ITALY Hotels & Chains

ITALY Hotels & Chains Report 2019

Authors: Giorgio Ribaudo, Alessio Franzese – Horwath HTL

Main contributors: Maddalena Terraneo – Horwath HTL Luca Usai – University of Cagliari Saverio Russo, Alessandro Casolla – University of Bologna Valeria di Claudio – Associazione Italiana Confindustria Alberghi

Graphics & design: Gianluca Franzese

Edited in January 2019 by Horwath HTL and Associazione Italiana Confindustria Alberghi in partnership with Cassa Depositi e Prestiti. Printed on February 2019 in Rome by Associazione Italiana Confindustria Alberghi, Roma. All data on hotel chains as of December 31 st , 2018. 6th edition.

Scanning and photocopying prohibited – Please, ask us for extracts from this Report or the previous editions at [email protected] This version of the Report is distributed for free. We have tried our best to correctly report information and data on hotel chains and have directly contacted hotel chains responsible persons prior to distribution for data check, in order to improve accuracy. Nevertheless, omissions and minor errors may occur as methodologically accepted for any census. The 2018 census was made even more accurate and reliable thanks to the gentle support provided by development analysts, managers and directors of:

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Thank you All!

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Hotels & Chains in Italy 2019 © - 6th edition Hotel Industry in Europe and Italy

Hotels in Europe and Italy 18 Hotel demand in Europe and Italy 20 Airports in Europe and Italy 22 Business events in Europe and Italy 24 Hotels in Europe and Italy 18 Hotels contributionHotel demand to Italian in Europe economy and Italy 2520 Airports in Europe and Italy 22 Long-term trends forBusiness hospitality events in supply Europe andin Italy Italy 2624 Hotels contribution to Italian economy 25 Long-term Long-termtrends for trends hospitality for hospitality demand supply in in Italy Italy 2726 Long-term trends for hospitality demand in Italy 27 Order the Hotels & Chains Markets 2019 Edition

After 6 years of running the census in Italy we structured the most complete database on hotel chains in the Country, built and updated by Italian analysts based in Italy, with corporate information on presence, pipeline and key features of all the chain hotels in Italy.

The Markets Edition is a segmented analysis of “who is who”, KPIs, dimensions and volumes for the world of Italian hospitality which provides an in-depth view on each segment of the market with unprecedented level of detail, accuracy and update.

3 different reports covering the - “Economy and Midscale”, - “Upscale” - “Luxury” markets, each providing:

. Key performance indicators for a consistent panel of branded and independent hotels (TrevPAR) . 10 year trend in demand and supply . Extended rankings of operators in the segment, with details of size, business models, history of the last 5 years . Recenlty branded and de-branded properties . Pipeline . Relevant transactions . Top 20 destinations complete outlook, including geo- referencing of chain and independent hotels . Interviews with Italy and EMEA development directors on hospitality business drivers for 2019 for the segment . …and much more.

The Markets Edition transfers business intelligence value to development analysts and directors. Hotels & Chains in Italy 2019 © -Hotels© & Chains in2019 Italy edition 6th Request the table of contents and order the Markets Edition Report you need at [email protected] 15 16 Hotels & Chains in Italy 2019 © - 6th edition e oehtl evn h optto hnnwoe built ones new than competition the leaving ove hotels smaller more gets Yet Europe, in portfolio hotel first the Italy, Hotels in Europe andItaly rjcsaetemr n oegetri ieo ml hotels small explanation. likely or most 2 size the in (from is trends greater growing two more the constantly and is more the hotel are per projects size average considere the period the thus in that, confirm data Eurostat Indeed, Europe. markets, whole big the for among evident common not is quite path is common trend negative this While r has Germany hotels. years -1,600 10 a by last Austria categories the hotels, in hotel size, certain bigger of of projects power new competing reduced to the in Due hotels of majo number The by -0.1%). followed (CAGR supply paths overall different EU28 very the 2008-2017, During market statistics. available big of the year among last Germa the country by in only portfolio followed the is Europe, latter in This portfolio hotels). la hotel the to biggest according the rooms, mln for 1.1 and hotels thousand 33 With 202,9 0820 0021 0221 0421 062017 2016 2015 2014 2013 2012 2011 2010 2009 2008 6,03 204,6 6,15 Aggregate Hotels (in thous.) & Rooms (in mln) in EU28, (in in mln) & Rooms Aggregate thous.) (in Hotels 204,7 6,24 6,28 203,3 6,38 202,0 Hotels ,terosprfloi uoeepne CG +1.2%), (CAGR expanded Europe in portfolio rooms the d, 202,8 fErp h a xeine rwhi t hotel its in growth a experienced has who Europe of s 6,59 dcdb prxmtl 310htl,Iayb -1,170 by Italy hotels, -3,140 approximately by educed y(27tosn oes n pi 1. thousand (19.6 Spain and hotels) thousand (32.7 ny akt’htl otoissme pt steady a to up summed portfolios hotels markets’ r U8i on lgtydw,tog,sne2010. since though, down, slightly going is EU28 . om n20 o3. n21) hte hotel whether 2017): in 33.3 to 2008 in rooms 9.7 taalbedt rmErsa 21) tl accounts Italy (2017), Eurostat from data available st r osbyeiigtemre,tecmiainof combination the market, the exiting possibly are dcnetainoe ao etntosthrough destinations major over concentration nd Rooms iharltv xeto o pi n rne a France, and Spain for exception relative a with yearsr 2008-2017; Eurostat source: 202,2 6,62 202,8 6,65 202,0 6,66 201,5 6,70 +0.6% +0.6% Rooms +0.3% +0.3% Hotels 10 15 20 25 30 35 40 0 5 202,9 0820 0021 0221 0421 062017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Hotels and rooms portfolio CAGR for Italy, Sp CAGR Italy, Germany,for portfolio rooms and Hotels Hotels portfolio (in thous.) in Italy, Spai Germany, Italy, in thous.) (in portfolio Hotels 0, 204,7 204,6 ITALY +1.1% +1.1% Rooms +1.0% Hotels 203,3 GERMANY 202,0 n, France and EU28, France2008-2017; and n, Eurostatsource: SPAIN 202,8 ain and France, 2008-2017;France, and ain Eurostatsource: 202,2 FRANCE +0.6% +0.6% Rooms -1.0% Hotels 202,8 EU28 202,0 +0.1% +0.1% Rooms -0.4% Hotels 201,5 17 Hotels & Chains in Italy 2019 © - 6th edition 18 Hotels & Chains in Italy 2019 © - 6th edition iaca rssa 26,(atrta tl hc rw at grows which Italy than (faster +2.6%, at crisis financial 8pp n otgl+ ..Keigti aewudla Portu lead would year. pace for crisis this financial its Keeping the in p.p. since p.p. +9 +5 Portugal of and growth p.p. a +8 internati recorded the Italy to recovery, parallel t the in and along grown much has that demand changed internal where not has share demand International calendar. the acco in events countries ar big there new the and of travelers historically domestic for are mature are Spain destinations and Italy his France, the on accelerates which trend (+12.4%), a growth, Portugal +3.9% to a compared recorded if recor modest mln, 140 but at market, peaked r mature hotels (2017) German data to yearly arrivals recent total most 2017 destinations 7 top these For year +3.8%). whi (CAGR 10 fast steadily, as last but twice +1.9%) grows the flows, (CAGR in slowly Germ volumes, grows – demand EU28 arrivals Domestic of of terms 65% in approx. markets representing 7 top the just health. Considering good very in is Europe in hotels for Demand in arrivals total EU28 of 65% worth are destinations 6 top The in Europe andItaly Hotel demand t+.%o 06 otglacnimdstar. confirmed a Portugal 2016. on +4.7% at eyfwraosfrfost rw ihteexceptions the with grow, to flows for reasons few very e nigfrtelatgoigitra ead Their demand. internal growing least the for unting cr rwho oa 47 ntepeiu er In year. previous the on +4.7% total of growth a ecord inmre hr fo 4 o4%,wieSandid Spain while 49%), to 44% (from share market eign ig+.%o rvosya,asgiiatgot o a for growth significant a year, previous on +3.7% ding nloe sopst,ars h iaca rssyears crisis financial the across opposite, As one. onal oi ogtr performance. term long toric View of the façade of the Risorgimento Resort in Le in Resort Risorgimento the of façade the of View ehrad +09)adee rne(48) Italy (+4.8%). France even and (+10.9%) Netherlands n,Fac,San tl,AsraadNtelns– Netherlands and Austria Italy, Spain, France, any, a n22 oltrlydul eadfrishotels its for demand double literally to 2020 in gal eitrainldmn,fee yextra-European by fueled demand, international le els 0yasfrGray rneadAustria, and France Germany, for years 10 last he eadfrhtl a rw tCG +2.6%. CAGR at grown has hotels for demand s gentle concession of Vestas Hotels & Resorts & Hotels Vestas of concession gentle 22)adee ceeae n2017 in accelerated even and +2.2%) oes hyaernigsnethe since running are They hotels. cce, cce, 100 120 140 160 10% 20% 30% 40% 50% 60% 70% 20 40 60 80 0% 0 GERMANY 0820 0021 0221 0421 062017 2016 2015 2014 2013 2012 2011 2010 2009 2008 0820 0021 0221 0421 062017 2016 2015 2014 2013 2012 2011 2010 2009 2008 4,0% 3,0% GERMANY

16,9% 17,8% 13,6% 12,7% to Hote total arrivals EU28of on Market share volumes Total arrivals in Hotels for the top 6 destinations in in for the 6 top Hotels destinations in arrivals Total 4,0% 3,0% 17,2% 17,6% 13,0% 12,9% FRANCE FRANCE 4,1% 3,1% 17,8% 17,4% 13,3% 12,9% 3,1% SPAIN 18,0% 17,2% 13,3% 13,0% 1,7% SPAIN source: Eurostatsource: 4,1% 3,1% 18,2% 16,6% 12,6% 12,5% ITALY ls for the top 6 destinations in Europe 2008-2017; Europe in top for the 6ls destinations 4,1% 3,2% Europe 2008-2017;Europe Eurostatsource: 18,1% 16,7% 12,4% 12,2% ITALY AUSTRIA ,%4,1% 4,1% 3,3% 18,2% 16,0% 12,6% 12,1% AUSTRIA 3,3%

