PORTUGAL PORTO HOTEL MARKET REPORT. Accelerating success.
|
|
- Branden Poole
- 7 years ago
- Views:
Transcription
1 PORTUGAL PORTO HOTEL MARKET REPORT 211 Accelerating success.
2 211 PORTO HOTEL MARKET REVIEW PORTUGAL TABLE OF CONTENTS Summary Porto Economics Tourism Airport Traffic 6 Tourism Demand 7 Occupancy Hotel Supply Hostels Future Supply 11 Investment 11
3 PORTO HOTEL MARKET REPORT 211 PORTUGAL SUMMARY Summary PRESENT GOOD OVERNIGHTS: : 2,6 million overnights and growing. AIRPORT: 6 million passengers and growing. LESS GOOD OCCUPANCY: almost constant. HOTELS: new openings are slowing down? FUTURE PRICES ( ) WEEK W-E ALL * (DOUBLE) * (DOUBLE) * (DOUBLE) LOW SEASON, OVERNIGHTS: Airport Francisco Sá Carneiro traffic will not grow forever, but Colliers International believes that its growing potential has not ceased yet. Although, for the terrible year of 212, no growth is being forecasted, it is, nevertheless, prudent to consider a stable number of passengers, close to the 211 figure: 6 millions passengers. Some routes will (or have already been) be lost, but others, new ones, may very well fulfill the unoccupied slots. OCCUPANCY: With Portugal getting impoverished everyday, the national tourist will travel less and less; however, internationally, Portugal will become more appealing (cheaper). Hence, a small and below average increase in demand will lead the occupancy rate to a stable value through 212. In 213, the big question is whether the increase in the number of rooms on offer (new supply) will overcompensate demand increase; if not, occupancy will be lower, otherwise occupancy may very well stay close to previous years. AVERAGE PRICE: The crisis that is hardly hitting Portugal will not tolerate a price increase, in 212. Prices will remain internationally competitive and may very well be reduced. Presently, hotel prices in Porto are relatively low (see chart), turning Porto as a competitive touristic destiny, inside Europe. This tendency may very well be reversed in 213, if Portugal managers to weather the storm. THREATS FINANCIAL CRISIS. DEMAND SIDE COST CONTROL. SUPPLY SIDE RYANAIR EFFECT CANNOT GO ON FOREVER OR BUSINESSES GROWING WEBIZATION. CAN IT? ANA AND TAP PRIVATIZATION AND INHERENT PERSONNEL FLEXIBILITY QUALIFICATIONS? CONSEQUENCES TO THE AIRPORT. EVERY BUILDING, A POTENTIAL HOTEL? 3 COLLIERS INTERNATIONAL
4 PORTO HOTEL MARKET REPORT 211 PORTUGAL INTRODUCTION Porto Porto has always been recognized as the major industrial area in Portugal and where lied the national labour force. As time went by, industry was pushed away from the city s perimeter which was, gradually, converted in the services centre of the region, concentrating the best and wider services supply outside Lisbon. However, for the past decades, Porto s Baixa (downtown city centre), once the decision centre across North Portugal, started loosing people and services: people moved to the outskirts of the city (from Matosinhos to Maia and from Vila Nova de Gaia to Gondomar) and services moved to the new CBD: Boavista. Several reasons were behind this transformation, such as the structural problems of the city s Baixa or the inertia of some of the local authorities. Over the past 2 years, Porto lost more than 2% of its population; add to that fact the growing trend to concentrate services supply in Lisbon (driving many services companies to be solely located in Lisbon) and the result is a slow decline of the city s overall importance. Under this gloomy context, tourism emerged, recently, as a factor: the Baixa was revitalized which will, certainly, contribute, in the near future, to stop the loss of population, guaranteeing work places and bringing people back, during the day, but also at night. Today, unlike times past, a foreign tourist with a map getting around Porto is not an unusual sight. Is it to keep? Economics Portugal SUMMARY Austerity and troika became well known words to Portuguese people throughout 211. GDP Growth -2,% -3, % Growth has left the dictionary. Unemployment Rate 12,7 % 13,6 % Economic forecasts are very little optimistic and a deep slow down in GDP growth is Inflation 3,6 % 3, % being widely anticipated for 212 and, perhaps, 213. Source: Experian Inflation has not been a problem staying close to the Euro Area criteria. EMPLOYMENT AND UNEMPLOYMENT RATE Employment (% variation, annual) 2, 1,, -1, Unemployment Employment 2, 15, 1, 5, Unemployment Rate Unemployment just keeps growing non stop, bankruptcies are also increasing and public debt remains too high, resisting each new austerity plan. Austerity plans have become usual and are rarely unexpected for people and corporations. People are getting poorer everyday: when employed, income is kept at the same level with increasing taxes; unemployed people, get lower benefits and shorter in time. Corporate turnovers are decreasing and cash management is almost impossible, since invoices due date are very rarely met and increase everyday. Upturn is scheduled to 213 or 214 or 215, if Portugal remains in the Euro Area and if the Euro Area keeps existing under the present standards. Besides all the difficulties widely spread, uncertainty remains a constant. -2,, Source: Experian 4 COLLIERS INTERNATIONAL
5 PORTO HOTEL MARKET REPORT 211 PORTUGAL TOURISM Tourism WORLD TOURISM Tourist Arrivals (millions) WORLD World wide tourists have doubled over the last 15 years. With internet and globalisation, travelling become available (country borders, low cost) to a large slice of the world s population, increasing tourism to unimaginable levels. In 211, after a decrease in 29, it is expected that the worldwide tourism will grow even further. And, in 213, forecasting predicts that the barrier of one billion tourists will be crossed. Source: U N W T O WORLD TOURISM Tourist Arrivals (millions) France Spain Turkey Ucraine Greece Portugal Hungary PORTUGAL MARKET SHARE In 27, Portugal had close to 1,5% of all the world tourists. Portugal ranked 2 in that category. Unfortunately, that information has stopped since then. Nonetheless, it is not a far stretch to assume that Portugal must have been keeping its share of world tourism, with tourist arrivals close to 12,5 millions, a long distance away from the 5 million people visiting Spain. France has stayed as the world s largest tourist receiver throughout the last decade, with an 8% share of the world tourism. Source: U N W T O INTERNATIONAL ARRIVALS PORTO Others United Kingdom France Germany Italy Netherlands Spain PORTUGAL AS AN INTERNATIONAL TOURISTIC DESTINY To fully understand Portugal as an international touristic destiny, it is important to understand the nationality of tourists. Using the international arrivals variable, it is possible to conclude that the Spanish tourist is predominant in Portugal, but also in Porto. United Kingdom, France, Germany, Netherlands and Italy complete the set of the major nationalities arriving in Portugal. The ranking has not been changing over the more recent years. However, the distribution is quite different: for instance, in Porto, French, German and British tourists are relatively more important than Dutch and Italians. Source: A N A 5 COLLIERS INTERNATIONAL
