Demo Version - Italy 2014

Edition 2014 - MKG Hospitality - Paris, London, Nicosia, Berlin www.mkg-group.com 1
European Hospitality Report
HOTEL INDUSTRY IN ITALY
IN 2013
Italie

Global supply: 30,937 hotels 1,013,566 rooms 1
st
in the EU Change: -0.3%
Corporate operated chain supply: 624 hotels 79,538 rooms 5
th
in the EU Change: +1.6%
Penetration rate: 7.8%, 27
th
in the EU Change: +0.1 pts
Synthesis: Italy in 2013
An economy that has suffered but shows signs of
improvement
Very low penetration rate for chains: 7.8%
Hospitality industry in Italy boosted in 2013 by the
increase in the occupancy rate (2.2 points), backed
by international demand. Now the occupancy rate
is higher than before the crisis, but still lower than
European standards.
A decade of decline in the ADR made the global
supply competitive.
Activity results have been improving thanks to big
cities and the Upscale segment while the corporate
chain supply shows little change
Key hospitality figures
Occupancy rate 2013
Source : MKG Hospitality Database – Copyright 01/14
ADR in euros VAT incl. 2013
RevPAR in euros VAT incl. 2013
64,3%
69,2%
62,2%
66,5%64,4%
67,9%
50%
60%
70%
80%
+2.2 pt
2007 2008 2009 2010 2011 2012 2013 2007 2008 2009 2010 2011 2012 2013
Italy Europe
142,6
95,9
112,2
97,3
112.2
97,4
0
50
100
150
2007 2008 2009 2010 2011 2012 2013 2007 2008 2009 2010 2011 2012 2013
EuropeItaly
91,7
66,469,7 64,8
72,2
66,1
0
20
40
60
80
100
2007 2008 2009 2010 2011 2012 2013 2007 2008 2009 2010 2011 2012 2013
Italy Europe
Italie

Source : Commission européenne
Source: Eurostat
1. Economic and tourism trends
1.1. Italian economic activity in 2013: new decline, but with a view to improvement
Italy, the third biggest economy in the Euro zone, has been facing the
sovereign debt crisis since 2011 that continued to penalize its economy in
2013. Public debt, second in the Euro zone, rose to 132% of the GDP in
2013. This has led the country to apply austerity measures over the recent
period to rebalance its economy and bring the country out of debt. This
pulled domestic demand down and led to an economic recession.
In 2013 Italy’s GDP declined again by -1.9% after -2.4% in 2012. Over the
past 6 years GDP fell by close to 10%. Improvement in the GDP by 0.1% in
the third quarter put an end to 8 consecutive quarters of contraction.
According to the European Commission, growth is expected to resume in
2014 (+0.6%) and to continue in 2015 (+1.2%). European institutions expect
economic growth to return after many difficult years driven by austerity. Also
notable is that Italy’s current account balance became positive in 2013 for
the first time in ten years. This reflects improved external competitiveness
and reduces the likelihood of needing to make new structural adjustments
with a recessionary effect under the pressure of Brussels authorities or the
financial markets. Despite the importance of the Italian debt, the interest rate
on sovereign debt was relaxed from 7% in 2011 to 4% at the beginning of
2014. This could galvanize the credit market that decreased sharply over the
last years as a result of high tax rates and a need for Italian banks to restore
their balance sheets and thus support investments that shrank further in
2013.
The recovery of external competitiveness will drive economic growth, but in
the short term the impact of strong growth in unemployment, that grew from
10.6% to 12.2% over a year (42% on the 15-24 years of age group, two
times higher than in 2008), may continue to weigh on the consumption of
households that are waiting for a recovery. Weak domestic demand puts
strong downward pressure on the national GDP, destroying the positive
effects of the increase in exports. Due to the good performance of the export
companies in different sectors (machine tools, fashion, luxury…) the
country’s exportations should benefit from implemented competitive
measures.
Italy is characterized by important regional economic and social disparities,
particularly in the traditional North-South separation of the country. Northern
regions concentrate almost 75% of national GDP. The economic weight of
the region of Milan plus the cities of Turin and Genoa combines with that of
Venice, Bologna, Florence and Rome. These major tourist centers and their
industrial activity are well developed. Locally, export companies are often
located in the industrial districts that are very present in Northern Italy
(Lombardy, Piedmont, Emilie-Romagna, Veneto and Friuli).
The South and the islands must work with a strong underground economy
and lack of infrastructure. The GDP per capita is 40% lower in the South and
the unemployment rate is 60% higher. Agriculture, the agro-food industry
and leisure tourism are among the main drivers of the local economy,
although the economic activity of the major urban centers, especially Naples
and Bari, is naturally more diversified.
5
10
15
2007
2008
2009
2010
2011
2012
2013
Italie Zone euro (17 pays)
Unemployment rate
Italie
0
1
2
3
4
2007
2008
2009
2010
2011
2012
2013
Italie Zone euro (17 pays)
Inflation
74%
24%
2%
Sector breakdown
Services Industry Agriculture
Source: Eurostat
Source : Eurostat
Main business sectors
Machine tools, metalworking,
luxury goods, chemicals,
pharmaceuticals, textile industry
Main macroeconomic
indicators 2013
GDP: -1.9%
Inflation: 1.3%
Private consumption: -2.1%
Unemployment rate: 12.2%
Exports: +0.1%
Gross fixed capital formation: -5.5%
Trade openess rate: 30%

1.2. Tourism industry in Italy
Tourism market supported by international demand in
2013
Italy is the fifth tourist destination in the world. The tourism sector accounts
for 10.3% of the GDP in 2013. The country benefits from its tourist appeal as
highlighted by its high volume of annual international visitor arrivals (+2.2%
in 2013). Tourism is a driver of Italian economic growth that generated 73
billion of euros in 2013. The Italian National Tourism Observatory (INTO)
anticipates an increase in volume of international clientele by 2.5% in 2014.
Certain regions are should benefit local from measures to improve their
supply and their hospitality performance. For example, Milan will host the
World Exposition in 2015 where 20 million visitors are expected with 30%
from international markets.
The Italian tourism sector relies on various cultural as well as natural
advantages like the seaside, islands and the Alps. The cities of northern and
central Italy are more characterized by cultural and artistic heritage and
attract mostly foreign visitors. Rome is one of the most visited cities in the
world and benefits from the Roman ruins, the Vatican and Saint Peter’s that
attract more than five million tourists from all over the world every year.
Venice and Florence are destinations that offer various cultural riches related
to leisure tourism. The expansion of the low-cost airline connections to Italy
from many European countries made it possible to develop short stays, and
this has become a long-term trend that supports tourist activity in urban
areas.
In the South of Italy with its favorable climate and many beach resorts (with
historical and cultural heritage as well, at sites such as Pompeii) tourism is
more oriented toward the shoreline. In Northern Italy the attraction is
mountain tourism found at alpine resorts. Leisure tourism is therefore based
on quite diverse types of tourism.
There are two major types of clientele in Italy: domestic and European as
well. Compared to other countries the share of international clients is rather
important very diversified.
With 24.6% of non-resident nights, Germany is by far the first feeder market
in Italy; the country generates close to one quarter of foreign overnights, well
ahead of the USA (7.8% or 3.8% of the total overnights). American arrivals
increased by +5.7% in 2013; this growth ought to continue in 2014: +6.3% as
forecast by the INTO.
The strength of international clientele is reflected in the good performance of
Venice that, from January to August 2013, received 11.9 million tourists –
1.8% of total compared to 2012 despite a 1.9% decrease in number of Italian
visitors. This is because international tourism in the City of Doges is less
affected by the Italian domestic economy and more responsive to the non-
European growth of the tourist market.
However, in the country in general, domestic tourists remain important (52%
of overnights). In 2013 residents of Italy decreased their travel causing Italian
hotels to suffer from a decrease in number of resident nights (especially at
independent hotels in the budget and economy segments where the share of
domestic clients is very significant). This trend began in 2009 after five
consecutive years of a drop in domestic consumption related to the
contraction in national GDP and to the competitive measures that were
implemented. The destinations that tend to be visited most by Italians,
52,0%
34,4%
Overnights by nationality
Domestic 52.0%
Europe (excluding France) 34.4%
North America 4.4%
Asia 3.5%
Russia, Ukraine, Turkey 2.6%
South America 1.4%
Other countries 1.8%
43,7
46,1 46,4
30
40
50
2007 2008 2009 2010 2011 2012
International arrivals
(in million)
Italie
Main feeder markets
% of nights
spent by non-
residents
% of total
number of
nights
Germany 24.6% 11.8%
USA 7.8% 3.8%
United
Kingdom
7.3% 3.5%
France 7.0% 3.4%
Switzerland 4.8% 2.3%
Source: OMT
Source: Eurostat
Source: Eurostat