NETHERLANDS 18,1% 15,7% 12,8% 12,3% 4,1% 3,4% 18,1% 15,2% 13,3% 12,1% NETHERLANDS 4,1% 3,7% 18,3% 15,5% 13,5% 12,2% 19 Hotels & Chains in Italy 2019 © - 6th edition 20 Hotels & Chains in Italy 2019 © - 6th edition h at5yas hl vnfse n21 (+7.4%). 2013-201 2018 in along faster traffic incoming even airports while low-cost years, top its 5 its last deployed markets in the has 5 +7% top of Spain the rate 5%. in growth to traffic close airports was for year YoY great a was 2018 in Europe and ItalyAirports sacneune tla o iprsmre hr nthes on 13%. share almost to market 12% airports from 5 moving 2018, booste top Italian 2017, consequence, a on As +7.4% unexpected a (+8.8%). rec performance recorded Italy particular, which In (+5.6%). airports, Italy co and relevant (+7.2%) a recorded Spain all in have airports top general, in M More +9%, over +8%. 6 Italy at last Italy in in the Catania again for +9.5%, (Bergamo-Milan) panel at this Stansted by London reported (CAGR), growth highest the Among co Heathrow London 2018. period). in the pax t in of -1% because (CAGR or Manchester especially) being (UK crisis incr financial have the airports of 25 years top these t all by through covered flows years 6 Passengers last incl the time for this market, (UK per airports Europe 5 in top markets the 5 top the selected have We fi the since recovered have destinations perspec top interesting European an which provides traffic airports at Looking Passengers (Mln) in top 5 airports of Italy and of selec of top Italy 5and of in (Mln) airports Passengers 12,3% Italy traffic volumes (pax) volumes traffic Italy 78 82 85 85 82 78 0321 0521 072018 2017 2016 2015 2014 2013 632 632 2013-2018; source: Assoaeroporti and several internationa several and 2013-2018; Assoaeroporti source: 12,6% 649 649 Europe top 5 markets traffic volumes (pax) volumes traffic markets 5 top Europe 12,6% ted countries (Germany, France, Spain, UK); to Italy (Germany,Spain, France, countries ted 678 678 eboti etntosapa San,teol exception only the (Spain), appeal destinations in boost he re h ihs nraefr21,cnieigistp5 top its considering 2018, for increase highest the orded ieo oesbsns n ofrstevr atpc at pace fast very the confirms and business hotels on tive ae uigtepro,prilya eoeyfo the from recovery a as partially period, the during eased aca crisis. nancial pudaeaegot ae o h eid especially period, the for rates growth average mpound i eot 2013-2018. Report, his 5tparot a lgtyicesddrn 2013- during increased slightly has airports top 25 e 90 90 dd emn,Fac,SanadIay n chosen and Italy) and Spain France, Germany, uded, 12,6% lg ot e o nSana 8,Oi lSerio al Orio +8%, at Spain in Sol del Costa alaga er,i K odnLtnhsgona +12% a at grown has Luton London UK, in years, frsislaesi nErp,rcrig8 mln 80 recording Europe, in leadership its nfirms 714 714 yMlnMles +14)adCatania and (+11,4%) Malpensa Milan by d l aviation authorities aviation l .Arpxi tl rw t6 in 6% at grown Italy in pax Air 8. fErp:teaeaegrowth average the Europe: of 12,6% taey eodn nyearly an recording strategy, 95 95 754 754 p p 5 marketairports share, Italy market share market Italy 102 102 12,9% 790 790 ie h dao h ait ftuimfosadmgtb si a networks. be country might airport and in flows differences tourism the of and variety the of destinations idea more the over gives ca flows the spread Italy of and role France the Spain, flow highlights airports which 5 falling), top Manchester concentrates and UK that note to Interesting passe same the France. from than started more w pax airports) 5, mln 5 top (top Italy Spain over pax and majo mln France 43 even together reaching all flights i recorded place low-cost airports) taking frequent evolution of of mainly lot a made seen really have years These UNITED UNITED KINGDOM GERMANY FRANCE SPAIN ITALY Top 5 airports per key market Traffic concentration Traffic 5Top keymarket perairports Selected KPIs KPIs Selected 5for top (2018)airports UK,in France ODNSASE 34 .%8.5% 6.3% 2.2% 1.1% 9.7% 13.0% 2.7% -1.7% 6.5% 13.4% 8.2% 1.9% 14.4% 23.6% 40.4% Top TOTAL 5 Airports LONDON STANSTED LONDON LUTON MANCHESTER LONDON GATWICK LONDON HEATHROW LCNEECE85 .%2.2% 2.2% 4.3% 9.3% 6.4% 8.4% -2.3% 7.8% 4.0% 9.6% -1.2% 5.3% 8.5% 7.6% 7.7% 6.9% 4.4% 1.1% 3.6% 7.8% 11.6% 3.8% 17.4% 29.4% 33.2% 10.3% 3.4% 10.0% 2.4% 11.9% Top TOTAL 5 Airports 25.9% 2.7% ALICANTE-ELCHE 14.3% MALAGA-COSTA DEL SOL DE PALMA MALLORCA 3.2% 4.1% 4.0% PRAT BARCELONA-EL 6.7% MADRID-BARAJAS 37.6% Top TOTAL 5 Airports HAMBURG 23.9% 7.5% 2.9% TEGEL BERLIN DUESSELDORF MUNICH FRANKFURT MAIN AM Top TOTAL 5 Airports 51.9% MARSEILLE LYON SAINT EXUPERY NICE PARIS ORLY PARIS CHARLES DE GAULLE AAI 00 .%8.8% 5.7% 8.7% 9.0% 11.4% 5.1% 8.4% 5.2% 10.0% 5.5% 3.2% 12.9% 10.8% 23.3% 43.0% Top TOTAL 5 Airports CATANIA VENICE POLO MARCO ORIO SERIO AL MILAN MALPENSA FIUMICINO ROME ihals eeatrl ftecnrlhbarot This airport. hub central the of role relevant less a with , ia iya h oeo ors tetos sopposite, As attentions. tourism of core the as city pital o2dsiain ny(odn4arot,algrowing, all airports, 4 (London only destinations 2 to s ipr rfi.Sanhsdpoe inn strategy winning a deployed has Spain traffic. airport n iei 08tefgr ece vr6 l a more. pax mln 69 over reached figure the 2018 in hile nbt fadfeetmre i bsns sleisure) vs (business mix market different a of both gn iprs utt iea da n21 pi tp5 (top Spain 2013 in idea: an give to Just airports. r gr oue n21:tdySanacut o 40 for accounts Spain today 2013: in volumes ngers .%37 3.8% 3.7% 9.9% , Germany, Spain and Italy and Spain Germany,, (2013-2018) CAGR .%3.3% 4.0% .%5.8% 7.6% 4.5% 3.3% 4.3% 3.1% .%7.4% 4.3% rwh2018 vs 2017Growth 21 Hotels & Chains in Italy 2019 © - 6th edition 22 Hotels & Chains in Italy 2019 © - 6th edition uoendsiain,myla omr ucs ntena f near the in success more Count to the growth. lead in may platforms CVB destinations, of European development steady but slow m The a recorded gro UK international while their 2016, converted significantly vs Italy 2017 and data, a recent and most Spain at UK, Germany, Looking USA, (after world the in in for 5 location top a the as among well-reputed be to continues Country The be 5 ever (2013 the statistics than from ICCA switching better of 515, to years doing 5 is last Italy the During whole, increasing. i a destination as Italian first But, the meetings). find to positions 20 takes It 177. at London and 185 fo at 2017) Berlin (in 190, first at the ranks dis destination, o centric Dusseldorf for business Milan, hotels, a (ask to meetings demand big when and congresses calendar fairs, the of dates are There even association and business attract Barcelona to while continues but 2017) congres in destinations, big preferred for of location Olympus preferred the world the remains Europe in Europe and ItalyBusinessevents ICCA Europe Ranking Ranking ICCA Europe ICCA ranking of top 5 countries, based on number of ev of number on based 5 top of countries, ICCA ranking 2017 n UK 2nd t Italy Spain 4th 3rd t Fac 0 6th 506 France 5th s emn 8 2nd 682 Germany 1st th oiini uoet h 4 the to Europe in position Country Trend (2016-2017) # of ICCA ICCA # of events (2016-2017) Trend Country igapa noeet,rsetvl t+%ad+10%. and +6% at respectively events, into appeal wing h akn,Rm,wt aftevlmso acln (96 Barcelona of volumes the half with Rome, ranking, the n th ubro ogesdy,15 olwdb ai n Wien and Paris by followed 195, days, congress of number r 21) tl oe rm47bgmeig n congresses and meetings big 447 from moved Italy -2017), . in.Nvrhls,Breoa hc sfrfo being from far is which Barcelona, Nevertheless, Wien). r entoa soito etnsadcnrse,being congresses, and meetings association ternational oe t oueo i etnsadcnrse is congresses and meetings big of volume Its fore. enn eeu aaes sdie 9 ytrade by 99% driven is managers, revenue cerning y hc aemc eae nrsett other to respect in delayed much came which ry, ents and meetings, 2017;meetings, ICCA and ents source: tr,tu uprightl uiesdemand business hotels supporting thus uture, edo France). of head ds 2,Fac 7,Graya-% Spain -1%, a Germany -7%, a France +2%, odest s oe(0h struggles. (20th) Rome ts, 1twrdct o CAcongresses ICCA for city world (1st e olwd.Iaysad within stands Italy worldwide. ses 9 3rd 592 1 5th 4th 515 564 ICCA World Ranking Ranking ICCA World 2017 srcnl none,21 a ekya o tla D gr GDP Italian for year weak a was 2018 announced, recently As ostuimofe h cnmccycle? economic the offset tourism Does Hotels contribution toItalian economy proportional growth on 2016,on growth to 2%. equal proportional hl tla D stemr n oedpneto hsindus this mor on the dependent more is and more industry the restaurants is over GDP and change Italian lodging while res no The almost 20%. and mor recorded by be have lodging grown would hotels the which in stays demand, that domestic domestic explains offset that clearly consumption analysis chart The growth. GDP of path the followed 2 hospitali Country, the Euro of industries billion of rest the to wha Compared represent correctly measure this Does GDP. the to of demand 2.3% tourism to international of contribution the 2017 In 1 Estimated: ISTAT data have been disclosed for 2017for disclosed been ISTAT havedata Estimated: Source: Bank of Italy, estimate based on the the onmonthl based estimate Italy, of Bank Source: Comparison of trends for the period 2008-2018: the period for trends of Lodgin Comparison Italian GDP 2008 = 100 =2008 GDP Italian Euro) (mln value sales Restaurants and Lodging Total 0820 0021 0221 0421 0621 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 100%

97 2 65 fIayGP,gonfse n ioosysnetefi the since vigorously and faster grown GDP), Italy of (6.5%

96 hotels, Italian GDP (real values), domestic overnight overnight GDP domestic (real values), Italian hotels,

101 y survey carried at Country borders, based on a pan based at Countryborders, carried survey y as “added value” and not yet \as sales value, thus value, notsales \asand yet value” as “added 101 g and restaurants total value produced (in Mln), Fore Mln), (in produced total value restaurants and g

100 yadrsarns oaln n21 prxmtl 112 approximately 2017 in totalling restaurants, and ty tl a udretmtdi 39.2 in (under)estimated was Italy h nentoa eadmasfrorCountry? our for means demand international the t r performance. try n oedpneto nentoa demand, international on dependent more and e arnsidsr ssrnl rvnb foreign by driven strongly is industry taurants h at1 er +%,wiefrinsashave stays foreign while (+1%), years 10 last the Domestic Stays in Hotels (2008=100)in Hotels Stays Domestic (2008=100) Hotels in Stays Foreign

103 Indeed, trend. GDP to correlated course, of e, stays in hotels; source: ISTAT source: hotels; stays in

106 aca rssadhv nypartially only have and crisis nancial wh(oeo recession). a (somehow owth

110 here we applied a applied we here el of 150.000 of el interviews.

112 1 106% ign overnight stays stays in overnight ign nEr,equivalent Euro, bn 120% 101% 23 Hotels & Chains in Italy 2019 © - 6th edition 24 Hotels & Chains in Italy 2019 © - 6th edition

Long-term trends for hospitality supply in Italy 3 major long- term trends make Italy a safe environment for hotel business, and even better for the time coming

• As aggregated, hotels will not grow in the next future, at least they will remain 33.000 and move from low segments to the Upscale and Luxury segment, reshaping the current segments mix. • Beds supply, a good proxy for room supply, is not expected to grow neither. For the first time in over 50 years, in 2010 hotel beds supply ceased its growth and stabilized. • The good news is that, in the long run, our industry is sustainable since the demand/supply ratio tendency is positive. Looking at over 60 years, hotel beds demand (CAGR +2.75%) is growing faster than hotel beds supply (+2.26). Knowing that the hotel supply has not grown in 2018, while overnight stays have accounted for a +2.3% growth on 2017, this gross beds occupancy ratio have peaked in 2018 its top level since 1956 (reached in 2001 only).

Hotels and beds supply and "overnight stays / beds ratio" in Italy, 1956-2018 (2018 projected); source of data: ISTAT Long-term trends for hospitality demand in Italy Through the eyes of the long term, domestic demand for hotels appears static and mature. New fuel is expected from international markets, demonstrating renewed interest to longer stays in 2018.

In 2018 hotel demand accounted for a net growth on 2017 of +0.6% of arrivals and +2.3% of overnight stays. It is a limited growth if compared to 2017 on 2016 (+2.8%), but yet positive. Stays have increased among foreign demand (+2.5%), with improvements in the average length of stay. Domestic demand has never been so high, higher than the top level reached in 2007, but it reports a decreasing growth rate and appears to be close to static in the long run. The international demand will play a key role in the industry growth, especially through S&B and Mountain resorts (which can impact ALoS, otherwise destined to reduce). Looking at current economic cycle, we expect more growth generated by foreign markets for 2019 and 2020, while domestic market will stagnate to the volumes reported in 2018 or close to.

Domestic vs international overnight stays (in thous.) and total average length of stay in hotels in Italy: trend and polynomial regression curve, 1956 - 2018; source of data: ISTAT 25 Hotels & Chains in Italy 2019 © - 6th edition HOTEL CHAINS IN ITALY Hotel Chains in Italy

Chains growth and Europe 30 Key evidences from 2018 32 Key happenings of 2018 33 Chain Hotels by number and size 34 Chain Hotels by scale 36 Chains by type of destination 38 Chains’ footprint 40 New rooms into 2018 census 41 Focus: Chains’ footprint in Sardinia 42 Business models 44 Top 30 Chains and Brands in 2018 46 Top 20 domestic and international Chains 47 Top 20 Brands by business model in 2018 48 Top 20 Brands by scale in 2018 50 Top 5 Brands by destination type 52 Hotel Chains growing in 2018 54 Italian chains’ international footprint 55 Pipeline by scale 56 Pipeline, re-branding and destinations 57 Brands’ Country of origin 58

Hotels & Chains in Catania 61 Hotels & Chains in Florence 62 Hotels & Chains in Palermo 63 Hotels & Chains in Venice 64 Hotels & Chains in Verona 65 28 Hotels & Chains in Italy 2019 © - 6th edition nGray u osldto sfse nters fEurope of Franc and rest Germany in the especially in pace E accelerated faster an in cha is at a expand chains consolidation under operate But hotel Spain Germany. of in hotels in census of 1/3 yearly 2018), its (Oct. report updated has HTL Horwath and Europe growth Chains Not all country figures are updated to to 2018.updated are figures countryNot all Chain hotels hotels Chain Number of chains’ hotels and chains penetration by hot penetration chains and hotels chains’ of Number Chain hotels hotels Chain 3,816 183 22.3% 21.0% Chain hotels hotels Chain Chain hotels hotels Chain 3,520 2,453 33.3% 8.0% Chain hotels hotels Chain 342 other European officesother European 18.9% el in selected European Countries (2018); Countries European Horw source: selected in el Chain hotels hotels Chain 1,584 Chain hotels hotels Chain 272 4.8% 19.0% Chain hotels hotels Chain 342 10.3% n / nFac n uti,1/10 Austria, and France in 1/5 in, e. n ao nentoa groups international major and rp.Acrigt h last the to According urope. Chain hotels hotels Chain 25 Chain hotels hotels Chain 342 11.2% Chain hotels hotels Chain 14.0% ath HTL Italy Italy HTL and ath 140 Chain hotels hotels Chain Chain hotels hotels Chain 13.0% 167 12 1.5% 24.4% hnbe ebaddudreitn aes rcs which process a labels: well-estab existing under several re-branded buying been then Accor seen has d France small Meanwhile, of terms c wha hospitality in new than France structuring for year than environment last prolific competitive con more Spain brands much in of are faster portfolio Germany grown largest has the footprint of brands one for accounts Italy Not all country figures are updated to to 2018.updated are figures countryNot all

214,0 290 239,7

184,0 240 84,6 Average size of chain hotels and overall hotel stock in hotel overall and hotels chain size of Average

158,0 203 94,0 Chain hotelsChain 147,0 148 source: Horwath HTL Italy and other European offices other European Italy HTL and Horwath source: source: Horwath HTL Italy and other European offices other European Italy HTL and Horwath source: 57,0 2017-2018; European, selected in brands of Number

145,0 0 107 107 40,0

139,0 51,0 2017 roaina start-ups. as orporation a otrdFac osldto fhsiaiygroups. hospitality of consolidation France fostered has 130,0 2018 ihdbad n ml rus oeo hc have which of some groups, small and brands lished etae noecuty oehrwt pi.The Spain. with together country, one in centrated 71,0 61 a eoddfrIay huh pi,Iayand Italy Spain, though. Italy, for recorded was t msi rusadvr ieypoieafertile a provide likely very and groups omestic selected European countries; countries; European selected 114,8 Overall hotel stockhotel Overall 37,0 65

