HIT Report August 2014

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HIT

Report

August 2014

H

otel

I

ndustry

T

rends

By MKG Hospitality

Europe

PARIS |50. rue Dombasle 75015 PARIS – France - P: +33 (0) 1 56 56 87 87 - F: +33 (0) 1 56 56 87 88

BERLIN | Friedrichstrasse 191 D-10117 BERLIN - Germany - P: +49 (0)32 065 9 123 - F: +49 (0)32 065 9 200

NICOSIA | Thermopylon street 22. Flat 102. 2007 Strovolos. Nicosia. Cyprus

www.mkg-hospitality.com

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MKG HOSPITALITY DATABASE.

A UNIQUE DECISION-MAKING SUPPORT TOOL

The MKG Hospitality database is a unique decision-making support tool in a heavily

competitive hotel market, where notions of ‘fair price’, optimisation of revenue and

minimisation of room oversupply are central to hotel chains’ strategies.

For more than 25 years, MKG Hospitality has been a global leader in tourism, hotel

and catering consulting, with the largest database in the world (USA aside),

representing all segments from budget to upscale hotels. 45 000 hotels are compiled

in MKG’s database (representing more than 2.5 million rooms).

HOTELCOMPSET

MKG’s online market intelligence tool, HotelCompSet, contains a sample of over 250

brands in 150 countries (representing more than 800 markets) and 11.000 corporate

chain hotels, representing more than one million rooms. HotelCompSet provides

daily, monthly and yearly monitoring of hotel indicators and analyses of its sample.

MKG statistical samples accuracy strengthen our expertise in the hospitality

industry

We would like to express our thanks to all participants of

this programme over the last 25 years.

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SUMMARY

04 Analysis by MKG Hospitality

05 European Market Trends

09 France

10 Germany

11 United Kingdom

12 Spain

13 Portugal

14 Italy

15 Belgium & Luxembourg

16 The Netherlands

17 Switzerland

18 Austria

19 Poland

20 Scandinavia

21 Eastern & Southern Europe

22 Methodology

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Monthly RevPAR variation in August 2014 (%)

+8.0% +5.7% +11.8% +6.9% +4.3% +7.4% +4.5% +4.7% +4.8% -1.8% +15.6% +13.2% +3.9% +23.9% +9.7%

ANALYSIS BY MKG HOSPITALITY

August 2014 : fair weather continues for Europe’s hotels

After a month of July that was already good for Europe’s hotel industry,

summer growth continued and increased in August on the Old Continent.

In August, all performance indicators for Europe's hotel industry are up:

the occupancy rate climbed by 2.5 points, the average daily rate grew by

3.8% and the RevPAR leapt by 7.5% with respect to the previous year.

Growth in results affects all niches, including the budget segment that

gained 1.2 points for its occupancy rate and 2.5% for its RevPAR while its

results were down in the previous month.

Summer ended on a positive note for all European countries, who saw

their occupancy rates increase. Portugal follows the momentum begun in

July and posts record growth in its RevPAR (+23.9%), which was made

possible by a price spike (+14.5%) that allowed it to come close to Spain's

average daily rates while remaining a particularly attractive destination.

Portugal benefited in particular from an increase in the number of nights

generated by foreign and domestic clientele, particularly thanks to the

economic recovery begun in the country. Spain confirms its excellent year

of tourism with a number of foreign visitors up by 7.3% on the first 8

months of the year with respect to 2013. Spain also saw a new increase in

its RevPAR by 11.8% in August.

Hungary continues to post solid results in the second half of the summer

(+15.6% in the RevPAR), while Belgium benefited from its summer festivals

to record an increase in occupancy and growth in the RevPAR. Italy's hotel

industry, which saw only moderate growth in its performances in July,

improved in August with a RevPAR up by 7.4%. Another noteworthy fact,

after a beginning of the summer that was down, France and Poland finally

improve with growth in the RevPAR by 5.7% and 4.5% in August. Denmark

was the exception to the August revival with a drop in its average daily

rates and RevPAR after a good July thanks in particular to events such as

the Alzheimer's Association International Conference.

Summer continued Europe's context of recovery that is underway since

the beginning of 2014: on the first 8 months the RevPAR of Europe's hotel

industry grew by 3%, thanks to a 1.4 point increase in the occupancy rate

and the slight increase in Average daily rates (+0.9%). France differed as

the only European country where there was a drop across all its indicators

on this same period, although it has shown improvement in its more

recent trend.

