French Hotel Industry Performance

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French Hotel

Industry

Performance

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February, still no sign of recovery

Difficult to say whether January’s dramatic events continued to have a major impact on Paris as a destination, but hotel demand lost steam – a situation perhaps more to do with the on-going gloomy economic context where French clients were less present in Paris during the holidays. The situation was similar throughout regional France, where January’s encouraging results failed to carry on into February.

Definitions

OR = Occupancy Rate ADR = Average Daily Rate RevPAR = Revenue per available room

Sharply impacted in January by the terrorist attacks, Parisian hotels are finding it difficult to get back up to speed. All categories recorded a drop in occupancy in February. Although certain segments managed to compensate by posting higher average rates (Luxury, Standard Midscale), a large part of the market stagnated or declined. However, Philippe Gauguier, Associate at In Extenso TCH, argues that we shouldn’t be too quick to conclude that January’s attacks are to blame for tourists staying away – February is traditionally a month where French clients are present, particularly during the holidays. The effects of the recession are still being felt, and as with last year, clients are making themselves scarcer.

At the same time, regional performances – rather encouraging in January – stagnated or even declined, depending on the area observed. The Côte d’Azur and certain cities (Bordeaux, Lille, Lyon, Toulouse, etc.), posted better results than this time last year, confirming January’s trend. However, others (Marseille, Strasburg, etc.) suffered, recording significantly lower results.

It should be stressed that certain destinations and professionals are taking advantage of this quiet period to close – to use up holiday time or undertake maintenance works. This phenomenon is particularly present on the Côte d’Azur where hotels that usually stay open have adjusted capacity or opening dates to reflect the slower business. More upscale categories confirmed the decline throughout France. Conversely, although 2014 was difficult for budget segments (particularly Super-budget), given the rise in VAT, average rates are slightly better this year. The budget sector was the only one to see RevPAR progress during February, although time will tell whether the VAT hike has finally been digested.

Monthly performance

Feb ruary Luxury Upscale Midscale Budget Super Budget

OR 2014 47,1% 52,3% 54,1% 58,6% 59,0% V ar. /n-1 -3,7% 1,7% 0,1% 1,6% -0,8% ADR 2014 286 € 146 € 93 € 62 € 39 € V ar. /n-1 -8,7% -2,0% -0,8% -1,9% 1,1% RevPAR 2014 135 € 76 € 50 € 36 € 23 € V ar. /n-1 -12,0% -0,3% -0,6% -0,3% 0,3%

Year To Date performance

Jan. to

Feb ruary Luxury Upscale Midscale Budget Super Budget

OR 2014 46,5% 53,3% 52,0% 55,2% 55,3% V ar. /n-1 -3,4% 3,6% 0,6% 1,3% -1,4% ADR 2014 296 € 150 € 95 € 63 € 39 € V ar. /n-1 -9,3% -2,3% 0,1% -1,3% 1,1% RevPAR 2014 138 € 80 € 49 € 35 € 22 € V ar. /n-1 -12,4% 1,3% 0,8% 0,0% -0,3%

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Performances Paris

February 2015

Paris-City

Paris suburbs (excluding Paris) – Luxury and upscale

Monthly performance

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1

Paris - Luxury 60,0% -2,8% 406 € 4,1% 244 € 1,2%

Paris - Boutique Hotels 63,1% -5,0% 212 € -5,9% 134 € -10,6%

Paris - Upscale 60,9% -3,5% 167 € 0,2% 102 € -3,3%

Paris - Luxury & Upscale 60,9% -3,5% 221 € 2,9% 135 € -0,7%

Paris - Superior midscale 68,8% -3,4% 135 € -0,3% 93 € -3,7%

Paris - Standard midscale 67,3% -2,6% 100 € 3,8% 68 € 1,0%

Paris - M idscale 67,9% -2,9% 115 € 2,0% 78 € -1,0%

Paris - Budget 74,5% -2,6% 80 € 3,4% 60 € 0,6%

Year To Date performance

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1

Paris - Luxury 62,8% -4,0% 417 € 2,1% 262 € -2,0%

Paris - Boutique Hotels 64,9% -4,4% 224 € -5,3% 145 € -9,4%

Paris - Upscale 64,7% -0,4% 172 € 0,4% 111 € 0,0%

Paris - Haut de gamme & Gd luxe 64,3% -1,5% 228 € 1,7% 146 € 0,2%

Paris - Superior midscale 71,0% -3,3% 141 € 0,8% 100 € -2,5%

Paris - Standard midscale 65,6% -3,1% 103 € 3,5% 68 € 0,3%

Paris - Midscale 67,7% -3,1% 119 € 2,4% 81 € -0,8%

Paris - Budget 71,6% -4,2% 81 € 2,6% 58 € -1,8%

February OR ADR RevPAR

OR ADR RevPAR

Jan. to February

Monthly performance

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1

Paris 60,9% -3,5% 221 € 2,9% 135 € -0,7%

La Défense 63,9% 12,9% 151 € -4,3% 97 € 8,0%

Roissy CdG 69,5% 8,2% 112 € 6,1% 78 € 14,9%

IDF (exc.Paris and poles) 70,9% 11,1% 195 € 2,0% 138 € 13,3%

Year To Date performance

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1

Paris ₀ 64,3% -1,5% 228 € 1,7% 146 € 0,2%

La Défense ₀ 66,9% 16,8% 148 € -6,6% 99 € 9,1%

Roissy CdG ₀ 69,0% 4,5% 112 € 2,0% 77 € 6,6%

IDF (exc.Paris and poles) 68,3% 11,4% 195 € 1,8% 133 € 13,4%

Jan. to February OR ADR RevPAR

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Performance Regions

February 2015

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•* Upscale : = sample groups upscale boutique hotels and standard four star hotels

Monthly performance

February Luxury Upscale Midscale Budget Super Budget

OR 2014 46,6% 43,9% 48,7% 52,7% 56,4% Var. /n-1 -4,5% 2,6% -1,8% -2,2% -2,0% ADR 2014 207 € 120 € 85 € 60 € 38 € Var. /n-1 2,3% -1,9% -0,5% -3,3% 0,6% RevPAR 2014 96 € 53 € 42 € 32 € 21 € Var. /n-1 -2,2% 0,6% -2,3% -5,4% -1,4%

