7L7 4@ 3C: :4@ 4 G24 2 G :26 33

E 4 C G6G 4@

- " ! + " " % ) $

1 , - E $

< - ( ' .% '

" ( " * % " #

$ " ( " ( "

+ * # # " . " &

??C " " "

+ " * .

+ B . - =K ( 2;4;> '

# . % 7 =7 ' - # ( 2;4;>

" . * ' % "

" & % # " ,

4 D

2 )" + " & # " +

3 7 " & ( %

" (

C

+ ( # $ #

+ ' #

# * %

+

I " % *

. + " " +

= ' . ( 4::3> ( "

. + ( * " " (

( M N " - " (

" & & ' " / "

$ . ( " ( "

" & * " % ( = ( & '

7 % > ' " ( = '

1 ( " ( E ( * % ( " ( # " ( ' " ! >

/ * " # " . " &

- . + " " .

+

2.2. Un sector complejo y muy específico.

MK & 5N < .

+ (

( ' " ' /

" %" " " " *

( " . ( * " *

' . * $

?? ' + ( ( . & @

- ( % # + ( - (

* # " - " ) ( ' '

5

7 #9 # ' E ( $ 4::;( < 4G5

@

/ . + % % ' " '

) . +

* $ ( )" " + *

* 7 ) ,

- G )" * # # ' "

" " & ,

-) ( " ( " ( " +

* ( " " ( . "

7" % % ' " %. *

+ , # ) (

" * * #

) . " % % - (

* + " " + )" #

-" +) " # * " * " " & ,

" + ( " ( * ( " " ( ( - (

* " 6

< ( " # ) (

" ) + " < " #

' = " > # ) # :( "

* % . )" + % ,

" * & )" ! ( " !

" " ' " . ! . 4;

" " "

' " ' " * ( - ( - % *

.- " 7

-) " A * #

-* ( # " 44( * #

" " " *

G

4:@@ ' 2;;@ $ - '

-6

/ )" + # # +( " " (

" < " # ' - '

:

)" # ! . * B +

* " # * " " ( " "

-" * ' # + " # * #

) ?? # ' # "

' )

D * . " " # )" +

' ( 2;;3 ' 2;;6

4;

# ' K # 4::; < 43

44

% " & ' " ' # " "

# + +

" - = . ( 2;;2> ' ( " 42

* * " - . " *

" * " " %

" & ( ' ) - ' )" " ( (

% ' " %. * " ' .

% ' * + #

%! 1 2 3 ( " $

/ " % " ( "

% ' " "

/ " # "

-' + < ' %

E $ / . - " 4:@C

# 2;4; " " . * # #

' " ) ' +

" " ' %

/ " ( . .%

" % * 35 & ,

4:G5( 4:6;( 4::2( 4::: ' 2;4; / . " "

" 7 =4::5,5GB56>A 4::: " 7 '

=2;;;,4@> " ' # " " " '

1 A & 2;4; # " " /

" *

" " + % . ( #

"- 9 " " #

42

/ ' % " * " 4 " "

# ) Husa( = " . >( " 423 #

45 ) H10 3: # @ - . " & GSM

@G 6 ) Occidental Hoteles

/ " " " "

" ( " - '

* ( # ( " + / " " "

. " " , " (

" " % )" "

% = >( * 2;4; # #

( # *

% . & , 4 " P 2(6G ( 4

# + P 4(:6 43 . +

" - ( 7 4::5, "

-$ * . 5;; % D

( + # *

* - " # ( " * "

"

" %"

% % + 0 . # '

+ 4C / ( ( "

. -. " "

' # "

- + % "

,

4 . . " # 4:@C '

2;4; * " !

$-. "

2 " %

" ,

43

! M $ 2;4; E $ N

4C

/ " " % % " *

B / * " # . "

" % " " " "

B " " # "

+ ' " +

" % + " " )" +

3 # " " " %

C . + " $ * #

" " '

" %.