whether for leisure or professional reasons, are mainly in the northern
regions of Italy (Lombardy, Tuscany, Lazio, Emilia-Romagna).
Italy suffers from the lack of national policy measures concerning the
coordination of different actors and establishing competitive infrastructures.
In the 2000s the country registered slower growth in the number of arrivals
than its European competitors due to high prices for accommodations. After
a decade of decreases in prices, Italy now offers competitive prices on the
similar products. International tourism in Italy finds itself competing with its
neighbor region the Balkans, where tourist activity has been developing
strongly.
Italie

2. Global supply
2.1. Global hotel supply in global accommodation supply
Italy is the largest market in Europe and the third worldwide in terms of hotel
volume after the USA and China with more than 1 million rooms. This market
is rather fragmented with more than 31,000 hotels with average capacities of
33 rooms, and is strongly influenced by and independent hotel industry of
small structures. Average capacity of chain hotels is 4 times higher:
corporate chains are still less present in Italy but they are bigger properties,
especially in big cities. At the same time, after many years Italy offers a wide
agro tourism range that grew by 57% between 2003 and 2012.
For several years the global hotel supply has been stagnating: -0.5% in 2012
and -0.3% in 2013, while corporate operated chains have been developing:
+3.4% in 2012, +1.6% in 2013.
The Italian hotel market is dominated by the midscale and upscale segments
which represent about a half of the global supply, but decrease over many
years (-8,600 rooms since 2010 and -0.8% over the year 2013). The supply
has only grown in the upscale segment in 2013 with almost 6,300 additional
rooms, +1.7% compared to 2012. The supplies on the budget and economy
segments continue to follow a downtrend since 2003, with a decline by about
one third of their supply over a decade. This trend goes is opposite that in
other European countries and is related to a very low presence of corporate
chains in this segment and their lower visibility to international clients in
contrast to the upscale segment that benefits from the dynamics of
international arrivals in Italy.
For several years Italy’s supply has followed an uptrend with an upmarket
shift in its supply, new growth recorded in 2013. This growth is related to that
of independent hotel industry: over the last 5 years the independent hotel
supply has grown by 26% on the upscale and luxury segments while the
independent hotel supply has decreased by 2.4% in midscale and about
20% on the Economy segments.
According to the Istat (National institute for statistics), in 2013 the hotel
capacity (in number of beds) accounts for 43% of the supply of commercial
tourist accommodations in Italy. Only 4.1% of the supply is provided by
alternative commercial accommodations (residences). Campgrounds are
another important category in terms of capacity (28.5% of beds). Italie
1st
European hotel supply:
more than 1 million rooms
Stagnation of hotel supply,
but chain hotels and the
Upscale segment are
dynamic

2.2. Corporate chain supply: midscale segment
While the Italian market may be characterized as dominated by an
independent supply, corporate operated chains have been developing slowly
over the last 10 years.
With a penetration rate of 7.8%, one of the lowest in Europe, Italy has a
chain supply of 79,538 rooms on January 1, 2014, up 1.6% compared to the
previous year.
Italy’s hotel supply alone represents 18% of the global supply of the
European Union (28 countries) while its chain supply represents only 4.9%
of the global chain supply in Europe. This under-representation of chains
means that in the last 5 years the corporate operated chain industry (+9.1%)
grew faster than the consortia and independent supply which grew +2.3%
through upscale and luxury segments alone.
Chain supply from 2000 to 2014 (in number of rooms)
Source: MKG Hospitality Database – Copyright 01/14
Through the creation of more than 1,700 rooms in 2013, midscale brands
belonging to chains reported the strongest growth: +7% over the year
against a net loss of 5,600 rooms (-1.2%) in the independent supply on this
segment. The low penetration rate on this segment causes the weak growth
of the chain supply in Italy to be more than absorbed by the independent
hotels on this segment.
In contrast to the development of upscale and luxury segments in Italy, the
chain supply in these segments decreased as of January 1, 2014 (-500
rooms or -1%), mainly because of the restructuring of the supplies of certain
brands as Boscolo (whose supply shrank by almost 900 rooms) and Le
Méridien, which accounts for a loss of 231 rooms. Conversely, other brands
continue or speed up their development on the Peninsula. Among chains the
upscale segment was more dynamic in 2012 (net creation of 1,400 rooms),
but there is a pause in supply growth in 2013 while the growth dynamic of
international arrivals remains high.
The economy chain supply remains stable. In a context where independent
hotels are experiencing difficulties and where an economic recovery has not
yet taken place there are opportunities for consortia and chain hotel
franchises to be established, especially through the accession or conversion
of existing properties that are on established markets and have a critical size
to ensure the permanence of their commercial operations. This is particularly
true since the economy segment has the highest occupancy rate across all
segments (67.2%).
0
20 000
40 000
60 000
80 000
100 000
Italie
Low penetration rate of
corporate chains: 7.8%
Corporate chains grow
especially on midscale
segment
On the economy segment,
partial replacement and
potential for conversions