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30,0 45

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32,9 31

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84,0 36,0 6 29 Hotels & Chains in Italy 2019 © - 6th edition 30 Hotels & Chains in Italy 2019 © - 6th edition Business modelsBusiness 10 Top originChains Brands sizeAverage Chain rooms Chain hotels Key evidences of of last the 6 Key evidences years otceri h netdgot fterfootprint their of growth unrested ho the about is truths clear interesting most several confirms Census 6th The 2018 form Evidences Key • • • • trends: key the Among rnhsn hr 5 2 4 3 0 20% 38% 20% 39% 23% 40% 24% 41% 22% 42% 25% 97 39% 1,102 143 558 90 1,034 137 107,88 974 523 240 80 102,904 127 % share Franchising 90,637 890 515 64,597 % share 227 Ownership 90,809 86 110 66,042 882 88,231 537 207 62,945 72 98 total Hotels 860 515 64,260 (by Hotels) Groups 10Top Chain 196 61 87 Keys IDC Chains 516 Domestic 170 Keys IDC Chains International IDC Hotels Chains Domestic 148 IDC Hotels Chains International 15.0% 171,8 164,196 Brands International 1,584 14.5% 4.8 158,043 Brands Domestic 1,488 13.7% 148,963 brands of number Total 4.5% 144,956 13.3% 1,424 143,968 4.3% 13.2% 1,360 Rooms 4.1% in Hotel Size perAverage Chain 1,330 4.0% % by Keys penetration Chain 1,089,77 1,308 1,093,286 Stocksupply) Rooms (overall Italian 3.9% 33,2 Rooms Chains 33,316 33,728 % by Hotels penetration Chain Stocksupply) Hotels (overall Italian Hotels Chains total total Rooms (by Rooms)Groups 10 Top Chain 3 32.9 32.9 32.8 32.7 32.4 rooms Size in perAverage Hotel wesi ep t oiatrl mn h uiesmodels business the among period. role the during fall dominant rea has years importance 6 its last the keeps in hotels) s (for ownership for groups 10 ground top of fertile growth the a is operators; international whi Italy of figure curiosity indicating a Europe, 240, recorded, of ever highest brands th of number reaching highest now the which, ho groups chain certain 96 of census; of growth growth the net and a recorded: deals ever growth greatest the HrahHTLItaly) (Horwath census 0321 0521 072018 2017 2016 2015 2014 2013 3086,6 2886,7 66267,610 66,662 66,475 62,848 61,964 63,078 1. 0. 1. 1. 1. 108.5 110.0 111.0 110.0 109.0 110.0 8 8 2 2 2 551 525 520 523 487 488 ,9,0 ,9,6 ,9,6 1,086,910 1,091,061 1,091,569 1,090,300 0 03,9 31632,988 33,166 33,199 90 atn phsiaiycroain n ezsthe seizes and corporations hospitality up tarting hs+3:teidsr sfrhrconsolidating; further is industry the +13%: ches hi uhcmaal oSanadaogthe among and Spain to comparable much is ch hehl f5htl,wr nlddi the in included were hotels, 5 of threshold e es( aeo e ot) elcigfaster reflecting month), per 8 of pace (a tels e hisi tl,aogwihthe which among Italy, in chains tel olwdb es.Faciigrelative Franchising lease. by followed , 59568,961 65,965 113,848 1 15.8% 2.9 45 % Growth 2018 vs 2017 26 -2.6% -2.6% -0.6% -0.4% -2.2% -0.5% 14 -1.4% -1.4% .%19.8% 5.4% .%23.1% 6.7% .%-20.0% 0.0% 28.1% 8.1% 6.6% 6.7% 59.0% 64.4%7.8% 62.2%4.4% 5.7% 21.1% 6.5% .%29.0% 7.3% 5.5% 4.5% 19.4% 4.7% .%12.9% 5.0% 1.7% 0.1% .%7.2% 1.4% % Growth 2018 vs 2013 % a edr icaEd HRsrsT eot pcl 220 Upscale TH Resorts TH Resorts Eldi Liscia TeodoroSan sesaogtebgeto h onr aecagdterma their changed have Country the of biggest the among Assets e refeddvlpet huh sms i el okpl y the took during protagonist deals the of big role the most played has as TH though, launch. developments greenfield Few reso big targeting chains for year prolific very a been has It KeyHappenings of 2018 Hotels entered in the Census in 2018in 20 the morein Census with than entered Hotels oe eoaHtlIe oe daHtlUpae23GnaL Genoa 283 Uspcale Hotel Idea Hotel Idea Hotel Genova Tower aaGnn Beach Gonone Cala oyMlnLnt Moxy Linate Milan Moxy The Student Hotel Hotel Student The Club Med Cefalù Club Med Club Med Club Med Club Cefalù Med Club oe hnr-a onHtl onHtl pcl 4 Rome 240 Upscale Hotels Loan Hotels Loan Shangri-La Hotel ailv 40T eot HRsrsMdcl 5 ezn TR Mezzana 252 Midscale TH Resorts TH Resorts 1400 Marilleva aua VillageNatural iai eotLnbrhHtl ideg oesUsae2 Upscale Hotels Lindbergh Hotels Lindbergh Resort Sikania Ethra Reserve Blu Serena Blu Serena Blu Serena Blu Reserve Ethra ak ilg O liorUsae93VlaiisSARDINIA Villasimius 903 Upscale Alpitour VOI Village Tanka Torre Cintola ilgi iaT eot HRsrsMdcl 4 Gressan 249 Midscale TH Resorts TH Resorts Pila Villaggio Chia Resort Chia lbSmr HRsrsT eot pcl 265 Upscale TH Resorts TH Resorts Simeri Club TH Ostuni TH Resorts TH TH Resorts TH Resorts TH Ostuni Firenze Village Hotel Brand Group Scale Keys Location Region Project Project Type Region Location Keys Scale Group Brand Hotel h tnetHtlTeSuetHtlEooy30Florence 390 Economy Hotel Student The Hotel Stundent The Hotels & Resorts & Hotels Greenblu Mira Hotels & & Hotels Mira Falkensteiner & Resorts& lbEs lbEs pcl 0 ogl SARDINIA Dorgali 304 Upscale Esse Club Esse Club Resorts Hotels Hotels Greenblu Mira Hotels & & Hotels Mira International & Resorts& Marriott Marriott Resorts MGUsae221 Upscale FMTG Hotels Hotels 0 keys Upper isae20SgaeLOMBARDY Segrate 200 Midscale Midscale Midscale Upscale pcl 8 oooiAPULIA Monopoli 283 Upscale Upscale Upper Upper Upper Up. and and Up. rts. 275 SICILY Cefalù 332 0 aoin APULIA Carovigno 407 APULIA Castellaneta 556 8Btr SICILY Butera 18 ear. ou de Domus Potenzia Potenzia Teodoro Picena Simeri Simeri Maria Crichi aigcmayadbrand. and company naging San San c sr-rnigadre- and re-branding as ace CALABRIA SARDINIA SARDINIA TUSCANY D’AOSTA MARCHE LATIUM IGURIA ENTINO VAL Revamping and eanhand Relaunch (Conversion) Re-branding Re-branding Re-branding Re-branding Re-branding Re-branding Re-branding Re-branding Acquision & & Acquision Re-opening Brownfield Greenfield Branding Branding Branding Branding Branding branding 31 Hotels & Chains in Italy 2019 © - 6th edition 32 Hotels & Chains in Italy 2019 © - 6th edition 07 si utapioda ino h nrneo “life-st of entrance the of size? sign re reduced primordial slightly of a has assets just hotels it chain Is of dimension 2017. average the 2018 In and size Chain hotelsby number hi oesprfloblnst oetcgroups. domestic governance to corporate abo belongs of portfolio argued hotels composition we chain the what about replicate sun a we the by Thus under operated are hotels brand. chain domestic) of rarely circa 5% labe Today, "white year. bu of this market number 76 the Italian Indeed, the franchisors. in as prevail operators to continue chains 201 in Domestic rooms (121 highest the generally is atta resorts assets and big have hotels of operators re-branding) (never International developments il segment. greenfield clearly this 108 operators, in about domestic compete is vs Italy international a of in hotels chains Economy hotels International rooms. chain 110 of around maintained size average overall The Domestic International Overall chains Overall International Domestic Hotels overall size among Domestic and International International Domestic and size among overall Hotels 104,2

103,2 2017-2018; chains, HTL 2018 Horwath Economy Midscale Upscale Upper Up. & Luxury & Up. Upper Upscale Midscale Economy 75

38,8 c International Domestic and size among average Hotels

2017 163,1 124,1

120,4 2018 Domestic

68,5 78 110,3 100,9 108,5 International vr10ky naeae nteUsaete h ieof size the tier Upscale the In average. on keys 160 over ,13i 2017). in 123 8, "oeae oeshsgonfo prxmtl 0to 50 approximately from grown has hotels operated l" to how about view of point antipodean the lustrates ebge nalsget.Tedfeec nsz o the for size in difference The segments. all in bigger re h oeadmr hyprnrwt international with partner they more and more the t kdteEooysgettruhcneso or conversion through segment Economy the cked ht ae n rne ya nentoa o very (or international an by branded and label white

ntecutyevrneto hi oes / of 2/3 hotels: chain of environment country the in 118,5 121 Chains’ hotels distribution among International, Domest International, among distribution hotels Chains’ om.I a lgtycagdoe er,while years, over changed slightly has It rooms. tte21 ess aigta hr sfwnew few is there that saying census, 2017 the ut hains and by scale; Horwath HTL HTL 2018 Horwath by scale; and hains and Second Tiers (Int.l and Dom.c); Dom.c); HTL 2018 Horwath and (Int.l Tiers Second and Domestic Overall chains Overall 66,0% 126,3 l”cnet novn lxblt for flexibility involving concepts yle” International ue o18ros rm10in 110 from rooms, 108 to duced 29,5%

91,2 102

119,9 DC Int.lDC 4,2% DC Dom.cDC 0,4% ic ic pcl uuymre otne ocnetaeahg perce i even high segment a Upscale the concentrate in chains require to of continues Penetration segment branded. market This penetratio Luxury chains' weak. & to check Upscale yet major the is st is this youngs, segment developments: for this appeal in international experience major demo could with which segment destination unexplored the still is Economy The Chains penetration, 2018 penetration, Chains 2017 penetration, Chains 2017supply, hotel Italian 2016supply, hotel Italian Italian hotels portfolio by scale in 2016-2017in by scale ch portfolio and hotels Italian Residence Budget Economy Midscale Upscale Upper Up. & Luxur & Up. Upper Upscale Midscale Economy Budget Residence 0,4% 2.853 Economy Midscale Upscale Upper Up. & LuxuryUp. Upper Upscale Midscale Economy 2.879 Chains penetration rate (by rooms) by scale in the the rate in last (by rooms) scale by penetration Chains 1,4%

2.861

2.778 2013 4,3% 2014 5.911

5.759 6,0% 2015 ains penetration rate by rooms; Horwath HTL HTL 2018, rate Horwath by rooms; penetration IST ains 1,4% notete.A poie si a n21,teUpper the 2017, in was it as opposite, As tier. the into n cesdt 3 sne3%ls year). last 32% (since 33% to ncreased dnsadbde rvles hl h unbranded the while travellers, budget and udents 2016

srt ra oeta o h uue ie tl sa is Italy given future, the for potential great nstrate 15.355 28,9% tg fcan.1ec oesi hssaeis scale this in hotels 2 each 1 chains. of ntage seilygenil,ie-fein n lean and iper-effecient greenfield, especially s 6 2013-2018; HTL years Horwath 15.237 2017 6,0% 2018 33,3% 5.726

5.836 33,3% 45,6% 460 AT AT 2017 499 49,7% 49,7% y 33 Hotels & Chains in Italy 2019 © - 6th edition 34 Hotels & Chains in Italy 2019 © - 6th edition 07i h -trsget hl h ubro lyr nthe in players of number the while segment, 4-star unvaried. the s Midscale in competing the domestic in 2017 and 100 brands and international tier with Upscale the crowded in brands 200 to Close Chain hotelsby scale afo uhi h isae(5.Ol 6bad/prtr c brands/operators 16 Only (95). Midscale the to in Close such crowded. of to half particularly Italy scales at Luxury look the world and the Upscale over all from brands International Chains’ hotels and brands distribution among Int.l and D and Int.l among distribution brands and hotels Chains’ N.of brandsN.of Domestic International Economy Midscale Upscale Upper Up. & Luxury & Up. Upper Upscale Midscale Economy 7 0421 06rv21 2018 2017 rev 2016 2015 2014 66 131 16 70 7 17 Economy Number of brand by scale; Horwath HTL HTL 2014-2018 Horwath by scale; brand of Number 153 80 73 8 107 Midscale 95 249 170 12 83 71 meewti cnm hotels. Economy within ompete aea es n lghppoet,adti ae the makes this and property, flagship one least at have 0 rnsaetdypaigi h pcl ir while tier, Upscale the in playing today are brands 200 Upscale om.c chains and by scale; Horwath HTL 2018HTL Horwath scale; by and chains om.c 308 195 721 180 d ysd.1 oebad since brands more 15 side. by ide 15 90 77 h oeo tla optlt is hospitality Italian of core The . Upper Up. & LuxuryUp. Upper cnm ean almost remains Economy 67 195 88 16 95 88 108 er o rwho 690ros qa ooe ie t si its times 4 over to equal rooms, the +6,900 of si of growth the a to growth for compared years rate unparalleled penetration the low very fle clearly a more demonstrating is are 2018 Upscale for and Midscale evidences asset, a the category Luxury leases the operator from absent almost is franchising While of hotels. re-branding in Ups especially the developments, In conversion brands. and international and domestic both during by growth played sustained its continued category Upscale The 406 +34.7% Economy Midscale Upscale Upper Up. & Luxury & Up. Upper Upscale Midscale Economy 1,802 2013 Chains’ rooms by scale and CAGR; Horwath HTL HTL 2013-2018CAGR; Horwath and by roomsscale Chains’ 24.156 29 +3.2% +2.9% 2014 2015 27.842 i eot swl si is rnigo business/airport of branding first in as well as resorts big 08 hsi h cl hr h oto optto is competition of most the where scale the is this 2018: 2016 aeopruiyfrbadn rs ngenil (rare) greenfield in arise branding for opportunity cale datoal nteEooyol hnawielabel white a when only Economy the in actionable nd eo h tla vrl tc fhtl,acutdi 5 in accounted hotels, of stock overall Italian the of ze ei 2013. in ze il oams l uiesmdl.Oeo h key the of One models. business all almost to xible

oueo om nteEooy hc besides which Economy, the in rooms of volume 106.328 2017 2018

