French Hotel Industry Performance

Transcription

1 French Hotel Industry Performance

2 Latest News Consulting, valuations and transactions In Extenso Tourisme Hôtellerie et Restauration, member of the Deloitte Group, has joined forces with the culture and tourism consulting agency, Planeth. This external growth operation leads to the creation of a larger and better performing tourism, leisure and culture division : In Extenso Tourisme, Culture & Hôtellerie. Recent references Developer Conseil Régional de Martinique Conseil Général de la Guadeloupe SIUV Tourisme Hautes-Vosges Market study for a hotel project Feasibility study for the creation of a Museum of Carribean Culture Programing and reorganisation of the Musée départemental d archéologie amérindienne Feasibility and financial study for the implementation of tourist products Annemasse Martinique Guadeloupe Hautes-Vosges YOUR CONTACTS: CONSULTING AND VALUATIONS : PHILIPPE GAUGUIER, ASSOCIATE MRICS (+33 (0) OR philippe.gauguier@inextenso.fr) OLIVIER PETIT, ASSOCIATE (+33 (0) OR olivier.petit@inextenso.fr) TRANSAXIO HÔTEL : GUY BOULO, DIRECTOR (+33 (0) OR guy.boulo@transaxio-hotel.com) Articles and publications Find out more at and Social? That s for consumers. For travel companies, social media means business. This paper by Deloitte and Facebook shows the findings from a survey commissioned by Facebook on how consumers view social media as it relates to leisure travel. It looks at how travel companies and consumers are currently engaging with digital channels today. The marketing 4P are dead Long live the 4P. Jean-Marc Liduena, Associate Monitor Deloitte Tourism and hospitality trends 2015 Moving forward in complex environments Complex markets and customer expectations, regulatory challenges, technical advancements tourism and hospitality players have to increasingly learn how to cope in difficult markets. Within this context, how did 2014 turn out and what are the trends for 2015? The 13 th edition of our annual study helps answer these questions. Download study here: 2

3 , 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. 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. 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 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 progress during, although time will tell whether the VAT hike has finally been digested. Luxury Upscale Midscale Budget Super Budget OR ,1% 52,3% 54,1% 58,6% 59,0% Var. /n-1-3,7% 1,7% 0,1% 1,6% -0,8% ADR Var. /n-1-8,7% -2,0% -0,8% -1,9% 1,1% Var. /n-1-12,0% -0,3% -0,6% -0,3% 0,3% Jan. to Luxury Upscale Midscale Budget Super Budget OR ,5% 53,3% 52,0% 55,2% 55,3% Var. /n-1-3,4% 3,6% 0,6% 1,3% -1,4% ADR Var. /n-1-9,3% -2,3% 0,1% -1,3% 1,1% Var. /n-1-12,4% 1,3% 0,8% 0,0% -0,3% Definitions OR = Occupancy Rate ADR = Average Daily Rate = Revenue per available room 3

4 Performances Paris Paris-City OR ADR 2014 Var /n Var /n 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% ,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 - Midscale 67,9% -2,9% 115 2,0% 78-1,0% Paris - Budget 74,5% -2,6% 80 3,4% 60 0,6% Jan. to OR ADR 2014 Var /n Var /n 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% Paris suburbs (excluding Paris) Luxury and upscale OR ADR 2014 Var /n Var /n 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% ,3% Jan. to OR ADR 2014 Var /n Var /n 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% ,4% 4

5 Performance Regions Regions Regions (excl. French Riviera) Luxury Upscale Midscale Budget Super Budget OR ,6% 43,9% 48,7% 52,7% 56,4% Var. /n-1-4,5% 2,6% -1,8% -2,2% -2,0% ADR Var. /n-1 2,3% -1,9% -0,5% -3,3% 0,6% Var. /n-1-2,2% 0,6% -2,3% -5,4% -1,4% Jan. to Luxury Upscale Midscale Budget Super Budget OR ,2% 45,5% 46,7% 50,2% 52,5% Var. /n-1-4,5% 9,3% 0,1% 0,0% -2,4% ADR Var. /n-1 2,2% 0,8% 0,6% -1,3% 1,2% Var. /n-1-2,4% 10,2% 0,7% -1,3% -1,3% Luxury Upscale * Midscale Budget Super Budget French Riviera OR ,1% 41,1% 51,0% n.d. 52,0% Var. /n-1 3,4% 19,2% 11,0% - 3,2% ADR n.d. 43 Var. /n-1-14,0% 0,0% -2,3% - 3,6% n.d. 23 Var. /n-1-11,1% 19,2% 8,4% - 6,9% Jan. to Luxury Upscale * Midscale Budget Super Budget OR ,0% 38,0% 44,8% n.d. 47,3% Var. /n-1-7,2% 22,9% 10,5% - 2,0% ADR n.d. 43 Var. /n-1-9,9% -2,6% -1,7% - 4,0% n.d. 21 Var. /n-1-16,4% 19,7% 8,7% - 6,0% * Upscale : = sample groups upscale boutique hotels and standard four star hotels 5