6 PORTO HOTEL MARKET REPORT 211 PORTUGAL AIRPORT TRAFFIC Airport Traffic WORLD PASSENGER MOVEMENT Source: A C I and A N A Airport traffic in Portugal is irrelevant on the world stage. Putting together all the airports in Portugal would not be enough to place the Portugal s passenger movements on the top 3. And total airport traffic in Portugal is less than one third of the total airport traffic of Atlanta. The U. S. A., with five airports among the 1 with higher passenger movement dominate world airport traffic globally. However, it is London (with its 6 airports) the city with larger airport traffic. Furthermore, New York the second city, has none of its airports placed in the top 1. Closer to Portugal, Barajas Airport, in Madrid, has a passenger movement over 5 million people and Barcelona have a passenger movement over 3 million people. Although increasing, Porto s airport passenger movement is irrelevant on a global scene and stands miles away from the examples presented above. PASSENGER MOVEMENT GROWTH RATE Over the last 5 years, Porto s airport gained 2,5 million passengers, which translates to a remarkable increase of 78%. Apart from a few airports in Eastern Europe (Russia, Poland and Turkey, with comparable growth rates), only two airports (in Western Europe) had faster growth rates: Charleroi and Eindhoven. However, restricting the analysis to larger airports, only the Bergamo airport (Orio al Serio) has a higher passenger movement and a close growth rate (62% over the same period). Venezia, for instance, with a larger passenger movement, has a much smaller growth rate. Indeed, only the Charleroi (south of Brussels) airport manages to combine passenger movement and growth better than the airport in Porto: almost 6 million passengers and a growth rate of 172% over the last 5 years. Source: every airport website PASSENGER MOVEMENT Source: every airport website PORTO IN EUROPE It cannot be neglected that there are several effects in the airport traffic variable that may change the analysis: at starters, the capital effect. A country s capital generally generates higher passenger traffic, because of its own centrality, induced by government and services location. Another important effect is the beach effect : seasonal airport traffic over the Summer (Portugal s airport of Faro is a good example) increases passenger movement in those locations. Although Porto does not possess any of the two mentioned effects, Porto as touristic destiny, will still have to compete with other cities with the capital effect, but will not be in the same segment as sun and beach products. In European cities, without a relevant beach segment (or where the beach is not the major driver of tourism demand), that are not capitals and excluding countries with over 4 million people, Porto airport is the one with a larger passenger movement, above cities such as Göteborg, Thessaloniki or Salzburg. Between Portugal and Spain, Porto s 6 million passengers places its airport in rank 9, distantly behind Madrid, Barcelona and Lisbon, but also sun and beach airports, like the two airports in the Canary Islands, two airports in southern Spain (Malaga and Alicante) and Palma de Mallorca. 6 COLLIERS INTERNATIONAL
7 PORTO HOTEL MARKET REPORT 211 PORTUGAL TOURISTIC DEMAND Toristic Demand TOTAL OVERNIGHTS 2,8 2,6 2,4 2, Source: I N E OVERNIGHTS Francisco Sá Carneiro Airport growth originated an increase in the overnights total, close to 1%, in 21. Porto, over 21, had a total of 2,6 million overnights. Although smoothly and without data relative to the year of 211, it is possible to be optimistic regarding this variable. Indeed, the increase from 29 to 21 is quite encouraging. Over the previous three years, this variable has remained constant throughout, around 2,4 million overnights. AVERAGE STAY 3 2,5 2 1,5 1,5 Source: I N E (Portugal and Spain) AVERAGE STAY On average, a tourist visiting Porto stays, only, for 1,8 nights. This figure has stayed relatively constant since 28. However, when comparing this value to other cities across Portugal and Spain, it is possible to conclude that this is a quite low value, much lower than Valencia s or even, Lisbon s. Interestingly, it is quite close to the average stay in Madrid or A Coruña. Porto s geographical and competitive positioning in the Northwest of the Iberian Peninsula, highlights that this is a variable where there is still much do and that an increase is just around the corner. SEASONALITY 15% 12% 9% 6% 3% % SEASONALITY Seasonal tourism effects are minimal in Porto. Overnights remain relatively constant through the past 12 months, with no visible peaks or lows. Overnights stayed always above 148. per month in the same period. Following the same comparison as before, Madrid suffers less from seasonal effects and Barcelona and A Coruña as the ones more severely affected by seasonality. This reduced seasonality the same happens in Lisbon, highlights Porto s competitive edge in the city tourism demand, certainly reinforced by the weather, relatively mild, throughout the year. Porto Lisbon Barcelona Madrid Source: I N E (Portugal and Spain) 7 COLLIERS INTERNATIONAL
8 PORTO HOTEL MARKET REPORT 211 PORTUGAL OCCUPANCY Occupancy Rate OCCUPANCY RATE 8% 6% 4% Porto Lisbon Barcelona Madrid Source: I N E (Portugal and Spain) OCCUPANCY RATE IN THE IBERIAN PENINSULA Occupancy rate, in Porto, has remained stable over the past 3 years. Change has been almost non existent and this rate has stayed put, close to 62%. Madrid and Lisbon, although with a similar stating rate to Porto s (close to 61% in 29), grew faster than Porto s, reaching much higher figures by 211: occupancy rate close to 67%. On the other side of the scale, A Coruña, has an occupancy rate not higher than 52%. In fact, A Coruña s occupancy rate has even decreased since 29, a singular fact across the cities included in this analysis. OCCUPANCY RATE,8,6, Total 5* 4* 3* 2* Source: I N E OCCUPANCY RATE BY HOTEL CLASS Decomposing occupancy rate through all hotel classes shows no major variations among them. It is, indeed, quite interesting, that all of the hotel classes (from 2 to 5 star hotels) have ended 211 with an occupancy rate so close to Porto s average occupancy rate: 62%. However, 5 star hotels have had a quite different trend from 2 and 3 star hotels. In fact, the lower class hotels have followed a downward path, decreasing its occupancy rate since 28; on the contrary, 5 star hotels had a fast increase from 28 to 29 (7 pp) and remained stable since then. REVPAR Porto Barcelona Madrid Lisbon Source: I N E (Portugal and Spain) REVPAR Income analysis highlights deeply the distance between the Portuguese and the Spanish hotel market. Barcelona s REVPAR is above 75 euros and Madrid s well above 5 euros; even Valencia has a REVPAR almost 1 euros higher than Porto s, which is not higher than 36 euros. Porto s REVPAR, following the trend set by other variables, has changed very little over the past 3 years. ARR Total 5* 4* 3* Source: A H P AVERAGE ROOM RATE Average Room Rate (ARR), in Porto, has decreased by almost 5% since 28, although it has increased close to 1% in the past year. This variation has been deeper in 5 star hotels, unlike 4 star s ARR, that has remained steady, close to 6 euros. Curiously, it is worth hotels. noting that 4 star hotels almost replicate the ARR pattern of all Another interesting fact, comparing Porto and Barcelona, is that Porto s 5 star hotels ARR is lower than Barcelona s average REVPAR. 8 COLLIERS INTERNATIONAL
