Regional analysis

Breakdown by NUTS II

21% 14%

4% 3%

21% Portuguese Hospitality Atlas 2014 15% New players in the game

8% 4% 7% 11% National ranking

20% 33% 15% 24%

Ranking of groups / Management entities in Portugal

(number of accommodation units) Total nacional: 1,723 Establishments Ranking Hotel group / Establishments Lodging Capacity Beds International 130,596 Accommodation units Management entity Accomodation Units1 Presence Accommodation units refers to the number of rooms and / or apartments. Current 2013 Nr. % of total Nr. % of total Nr. % of total

1 Pestana & Resorts / Pousadas de Portugal2 59 3,4% 6.475 5,0% 13.253 4,6%

2 Vila Galé Hotéis 18 1,0% 3.884 3,0% 7.866 2,7%

3 Hotels 30 1,7% 3.153 2,4% 6.361 2,2% Operational indicators by NUTS II

4 Tivoli Hotels & Resorts 12 0,7% 2.471 1,9% 5.050 1,8%

- - ECS Capital 18 1,0% 2.357 1,8% 5.775 2,0%

7 SANA Hotels 13 0,8% 2.088 1,6% 4.099 1,4%

5 VIP Hotels 12 0,7% 2.064 1,6% 4.251 1,5% 42,43€ 33,35€ 28,43€ 22,12€ 21,59€ 18,30€ 14,83€

6 Hoti Hotéis/ Meliá Hotels & Resorts 14 0,8% 1.899 1,5% 3.785 1,3%

8 Dom Pedro Hotels 7 0,4% 1.399 1,1% 2.915 1,0%

- - Explorer Investments - Discovery Portugal Real Estate Fund 10 0,6% 1.335 1,0% 3.163 1,1%

9 Continental Hotels 11 0,6% 1.294 1,0% 2.518 0,9%

12 Hotéis Real 8 0,5% 1.231 0,9% 2.561 0,9% 14 HF Hotéis Fénix 7 0,4% 1.210 0,9% 2.323 0,8% 67,79 € 52,69 € 48,94 € 48,29 € 46,52 € 46,92 € 41,55 € 11 Inatel Turismo 16 0,9% 1.210 0,9% 2.420 0,8% Occupancy rate (room) 15 Riu Hotels & Resorts 3 0,2% 1.172 0,9% 2.389 0,8% % % % % % % % 13 Marriott 5 0,3% 1.150 0,9% 2.248 0,8% 62,6 63,3 58,1 45,8 46,4 39,0 35,7

16 Porto Bay Hotels & Resorts 7 0,4% 1.121 0,9% 2.265 0,8% Lodging capacity (# of rooms) 10 Hotels & Resorts 5 0,3% 1.096 0,8% 2.530 0,9% 27.497 14.023 42.033 19.912 4.139 5.750 19.992 19 Turim Hotéis 11 0,6% 1.065 0,8% 2.628 0,9% Lodging revenues (000€) - - Petchey Leisure 4 0,2% 1.000 0,8% 3.246 1,1% 425.879 170.716 436.226 160.745 32.612 38.406 108.243 Sub-total 270 15,7% 38.674 29,6% 81.646 28,5%

Other Hotel chains 431 25,0% 43.757 33,5% 95.458 33,4% Overnight stays

Independent 1.022 59,3% 48.165 36,9% 108.983 38,1% 10.067 5.978 14.823 4.908 1.054 1.139 3.764

1.723 100% 130.596 100% 286.087 100% Guests

1 Accommodation units refers to the number of rooms and / or apartments. 2 includes only the lodging houses which are under the management of Pestana Hotels & Resorts Group. 4.330 1.082 3.155 2.792 333 644 2.095

Source: TP - Turismo de Portugal (December 2013 data); Analysis: Deloitte. 1 RevPAR (Revenue per Available Room) = Lodging revenues / (# rooms x 365). 2 ARR (Average Room Rate) = Lodging revenues / (# rooms x Occupancy rate x 365).