124.317

13.078 +6.5% CAGR 17.884 35 Hotels & Chains in Italy 2019 © - 6th edition 36 Hotels & Chains in Italy 2019 © - 6th edition Sicily Rest of Italy of Rest Top 10 destinations by chain rooms in 2018;in rooms HT Horwath by chain 10Top destinations negat even interes reveals or year, this unchanged A included respectively. is have we hotels Turin type, 15 “airport” and and Bologna 35 Florence, of growth Milan, net duri Venice a and recorded Rome have in active particularly been have Chains destination of by type Chains Sardinia Distribution of chains’ hotels among regions; Horwath Horwath regions; among hotels chains’ of Distribution Rank Destination Rooms 2018 Hotels 2018 Hotels 2017 Hotels 20 Hotels 2017 Hotels 2018 Hotels 2018 Rooms Destination Rank 0BDN ,5 41 2666 6 6 12 11 14 2,154 BUDONI 10 EVA2283 92 42 24 21 16 24 24 19 27 16 26 58 24 46 20 26 15 23 59 26 123 49 19 146 23 15 23 127 62 29 51 151 19 23 16 116 21 58 31 55 149 20 24 16 108 23 60 2,228 54 168 2,314 25 115 2,361 2,575 59 175 61 CERVIA 116 3,441 GENOA 181 9 4,967 NAPLES 5,955 8 TURIN 15,061 7 BOLOGNA 20,782 6 FLORENCE 5 VENICE 4 MILAN 3 ROME 2 1 5,9% 94 27,0% 7,6% 427 120 Tuscany 9,1% 144 HTL HTL 2018 11,0% 175 15,0% 238 Emilia-Romagna Lombardy 11,7% 185 12,7% 201 Veneto Latium L L 2018 igfigures. ting Rank New Rooms New New Hotels New Rooms Rank Top 10 destinations for new chain rooms in 2018;in rooms chain for new 10Top destinations 0DRAI341 304 DORGALI 10 EAU 3 1 1 332 4 2 407 8 3 554 550 1 8 CEFALU' 842 10 790 9 CAROVIGNO 8 GIARDINI 903 NAXOS 1,111 7 FIRENZE 1,482 6 CASTELLANETA 5 VENEZIA 4 VILLASIMIUS 3 MILANO 2 ROMA 1 gtels er:teetocities two these years: 6 last the ng 16 Hotels 2015 Hotels 2014 Hotels 2013 Hotels 2014 Hotels 2015 Hotels 16 poie h e aac for balance net the opposite, s v.Aogdsiain,the destinations, Among ive. Horwath HTL 2018HTL Horwath LRNE306. 156. 84.2 97.6 129.8 65.2 120.6 133.8 91.5 96.5 135.8 60.9 36.0 105.3 390 174.0 78.7 BOLOGNA FLORENCE VENICE MILAN ROME yeo oe hc eod h ihs vrg ie approx size, opposit average highest as the year, records this which hotel included of have type we type a coasts, hotels, the on Airport market their of its little and a Italy lost have of segment) appeal the revamped fore Mediterranean strangely, the that, to reveal linked 28 against hotels domestic 400 frequent most the affair. of domestic ranking pretty the lead to continue resorts S&B etnto cnm isaeUpscale Midscale Economy Destination r uiesArotBsns ou ofOhrLiueSiSun Ski Leisure Other Golf Focus Business Airport Business & Art 184 itiuino his oesaogDmcadItlby Int.l and Dom.c among hotels chains’ of Distribution 107 245 Average size of chains’ hotels by scale in the first first 5 the in by scale de hotels chains’ size of Average 22 172 10 161 109 656. 2. 1. 114.8 118.6 129.4 68.4 96.5 147 International 3 166 14 2. 4. 0. 137.6 109.0 141.6 125.3 Domestic type of destination and average size; Horwath HTL 201HTL Horwath size; average and destination of type g rnshv enwa nitrrtn opportunities interpreting in weak been have brands ign mtl 7 rooms. 172 imately hl hyhv otne hi xaso ntecities. the in expansion their continued have they while eod rviigitrainlfaor hsi the is This flavour. international prevailing a records e 73 ycandtp fhtl nIay u ssesti sa is this seems is but Italy, in hotels of type chained ly oss h pns prtr telaigpaesin players leading (the operators Spanish The coasts. 86 stinations in Italy HTL Italy 2018; Horwath in stinations 172 Avg. SizeAvg. 79 16 83 Upper 123 28 &BahThermal Beach & 400 Luxury Up. Up. & 2 102 Destinantion 24 8 Avg . . 37 Hotels & Chains in Italy 2019 © - 6th edition 38 Hotels & Chains in Italy 2019 © - 6th edition pla adnaadScl r h ao oe fconcentra of poles destin major S&B the and are Sicily clusters and business Sardinia Apulia, and industrial cities, Art otrn oee h vrl rvne fItaly. of provinces overall the covered footprint fTsayadUbi r loatre.Nvrhls,wt l with Nevertheless, target. a also are Umbria and Tuscany of Chains’ footprint 768 Keys 28,725 infrcan.Cutyieretreats Countryside chains. for tion toso eeo mlaRomagna, Emilia Veneto, of ations mtdecpin,i 08chains’ 2018 in exceptions, imited geolocation; Horwath HTL 2018HTL Horwath geolocation; hotels chains’ Italy and of regions among rooms chains’ of Distribution oe,ohr) h a ihihsweetentgot conc growth (Blu net f resorts the where census or highlights the map hotels The in great others). Hotel, included opening were expanded players groups major domestic several 2018 In census 2018 New rooms into 1 Since they grew over the threshold of 4 hotels for for 4of hotels the threshold over grew they Since their first time in 2018. in time first their entrated. eea HRsrs h Student The Resorts, TH serena, 2018 HTL Italy; Horwath of regions among rooms chains’ new of Distribution rtefrttime first the or 1 n several and 39 Hotels & Chains in Italy 2019 © - 6th edition 40 Hotels & Chains in Italy 2019 © - 6th edition nentoa rnsaeatvl ekn & pcl n L and Upscale coast. difficu the very on S&B concentrated are exclusively developments seeking greenfield actively since dome available, are the though brands Even spotlights. international the under again is Sardinia Focus: Chains’ footprint in Sardinia tt ban hisfopitappears footprint Chains obtain. to lt tcpaesdmnt h market, the dominate players stic xr eot,aogthose among resorts, uxury Order the Hotels & Chains Markets 2019 Edition

3 different reports covering the - “Economy and Midscale”, - “Upscale” - “Luxury” markets, each providing:

105,4 Franchising Chains’ hotels average size by business model ; Horwath H ; Horwath model business size by average hotels Chains’ 22% 27,0% 31% 42% 5% Lease

112,2 24,0% 41,0% 8,0% Management Contract aiis ahonn o78htl,wohv expanded have who hotels, 7-8 to 5 owning each families, r ty hl,a poie h eaieiprac fLease of importance relative the opposite, as while, ntly, agdta uhdrn h atya.TeCountry The year. last the during much that hanged l ute rw lotruhlae Unexpectedly, lease. through also grown further tly emgtb looeo h esn meigafaster a impeding reasons the of one also be might ze ae nnme 8 n21 gis 0i 2017). in 80 against 2018 in (85 number in eased os hnteaeaesz soitdt other to associated size average the than ooms) 33,0% 23,0% 40,0% 4,0% by hotels ; Horwath HTL HTL 2013-2018 ; Horwath hotels by 158,9 TL 2018TL Ownership 35,5% 20,4% 39,0% 5,1%