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ANALYSIS BY MKG HOSPITALITY

Last 12 months results in Europe for chain hotels – end of August

2014

Occupancy Rate. Average Daily Rate and RevPAR variations –

-10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 09/13 10/13 11/13 12/13 01/14 02/14 03/14 04/14 05/14 06/14 07/14 08/14

Changes ADR Changes OR Changes RevPAR

Monthly Occupancy Rate

30% 40% 50% 60% 70% 80% 90% 09/13 10/13 11/13 12/13 01/14 02/14 03/14 04/14 05/14 06/14 07/14 08/14

Monthly ADR

70 75 80 85 90 95 100 09/13 10/13 11/13 12/13 01/14 02/14 03/14 04/14 05/14 06/14 07/14 08/14 in euros taxes excl.

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬

₀₅

COUNTRY ANALYSIS BY MKG HOSPITALITY

Août 2014 : l'embellie estivale se poursuit pour l'hôtellerie européenne

Après un mois de juillet déjà favorable pour l’hôtellerie européenne, l’embellie

estivale se prolonge et se renforce au mois d’août sur le Vieux Continent. En

août, tous les indicateurs de performances de l'hôtellerie européenne sont à la

hausse : le taux d'occupation grimpe de 2,5 points, le prix moyen augmente de

3,8% et le RevPAR bondit de 7,5% par rapport à l'année précédente. La

progression des performances touche l'ensemble des créneaux, y compris le

segment super-économique qui gagne 1,2 point de taux d'occupation et 2,5% de

RevPAR alors qu'il affichait des résultats en baisse au cours du mois précédent.

L'été s'achève sur une note positive pour l'ensemble des pays européens, qui

voient tous leur taux d'occupation augmenter. Le Portugal continue sur sa lancée

du mois de juillet et enregistre une progression record de RevPAR (+23,9%)

permise par une envolée des prix (+14,5%) qui lui permet de se rapprocher des

niveaux de prix moyens affichés par l'Espagne tout en restant encore une

destination particulièrement attractive. Le Portugal a notamment bénéficié d'une

hausse du nombre de nuitées générées par les clientèles étrangères ainsi que

domestique, notamment grâce à la reprise économique amorcée dans le pays.

L'Espagne confirme son excellente année touristique en affichant un nombre de

visiteurs étrangers en progression de 7,3% sur les 8 premiers mois de l'année par

rapport à 2013, et connait une nouvelle augmentation du RevPAR de 11,8% en

août.

La Hongrie affiche toujours de solides résultats dans la deuxième moitié de l'été

(+15,6% de RevPAR), tandis que la Belgique profite de ses festivals estivaux pour

enregistrer une hausse de la fréquentation et une croissance de RevPAR.

L'hôtellerie italienne, qui n'avait connu qu'une progression modérée de ses

performances en juillet, gagne des couleurs en août avec un RevPAR qui croît de

7,4%. Autre fait notable, après un début d'été en baisse, la France et la Pologne

relèvent finalement la tête avec des progressions de RevPAR de 5,7% et 4,5% en

août. Le Danemark fait figure d'exception au sein de l'embellie aoûtienne en

affichant une baisse de prix moyen et de RevPAR, après toutefois un bon mois de

juillet dû notamment à l'accueil d'évènements comme le Congrès International

de l'Alzheimer Association. L'été s'inscrit dans un contexte européen de reprise

depuis le début de 2014 : sur les 8 premiers mois, le RevPAR de l'hôtellerie

européenne a progressé de 3%, grâce à la hausse de 1,4 point du taux

d'occupation et la légère augmentation des prix moyens (+0,9%).

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EUROPEAN MARKET TRENDS

- Monthly variation of occupancy rates. average daily rates and RevPAR in chain hotels over the last 12 months by country

- Occupancy rate and average daily rate variation by category and by country - in August 2014

(B : Budget / E : Economy / MS : Midscale / US : Upscale)

France:

-30% -20% -10% 0% 10% 20% 30% 09 10 11 12 01 02 03 04 05 06 07 08

0% 4% 8% 12%

B E MS US

Changes ADR Changes OR

Germany:

-30% -20% -10% 0% 10% 20% 30% 09 10 11 12 01 02 03 04 05 06 07 08

0% 1% 2% 3% 4% 5% 6% 7% 8% B E MS US

United Kingdom:

-30% -20% -10% 0% 10% 20% 30% 09 10 11 12 01 02 03 04 05 06 07 08

0% 4% 8% 12%

B E MS US

Spain:

-30% -20% -10% 0% 10% 20% 30% 09 10 11 12 01 02 03 04 05 06 07 08

0% 5% 10% 15%

B E MS US

Italy:

-30% -20% -10% 0% 10% 20% 30% 09 10 11 12 01 02 03 04 05 06 07 08

-5% 0% 5% 10% 15% B E MS US

Malta:

-30% -20% -10% 0% 10% 20% 30% 09 10 11 12 01 02 03 04 05 06 07 08

4% 4% 5% 5% 5% 5% 5% 6% 6% B E MS US

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EUROPEAN MARKET TRENDS

Belgium:

-30% -20% -10% 0% 10% 20% 30% 09 10 11 12 01 02 03 04 05 06 07 08

-4% 0% 4% 8% 12% 16% B E MS US

The Netherlands:

-30% -20% -10% 0% 10% 20% 30% 09 10 11 12 01 02 03 04 05 06 07 08

-1% 0% 1% 2% 3% 4% 5% 6% 7% B E MS US

Luxembourg:

-30% -20% -10% 0% 10% 20% 30% 09 10 11 12 01 02 03 04 05 06 07 08

-6% -4% -2% 0% 2% 4% 6% 8% 10% B E MS US

Switzerland:

-30% -20% -10% 0% 10% 20% 30% 09 10 11 12 01 02 03 04 05 06 07 08

0% 2% 4% 6% 8% 10% 12% 14% 16% B E MS US

Austria:

-30% -20% -10% 0% 10% 20% 30% 09 10 11 12 01 02 03 04 05 06 07 08

0% 1% 2% 3% 4% 5% 6% 7% 8% B E MS US

Portugal:

-30% -20% -10% 0% 10% 20% 30% 09 10 11 12 01 02 03 04 05 06 07 08

0% 5% 10% 15% 20% 25% 30% B E MS US

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EUROPEAN MARKET TRENDS

8/2014 by country

COUNTRY OCCUPANCY RATE ADR RevPAR

% change (pts) vs 8/2013 € change (%) vs 8/2013 € change (%) vs 8/2013 France 71.4% 2.1 83.7 2.6% 59.8 5.7% Germany 71.2% 2.0 77.6 3.9% 55.3 6.9% United Kingdom 85.0% 2.1 104.8 5.3% 89.1 8.0% Spain 76.5% 2.8 95.7 7.7% 73.2 11.8% Italy 64.6% 3.7 130.3 1.3% 84.2 7.4% Belgium 75.5% 5.2 73.4 2.2% 55.4 9.7% The Netherlands 79.4% 3.4 86.8 -0.1% 69.0 4.3% Luxembourg 77.0% 2.1 71.4 4.2% 55.0 7.1% Switzerland 80.9% 4.8 122.8 6.5% 99.4 13.2% Austria 84.0% 3.2 96.8 0.8% 81.3 4.8% Malta 94.6% 2.9 141.1 8.7% 133.4 12.1% Portugal 88.5% 6.7 93.4 14.5% 82.7 23.9% Poland 71.5% 3.1 52.6 -0.1% 37.6 4.5%

ADR and RevPAR in euros (for all countries) are excluding taxes - Source: MKG Hospitality Database

Year to date by country – 8/2014

COUNTRY OCCUPANCY RATE ADR RevPAR

% change (pts) vs YTD8/13 € change (%) vs YTD8/13 € change (%) vs YTD8/13 France 65.6% -0.1 82.6 -1.0% 54.2 -1.2% Germany 67.4% 1.4 84.9 1.3% 57.3 3.5% United Kingdom 79.5% 2.1 107.8 3.8% 85.8 6.6% Spain 66.8% 3.4 76.4 1.6% 51.0 7.0% Italy 66.3% 3.1 103.7 0.6% 68.8 5.5% Belgium 71.9% 2.3 90.0 -0.4% 64.7 2.9% The Netherlands 70.4% 2.5 98.6 1.6% 69.5 5.4% Luxembourg 73.9% 1.9 93.8 3.6% 69.3 6.3% Switzerland 71.5% 0.4 130.6 0.7% 93.4 1.3% Austria 72.5% 2.9 89.9 -0.4% 65.2 3.9% Malta 72.6% 3.6 111.4 7.8% 80.9 13.4% Portugal 67.1% 4.0 74.2 1.8% 49.8 8.3% Poland 62.9% 1.1 55.9 0.3% 35.2 2.1%

ADR and RevPar in euros (for all countries) are excluding taxes - Source: MKG Hospitality Database

Occupancy rate by country – August 2014

30% 40% 50% 60% 70% 80% 90% 100% FR DE UK ES IT BE NL LU CH AT MT PT PL

ADR by country – August 2014

(in euros and taxes excl.)

0 25 50 75 100 125 150 FR DE UK ES IT BE NL LU CH AT MT PT PL

RevPar by country – August 2014

(in euros and taxes excl.)