9 PORTO HOTEL MARKET REPORT 211 PORTUGAL HOTEL SUPPLY ROOM SUPPLY Hotel Supply ROOM SUPPLY Total room supply is close to 1. rooms. Thus, very far away 75. rooms. from total London room supply (above 1. rooms) or Paris However, although quite further behind Valencia s 16. rooms, Porto s room supply levels with some of the Nordic capitals (like Helsinkki or Oslo) or A Coruña; furthermore, Porto s room supply also largely exceeds total room supply in the biggest French cities (Marseille or Lyon), aside from Paris. ROOM SUPPLY DISTRIBUTION ROOM SUPPLY (CLASS) 3 * 28% 2 * 17% 5 * 17% 4 * 38% Room distribution, by hotel class, shows a larger (than in other markets of Portugal and Spain) concentration in 5 star hotels. This trend (weight of Lisbon. 5 star hotels above 15% of total room supply) is even bigger in On the other hand, total room number in 2, or less, star hotels is relatively higher than in Lisbon or other Spanish markets. In fact, this trend is quite similar to the Italian market s(roma or Milano), where lower class hotels weigh for about 2% of total supply. PRESENT ROOM SUPPLY (PERIOD) 3% 2% 1% % ROOM SUPPLY (AREA) Póvoa de Varzim Espinho and Beaches (south) V. N. Gaia Others Antas Maia and Matosinhos Baixa downtown Boavista Another interesting fact in room distribution is that the present structure has stayed the same over the past 1 years. Indeed, new units have spread through the different hotel classes. The exception lies in 5 star hotels rooms, with a decreasing weight and an increasing weight in 4 star hotels rooms. However, unlike a ready made assumption and widespread idea, the total rooms supply has not increased its growth rate over the last years. Over the last 2 years, room supply in Porto has been growing close to 5% p.a.; a growth rate that has not increased over the past 2 years. This widespread idea of a fast growth rate in hotel room supply might very well be explained by new forms of hotel supply (such as hostels) or the enlarged pipeline of new supply. The largest slice of hotel supply, in Porto, is concentrated in the Baixa (downtown) and the Avenida da Boavista: old and new city centres. These two area concentrate evenly, over 4% of total room supply. The new areas of the Estádio do Dragão and Hospital São João, already account for more than 1% of the total supply. The remaining supply is spread, evenly, through neighboring cities (Matosinhos, Maia, V. N. Gaia) and other areas further away from the city centre. Business hotels are the predominant type in a varied, although residual in some classes), supply. Business hotels, with city centre hotels, in a mid-level range, highlight Porto s vocation to a city break kind of tourism. Furthermore, city centre and business hotels account for more than half of total room supply. ROOM SUPPLY (HOTEL CLASSIFICATION) Over the last two years, new openings were predominantly concentrated in city centre hotels and low-cost hotels. There were almost no new business hotels, but new supply included new forms of supply, such as theme hotels. Motel Transient Low Cost Beach Business Porto s transport infra-structures make it a crossing point between the Centre and the North of Portugal. Thus, transient hotels, located close to major highways, remain quite important in total supply, reaching almost 1%. Theme Luxury Leisure Centre At last, motels which also account for an interesting slice of total room supply, quite close to 5% of total. 9 COLLIERS INTERNATIONAL
10 PORTO HOTEL MARKET REPORT 211 PORTUGAL HOTEL SUPPLY Hotel Supply MANAGEMENT No Chain International Chain National Chain MANAGEMENT Management works as an indicator of the level of professionalism and internationalisation of the business. More mature markets separate management and ownership, keeping the latter to specialized entities, for a long period of time (rarely under 15 years). In Porto, although a quarter of total room supply is being managed by international chains, over 4% of total room supply remain brandless. OWNERSHIP National International National Group Hotel International Group Hotel National Group OWNERSHIP Almost half of the hotel owners in Porto are national private entities, with no connection to corporate groups. Such a distribution, is an indicator of a large component of smaller hotels, old, generally managed as a familiar business in an old-fashion way. On the other hand, and an indicator of a higher level of professionalism, hotels owned by private national hotel-associateroom supply. groups, in Porto, already account for a third of the total BRANDS SUPPLY DISTRIBUTION FÉNIX ACCOR HOTI TURILIMA VILA GALÉ 776 ROOMS 755 ROOMS 388 ROOMS 353 ROOMS 292 ROOMS Brand variation is quite illustrative in this fact: considering, exclusively, hotel units part of hotel chains, it is possible to identify over 3 different brands. Adding hotels without a chain to those 3 brands and a large figure is returned. The largest management brand in Porto are the hotels Fénix, with little under 8 rooms, followed closely by Accor Hotels (close to 75 rooms). Ibis brand, in Accor Hotels offer 49 rooms in Porto. Grupo Hoti has little under 4 rooms, spread by Tryp and Star Inn units and Turilima, close to 35 rooms, with the Axis brand. Vila Galé and Sheraton have more than 25 rooms, although concentrated in a single hotel. Hostels World tourism started spreading largely driven by a low-cost demand slice (looking for low cost accommodation). Under these circumstances, hostels became more important, offering cheap, but creative, accommodation and providing a global meeting point to travellers from all around the world. Porto followed suit and driven by the airport growth, hostels started spreading through all the city centre. Until 29, supply was still insipient, but in 21, 8 new units opened, doubling the city s total supply. New units kept opening in 211, and several more are still in the pipeline. The transformation of old existing buildings has been the most used form to open a hostel. Sometimes, old inns or guest houses were regenerated into hostels, with a determined theme and an appealing and modern design. BEDS SUPPLY (HOSTELS) total 2 15 new Only one of Porto s hostels is a part of a hotel chain. The remaining hostels are privately owned, generally by a family, that started with the regeneration of an old building, not too big, and a strong investment in decor and design. Management stays in the family and the hostel is run in a way to bond with the guests, giving a family environment to the hostel This familiar way to run the business, is many times, a personal investment, in ma way that elevates the service levels, driving Porto s (and Portuguese) hostels to the top of international rankings (e.g., The success of this business is strongly correlated with the placement of the hostel in the internet and how it is presented to potential customers. Demand is, generally, international and low income. 1 COLLIERS INTERNATIONAL