104,2 36,4% 20,1% 38,4% 5,1% 43 Hotels & Chains in Italy 2019 © - 6th edition 44 Hotels & Chains in Italy 2019 © - 6th edition akCanHtl Rooms Hotels Chain Rank iaiy WadN otne ola,btT eot a take has Resorts HTL 2018the overrooms total; Horwath by share TH ra but Brands 2018in Italy by in rooms% m and 30Top Chains Hotel lead, 2017. Hotels. to in Blu of 13th continued place was the NH Bluserena it tho and as year, BW ahead, last vitality: the much fir during moved the changed has as little Resorts Marriott has and size Accor Their BW, 2018. confirmed has ranking Rooms TopChains 30 ad Brands in 2018 0UpaaHtl 81470.80% 0.82% 1,457 0.84% 1,497 18 1,527 11 0.83% 0.95% 8 1,510 1,728 5 0.93% 6 Hotels Uappala 1.10% 1,700 30 Hotels Loan 1.10% 2,004 1.10% 1.08% 26 29 Gr. Mazzella Giorgio 2,004 14 28 2,016 1,969 1.11% Delphina 13 27 5 21 Group Hotels 2,028 Apogia 26 1.12% Russotti 16 25 G. Holiday Chincherini 2,041 1.50%24 Geturhotels 15 1.12% 2,739 23 1.60% Parc Hotels 1.46%22 10 2,056 2,927 Med Club 1.74% 2,671 21 13 Esse Club 28 1.79% 3,183 13 20 1.84%Hotels Aurum 14 3,270 19 2.01% Vacan. Studio Gruppo 3,372 34 18 2.14% JSH Resorts & Hotels 3,669 30 17 Alpitour 3,920 24 16 IH Hotels 11 15 Aeroviaggi 14 Hotels B&B 13 Hotels Blu 12 Starhotels 11 Bluserena 10 T oes3 ,0 2.52% 2.52% 4,604 4,606 2.56% 2.54% 39 22 4,678 4,645 30 22 2.75% 4.28% 5,034 7,825 39 ITI Hotels 51 5.76%9 Hilton 8 10,529 5.52% TH Resorts 84 7 IHG 10,093 6 Una Gruppo 62 6.39% 5 NH Hotels 11,676 4 International Marriott 154 3 AccorHotels 2 Best & Western Hotels 1 Market arket share akBadHtl Rooms Hotels Brand Rank by rooms over the total; HTL 2018 total; Horwath the byover rooms 2018 Italy in in rooms% market 30 by Top Brands and 0Ii ,2 0.9% 1,625 9 0.9% 0.9% 1.1% 0.9% 1,728 1,702 1,939 6 1,700 12 6 26 1.1% Ibis 1.1% 1.1% 1.1% 2,004 30 Group Hotels Apogia 1.1% 13 2,004 29 2,016 1,969 Nh Collection 14 28 5 21 2,028 Russotti 1.1%27 Hilton 16 1.2% 26 G. Holiday 1.1% Chincherini 2,041 1.2% 2,200 25 Parc Hotels 15 2,056 2,211 24 13 1.3% Geturhotels 1.5% 13 23 6 Med Club 2,313 2,671 22 Esse Club 1.4% 14 13 1.5%21 Hotels Aurum 20 2,622 Vacanze Studio 2,739 1.6%19 Novotel 29 10 18 2,864 1.5% Sheraton 17 Inn 27 Holiday 2,772 16 Best Western Plus 1.6% 17 15 Jsh 14 2,870 Voi Hotels 13 Premium Starhotels 24 12 Ih Hotels 11 H&R Iti Hotels-Marina 10 eoigi1 ,8 1.7% 1.8% 3,183 1.8% 14 3,270 2.0% 3,372 2.0% 34 3,607 30 2.1% 3,702 23 2.5% 34 3,920 3.2% Aeroviaggi 11 4,645 9 5,877 Hotels B&B 22 8 Hotels 4.1% Blu 38 7 Unahotels 7,423 6 Mercure 101 5 Bluserena 4 Resorts Th 3 Hotels Nh 2 Best Western 1 g.Wti h is 0can TH chains 10 first the Within ugh. t3bgetcan nIayin Italy in chains biggest 3 st h lc fVlu and Valtur of place the n kn a eoddmore recorded has nking Market share share akDmsi oesRooms Hotels Domestic Rank sdmsi prtr ntrso om nItaly. in rooms of terms in operators t Hote domestic leading ITI as hotel chains and largest International Resorts first ranking. TH international by the followed the Group now UNA 2017, made in UNA already rooms and ATA of merge The & International ChainsTopDomestic 20 market share by rooms over the total; HTL 201 total; the bymarketover rooms Horwath share Top 20 Domestic Hotel Chains by rooms in Italy 2018Italy in byin rooms 20Top Chains Domestic Hotel 9Dlhn ,2 1.34% 1,527 1.52% 1.33% 8 1,728 1,510 1.49% 6 5 1.76% 1,700 1.76% 1.73% 26 2,004 1.78% 2,004 Group Mazzella Giorgio 1,969 14 2,028 20 1.79% Delphina 13 21 19 16 Group Hotels Apogia 2,041 18 Russotti 15 17 Holiday Gr. 1.81% Chincherini 2.35%16 Geturhotels 2,056 15 2,671 Hotels Parc 13 14 ClubEsse 13 13 Hotels Aurum 12 Gruppo Vacanze Studio 11 & Resorts Hotels JSH 10 lior1 ,3 2.41% 2.57% 2,739 2.80% 2,927 10 2.96% 28 3,183 3.22% 3,372 14 3.44% 3,669 30 4.04% 3,920 24 4,604 4.08% 11 Alpitour 39 4.42% 4,645 9 Hotels IH 8 Aeroviaggi 22 5,034 7 Blu Hotels 39 6 Starhotels 5 Bluserena 4 ITIHotels 3 TH Resorts 2 Gruppo Una 1 Market and % and share 8 akItrainl oesRooms Hotels International Rank % market share by rooms over the total; HTL 2 total; % the bymarketover rooms Horwath share Italy i byin rooms Chains Hotel 20Top International 9Fta 3 0.62% 430 0.66% 0.59% 2 453 408 1.18% 7 0.77% 813 1.34% 3 529 1.01% 921 8 1.23% 697 WyndhamGroup Hotel 1 4 20 Fattal 1.47% 848 6 19 Belmond 1.48% 1,012 18 Group Hotel 4 1.60% Palladium 1,024 4 17 Internation Hotels Melia 1,103 12 16 FMTG 11 15 Group Hotel Radisson 14 Tui 13 Hotels Barcelo' 12 Hotels Choice 11 Hotusa Grupo 10 lbMd52062.92% 1.65% 2,016 4.74% 6.68% 6.78% 1,139 5 3,270 4,606 4,678 7 34 22 11.35% 30 7,825 51 Group Hotels Louvre 15.27% 9 ClubMed 14.55% 10,529 8 Hotels B&b 10,035 84 7 Hilton 61 6 16.93% IHG 5 Hotels NH 11,676 4 International Marriott 154 3 AccorHotels 2 & R Hotels Best Western 1 errnigaemr hntiea big as twice than more are ranking heir s W co n arotlead Marriott and Accor BW, ls. prtri tl ae on based Italy in operator n 2018n and Market share 018 45 Hotels & Chains in Italy 2019 © - 6th edition 46 Hotels & Chains in Italy 2019 © - 6th edition akOnrhpShare Ownership Rank Ownership in 2018;in HTL 2018 Ownership Horwath Italy undermarket room 20 byin Top share Brands TopBrands 20 bybusiness model in 2018 HRsrsbcmstefrtlaebad(n prtr nth in operator) (and brand lease first mark the a becomes with Resorts 2018, TH in Italy in players Hotels-Ma biggest ITI the are hotels, Aurum owned and directly covering brands Among 9G hra oes1.3% 1.2% 1.4% 1.4% 1.6% 1.8% 1.6%Luxury Colonna Hotels- Iti 20 2.1%Hotels Gb Thermae 19 Collezione Starhotels 18 Hotels Zacchera 2.1% 17 Select 16 Group Holiday Chincherini 15 Vacanze Studio 14 Alberghi Alliance 13 Nh Hotels 12 Viaggi I Grandi 11 Group Hotels Apogia 10 onHtl 2.3% 3.0% 2.3% 3.1% 3.8% Hotels Loan 9 Group Mazzella Giorgio 4.2% 8 Russotti 7 Parc Hotels 6 Hotels Aurum 5 Premium Starhotels 4 Bluserena 3 Aeroviaggi H&R 2 Hotels-Marina Iti 1 1.6% 2.0% 2.6% 4.0% 4.2% onr,oetkn HHotels. NH overtaking Country, e iaHR eoigi lsrn,Sahtl Premium Starhotels Bluserena, Aeroviaggi, H&R, rina tsaeo prx 20%. approx. of share et akLaeShare Lease Rank in 2018;in HTL 2018 Horwath Lea Italy undermarket room 20 byin Top share Brands 9AaaGop1.3% 1.2% 1.4% 1.5% 1.4% 2.0% & Resort Hotels Greenblu 20 Group Amapa 2.6% 19 Group Holiday Chincherini 18 Hotels Uappala 17 Vacanze Studio 16 Sunflower 15 Bluserena 14 Nh Collection 13 Delphina 12 Med Club 11 Geturhotels 10 & oes4.3% Esse Club 9 Jsh 8 Voi Hotels 7 Hotels Blu 6 Ih Hotels 5 Hotels B&B 4 Unahotels 3 Hotels Nh 2 Resorts Th 1 se 1.5% 1.8% 2.3% 2.5% 2.7% 3.6% 3.8% 3.9% 4.2% 4.5% 6.2% 6.9% akFaciigShare Franchising Rank ocnrtd h is 0bad r ot 5 fteoveral the 31% of for 65% account worth lease are brands and 63%. contracts: 10 management ownership first in the positions concentrated: 10 Weste top u Best rooms While all year, of 38% this totalling three for the again Mercure, with franchising, together to regards With 2018;in HTL 2018 Franchising Horwath Italy undermarket room 20 byin Top share Brands 0Dulte yHlo 1.3% 1.5% 1.4% 2.0% 1.8% 2.1% 2.2% By Hilton Doubletree 20 Best Western Premier 19 Blu Radisson 2.9%18 Marriott Autograph 17 Tulip Golden 16 Express Inn Holiday 15 Inn Garden Hilton 14 Quality 13 Novotel 12 Sheraton 11 Sofitel By Mgallery 10 cHtl arot3.5% 3.2% 4.2% 6.6% 7.5% Marriott 21.1% 9 By Sheraton Points Four 8 Marriott Hotels Ac 7 Styles Ibis 6 Plaza Crowne 5 Inn Holiday 4 Best Western Plus 3 Mercure 2 Best Western 1 2.3% 2.6% 2.7% 3.1% 3.8% 9.0% drti uiesmdl oia n follows. Inn Holiday model. business this nder akMngmn otatShare contract Management Rank Management Contract in 2018; Contract in HTL 2018 Horwath Management Italy undermarket room 20 byin Top share Brands nbad B n ls r edn h podium the heading are Plus) and (BW brands rn 7Fu esn 1.7% 1.8% 2.0% Unahotels 20 Jsh 19 Hotels Blu 2.7% 18 Four Seasons 17 By Hilton Doubletree 16 Unaway 15 St Regis 14 Marriott Jw 13 Pullman 12 Nh Hotels 11 Astoria Waldorf 10 itnGre n 3.0% 6.0% Inn Garden Hilton 9 Mercure 8 Veratour 7 Westin 6 Collection Luxury 5 Sheraton 4 Hilton 3 Novotel 2 Ibis 1 aktfrti oe.Tesm stu for true is same The model. this for market l n 2 epciey rnhsn smuch is Franchising respectively, 42% and 10.1% 4.1% 4.5% 5.3% 8.5% 9.5% 9.6% 1.6% 1.7% 1.7% 1.8% 1.9% 2.0% 2.4% 47 Hotels & Chains in Italy 2019 © - 6th edition 48 Hotels & Chains in Italy 2019 © - 6th edition akEooy oesRooms Hotels Economy Rank Horwath HTL 2018HTL Horwath 2018; in scale the in Economyrooms 16 by Top Brands TopBrands 20 byscale in 2018 fterosi h emn.TeMdcl n pcl r more are Upscale rati and star Italian Midscale the to The (according segments segment. both the in operate in Meininger, rooms Hotel, Student the (The limited of five very first a The have market. scale the Economy of the in players 2018, for Yet 6Crl oes150.3% 0.9% 0.6% 5 16 10 1 1.1% 1 1 19 1.4% 1.9% 26 1 35 Hotels Caroli 2.2% 1 16 Severi Hotels 1 40 15 Raffaelli 14 Hotels Gallerini 1 13 Hotels Mencarelli 12 Hotels Garibaldi 11 Group Hotels Apogia 10 cmoaHtl 02.8% 3.3% 5.2% 50 60 93 5.8% 4.8% 1 12.2% 1 104 2 86 220 2 18.3% 4 Hotels Acampora 2 329 9 17.7%Hotels Residence 8 & Hotels Resid. Piazza 3 21.6% 319 7 Autosole 390 1 6 Generator 1 5 Hotels Parc 4 & Hostels A&O Hotels 3 Meininger 2 Hotel Student The 1 Market share gsystem). ng & oes&Hses acHtl,Gnrtr od76% hold Generator) Hotels, Parc Hostels, & Hotels A&O ubro oes u h o nscnetaemost concentrate ones top the but hotels, of number akMdcl oesRooms Hotels Midscale Rank 2018; 2018HTL Horwath in segment the in Midscale rooms 20 by Top Brands 0Vv oes4321.4% 1.6% 392 445 4 4 1.7% 1.6% 1.8% 484 451 1.7% 499 10 5 482 5 Hotels Viva 20 2.1% 1.8% 15 Inn Tulip 2.0%19 Res. & Hotels Fabilia 2.2% 599 516 18 & Hotels Resid. Piazza 578 641 17 3 10 Meditur 2.3% 11 16 Esse Club 10 664 15 Vacanze Azzurro Club 14 Group Hotels Apogia 6 13 Hotels Aurum 12 Hotels Bianchi 11 Express Inn Holiday 10 eoigi2722.7% 3.3% 772 949 2 4.7% 11 5.1% 1,330 4.1% 1,450 5.7% 5.6% 7 5.2% 1,170 3 1,625 1,600 10 Aeroviaggi 1,491 9 9 7 Styles Ibis 11.2% 25 G. Holiday 8 Chincherini 3,193 7 Geturhotels 33 6 Med Club 5 Best Western 4 Resorts Th 3 Ibis 2 Hotels B&B 1 rgetdadicuesm rnswhich brands some include and fragmented Market share share akUsaeHtl Rooms Hotels Upscale Rank 2018; 2018HTL Horwath segment in the in Upscale rooms 20 by Top Brands & oesfrteMdcl r h e edn lyr ymar Ho Midscale! by the players Student in leading The 33 key to brands. the opposite 10 are c Midscale first the The the for segment. over Hotels the B&B split in are rooms rooms of 28% of make 29% Upscale the in brands 10 9Rsot ,5 1.2% 1.2% 1,653 1,626 1.6% 5 10 1.5% 1.7% 1.7% 2,131 2,056 2,266 2,200 5 13 11 13 1.7% 1.8% Parc Hotels 2,313 20 Russotti 2,411 14 19 Vacanze Studio 12 1.9% 1.9%18 Sheraton 17 2,568 2,487 Novotel 1.9%16 Jsh 8 26 15 2,553 Inn Holiday 14 Aeroviaggi 20 13 Best Western Plus 12 H&R Iti Hotels-Marina 11 Voi Hotels 10 hHtl 62792.1% 2,749 2.3% 26 2.4% 2.1% 3,045 2.6% 3,136 15 2,772 2.7% 3,492 25 2.8% 17 32 3,607 4.4% 3,686 Ih Hotels 23 9 9 Premium Starhotels 5,877 4.5%8 Resorts Th 38 7 Hotels Blu 5,932 6 Mercure 76 5 Unahotels 4 Bluserena 3 Nh Hotels 2 Best Western 1 Market share akUprU.&Lxr oesRooms Hotels Up. &Luxury Upper Rank e hr:bti ae oe nyi h cnm as Economy the in only hotel 1 takes it but share: ket segment in 2018; in segment HTL 2018 Horwath Luxury & Upscale the in Upperrooms 20 by Top Brands 0Hlo 7 1.9% 379 2.0% 2.0% 1 391 389 5 5 2.0% 2.0% 2.1% 2.1% 398 397 405 2.0% 405 Hilton 2.3% 6 2 2 20 Allegroitalia 2.3% 399 3 449 19 2.1% Sina 451 2 18 Gr Mazzella Giorgio 4 418 17 Hotels Baglioni 3 16 4 Dorchester Collection 15 Forte Rocco 14 Jsh 13 Sofitel By Mgallery 12 Melia' 11 Select 10 emn 5 2.3% 453 2.8% 7 2.3% 541 2.4% 458 3 2.9% 477 2.8% 3.6% 3 567 542 3 714 Belmond 3.2% 4 9 Anthology Dedica The 3 3 636 4.8%Lux Colonna 8 Hotels- Iti 7 Delphina 5 940 6 Hotels Gb Thermae 8 5 Nh Collection 4 Marriott Autograph 3 Westin 2 Collection Luxury 1 e 21 n lofr21)frteEooyand Economy the for 2019) for also and (2018 tel meigsrcuei iia nteLxr tier: Luxury the in similar is structure ompeting Market share 49 Hotels & Chains in Italy 2019 © - 6th edition 50 Hotels & Chains in Italy 2019 © - 6th edition akAt&Bsns oesRooms Hotels Art& Business Rank akOhrLiueHtl Rooms Hotels Leisure Other Rank 2018; 2018HTL Horwath in destinations Other byin roomsLeisure 5Top Brands 2018;in HTL 2018 Horwath destinations Art byin rooms Business 5& Top Brands typeTop Brands5 bydestination iisBs etr,N oesadUaoesaetebad a brands the pred are Unahotels with and destinations Hotels NH to Western, comes Best it cities Hotel When NH cities presence. business widest Sere & the Blu arts destinations. In Thermal specialization. S&B and clear resorts Golf the in on lower based specialization far of sort a demonstrate brands Few itn3804.1% 890 4.2% 3 4.2% 4.3% 917 908 935 4 5 6 7.2% Hilton 1,567 5 Hotels Zacchera 4 14 Unahotels 3 Hotels Parc Gr Holiday 2 Chincherini 1 3.0% 3.0% 3.6% 1,497 1,514 11 1,809 5.1% 16 4.7% 13 2,554 2,381 18 31 Hotels Loan 5 Hotels B&B 4 Mercure 3 Best Western 2 Hotels Nh 1 Market Market share share ,Bs etr n ecr r h rnswihhave which brands the are Mercure and Western Best s, a eoigi T oesadDlhn eosrt a demonstrate Delphina and Hotels ITI Aeroviaggi, na, etnto/rdc ye h rsneo hisi by is chains of presence The type. destination/product cutn o h otcnitn om portfolio. rooms consistent most the for ccounting akBsns ou oesRooms Hotels Focus Business Rank akSn&BahHtl Rooms Hotels &Beach Sun Rank 2018; 2018HTL Horwath in destinations Beach & Sun byin rooms 5Top Brands 2018; 2018HTL Horwath in destinations Focus Business byin rooms 5Top Brands mnneo uiesfos oitchb,gateway hubs, logistic flows, business of ominance hRsrs1 ,0 4.8% 3.8% 2,602 2,056 5.8% 10 13 6.9% 3,133 5.2% 3,770 13 2,810 10 23 Vacanze Studio 5 Resorts Th H&R 4 Hotels-Marina Iti 3 Aeroviaggi 2 Bluserena 1 & oes1 ,1 4.0% 3.8% 4.5% 7.0% 1,416 1,334 1,587 14 2,497 8 10 10.0% 15 3,527 49 Premium Starhotels 5 B&B Hotels 4 Unahotels 3 Hotels Nh 2 Best Western 1 Market Market share share akSiHtl Rooms Hotels Ski Rank akTemlHtl Rooms Hotels Thermal Rank Horwath HTL 2018HTL Horwath 2018;in destinations byThermal rooms 5Top Brands 2018HTL Horwath 2018; in Ski byin roomsdestinations 5Top Brands lz,Hlo n itnGre n.I em fmre segme market significantl have of others few terms and In Hotel Family Inn. Club Garden Resorts, kind Hilton such and into Hilton presence consistent Plaza, a with t Brands destination with time. airport first together The Thermae specialization. GB product and certain destinations ski for Resorts TH aisnBu1249.7% 9.2% 9.9% 284 268 26.5% 290 775 1 4 2 8 29.2% 855 Resorts Spa Adler 5 Blu Radisson 5 4 Hotels Aurum 3 Dimhotels 2 Hotels Gb Thermae 1 5.0% 4.9% 5.6% 400 9.3% 392 450 4 746 7 2 23.4% 8 1,879 10 Hotels Residence 5 Geturhotels 4 Med Club 3 Hotels Blu 2 Resorts Th 1 Market Market share share p a endsigihdi h essti erfrthe for year this census the in distinguished been has ype rw notefml ihcide l-nlsv market. all-inclusive children with family the into grown y fdvlpetaeNvtl lineAbrh,Crowne Alberghi, Alliance Novotel, are development of akGl oesRooms Hotels Golf Rank akArotHtl Rooms Hotels Airport Rank Horwath HTL 2018HTL Horwath 2018;in destinations Airport byin rooms 5Top Brands 2018HTL Horwath 2018; in destinations Golf byin rooms 5Top Brands de P eot o hra,dmntaeas a also demonstrate thermal, for Resorts SPA Adler eaor1105.1% 150 6.9% 24.8% 9.2% 1 725 203 270 30.9% 5 1 903 1 1 Veratour 5 Forte Rocco 4 Tulip Golden 3 Jsh 2 Voi Hotels 1 itn1577.5% 7.1% 517 8.3% 489 1 8.6% 569 8.4% 2 594 2 578 3 2 Garden Inn Hilton 5 Hilton 4 Plaza Crowne 3 Alberghi Alliance 2 Novotel 1 tto,ms eetycan ieFblaHtl & Hotels Fabilia like chains recently most ntation, share share (by Market Market rooms) share 51 Hotels & Chains in Italy 2019 © - 6th edition 52 Hotels & Chains in Italy 2019 © - 6th edition mn h nentoa prtr,Mrit n h Studen The and Marriott operators, international the Among op the is Resorts TH 2018, in rooms 300 over left having Albeit n lsrn aeas eotdamjrices de oth to added portfolio. their increase on major a 1, reported approx. also of gain have net Bluserena a with and year, last during growth biggest Hotel Chains growing in 2018 in Hotel Chainsgrowing 1 Net: difference between rooms entering the census a the census entering rooms between Net: difference Rank 0Vrtu 2 120 144 0 221 150 100 196 230 120 0 240 0 244 0 0 0 221 275 249 150 196 230 223 0 240 241 318 Veratour 20 NH Hotels 498 19 807 249 Collection Tridente 0 18 Hotels Garibaldi 17 FMTG 1,048 16 ITI Hotels 15 318 Hotels Loan 14 Resorts Best & Western Hotels 13 Hotels Meininger 12 IH Hotels 11 & Resort Hotels Greenblu 10 lbMd320332 345 351 0 370 0 0 390 0 332 790 903 345 351 459 0 0 370 0 1.192 387 390 332 790 903 Med Club 846 9 1,524 Hotels B&B 8 Esse Club 7 Hotel Idea 6 Hotel Student The 5 International Marriott 4 Bluserena 3 Alpitour 2 TH Resorts 1 Groups Groups 2018in 20 Top growing most Top 20 Chains for net 20Top Chains nd rooms exiting the census in a certain period. a certain in the census exiting rooms nd 1 rooms growth in 2018; in growth rooms HTL 2018 Horwath EntryRooms in 2018in ExitinRooms 0 om nisprflo Alpitour portfolio. its in rooms 200 oe andtehgetimpact highest the gained Hotel t rtrwohsecutrdthe encountered has who erator 2018 i 07cnimdportfolio. confirmed 2017 eir increase Rooms 2018 in ou tla hispto hi nentoa expansion. international their on put chains Italian focus prxmtl 0 om.Tersligntgot smodest portf is growth international net their resulting to The rooms. rooms 300 600 approximately added chains Italian chains’ internationalfootprint Italian 1 Top 15 Italian chains for international footprint, b footprint, for international chains 15Top Italian 5 European footprint of Italian chains by hotels; Horwa hotels; by chains Italian of footprint European akCan oesRooms Hotels Chains Rank 10 5S oes117 83 141 1 71 1 1 169 106 3 2 2 Hotels Sd 15 Group Hotel Autosole 14 Allegroitalia 13 Collection Naldi Roberto 12 Jsh 11 Group Trianon 10 eet1187 204 1 191 412 247 4 448 700 2 1,003 5 4 4 1,837 4 7 Select 11 Group Hotels 9 Apogia 8 Baglioni 7 Viaggi I Grandi 6 Starhotels 5 Veratour 4 Alpitour 3 Boscolo Hotels 2 Iti 1 2 1 1 y rooms; Horwath HTL HTL 2017 Horwath y rooms; 2 lodrn 08 u aelost have but 2018, during olio th HTL HTL 2018 th n eosrtsteresidual the demonstrates and 1 2 53 Hotels & Chains in Italy 2019 © - 6th edition 54 Hotels & Chains in Italy 2019 © - 6th edition pcl emns 0 fwihbaddb nentoa ope international major by the branded hotels, which of new 60% l 118 segments, our to Upscale in belonging recorded 15,651 have is we rooms (2019-2022) pipeline of amount current The Pipelineby scale xetmc oedastkn lc ntecat eie tho besides coasts w the resorts) on si place S&B taking in even adv deals more (especially relevant vary much deals expect with may sign plans they though, their and disclose resorts, disclosure to and used hotels are future operators of map The expected. was 2 as around Florence, with and Venice developments Milan, future by of most polarize will Rome (1,500). first scale very Economy the the in For planned franchising. rooms and new 20 in lease period under the expansion in which scale future of this most targeting for planned operators are rooms most new thousand of plans the In Upper Up. & Luxury & Up. Upper Economy Midscale Upscale Pipeline and re-branding rooms (2019-2021)rooms re-branding a and scale by Pipeline 188 462 715 1.488 1.079 2.461 975 Franchising 213 666 Lease Management contract Management 4.862 t iie dac ooeig sacneune we consequence, a As opening. to advance limited ith ie eas eodacnitn icoe ubrof number disclosed consistent a record also we time, ne hl oetcaemr eutn opipeline to reluctant more are domestic while ance, eatcptdb h census. the by anticipated se 922,a qiaeto / falpoetdrooms, projected all of 2/3 of equivalent an 19-2022, 60rosaraypandi h eid followed period, the in planned already rooms ,600 tl,teUsaete sceryafcs ic 10 Circa focus. a clearly is tier Upscale the Italy, nd business model; Horwath HTL HTL 2018 Horwath model; business nd nfcnl u otefc htinternational that fact the to due gnificantly rators. t fwihi h isaeand Midscale the in which of ity s essfrtecmn years coming the for census ast Ownership 1.567 975 h a fftr oesadrsrsmyvr vnsignifican even vary may wi disclosure. plans resorts pipeline to their reluctant and disclose more to are hotels used are future operators international of map The Pipeline, re-brandingand destinations Pipeline and re-branding rooms (2019-2021)rooms re-branding i and scale by Pipeline Rank Pipeline and re-branding rooms (2019-2021)rooms re-branding and origin by Pipeline 0CARLENTINI 10 BADESI 9 OON 6 200 361 ACIREALE FIUMICINO8 BOLOGNA 7 6 LRNE622219 282 652 PIZZO FLORENCE 5 VENICE4 MILAN3 ROME2 1 pipeline rooms pipeline 10 Top by Destinations of chains; Horwath HTL 2018HTL Horwath chains; of International 5.879 9.772 Domestic cnm isaeUpscale Midscale Economy 7 1 ,3 368 1,332 413 475 n the top 10 destinations, by rooms; Horwath HTL HTL 2018 Horwath by rooms; the n 10top destinations,