,! 6 " "

4.1. Fases de la evolución del sector del alojamiento turístico

7 ) 4 " . )

$ 4:@C ' 2;4; 1 4( 2 ' 3 " +

5 . ,

4 4:@CB4:G3 )" * . "

D + # 4( 2 ' 3

2 4:GCB4:G6 < + < +

" * & & = - 2;;( 42H >( *

+ )" " . . %

3 4:G:B4::; " " " " +

" , " % * & '

-( ' % % , 4 2

-% 25H # 4 ' "

-. # 3 " "

+ . % ' " ' (

" * ' " 7 "

" =O ' < 8 (

2;;4,3@:>( . #

C 4::4B4::3 " " . * . +

- ' - . 7 # C ' 5 '

# % A ! .

# ( " '

# ( & 4::; ' 4::5

C;6 ( 45H

5 4::CB2;;C . ( = 4H " ) >

- + . %

=# 4 ' 2 >(

# C ' 5

@ 2;;5B2;4; / . C2; ;;;

" " +

* % (

/ " " + * " ) " *

#

-?? ' * * # . #

- * "

( . " # +

" * & ' % ( * * " " %"

- = # 9 ( 4:6CA IQ ' R 8( 2;44>

! ?? * ( "

! * " + # % " '(

- ( + )

7 " . + . " ' "

" " '

% ,

4:G5 7 . % ' +

4:6; < " + * +

4::: # .

2;4; & +

3 ' C " - " . &

'

- " #! " % )

$

& %!< % ) & D .

1 , - E $

$ 3 " ( & 3 3 "

89:

B 1 B

$ 1 $

4:@C C6 :;@ 4 25C @ 433 C;; 5@ @:3

4:G5 4G6 C3G 43 4C4 35 G23 2 G42 23; ;43 42(C: 23(64 4G(3G 4:(;4 43(56 4:6; 4GC 63@ 43 CG: 3G 4:G 3 253 226 G@5 B;(C4 ;(54 ;(64 3(G; B;(44 4::2 2@G ;24 35 536 G@ C4G G 3@4 36@ 33G 3(5: 6(C4 @(46 G(;C C(C@ 4::: 2G3 @3G C5 ;@3 G6 64G G 5;5 C;5 ;22 ;(35 3(C5 ;(CC ;(26 ;(@6 2;4; 26@ @46 C: G2; G5 :3G G G;6 C4: :63 ;(C2 ;(:; B;(3C ;(2C ;(33

& ,! " " % ) & D

.

1 , - E $

$ 3 " ( & 3 3 "

89:

0 7" 0 4S 2S

0 3S

0 CS 5S

0 7" B 0 4S 2S

0 3S

0 CS 5S

4:@C 2@ 4CC 43 C;G 4; 4;; G ;C2

4:G5 C: CG2 :6 5CG @4 3:3 2; @;4 5(:G 4:(66 4G(63 4;(25 4:6; C5 C32 :2 @62 @6 C5: 22 4:2 B4(@: B4(22 2(2; 4(5; 4::2 3: C62 4;@ G:: 6G 3:5 422 36; 3; 264 B4(4@ B;(C: C(:@ 2(@2 4::: 2G 242 4;4 4G6 C@ :@: 4G5 226 5C C35 B5(46 B;(GG B6(C: 5(2@ 6(GC 2;4; 25 :2; 66 644 2@ ::: 4@3 GC@ 44C 5;G B;(CC B4(46 BC(:4 B;(@4 @(::

4.2. Competitividad del sector

< + " # .

" " " . ' " ! # "

. + " + . + ,

4 3 " "

2 / @ " * " " C :

3 / 42 " * " " 4; 24

C / 2C " * " " 22 C5 + " "

5 - " =7* *

" - 5;; "

% > + " " " 4::: C2 "

' @3 & 2;4;

@ < " * ' +

' ( " . ( " . ) * #

.