11 PORTO HOTEL MARKET REPORT 211 PORTUGAL FUTURE SUPPLY 212 NEW SUPPLY RIO DOURO 5 * 42 ROOMS FONTE DA VINHA 5 * 34 ROOMS CARRÍS RIBEIRA 4 * 91 ROOMS SOARES DOS REIS 3 * 17 ROOMS IBIS BUDGET 1 * 95 ROOMS 213 NEW SUPPLY OPORTO VINTAGE 5 * 147 ROOMS INSPIRA FLORES 4 * 6 ROOMS Future Supply PIPELINE In 211, the economic and financial crisis did not show in working hotels. However, some hotel in credit access. Indeed, credit restrictions and financing inherent problems, which are now a major factor in the national economic activity, makes it very difficult to forecast which hotels will, in the end, open, over the next two years. Hotel opening projections, sometimes having even reached for international management chains, plans or intended planning, are very easy to find. Colliers International had to separate units with, apparently, most of the feasibility done, from the ones, still lacking physical, legal or financial feasibility. BOM SUCESSO 2 * 83 ROOMS In conclusion, it was possible to identify 9 new units that will, potentially, open in the next two years. HILTON TRINDADE 4 * 124 ROOMS Apart from these, and due to the dynamics of the city, it is possible to pinpoint over 5 land parcels or buildings to be regenerated, publicly known. openings were postponed, highlighting financial difficulties, mostly PIPELINE (NEW ROOMS) new supply forecasted supply It is important to state that this is a speculative subject, where it is not difficult to find a much bigger number than the 9 units referred. In fact, Colliers International estimates that Porto has a pipeline of more than 4. rooms with a plan or a public statement. From those 4., around 65 rooms may, under a different economic perspective, remove the obstacles anticipated to block its development (usually, financing). Obviously, from the remaining, some will never get to the opening day and for many others, not even a sketch will be drawn Investment INVESTMENT MARKET INVESTMENT 375. regeneration 3. new building * 4 * 5 * Hotel transactions, in Portugal, are scarce and concentrated in Lisbon or in Algarve. Usually, selling involves only hotels going through hard times or, alternatively, units performing well, being sold to Investment Funds. Once a small market, today, it is almost non existent. In Porto, apart from one-off deals (one of the last included a portfolio sale, including several hotels), hotel investments are restricted to the regeneration of old buildings, transforming them in new, modern and functional hotels. This is the way a hotel opens in Porto. Cost forecast of such a regeneration is key to the success of the business. However, most estimates fall short, because these are a lot more difficult than estimating the cost of a new building. Risks involved are high, elevating contingencies to unimaginable figures. This is the context to hotel investment in Porto. Therefore, investment values are quite volatile. Colliers International estimates it is very difficult to open a 5 star hotel, in Porto, with an investment value lower than 3. euros/room, in the city centre. On the contrary, it seems possible to open a 4 star hotel with an investment value little over 1. euros/room. 11 COLLIERS INTERNATIONAL
12 PORTO HOTEL MARKET REPORT 211 PORTUGAL COLLIERS RESEARCH 512 offices in 61 countries in 6 continents U. S. America: 125 South America: 18 Asia and Pacific: 214 EMEA: 117 Portugal: 3 $1.5 billion in annual income 978,6 million m² under management More than 12,5 professionals PORTUGAL: Colliers International Alameda Jardins d Arrábida, Vila Nova de Gaia Largo das Palmeiras, Lisboa Marina Forum Avenida Arreaga, 77 2º sala Funchal Portugal TEL FAX pi.cn@grupoipg.pt Colliers Research Services Group is recognized as a knowledge leader in the commercial real estate industry, providing clients with valuable market intelligence to support business decisions. Colliers research analysts provide multi-level support across all property types, ranging from data collection to comprehensive market analysis. In Portugal, Colliers Research Department, regularly collect and update data on key real estate metrics. These data are then worked internally, following the international adequate proceedings, set inside the universe of the Colliers International Reseacrh Services Group. COLLIERS INTERNATIONAL HOTELS Brokerage: Buying and Selling of Hotels; Mergers and Acquisitions; Operator Selection; Negotiation and Renewal of Management Contracts. Corporate Services: Corporate Finance; Debt and Equity Placement; Mergers and Acquisitions. Consulting: Development of the Hotel Concept and Strategy Definition of the Hotel as Touristic Destination; Market and Feasibility Studies; Valuations; Corporate finance Consulting; Development Advisory; Operational Analysis; Asset Management. Research: Market Studies, Trend Analysis, Investment Market Analysis. GLOSSARY Hotel: Unit whose main activity consists in providing accommodation and other complementary or supporting services, with or without restaurant, in exchange for a payment. Colliers only considers units with more than 3 rooms (with a private bathroom). Hotels classes go from 1 to 5 stars. Portuguese star rating is provided by the Direcção Geral do Turismo (Tourism Office) and Portugal has stayed, thus far, outside the European standardisation system HOTREC. Overnights: When an individual stays in an accommodation providing establishment, for period between midday of one day and midday of the following day (INE, National Office of Statistics). Average Stay: Relationship between overnights and guests originating those overnights, in a certain period, under a supply perspective (INE, National Office of Statistics). Occupancy Rate: In this variable, sold rooms in a certain period are computed assessing the average efficiency of the hotel. The total number of rooms sold is divided by the total number of rooms available for sale, in the hotel, in a certain period. Average Rack Rate (ARR): The Average Rack Rate results from the division of total income generated by the hotel, in a certain period, by the total number of rooms, available for sale. The average sold room rate might also be calculated, replacing the total number of rooms, in the denominator, by the total number of sold rooms. This variable is also known as the Average Daily Rate. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. REVPAR (Revenue per Available Room): This is one of the most important indicator when analysing a hotel performance. It consists in crossing total income obtained per room and the hotel s occupancy rate, also per room. The product of both variables, returns the REVPAR in a certain period.
13 Accelerating success.
Latvia Hotel Market Overview
Research & Forecast Report Latvia 2016 Latvia Hotel Market Overview Annual Review Accelerating success. Hotel Market General Overview > > During the first three quarters of 2015, the number of visitors
More informationWarsaw, Poland Market Snapshot
JUNE, 2010 Warsaw, Poland Market Snapshot CRISTINA BALEKJIAN, Market Intelligence Analyst SAURABH CHAWLA, Associate Director HVS LONDON OFFICE 7 10 Chandos Street Cavendish Square London, W1G 9DQ Tel:
More informationPrague, Bratislava and Budapest back on track?
CEE hotel market snapshot Prague, Bratislava and Budapest back on track? April 2015 CEE: Prague, Bratislava and Budapest back on track? Introduction Dear Readers, Dear Friends of Christie + Co, Central
More informationQuarterly Report Egypt Hotels Full-Year 2015. Egypt Full-Year 2015 Review 4 Key Cities
Quarterly Report Egypt Hotels Full-Year 2015 Egypt Full-Year 2015 Review 4 Key Cities Contents Cairo... 3 Sharm El Sheikh... 4 Hurghada... 5 Alexandria... 6 2 Cairo SUPPLY A number of high profile properties
More informationLARGE OFFICE SPACE Where to find 5,000 sq m in Europe
EMEA Office July 2015 LARGE OFFICE SPACE Where to find 5,000 sq m in Europe HIGHLIGHTS The availability of large office premises has reduced by 12% year-on-year Choice is limited - only 19% of options
More informationPELOPONNESE, GREECE MARKET AREA SNAPSHOT. Nikolas Pavlidis Consulting & Valuation Analyst. Themis Trakas Associate Director. www.hvs.