Year To Date performance

Jan. to February Luxury Upscale Midscale Budget Super Budget

OR 2014 41,2% 45,5% 46,7% 50,2% 52,5% Var. /n-1 -4,5% 9,3% 0,1% 0,0% -2,4% ADR 2014 210 € 124 € 86 € 61 € 38 € Var. /n-1 2,2% 0,8% 0,6% -1,3% 1,2% RevPAR 2014 87 € 56 € 40 € 31 € 20 € Var. /n-1 -2,4% 10,2% 0,7% -1,3% -1,3%

Monthly performance

February Luxury Upscale * Midscale Budget Super Budget

OR 2014 37,1% 41,1% 51,0% n.d. 52,0% Var. /n-1 3,4% 19,2% 11,0% - 3,2% ADR 2014 156 € 103 € 78 € n.d. 43 € Var. /n-1 -14,0% 0,0% -2,3% - 3,6% RevPAR 2014 58 € 42 € 40 € n.d. 23 € Var. /n-1 -11,1% 19,2% 8,4% - 6,9%

Year To Date performance

Jan. to February Luxury Upscale * Midscale Budget Super Budget

OR 2014 33,0% 38,0% 44,8% n.d. 47,3% Var. /n-1 -7,2% 22,9% 10,5% - 2,0% ADR 2014 155 € 105 € 78 € n.d. 43 € Var. /n-1 -9,9% -2,6% -1,7% - 4,0% RevPAR 2014 51 € 40 € 35 € n.d. 21 € Var. /n-1 -16,4% 19,7% 8,7% - 6,0%

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Performances Suburbs

February 2015

Paris suburbs (excluding Paris)

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Monthly performance 77. 78. 91. 92. 93. 94. 95. OR 2014 31,6% 64,3% 60,1% 57,1% 60,5% 65,6% 64,3% 60,0% Var. /n-1 -12,2% 10,7% 17,6% 0,6% 21,6% 5,2% 6,4% 7,6% ADR 2014 96 € 103 € 88 € 107 € 74 € 82 € 100 € 97 € Var. /n-1 -2,6% 2,6% -5,2% -1,6% -5,4% 1,5% 2,2% -1,1% RevPAR 2014 30 € 66 € 53 € 61 € 45 € 54 € 64 € 58 € Var. /n-1 -14,4% 13,6% 11,5% -1,0% 15,0% 6,8% 8,7% 6,4%

77. 78. 91. 92. 93. 94. 95. OR 2014 34,1% 60,4% 56,5% 55,2% 58,4% 66,5% 62,4% 57,9% Var. /n-1 3,0% 9,9% 11,1% 1,0% 18,6% 4,0% 1,2% 5,5% ADR 2014 100 € 103 € 98 € 110 € 76 € 83 € 102 € 100 € Var. /n-1 2,4% -1,8% 1,9% -2,0% -4,2% -1,9% 0,8% -0,9% RevPAR 2014 34 € 62 € 55 € 60 € 44 € 55 € 63 € 58 € Var. /n-1 5,4% 7,9% 13,3% -1,1% 13,7% 2,1% 2,0% 4,6% Average suburbs Average suburbs February departments

Jan. to February departments

Monthly performance 77. 78. 91. 92. 93. 94. 95. OR 2014 70,8% 66,3% 63,1% 58,7% 62,8% 65,6% 72,6% 66,4% Var. /n-1 27,9% 8,5% 6,6% -8,9% 10,9% 8,5% 14,0% 10,4% ADR 2014 54 € 79 € 60 € 74 € 62 € 62 € 61 € 63 € Var. /n-1 -6,1% 0,6% -5,3% -2,1% 12,3% -6,3% 11,6% 1,9% RevPAR 2014 38 € 52 € 38 € 43 € 39 € 41 € 44 € 42 € Var. /n-1 20,1% 9,2% 0,9% -10,8% 24,4% 1,7% 27,2% 12,5%

77. 78. 91. 92. 93. 94. 95. OR 2014 63,1% 62,8% 58,0% 57,1% 56,8% 63,5% 67,5% 61,7% Var. /n-1 20,6% 7,5% -0,1% -9,3% 5,9% 5,9% 5,4% 5,4% ADR 2014 55 € 81 € 62 € 76 € 61 € 63 € 60 € 64 € Var. /n-1 -5,9% 1,8% -3,7% 0,0% 3,8% -5,2% 4,0% -0,3% RevPAR 2014 35 € 51 € 36 € 43 € 35 € 40 € 40 € 39 € Var. /n-1 13,5% 9,5% -3,8% -9,2% 10,0% 0,4% 9,7% 5,1% February departments

Jan. to February departments

Average suburbs Average suburbs Monthly performance 77. 78. 91. 92. 93. 94. 95. OR 2014 69,7% 70,9% 70,0% n.d. 69,0% 72,4% 72,0% 70,5% Var. /n-1 3,3% 5,1% 3,2% - -2,5% 0,3% 2,2% 0,7% ADR 2014 41 € 43 € 39 € n.d. 46 € 44 € 48 € 44 € Var. /n-1 2,4% 0,1% -1,8% - 5,9% -1,4% 10,3% 2,8% RevPAR 2014 29 € 31 € 27 € n.d. 32 € 32 € 35 € 31 € Var. /n-1 5,8% 5,2% 1,3% - 3,3% -1,0% 12,7% 3,5%

77. 78. 91. 92. 93. 94. 95. OR 2014 66,7% 68,9% 67,1% n.d. 66,0% 71,1% 71,3% 68,0% Var. /n-1 2,2% 3,5% 1,8% - -2,1% 1,0% 0,6% -0,2% ADR 2014 41 € 43 € 39 € n.d. 46 € 43 € 47 € 44 € Var. /n-1 2,7% 0,2% -1,4% - 3,7% -2,6% 5,5% 1,2% RevPAR 2014 27 € 30 € 26 € n.d. 30 € 31 € 34 € 30 € Var. /n-1 5,0% 3,7% 0,3% - 1,5% -1,6% 6,2% 1,0%

February departments IDF

(hors Paris)

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Performances North-East

February 2015

North-east & Cities

Departments in the North-Eastern set :

