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EUROPEAN CHAIN HOTELS MARKET REVIEW MAY 2015

Happy days for and hotels

Madrid and Prague hotels recorded increases in gross performance and TRevPAR decreased by 11.8%. With payroll operating profit per available room (GOPPAR) of 12.8% and going by a noteworthy 3.7 percentage points, DOPPAR fell 28.8% respectively in May, according to the latest data from by 16.7% to €94.16. Overheads per available room also HotStats. climbed by 1.7% mostly due to sales and marketing expenses increasing by 19.5%, thereby contributing to a GOPPAR May was another positive month in Madrid with demand decline of 25.6% to €56.74. shooting up by 7.7 percentage points and average room rate (ARR) climbing by 1.9%; revenue per available room Different but same story for in May; hoteliers also (RevPAR) grew by 12.0% to €118.49. Surges in other suffered from a combined decrease in occupancy (-0.6 revenues per available room such as meeting room hire percentage points) and ARR (-0.3%), resulting in a RevPAR (+5.8%) and beverage (+0.8%) also contributed to the total drop of 1.0%. Mixed movements in non-rooms departments revenue per available room (TRevPAR) rise of 7.9%. A 1.0 delivered the TRevPAR decline of 1.2%. With payroll rising by percentage point decrease in payroll resulted in departmental 2.8 percentage points, DOPPAR dropped by 5.6% to €97.65, operating profit per available room (DOPPAR) surging by and GOPPAR fell by 10.1% to €62.37. When looking at the 9.9% compared to the same period last year. Overheads per profit conversion rate, hoteliers still managed to close the available room hiked by 4.3% to €31.96, but that was not month with 38.1%, which represents a 3.8 percentage point enough to temper the GOPPAR growth of 12.8% to €67.37, decrease compared to May 2014. representing a gross operating profit conversion of 39.9% for

the month. RevPAR flatters to deceive in

The Czech capital also forged ahead in May recording a In May, Budapest hoteliers boosted ARR by 8.7% thus 25.3% uplift in RevPAR thanks to a 5.3 percentage point occupancy went down marginally, which resulted in a increase in occupancy combined with a 17.6% growth in ARR. RevPAR uplift of 8.5% to €96.08. However, decreases in non- A closer look at the segmentation for the month demonstrates rooms revenue per available room from meeting room hire (- that segment rates climbed, with B.A.R rate taking the 50.0%), beverage (-10.5%) and food (-8.8%) softened the lead (accounting for 9.2% of the business mix) and rising by TRevPAR rise of 1.6% to €132.92. Nevertheless, a 2.0 23.0%. Similar performances were registered in non-rooms percentage point increase in payroll combined with a 6.5% departments and TRevPAR went up by 18.9% to €139.12. surge in overheads per available room diluted the top-line Astute operating cost control and a decrease in payroll (-2.1 gains from the rooms department, and GOPPAR dropped percentage points) resulted in DOPPAR surging by 23.3% to 0.5% to €58.12 during the month. €97.07 and GOPPAR by 28.8% to €71.06.

Challenging month for and Munich The month of May 2015

Berlin registered negative year-on-year comparisons across all key performance indicators for the month of May. Both occupancy and ARR declined by 3.7 percentage points and 1.5% respectively to deliver a RevPAR drop of 5.7%. Similar movements in non-rooms revenues did not help the poor

European City Markets achieved REVPAR, TREVPAR and GOPPAR May 2015

HotStats European Chain Hotels Market Review www.hotstats.com | |

EUROPEAN CHAIN HOTELS MARKET REVIEW MAY 2015

Editor’s Notes Occupancy (%) - Is that proportion of the bedrooms available during the period which are occupied during the period. The hotels profiled in this report are drawn from the HotStats database and reflect the portfolios Average Room Rate (ARR) - Is the total bedroom revenue and distribution of the hotel chains that we for the period divided by the total bedrooms occupied during the period. survey and which operate primarily in the full- sector. Room Revpar (RevPAR) - Is the total bedroom revenue for the period divided by the total available rooms during the

Please note: The data samples are reviewed and period. rebased each year to reflect the changes in the HotStats Total Revpar (TRevPAR) - Is the combined total of all survey base. As a result, performance ratios published revenues divided by the total available rooms during last year may differ from those contained within this the period. report. Payroll % - Is the payroll for all hotels in the sample as a

percentage of total revenue.

GOP PAR - Is the Total Gross Operating Profit for the period divided by the total available rooms during the period. HotStats Services

For an inside view of a local or regional market place in the hotel sector, bespoke HotStats reports are available. Terms and conditions apply. Visit www.hotstats.com to view a sample report.