APRIL 2013 PRICE 150 MARKET AREA SNAPSHOT PELOPONNESE, GREECE Nikolas Pavlidis Consulting & Valuation Analyst Themis Trakas Associate Director www.hvs.com HVS ATHENS 7 Patriarchou Ioakim Street, 2 nd Floor,
More informationThe Impact of the Crisis on the Athens Hotel Industry
The Impact of the Crisis on the Athens Hotel Industry February 2014 The Greek tourism economy The tourism industry is of vital importance for Greece, as it contributes directly and indirectly- around 17%
More informationNorwegian Foreign Visitor Survey 2011
Summary: Norwegian Foreign Visitor Survey 2011 TØI Report 1166/2011 Author(s): Eivind Farstad, Arne Rideng and Iratxe Landa Mata Oslo 2011, 67 pages Norwegian language In 2011 a total of 5.0 million foreign
More informationDUBAI HOUSE PRICE INDEX REPORT FIRST QUARTER 2013. Accelerating success.
DUBAI HOUSE PRICE INDEX REPORT FIRST QUARTER 13 Accelerating success. HOUSE PRICE INDEX Q1 13 DUBAI TABLE OF CONTENTS Executive Summary 3 Dubai Overall House Price Index 4 Alternative Analysis 6 Apartment
More informationVienna Tourism Statistics
Vienna Tourism Statistics Users perspective in supply and demand side statistics Wolfgang J. Kraus & Katrin Heintschel Vienna Tourist Board Strategy Dept. 2 April 28 The Demand Side The Supply Side Benchmarking
More informationTOURISM IN THE AMSTERDAM METROPOLITAN AREA: NIGHTS, ACCOMMODATIONS AND JOBS IN THE TOURISM SECTOR 2014-2015
TOURISM IN THE AMSTERDAM METROPOLITAN AREA: NIGHTS, ACCOMMODATIONS AND JOBS IN THE TOURISM SECTOR 21-21 Research, Information and Statistics (OIS), February 21 Europe is the world's most popular holiday
More informationFRANCE: A LEADING TOURIST DESTINATION
FRANCE: A LEADING TOURIST DESTINATION 10 KEY INFO IN POINTS 1 FRANCE ENTHRALLS FOREIGN TOURISTS France is the world s leading destination for foreign tourists, with 84.7 million international visitors
More informationGLOBAL TOURISM - Geography Explained Fact Sheet
Billion (US$) GLOBAL TOURISM - Geography Explained Fact Sheet Introduction With almost all the leading tourist destination countries having reported their international tourism receipts for 2006, the WTO
More informationHOTEL MARKET REPORT SOFIA 2015
www.kohl-int.com HOTEL MARKET REPORT SOFIA 2015 A REPORT BY INCREASING TREND OF OVERNIGHTS! After a period of stagnation in Sofia s overnights between 2009-2011, since 2012 the number of arrivals and spent
More informationA LOOK AT THE CANADIAN LODGING INDUSTRY IN 2011 AND AHEAD TO 2012
OCTOBER 2011 CANADIAN MONTHLY LODGING OUTLOOK A LOOK AT THE CANADIAN LODGING INDUSTRY IN 2011 AND AHEAD TO 2012 Carrie Russell, AACI Senior Vice President www.hvs.com HVS IN CANADA 6 Victoria Street, Toronto,
More informationINVAST HOTELS HOTEL REAL ESTATE IN THE NETHERLANDS & AMSTERDAM
INVAST HOTELS HOTEL REAL ESTATE IN THE NETHERLANDS & AMSTERDAM 2012 market summary HOTEL REAL ESTATE IN THE NETHERLANDS The Dutch hotel market is a relatively small market in comparison to the European
More informationOIV s Focus. The sparkling wine market. The sparkling wine market has expanded in recent years, boosted by high global demand.
OIV s Focus The sparkling wine market The sparkling wine market has expanded in recent years, boosted by high global demand. Production has increased significantly: + 4% in 1 years, while that of still
More informationTourism trends in Europe and in Mediterranean Partner Countries, 2000-2006
Industry, trade and services Author: Ulrich SPÖREL, Volker TÄUBE Statistics in focus 95/28 Tourism trends in Europe and in Mediterranean Partner Countries, 2-26 Tourism is a growth industry in Europe and
More informationORGANIZERS: OPORTO INTERNATIONAL NÚCLEO PORTUGUÊS KARATÉ DESIGN DANIELPARADINHA.COM PAV. ROSA MOTA 28 FEBRUARY 2015 FROM INFANTS TO MASTERS SPONSORS:
NÚCLEO PORTUGUÊS KARATÉ DESIGN DANIELPARADINHA.COM PAV. ROSA MOTA TH 28 FEBRUARY 2015 FROM INFANTS TO MASTERS SPONSORS: N.P.K. KARATE OPEN 2015 - - PORTUGAL, 28.02.2015 Dear KARATE friends, It s a pleasure
More informationPress Release Marseille-Provence Airport annual press conference LC/DMC 14/1/14
Press Release Marseille-Provence Airport annual press conference LC/DMC 14/1/14 After an increase of 1 million passengers in 2012 (4 th biggest increase among European airports according to ACI Europe's
More informationIS ENERGY IN ESTONIA CHEAP OR EXPENSIVE?
IS ENERGY IN ESTONIA CHEAP OR EXPENSIVE? Rita Raudjärv, Ljudmilla Kuskova Energy is a resource without which it is hard to imagine life in today's world. People seem to take it for granted that energy
More informationDTZ Foresight Europe Fair Value Q1 2012 Germany and UK holding firm
Germany and UK holding firm 29 May 2012 Contents Fair value highlights 2 Economic context 3 Market classifications 4 Office market forecasts 5 Retail market forecasts 6 Industrial market forecasts 7 Authors
More informationLisbon Office Market Outlook. 4th Quarter 2009
(data on ) Contacts: Pedro Pimentel pedrop@prea.pt 214406420 Research & Market Analysis Dept. www.prea.pt Outlook Following a major downturn in economic performance office space demand continues to be
More informationTHE CURRENT STATUS OF HOTEL DEVELOPMENT ACTIVITY AND CONSTRUCTION COSTS IN CANADA
CANADIAN MONTHLY LODGING OUTLOOK JANUARY 2013 THE CURRENT STATUS OF HOTEL DEVELOPMENT ACTIVITY AND CONSTRUCTION COSTS IN CANADA www.hvs.com HVS IN CANADA 6 Victoria Street, Toronto, ON M5E 1L4, CANADA
More informationWTM Origin Market Seminar 2013. Brazil
WTM Origin Market Seminar 2013 Brazil Brazil s Population Population 198.7 million (5 th in the world) Annual growth rate: 1.1% Relatively young population Diverse Ethnicity strong cultural links between
More informationHOTEL MARKET VIENNA 2012 A REPORT BY KOHL & PARTNER
HOTEL MARKET VIENNA 2012 A REPORT BY KOHL & PARTNER OCCUPANCY LEVELS IN VIENNA ARE STRONG IN EUROPEAN COMPARISON If you examine the REVPAR (Revenue per available Room), one of the most important indicators
More informationBuy Pitch. Financial Institutions Group (FIG) Darly Bendo, Lynn Hu, Chris Martone, Ray Yang Wednesday, October 30 th, 2013
Buy Pitch Financial Institutions Group (FIG) Darly Bendo, Lynn Hu, Chris Martone, Ray Yang Wednesday, October 30 th, 2013 Disclaimer The analyses and conclusions of the Western Investment Club ( WIC")
More informationCapacity and Turnover in Public Accommodation Establishments in Hungary
Capacity and Turnover in Public Accommodation Establishments in Hungary According to Act I of 1978 on domestic trade, in Hungary all establishments operated as a business for overnight accommodation and
More informationHotel market on course for growth. Frankfurt hotel market in figures. Hotels 248 242. Beds 40 thousand 39 thousand. Arrivals 4.4 million 4.