Aisne; Allier; Ardennes; Aube; Cher; Côte-d'Or; Doubs; Jura; Loiret; Marne; Haute-Marne; Meurthe-et-Moselle; Meuse; Moselle; Nièvre; Nord; Oise; Pas-de-Calais; Bas-Rhin; Haut-Rhin; Haute-Saône; Saône-et-Loire; Vosges; Yonne; Territoire-de-Belfort

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 North-east 42,0% 1,6% 123 € -1,2% 52 € 0,5% 43,9% 7,8% 126 € 1,2% 55 € 9,1% Dijon 49,2% 23,0% 109 € -2,8% 54 € 19,6% 41,5% 5,6% 109 € -4,2% 45 € 1,2% Lille 48,9% -4,6% 122 € 5,2% 60 € 0,3% 51,4% 3,5% 128 € 9,0% 66 € 12,8% Metz Nancy Reims n.d. - n.d. - n.d. - n.d. - n.d. - n.d. -Strasburg 43,7% -12,7% 110 € -8,6% 48 € -20,2% 52,3% 4,0% 113 € -3,0% 59 € 0,9%

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 North-east 47,6% 1,8% 89 € 1,1% 42 € 2,9% 44,9% 3,4% 88 € 0,9% 40 € 4,3% Dijon 46,3% -3,9% 85 € -1,2% 39 € -5,0% 40,9% -0,3% 81 € -0,7% 33 € -1,0% Lille 57,4% 2,7% 89 € 2,8% 51 € 5,5% 56,5% 4,3% 93 € 5,9% 53 € 10,4% Metz Nancy 52,3% 8,8% 78 € -3,1% 41 € 5,5% 46,0% 1,7% 78 € -2,5% 36 € -0,8% Reims 47,4% 2,7% 95 € 1,4% 45 € 4,1% 42,9% -2,9% 95 € -2,4% 41 € -5,2% Strasburg 48,1% -12,8% 95 € -5,8% 46 € -17,9% 48,6% -10,7% 96 € -3,9% 46 € -14,2%

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 North-east 56,4% -0,2% 58 € -3,3% 33 € -3,5% 53,4% 1,7% 59 € -2,1% 32 € -0,5% Dijon 63,8% -5,8% 59 € 0,0% 38 € -5,9% 57,3% -3,1% 60 € -0,4% 34 € -3,4% Lille 61,4% 1,5% 68 € -1,9% 42 € -0,5% 60,4% 4,8% 71 € 0,9% 43 € 5,8% Metz 48,5% -2,9% 61 € -6,6% 30 € -9,3% 47,2% 0,6% 60 € -9,5% 28 € -8,9% Nancy 56,6% 1,9% 59 € -5,1% 33 € -3,3% 52,4% 5,2% 59 € -3,6% 31 € 1,5% Reims n.d. - n.d. - n.d. - n.d. - n.d. - n.d. -Strasburg 56,2% -9,9% 62 € -9,0% 35 € -18,0% 56,1% -6,7% 63 € -5,2% 35 € -11,6%

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 North-east 56,2% -2,7% 37 € 2,0% 21 € -0,7% 52,6% -3,2% 37 € 2,5% 20 € -0,7% Dijon 58,4% -9,8% 38 € -1,6% 22 € -11,2% 54,0% -7,2% 38 € -0,6% 21 € -7,8% Lille 56,9% -4,8% 40 € 2,1% 23 € -2,8% 56,7% -0,1% 40 € 3,3% 23 € 3,1% Metz 62,2% -3,0% 37 € 2,0% 23 € -1,1% 58,0% -4,3% 37 € 2,5% 22 € -1,9% Nancy 54,0% -2,7% 39 € 4,0% 21 € 1,1% 51,2% -1,3% 39 € 4,4% 20 € 3,0% Reims n.d. - n.d. - n.d. - n.d. - n.d. - n.d. -Strasburg 56,2% -13,0% 40 € 1,5% 23 € -11,7% 53,3% -12,7% 40 € 1,4% 21 € -11,4% ADR RevPAR

insufficient supply insufficient supply insufficient supply insufficient supply

in progress in progress

Monthly performance Year To Date performance

Super Budget OR ADR RevPAR OR

ADR RevPAR

Budget OR ADR RevPAR OR ADR RevPAR

Midscale OR ADR RevPAR OR

ADR RevPAR

Luxury Upscale

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Performances North-West

February 2015

North-West & Cities

Departments in the North-Western set :

Calvados; Côtes; Eure; Eure-et-Loir; Finistère; Ille-et-Vilaine; Indre; Indre-et-Loire; Loir-et-Cher; Loire-Atlantique; Maine-et-Loire; Manche; Mayenne; Morbihan; Orne; Sarthe; Seine-Maritime; Deux-Sèvres; Somme; Vendée; Vienne

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 North-West 47,7% -13,6% 180 € -1,8% 86 € -15,2% 39,9% -13,7% 174 € -2,2% 69 € -15,6% Amiens Angers Le Havre Niort Nantes Rennes Rouen

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 North-West 48,1% 0,4% 84 € -0,8% 40 € -0,4% 45,8% -0,3% 84 € 1,9% 39 € 1,5% Amiens n.d. - n.d. - n.d. - n.d. - n.d. - n.d. -Angers n.d. - n.d. - n.d. - n.d. - n.d. - n.d. -Le Havre 55,5% 3,6% 80 € -8,9% 44 € -5,6% 51,1% 0,4% 82 € -5,2% 42 € -4,9% Nantes 53,8% -7,9% 85 € -4,1% 46 € -11,7% 53,9% -2,3% 87 € -2,9% 47 € -5,1% Niort 45,2% -15,3% 84 € -0,6% 38 € -15,8% 44,0% -13,3% 84 € 0,1% 37 € -13,2% Rennes 49,4% -17,2% 89 € -9,5% 44 € -25,1% 49,4% -10,2% 91 € -2,8% 45 € -12,8% Rouen 47,9% -1,9% 89 € -1,6% 43 € -3,5% 50,6% -2,1% 90 € 4,4% 46 € 2,2% Niort : in developm ent, sam ple sub ject to change