6 Performances Suburbs Paris suburbs (excluding Paris) Midscale market OR ,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 Var. /n-1-2,6% 2,6% -5,2% -1,6% -5,4% 1,5% 2,2% -1,1% Var. /n-1-14,4% 13,6% 11,5% -1,0% 15,0% 6,8% 8,7% 6,4% Jan. to departments departments Average suburbs Average suburbs OR ,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 Var. /n-1 2,4% -1,8% 1,9% -2,0% -4,2% -1,9% 0,8% -0,9% Var. /n-1 5,4% 7,9% 13,3% -1,1% 13,7% 2,1% 2,0% 4,6% Budget market Super Budget market OR ,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 Var. /n-1-6,1% 0,6% -5,3% -2,1% 12,3% -6,3% 11,6% 1,9% Var. /n-1 20,1% 9,2% 0,9% -10,8% 24,4% 1,7% 27,2% 12,5% Jan. to departments departments Average suburbs Average suburbs OR ,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 Var. /n-1-5,9% 1,8% -3,7% 0,0% 3,8% -5,2% 4,0% -0,3% Var. /n-1 13,5% 9,5% -3,8% -9,2% 10,0% 0,4% 9,7% 5,1% departments IDF (hors Paris) OR ,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 n.d Var. /n-1 2,4% 0,1% -1,8% - 5,9% -1,4% 10,3% 2,8% n.d Var. /n-1 5,8% 5,2% 1,3% - 3,3% -1,0% 12,7% 3,5% Jan. to departments IDF (hors Paris) OR ,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 n.d Var. /n-1 2,7% 0,2% -1,4% - 3,7% -2,6% 5,5% 1,2% n.d Var. /n-1 5,0% 3,7% 0,3% - 1,5% -1,6% 6,2% 1,0% 6

7 Performances North-East North-east & Cities Luxury Upscale OR ADR OR ADR 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% Midscale OR ADR OR ADR 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 in progress in progress 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% Budget OR ADR OR ADR 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% Super Budget OR ADR OR ADR 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% 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 7

8 Performances North-West North-West & Cities OR ADR OR ADR 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 Luxury Upscale Midscale OR ADR OR ADR 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 development, sample subject to change Budget OR ADR OR ADR 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 development, sample subject to change Super Budget OR ADR OR ADR 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 development, sample subject to change 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 8

9 Performances South-East South-East (excl. French Riviera) & Cities Luxury Upscale OR ADR OR ADR 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% ,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 Midscale OR ADR OR ADR 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 in progress in progress Budget OR ADR OR ADR 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 in progress in progress Super Budget OR ADR OR ADR 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. - 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 9

10 Performances South West South-West & Cities Luxury Upscale OR ADR OR ADR 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% ,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% ,5% 76 4,7% 62,6% 13,7% ,5% 73 1,7% Bayonne-Anglet-Biarritz : in development, sample subject to change Midscale OR ADR OR ADR 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 development, sample subject to change Budget OR ADR OR ADR 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 development, sample subject to change Super Budget OR ADR OR ADR 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 development, sample subject to change 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 10

11 Performances French Riviera French Riviera OR ADR OR ADR French Riviera - Luxury 37,1% 3,4% ,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% French Riviera Cities OR ADR OR ADR Cannes - Luxury 35,2% 4,9% ,0% 51-18,2% 29,5% -13,5% ,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% ,9% 41-11,2% 29,2% -0,2% ,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% OR ADR OR ADR 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% OR ADR OR ADR Monaco - Luxury 63,9% 62,4% ,3% ,4% 57,6% 39,9% ,2% ,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% ,5% * Monaco set include the following cities : Monaco, Roquebrune and Cap d Ail ** Boutique Hotels: sample excludes Luxury hotels 11