Photos from top to bottom: The Squaire, Jumeirah Frankfurt, Meininger Rhein/Main Flughafen, Welcome Hotel Frankfurt [PKF city ticker] [ ] Hotel market on course for growth New peak in overnights: Approximately
More informationKey facts on tourism
Key facts on tourism 2008 edition Economic impact of tourism in France in 2007 Foreign trade Expenditure by foreign visitors in France: EUR 39.6 billion (+7.2%*) Expenditure by French residents abroad:
More information+5pps +7.1% 2. 1. Growth of Guest Arrivals in 2014 (y-o-y) 2010 2011 2012 2013 2014 2015 (U/C)
BUDAPEST PERFORMED THE LARGEST KPI IMPROVEMENT AMONG MAJOR EUROPEAN CITIES Budapest performed as the best in CEE ahead of Prague, Warsaw and Bucharest in most key performance indicators. AVERAGE OF 214
More informationyears in the community
Montréal-Trudeau, from the 70 past to the future years in the community The airport s beginnings Montréal Pierre Elliott Trudeau International Airport is 70 years old! It was on September 1, 1941, that
More informationKey contacts. EMEA Investor Intentions Survey 2015. www.cbre.eu. CBRE Research
Key contacts For more information about this regional special report, please contact: Michael Haddock Senior Director, EMEA Research t: +44 7 182 3274 e: michael.haddock@cbre.com For more information regarding
More informationEMEA Investor Intentions Survey 2015
EMEA Investor Intentions Survey 1 CBRE Research B INVESTOR INTENTIONS SURVEY 1 EMEA INVESTOR INTENTIONS SURVEY 1 EMEA 1 Executive summary Real Estate investors intentions in 1 Western Europe is the region
More informationLicensed by the California Department of Corporations as an Investment Advisor Investment Newsletter May 2006
Licensed by the California Department of Corporations as an Investment Advisor Thailand: Focus on Koh Samui This is the fifth (!) newsletter in my series on Thailand. Prior installments (October to December
More informationWill It Be Another Roller Coaster Ride. For The Security and Fire Systems. Market? Contact: Tim Page Press Release No: 29
Press Article www.bsria.co.uk Will It Be Another Roller Coaster Ride For The Security and Fire Systems Market? Contact: Tim Page Press Release No: 29 Release date: Immediate Date: 16/11/09 The latest report
More informationTourism Trends 2009/10 in Austria
Peter Laimer Tourism Trends 09/ in Austria Development of key figures againts the backdrop of the economic and financial crisis UNWTO Committee on Statistics and TSA Madrid, 27-28 January We are moving
More informationTHE INCREASING IMPORTANCE OF BRANDED RESIDENCES
MAY 2014 THE INCREASING IMPORTANCE OF BRANDED RESIDENCES Lucy Payne Consultant & Valuation Analyst Arlett Oehmichen, MRICS Director www.hvs.com HVS London 7 10 Chandos Street, London W1G 9DQ Following
More informationwww.cbre.com/research October 2011
Belgium www.cbre.com/research HOTEL MARKET IN BRUSSELS FROM A PROPERTY PERSPECTIVE by CBRE Research OVERVIEW SUMMARY Thanks to its central While Brussels counts an location, the Brussels hotel market is
More informationAPRIL 2015. Economic Impact of AIM
APRIL 2015 Economic Impact of AIM Foreword AIM, which is 20 years old this year, has weathered several economic storms over the past two decades, but has remained true to its core purpose of providing
More informationUK immigration policy outside the EU
European Union: MW 371 Summary 1. This paper outlines a possible immigration system in the event of a British exit from the European Union. Some have claimed that a British exit would not affect net migration,
More informationTHE DELOITTE CFO SURVEY 2015 Q1 RESULTS GETTING BACK TO NORMAL
THE DELOITTE CFO SURVEY 2015 Q1 RESULTS GETTING BACK TO NORMAL 2 Contents Key points from the 2015 Q1 Survey 4 General economic environment 5 Market conditions and the economy 6 Cash flow and risk 9 M&A
More informationHospitality Investment Strategies in Greece
www.pwc.com.gr Hospitality Investment Strategies in Greece February 216 Executive summary Tourism Development Strategies February 216 Page 2 Executive Summary The market Greece is a significant global
More informationDoha Airport / City Centre. Increase in tourist arrivals and opening of new hotels expected to keep the market growth in line with 2014 performance.
MENA Hotels August 2015 MENA HOTEL FORECASTS 3-Month Rolling Forecast Highlights Aug Oct 2015 YoY RevPAR Variance % Doha Airport / City Centre Increase in tourist arrivals and opening of new hotels expected
More informationMarch 2016 CAPITAL VIEWS EMEA RETAIL INVESTMENT TRENDS
March 2016 CAPITAL VIEWS EMEA RETAIL INVESTMENT TRENDS MARCH 2016 CAPITAL VIEWS: RETAIL INVESTMENT TRENDS Buoyant year-end for retail driven by Germany and the Nordics Retail was the fastest growing sector
More informationThe wine market: evolution and trends
The wine market: evolution and trends May 2014 1 Table of contents 1. WINE CONSUMPTION 3 2. TRENDS IN WORLD WINE TRADE IN 20 6 3. TOP WINE EXPORTERS IN 20 7 4. TOP WINE IMPORTERS IN 20 9 5. THE FIVE LARGEST
More informationSupply chain finance provides Dutch buyers with 22 billion additional free cash flow
Supply Chain Finance ING Economics Department Supply chain finance provides Dutch buyers with 22 billion additional free cash flow This article determines the value to be gained by Dutch buyers and their
More informationhall aitken social and economic regeneration consultants
hall aitken social and economic regeneration consultants The social and economic impacts of regional casinos in the UK February 2006 1 Summary This report aims to identify and quantify the impact of regional
More informationAtlantic City Tourism Performance Indicators (AC-TPI)
Atlantic City Tourism Performance Indicators (AC-TPI) 3 rd Quarter 2013 Snapshot Prepared by Brian J. Tyrrell, Ph.D. Associate Professor of Hospitality and Tourism Management Supported by Israel Posner,
More informationThe Legal Protection Insurance Market in Europe. October 2013
The Legal Protection Insurance Market in Europe October 2013 The Legal Protection Insurance Market in Europe October 2013 In its latest publication RIAD, the International Association of Legal Protection
More informationMeasurement of the hotel Average Daily Rate using Internet Distribution Systems
Measurement of the hotel Average Daily Rate using Internet Distribution Systems Ibai Roman a, Igor Ibarguren a, Jon Kepa Gerrikagoitia a, and Emilio Torres-Manzanera b a CICtourGUNE, Cooperative Research
More informationInsurance market outlook
Munich Re Economic Research 2 May 2013 Global economic recovery provides stimulus to the insurance industry long-term perspective positive as well Once a year, MR Economic Research produces long-term forecasts
More informationResearch and Statistics Economic Development Department. Fact sheet. Amsterdam remains a popular tourist destination
Research and Statistics Economic Development Department Fact sheet number 4a October 2008 Amsterdam remains a popular tourist destination For the past few years, tourism in Amsterdam has been rapidly growing.