5 289 150 5 6 699 667 458 2142372 1,492 72 by region of Italy; 2018HTL Italy; Horwath of by region (2019-2021)rooms and hotels re-branding and Pipeline Rank UCN 11,301 1,177 2,361 11 2,401 9 3,224 18 18 23 EMILIA-ROMAGNA 5 TUSCANY 4 LOMBARDY 3 VENETO 2 LATIUM 1 hrlvn dac,wiedomestic while advance, relevant th pipeline rooms pipeline 5 Top by Regions 225 350 374 618 l u otefc that fact the to due tly Upper Luxury Up. Up. & oesRooms Hotels Total pipeline destination rooms per per rooms 1,824 1,936 2,588 225 350 374 439 561 618 953

55 Hotels & Chains in Italy 2019 © - 6th edition 56 Hotels & Chains in Italy 2019 © - 6th edition eyfs ic h iete aedcddt atal shift partially to decided have they Apulia. time and Sardinia while the Sicily, census, to destinations since the bran entered Austrian fast have and t very brands UK hold East firmly Spanish, Middle today French, and recently, Italy. Italy in in diffused first most the expanded brands USA Brands’ Country originof akCutyHaqatrHtl Rooms Hotels Headquarter Country Rank Hotels and rooms by country of origin of chains; Horwa chains; of origin of by roomscountry and Hotels 14.019 ITALY 7SNAOE124 133 1 234 2 379 349 2 390 5 2 1 SINGAPORE 17 RUSSIA 16 HONG KONG 15 TUR 14 CANADA 13 SWITZERLAND 12 TAIWAN 11 NETHERLANDS 10 EGU 848 1,119 1,651 4 14 9 17,001 113,790 131 1,101 ISRAEL 9 BELGIUM 8 AUSTRIA 7 GERMANY 6 UK 5 SPAIN 4 FRANCE 3 USA 2 ITA 1 Rooms entering the census in 2018in the origin census of entering by country Rooms their brand; Horwath HTL 2018HTL Horwath brand; their 2.282 U.S.A 5 28,135 257 FRANCE 545 96,610 11,507 49 77 UK 1.116 28 181 1 2 430 2 th HTL 2018HTL th emnoeaosaegrowing are operators German saeas eypplr Most popular. very also are ds efrtpaei h akn of ranking the in place first he BELGIUM of of hi ou rmMaghreb from focus their 82 AUSTRIA NETHERLANDS GERMANY 221 SPAIN 331 436 390

Rank Hotels &Chains in Catania o ru nCtnab om;HrahHL21 Cha HTL 2018 Horwath by rooms; Catania 5Top in Group rpoUa194 166 176 1 176 254 1 1 1 2 Una Gruppo 5 Int. Marriott 4 Amt Hotels 3 Accorhotels 2 Hotels Nh 1 in Cataniain 5 Top Groups oesRooms Hotels 100 200 300 400 500 600 700 800 rate; Horwath HTL HTL 2018rate; Horwath 0 in Rooms by scale and chains’ penetration penetration chains’ and by scale Rooms in isaeUpscale Midscale 20,8% Chain roomsChain 57,6% Pen. ratePen. 59 Hotels & Chains in Italy 2019 © - 6th edition 60 Hotels & Chains in Italy 2019 © - 6th edition Rank Hotels &Chains in Florence o ru nFoec yros owt T 08Ch 2018 HTL rooms; Horwath by Florence5Top in Group troes4367 442 4 454 5 4 Starhotels 5 4 Hotels Viva 3 C-Hotels 2 1 Hotel StudentThe International Marriott Florencein 5 Top Groups oesRooms Hotels 390 1 488 4 1000 1500 2000 2500 3000 3500 rate; Horwath HTL HTL 2018rate; Horwath 500 ain Rooms by scale and chains’ penetration penetration chains’ and by scale Rooms ain 0 isaeUsaeUpper Upscale Midscale 16,0% Chain rooms Chain 38,0% Pen. rate Pen. Luxury 91,7% Up. & Up. Rank Hotels &Chains in Palermo o ru nPlrob om;HrahHL21 Cha HTL 2018 Horwath by rooms; Palermo 5Top in Group rp oua1104 157 409 544 1 1 3 5 5 Hotusa Grupo 4 Nh Hotels 3 Amt Hotels 2 Accorhotels 1 Hotels & Resorts & Hotels Best Western Palermoin 5 Top Groups oesRooms Hotels 39 1 1000 rate; Horwath HTL HTL 2018rate; Horwath 200 400 600 800 in Rooms by scale and chains’ penetration penetration chains’ and by scale Rooms in 0 Chain rooms Chain Upscale Upper Up. & Up. Upper Upscale 33,9% 70,0% Luxury Pen. rate Pen. 61 Hotels & Chains in Italy 2019 © - 6th edition 62 Hotels & Chains in Italy 2019 © - 6th edition Rank Hotels &Chains in Venice o ru nVnc yros owt T 08Chai 2018 HTL rooms; Horwath by Venice5Top in Group itn2515 528 579 2 4 3 5 Hilton 4 Accorhotels 3 Hotels Nh 2 1 Hotels & Resorts & Hotels Best Western International Marriott Venicein 5 Top Groups oesRooms Hotels 496 6 987 8 1000 1500 2000 2500 3000 3500 4000 rate; Horwath HTL HTL 2018rate; Horwath 500 0 n Rooms by scale and chains’ penetration penetration chains’ and by scale Rooms n isaeUsaeUpper Upscale Midscale Chain rooms Chain 5% 49% Pen. rate Pen. Luxury Up. & Up. 71% Rank Hotels &Chains in Verona o ru nVrn yros owt T 08Chai 2018 HTL rooms; Horwath by Verona5Top in Group utrioes190 1 160 145 1 1 Duetorrihotels 5 4 3 Accorhotels 2 Ihg 1 Hotels & Resorts & Hotels Best Western Group) Hospitality (Salute Shg Veronain 5 Top Groups oesRooms Hotels 111 112 3 1 100 150 200 250 300 350 400 rate; Horwath HTL HTL 2018rate; Horwath 50 0 n Rooms by scale and chains’ penetration penetration chains’ and by scale Rooms n Midscale Upscale Upper Up. Upper Upscale Midscale Chain rooms Chain 24% 25% Pen. rate Pen. &Luxury 47% 63 Hotels & Chains in Italy 2019 © - 6th edition

The leading 10 Italian Chains by revenues (L10 Cluster)