2.3. Major operators: the leaders are expanding, others are restructuring
In 2013, the ranking of the top 10 hotel groups does not change much.
The first place among hotel groups present in Italy continues to be held by
Best Western. Its supply accounts for almost 13,000 rooms due to its
structure as a federation of independent hotels. After 3.2% growth in 2012 it
grew 5.9% in 2013.
Accor stays on the heels of Best Western in 2
nd
place with a supply of 9,000
rooms and 5.4% growth due to the development of hotels under the brand
Ibis Styles (a range of the megabrand Ibis that is best suited to
reconversions of properties). Its upscale "boutique" brand MGallery accounts
for almost 240 additional rooms at 2 hotel units. The supply under the Best
Western and Accor brands has experienced strong growth since 2008, while
NH Hoteles, Atahotels and Starwood are stagnant or on a downtrend: the
two leaders have reinforced their supplies in the recent period.
For the past year Accor has been ahead of the group NH Hoteles that
experienced financial difficulties leading to a -3.3% drop in its room supply in
Italy as of January 1, 2014. The Spanish brand NH Hoteles and the Italian
group UNA Hotels (-0.8%) are the only groups among the top 10 that saw a
decrease in their room supply over the year.
The ATA Hotels supply of about 4,500 rooms grew 10% (after a 15% drop
the previous year). The group rose to fourth place ahead of Starwood that
had low growth by 0.4%, with the increase in its supply under the brand
Luxury Collection more than compensating for Le Méridien’s withdrawal from
the Italian market.
IHG developed its supply under the brand Holiday Inn (+10%) and
established its brand on the Italian market through a conversion with Indigo.
Hilton expanded its supply by almost 5% through the brand Garden Inn while
Marriott grew through its brand Autograph Collection with the creation of two
new hotel units representing 386 additional rooms. The American group’s
supply grew by 11.6% over the year.
Beneath the Top 10 it is worth noting that there was a significant drop in
certain local brands, especially Idea Hotels (-8.1%) and Boscolo (-45% in
2013, or 1,134 fewer rooms in Italy as of January 1, 2014). Several Boscolo
hotels went to the brand Marriott Luxury Collection over the last several
years providing growth of that brand and the Marriott group overall.
Italie
Best Western and Accor
expand
Double-digit growth of
Marriott and ATA Hotels
NH, Boscolo, Idea Hotels,
Una Hotels: the brands of
South East Europe are in
decline

3. Hospitality performance indicators in 2013
3.1. The year 2013 over the recent period
Italian hotels experienced a strong decline in RevPAR between 2007 and
2012: nearly -24% through a sharp decline in 2008-2009, followed by a slight
recovery in 2010 that was reversed in 2010 and 2012. Nevertheless, growth
was resumed in 2013 suggesting the possibility of a positive change for the
future of the Italian hospitality industry. The RevPAR grew by 3.6% to reach
72.2€ VAT incl. While the RevPAR is 9% higher than the European average
it should be observed that the corporate chain supply in Italy is centered on
the midscale and upscale segments. On like segments the RevPAR and the
ADR are now lower than European standards, reflecting the country’s
current enhanced competitiveness, whereas it was much more expensive
than other European countries at the beginning of the 2000s.
A positive change of the RevPAR in 2013 is driven by the occupancy rate
(+2.2 points) which is mostly due to international demand while the ADR
remains the same. A strong rebound in occupancy recorded in 2013 allowed
Italy to reach 64.4%, a level unheard of since 2007 and 4.7 points higher
than it was in 2010. Growth in occupancy is observed across all segments,
but first on the most upscale that rely on international clientele that was more
dynamic in 2013. Italy is slowly catching up in terms of occupancy compared
to the rest of Europe (67.9% on average in 2013).
The stabilization of the ADR and the end of a shrinking trend since the
beginning of the economic crisis in 2007 are noteworthy. The Italian market’s
weak occupancy rate is lower than the European average (67.9%) and
pulled down the ADR that had been on a strong decline over the last
decade. Stabilization of the ADR in 2013 and especially the rebound of the
occupancy rate could brighten the future for Italy’s hospitality industry, as
hotels will gradually be able to improve their margins.
Although Italy shows a 3.6% increase in its RevPAR in 2013, the result
differs among categories. With +3.9% growth, the upscale segment remains
Italy’s growth engine. Although it grew less, the economy segment maintains
a high occupancy rate of 67.2% in 2013. Conversely, the midscale segment
registers a lower occupancy rate of 62.3% despite 2.3 points growth over the
year. The RevPAR spread between these two segments is shrinking. The
difference was more than 17€ in 2007, while in 2013 it is 7.4€. This
phenomenon may be explained by the ADR that dropped more significantly
in the midscale segment due to a decrease in occupancy; average prices
have not yet recovered (-1.2% in 2013 on the midscale segment).
After a significant drop in the RevPAR in 2012, hotels located along the
coast took off again in 2013 with 2% growth to reach 92.4€ VAT incl. driven
mostly by occupancy (+1.6 points) that compensated for the ADR (-0.7%).
The RevPAR of hotels near airports continued to progress (+5.4%), driven
exclusively by their occupancy (+3.8 points) to achieve an occupancy rate
higher than the national average (69.3%). In 2013 the RevPAR of hotels in
city-centers grew by 3.5% thanks to an increase in the occupancy rate
(66.4%, or +2 points); the ADR stabilized (+0.3%)
Italie
A small variation in RevPAR
between Economy
and Midscale segments
Occupancy rate 64.4% up
by 2.2 points and higher
than pre-crisis levels
End of a downtrend for the
ADR
+3.8 points of the occupancy
rate in airport hotels

3.2. Growth in GDP and RevPAR
Monthly change (%) in occupancy rate, ADR and RevPAR in Italy since
2011
Whereas growth accelerated in 2011, it plunged again in 2012 with a
decrease of GDP. This drop in activity, caused by a simultaneous decrease
in the occupancy rate and ADR, was observed from October 2011 until
October 2012. Activity recovered from November 2012 through the
occupancy rate, but this was insufficient to compensate for a decrease in the
ADR that continued until 2013. From Mars/April the ADR stabilized and the
hotel sector benefited from a rebound of the RevPAR in the summer and
second semester.
The Italian hotel industry entered the year 2014 with a very positive monthly
trend despite the fragile situation of the Italian economy especially
considering domestic consumption penalized by unemployment and weak
investments (decline in Gross fixed capital formation by 5.5% in 2013). The
Italian bank Unicredit announced their aim to support the hotel industry
development and investments whether by national groups or international
groups for the purpose of their development and repositioning.
Change in RevPAR and GDP since 2000
Due to the high price positioning (and significant contribution of American
and Japanese clients at the beginning of the decade that fell sharply after
911 and the SARS crisis) which led to a drastic shift during the years of
crisis, the Italian RevPAR decreased since the year 2000. While the
RevPAR had rebounded during the cycle of expansion, the hotel market has
preceded the economic recovery, which is expected in 2014 following 3.6%
growth in 2013.
-10%
-5%
0%
5%
10%
15%
20%
Occupancy rate ADR RevPAR
-6%
-4%
-2%
0%
2%
4%
6%
-18%
-12%
-6%
0%
6%
12%
18%
200020012002200320042005200620072008200920102011201220132014
RevPAR GDP
Italie
Hotel activity recovers from
mid-2013