. " # % + '

% 0 . # ( " 5 ' # "

1 C

/ * " 1 C ( ' %

# . " 4:G5 GCH

" ' 2;4; " # %

, 36H / # - ( 4::2(

+ " ( - "

T0 . . + " U /

2@; 55; " 2;4; " 4;6 "

' 4::: 6G " * " 5;; " /

# ( " * .

( #

% " " " ( "

# " " + + "

" " " ' " #

4;H 4:G5 ' 2;4;( ' ' (

( # " 25H

# ) " Sol/Meliá 45'Fiesta 4@( *

# " " % . + " = ( 2;;4>( "

# " +

% 0 . # ( " * " #

% - D 4:6; # 2;4;

45

( 4::5 < 5@ MSol Meliá " % # N

4@

# ;(;;G ' ;(;;6( ) ( '

;(45 *

4G

' * " # '

- 46

7 - ( "

' " # " 43H *

# 35H( " " # %

" * #

I ( ( "

. ) " " "

# ( # ' " , + ( . * (

" % ( " " ( = %( 2;;;>

4.3. Los capitales no insulares en el mercado turístico balear

" 7 ) 2 " *

C5 ' " # * " $ 3

. . , Hotasa4:( Stella Polaris ' Sunwing '( - ( "

" 4G( CC ' C5 ) " . *

" " ) & 2;4; #

+ ) ( " 4:G5

" " " ) . % C;H

" ( = 4;H . >

" - " ( , Iberotel '

- , British Caledonian Hotels / " + ' + "

- G ;;; $ 4:6;( " " .

" #

4G

/ + 1 " " ;(45 . "

D " . < 4:

46

D =4:::,2::> % 0 . # ;(454 "

# - " % 4:6:B4::C * - " @BG

"

4:

% Hotasa" " " $ueva Rumasa* #

Riu 4::3 " * Iberotel ( ( +

)" + " - - ' # (

* % ' " ( " 2;

British Caledonian Hotels ! + " ' +

" # = C ;;; >(

-# " ' F. ! 4:6; % ! * "

+ " + ' + + # ( "

+ ( * % . " Sol *

( = " Copthorne>( . Tara Hotels," "

" Millennium * " #

24

" , " ) "

# $ & G;( ' 6; " +

" . ( " " " ! " " '

( " ! ( " ' '

#

I " + " " & Rumasa * 4:62

" % - 5 ;;; $ & . *

" E " & * + # "

* % Sol

< & 2;;@ " . " 1

* Hoteles Globales/Optursa * + # ( = - C ;;;

>( * " Acorn" % $

(

" & " =K ( 2;;C,34>( *

# . " "

# " - " + " ) #

( . ) " + #

2;

" " "- 9 ( " Iberotel 2;44 46 # " ( 3 * % ( 3

F ( 2 7 ' 4

24

4.4. Evolución de las empresas insulares con inversiones en el extranjero

7 ) 2 # * $

. # " ! * * "

. ! , Sol, Barceló, Riu, Iberostar ' Fiesta(

* ' " - # . *

' " C; / "

" * % " & 22 = # (

2;;6A $ ( 2;4;> ' " .

1 5 # " ' ' "

% , 4:G5 ' " " ( = ) " +

Iberostar>( )" - " '

" ( =4::2 " Sol( 4::: " >( #

. *

)" +

& * Iberostar' " %

4:5@( " ' " & +

# + 4:6@

1 @ # " ' ' "

* " ' + ) * # (

( # - 7 ' "

" %. -" " " * %

& V - GPS - . A "

-& " # #

* " . % . 23

22

# ( 2;;6A $ ( 2;4;

23

! " ( GPS(

& .!< " " + &

$ 3 " ( ; )

4:G5 4:6; 4::2 4:::S 2;4; 4:G5 4:6; 4::2 4:::S 2;4;

4B3 2; G4C 2C @2C 3G 226 35 :@@ 3: 4@C ;(;;3 ;(;;C ;(;;C ;(;;3 ;(;;3 CB: 22 362 2@ 5:G 2@ 24: C2 4@5 C@ G4@ ;(;;2 ;(;;2 ;(;;4 ;(;;2 ;(;;2 4;B24 4@ 3C; 4: CC6 33 52G 52 ;2: 55 3:5 ;(;;4 ;(;;4 ;(;;4 ;(;;2 ;(;;2 22BC5 C @:5 25 :;@ C; :5@ 56 6@G ;(;;; ;(;;; ;(;;4 ;(;;4