A very first picture of leading players in the industry 68 Presenting the L10 Cluster 70 L10 Cluster profile 74 L10 room supply + projections 76 L10 Total rev. per room and TrevPAR 2013-2017 + 78 projections L10 Total Revenues 2013-2017 + projections and 80 benchmark Hotels & Chains in Italy 2019 © - 6th edition ed hn h hiswohv upre hsrsac n in and research measures. this and supported parameters have updated who with Chains the thank do sophisticat We more index a profitability by into paralleled evolve be will will results effort turnover first this hope We nevertheless occur. revenues: capturi corresponding to precision, linked of years) level all unprecedented a reached have We industry. the I of of side situation capitalized competitive possibly, the and, of thermometer Ita a clearly the is all It of circa 4% the and Country the i segments. in revenues, rooms total in chain on the based all to Chains of contribution Hotel great Italian 10 a top been Leading has it believe strongly ba We was everything therefore, gr and, most market reporting). support financial stock laudable the the on to thanks listed reliable made was This portfoli fi respective the 5 database. on last Chains data the with during database, AIDA Chains on of based history the create to Moreover, so or all participating whether vehicle, al “holding” one vary turnover, than structures their on corporate based Moreover, chains vehicle. rank to corporate time hard a been has It expanding? How they industry? are the how to all, contribution of their is What they? reve are aggregate Who covers study turnover. a by Italy ranked operators in Italian time leading first very the For reven aggregate turnov covers by ranked study operators Italian a leading Italy 10 top in the of time made first very the For players the in indust first pictureof leading very A es. en is dto fapnlrsac,mnrerr may errors minor research, panel a of edition first a being , eo hi LLCs. their of me n ieadee rqetyfrCan h aemore have who Chains for frequently even and time ong ainhsiaiywt eeec otems consolidated most the to reference with hospitality talian fhtl n om,bsdo owt T oes& Hotels HTL Horwath on based rooms, and hotels of o dadueu n o h etftr,we possibly when future, next the for one useful and ed clyas(0321)w a omredt nP&L, on data merge to had we (2013-2017) years scal grosaalbe(o l oeso l rusduring Groups all of hotels all (for available rooms ng de,rpeet 1 fdmsi hi om,20% rooms, chain domestic of 31% represents ndeed, u efrac o h lse aeo h o 10 top the of made cluster the for performance nue uty n21,te“1 lse” h lse fthe of cluster the cluster”, “L10 the 2018, in dustry: ic o l hiscnoiaervne noasingle a into revenues consolidate chains all not since ote opr oErpa oe hisad most and, chains hotel European to compare they do e nvlnaydslsr rpbi aa(official data public or disclosure voluntary on sed inro tc ntemdcl,usaeadluxury and upscale midscale, the in stock room lian ushv rvdd ic oeo hs hisis Chains these of none since provided, have oups etdtm o h aeo rvdn u industry our providing of sake the for time vested er. epromnefrtecluster the for performance ue ry L10 Research methodology Before you read: • The ranking is based on official 2017 values of operating revenues deriving from hotels in Italy. 2017 is the last year of officially reported financial data. • Revenues generated by hotels outside Italy have been excluded. • Revenues deriving from franchising (yet very limited) have been excluded, as well as corresponding franchised rooms, to avoid any bias on average “PAR” values. • All data for fiscal years 2013-2017 have been retrieved or double-checked on AIDA (Bureau Van Dick) database. Data of foreign Groups are based on Amadeus database. • All data on yearly Available Rooms (AR) are based on Horwath HTL Hotels & Chains database. • Data for UNA Group, for the period antecedent to the merger UNA – ATA, account for the sum of both Groups, then merged into one. • All revenues data for the years 2018-2020 are Horwath HTL projections based on our best knowledge of pipeline, Chains AR growing pace and historic TrevPAR. These values are proposed as merely indicative of the L10 Cluster potential aggregate performance. The aggregate performance derives from projections we have built for each single Chain in the cluster. Please note: revenues data are treated as confidential. As a consequence, Horwath HTL cannot and will not provide any information covering sales performance on any single participating Chain. 68 Hotels & Chains in Italy 2019 © - 6th edition eaega opeetteOypso h edn 0Iainho Italian 10 Leading the of Olympus the present 2017. to in generated glad are We cluster the L10 Presenting oa eeus2017 rankedTotalRevenues 2018inRooms 2013inRooms 2018in Hotels 2013in Hotels Headquarter: in:Founded 2017 rankedTotalRevenues 2018inRooms 2013inRooms 2018in Hotels 2013in Hotels Headquarter: in:Founded oa eeus2017 rankedTotalRevenues 2018inRooms 2013inRooms 2018in Hotels 2013in Hotels Headquarter: in:Founded 3° 3,183 2,665 14 12 Palermo 1973 2° 5,034 8,641 39 51 Milan 2000 (UNA) 1° 3,669 3,413 24 20 Florence 1980 e hisb revenues by chains tel oa eeus2017 rankedTotalRevenues 2018inRooms 2013inRooms 2018in Hotels 2013in Hotels Headquarter: in:Founded 2017 rankedTotalRevenues 2018inRooms 2013inRooms 2018in Hotels 2013in Hotels Headquarter: in:Founded 2017 rankedTotalRevenues 2018inRooms 2013inRooms 2018in Hotels 2013in Hotels Headquarter: in:Founded 6° 1,527 1,527 8 8 Palau 1992 5° 4,645 1,752 22 10 Padua 1977 4° 4,604 3,398 39 28 Rome 1921 69 Hotels & Chains in Italy 2019 © - 6th edition 70 Hotels & Chains in Italy 2019 © - 6th edition Presenting the L10 cluster the L10 Presenting oa eeus2017 rankedTotalRevenues 2018inRooms 2013inRooms 2018in Hotels 2013in Hotels Headquarter: in:Founded 2017 rankedTotalRevenues 2018inRooms 2013inRooms 2018in Hotels 2013in Hotels Headquarter: in:Founded 2017 rankedTotalRevenues 2018inRooms 2013inRooms 2018in Hotels 2013in Hotels Headquarter: in:Founded 9° 2,671 1,788 13 15 Milan 2010 8° 3,920 3,139 11 8 Pescara 1985 7° 3,372 3,028 30 25 Salò 1992 oa eeus2017 rankedTotalRevenues 2018inRooms 2013inRooms 2018in Hotels 2013in Hotels Headquarter: in:Founded geolocation; Horwath HTL 2018HTL Horwath geolocation; hotels chains’ Italy and of regions among rooms chains’ of Distribution L10 Cluster: 10° 2,004 2,004 13 13 Garda sul Limone 1985 71 Hotels & Chains in Italy 2019 © - 6th edition 72 Hotels & Chains in Italy 2019 © - 6th edition es gemn 5%,wieavr iie oto 2)fel (2%) portion (sin panel entire limited the of very most explaining a then were while ownership The (57%), (6%). proportion agreement same the lease for segment stars, stars, 3 4 Midscale, Upscale, or the star, in were rooms cluster’s of Most roo chains domestic and total on stock rooms Cluster L10 of Share 2 in operating fully (20 not analysis were which revenue those the and of UNAWAY time brand the the at panel the in hotels The exce footprint. the smaller) with or Italy, (wider in international operating chains room of domestic populated of mainly 30% approx. today presenting cluster, This ClusterL10 profile Economy Rooms scales distribution in the L10 Cluster - 2017 Business Business 2017 the in L10 - Cluster distribution scales Rooms 20% 0321 0521 072018 2017 2016 2015 2014 2013 35% Midscale 87% 22% Upscale 34% % on total ROOMS total on % 6% Upper Up. & Luxury & Up. Upper 6% 1% 20% 35% stockm % on total domestic ROOMS domestic total on % to fSahtl,JHadIIGopwohv loan also have who Group ITI and JSH Starhotels, of ption aoiyo om ntecutrwr aae ne a under managed were cluster the in rooms of majority efaciigwsexcluded). was franchising ce n 0 foealrosi h rne emn,is segment, branded the in rooms overall of 20% and s 8%,ters en nteUprUsae&Lxr,5 Luxury, & Upscale Upper the in being rest the (87%), 7 ee13 hs xlddhtl rnhsdunder franchised hotels excluded These 193. were 17) 18% Lease ne aaeetcnrc.Laeaddirect and Lease contract. management under l 017. 30% oesdsrbto nteL0Cutr-2017 the in L10 Cluster - distribution models 41% Management contract Management 2% 18% 29% 20% 57% Ownership 30% o 07a i pcl & eot aae ya tla ope Italian an by managed resort, S&B pictur Upscale big the a approximation, as 2017 great for with simplify, can we Thus, average). on rooms f 110 standard at the stands than which ci bigger portfolio district much Business average, the on and of were, Business cluster half & the almost Arts for in located resorts was S&B rooms of composed was Cluster The Average hotel size in rooms, for the whole Italian por Italian the whole rooms,for in size hotel Average Avg. Overall Italian Portfolio Hotel Portfolio Italian Overall Avg. Share of L10 of domestic Share total Cluster and stockrooms on 44% size 33 3% Avg. Census Chain Hotels size Avg. L10 Cluster Hotel size Hotel Cluster L10 Avg. size Hotels Chain Census Avg. 8% 16% 109 flo hisprfloadL0Cutrprflo-2 - L10 Cluster portfolio and portfolio chains tfolio, 14% ftems rqethtlapae noteCluster the into appeared hotel frequent most the of e is(oehrttlig3%.Frti esn oesin hotels reason, this For 30%). totalling (together ties rteCuty t13ros(gis h vrl chain overall the (against rooms 163 at Country, the or ao ne es agreement. lease a under rator 15% omprflo(4) hl infcn hr of share significant a while (44%), portfolio room hisro tc 2017 room stock – chains Business CitiesBusiness destinationsS&B Golf destinationsMountain CitiesBusiness & Art destinationsLeisure 163 017 73 Hotels & Chains in Italy 2019 © - 6th edition Hotels & Chains in Italy 2019 © - 6th edition hsspot h pno httesz fti lse nter in Cluster this of size mature. the being that opinion the supports resor This and hotels AR. bench Cluster city we of 37% managing like, of looks equivalent Italy volume in AR this Chain how of international idea clearer a appro get for To accounted Cluster the 1 2018 of In base whole. a a on as operating modest and are seasonal being resorts many to Due m that considering prudent, 125 2016-2018. even sized in is hotel pace new believe 1 we say which or figure roo Cluster, a 2,500 the of approximately Chain of each growth to a added net a represent will approximate This to move will anticipated rooms the total account predict we into pace, taking growth and years coming Fo before. the bigger for been never has 2 Cluster in this impact Nevertheless, with stock rooms Starhot of JSH. 201 growth and the in to group, contributed decreased ITI also Resorts, slightly TH befo has of Hotels, growth stock ATA continuous rooms of overall portfolio the the of 2017), disposal partial a to Due chains. segmen competing chain of sign growth the and faster to the years to compared 5 due size, last relative the over its size stock, in rooms grown has Cluster L10 The RoomL10 Supply+ projections 09ad22,bsdo h ieiew aerecorded have we pipeline the on based 2020, and 2019 r so Rpoue s huh eylmtdadfrfrom far and limited very though, is, produced AR of ms sadfudta hslte ln consfrthe for accounts alone latter this that found and ts l custo fsm oa eer rprishas properties Demeure Royal some of acquisition els eaddrn h ero h eg ihUA(2016- UNA with merge the of year the during and re nIay a lgtyrdcddrn h at5years, 5 last the during reduced slightly has Italy, in t xto oepoete swl sacran“average” certain a as well as properties some of exit y3,0 n2020. in 36,600 ly 018. so urn otoi.Ti ol en20rooms 250 mean would This portfolio. current on ms s ftepriiaigCan aegona faster a at grown have Chains participating the of ost n hnrcvrdi 07a obnto of combination a as 2017 in recovered then and 6 iaey77MnAR. Mln 7.7 ximately fcnl n21.Dsietegot eoddi its in recorded growth the Despite 2018. in ificantly 020dy er h Rmaue o h Cluster the for measured AR the year, a days 80-210 om indprCani aho h et2years: 2 next the of each in Chain per signed rooms akdteoealCutrA otoi oamajor a to portfolio AR Cluster overall the marked 1 lse n edn nentoa hi vial omt Room Available Chain international leading a and Cluster L10 projection and trend historic stock rooms Cluster L10 30.695 0321 0521 0721 092020 2019 2018 2017 2016 2015 2014 2013

0321 0521 0721 092020 2019 2018 2017 2016 2015 2014 2013 7.373 2.943 31.244

7.433 HotelsParc HotelsBlu HotelsITI Starhotels 1%

10 Leading Italian chains Italian Leading 10 2.945 31.315 7.482 1% 3.077 30.360 7.069 -6% 1 Leading Int.l chain in Italy chain Int.l Leading 1

2.897 projection and rend Total Room Stock L10 Cluster L10 Stock Room Total Bluserena ResortsTH UNAGruppo 31.552 7.262 2.808 3% 34.104 7.668 6%