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 North-West 48,9% -5,8% 62 € -2,2% 31 € -7,8% 46,1% -4,8% 62 € -1,7% 29 € -6,4% Amiens n.d. - n.d. - n.d - n.d. - n.d. - n.d -Angers 57,2% -1,5% 73 € -2,5% 41 € -3,9% 55,5% 2,2% 71 € -3,2% 39 € -1,1% Le Havre 41,6% -21,9% 58 € 2,8% 24 € -19,7% 38,8% -21,3% 58 € -2,5% 22 € -23,2% Nantes 54,8% -3,2% 62 € -7,1% 34 € -10,1% 52,5% -0,9% 65 € -4,8% 34 € -5,7% Niort 48,4% -1,9% 58 € -12,8% 28 € -14,5% 44,3% -6,0% 59 € -9,3% 26 € -14,7% Rennes 58,9% -8,1% 64 € -11,6% 38 € -18,7% 57,9% -3,3% 65 € -6,8% 38 € -9,9% Rouen 50,0% -7,6% 61 € 1,6% 31 € -6,1% 49,9% -3,7% 61 € 0,4% 31 € -3,3% Niort : in developm ent, sam ple sub ject to change

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 North-West 55,5% 0,8% 38 € -0,7% 21 € 0,2% 50,8% -1,6% 38 € -0,3% 19 € -1,9% Amiens n.d. - n.d. - n.d - n.d. - n.d. - n.d -Angers 55,2% -7,4% 42 € 2,6% 23 € -4,9% 52,2% -6,6% 43 € 3,5% 22 € -3,4% Le Havre 66,0% -3,9% 37 € -6,0% 24 € -9,7% 56,6% -11,8% 37 € -7,0% 21 € -18,0% Nantes 62,5% 0,8% 42 € -1,5% 26 € -0,7% 60,9% 3,2% 42 € -1,1% 26 € 2,1% Niort 58,7% 11,5% 33 € -0,8% 19 € 10,6% 55,7% 5,7% 32 € -4,5% 18 € 1,0% Rennes 55,1% -6,7% 39 € -6,6% 22 € -12,9% 54,1% -3,2% 40 € -4,2% 21 € -7,3% Rouen 55,4% 5,5% 44 € 2,6% 24 € 8,2% 54,3% 4,4% 44 € 1,1% 24 € 5,6% Niort : in developm ent, sam ple sub ject to change

insufficient supply insufficient supply insufficient supply insufficient supply insufficient supply insufficient supply insufficient supply insufficient supply insufficient supply insufficient supply insufficient supply insufficient supply

insufficient supply insufficient supply

Luxury Upscale

OR ADR RevPAR OR ADR RevPAR

RevPAR

Midscale OR ADR RevPAR OR ADR

RevPAR

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Performances South-East

February 2015

South-East (excl. French Riviera) & Cities

Departments in the South-Eastern set :

Ain; Alpes; Hautes-Alpes; Alpes-Maritimes; Ardèche; Aude; Aveyron; Bouches-du-Rhône; Cantal; Drôme; Gard; Hérault; Isère; Loire; Haute-Loire; Lozère; Puy-de-Dôme; Pyrénées-Orientales; Rhône; Savoie; Savoie; Haute-Savoie; Var; Vaucluse

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 South-East 42,4% -4,0% 128 € 0,3% 54 € -3,7% 44,7% 7,4% 134 € 3,1% 60 € 10,8% Aix en Provence n.d. - n.d. - n.d. - n.d. - n.d. - n.d. -Avignon 24,0% -31,8% 108 € 5,4% 26 € -28,1% 29,4% -5,8% 100 € -0,7% 29 € -6,5% Grenoble Lyon 60,5% 4,7% 123 € 8,0% 75 € 13,1% 61,8% 11,4% 137 € 17,9% 85 € 31,3% Marseille 43,3% -14,3% 117 € -7,0% 51 € -20,3% 42,5% -6,7% 120 € -8,3% 51 € -14,4% Montpellier 45,1% 1,3% 133 € -8,1% 60 € -7,0% 47,9% 9,0% 129 € -5,9% 62 € 2,6% St Etienne

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 South-East 49,5% -6,6% 83 € -2,2% 41 € -8,7% 48,6% -1,7% 85 € -0,5% 41 € -2,2% Aix en Provence 42,3% -11,5% 79 € -3,7% 33 € -14,8% 40,1% -7,4% 79 € -4,9% 32 € -11,9% Avignon 44,1% -4,3% 74 € 2,8% 33 € -1,5% 43,7% 4,8% 78 € 2,5% 34 € 7,4% Grenoble 53,1% -3,4% 93 € -5,3% 50 € -8,5% 49,5% -6,1% 94 € -5,4% 46 € -11,2% Lyon 55,5% -6,4% 92 € -2,5% 51 € -8,8% 57,9% 6,7% 103 € 8,5% 60 € 15,8% Marseille 50,9% -5,6% 84 € -3,7% 43 € -9,0% 48,9% -7,5% 86 € -4,6% 42 € -11,7% Montpellier 48,6% -14,5% 81 € -4,3% 40 € -18,1% 51,6% -1,0% 81 € -2,1% 42 € -3,1% St Etienne

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 South-East 51,7% -5,5% 61 € -3,6% 31 € -8,9% 50,2% -0,1% 63 € 0,7% 32 € 0,6% Aix en Provence 43,5% -6,9% 59 € -2,5% 26 € -9,2% 43,1% -4,1% 58 € -4,8% 25 € -8,8% Avignon 40,3% -0,1% 55 € -6,6% 22 € -6,7% 39,6% -2,5% 57 € -4,3% 22 € -6,7% Grenoble 56,8% -5,6% 60 € -4,1% 34 € -9,4% 51,8% -4,8% 61 € -3,7% 31 € -8,3% Lyon 59,4% -3,6% 68 € -0,7% 40 € -4,3% 59,4% 4,6% 77 € 13,1% 46 € 18,3% Marseille 54,2% 6,7% 61 € -5,0% 33 € 1,5% 50,0% 4,8% 61 € -5,9% 31 € -1,3% Montpellier 54,7% -16,4% 65 € -4,9% 36 € -20,5% 58,0% -4,2% 67 € -0,3% 39 € -4,5% St Etienne

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 South-East 57,3% -1,2% 39 € 0,9% 22 € -0,3% 53,3% -1,1% 39 € 2,2% 21 € 1,1% Aix en Provence n.d. - n.d. - n.d. - n.d. - n.d. - n.d. -Avignon 55,0% -2,3% 32 € -5,0% 18 € -7,2% 50,6% -9,1% 33 € -3,4% 17 € -12,2% Grenoble 63,1% 1,6% 37 € -4,9% 23 € -3,4% 58,0% 5,2% 36 € -5,3% 21 € -0,3% Lyon 66,3% -3,2% 40 € 2,0% 27 € -1,3% 63,6% 0,9% 42 € 7,1% 27 € 8,1% Marseille 55,9% -3,4% 40 € -1,3% 22 € -4,6% 54,5% 0,7% 40 € -1,9% 22 € -1,3% Montpellier 53,5% -14,7% 35 € 0,1% 19 € -14,6% 54,0% -5,6% 35 € 2,4% 19 € -3,3% St Etienne n.d. - n.d. - n.d. - n.d. - n.d. - n.d.