C@B 25 2;6 @; C;6 ;(;;; ;(;;;

I 4G; 5GG 453 C;4 2@3 C5G 4@3 @35 45: C33

23; ;43 226 G@5 36@ 33G 35: :5: C4: :63 ;(;;5 ;(;;G ;(;;@ ;(;;6 ;(;;6

S / & 4::: '

I " " * " # $ 'W

.

- " ,! + " " " ' %

- " .! + " " $ . " +

- " /! + " " $

"

.! "

/ ' CG & "

# & " ( "

* " + " - " % / #

- " " + ' "

% ( . + * .- )"

* )" * " * " . * (

( # ,

4 ' & . " & (

( " " - %

2 / " - " . "

" . = + ( 2;;4A ( 2;4;> * " %

" , ' # ' "

* % " " .

+ + . # "

# " " " .

" ) * " % + 2C

3 / " + " " # % *

)" " + "

# 25 /

" ( ) " + ( * " .

" * & # . = "" ( 2;;4> *

" + . . & *

" * / % "

# + * " "

" - " % " =D ' D 9 ( 2;;4>

. " + + # " * & "

. '

C 1 ( " ) % .

* #

" " +

+ = ( 4:3G>( ' *

) 0 # "

" ( % ! ' " (

" ( # !) (

2C

/ " " " # ) " "

" 7 * " - " +

" " = ( 2;4;,GC>

25

" " & # * + /

+ % ! # ' # ' " '

.% " &% ' # =/ .. '

' K 1 ( 2;;4> / % ( # '( #

( - + * +

"

I * + " - +

# " / # (

( . "

=$ ( 2;;:,442B443> / )" + %

" % ( " .

" " " - ' '( " (

. " " ! ( * .

+ ( ( " . - "

% ( " ( " . + ( ( '

. " + " %

. ( " " (

8 9 # 9 * $ ( " !

-/ . )" # + "

" * *

)" + )" " & "

)" + ) " # " * *

. $ - . (

. " # " ! " " "

=2;4;,6@> " )" + ,

" # # ( ( )" +

) * " + " - " * %

" " % . . '

)" . ( - ( "

* " " * * # " " )" +

" )" + * . +

' " =

>( " * " % . + * "

" + " " =E ' E #( 4::@>

X " . ( * ( ( #

' )" ' " "

"" =K ( 2;4;,4@@>( "

+ " 2@

2@

M # ' . # 9 # . # . ( " 9# # # " ' # " " ' 9 # " . 8 9

. 8 " # . .

* < !< % ) $ &

1 , - E $

7LI 0 '

7" 4 ' 2 /

7" 3 ' C /

0 4S ' 2S

0 3S

0 CS ' 5S

I 7/ $

4:@C 2@ 4CC 43 C;G 4; 4;; G ;C2 5@ @:3 4:@5 34 3@C 4@ 423 42 ;56 6 ;5; @G 5:5 4:@@ 3@ 3:2 2C ;2; 43 364 : ;3@ 62 62: 4:@G 3: :;C 26 226 45 @C2 : 35C :3 426 4:@6 CC 24; 3: 436 46 26G : 656 444 C:3 4:@: C6 :@5 C: G25 23 G@: 4; 356 432 64G 4:G; 54 G64 GC @:4 35 2:2 42 3:5 4GC 45:

4:G4 53 42: 6@ 6C; 3: 3G@ 4C 45G 4:3 5;2 4:G2 52 6C; :3 :33 C5 5G6 45 C22 2;G GG3 4:G3 54 665 :@ 633 5G @:; 4@ 2G2 222 @6; 4:GC 5; C;C :G ;@C @; 5G6 4: 35: 22G C;5

50. ,5!,0# 54!.,0 / !%5% #7!/7 #%7!7 %

4:G@ CG 632 :G 633 @2 G4G 24 2:C 22: @G@ 4:GG C@ :22 :G 5C: @2 C;C 24 32: 226 2;C 4:G6 C5 :;; :@ 56G @3 ;@6 24 32: 22@ 66C 4:G: C5 2:; :5 4@G @C 323 24 @:5 22@ CG5

547 ,.!,%# 5#!/4# /4!,.5 ##! 5# ##4!0/.