More informationQ2 2015. Dubai Real Estate Market Overview
Q2 2015 Dubai Real Estate Market Overview Dubai Market Summary Dubai s real estate market saw little change in the second quarter, with the slowdown in performance across all asset classes continuing,
More informationUNIFE World Rail Market Study
UNIFE World Rail Market Study Status quo and outlook 2020 Commissioned by UNIFE, the European Rail Industry And conducted by The Boston Consulting Group 2 1 Executive Summary This is the third "World Rail
More informationGlobal Network and Application Security Testing Market An Overview of Emerging Trends and Growth Opportunities For Test Solution Vendors
Global Network and Application Security Testing Market An Overview of Emerging Trends and Growth Opportunities For Test Solution Vendors May 2013 Contents Section Slide Numbers Executive Summary 4 Market
More informationHAS FINANCE BECOME TOO EXPENSIVE? AN ESTIMATION OF THE UNIT COST OF FINANCIAL INTERMEDIATION IN EUROPE 1951-2007
HAS FINANCE BECOME TOO EXPENSIVE? AN ESTIMATION OF THE UNIT COST OF FINANCIAL INTERMEDIATION IN EUROPE 1951-2007 IPP Policy Briefs n 10 June 2014 Guillaume Bazot www.ipp.eu Summary Finance played an increasing
More informationFood & Coffee Offers New Ideas to Drive Non Fuel Income
RPS Energy is part of RPS Group, a FTSE 250 company with a turnover of $700m. RPS Energy is one of the world s leading suppliers of independent commercial advisory services, project management support,
More informationSpain Facts and Insights
Spain Facts and Insights Key Facts Economic Market population Outbound Travel Market Size UK s share of Spanish outbound market Scotland s visitors from Spain GDP growth forecast 2012 +0.3% (OECD) The
More informationIpsos / Europ Assistance barometer Europeans Plans and Concerns for the Holidays Summary Ipsos for the Europ Assistance Group May 24th 2012
Ipsos / Europ Assistance barometer Europeans Plans and Concerns for the Holidays Summary Ipsos for the Europ Assistance Group May 24th 2012 Contacts Ipsos Public Affairs: Fabienne SIMON 01 41 98 92 15
More informationAnnual Results Presentation Fiscal Year 2008
Annual Results Presentation Fiscal Year 2008 October 21, 2008 Philippe Gas Chief Executive Officer Euro Disney S.A.S. 2008 an important milestone Record revenues: 1,330 M Net profit: 2 M Third year of
More informationTHE DELOITTE CFO SURVEY 2015 Q2 RESULTS PATH TO GROWTH
THE DELOITTE CFO SURVEY 2015 Q2 RESULTS PATH TO GROWTH 2 Contents Key points from the 2015 Q2 Survey 4 Economic context 5 The economy and CFOs outlook 6 Funding 7 Cash flow and risk 8 M&A 9 A note on methodology
More informationIntroductory remarks by Jean-Pierre Danthine
abcdefg News conference Berne, 15 December 2011 Introductory remarks by Jean-Pierre Danthine I would like to address three main issues today. These are the acute market volatility experienced this summer,
More informationHotel, Tourism and Leisure. Asia Pacific Quarterly Update Volume 3 Spotlight: Malaysia
Hotel, Tourism and Leisure Asia Pacific Quarterly Update Volume 3 Spotlight: Malaysia ASIA PACIFIC HOTEL REVIEW HOTEL OPENING BY COUNTRY HOTEL OPENINGS Total hotel openings by international hotel management
More informationLast year's edition was amazing, with about 900 competitors, from children to veterans, and this new edition we aim to surpass in quality.
N.P.K. KARATE OPEN 2016 - - PORTUGAL, 13.02.2016 Dear karate friends, It is a pleasure to invite you to visit one of the most beautiful cities in Europe, Oporto, to participate in the International Karate
More informationAutomotive Suppliers Survey
The outlook for 2014 remains optimistic. The key to success will be innovation and R&D, the key to survive will be skilled labour. Automotive Suppliers Survey Slovakia, 2014 Consultancy firm PwC in cooperation
More informationOverview on milk prices and production costs world wide
Overview on milk prices and production costs world wide This article summarises the key findings of the IFCN work in 2013 and the recently published IFCN Dairy Report 2013 Authors: Torsten Hemme and dairy
More information2015 Growth in data center employment continues but the workforce is changing
Published in Conjunction with MARKET BRIEFING GLOBAL DATA CENTER EMPLOYMENT 2015 2015 Growth in data center employment continues but the workforce is changing Globally, the number of people working in
More informationMade in Greece. Having taken the Greek market by storm with its. Folli Follie makes a global statement
GREECE REPORT Folli Follie October/November 2005 Made in Greece Folli Follie makes a global statement By Martin Moodie Folli Follie is one of the luxury industry s most unlikely success stories the tale
More informationParis, France Upscale and Luxury Hotels Market Snapshot
Paris, France Upscale and Luxury Hotels Market Snapshot This is the first in a series of articles that HVS will be producing every month on a series of key markets. In writing these articles we are combining
More informationThe Nordic Tourism Investment Index 2012
The Conclusions The Nordic Tourism Index 212 The Nordic Investment Index 212 Nights spent in the Nordic countries The total number of guest nights in the Nordic countries included in the 212 Nordic Investment
More informationTOURISM IN THE CAPITAL CITY OF WARSAW IN 2015
STATISTICAL OFFICE IN WARSAW 1 Sierpnia 21, 02-134 Warsaw Brief information Prepared on 24.05.2016 r. Contact: e-mail: sekretariatuswaw@stat.gov.pl tel. 22 464 23 15, 22 464 23 12 fax 22 846 76 67 http://warszawa.stat.gov.pl
More informationIN FOCUS: MILAN, ITALY
DECEMBER 2014 PRICE 400 IN FOCUS: MILAN, ITALY THE VIEW ON THE CITY S TOURISM INDUSTRY BEFORE AND AFTER EXPO 2015 Ezio Poinelli Director Paolo Buffa Senior Consultant www.hvs.com HVS MILAN c/o Hemera Ventures,
More informationFor professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund
May 2016 For professional investors and advisors only. Not suitable for retail clients. Schroder Life Flexible Retirement Fund Improving the DC journey Members in a defined contribution (DC) pension scheme
More informationPublic Offer on Eiffage
Public Offer on Eiffage Creation of a leading Group in the Construction sector Important notice This presentation has been prepared by Sacyr Vallehermoso solely for the purpose of presenting the proposed
More informationEconomic and Social Council
United Nations Economic and Social Council Distr.: General 27 February 2014 ECE/CES/2014/43 Original: English Economic Commission for Europe Conference of European Statisticians Sixty-second plenary session
More informationGlobal Real Estate Outlook