4. Major markets
RevPAR growth in major Italian cities
In general, major Italian cities improved their performance in 2013. Florence
shows the highest growth (11.3%) in its RevPAR, followed by Venice that
posted 9.1% growth, which is higher than the national average. Naples is the
only city that registered a decline in RevPAR in 2013 (-3.2%) after a great
increase in 2012 (+9.4%) when other cities and Italy in general faced
difficulties.
RevPAR growth between 2012 and 2013
Rome
Administrative capital of Italy, Rome is above all a major cultural destination
thanks to its wealth of monuments, museums and archeological sites.
Although the city is situated outside the economic center of the country (the
North) it still plays a very important economic role and remains a decision-
making center. There are two airports in the city Roma Fiumicino (the 1
st
national airport, 25% of passenger flows, -2.2% in 2013) and Roma
Ciampino (9
th
national airport, 3.3% of passenger flows, +5.7% in 2013).
Rome and its surrounding area has a supply of about 15,000 chain rooms on
January 1, 2014, up significantly by 9% over the previous year. Overall, the
Italian capital hosts one-fifth of the chain supply in the country. Best Western
is the first brand on Rome’s market with about 2,000 rooms.
Alongside this growth, Rome registered a substantial increase in number of
arrivals in 2013, up by more than 5% over the year according to the regional
statistics agency (Ente Bilaterale Territoriale della Regione Lazio). As in
London or Paris the BRIC countries are the major feeder markets for the
Italian capital with growth in arrivals of Russians (+16.7%), Chinese
(+17.3%), Indians (+25.1%), and Latin Americans (+18.7%), especially
Brazilians.
Rome plans to work in partnership with Milan which will host the World Expo
in 2015 to give another boost to the city’s good performance. Other events
could have a beneficial effect on hotel indicators such as the organization of
the Cardiology congress. In addition, religious tourism is always popular and
the current Pope’s good image enhances Rome’s appeal.
0,2%
4,2%
5,5%
11,3%
-3,2%
9,1%
-8% -3% 2% 7% 12%
Rome
Milan
Turin
Florence
Naples
Venise
Italie
Rome: a rise in chain
supply, stabilization of the
performance indicators

Some of the ongoing work to extend metro lines and create two new ones (C
and D) will be completed in 2014: the extension of Conca d’Ono-Jonio (line
B), and the new line C between Monte Compatri-Pantano and Lodi (17 km).
The enhanced attractiveness of hotels that will be served by those lines will
support their performance growth in the coming years.
In terms of performance, the RevPAR has grown by 0.2% in 2013; the
occupancy rate and the ADR are almost unchanged, but the supply
increased significantly. Despite stability in 2013, performance indicators are
higher than the national average, although lower than in Milan and Venice in
some segments such as the upscale segment.
Milan
Milan, the economic capital of the country, has many activity poles and is
also an important destination for business tourism. The fashion and design
industries, and also the automotive industry, chemical industry, pharmacy,
banking and insurance, media and industrial machinery, are important
activity sectors. The city has cultural and tourist interests as well, especially
through fashion, but it is dominated by business symbolized by the "Piazza
degli Affari" where the Italian Stock exchange is situated. The MICE
segment plays an important role too particularly through the presence of
Fieramilano.
Milan is a city that is open to the rest of the world due to the presence of 3
airports: Malpensa 52 km outside the city for international flights, Linate
airport 12 km away for national and European flights and a low-cost airport
located Bergamo 50 km away. These three airports are among the top 5
Italian airports in number of passengers after Rome’s airport. The airports
registered 35 million passengers in all in 2013 down 6 points from 2012. The
city has also the railway stations, the main station being Stazione Centrale
which was recently renovated and accommodates the high-speed lines. The
station handles 120 million passengers per year.
The capital of Lombardy, 1
st
economic region in Italy, will host the World
Exposition in 2015: this should attract an important volume of international
arrivals. The mix of tourists' nationalities is already quite diverse with 7% of
arrivals from Russia (with strong growth), 7% from France, followed by
Americans, Germans and Chinese who present 6% of the arrivals to Milan.
Special feature of Milan – 9 out of 10 clients come for business unlike other
big Italian cities such as Rome and Venice where tourists travel for leisure.
The World Expo will bring various hotel projects, especially in on the luxury
and palace segment, with different projects that were launched recently
(Palazzo Parigi, Hotel Pierre) and others that are in the pipeline (hotels
Excelsior, W and Mandarin Oriental). A village will be created (Villagio Expo)
for the World Expo in the area of Cascina Merlata not far from Fieramilano.
Different important buildings will be delivered in 2015 in the area of Porta
Nuova, where Unicredit has built its headquarters. Other major urban
projects including hotels will open for the World Expo in Milan.
After several years of decline, the chain hotel supply stabilized in 2013 and
grew by almost 16,000 rooms in the area of Milan. Ata Hotels is the first
brand with 2,800 rooms in the area, representing almost half of the global
supply of the group in the country. Italian group Idea Hotels has a very
strong presence in Milan as well (39% of its supply in Italy).
Italie
Milan: RevPAR in increase
of 4.2% in 2013
Important local players

Milan registered good results in 2013 with a 4.2% increase in the RevPAR of
the hotel groups due to a 0.7% increase in rise of prices and an occupancy
rate up by 2.3 points. The performance of chain hotels is higher than the
national average. The upscale segment made an important contribution and
saw growth in its performance (+4.2% for the RevPAR in 2013). The
RevPAR of chain hotels on the economy segment is higher compared to the
RevPAR on the midscale segment (50.1€) thanks to a high occupancy rate.
The chain supply on the economy segment represents less than 1,000
rooms in all of Milan.
Venice
Famous for Saint Mark's Square, its canals, its lagoon and carnival week,
the city of the Doges benefits from very strong tourist dynamics and its
reputation as a "romantic" destination for international visitors.
Due to a land shortage and the heritage character of the city, growth in the
supply is obviously limited and usually results from conversions of
independent hotels or other accommodations. Moreover, due to the low
number of residents in Venice’s historic neighborhoods local authorities
would like to restrict the conversions of accommodations. Within these
limitations, the major projects for infrastructures with an economic vocation
(excluding tourism) are mostly situated in the area of Mestre and Marco Polo
airport; in the lagoon the primary urban development project is for
Tronchetto. Due to very good performances recorded in upscale and luxury
segment, many hotel projects are under consideration on these segments in
Venice, but the specific architectural constraints of the city make any hotel
project complex.
The airport of Venice (5
th
at the national level) records more than 8 million
passengers in 2013 (+2.2%). 80% of passengers come from abroad.
Best Western is the leading brand (with nearly 800 rooms), because of the
structure of the supply in Venice’s urban area that continues to be dominated
by independent hotels. Venice nonetheless has more than 4,200 chain-
operated rooms out of a total of 15,000 rooms including both chains and the
independent supply (Mestre and Lido included).
2013 is the year of recovery in economic activity while GDP continues to
decrease, Venice shows strong progress with growth of its RevPAR (+9.1%)
driven mainly by a strong increase in prices (+6.8%) as well as a slight
increase in arrivals (+1.5%). Results are, as usual, higher than the national
average. RevPAR growth is supported by Biennale in odd years, but the
9.1% increase in 2013 follows a 2% decline in 2012, the trend change may
thus be considered positive over the last two years.
Florence
Jewel of the Italian Renaissance, the city of Florence is a favorite among the
tourists. Its economy largely depends on tourism and consists of various
cultural activities and events, the city benefits from strong international
demand. Tuscany, the region where Florence is located, is one of the most
touristed regions, it has very rich cultural, wine-making, urban and coastal
heritage.
Italie
In chain hotel industry the
RevPAR is higher in
Economy than on the
Midscale segment, and solid
on the Upscale segment
Venice climbs higher and
higher