4:64 C5 35@ 26 4;C 5 @:C :; C6: @: @:C 22 4:5 2@4 532 4:62 CC G55 3; 5;5 G 556 :; 42G G4 4;: 22 3@G 2@@ C24 4:63 C5 325 3C @43 6 3C@ 6@ ;CC G@ 3;6 24 :C3 2G2 5G: 4:6C C5 ;2C 36 624 43 33@ 6G 4@4 G@ 3:@ 24 :6: 262 G2G 4:65 CC C6G C3 :G6 4C 4;; 6@ @4C GG :CC 24 @46 266 GC4 4:6@ C3 :@3 5; C6@ 45 G@: 6G G2@ 64 @55 24 6C4 3;4 CC; 4:6G C3 2GC 5C ;5C 4G 44; 6: @CC 65 ;4C 24 6C4 34; :3G 4:66 C3 245 56 6:4 4: 4G@ 6: ;34 66 G:3 22 ;23 324 42: 4:6: C2 63@ G; 532 22 3;3 :; 563 :G 365 22 2@3 3C5 :;2 4::; C2 4;3 62 G33 2G 252 :2 624 44C 64; 25 44@ 36C 635

4::4 C; 352 62 4;6 2G 63G :2 G@; 44C 3CC 2: 545 36@ :4@

55# %5!,4# 47!%#5 #/!,07 40!%5. ##!%47 %7!#4 %4/!%%0

4::3 2@ 6@; G: ;:@ 2: 2C4 G; 52G 45; ;4G 24 :35 3GG @G@ 4::C 2@ @43 G@ 252 2: 3G5 @@ 4@G 456 ;4G 2C @2C 364 ;C6 4::5 26 6@3 G2 @4C 3; 3G3 @; 4;G 4@5 5;6 26 3@6 365 633 4::@ 26 ;4C G2 2;@ 3; G3@ 5@ 35@ 4@6 55G 32 @44 366 C6; 4::G 2@ @3G G4 C:6 34 464 52 G;G 4G4 G;@ C; ;:4 3:3 62; 4::6 2@ C:6 G3 ;C3 3; CC@ C: G54 4G3 5:G C5 322 3:6 @5G

555 #0!# # 07!/#/ %7!..# ,/!5/5 0.!##4 .,!,%. ,7.!7##

2;;; 2G ;4G @6 GG: 3; 532 C@ 63: 4G4 5G5 @C ;3G C;6 GG:

7LI 0 '

7" 4 ' 2 /

7" 3 ' C /

0 4S ' 2S

0 3S

0 CS ' 5S

I 7/ $

2;;@ 2@ 33; @5 C;4 32 ;;2 33 ;C2 4G5 6;@ :; @G6 C23 25: 2;;G 2@ 333 @C ;@4 34 542 32 453 4GC 23; :@ 6;6 C25 ;:G 2;;6 25 63: @2 535 3; :@C 34 5GG 4G4 422 4;4 4@4 C23 4:6 2;;: 2@ 352 5: 63: 3C ;;G 2: :C4 4@5 @@5 4;G 44C C22 :46

#7 7 #.!5#7 .0!4 4 %7!55% #/!555 /%!0,/ ,!.70 , 5!54%

* < #!0 ' # " C5 ' " * "

$ 7& 2;4; # "- 9

" 2;44

1 , # "- 9 "