0 20 40 60 80 100 120 140 FR DE UK ES IT BE NL LU CH AT MT PT PL

Monthly Results OCCUPANCY RATE ADR RevPAR

% change (pts) vs 8/2013 € change (%) vs 8/2013 € change (%) vs 8/2013 Airport Hotels 78.5% 4.8 74.0 0.1% 58.1 6.7%

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HOTEL INSIGHT - FRANCE

8/2014

CATEGORY OCCUPANCY RATE ADR RevPAR

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 Budget 72.4% 0.7 42.5 0.1% 30.8 1.1% Economy 68.6% 1.8 61.3 0.1% 42.0 2.8% Midscale 71.0% 2.8 89.4 0.3% 63.4 4.3% Upscale 76.8% 4.4 201.2 4.7% 154.5 11.0% Global 71.4% 2.1 83.7 2.6% 59.8 5.7%

ADR and RevPar are excluding taxes Source: MKG Hospitality Database

8/2014 by city

CITY OCCUPANCY RATE ADR RevPAR

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 BORDEAUX 73.8% 1.8 61.5 0.1% 45.4 2.5% CANNES 86.0% -1.3 390.9 16.8% 336.1 15.0% GRENOBLE 42.2% -0.2 50.7 -5.6% 21.4 -6.1% LILLE 46.8% 2.4 53.8 -12.1% 25.2 -7.4% LYON 54.6% 5.4 64.0 3.7% 34.9 15.0% AIX - MARSEILLE 77.9% 1.9 76.2 -2.4% 59.4 0.0% MONTPELLIER 83.6% 1.4 78.1 -1.9% 65.4 -0.2% NANTES 53.3% -1.2 54.6 -3.1% 29.1 -5.4% NICE 92.8% 1.4 144.5 -1.0% 134.1 0.5% PARIS AGGLO 73.7% 3.1 91.5 4.7% 67.4 9.3% PARISINTRA MUROS 82.6% 3.5 129.6 6.5% 107.0 11.2%

RENNES 53.2% 2.8 50.2 -1.4% 26.7 4.0% ROUEN 64.8% 5.9 57.5 -2.7% 37.2 7.0% STRASBOURG 70.4% 1.4 60.3 4.4% 42.5 6.6% TOULOUSE 56.0% 2.0 60.3 -1.3% 33.8 2.4%

Year to date - 8/2014

% change (pts)

vs YTD8/13 local currency

change (%)

change (%) vs YTD8/13 Budget 66.3% -0.7 41.2 -1.2% 27.3 -2.2% Economy 64.2% 0.1 65.8 -1.3% 42.3 -1.1% Midscale 64.2% -0.2 95.7 -1.2% 61.4 -1.5% Upscale 69.9% 0.7 184.1 -1.4% 128.8 -0.5% Global 65.6% -0.1 82.6 -1.0% 54.2 -1.2%

Year to date by city – 8/2014

% change (pts)

change (%)

change (%) vs YTD8/13 BORDEAUX 64.7% 0.3 64.6 -4.1% 41.8 -3.6% CANNES 57.1% 0.0 289.7 3.0% 165.3 3.0% GRENOBLE 51.7% -2.9 61.5 -3.7% 31.8 -8.8% LILLE 58.7% 1.1 65.1 -4.2% 38.2 -2.4% LYON 60.9% -2.3 71.5 -5.6% 43.5 -8.9% AIX - MARSEILLE 66.5% -0.6 76.4 -1.0% 50.8 -2.0% MONTPELLIER 67.1% 1.6 75.8 -3.7% 50.9 -1.4% NANTES 58.6% -0.4 61.7 -0.8% 36.1 -1.5% NICE 67.7% -2.0 123.9 -0.8% 83.9 -3.7% PARIS AGGLO 75.7% 0.3 104.8 -0.9% 79.3 -0.5% PARISINTRA MUROS 81.7% 0.1 145.2 -0.4% 118.6 -0.3%

RENNES 57.6% 0.8 59.8 -2.6% 34.4 -1.2% ROUEN 62.5% -0.2 60.5 -4.3% 37.8 -4.6% STRASBOURG 63.1% 2.1 69.5 -0.3% 43.9 3.1% TOULOUSE 60.4% -0.6 71.7 -3.6% 43.3 -4.5%

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HOTEL INSIGHT - GERMANY

8/2014

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 Economy 74.7% 2.6 62.4 2.8% 46.6 6.5% Midscale 69.0% 2.0 64.2 3.1% 44.3 6.2% Upscale 71.1% 1.9 96.0 4.7% 68.2 7.6% Global 71.2% 2.0 77.6 3.9% 55.3 6.9%