YoY growth YoY 2.836 34.759 JSH Delphina Aeroviaggi 7.833 Projections 2% Projections 36.625 8.160 4% 75 Hotels & Chains in Italy 2019 © - 6th edition 76 Hotels & Chains in Italy 2019 © - 6th edition vrg RvA per oeo oe det h uuemix future the to data. historic (due with of lower growth somehow projected appears the TRevPAR on average limited based though, general future, a the projected For have YoY. we 2018-2020 period the proc For growing a ceter unit, the Chains’ available of per performance The result improved clear to increasing. a destined is also so is performance average growth that on “selective” performed also has and Cluster Eu the Chain 97 that due of driver, clarifies operational average it an an not but is from this moved Again, +22%. Cluster of the growth TrevPAR, of pr terms highest In the with Chain the will for Cluster Euro 49,500 the at of peaking room year, each that estimates projection 201 This years the estima for prudent trends, a pricing and built parameters have historic we on trend, 5-year the l by Supported o above are chain performance international Its perf leading hotels. recorded. understanding same of further the portfolio of by comparable scope room the per For generated reve (Total TrevPAR performance. the room, of available mountai on to based generated comparable measure directly revenues the not the are days of 365 on 1/3 operating performan room, lower per between generates, connection betwe reasons) no difference is the there high Indeed, (note: grow years. generate Chain the fiscal or witnesses 5 rates last it the but higher during course, charge of to growth, market whole estimate a as hotels/resorts Cluster different the the on depend might evidence Eu This 23,300 from moved (+17%). have period room the in per growth revenues total average The tot aggregated of year). fiscal evolution the during historic room the rep identified revenues operating have total we yearly of analysis the on Based projections TotalL10 2013-2017 + revenuesper room andTrevPAR sparibus. is 8-2020. nCan ntrvne seiet h esperforming less The evident. is revenues unit Chains en re yteCutradtero tc o ahChain, each for stock room the and Cluster the by orted i,aysiti etnto i rsml h blt of ability the simply or mix destination in shift any mix, otevre aueo oesadrsrsi h Cluster, the in resorts and hotels of nature varied the to aeapoiaey2,0 uoo oa eeusper revenues total of Euro 28,000 approximately make lrvne e om(oa eeusgnrtdb a by generated revenues (total room per revenues al s tef hs nteln u,teCutrsol be should Cluster the run, long the in thus, itself: ess cn e unit. per icing ehn etrta h orsodn International correspondent the than better mething eot prtn 1 aso es o hsreason, this For less. or days 210 operating resorts n ho h au eeae yteCutra whole a as Cluster the by generated value the of th ahCansrosprflo h eutn projected resulting the portfolio, rooms Chain’s each usPrAalbeRo) rvdsacerrpicture clearer a provides Room), Available Per nues s -eraeae u oe hntemaximum the than lower but average, 5-year ast eo oa eeusprro o ahCan based Chain, each for room per revenues total of te eprro n h akn fCan,frobvious for Chains, of ranking the and room per ce rwho RvA o aeo prxmtl 2% approximately of pace a for TRevPAR of growth iiyt hoewl-efrigast o their for assets well-performing choose to bility ytehgetpromn.O ore iyhotels city course, Of performing. highest the by rocpny ti o noeainldie to driver operational an not is It occupancy. er rac,w aebnhakdterevenues the benchmarked have we ormance, nteprfloo oes hn21 u aligned but 2017 than hotels) of portfolio the in eaigi tl,wohsavre n very and varied a has who Italy, in perating oi 03t 1 n21,wihwsarobust a was which 2017, in 119 to 2013 in ro ot 740Er,dmntaigasignificant a demonstrating Euro, 27,400 to ro 1 lse aiu,AeaeadMnmmTePR itrctren historic TRevPAR, Minimum and Average Maximum, Cluster L10 ro per revenues total Minimum and Average Maximum, Cluster L10 15.754 39.625 0321 0521 0721 092020 2019 2018 2017 2016 2015 2014 2013 0321 0521 0721 092020 2019 2018 2017 2016 2015 2014 2013 64 97 73 220 26.570 23.344 15.105 40.914 65 99 Maximum ValueMaximum 77 234 Maximum ValueMaximum 27.942 23.485 15.975 47.317 56 108 86 239 31.347 25.911 Minimum Value Minimum Minimum Value Minimum 16.797 44.435 56 114 93 278 33.831 26.469 m itrctedadpoeto (Euro) projection and trend historic om, n rjcin(Euro) projection and d 16.773 47.604 Average ValueAverage Average ValueAverage 70 119 98 285 35.625 27.372 17.109 48.556 71 rjce oa eeusper Room Revenues Total Projected Top int.l chainint.l Top 27.564 115 Top int.l chainint.l Top 290 rjce TRevPARProjected 17.280 49.042 72 27.889 116 293 17.452 49.532 73 27.931 116 296 77 Hotels & Chains in Italy 2019 © - 6th edition 78 Hotels & Chains in Italy 2019 © - 6th edition benchmark TotalL10 Revenues projections+ 2013-2017 and reporting (LLC and Ltd), thus aggregate values clea (LLC values Ltd), andreporting thus aggregate account into taking and forecasted growth database the despite Well, now. from this years years, two 6 in last worth the pipeline during certified demonstrated the have account Chains which into taking tot Euro that, bn believe 1.0 We to Euro siz bn 0.87 increasing at of revenues total light 2017 the from move in pace, described the Following hr sa(le ca fopruiisfrMd nIayCha Italy in Made for opportunities of ocean (blue) a is There ma their have on concentrating chains simply hotel reached Spanish have size couldn’t the they is what consolid clarify how they of well, evidence the provide figures Nevertheless, exclud we (which values. abroad the Cr in produced parallel the and immediate of sales most UK Clearly, include 2017. French, accounted in Euro Spanish, we bn 4.1 among to Chains up summed als big together Europe relatively 5 in a Just competitors provides also it other but industry, to chains the Cluster of fragmentation L10 Euro: bn the 3.6 to get Comparing to Euro lines bn cruise 9.2 in for only brand accounted Italian fashion 1 in took brands Italian fo big account 2 to Just automotive sale (global in Maserati and brands Lamborghini Italian Ferrari, by big generated 3 only takes It 1 AIDA database classifies revenues based on the ATEC based revenues classifies AIDA database 1 n21 r prxmtl 3b uo hsi e oetsize modest a yet is this Euro, bn 13 approximately are 2017 in One billion Euro Euro per year billion One produced by corporatio10 how does this look look like? does thishow rly underestimate the overall industry size. size. industry the overall underestimate rly O industry code and for companies being obliged to to obliged being companies for and code O industry esetv o odru future. wonderful a for perspective tams nhne RvA,teL0Cutrwould Cluster L10 the TRevPAR, unchanged almost at e )i 2017. in s) n h e rwhpc htl indadhtl left) hotels and signed (hotels pace growth net the and tdteSaihmre,freape ol per As appear. could example, for market, Spanish the ated ece oa hnst nentoa xaso,which expansion, international to thanks today reached ot Crociere. Costa n oepn ute vnabroad. even further expand to ins kt amre hti ihycmaal oItaly). to comparable highly is that market (a rket, sarlal siaeo o uhti lse ol be could Cluster this much how of estimate reliable a is n21,nml uc n rd.I h aeya,it year, same the In Prada. and Gucci namely 2017, in . nEr,ta steageaettlrevenues total aggregate the is that Euro, bn 7.4 r aea nentoa otrn n h revenues the and footprint international an have m lrvne n2020. in revenues al dfrJH troesadII,tu hr sno is there thus ITI), and Starhotels JSH, for ed htoealhtl eeusrpre nAIDA on reported revenues hotels overall that ain ihitrainlo einlsoe all scope, regional or international with oatian, ie eprudrtnigo certain a of understanding deeper a gives o . ns leading ns leading an industry: yearly financial financial yearly 1 lse oa eeuscmae oasto uoencompe European 5 of set a to compared revenues total Cluster L10 (Mln projection and trend historic revenues, total Cluster L10 0321 0521 0721 092020 2019 2018 2017 2016 2015 2014 2013 717 Total Revenues L10 Cluster (Mln Euro) (Mln Cluster L10 Revenues Total JSH HotelsBlu ResortsTH Aeroviaggi Starhotels 2% 734 Cluster L10 Italy 5 leading hotel Chains in Europe in Chains hotel leading 5 Italy L10 Cluster .6b € bn 0.86 811 11% 804 -1% Euro) titors 864 7% YoY L10 Total Revenues GrowthRevenues Total L10 YoY HotelsParc Bluserena Delphina HotelsITI UNAGruppo 935 8% . n€ bn 4.1 966 3% 1.008 4% 79 Hotels & Chains in Italy 2019 © - 6th edition Order the Hotels & Chains Markets 2019 Edition

3 different reports covering the - “Economy and Midscale”, - “Upscale” - “Luxury” markets, each providing:

The Markets Edition transfers business intelligence value to development analysts and directors. Hotels & Chains in Italy 2019 © -Hotels© & Chains in2019 Italy edition 6th Request the table of contents and order the Markets Edition Report you need at [email protected] 80 Methodology o n nur ntecnu ehdlg laecnatthe contact please methodology census the on enquire [email protected] any at For methodology and data t on of Requests 0.1% of ho area Since the 2018. in on errors data limited cause supply consid only official estimated may of mismatch is lack the hotels) to by due or year, rooms consid (by are 2018 rate 31st, Penetration December after inc chain not a do under sep operating Pipeline counted together. are counted hotels are pipeline hotels report, re-branded this of scope no the For may chains domestic and fi hotels. international case, showing C the Double charts (Including When All Luxury “IDC” & as a double-counting. Upscale reported Upper are operators of purposes, tier certain net second is by Upscale data managed aggregated hotels of Midscale counting Double Economy Budget stars: 5 stars: 4 stars: 3 stars: 2 star: 1 stars-to-sc The itself. brand classific the official of the positioning on su target based of the are case scales the census, in the even for “keys”, As to equivalent as used is abroad. “Rooms” operations have It also outside that headquarter those including with those networ are affiliation chains “voluntary International called so the and brands Soft lea at visibility. operate sign w who commercial brands chains no hostel) are operators, (or label” hotel w several “white the or named in one none, hotels own operation more may on Chains or control no 5 with operating ownership, Simple organization properties. any is chain A Report: this of purpose the For 20 Definitions Europe in chains hotel of census HTL oth Horwath with and comparison iss 2018 and 31st, report competitiveness reporte Italian and we on what collection data and All data portfolio (2019) o between current of chain delay a census between the HTL Horwath to the Due of 2018. evidences contains report This information of Source y every and Italy in chains hotel support. on Chains’ data collect we 2012 Since l ovrinfollows: conversion ale to fhtl Iain“tr”sse)add o represen not do and system) “stars” (Italian hotels of ation s r o osdrdit h count. the into considered not are ks” l;dmsi hisaetoewt edure nItaly, in headquarter with those are chains domestic aly; ounting). ,de o ulf o en osdrdachain. a considered being for qualify not does s, uetecuto needn oes l oeslse as listed hotels All hotels. independent of count the lude rtl n ontsmu notecnu.Ppln and Pipeline census. the into up sum not do and arately rE ttsaebsdo uottdt so December of as data Eurostat on based are states EU er esadrosspl spet tbeaogyas this years, along stable pretty is supply rooms and tels rda pipeline. as ered toehtludratidprybadadmgthave might and brand party third a under hotel one st d. a eaheea nraigacrc hnst Hotel to thanks accuracy increasing an achieve we ear rn h SA oesrossoko h precedent the of stock hotels/rooms ISTAT the ering tsadapartments. and ites u pt vrl eas fscn iroperated tier second of because overall to up sum t epooe eerto rates. penetration proposed he 18. t invsblt.“eodte prtr” otherwise operators”, tier “Second visibility. sign ith ue nldn obecutn fpoete,for properties, of counting double including gures eaigcanhtl nIaya fDcme 31st, December of as Italy in hotels chain perating dfacie yacanhsbe vie.Thus, avoided. been has chain a by franchised nd ig hr ih eee infcn differences significant even be might there uing, rd yonn,mngn,laigo franchising or leasing managing, owning, by orld, uhr iri Ribaudo Giorgio author, t 81 Hotels & Chains in Italy 2019 © - 6th edition 82 Hotels & Chains in Italy 2019 © - 6th edition YTD YoY TevPAR OR Mln MICE IDC GDP F&B CAGR Bn Avg Definitions Legenda White label, Second Second Tierlabel, White DomesticChain ChainInternational report)this Chains (inHotel Year ToDate Year YearOver Room Available per TotalRevenue Occupancy Rate Million Conferences, ExhibitionsIncentives, Meetings, Counting Double Including Gross DomesticProduct & Food Beverage Growth Annual RateCompound Billion Average A chain operating one or more hotels branded by ano by branded chainor hotels A more one operating those chain A withincluding Italy,headquarter in chain A Italy.withheadquarter outside rnhsn rpris ipeonrhp(ntelc fop of worl chain. lack hotel the an the in as (in reported hotels ownership more Simple or properties. 5 franchising operating organization hotel Any which also operations run abroad. ther chain. rtoscnrl osntqaiyt be to qualify not does control) erations yonn,mngn,laigor leasing managing, owning, by d soizoeIain ofnuti Alberghi Confindustria Italiana Associazione e sgoigsrnl nteyast oe worldwide. come, to tha years industry the a tools an in of the strongly investments future growing with as the companies drive see at provide looking that while to crisis dynamics is today’s aim and Confindus Its phenomena flows. Italiana tourist new Associazione to level looks international an othe the At industry. with tourism integrates and it economy such, Italian the as chang and, features Federturismo o of market member a and main is to Alberghi Confindustria whose Italiana attention Associazione vision and entrepreneurial skills, e rationale. tourism Euro an planning the billion has of commitment, 5 player and reference than a more Italy therefore and is It employees revenues. 70,000 facili Confindustria accommodation rooms, t tourist at 175,000 2,500 present than is more players with country, Alberghi representing Confindustria Italiana industry- Associazione companies. hotel the and two hotels independent the of nentoa let:dvlpr,lnes netr,i investors, lenders, developers, institut and offices administrative public support inv corporations, clients: and lifecycle is property the It international of understanding. phases bee o all combination international in has a projects and through Leisure) world knowledge the local and around projects experience Tourism unequalled client providing for (Hotel, by the industries in HTL leisure specialist and consulting Horwath pre-eminent the as field, recognized its In HTLHORWATH About SOIZOEIAIN OFNUTI ALBERGHI CONFINDUSTRIA ITALIANA ASSOCIAZIONE rgntdfo h merger the from originated ions. ruhu thehroughout Confindustriaf l indicators all t oe,tourismhotel, ainland national s n expertiseand raAlberghi tria istotallingties lyr of players r le witholved ooyinconomy oaddressto detailedf ndustrial and e the : ins are nd n www.cdpisgr.it [email protected] +39 06 4204.5499Tel. 00187 Roma 2ViaVersilia, Spa CDP SGR Investimenti In withpartnership www.alberghiconfindustria.it [email protected] 54220808 +39 06 +39 06 5924274 Tel. 00144 ItalyRome, Pasteur, Viale 10 Alberghi Confindustria ItalianaAssociazione www.horwathhtl.it [email protected] +39 06 68395091Tel. 00196 ItalyRome, 21,ViaFlaminia HORWATHHTL 83 Hotels & Chains in Italy 2019 © - 6th edition www.horwathhtl.it