Tourism in Florence produced more than 3 billion euros in 2013, +8%
compared to 2008. The first half of 2013 showed an increase in number of
international arrivals by 2.2% thanks to the increase in number of tourists
from BRIC countries, especially from Russia and China, even if French,
British and German clientele remain dominant in the city. Florence’s airport
registered about 2 million passengers in 2013, a 7.1% increase in passenger
arrivals. More than 80% of passengers are from abroad.
With 3,709 chain rooms on January 1
st
2014 (-0.4% compared to 2013),
Florence is fragmented market: there are various brands but their number of
properties is very small. No international brand has more than 500 rooms in
its supply.
After a strong increase in RevPAR over the last two years, and especially in
2011 with an 11.2% increase, hotels in Florence experienced a 3.8% decline
in 2013. The activity rises in 2013 with strong growth in the RevPAR by
11.3% driven by the occupancy rate (+4.8%) but also the ADR (+3.9). This
growth is seen in all segments: economy segment (+5.9%), midscale
segment (+8.1%) and upscale segment (+12.3%). Demand is driven by
international arrivals as it is on a national level, and upscale hotels benefit
thanks to their good locations.
Turin
An important industrial and economic center of Italy, Turin relies on export,
especially the automotive industry, machinery, mechanical equipment and
electric products. Hotel activity strongly depends on economic activity,
leisure tourism is less important in Turin compared to other major Italian
agglomerations despite the presence of industrial sites and its proximity to
the Alps.
However, Turin will be European capital of Sport in 2015 which is supposed
to enhance tourist arrivals. On the long term, a project for high-speed train
rails is expected between Lyon and Turin that should improve activity in the
city. At present, the railway station of Turin Porta Nuova is the third biggest
Italian station with 70 million of passengers each year. Porta Susa station
will be renovated in the future in light of the high-speed rails to France (Turin
is already integrated in the high-speed railway network of Italy).
The chain hotel supply decreased slightly in 2013 (-2.6%), falling to 3,000
rooms. Despite a reorganization of NH Hotels over the last few years, this
chain remains a leader on Turin’s hotel market.
Among Italian agglomerations, Turin is one of the most sensitive to changes
in the economic situation. After strong decreases in recent years, the city’s
economy registers a rebound in its performance in 2013. The RevPAR
shows growth by 5.5% supported by the occupancy rate (+3.8%) while the
ADR continues to decrease (-0.9% compared to the previous year).
Naples
Located on the west coast of Italy and one hour from Rome by train since
2007, the economy of the city of Naples is based on tourism and port
activities, but also on agriculture, trade, industry and handcrafts. The gap in
economic activity and unemployment with big Northern cities is historically
very big, however, it has shrunk significantly over the last years.
Italie
Florence: +11.3% in 2013, a
demand maintained by
international arrivals
Turin, the capital of the
automotive industry
rises up

The tourist appeal of Naples is based on its historical and cultural heritage
and on its proximity to various archeological and volcanic sites as well, its
beaches and its favorable climate. Development of Mediterranean cruises
also plays a big role in the city’s seasonal tourist appeal: over a 10 year
period the number of cruise passengers has increased by more than 30%.
Naples is the seventh port in the country with more than 1.09 million
passengers in 2013, but this figure is down compared to the previous year
(1.22 million of passengers).
Naples’ airport (8
th
national airport) handled 5,400,000 passengers in 2013
but this figure is down compared to 2012 (-6.2%). In addition, the city
developed its airlines to Russia (Moscow and Saint-Petersburg) which
enhanced passenger traffic to and from this new market-source. The seaside
area (Amalfi Coast) attracts mostly Russian, German, British and tourists
from the Eastern countries.
However, Naples’ chain hotel supply remains small with 1,875 rooms.
Contrary to the Italian trend overall and in keeping with the drop in number of
international arrivals by airlines and by sea, Naples shows a decrease in its
performance: -3.2% for the RevPAR in 2013 after being the only major
destination that posted growth in 2012 (+9.4%).
Italie
Naples, against national
trends

STATISTICAL BOOK
ITALY
Italie

Statistical book
1. Global supply
Global supply as of 01/01/2014
Hotels 2013 Rooms 2013 Hotels 2014 Rooms 2014
Change in no.
of rooms
Change in %
of no. of
rooms
Budget 3,612 45,777 3,438 43,455 -2,322 -5.1%
Economy 6,654 113,102 6,509 110,327 -2,775 -2.5%
Midscale 15,289 484,318 15,243 480,438 -3,880 -0.8%
Upscale / Luxury 5,607 373,050 5,747 379,346 6,296 1.7%
Total 31,162 1,016,247 30,937 1,013,566 -2,681 -0.3%
Corporate chain supply as of 01/01/2014
Change in no.
of rooms
Change in %
of no. of
rooms
Economy 33 3,855 34 3,890 35 0.9%
Midscale 264 24,656 280 26,383 1 727 7.0%
Upscale / Luxury 314 49,767 310 49,265 -502 -1.0%
Total 611 78,278 624 79,538 1,260 1.6%
2014/2013 change in chain hotel and independent supply
Change in chain rooms
Change in independent
rooms
Change in
global supply
Budget 0 -2,322 -2,322
Economy 35 -2,810 -2,775
Midscale 1,727 -5,607 -3,880
Upscale / Luxury -502 6,798 6,296
Total 1,260 -3,941 -2,681
Supply breakdown by category (rooms)
Change in chain rooms
Change in independent
rooms
Change in
global supply
Budget 0.0% 4.7% 4.3%
Economy 4.9% 11.4% 10.9%
Midscale 33.2% 48.6% 47.4%
Upscale / Luxury 61.9% 35.3% 37.4%
Total 100.0% 100.0% 100.0%
Italie

Penetration rate of corporate operated chains
Change in
no. of rooms
Change in %
of no. of
rooms
Budget 0.0% 0.0% 0.0% 0.0% - -
Economy 0.5% 3.4% 0.5% 3.5% 0.0 0.1
Midscale 1.7% 5.1% 1.8% 5.5% 0.1 0.4
Upscale / Luxury 5.6% 13.3% 5.4% 13.0% -0.2 -0.4
Total 2.0% 7.7% 2.0% 7.8% 0.0 0.1
Average hotel size in 2014
Global supply Corporate chain supply
Corporate chain and
consortia supply
Budget 13 - 13
Economy 17 114 16
Midscale 32 94 30
Upscale / Luxury 66 159 61
Total 33 127 31
Italie

Top 10 groups and their brands
Hotels 2013
Rooms
2013
Hotels 2014
Rooms
2014
Change in
no. of
rooms
Change in
% of no. of
rooms
1- BEST WESTERN 174 12,917 183 13,680 763 5.9%
2- ACCOR 64 8,591 69 9,046 455 5.3%
MERCURE 24 2,603 25 2,667 64 2.5%
NOVOTEL 13 2,289 13 2,200 -89 -3.9%
IBIS 10 1,738 10 1,738 - -
MGALLERY 10 1,087 12 1,325 238 21.9%
IBIS STYLES 5 495 7 737 242 48.9%
PULLMAN 1 275 1 275 - -
SOFITEL 1 104 1 104 - -
3- NH HOTELES 52 8,239 49 7,968 -271 -3.3%
4- ATA HOTELS 20 5,472 20 6,021 549 10.0%
5- STARWOOD 25 5,740 25 5,762 22 0.4%
SHERATON 11 3,464 11 3,464 - -
WESTIN 4 899 4 899 - -
LUXURY COLLECTION 6 703 8 956 253 36.0%
FOUR POINTS 2 443 2 443 - -
LE MERIDIEN 2 231 - - -231 -100.0%
6- IHG 33 5,124 35 5,433 309 6.0%
HOLIDAY INN 16 2,474 17 2,722 248 10.0%
CROWNE PLAZA 8 1,616 8 1,626 10 0.6%
HOLIDAY INN EXPRESS 8 842 8 829 -13 -1.5%
INTERCONTINENTAL 1 192 1 192 - -
HOTEL INDIGO - - 1 64 64 -
7- HILTON 18 4,043 19 4,242 199 4.9%
HILTON INTERNATIONAL 7 2,219 7 2,211 -8 -0.4%
HILTON GARDEN INN 7 993 8 1,200 207 20.8%
DOUBLETREE 3 461 3 461 - -
THE WALDORF ASTORIA
COLLECTION
1 370 1 370 - -
8- MARRIOTT INTERNATIONAL 21 3,297 23 3,679 382 11.6%
MARRIOTT 3 1,078 3 1,078 - -
COURTYARD 3 449 3 449 - -
RENAISSANCE HOTELS 2 406 2 402 -4 -1.0%
BULGARI HOTELS 1 58 1 58 - -
AUTOGRAPH COLLECTION 2 159 4 545 386 242.8%
AC HOTELS MARRIOTT 10 1,147 10 1,147 - -
9- STARHOTEL 20 3,401 20 3,411 10 0.3%
10- UNA HOTELS 29 2,825 29 2,802 -23 -0.8%
Italie