8/2014 by city

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 BERLIN 83.6% -1.1 73.3 0.3% 61.2 -1.0% BREMEN 60.1% -7.5 60.1 -1.5% 36.1 -12.4% DRESDEN 79.6% 4.7 64.4 0.9% 51.3 7.3% DUSSELDORF 61.3% 8.6 75.0 2.1% 46.0 18.7% ESSEN 49.7% 3.2 65.5 -0.1% 32.5 6.8% FRANKFURT 62.0% -0.2 75.4 0.3% 46.7 -0.1% HAMBURG 88.9% -1.9 86.3 4.8% 76.6 2.6% HANOVER 49.8% -11.6 64.1 -0.1% 32.0 -18.9% COLOGNE 72.1% 8.0 91.1 13.7% 65.6 27.9% LEIPZIG 60.2% -2.3 63.0 -5.2% 37.9 -8.7% MAINZ 67.6% 1.4 79.4 -0.3% 53.7 1.8% MUNICH 85.1% 4.0 102.2 10.9% 87.1 16.4% NUREMBERG 63.1% 5.0 57.9 2.3% 36.5 11.1% STUTTGART 64.8% 3.8 79.6 6.3% 51.6 13.0%

ADR and RevPar are excluding taxes

Year to date - 8/2014

% change (pts)

change (%)

change (%) vs YTD8/13 Economy 72.1% 1.2 65.5 1.5% 47.2 3.2% Midscale 65.4% 1.1 73.6 2.0% 48.1 3.8% Upscale 67.2% 1.7 104.3 0.8% 70.1 3.4% Global 67.4% 1.4 84.9 1.3% 57.3 3.5%

Year to date by city – 8/2014

% change (pts)

change (%)

change (%) vs YTD8/13 BERLIN 75.0% 0.7 84.3 0.6% 63.3 1.5% BREMEN 59.6% 0.2 66.2 2.3% 39.4 2.7% DRESDEN 63.5% 2.2 69.9 -0.6% 44.4 2.9% DUSSELDORF 66.1% 5.0 101.6 20.2% 67.2 30.0% ESSEN 59.5% 1.3 83.5 8.7% 49.6 11.1% FRANKFURT 66.7% 2.6 93.0 -0.9% 62.1 3.1% HAMBURG 78.5% 0.7 86.9 1.6% 68.2 2.5% HANOVER 59.3% -1.5 86.5 3.0% 51.3 0.4% COLOGNE 68.1% 1.5 87.4 0.4% 59.5 2.6% LEIPZIG 65.5% -2.6 74.5 1.2% 48.8 -2.7% MAINZ 67.9% 2.0 88.7 0.7% 60.2 3.8% MUNICH 77.3% 1.2 100.9 -4.7% 77.9 -3.2% NUREMBERG 67.0% 0.6 83.9 2.6% 56.3 3.5% STUTTGART 67.9% 4.0 88.2 3.6% 60.0 10.0%

ADR and RevPar are excluding taxes

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HOTEL INSIGHT - UNITED KINGDOM

8/2014

8/2014 by city

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 BIRMINGHAM 64.9% 1.9 50.9 3.4% 33.1 6.5% CARDIFF 86.0% 6.2 63.8 21.7% 54.8 31.2% EDINBURGH 93.7% 1.6 136.6 4.0% 127.9 5.8% GLASGOW 92.3% -1.8 77.2 20.8% 71.3 18.5% LEEDS-BRADFORD 80.5% 3.1 51.7 8.7% 41.6 13.0% LONDON 89.4% 2.2 113.8 3.4% 101.8 6.0% MANCHESTER 82.9% -0.9 68.0 9.4% 56.3 8.3%

Year to date - 8/2014

% change (pts)

change (%)

Year to date by city – 8/2014

% change (pts)

change (%)

change (%) vs YTD8/13 BIRMINGHAM 70.5% 2.1 64.3 2.8% 45.3 6.0% CARDIFF 77.4% 1.9 63.3 10.9% 49.0 13.6% EDINBURGH 80.7% -0.3 97.9 2.0% 79.0 1.7% GLASGOW 82.6% 3.2 70.0 16.5% 57.8 21.3% LEEDS-BRADFORD 76.5% 2.8 55.9 8.0% 42.8 12.1% LONDON 84.6% 1.8 119.8 3.0% 101.3 5.3% MANCHESTER 80.1% 2.8 71.6 6.8% 57.3 10.6%

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HOTEL INSIGHT - SPAIN

8/2014

8/2014 by city

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 ALICANTE 82.1% 1.6 75.1 8.5% 61.7 10.7% BARCELONA 90.8% 3.3 107.7 11.7% 97.7 15.9% BILBAO 89.4% 1.1 78.8 23.1% 70.4 24.6% MADRID 50.8% 5.3 64.0 2.2% 32.5 14.2% MALAGA 90.7% 2.1 81.2 8.6% 73.6 11.1% OVIEDO 80.9% 4.8 56.3 -5.5% 45.5 0.4% PALMA DE MALLORCA 78.0% -0.4 161.5 12.9% 126.0 12.2% SEVILLE 58.5% 10.2 69.6 2.0% 40.7 23.6% VALENCIA 80.0% 4.2 55.5 3.7% 44.4 9.5% ZARAGOZA 42.9% 7.8 45.7 -0.9% 19.6 21.1%