0 0 1 $ $ " & =4> 1 " & =4> =4>

B < 5 G:2 4 5G2 GG3 6 43G 2C 42G 454 3;2 E " < . = > 3 63G 4 ;6; G4: 5 @3@ 32 2 3C E< =3> 44; C 6@: C :G: 52 52

1 4 ;5@ 256 3 5@; C 6GC 46 44 4G C@

0 0 =2> < 2 :56 4 C@@ 44@ C 5C; 23 2 25

< 3 6:3 3 6:3 43 24 53 6G

< > 3 3;6 3 3;6 45 45

K 7 = > 2 :6C 4@C 3 4C6 4C 4C

0 < 3 ;@C 3 ;@C 2; 2;

I" Y = > 2 2@: @G3 2 :C2 44 6 C 23 < 2 CC4 32C 2 G@5 44 26 @5 4;C 5C5 563 @6: @56 2 CG5 6 6

$ < 2 3@C 2 3@C 5 5

0 " = > 2 352 2 352 45 4; 25 $ < 4 2G6 @CG 3C: 2 2GC 6 CC 6; 432

$K < 2 4G; 2 4G; 5 3 4; 46

4 ::; 4 ::; @ @ 42

0 =3> 4 G2; 4C6 4 6@6 G B B B

< 4 633 4 633 43 43

7 4 6;4 4 6;4 4; 4;

# < 4 3CG C3: 4 G6@ 44 C 45

0$ 7 = > 4 C46 335 4 G53 43 2 45

< 4 C;3 2G: 4 @62 4; 4;

$ < 4 36C 2:; 4 @GC : :

K Y = > 4 ;5C 52; 4 5GC 6 2 4 44 E = > 4 ;6C 2;C 22@ 4 54C 6 3 44

I < 4 322 6@ 4 C;6 4; 4;

$E < :@3 C;C 4 3@G 5 5

< 4 3C@ 4 3C@ @ @

DZ < 4 25; 4 25; @ @

1 )= > 4 4:4 4 4:4 6 6

0 0

1

$

$ " & =4>

1 " & =4> =4>

=3>

< 4 ;;C 4G5 4 4G: 6 2 4;

4 4G2 4 4G2 5 2 G

$V < 4 4@: 4 4@: 6 6

0 7 = > 4 4@G 4 4@G : :

< C@G @5G 4 42C @ @

7 = > G6@ 22@ 4 ;42 G 4 6

) 7 = > :GG :GG C 4 5

" < :CC :CC @ @

= > G@; 45; :4; 5 5

0 < :;; :;; 5 4 @

7[ = > 63; @C 6:C 42 42

< 23@ @46 65C 5 B B B

9 8# 64; 64; : B B B

I " =C> 25 :2; C @22 5 :46 2:; 3@ G5; C;@ 5 4

" =5> C2 :C6 @ C;: 4; ;6@ 2 ;GC @3 :G; 4 GC4

I 7/ $7/ 7 43G 5:3 4: G@; 3C 622 3 3C@ 4:G :GC 2 @C5 2GG 3:;

= > ' * <

=4>

' $

=2>

Hihotels . " " - Thomas Cook( " # *

" " ' . - <

=3>

.

=C>

' * % 4CC " * " C@ 46: @3 "

* " = $ * .

% 5;; " > / 64 "

=5>

# " . . E $ '

7 ( 7 ( $ Y( ( 2;;;, # ' %

N 7 7" \ 7 < / I

7 F ( / 2;;;, K 3 , / " "

)B[ ( 4:@3B4::: 0 ( 46( "" 45GB462

F ( ( ( E ( D% ( ( 2;;5, +

-7 ! / 7 B / 7 + ( 35 "" 4;GB

43C

7 ( O 2;;2, . # " ' . " \

. ( 23 "" 333B3C4

7 B - ( 7 ( # B< + ( 7 ( 2;4;, + ' ] Q,

. + " 7

0 ( C2( "" 45GB4:3

$ ( K ( 2;;:, / + "

- ( ' " & ( 4:5;B2;;2 0 ( C;( "" :5B

423

$ 9 ( $ ( 2;;3, " 7 . #( 3; =3>( ""

564B@;5

$ 8 ( ( $ # ( D ( $ ( 2;;C, # " " .