Top 30 major brands
2013 2014
Hotels
2013
Rooms
2013
Hotels
2014
Rooms
2014
Change in
no. of
rooms
Change in
% of no. of
rooms
1 1 BEST WESTERN 174 12,917 183 13,680 763 5.9%
2 2 NH HOTELES 52 8,239 49 7,968 -271 -3.3%
3 3 ATAHOTELS 20 5,472 20 6,021 549 10.0%
4 4 SHERATON 11 3,464 11 3,464 - -
5 5 STARHOTEL 20 3,401 20 3,411 10 0.3%
6 6 UNA HOTELS & RESORT 29 2,825 29 2,802 -23 -0.8%
9 7 HOLIDAY INN 29 2,474 29 2,722 248 10.0%
7 8 MERCURE 24 2,603 25 2,667 64 2.5%
8 9 IDEA HOTEL 21 2,499 20 2,297 -202 -8.1%
11 10 HILTON INTERNATIONAL 16 2,219 17 2,211 -8 -0.4%
10 11 NOVOTEL 13 2,289 13 2,200 -89 -3.9%
13 12 IBIS 10 1,738 10 1,738 - -
14 13 CROWNE PLAZA 8 1,616 8 1,626 10 0.6%
19 14 BARCELO HOTELES 4 1,062 6 1,608 546 51.4%
17 15 MGALLERY 10 1,087 12 1,325 238 21.9%
20 16 B&B 11 1,046 14 1,251 205 19.6%
15 17
QUALITY INN / QUALITY
HOTEL
12 1,326 11 1,250 -76 -5.7%
22 18 HILTON GARDEN INN 7 993 8 1,200 207 20.8%
- 19 AC HOTELS MARRIOTT 10 1,147 10 1,147 - -
12 20 BOSCOLO 14 2,066 9 1,134 -932 -45.1%
21 21 DOMINA HOTELS 10 1,032 11 1,123 91 8.8%
18 22 MARRIOTT 3 1,078 3 1,078 - -
28 23 LUXURY COLLECTION 6 703 8 956 253 36.0%
24 24 WESTIN 4 899 4 899 - -
25 25 HOLIDAY INN EXPRESS 8 842 8 829 -13 -1.5%
26 26 MELIA 4 773 5 792 19 2.5%
27 27 TURIN HOTEL 5 745 5 746 1 0.1%
32 28 IBIS STYLES 5 495 7 737 242 48.9%
23 29 GOLDEN TULIP/TULIP INN 9 911 7 687 -224 -24.6%
- 30 RADISSON BLU 3 689 3 579 -110 -16.0%
Supply of 5 major groups since 2008
13,680
9,046
7,968
6,021 5,762
0
2000
4000
6000
8000
10000
12000
14000
16000
BEST WESTERN ACCOR NH HOTELES ATAHOTELS STARWOOD
2008 2009 2010 2011 2012 2013 2014
Italie

2. Performances
Performance indicators in 2013 (ADR and RevPAR in € VAT incl.)
OR
Change in OR
ADR
Change in
RevPAR
Change in
RevPAR (%)(Pts) ADR (%)
Economy 67.2% 0.7 60.1 0.5% 40.4 1.6%
Midscale 62.3% 2.3 76.7 -1.2% 47.8 2.6%
Upscale / Luxury 65.2% 2.3 133.2 0.2% 86.8 3.9%
Total 64.4% 2.2 112.2 0.0% 72.2 3.6%
Occupancy rate, ADR and RevPAR by type of site
OR 2013 Change 13/12 ADR 2013 Change 13/12 RevPAR 2013 Change 13/12
City-center 66.4% 2.0 125.6 0.3% 83.4 3.5%
Airport 69.3% 3.8 96.0 -0.4% 66.5 5.4%
Seaside 62.4% 1.6 148.2 -0.7% 92.4 2.0%
Occupancy rate, ADR and RevPAR according the hotel size on the Economy segments
More than 100 rooms 67.7% -0.9 60.8 0.5% 41.2 1.6%
Occupancy rate, ADR and RevPAR according the hotel size on the Midscale and Upscale
segments
Less than 100 rooms 65.0% 2.5 116.8 -0.6% 75.9 3.4%
From 100 to 249 rooms 64.5% 2.5 116.6 0.2% 75.2 4.2%
More than 249 rooms 65.1% 1.3 141.4 -0.3% 92.1 1.8%
Italie

Seasonality 2012 & 2013 and occupancy rate trend by category since 2007
Seasonality 2012 & 2013 and ADR trend by category since 2007
Seasonality 2012 & 2013 and RevPAR trend by category since 2007
40
50
60
70
80
%
2012 2013
65,0%
61,1%
65,8%
64,3%
66,5%
60,0%
62,9% 62,2%
50%
60%
70%
80%
Economy Midscale Upscale /
Luxury
TOTAL
%
70
80
90
100
110
120
130
140
€ VAT Inc.
2012 2013
70,8
104,0
165,7
142,6
59,8
77,6
132,9
112,2
0
20
40
60
80
100
120
140
160
180
Luxury
TOTAL
€ VAT Inc.
30
40
50
60
70
80
90
100
€ VAT Inc.
2012 2013
46,1
63,5
109,0
91,7
39,81 46,59
83,59
69,7
0
20
40
60
80
100
120
Luxury
TOTAL
€ VAT Inc.
Italie