Year to date - 8/2014

% change (pts)

change (%)

change (%) vs YTD8/13 Economy 60.5% 6.1 46.7 -0.8% 28.2 10.2% Midscale 68.7% 3.4 61.4 3.2% 42.1 8.5% Upscale 67.1% 2.6 90.2 1.9% 60.5 6.0% Global 66.8% 3.4 76.4 1.6% 51.0 7.0%

Year to date by city – 8/2014

% change (pts)

change (%)

change (%) vs YTD8/13 ALICANTE 58.3% 3.9 64.4 5.1% 37.5 12.7% BARCELONA 74.9% 2.0 100.7 1.4% 75.4 4.2% BILBAO 72.1% -0.5 68.1 3.9% 49.1 3.2% MADRID 62.8% 4.2 76.6 -3.0% 48.1 3.9% MALAGA 72.4% 5.4 67.2 5.0% 48.7 13.5% OVIEDO 51.3% 5.3 54.3 -5.3% 27.9 5.6% PALMA DE MALLORCA 62.0% -0.1 122.5 4.0% 76.0 3.8% SEVILLE 60.5% 3.7 81.8 0.4% 49.4 6.9% VALENCIA 65.6% 3.0 58.0 0.8% 38.0 5.7% ZARAGOZA 52.4% 6.8 50.8 -1.1% 26.6 13.7%

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HOTEL INSIGHT - PORTUGAL

8/2014

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 Midscale 93.3% 5.3 66.0 9.0% 61.6 15.6% Upscale 86.1% 8.4 136.1 15.9% 117.2 28.4% Global 88.5% 6.7 93.4 14.5% 82.7 23.9%

8/2014 by city

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 LISBON 91.8% 8.6 77.1 4.8% 70.8 15.6% PORTO 86.9% 2.4 52.6 9.4% 45.8 12.5%

Year to date - 8/2014

% change (pts)

change (%)

change (%) vs YTD8/13

Midscale 70.1% 4.2 59.3 3.9% 41.6 10.5% Upscale 66.6% 2.5 104.0 2.5% 69.3 6.5% Global 67.1% 4.0 74.2 1.8% 49.8 8.3%

Year to date by city – 8/2014

% change (pts)

change (%)

LISBON 73.8% 3.5 79.3 1.0% 58.5 6.1% PORTO 67.1% 5.3 49.7 2.3% 33.4 11.2%

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HOTEL INSIGHT - ITALY

8/2014

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 Economy 61.3% -0.7 48.3 0.3% 29.6 -0.9% Midscale 68.0% 5.5 64.0 4.6% 43.5 13.8% Upscale 64.0% 3.6 157.5 1.1% 100.8 7.1% Global 64.6% 3.7 130.3 1.3% 84.2 7.4%

8/2014 by city

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 BOLOGNA 35.9% 1.4 57.4 6.4% 20.5 10.6% FLORENCE 77.6% 3.5 98.5 4.4% 76.5 9.4% MILAN 54.6% 5.5 91.4 5.6% 49.9 17.5% NAPOLI 66.5% 11.5 67.4 0.3% 44.8 21.3% ROME 67.0% 7.0 110.6 -1.0% 74.1 10.6% TURIN 35.7% -20.8 63.1 -20.9% 22.5 -50.0% VENEZIA 86.3% -1.0 143.4 3.3% 123.8 2.2%

Year to date - 8/2014

% change (pts)

change (%)

Year to date by city – 8/2014

% change (pts)

change (%)

change (%) vs YTD8/13 BOLOGNA 56.9% 1.4 80.0 0.4% 45.5 2.9% FLORENCE 75.4% 4.2 112.5 2.9% 84.7 9.0% MILAN 69.2% 3.2 111.5 1.5% 77.1 6.5% NAPOLI 63.9% 2.6 76.7 -0.8% 49.0 3.3% ROME 68.4% 4.9 122.9 -1.0% 84.1 6.5% TURIN 58.7% -0.6 80.9 0.4% 47.5 -0.6% VENEZIA 73.6% 0.5 146.1 -2.1% 107.5 -1.4%

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HOTEL INSIGHT – BELGIUM & LUXEMBOURG

8/2014 - Belgium

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 Economy 80.5% 4.6 59.5 -0.4% 47.9 5.7% Midscale 75.8% 5.0 68.0 0.8% 51.6 7.8% Upscale 71.1% 5.2 89.8 4.2% 63.8 12.4% Global 75.5% 5.2 73.4 2.2% 55.4 9.7%