-insufficient supply insufficient supply

insufficient supply insufficient supply

ADR RevPAR

Luxury Upscale

OR ADR RevPAR OR

RevPAR

in progress in progress

RevPAR

(10)

Performances South West

February 2015

South-West & Cities

Departments in the South-Western set :

Ariège; Charente; Charente-Maritime; Corrèze; Creuse; Dordogne; Haute-Garonne; Gers; Gironde; Landes; Lot; Lot-et-Garonne; Pyrénées-Atlantiques; Hautes-Pyrénées; Tarn; Tarn-et-Garonne; Haute-Vienne

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 South-West 42,8% 5,9% 151 € -2,4% 64 € 3,3% 42,4% 6,5% 155 € -2,9% 66 € 3,5% Bayonne-Anglet-Biarritz 32,5% -10,5% 179 € 15,4% 58 € 3,2% 35,8% -3,8% 179 € 4,0% 64 € 0,1% Bordeaux 35,0% 10,9% 183 € 6,7% 64 € 18,3% 35,0% 14,1% 177 € 3,3% 62 € 17,9%

Pau n.d. - n.d. - - - n.d. - n.d. - -

-Toulouse 66,8% 21,1% 113 € -13,5% 76 € 4,7% 62,6% 13,7% 117 € -10,5% 73 € 1,7% Bayonne-Anglet-Biarritz : in developm ent, sam ple sub ject to change

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 South-West 49,6% 0,4% 84 € -0,9% 41 € -0,4% 46,5% -1,1% 84 € 0,3% 39 € -0,9%

Bayonne-Anglet-Biarritz n.d. - n.d. - - - n.d. - n.d. - -

-Bordeaux 49,2% 7,7% 85 € 0,1% 42 € 7,8% 48,5% 3,8% 85 € -1,1% 41 € 2,7% Pau 51,2% -0,2% 77 € -1,7% 40 € -1,9% 47,4% -3,4% 77 € 0,5% 37 € -2,9% Toulouse 54,1% -8,1% 95 € -0,1% 52 € -8,2% 51,6% -6,2% 96 € 0,3% 49 € -5,9% Bayonne-Anglet-Biarritz : in developm ent, sam ple sub ject to change

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 South-West 53,1% 6,0% 59 € -3,3% 31 € 2,5% 50,5% 3,9% 59 € -2,5% 30 € 1,4% Bayonne-Anglet-Biarritz 51,2% 34,5% 49 € -8,3% 25 € 23,3% 44,5% 17,3% 47 € -12,5% 21 € 2,6% Bordeaux 57,5% 5,9% 63 € -0,3% 36 € 5,6% 54,4% 4,5% 63 € -1,7% 35 € 2,7%

Pau n.d. - n.d. - - - n.d. - n.d. - -

-Toulouse 56,3% -12,0% 63 € -2,7% 36 € -14,4% 56,4% -2,6% 63 € -2,7% 36 € -5,2% Bayonne-Anglet-Biarritz : in developm ent, sam ple sub ject to change

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 South-West 57,0% -4,8% 37 € -0,2% 21 € -4,9% 54,0% -3,2% 37 € 0,0% 20 € -3,2%

Bayonne-Anglet-Biarritz n.d. - - - n.d. - n.d. - -

-Bordeaux 60,0% -6,1% 36 € -0,2% 22 € -6,3% 57,0% -6,1% 36 € -0,5% 21 € -6,6% Pau 48,2% -7,2% 32 € -2,5% 16 € -9,5% 45,2% -5,8% 32 € -2,0% 15 € -7,7% Toulouse 65,2% -5,0% 38 € -0,5% 25 € -5,5% 63,3% -0,9% 38 € -0,1% 24 € -1,0% Bayonne-Anglet-Biarritz : in developm ent, sam ple sub ject to change

RevPAR

Super Budget OR ADR RevPAR OR ADR

RevPAR

Luxury Upscale

(11)

Performances French Riviera

February 2015

French Riviera

French Riviera Cities

* Monaco set include the following cities : Monaco, Roquebrune and Cap d’Ail ** Boutique Hotels: sample excludes Luxury hotels

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1

French Riviera - Luxury 37,1% 3,4% 156 € -14,0% 58 € -11,1% 33,0% -7,2% 155 € -9,9% 51 € -16,4%

French Riviera - Boutique Hotels** 58,9% 2,7% 89 € -3,4% 52 € -0,8% 49,8% 2,1% 91 € -3,6% 45 € -1,7%

French Riviera - Upscale 39,5% 21,3% 105 € 0,2% 41 € 21,5% 36,9% 25,7% 106 € -2,8% 39 € 22,2%

Average Upscale & Luxury 39,8% 13,8% 119 € -8,2% 47 € 4,5% 36,2% 11,5% 121 € -8,6% 44 € 2,0%

Average Midscale 51,0% 11,0% 78 € -2,3% 40 € 8,4% 44,8% 10,5% 78 € -1,7% 35 € 8,7%

Average Budget n.d. - n.d. - n.d. - n.d. - n.d. - n.d.

-Average Super-Budget 52,0% 3,2% 43 € 3,6% 23 € 6,9% 47,3% 2,0% 43 € 4,0% 21 € 6,0%

February OR ADR RevPAR OR ADR RevPAR

Cannes - Luxury 35,2% 4,9% 146 € -22,0% 51 € -18,2% 29,5% -13,5% 146 € -15,3% 43 € -26,7%

Cannes - Boutique Hotels n.d. - n.d. - n.d. - n.d. - n.d. - n.d.