" # " . # " " 9

( 25( "" 454B4G;

$ ( E ( < ( / ( ^ ( 7 ( # D ( 2;4;, # #

' " , # # ( 34( "" 5GBG3

( 7 ( . ( ? ( 4::3, / " " & =4:4GB4:GC> "

" ) + 0 ( 3( "" 42GB4G5

B ( ( 2;;@, D . Q# D $ ( <

B ( ( 2;;:, / + D $ (

<

B ( 2;;: , D " * % % +

% N < ' < ( G =3>( "" C;GBC4C

B ( 2;4;, D - # ' 1

4:@; \ 2;;;N ( 2@( "" @:B:;

( ( 2;;:, / " +

% $ Q ( <

8 ( ( 4:65, $ 89 < #

( 0 ( 4:3G, # . # 1 K C( =4@>( "" 3G@BC;5

D ( $ ( 4:::, I # O 0 7 . #(

2@ =2>( "" 2:CB344

D ( $ ( D 9 ( < ( 2;;4, . # " 8 ',

" . # ( G =2>( "" 4C:B4@4

E $ ( 2;4;, $

( <

E ( / ( ( ( 2;;C, + . % '

" # " #

% $B1 + Y <

E ( ( < ( E #( E ( 4::@, 7 " ' " , 7 . 9 8 .

( O ( 2;;2, # . , 7 ' . 0 ' ' < . # . 0 " ' ( 2 =4>( "" C:BG6

( O ( D ( E 2;;:, # ' 8 E " , )"

" 7 ( 2; =4>( "" 5B4G

# ( ( K # ( ( 4::;, # # .

8 9 G =C>( "" 44B2C

O ( ( < 8 ( / ( 2;;6, O I" , *

. #( 3( "" 3@GB3G5

O 8( ( 2;;4, " Q # 9 ( 7 .

#( 26 =3>( "" G6CB6;G

/ .. '( E ( K 1 ( 7 ( 2;;4, # ', "

( 22( 44B4:

B1 ( ( 2;;;, # $ < '

1 ( 4( "" 43B26

( I ( ( ( 2;;3, 0 1

( I ( ( ( +( 2;;6, K 9 # ' ' #

# # " "" # ( 4C =3>( "" 544B52@

# 9 ( I ( 4:6C, D 9 # I). < " 3@

= " >( "" :4B44G

. ( K ( 2;;2, " ' " & # ,

"% $ ' < &% ( ( 4;( "" GB22

B/- ( ( 2;;:, )" + " . ,

7 ( 4:3GB2;;G 0 ( C4( "" C:B6:

B/- ( 2;;: , 1 + + "

-" & ( 4:CCB2;;6, " . % 0 + ( 4C( "" 4;3B

4C;

I # " ( ( 4:65, ', # .

( @ =4>( "" 23B34

IQ ( ^ ( R 8( 2;44, D U 7 " .

" # " . . ' .

0 " ' ( 3;( "" 545B524 < " # ( 7 ( 2;;2, )" "

( 6 =2>( "" 433B45;

< ( ( 1 - B<! ( < ( 2;;:, 7 # .

" # . ' . $ 0 '( 54 =3>( "" C@2BC63

+ 1 ! ( ( 2;;4, 0 1 E

' ( ( 4::5, / . , # B55

( 4@ =3>( "" 2;GB245

7 %( 7 4::5, % $ Q $ Y <

# " '( ( 2;;;, # . . # " ,

. '" . 0 " ' ( 4:( "" 2G5B2:3

# D ( ( < ( / ( 2;;6, / . +

# " & " . ( 24( "" 23:B

252

"" ( ( 2;;4, B D " , O I" Q $

7"" # # ) . # 9 7 .

D " . W1 ( 2;4;, 0 E

^ # ( D

K ( ( 2;;C, / " " " & '

. 7 . ) # "

0 ( 2@( "" 43B53

K ( ( 2;4;, + ' " + , + "

+ ' < % K = 4:G;B2;;G> 0