3. Statistics by agglomeration
Rome
The following cities are included in the analysis perimeter 2013-2014: ROME, FIUMICINO.
FIANO ROMANO
Corporate operated chain supply
Hotels Rooms Hotels Rooms Change in
no. of rooms
Change in %
of no. of
rooms2013 2013 2014 2014
Corporate chain supply 80 14,159 89 15,434 1 275 9.0%
Occupancy rate, ADR and RevPAR (ADR and RevPAR in € VAT incl.)
Category
OR Change in OR ADR Change in RevPAR Change in
RevPAR (%)
2013 (Pts) 2013 ADR (%) 2013
Economy 69.9% 1.0 63.1 -3.6% 44.1 -2.2%
Midscale 63.3% -0.1 85.2 -1.2% 54.0 -1.4%
Upscale 65.0% -0.1 147.2 -1.1% 95.7 -1.2%
All categories 65.0% 0.2 135.2 -0.1% 87.9 0.2%
Top brands by number of rooms in Budget and Economy segments
Brand Groups Hotels Rooms
Brand market
share on its local
segment
Share of the
destination in the
brands’ supply in
the country
HOLIDAY INN EXPRESS IHG 2 206 29.9% 24.8%
IBIS STYLES ACCOR 1 191 27.8% 25.9%
IBIS ACCOR 1 140 20.3% 8.1%
B&B B&B HOTELS 1 81 11.8% 6.5%
COMFORT CHOICE 2 70 10.2% 43.2%
TOTAL 7 688 100%
Top brands by number of rooms on the Midscale segment
Brand market
share on its local
segment
Share of the
destination in
the brands’
supply in the
country
BEST WESTERN BEST WESTERN 21 1,933 30.3% 14.1%
NH HOTELES NH HOTELES 5 1,151 18.1% 14.4%
HOLIDAY INN IHG 2 783 12.3% 28.8%
MERCURE ACCOR 3 600 9.4% 22.5%
HOTEL
CHOICE 2 403 6.3% 32.2%
HILTON GARDEN INN HILTON WORLDWIDE 2 375 5.9% 31.3%
COURTYARD
MARRIOTT
INTERNATIONAL
1 349 5.5% 77.7%
IDEA HOTEL IDEA HOTEL 2 346 5.4% 15.1%
NOVOTEL ACCOR 2 265 4.2% 12.0%
GOLDEN TULIP/TULIP INN LOUVRE HOTELS 1 104 1.6% 15.1%
HOTEL INDIGO IHG 1 64 1.0% 100.0%
TOTAL 42 6,373 100%
Italie

Top brands by number of rooms on the Upscale segment
Brand market
share on its local
segment
Share of the
destination in
the brands’
supply in the
country
SHERATON
STARWOOD HOTELS &
RESORTS
2 1,476 17.6% 71.1%
MARRIOTT
MARRIOTT
INTERNATIONAL
3 757 9.0% 70.2%
BARCELO HOTELES BARCELO 4 716 8.6% 44.5%
HILTON INTERNATIONAL HILTON WORLDWIDE 1 517 6.2% 23.4%
BOSCOLO BOSCOLO 2 430 5.1% 37.9%
EUROSTARS HOTUSA 3 420 5.0% 76.5%
STARHOTEL STARHOTEL 3 415 5.0% 12.2%
MELIA
MELIA HOTELS
INTERNATIONAL
3 386 4.6% 48.7%
THE WALDORF ASTORIA
COLLECTION
HILTON WORLDWIDE 2 370 4.4% 100.0%
AUTOGRAPH COLLECTION
MARRIOTT
INTERNATIONAL
2 325 3.9% 59.6%
WESTIN HOTELS
STARWOOD HOTELS &
RESORTS
1 316 3.8% 35.2%
CROWNE PLAZA IHG 1 308 3.7% 18.9%
ATAHOTELS ATAHOTELS 1 247 2.9% 4.1%
RADISSON BLU
CARLSON REZIDOR
HOTEL GROUP
1 232 2.8% 40.1%
UNA HOTELS & RESORT UNA HOTELS 1 197 2.4% 7.0%
INTERCONTINENTAL IHG 1 192 2.3% 100.0%
H10 H10 1 181 2.2% 100.0%
LUXURY COLLECTION
STARWOOD HOTELS &
RESORTS
1 161 1.9% 16.8%
BAGLIONI HOTELS BAGLIONI HOTELS 1 130 1.6% 36.4%
MGALLERY ACCOR 1 123 1.5% 9.3%
ROCCO FORTE ROCCO FORTE HOTELS 1 122 1.5% 28.6%
JUMEIRAH JUMEIRAH HOTELS 1 116 1.4% 100.0%
SOFITEL ACCOR 1 104 1.2% 100.0%
WARWICK
WARWICK
INTERNATIONAL
1 89 1.1% 24.8%
CLARION CHOICE 1 43 0.5% 12.0%
TOTAL 40 8,373 100%
Italie

Milan
The following cities are included in the analysis perimeter 2013-2014: MILAN, PERO,
LEGNANO, PESCHIERA BORROMEO, ASSAGO, OPERA, PIEVE EMANUELE, SEGRATE,
TREZZANO SUL NAVIGLIO, CORSICO, SAN DONATO MILANESE, SESTO SAN GIOVANNI,
CARDANO AL CAMPO, SOMMA LOMBARDO
no. of rooms
Change in %
of no. of
rooms2013 2013 2014 2014
Corporate chain supply 93 15,358 94 15,722 364 2.4%
Category OR
Change
in OR
ADR
Change
in ADR
(%)
RevPAR
Change in
RevPAR (%)
2013 (Pts) 2013 2013
Midscale 57.9% 1.3 87.9 -1.7% 50.9 0.4%
Upscale 69.5% 2.8 146.3 0.6% 101.7 4.7%
All categories 68.9% 2.3 132.1 0.7% 91.0 4.2%
Top brands by number of rooms on the Economy segment
Brand market
share on its local
segment
Share of the
destination in the
brands’ supply in
the country
IBIS ACCOR 3 757 86.2% 43.6%
HOLIDAY INN
EXPRESS
IHG 1 121 13.8% 14.6%
TOTAL 4 878 100%
Brand market
share on its local
segment
Share of the
destination in the
brands’ supply in
the country
NH HOTELES NH HOTELES 10 1,748 29.6% 21.9%
BEST WESTERN BEST WESTERN 17 1,741 29.5% 12.7%
HOLIDAY INN IHG 3 474 8.0% 17.4%
HILTON GARDEN INN
HILTON
WORLDWIDE
1 207 3.5% 17.3%
RAMADA HOTEL
WYNDHAM HOTEL
GROUP
1 166 2.8% 38.1%
TOTAL 44 5,911 100%
Italie

Brand market
share on its local
segment
Share of the
destination in the
brands’ supply in
the country
ATAHOTELS ATAHOTELS 11 2,824 31.6% 46.9%
STARHOTEL STARHOTEL 6 1,163 13.0% 34.1%
CROWNE PLAZA IHG 3 678 7.6% 41.7%
UNA HOTELS &
RESORT
UNA HOTELS 6 631 7.1% 22.5%
MARRIOTT
MARRIOTT
INTERNATIONAL
1 321 3.6% 29.8%
HILTON
INTERNATIONAL
HILTON
WORLDWIDE
1 319 3.6% 14.4%
MELIA
MELIA HOTELS
INTERNATIONAL
1 288 3.2% 36.4%
BARCELO HOTELES BARCELO 1 280 3.1% 17.4%
FOUR POINTS
STARWOOD
HOTELS &
RESORTS
1 254 2.8% 57.3%
RADISSON BLU
CARLSON REZIDOR
HOTEL GROUP
1 250 2.8% 43.2%
DOUBLETREE
HILTON
WORLDWIDE
1 240 2.7% 52.1%
WESTIN HOTELS
STARWOOD
HOTELS &
RESORTS
1 227 2.5% 25.3%
AC HOTELS
MARRIOTT
MARRIOTT
INTERNATIONAL
1 158 1.8% 13.8%
AUTOGRAPH
COLLECTION
MARRIOTT
INTERNATIONAL
1 154 1.7% 28.3%
WARWICK
WARWICK
INTERNATIONAL
1 131 1.5% 36.5%
FOUR SEASONS
FOUR SEASONS
HOTELS AND
RESORTS
1 118 1.3% 50.2%
PARK HYATT
HYATT HOTELS &
RESORTS
1 112 1.3% 100.0%
SHERATON
STARWOOD
HOTELS &
RESORTS
1 106 1.2% 5.1%
BULGARI HOTELS
MARRIOTT
INTERNATIONAL
1 58 0.6% 100.0%
TOTAL 46 8,933 100%
Italie