-Cannes - Upscale 28,0% 13,6% 99 € -6,3% 28 € 6,5% 29,0% 29,7% 99 € -6,5% 29 € 21,3%

Cannes - Upscale & Luxury 32,0% 8,2% 128 € -17,9% 41 € -11,2% 29,2% -0,2% 128 € -15,3% 37 € -15,4%

Cannes - Midscale 40,2% -0,1% 82 € -4,9% 33 € -5,0% 36,5% 0,0% 84 € -2,3% 30 € -2,4%

Nice - Upscale & Luxury 46,0% 15,3% 114 € 1,4% 52 € 16,9% 42,0% 20,5% 115 € -1,7% 48 € 18,5%

Nice - Midscale 55,7% 16,6% 74 € -2,5% 41 € 13,7% 48,3% 16,2% 75 € -1,6% 36 € 14,4%

Monaco - Luxury 63,9% 62,4% 262 € -12,3% 167 € 42,4% 57,6% 39,9% 282 € -12,2% 162 € 22,9%

Monaco - Upscale 47,6% 33,1% 150 € 1,3% 71 € 34,9% 50,9% 30,3% 152 € 2,0% 77 € 32,9%

Monaco - Upscale & Luxury 52,0% 41,5% 187 € -2,3% 97 € 38,3% 52,7% 33,0% 190 € -3,3% 100 € 28,5%

ADR RevPAR

February OR ADR RevPAR OR

OR ADR RevPAR

ADR RevPAR

February OR ADR RevPAR

(12)

Performances Coast

February 2015

Normandy – Nord-Pas-de-Calais coast

Brittany – Pays-de-la-Loire coast

Charente-Maritime – Aquitaine coast

Coast: benchmark based on hotel supply in coastal communes, as defined by INSEE Benchmark under development and likely to evolve

Average Upscale & Luxury 47,6% 23,7% 184 € -1,0% 88 € 22,5% 44,2% 24,4% 185 € -2,8% 82 € 20,9%

Average Mids cale 54,3% 13,6% 90 € -8,6% 49 € 3,9% 48,6% 10,2% 88 € -4,4% 43 € 5,3%

Average Budget 48,3% -6,7% 63 € 1,0% 30 € -5,8% 45,0% -5,6% 61 € -1,6% 28 € -7,1%

Average Super-Budget 50,4% 0,6% 37 € 1,8% 19 € 2,3% 44,4% -3,6% 37 € 1,1% 16 € -2,5%

Normandy – Nord-Pas-de-Calais coast

Average Upscale & Luxury 47,7% -18,8% 188 € -2,5% 90 € -20,8% 34,7% -25,2% 185 € -2,6% 64 € -27,2%

Average Mids cale 50,7% 8,2% 92 € 6,9% 47 € 15,7% 46,5% 7,9% 90 € 5,1% 42 € 13,4%

Average Budget 41,7% -2,8% 52 € -3,9% 22 € -6,6% 37,5% 0,5% 53 € -1,9% 20 € -1,4%

Average Super-Budget 49,1% -0,9% 41 € 0,9% 20 € 0,0% 43,5% -1,4% 41 € 0,4% 18 € -1,0%

Brittany – Pays-de-la-Loire coast

2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 Average Upscale & Luxury 32,5% -10,5% 179 € 15,4% 58 € 3,2% 35,8% -3,8% 179 € 4,0% 64 € 0,1%

Average Midscale 50,2% 35,8% 84 € 2,4% 42 € 39,1% 43,4% 24,8% 85 € 0,5% 37 € 25,5%

Average Budget 40,6% 33,7% 49 € -7,2% 20 € 24,0% 34,4% 19,3% 47 € -11,9% 16 € 5,1%

Average Super-Budget 47,2% 0,1% 41 € 2,9% 19 € 3,0% 41,8% -3,8% 41 € 2,8% 17 € -1,1%

ADR RevPAR

Charente-Maritime – Aquitaine coast

(13)

Performances Main cities in Regions

February 2015

Main cities in Regions – Luxury upscale and midscale

Avignon 24,0% -31,8% 108 € 5,4% 26 € -28,1% 29,4% -5,8% 100 € -0,7% 29 € -6,5% Bayonne-Anglet-Biarritz 32,5% -10,5% 179 € 15,4% 58 € 3,2% 35,8% -3,8% 179 € 4,0% 64 € 0,1% Bordeaux 35,0% 10,9% 183 € 6,7% 64 € 18,3% 35,0% 14,1% 177 € 3,3% 62 € 17,9% Cannes 32,0% 8,2% 128 € -17,9% 41 € -11,2% 29,2% -0,2% 128 € -15,3% 37 € -15,4% Dijon 49,2% 23,0% 109 € -2,8% 54 € 19,6% 41,5% 5,6% 109 € -4,2% 45 € 1,2% Lille 48,9% -4,6% 122 € 5,2% 60 € 0,3% 51,4% 3,5% 128 € 9,0% 66 € 12,8% Lyon 60,5% 4,7% 123 € 8,0% 75 € 13,1% 61,8% 11,4% 137 € 17,9% 85 € 31,3% Marseille 43,3% -14,3% 117 € -7,0% 51 € -20,3% 42,5% -6,7% 120 € -8,3% 51 € -14,4% Monaco 52,0% 41,5% 187 € -2,3% 97 € 38,3% 52,7% 33,0% 190 € -3,3% 100 € 28,5% Montpellier 45,1% 1,3% 133 € -8,1% 60 € -7,0% 47,9% 9,0% 129 € -5,9% 62 € 2,6% Nice 46,0% 15,3% 114 € 1,4% 52 € 16,9% 42,0% 20,5% 115 € -1,7% 48 € 18,5% Strasburg 43,7% -12,7% 110 € -8,6% 48 € -20,2% 52,3% 4,0% 113 € -3,0% 59 € 0,9% Toulouse 66,8% 21,1% 113 € -13,5% 76 € 4,7% 62,6% 13,7% 117 € -10,5% 73 € 1,7%

