French Hotel Industry Performance

French Hotel Industry Performance

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, 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 2014 47,1% 52,3% 54,1% 58,6% 59,0% Var. /n-1-3,7% 1,7% 0,1% 1,6% -0,8% ADR 2014 286 146 93 62 39 Var. /n-1-8,7% -2,0% -0,8% -1,9% 1,1% 2014 135 76 50 36 23 Var. /n-1-12,0% -0,3% -0,6% -0,3% 0,3% Jan. to Luxury Upscale Midscale Budget Super Budget OR 2014 46,5% 53,3% 52,0% 55,2% 55,3% Var. /n-1-3,4% 3,6% 0,6% 1,3% -1,4% ADR 2014 296 150 95 63 39 Var. /n-1-9,3% -2,3% 0,1% -1,3% 1,1% 2014 138 80 49 35 22 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

Performances Paris Paris-City OR ADR 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 Paris - Luxury 60,0% -2,8% 406 4,1% 244 1,2% Paris - Boutique Hotels 63,1% -5,0% 212-5,9% 134-10,6% Paris - Upscale 60,9% -3,5% 167 0,2% 102-3,3% Paris - Luxury & Upscale 60,9% -3,5% 221 2,9% 135-0,7% Paris - Superior midscale 68,8% -3,4% 135-0,3% 93-3,7% Paris - Standard midscale 67,3% -2,6% 100 3,8% 68 1,0% Paris - 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-1 2014 Var /n-1 2014 Var /n-1 Paris - Luxury 62,8% -4,0% 417 2,1% 262-2,0% Paris - Boutique Hotels 64,9% -4,4% 224-5,3% 145-9,4% Paris - Upscale 64,7% -0,4% 172 0,4% 111 0,0% Paris - Haut de gamme & Gd luxe 64,3% -1,5% 228 1,7% 146 0,2% Paris - Superior midscale 71,0% -3,3% 141 0,8% 100-2,5% Paris - Standard midscale 65,6% -3,1% 103 3,5% 68 0,3% Paris - Midscale 67,7% -3,1% 119 2,4% 81-0,8% Paris - Budget 71,6% -4,2% 81 2,6% 58-1,8% Paris suburbs (excluding Paris) Luxury and upscale OR ADR 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 Paris 60,9% -3,5% 221 2,9% 135-0,7% La Défense 63,9% 12,9% 151-4,3% 97 8,0% Roissy CdG 69,5% 8,2% 112 6,1% 78 14,9% IDF (exc.paris and poles) 70,9% 11,1% 195 2,0% 138 13,3% Jan. to OR ADR 2014 Var /n-1 2014 Var /n-1 2014 Var /n-1 Paris 0 64,3% -1,5% 228 1,7% 146 0,2% La Défense 0 66,9% 16,8% 148-6,6% 99 9,1% Roissy CdG 0 69,0% 4,5% 112 2,0% 77 6,6% IDF (exc.paris and poles) 68,3% 11,4% 195 1,8% 133 13,4% 4

Performance Regions Regions Regions (excl. French Riviera) Luxury Upscale Midscale Budget Super Budget OR 2014 46,6% 43,9% 48,7% 52,7% 56,4% Var. /n-1-4,5% 2,6% -1,8% -2,2% -2,0% ADR 2014 207 120 85 60 38 Var. /n-1 2,3% -1,9% -0,5% -3,3% 0,6% 2014 96 53 42 32 21 Var. /n-1-2,2% 0,6% -2,3% -5,4% -1,4% Jan. to Luxury Upscale Midscale Budget Super Budget OR 2014 41,2% 45,5% 46,7% 50,2% 52,5% Var. /n-1-4,5% 9,3% 0,1% 0,0% -2,4% ADR 2014 210 124 86 61 38 Var. /n-1 2,2% 0,8% 0,6% -1,3% 1,2% 2014 87 56 40 31 20 Var. /n-1-2,4% 10,2% 0,7% -1,3% -1,3% Luxury Upscale * Midscale Budget Super Budget French Riviera OR 2014 37,1% 41,1% 51,0% n.d. 52,0% Var. /n-1 3,4% 19,2% 11,0% - 3,2% ADR 2014 156 103 78 n.d. 43 Var. /n-1-14,0% 0,0% -2,3% - 3,6% 2014 58 42 40 n.d. 23 Var. /n-1-11,1% 19,2% 8,4% - 6,9% Jan. to Luxury Upscale * Midscale Budget Super Budget OR 2014 33,0% 38,0% 44,8% n.d. 47,3% Var. /n-1-7,2% 22,9% 10,5% - 2,0% ADR 2014 155 105 78 n.d. 43 Var. /n-1-9,9% -2,6% -1,7% - 4,0% 2014 51 40 35 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