12 Performances Coast Normandy Nord-Pas-de-Calais coast Normandy Nord-Pas-de-Calais coast OR ADR OR ADR Average Upscale & Luxury 47,6% 23,7% 184-1,0% 88 22,5% 44,2% 24,4% 185-2,8% 82 20,9% Average Midscale 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% Coast: benchmark based on hotel supply in coastal communes, as defined by INSEE Benchmark under development and likely to evolve Brittany Pays-de-la-Loire coast Brittany Pays-de-la-Loire coast OR ADR OR ADR Average Upscale & Luxury 47,7% -18,8% 188-2,5% 90-20,8% 34,7% -25,2% 185-2,6% 64-27,2% Average Midscale 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% Coast: benchmark based on hotel supply in coastal communes, as defined by INSEE Benchmark under development and likely to evolve Charente-Maritime Aquitaine coast Charente-Maritime Aquitaine coast OR ADR OR ADR Average Upscale & Luxury 32,5% -10,5% ,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% Coast: benchmark based on hotel supply in coastal communes, as defined by INSEE Benchmark under development and likely to evolve 12

13 Performances Main cities in Regions Main cities in Regions Luxury upscale and midscale Luxury Upscale OR ADR OR ADR 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% ,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% ,9% 41-11,2% 29,2% -0,2% ,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% ,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% ,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% ,5% 76 4,7% 62,6% 13,7% ,5% 73 1,7% Bayonne-Anglet-Biarritz : in development, sample subject to change Midscale OR ADR OR ADR 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% Bayonne-Anglet-Biarritz n.d. - n.d. - 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% Cannes 40,2% -0,1% 82-4,9% 33-5,0% 36,5% 0,0% 84-2,3% 30-2,4% Dijon 46,3% -3,9% 85-1,2% 39-5,0% 40,9% -0,3% 81-0,7% 33-1,0% Grenoble 53,1% -3,4% 93-5,3% 50-8,5% 49,5% -6,1% 94-5,4% 46-11,2% Le Havre 55,5% 3,6% 80-8,9% 44-5,6% 51,1% 0,4% 82-5,2% 42-4,9% Lille 57,4% 2,7% 89 2,8% 51 5,5% 56,5% 4,3% 93 5,9% 53 10,4% 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% Nancy 52,3% 8,8% 78-3,1% 41 5,5% 46,0% 1,7% 78-2,5% 36-0,8% 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% Nice 55,7% 16,6% 74-2,5% 41 13,7% 48,3% 16,2% 75-1,6% 36 14,4% Pau 51,2% -0,2% 77-1,7% 40-1,9% 47,4% -3,4% 77 0,5% 37-2,9% Reims 47,4% 2,7% 95 1,4% 45 4,1% 42,9% -2,9% 95-2,4% 41-5,2% 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% Strasburg 48,1% -12,8% 95-5,8% 46-17,9% 48,6% -10,7% 96-3,9% 46-14,2% 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 development, sample subject to change 13

14 Performances Main cities in Regions Main cities in regions Budget and Super Budget Budget OR ADR OR ADR 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, sample subject to change Super Budget OR ADR OR ADR 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, sample subject to change 14

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 () : Room revenue divided by rooms available. ADR and are expressed in Euros, excluding VAT Categories Luxury Hotels: France s most prestigious hotels that distinguish themselves through their exceptional location, building and design, as well their outstanding product and service quality. Highly reputed, these establishments cater to a particularly discerning clientele. Upscale Hotels: Hotels operating at the higher end of the market and consequently offering a wide range of amenities. These establishments are less prestigious than Luxury Hotels and cater to a wider range of guests. Midscale Hotels: Veritable bridge between higher category and entry-level hotels, Midscale Hotels benefit from a wide range of facilities and amenities, but to a lesser extent than Upscale Hotels. Budget Hotels: Hotels that offer a restricted range of facilities and amenities. Budget hotels primarily target those guests particularly preoccupied by value for money. Super Budget Hotels: Hotels that offer a no frills approach, with a very limited range of services. Price is the key decision-factor for guests. 15

16 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, visit About In Extenso A member of Deloitte Touche Tohmatsu, In Extenso is an entity dedicated to small and medium-sized businesses. Almost employees in 170 agencies in France serve 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 : Market and feasibility studies Valuation of hotel and tourist assets Urban tourism development plans Human Capital Others services 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, other ) Operating forecasts over several years : establishment of expense items to determine the project s profitability (GOP, cashflows 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). 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 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 Hotel benchmark survey Identification of operators and investors Optimize your information systems Marketing audits Quality control Organizational audits and management support Etc. 16