Bayonne-Anglet-Biarritz : in developm ent, sam ple sub ject to change

Aix en Provence 42,3% -11,5% Avignon 44,1% -4,3% Bayonne-Anglet-Biarritz -Bordeaux 49,2% 7,7% Cannes 40,2% -0,1% Dijon 46,3% -3,9% Grenoble 53,1% -3,4% Le Havre 55,5% 3,6% Lille 57,4% 2,7% Lyon 55,5% -6,4% Marseille 50,9% -5,6% Montpellier 48,6% -14,5% Nancy 52,3% 8,8% Nantes 53,8% -7,9% Niort 45,2% -15,3% Nice 55,7% 16,6% Pau 51,2% -0,2% Reims 47,4% 2,7% Rennes 49,4% -17,2% Rouen 47,9% -1,9% Strasburg 48,1% -12,8% Toulouse 54,1% -8,1% Bayonne-Anglet-Biarritz 79 € -3,7% 33 € -14,8% 40,1% -7,4% 79 € -4,9% 32 € -11,9% 74 € 2,8% 33 € -1,5% 43,7% 4,8% 78 € 2,5% 34 € 7,4% n.d. - n.d. - n.d. - n.d. - n.d. - n.d. 85 € 0,1% 42 € 7,8% 48,5% 3,8% 85 € -1,1% 41 € 2,7% 82 € -4,9% 33 € -5,0% 36,5% 0,0% 84 € -2,3% 30 € -2,4% 85 € -1,2% 39 € -5,0% 40,9% -0,3% 81 € -0,7% 33 € -1,0% 93 € -5,3% 50 € -8,5% 49,5% -6,1% 94 € -5,4% 46 € -11,2% 80 € -8,9% 44 € -5,6% 51,1% 0,4% 82 € -5,2% 42 € -4,9% 89 € 2,8% 51 € 5,5% 56,5% 4,3% 93 € 5,9% 53 € 10,4% 92 € -2,5% 51 € -8,8% 57,9% 6,7% 103 € 8,5% 60 € 15,8% 84 € -3,7% 43 € -9,0% 48,9% -7,5% 86 € -4,6% 42 € -11,7% 81 € -4,3% 40 € -18,1% 51,6% -1,0% 81 € -2,1% 42 € -3,1% 78 € -3,1% 41 € 5,5% 46,0% 1,7% 78 € -2,5% 36 € -0,8% 85 € -4,1% 46 € -11,7% 53,9% -2,3% 87 € -2,9% 47 € -5,1% 84 € -0,6% 38 € -15,8% 44,0% -13,3% 84 € 0,1% 37 € -13,2% 74 € -2,5% 41 € 13,7% 48,3% 16,2% 75 € -1,6% 36 € 14,4% 77 € -1,7% 40 € -1,9% 47,4% -3,4% 77 € 0,5% 37 € -2,9% 95 € 1,4% 45 € 4,1% 42,9% -2,9% 95 € -2,4% 41 € -5,2% 89 € -9,5% 44 € -25,1% 49,4% -10,2% 91 € -2,8% 45 € -12,8% 89 € -1,6% 43 € -3,5% 50,6% -2,1% 90 € 4,4% 46 € 2,2% 95 € -5,8% 46 € -17,9% 48,6% -10,7% 96 € -3,9% 46 € -14,2% 95 € -0,1% 52 € -8,2% 51,6% -6,2% 96 € 0,3% 49 € -5,9% : in developm ent, sam ple sub ject to change

Luxury Upscale

RevPAR

(14)

Performances Main cities in Regions

February 2015

Main cities in regions – Budget and Super Budget

Aix en Provence 43,5% -6,9% 59 € -2,5% 26 € -9,2% 43,1% -4,1% 58 € -4,8% 25 € -8,8% Angers 57,2% -1,5% 73 € -2,5% 41 € -3,9% 55,5% 2,2% 71 € -3,2% 39 € -1,1% Avignon 40,3% -0,1% 55 € -6,6% 22 € -6,7% 39,6% -2,5% 57 € -4,3% 22 € -6,7% Bayonne-Anglet-Biarritz 51,2% 34,5% 49 € -8,3% 25 € 23,3% 44,5% 17,3% 47 € -12,5% 21 € 2,6% Bordeaux 57,5% 5,9% 63 € -0,3% 36 € 5,6% 54,4% 4,5% 63 € -1,7% 35 € 2,7% Dijon 63,8% -5,8% 59 € 0,0% 38 € -5,9% 57,3% -3,1% 60 € -0,4% 34 € -3,4% Grenoble 56,8% -5,6% 60 € -4,1% 34 € -9,4% 51,8% -4,8% 61 € -3,7% 31 € -8,3% Le Havre 41,6% -21,9% 58 € 2,8% 24 € -19,7% 38,8% -21,3% 58 € -2,5% 22 € -23,2% Lille 61,4% 1,5% 68 € -1,9% 42 € -0,5% 60,4% 4,8% 71 € 0,9% 43 € 5,8% Lyon 59,4% -3,6% 68 € -0,7% 40 € -4,3% 59,4% 4,6% 77 € 13,1% 46 € 18,3% Marseille 54,2% 6,7% 61 € -5,0% 33 € 1,5% 50,0% 4,8% 61 € -5,9% 31 € -1,3% Metz 48,5% -2,9% 61 € -6,6% 30 € -9,3% 47,2% 0,6% 60 € -9,5% 28 € -8,9% Montpellier 54,7% -16,4% 65 € -4,9% 36 € -20,5% 58,0% -4,2% 67 € -0,3% 39 € -4,5% Nancy 56,6% 1,9% 59 € -5,1% 33 € -3,3% 52,4% 5,2% 59 € -3,6% 31 € 1,5% Nantes 54,8% -3,2% 62 € -7,1% 34 € -10,1% 52,5% -0,9% 65 € -4,8% 34 € -5,7% Niort 48,4% -1,9% 58 € -12,8% 28 € -14,5% 44,3% -6,0% 59 € -9,3% 26 € -14,7% Pau n.d. - n.d. - n.d. - n.d. - n.d. - n.d. -Reims n.d. - n.d. - n.d. - n.d. - n.d. - n.d. -Rennes 58,9% -8,1% 64 € -11,6% 38 € -18,7% 57,9% -3,3% 65 € -6,8% 38 € -9,9% Rouen 50,0% -7,6% 61 € 1,6% 31 € -6,1% 49,9% -3,7% 61 € 0,4% 31 € -3,3% Strasburg 56,2% -9,9% 62 € -9,0% 35 € -18,0% 56,1% -6,7% 63 € -5,2% 35 € -11,6% Toulouse 56,3% -12,0% 63 € -2,7% 36 € -14,4% 56,4% -2,6% 63 € -2,7% 36 € -5,2%