Performances Suburbs Paris suburbs (excluding Paris) Midscale market 77. 78. 91. 92. 93. 94. 95. OR 2014 31,6% 64,3% 60,1% 57,1% 60,5% 65,6% 64,3% 60,0% Var. /n-1-12,2% 10,7% 17,6% 0,6% 21,6% 5,2% 6,4% 7,6% ADR 2014 96 103 88 107 74 82 100 97 Var. /n-1-2,6% 2,6% -5,2% -1,6% -5,4% 1,5% 2,2% -1,1% 2014 30 66 53 61 45 54 64 58 Var. /n-1-14,4% 13,6% 11,5% -1,0% 15,0% 6,8% 8,7% 6,4% Jan. to departments departments 77. 78. 91. 92. 93. 94. 95. Average suburbs Average suburbs OR 2014 34,1% 60,4% 56,5% 55,2% 58,4% 66,5% 62,4% 57,9% Var. /n-1 3,0% 9,9% 11,1% 1,0% 18,6% 4,0% 1,2% 5,5% ADR 2014 100 103 98 110 76 83 102 100 Var. /n-1 2,4% -1,8% 1,9% -2,0% -4,2% -1,9% 0,8% -0,9% 2014 34 62 55 60 44 55 63 58 Var. /n-1 5,4% 7,9% 13,3% -1,1% 13,7% 2,1% 2,0% 4,6% Budget market Super Budget market 77. 78. 91. 92. 93. 94. 95. OR 2014 70,8% 66,3% 63,1% 58,7% 62,8% 65,6% 72,6% 66,4% Var. /n-1 27,9% 8,5% 6,6% -8,9% 10,9% 8,5% 14,0% 10,4% ADR 2014 54 79 60 74 62 62 61 63 Var. /n-1-6,1% 0,6% -5,3% -2,1% 12,3% -6,3% 11,6% 1,9% 2014 38 52 38 43 39 41 44 42 Var. /n-1 20,1% 9,2% 0,9% -10,8% 24,4% 1,7% 27,2% 12,5% Jan. to departments departments 77. 78. 91. 92. 93. 94. 95. Average suburbs Average suburbs OR 2014 63,1% 62,8% 58,0% 57,1% 56,8% 63,5% 67,5% 61,7% Var. /n-1 20,6% 7,5% -0,1% -9,3% 5,9% 5,9% 5,4% 5,4% ADR 2014 55 81 62 76 61 63 60 64 Var. /n-1-5,9% 1,8% -3,7% 0,0% 3,8% -5,2% 4,0% -0,3% 2014 35 51 36 43 35 40 40 39 Var. /n-1 13,5% 9,5% -3,8% -9,2% 10,0% 0,4% 9,7% 5,1% departments IDF 77. 78. 91. 92. 93. 94. 95. (hors Paris) OR 2014 69,7% 70,9% 70,0% n.d. 69,0% 72,4% 72,0% 70,5% Var. /n-1 3,3% 5,1% 3,2% - -2,5% 0,3% 2,2% 0,7% ADR 2014 41 43 39 n.d. 46 44 48 44 Var. /n-1 2,4% 0,1% -1,8% - 5,9% -1,4% 10,3% 2,8% 2014 29 31 27 n.d. 32 32 35 31 Var. /n-1 5,8% 5,2% 1,3% - 3,3% -1,0% 12,7% 3,5% Jan. to departments IDF 77. 78. 91. 92. 93. 94. 95. (hors Paris) OR 2014 66,7% 68,9% 67,1% n.d. 66,0% 71,1% 71,3% 68,0% Var. /n-1 2,2% 3,5% 1,8% - -2,1% 1,0% 0,6% -0,2% ADR 2014 41 43 39 n.d. 46 43 47 44 Var. /n-1 2,7% 0,2% -1,4% - 3,7% -2,6% 5,5% 1,2% 2014 27 30 26 n.d. 30 31 34 30 Var. /n-1 5,0% 3,7% 0,3% - 1,5% -1,6% 6,2% 1,0% 6