8/2014 by city - Belgium

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 ANTWERP 82.7% 2.4 71.1 -3.8% 58.9 -1.0% BRUSSELS 72.7% 4.9 71.7 4.8% 52.2 12.4% GHENT 86.6% 1.3 82.1 6.7% 71.1 8.2% LIEGE 74.9% 12.8 70.8 -2.8% 53.1 17.3%

8/2014 - Luxembourg

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 Economy 71.0% -2.8 55.1 5.7% 39.1 1.7% Midscale 75.3% 4.8 65.4 2.4% 49.2 9.3% Upscale 78.0% 0.7 87.2 5.6% 68.1 6.6% Global 77.0% 2.1 71.4 4.2% 55.0 7.1%

Year to date - 8/2014 - Belgium

% change (pts)

change (%)

change (%) vs YTD8/13 Economy 76.6% 3.4 67.6 0.1% 51.7 4.7% Midscale 70.0% 1.8 84.1 -0.7% 58.9 2.0% Upscale 70.6% 2.0 113.7 -0.3% 80.2 2.6% Global 71.9% 2.3 90.0 -0.4% 64.7 2.9%

Year to date by city – 8/2014 - Belgium

% change (pts)

change (%)

change (%) vs YTD8/13 ANTWERP 76.4% 1.3 82.0 1.7% 62.6 3.4% BRUSSELS 71.9% 2.6 97.6 -1.1% 70.2 2.6% GHENT 78.0% 1.0 86.8 1.6% 67.6 2.8% LIEGE 64.3% 5.3 64.1 2.0% 41.2 11.2%

Year to date - 8/2014 - Luxembourg

% change (pts)

change (%)

change (%) vs YTD8/13 Economy 72.3% -2.1 64.2 6.5% 46.4 3.6% Midscale 71.5% 2.5 87.3 1.6% 62.4 5.2% Upscale 74.7% 2.4 118.9 4.2% 88.8 7.7% Global 73.9% 1.9 93.8 3.6% 69.3 6.3%

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HOTEL INSIGHT - THE NETHERLANDS

8/2014

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 Economy 84.8% 4.2 68.5 1.3% 58.1 6.6% Midscale 77.7% 4.6 70.3 0.0% 54.6 6.3% Upscale 79.2% 2.1 109.6 -0.2% 86.8 2.5% Global 79.4% 3.4 86.8 -0.1% 69.0 4.3%

8/2014 by city

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 AMSTERDAM 89.8% 1.8 99.3 0.0% 89.2 2.1% EINDHOVEN 56.0% 7.2 66.1 -3.0% 37.0 11.3% ROTTERDAM 59.3% 1.2 66.5 -0.1% 39.4 2.0% UTRECHT 65.0% 2.4 67.8 2.0% 44.2 6.0% THE HAGUE 74.2% 6.3 80.5 -1.8% 59.7 7.3%

Year to date - 8/2014

% change (pts)

change (%)

change (%) vs YTD8/13 Economy 76.1% 3.7 71.9 1.2% 54.8 6.3% Midscale 67.1% 2.5 80.2 -0.5% 53.8 3.4% Upscale 71.6% 2.0 124.5 3.2% 89.2 6.2% Global 70.4% 2.5 98.6 1.6% 69.5 5.4%

Year to date by city – 8/2014

% change (pts)

change (%)

change (%) vs YTD8/13 AMSTERDAM 79.1% 2.5 111.7 3.0% 88.3 6.4% EINDHOVEN 55.3% 0.2 75.8 -0.6% 42.0 -0.3% ROTTERDAM 64.2% 2.3 82.4 -5.1% 52.9 -1.5% UTRECHT 67.8% 1.4 85.1 3.0% 57.7 5.2% THE HAGUE 65.8% 3.9 100.0 1.7% 65.8 8.1%

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HOTEL INSIGHT - SWITZERLAND

8/2014

8/2014 by city

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 BASEL 73.9% 6.9 150.6 -10.9% 111.3 -1.8% GENEVA 73.9% 5.8 261.9 14.8% 193.4 24.5% ZURICH 89.5% 3.8 177.9 8.4% 159.2 13.2%

Year to date - 8/2014

% change (pts)

change (%)

Midscale 72.1% 1.5 142.9 -1.2% 103.0 0.9% Upscale 68.5% -0.5 258.1 1.6% 176.8 0.9% Global 71.5% 0.4 187.1 0.7% 133.8 1.3%

Year to date by city – 8/2014

% change (pts)

change (%)

BASEL 68.7% 1.8 214.0 0.8% 147.0 3.5% GENEVA 70.5% -0.1 262.4 1.3% 185.1 1.2% ZURICH 77.0% 0.3 179.3 0.6% 138.1 1.0%

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HOTEL INSIGHT - AUSTRIA

8/2014

8/2014 by city

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 SALZBURG 88.0% -4.3 185.5 4.6% 163.2 -0.3% VIENNA 85.2% 6.5 81.3 0.9% 69.3 9.3%