Bayonne-Anglet-Biarritz : in development, sam ple sub ject to change

Angers 55,2% -7,4% 42 € 2,6% 23 € -4,9% 52,2% -6,6% 43 € 3,5% 22 € -3,4% Avignon 55,0% -2,3% 32 € -5,0% 18 € -7,2% 50,6% -9,1% 33 € -3,4% 17 € -12,2% Bayonne-Anglet-Biarritz n.d. - n.d. - n.d. - n.d. - n.d. - n.d. -Bordeaux 60,0% -6,1% 36 € -0,2% 22 € -6,3% 57,0% -6,1% 36 € -0,5% 21 € -6,6% Dijon 58,4% -9,8% 38 € -1,6% 22 € -11,2% 54,0% -7,2% 38 € -0,6% 21 € -7,8% Grenoble 63,1% 1,6% 37 € -4,9% 23 € -3,4% 58,0% 5,2% 36 € -5,3% 21 € -0,3% Le Havre 66,0% -3,9% 37 € -6,0% 24 € -9,7% 56,6% -11,8% 37 € -7,0% 21 € -18,0% Lille 56,9% -4,8% 40 € 2,1% 23 € -2,8% 56,7% -0,1% 40 € 3,3% 23 € 3,1% Lyon 66,3% -3,2% 40 € 2,0% 27 € -1,3% 63,6% 0,9% 42 € 7,1% 27 € 8,1% Marseille 55,9% -3,4% 40 € -1,3% 22 € -4,6% 54,5% 0,7% 40 € -1,9% 22 € -1,3% Metz 62,2% -3,0% 37 € 2,0% 23 € -1,1% 58,0% -4,3% 37 € 2,5% 22 € -1,9% Montpellier 53,5% -14,7% 35 € 0,1% 19 € -14,6% 54,0% -5,6% 35 € 2,4% 19 € -3,3% Nancy 54,0% -2,7% 39 € 4,0% 21 € 1,1% 51,2% -1,3% 39 € 4,4% 20 € 3,0% Nantes 62,5% 0,8% 42 € -1,5% 26 € -0,7% 60,9% 3,2% 42 € -1,1% 26 € 2,1% Niort 58,7% 11,5% 33 € -0,8% 19 € 10,6% 55,7% 5,7% 32 € -4,5% 18 € 1,0% Pau 48,2% -7,2% 32 € -2,5% 16 € -9,5% 45,2% -5,8% 32 € -2,0% 15 € -7,7% Rennes 55,1% -6,7% 39 € -6,6% 22 € -12,9% 54,1% -3,2% 40 € -4,2% 21 € -7,3% Rouen 55,4% 5,5% 44 € 2,6% 24 € 8,2% 54,3% 4,4% 44 € 1,1% 24 € 5,6% Strasburg 56,2% -13,0% 40 € 1,5% 23 € -11,7% 53,3% -12,7% 40 € 1,4% 21 € -11,4% Toulouse 65,2% -5,0% 38 € -0,5% 25 € -5,5% 63,3% -0,9% 38 € -0,1% 24 € -1,0%

Bayonne-Anglet-Biarritz : in development, sam ple sub ject to change

ADR RevPAR

(15)

Information

Definitions

Occupancy Rate (OR) :Rooms sold divided by rooms available multiplied by 100. Rooms Available : The number of rooms times the number of days in the period. Average Daily Rate (ADR) : Room revenue divided by rooms sold.

Revenue per Available Room (RevPAR) : Room revenue divided by rooms available. ADR and RevPAR are expressed in Euros, excluding VAT

Information

In Extenso – member of Deloitte About Deloitte in France

Deloitte & Associés is the Deloitte Touche Tohmatsu member firm in France and the professional services are delivered by Deloitte & Associés, its subsidiaries and affiliates. Deloitte calls on diversified expertise to cover the scope of services required by its clients of all sizes from all sectors - major multinationals, local micro-companies and medium-sized enterprises. Our 6,000 professionals and partners embody the vigor and success of the Firm in their commitment to clients and their constant concern for service excellence. Deloitte offers a very comprehensive range of services: audit, consulting and risk services, tax and legal, accounting and corporate finance, in accordance with its multidisciplinary strategy and ethical approach. For more information, visitwww.deloitte.fr

About In Extenso

A member of Deloitte Touche Tohmatsu, In Extenso is an entity dedicated to small and medium-sized businesses. Almost 3 300 employees in 170 agencies in France serve 70 000 clients, including companies, firms, entrepreneurs, tradesmen and women, self-employed lawyers and doctors, associations and local authorities.

Tourism, Culture & Hospitality Desk

In Extenso is one of the leading advisors in Tourism, Culture & Hospitality industries worldwide. We provide many consulting services for different stakeholders of the tourism industry :

• Detailed market study • Operational recommendations to respond to the requirements of potential clients • Determination of the product-service concept • Determination of client target the price positioning

• Revenue estimations (accommodation, food and beverage, otherJ) • Operating forecasts over several years : establishment of expense items to determine the project’s profitability (GOP, cash-flows

Market and feasibility studies

Valuation of hotel and tourist assets • A detailed market study • Product analysis (strengths, weaknesses, necessary renovations and refurbishments • Forecasts over several years

• The application of the discounted cash-flow method, completed by market references (recent and comparable transactions) and the use of the others methods, specially adapted to each case (multiple of turnover or GOP, approaches linked to the real estate market, etc).

Urban tourism development plans

• Dynamic review of existing supply • Analysis of the impact of development factors (economy, transportation, tourist markets, etc.) • Analysis of supply/demand situation • Assessment of development ambitions and objectives • Recommendations on strategy Human Capital • Aligning Human Resources with the strategic goals of the company

• Mastering operational risks in terms of HR and abiding by the regulations • Incorporating the human dimension in all your reorganization and transformation processes • Developing an attractive and incentive remuneration policy

Others services

• Hotel benchmark survey

• Identification of operators and investors • Optimize your information systems • Marketing audits • Quality control • Organizational audits and management support • Etc.