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

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

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% 137 17,9% 85 31,3% Marseille 43,3% -14,3% 117-7,0% 51-20,3% 42,5% -6,7% 120-8,3% 51-14,4% Montpellier 45,1% 1,3% 133-8,1% 60-7,0% 47,9% 9,0% 129-5,9% 62 2,6% St Etienne 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

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% 179 15,4% 58 3,2% 35,8% -3,8% 179 4,0% 64 0,1% Bordeaux 35,0% 10,9% 183 6,7% 64 18,3% 35,0% 14,1% 177 3,3% 62 17,9% Pau n.d. - n.d. - - - n.d. - n.d. - - - Toulouse 66,8% 21,1% 113-13,5% 76 4,7% 62,6% 13,7% 117-10,5% 73 1,7% Bayonne-Anglet-Biarritz : in 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

Performances French Riviera French Riviera OR ADR OR ADR French Riviera - Luxury 37,1% 3,4% 156-14,0% 58-11,1% 33,0% -7,2% 155-9,9% 51-16,4% French Riviera - Boutique Hotels** 58,9% 2,7% 89-3,4% 52-0,8% 49,8% 2,1% 91-3,6% 45-1,7% French Riviera - Upscale 39,5% 21,3% 105 0,2% 41 21,5% 36,9% 25,7% 106-2,8% 39 22,2% Average Upscale & Luxury 39,8% 13,8% 119-8,2% 47 4,5% 36,2% 11,5% 121-8,6% 44 2,0% Average Midscale 51,0% 11,0% 78-2,3% 40 8,4% 44,8% 10,5% 78-1,7% 35 8,7% Average Budget n.d. - n.d. - n.d. - n.d. - n.d. - n.d. - Average Super-Budget 52,0% 3,2% 43 3,6% 23 6,9% 47,3% 2,0% 43 4,0% 21 6,0% French Riviera Cities OR ADR OR ADR Cannes - Luxury 35,2% 4,9% 146-22,0% 51-18,2% 29,5% -13,5% 146-15,3% 43-26,7% Cannes - Boutique Hotels n.d. - n.d. - n.d. - n.d. - n.d. - n.d. - Cannes - Upscale 28,0% 13,6% 99-6,3% 28 6,5% 29,0% 29,7% 99-6,5% 29 21,3% Cannes - Upscale & Luxury 32,0% 8,2% 128-17,9% 41-11,2% 29,2% -0,2% 128-15,3% 37-15,4% Cannes - Midscale 40,2% -0,1% 82-4,9% 33-5,0% 36,5% 0,0% 84-2,3% 30-2,4% 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% 262-12,3% 167 42,4% 57,6% 39,9% 282-12,2% 162 22,9% Monaco - Upscale 47,6% 33,1% 150 1,3% 71 34,9% 50,9% 30,3% 152 2,0% 77 32,9% Monaco - Upscale & Luxury 52,0% 41,5% 187-2,3% 97 38,3% 52,7% 33,0% 190-3,3% 100 28,5% * Monaco set include the following cities : Monaco, Roquebrune and Cap d Ail ** Boutique Hotels: sample excludes Luxury hotels 11

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% 179 15,4% 58 3,2% 35,8% -3,8% 179 4,0% 64 0,1% Average Midscale 50,2% 35,8% 84 2,4% 42 39,1% 43,4% 24,8% 85 0,5% 37 25,5% Average Budget 40,6% 33,7% 49-7,2% 20 24,0% 34,4% 19,3% 47-11,9% 16 5,1% Average Super-Budget 47,2% 0,1% 41 2,9% 19 3,0% 41,8% -3,8% 41 2,8% 17-1,1% Coast: benchmark based on hotel supply in coastal communes, as defined by INSEE Benchmark under development and likely to evolve 12

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

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

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

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 www.deloitte.fr About In Extenso A member of Deloitte Touche Tohmatsu, In Extenso is an entity dedicated to small and medium-sized businesses. Almost 3 300 employees in 170 agencies in France serve 70 000 clients, including companies, firms, entrepreneurs, tradesmen and women, self-employed lawyers and doctors, associations and local authorities. Tourism, Culture & Hospitality Desk In Extenso is one of the leading advisors in Tourism, Culture & Hospitality industries worldwide. We provide many consulting services for different stakeholders of the tourism industry : 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