Average size of the establishments (number of accommodation units) Breakdown by classification

5 Star 4 Star 3 Star 2 Star 1 Star Lodging

R. A. Madeira 111 Establishments Algarve 103 Lisboa 102 % % % % % % 1 8 35 37 16 2 2 National average 74 (133) (613) (636) (271) (35) (35) R. A. Açores 59 Centro 55 Accommodation units Norte 51 Alentejo 39 15% 46% 29% 8% 1% 1% (19.888) (60.703) (37.956) (9.934) (815) (1.300)

Total: 1 The national average is the average size of the hotel establishments in terms of accommodation units. 1.723 Establishments 130.596 Accommodation units Accommodation units refers to the number of rooms and / or apartments. Accommodation units refers to the number of rooms and / or apartments.

Top 5 Hotel groups / Management entities by NUTS II Breakdown by type

(1.122) (816) (776) (655) (371) (14.222) (18.162) (553) (511) (467) (463) (429) (17.337) (19.760) 6% 5% 4% 4% 2% 79% 3% 3% 2% 2% 2% 88%

(1.221) (94.999) (201) (12.920) (144) (15.159) 71% 73% 12% 10% 8% 11% Accor Axis Hotéis HF Hotéis Hoti Hotéis/ Pestana Others Hoti Hotéis/ Grupo de Natura Ô Hotels Montebelo Others Hotels e Golfe Fénix Meliá Hotels Hotels Meliá Hotels Desenvolvimento IMB & Resorts Hotels & Resorts & Resorts/ & Resorts das Termas Hotéis & Resorts Pousadas de Portugal de Portugal

Hotel Tourist Apartment Apartment Hotel (1.835) (1.772) (1.548) (974) (901) (19.367) (26.397) (506) (285) (236) (188) (155) (4.125) (5.495) 7% 7% 6% 4% 3% 73% 9% 5% 4% 4% 3% 75%

(74) (1.383) (48) (4.385) (35) (1.300) VIP SANA Accor Continental Vila Galé Others Sonae Pestana Hotels Amorim Barata M'AR Others Hotels Hotels Hotels Hotels Hotéis Turismo & Resorts/ Turismo Hotels De AR 4% 1% 3% 4% 2% 1% Pousadas & Resorts Hotels de Portugal

Rural Hotel Tourist Village Lodging (2.119) (1.816) (1.560) (1398) (1.000) (35.108) (43.001) (2.953) (811) (747) (601) (526) (8.178) (13.816) 5% 4% 4% 3% 2% 82% 21% 6% 6% 4% 4% 59%

Vila Galé Pestana Hotels Tivoli ECS Capital Petchey Others Pestana Hotels Porto Bay Four Enotel Cardoso Others Hotéis & Resorts/ Hotels Leisure & Resorts/ Hotels Views Hotels Madeira Total: Pousadas & Resorts Pousadas & Resorts Hotels & Resorts Hotels de Portugal de Portugal 1.723 Establishments 130.596 Accommodation units Accommodation units refers to the number of rooms and / or apartments.

(810) (446) (273) (229) (195) (2.012) (3.965) New establishments expected for 2014 20% 11% 7% 6% 5% 51%

Bensaude Investaçor Grupo VIP Grupo Others Turismo Hotel Ciprotur Hotels Almeida & Resorts e Azevedo

1st Quarter Representativeness of brands and consortia

1 - - 1 - - - 2 ------1 - 1 - - - - National brand International brand Independent brand - - 1 - - - - 19% 21% 6% Subsequent quarters

1 3 1 1 2 - - 4 - 7 3 - - - 34% 7% 59% 2 - - 1 - - - 1 ------1 81% 79% 94% Total

12 4 10 6 2 0 0 Brands Member of consortia hotel network: Yes No

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