Venice
The following cities are included in the analysis perimeter 2013-2014: VENICE, MESTRE
no. of rooms
Change in %
of no. of
rooms2013 2013 2014 2014
Corporate chain supply 36 4,085 36 4 223 138 3.4%
Category OR
Change
in OR
ADR Change in RevPAR
Change in
RevPAR (%)
2013 (Pts) 2013 ADR (%) 2013
Midscale 76.1% 3.1 75.4 5.9% 57.4 10.5%
Upscale 69.7% 0.7 236.7 7.7% 164.9 8.9%
All categories 71.8% 1.5 180.7 6.8% 129.7 9.1%
Top brands by number of rooms on the Economy segment
Brand market
share on its local
segment
Share of the
destination in the
brands’ supply in
the country
APOGIA APOGIA 1 122 81.3% 100.0%
COMFORT CHOICE 1 28 18.7% 17.3%
TOTAL 2 150 100%
Brand market
share on its local
segment
Share of the
destination in the
brands’ supply in
the country
BEST WESTERN BEST WESTERN 11 795 38.3% 5.8%
NH HOTELES NH HOTELES 2 420 20.2% 5.3%
HOTEL
CHOICE 1 126 6.1% 10.1%
COURTYARD
MARRIOTT
INTERNATIONAL
1 100 4.8% 22.3%
TOTAL 19 2,078 100%
Italie

Brand market
share on its local
segment
Share of the
destination in the
brands’ supply in
the country
HILTON
INTERNATIONAL
HILTON WORLDWIDE 1 379 19.0% 17.1%
LUXURY COLLECTION
STARWOOD HOTELS
& RESORTS
2 298 14.9% 31.2%
TURIN HOTEL TURIN HOTEL 1 200 10.0% 26.8%
WESTIN
STARWOOD HOTELS
& RESORTS
1 185 9.3% 20.6%
ORIENT EXPRESS ORIENT EXPRESS 1 104 5.2% 26.5%
AUTOGRAPH
COLLECTION
MARRIOTT
INTERNATIONAL
1 66 3.3% 12.1%
EUROSTARS HOTUSA 1 61 3.1% 11.1%
TOTAL 15 1,995 100%
Italie

Florence
The following cities are included in the analysis perimeter 2013-2014: FLORENCE, CAMPI
BISENZIO, BAGNO A RIPOLI, SESTO FIORENTINO
no. of rooms
Change in %
of no. of
rooms2013 2013 2014 2014
Corporate chain supply 34 3,725 34 3,709 -16 -0.4%
Cities OR Change in OR ADR Change in RevPAR
Change in
RevPAR (%)
2013 (Pts) 2013 ADR (%) 2013
Midscale 73.3% 4.8 75.0 1.1% 55.0 8.1%
Upscale 72.4% 5.3 155.1 4.0% 112.4 12.3%
All categories 72.1% 4.8 120.9 3.9% 87.2 11.3%
Brand market
share on its local
segment
Share of the
destination in the
brands’ supply in
the country
IBIS ACCOR 2 347 53.1% 20.0%
B&B GROUPE B&B HOTELS 3 307 46.9% 24.5%
TOTAL 5 654 100%
Brand market
share on its local
segment
Share of the
destination in the
brands’ supply in
the country
GOLDEN TULIP/TULIP
INN
GROUPE DU LOUVRE 1 111 8.0% 16.2%
TOTAL 14 1,225 100%
Italie

Brand market
share on its local
segment
Share of the
destination
in the
brands’
supply in
the country
SHERATON
STARWOOD HOTELS &
RESORTS
1 325 17. 8% 8.8%
HILTON INTERNATIONAL HILTON WORLDWIDE 1 208 11.4% 9.4%
WESTIN
STARWOOD HOTELS &
RESORTS
1 171 9.3% 4.6%
AC HOTELS MARRIOTT
MARRIOTT
INTERNATIONAL
1 118 6.4% 10.3%
FOUR SEASONS
FOUR SEASONS
HOTELS AND
RESORTS
1 117 6.4% 49.8%
ROCCO FORTE
ROCCO FORTE
HOTELS
1 102 5.6% 23.9%
WARWICK
WARWICK
INTERNATIONAL
1 67 3.7% 18.7%
TOTAL 14 1,830 100%
Italie

Turin
The following cities are included in the analysis perimeter 2013-2014: TURIN, MONCALIERI,
BORGARO
no. of rooms
Change in %
of no. of
rooms2013 2013 2014 2014
Category OR
Change in
OR
ADR Change in RevPAR
Change in
RevPAR (%)
2013 (Pts) 2013 ADR (%) 2013
Midscale 61.9% 1.0 63.9 -3.9% 39.5 -2.4%
Upscale 64.8% 4.7 107.9 -1.0% 69.8 6.7%
All categories 62.4% 3.8 90.4 -0.9% 56.4 5.5%
Brand market
share on its local
segment
Share of the
destination in the
brands’ supply in
the country
B&B B&B HOTELS 1 83 59.3% 6.6%
IBIS STYLES ACCOR 1 57 40.7% 7.7%
TOTAL 2 140
Brand market
share on its local
segment
Share of the
destination in the
brands’ supply in
the country
GOLDEN TULIP/TULIP
INN LOUVRE HOTELS 2 213 10.0% 31.0%
HOTEL
CHOICE 2 108 5.1% 8.6%
TOTAL 20 2,138 100%
Brand market
share on its local
segment
Share of the
destination in the
brands’ supply in
the country
TURIN HOTEL TURIN HOTEL 2 315 47.4% 42.2%
ATAHOTELS ATAHOTELS 1 99 14.9% 1.6%
AC HOTELS MARRIOTT
MARRIOTT
INTERNATIONAL
1 89 13.4% 7.8%
TOTAL 5 664 100%
Italie

Naples
Only the city of Naples is included in the analysis perimeter 2013-2014
no. of rooms
Change in %
of no. of
rooms2013 2013 2014 2014
Category OR
Change in
OR
ADR Change RevPAR
Change in
RevPAR (%)
2013 (Pts) 2013 ADR (%) 2013
Midscale 65.8% 1.2 75.6 -3.1% 49.7 -1.4%
Upscale 61.3% -1.7 93.1 -1.4% 57.1 -4.1%
All categories 63.0% -0.6 86.0 -2.3% 54.2 -3.2%
Brand market
share on its
local segment
Share of the
destination in the
brands’ supply in
the country
HOLIDAY INN IHG 1 325 28.8% 11.9%
RAMADA HOTEL WYNDHAM HOTEL GROUP 1 152 13.5% 34.9%
TOTAL 8 1,129 100%
Brand market
share on its
local segment
Share of the
destination in the
brands’ supply in
the country
RENAISSANCE HOTELS
MARRIOTT
INTERNATIONAL
1 222 29.8% 55.2%
LUXURY COLLECTION
STARWOOD HOTELS &
RESORTS
1 123 16.5% 12.9%
TOTAL 5 746 100%
Italie

Demo Version - Italy 2014

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Demo Version - Italy 2014