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HotStats provides two reporting tools to hoteliers:

 Our unique profit and loss benchmarking service enables monthly comparison of hotels’ performance against a competitive set. It is distinguished by the fact that it provides in excess of 100 performance metrics covering 70 hotel performance, revenue, cost and profit statistics providing the deepest insight available into hotel operations.

 Our latest innovation in daily revenue intelligence, MORSE. Amongst its reporting are daily and highly granular market segmentation metrics as well as distribution channel and source of booking analysis. It takes daily market intelligence to a whole new level.

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HotStats European Chain Hotels Market Review www.hotstats.com | | BRIEFING DATA European Chain Hotels - Market Review Currency: €

The month of May 2015 Calendar year to May 2015 Twelve months to May 2015 Occ % ARR RevPAR TRevPAR Payroll % GOP PAR Occ % ARR RevPAR TRevPAR Payroll % GOP PAR Occ % ARR RevPAR TRevPAR Payroll % GOP PAR Berlin 82.1 134.64 110.54 168.88 30.9 56.74 73.1 126.46 92.49 149.29 33.9 39.66 77.9 124.40 96.95 155.17 32.1 47.58 Berlin Budapest 84.9 113.11 96.08 132.92 23.9 58.12 72.3 95.37 68.97 102.35 28.9 32.71 77.7 95.00 73.77 108.42 26.5 38.76 Budapest Madrid 85.2 139.11 118.49 169.00 32.0 67.37 70.2 130.82 91.84 135.58 38.2 41.06 67.3 129.87 87.33 130.11 38.4 37.25 Madrid Munich 83.2 143.45 119.35 163.73 31.4 62.37 74.5 135.38 100.80 139.41 35.2 43.65 80.1 147.50 118.12 157.99 30.6 60.23 Munich Prague 87.4 109.58 95.75 139.12 19.2 71.06 66.9 87.81 58.78 97.67 25.7 36.34 73.3 85.67 62.83 102.04 24.4 40.97 Prague

The month of May 2014 Calendar year to May 2014 Twelve months to May 2014

Occ% ARR RevPAR TRevPAR Payroll % GOP PAR Occ% ARR RevPAR TRevPAR Payroll % GOP PAR Occ % ARR RevPAR TRevPAR Payroll % GOP PAR Berlin 85.8 136.70 117.23 191.56 27.2 76.27 69.4 127.00 88.09 147.31 33.7 42.04 74.3 124.16 92.26 153.55 31.8 48.73 Berlin Budapest 85.1 104.09 88.56 130.87 21.9 58.41 66.8 87.53 58.49 88.36 30.8 25.07 71.8 87.70 62.97 94.95 28.2 30.94 Budapest Madrid 77.5 136.55 105.83 156.63 33.0 59.75 64.6 127.92 82.68 124.86 40.1 34.36 63.6 126.39 80.40 122.32 40.0 32.41 Madrid Munich 83.8 143.81 120.56 165.71 28.7 69.36 72.6 127.51 92.50 130.51 35.3 39.92 76.9 138.08 106.18 144.60 32.3 51.54 Munich Prague 82.0 93.15 76.42 117.01 21.4 55.16 61.1 81.51 49.84 82.94 28.2 26.64 69.5 79.94 55.56 91.84 25.7 33.18 Prague

Movement for the month of May Movement for the calendar year to May Movement for the twelve months to May Occ Change ARR RevPAR TRevPAR Payroll GOP PAR Occ Change ARR Change RevPAR TRevPAR Payroll GOP PAR ARR Change RevPAR TrevPAR Payroll GOP PAR Change Change Change Change Change Change Change Change Change Occ Change Change Change Change Change

Berlin -3.7 -1.5% -5.7% -11.8% -3.7 -25.6% 3.8 -0.4% 5.0% 1.3% -0.2 -5.7% 3.6 0.2% 5.1% 1.1% -0.3 -2.4% Berlin Budapest -0.1 8.7% 8.5% 1.6% -2.0 -0.5% 5.5 9.0% 17.9% 15.8% 1.8 30.5% 5.8 8.3% 17.2% 14.2% 1.7 25.3% Budapest Madrid 7.7 1.9% 12.0% 7.9% 1.0 12.8% 5.6 2.3% 11.1% 8.6% 2.0 19.5% 3.6 2.8% 8.6% 6.4% 1.6 14.9% Madrid Munich -0.6 -0.3% -1.0% -1.2% -2.8 -10.1% 1.9 6.2% 9.0% 6.8% 0.1 9.3% 3.2 6.8% 11.2% 9.3% 1.6 16.9% Munich .3 17.6% 25.3% 18.9% 2.1 28.8% 5.8 7.7% 17.9% 17.8% 2.5 36.4% 3.8 7.2% 13.1% 11.1% 1.4 23.5% Prague