Global Real Estate Outlook August 2014 The Hierarchy of Economic Performance, 2014-2015 China Indonesia India Poland South Korea Turkey Australia Mexico United Kingdom Sweden United States Canada South
More informationEuropean office rental struggle amidst subdued demand
The Jones Lang LaSalle Office Property Clock - Q2 2012 European office rental struggle amidst subdued demand The European rental index records a second successive modest fall (-0.2%) The European vacancy
More informationDTZ Foresight European Fair Value Q3 2010 Non-core markets drive temperature rise
DTZ Foresight European Fair Value Q3 Non-core markets drive temperature rise 18 November Contents Overview 1 Fair Value Index 2 Fair Value Classifications 3 European Market Classifications 4 European versus
More informationOvernight stays in hotel establishments registered an increase of 5.1% in October, as compared to the same month of 2013
24 November 214 Hotel Tourism Short-Term Trends (HOS/HPI/IPHS) October 214. Provisional data Overnight stays in hotel establishments registered an increase of 5.1% in October, as compared to the same month
More informationAEROSPACE AND DEFENCE INDUSTRIES FACTS & FIGURES
AEROSPACE AND DEFENCE INDUSTRIES FACTS & FIGURES INTRODUCTION Data for the aeronautics, land and naval defence sectors are sourced via a well-established process used for the collection of ASD s Facts
More informationTOURISM TRENDS ISSUES AND CHALLENGES - (IMPLICATIONS FOR CARIBBEAN ECONOMIES) Winfield Griffith, Caribbean Tourism Organization, April, 2009
TOURISM TRENDS ISSUES AND CHALLENGES - (IMPLICATIONS FOR CARIBBEAN ECONOMIES) Winfield Griffith, Caribbean Tourism Organization, April, 2009 IMPORTANCE OF TOURISM Most tourism dependent region in the world
More informationTHE CDS AND THE GOVERNMENT BONDS MARKETS AFTER THE LAST FINANCIAL CRISIS. The CDS and the Government Bonds Markets after the Last Financial Crisis
THE CDS AND THE GOVERNMENT BONDS MARKETS AFTER THE LAST FINANCIAL CRISIS The CDS and the Government Bonds Markets after the Last Financial Crisis Abstract In the 1990s, the financial market had developed
More informationThe Center Cannot Hold:
The Center Cannot Hold: Singapore to overtake Switzerland as leading Offshore Hub by 2020 April, 2013 Offshore Centers: 2012 Private Banking Handbook The global private banking industry has AuM of $19.3
More informationEuropean office market recovery continues but at varying speeds
The Jones Lang LaSalle Office Property Clock Q2 2013 European office market recovery continues but at varying speeds European Prime Office Rental Index continues upward trend Aggregate European leasing
More informationGlobal payments trends: Challenges amid rebounding revenues
34 McKinsey on Payments September 2013 Global payments trends: Challenges amid rebounding revenues Global payments revenue rebounded to $1.34 trillion in 2011, a steep increase from 2009 s $1.1 trillion.
More informationMiddle East Hotel Market Insight Report Dubai, UAE
Middle East Hotel Market Insight Report Dubai, UAE Issue 1 - April 214 In the Middle East since Dubai has established itself as a leading global hospitality destination Dubai attracted 7.8 million hotel
More informationUnderstanding Currency
Understanding Currency Overlay July 2010 PREPARED BY Gregory J. Leonberger, FSA Director of Research Abstract As portfolios have expanded to include international investments, investors must be aware of
More informationECONOMIC IMPACT AND TRAVEL PATTERNS OF ACCESSIBLE TOURISM IN EUROPE FINAL REPORT SUMMARY
ECONOMIC IMPACT AND TRAVEL PATTERNS OF ACCESSIBLE TOURISM IN EUROPE FINAL REPORT SUMMARY Service Contract SI2.ACPROCE052481700 European Commission, DG Enterprise and Industry 1 Table of contents 1 Executive
More informationThe Impact of The European Crisis on Travel To and From Europe and China & Asia-Pacific
The Impact of The European Crisis on Travel To and From Europe and China & Asia-Pacific A Report by Research For Travel Ltd July 2012 Research For Travel Ltd The Impact of The European Crisis on Travel
More informationRenminbi Depreciation and the Hong Kong Economy
Thomas Shik Acting Chief Economist thomasshik@hangseng.com Renminbi Depreciation and the Hong Kong Economy If the recent weakness of the renminbi persists, it is likely to have a positive direct impact
More informationTHE "EUROPEAN CITY TOURISM MONITOR "
THE "EUROPEAN CITY TOURISM MONITOR " 20 th Report January 2014 By ECM Research & Statistics Group Head Office 29D rue de Talant 21000 Dijon France Tel : +33 380 56 02 04 / Fax : +33 380 56 02 05 headoffice@europeancitiesmarketing.com
More informationFor personal use only
Attention ASX Company Announcements Platform Lodgement of Open Briefing ASX ANNOUNCEMENT: 8 February 2012 CEO and CFO on Half Year Results and Outlook Open Briefing with and CFO Martin Brooke Talent2 International
More informationAegean Airlines 2007 Review & Business Outlook. Analysts Conference Call February 20, 2008
Aegean Airlines 2007 Review & Business Outlook Analysts Conference Call February 20, 2008 Agenda 2007 Review Business Outlook Key highlights Domestic network International network Activity Our fleet Financials
More informationColliers UK Hotel Market Index
Colliers UK Hotel Market Index 1 Colliers UK Hotel Market Index INTRODUCTION This is the first edition of the Colliers UK Hotel Market Index. The UK Hotel Market Index (UKHMI) is an innovative market tracking
More informationIPA Global Publishing Statistics. Rüdiger Wischenbart
IPA Global Publishing Statistics Rüdiger Wischenbart 1 International Publishers Association The 20 Largest Publishing Markets A list of the 20 largest publishing markets therefore highlights complex dynamics
More informationBrown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX
Summary Prospectus October 30, 2015 Brown Advisory WMC Strategic European Equity Fund Class/Ticker: Institutional Shares / BAFHX Investor Shares / BIAHX Advisor Shares / BAHAX Before you invest, you may
More informationA Sunny Outlook for Florida Lodging Investments. June 1, 2016
June 1, 2016 The allure of Florida, and especially its coastal submarkets, continues to attract visitors and lodging investors alike. Notwithstanding challenges facing other key leisure destinations, the
More informationINTERNATIONAL COMPARISONS OF PART-TIME WORK
OECD Economic Studies No. 29, 1997/II INTERNATIONAL COMPARISONS OF PART-TIME WORK Georges Lemaitre, Pascal Marianna and Alois van Bastelaer TABLE OF CONTENTS Introduction... 140 International definitions
More informationProject LINK Meeting New York, 20-22 October 2010. Country Report: Australia
Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University
More information