Year to date - 8/2014

% change (pts)

change (%)

Midscale 72.6% 1.7 72.3 0.6% 52.5 3.0% Upscale 72.9% 2.5 115.7 -0.3% 84.3 3.3% Global 72.5% 2.9 89.9 -0.4% 65.2 3.9%

Year to date by city – 8/2014

% change (pts)

change (%)

SALZBURG 66.7% 2.3 111.2 1.7% 74.2 5.3% VIENNA 73.9% 3.5 89.4 -1.7% 66.0 3.2%

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HOTEL INSIGHT - POLAND

8/2014

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 Upscale 78.9% 3.5 320.0 0.9% 252.3 5.6% Global 71.5% 3.1 220.7 -0.1% 157.9 4.5%

8/2014 by city

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 KRAKOW 91.5% 3.6 256.9 1.3% 235.0 5.4% POZNAN 53.2% 5.2 187.4 1.4% 99.8 12.3% SZCZECIN 78.0% 1.6 181.7 -13.2% 141.8 -11.3% WARSAW 71.2% 0.5 202.8 -2.6% 144.4 -2.0%

Year to date - 8/2014

% change (pts)

change (%)

Upscale 71.7% 1.1 351.5 0.8% 252.1 2.3% Global 62.9% 1.1 234.5 0.3% 147.4 2.1%

Year to date by city – 8/2014

% change (pts)

change (%)

change (%) vs YTD8/13 KRAKOW 72.9% -0.6 261.6 2.3% 190.7 1.5% POZNAN 49.2% 0.8 229.2 -1.0% 112.6 0.7% SZCZECIN 65.4% 2.5 185.4 -0.8% 121.2 3.1% WARSAW 70.1% 1.9 244.4 -1.3% 171.2 1.4%

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HOTEL INSIGHT - SCANDINAVIA

8/2014 by city

COUNTRY CITY OCCUPANCY RATE ADR RevPAR

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013 SWEDEN STOCKHOLM 77.4% 2.1 1,029.8 0.6% 797.6 3.5% MALMÖ 76.8% 10.2 719.4 -4.0% 552.6 10.7% DENMARK COPENHAGEN 90.8% 1.2 802.4 -4.5% 728.2 -3.2% FINLAND HELSINKI 80.3% 5.4 119.0 9.2% 95.5 17.1%

ADR and RevPAR are excluding taxes Source: MKG Hospitality Database

Year to date by city – 8/2014

COUNTRY CITY OCCUPANCY RATE ADR RevPAR

% change (pts)

change (%)

change (%) vs YTD8/13 SWEDEN STOCKHOLM 68.4% 2.5 1,079.6 -2.5% 738.8 1.2% MALMÖ 61.5% 5.8 767.0 -8.6% 471.6 1.0% DENMARK COPENHAGEN 75.4% 5.3 813.0 1.7% 613.1 9.4% FINLAND HELSINKI 65.2% 2.3 109.0 0.0% 71.1 3.7%

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HOTEL INSIGHT – EASTERN & SOUTHERN EUROPE

8/2014 by city

COUNTRY SEGMENT OR CITY OCCUPANCY RATE ADR RevPAR

% change (pts) vs 8/2013 local currency change (%) vs 8/2013 local currency change (%) vs 8/2013

CZECH REP. PRAGUE 87.0% 0.9 1650.3 1.3% 1,435.1 2.4%

HUNGARY BUDAPEST 87.3% 4.2 17,780 10.4% 15,530 16.0% RUSSIA MOSCOW 65.3% -12.5 5,313.3 -8.0% 3,469.4 -22.8% SANKT PETERSBURG 71.0% -11.0 3,420.7 -0.2% 2,428.0 -13.6% MALTA Global 94.6% 2.9 141.1 8.7% 133.4 12.1% GREECE ATHENS 71.8% 4.0 151.5 8.4% 108.7 14.8%

Year to date by city – 8/2014

COUNTRY SEGMENT OR CITY OCCUPANCY RATE ADR RevPAR

% change (pts)

change (%)

CZECH REP. PRAGUE 68.3% -1.9 1,851.4 5.3% 1265.1 2.4%

HUNGARY BUDAPEST 68.6% 2.7 19,892 7.6% 13,644 12.0% RUSSIA MOSCOW 64.1% -4.1 6,429.6 -1.9% 4,123.6 -7.8% SANKT PETERSBURG 58.0% -5.9 4,203.6 2.1% 2,438.0 -7.2% MALTA Global 72.6% 3.6 111.4 7.8% 80.9 13.4% GREECE ATHENS 64.3% 10.2 139.2 5.6% 89.5 25.5%

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