The GBR Consulting Barometer is a regular suvey to obtain insights into the Greek hotel industry's opinions current issues as well as expectations about Occupancy (OCC) and Average Room Rate (ARR).

1. Tourism Barometer
Snapshot Q2 2012
Expectations of the
Greek Hospitality Sector
April 2012

2. Barometer Snapshot Q2 2012
• This quarter no detailed analysis per region and per hotel category as all
barometers are deeply red coloured. The climate is very negative.
• Both city and resort hoteliers are very pessimistic for the coming quarter
as well as for 2012 as a whole.
• City hotels
– City hoteliers are very negative in terms of occupancy and rate development
for both the second quarter as well as for 2012 in general. Very few hoteliers
expect a better performance compared to 2011.
• Resort hotels
– For the second quarter resort hotels are not optimistic. Falling occupancy
and rates are forecasted by hoteliers for both their own properties and for the
market as a whole.
– Some resort hoteliers show a bit of optimism for the overall performance of
2012, but only for their own hotels, as for the market in general they expect
sharply falling occupancy and room rates in comparison with 2011.

3. How to read the Quarter meters
• All the meters reflect the hoteliers’ projections for current Quarter with
respect to Occupancy (OCC) and the Average Room Rate (ARR) for:
– their Own Hotels, in the top half of each page
– the Market Overall, in the bottom of each page
37% expects
The needle shows the stabilisation –
overall expectation / between -2% and +2%
feeling1
18% expects an
19% expects a increase -
decrease – 37% between 2% and 5%
19%
between 2% and 5%
18%
19%
7%
19% expects a 7% expects an
decrease – increase –
more than 5% more than 5%
1
The position of the arrow is based on the weighted average of the projections for increases and decreases, where the
increases / decreases of more than 5% have a weight twice as high as the increases / decreases of between 2% and 5%
50.0%

4. Expectations for 2012 Q2
«MY HOTEL»
All hotels
17% 26%
23%
Overall hoteliers are 47% 45% 16%
very pessimistic on the 10% 7%
outlook of the coming 3%
7%
quarter based on the
ΟCC ARR
performance of the first
quarters and bookings.
A fast majority expects «MARKET IN GENERAL»
severe declines in 50% 50%
occupancy and room
rates for the second 27%
47% 62% 10%
quarter. Very few
hoteliers expect 17%
23% 3%
improvements 7%
3%
compared to the same
quarter last year. ΟCC ARR
% of respondents that expected
Decrease Decrease Stability Increase Increase
50% 50%
>5% 2 – 5% -2% - +2% 2 – 5% >5%

5. Expectations for 2012
«MY HOTEL»
All hotels
17% 17%
21%
10%
The outlook for 2012 38% 10%
52%
7%
as a whole is negative
14% 14%
as well, although more
hoteliers show some
ΟCC ARR
optimism compared to
the forecast for the
second quarter.
«MARKET IN GENERAL»
The expected 50%
performance of their 50%
own hotel units is 14%
17% 62% 10%
better than for the 52% 17%
market in general, but 7%
3%
overall hoteliers are 10% 7%
very pessimistic and
expect falling ΟCC ARR
occupancy levels and
room rates.
% of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 50% 2 – 5% -2% - +2% 2 – 5%
50% >5%

6. Expectations for 2012 Q2
«MY HOTEL»
City hotels
71% 13%
5% 60%
After the first quarter 6% 12%
city hoteliers remain
12% 14%
clearly very
pessimistic, which
ΟCC ARR
applies for their own
hotels as well as for the
market as a whole.
«MARKET IN GENERAL»
Between 60% - 70% 49%
49%
expects that occupancy
and room rates will 64% 71%
drop by more than 5%. 21%
14%
7% 7%
85% expects for the 7% 7%
market as a whole
declining occupancy ΟCC ARR
and rates.
% of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 49% 2 – 5% -2% - +2% 2 – 5%
49% >5%

7. Expectations for 2012
«MY HOTEL»
City hotels
14%
7% 72%
50%
For 2012 city hoteliers 14% 15%
forecast falling 6%
14%
occupancy and room 6%
rates resulting in a very
ΟCC ARR
negative climate. The
majority expects drops
of 5% and more.
«MARKET IN GENERAL»
About 28%, however,
50% 49%
expects increasing
occupancy levels for 64% 6% 71%
their own hotel units, 6%
8% 15%
while 23% expects this 6%
trend for the market as 15%
8%
a whole.
ΟCC ARR
With respect to rates
very few are optimistic.
% of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 49% 2 – 5% -2% - +2% 2 – 5%
49% >5%

8. Expectations for 2012 Q2
«MY HOTEL»
Resort hotels
25% 38% 38%
For Q2 resort hoteliers
expect falling 25% 6% 31% 31%
occupancy and 6%
pressure on room
ΟCC ARR
rates. For the market in
general hoteliers are
more negative than for
their own hotel units «MARKET IN GENERAL»
both in terms of 49%
49%
occupancy and rates.
31%
7%
A majority expects 54% 27%
falling occupancy and 38%
31%
rates for both their own 13%
hotels and for the
market in general. ΟCC ARR
% of respondents that expected
Decrease Decrease Stability Increase Increase
49% 50%
>5% 2 – 5% -2% - +2% 2 – 5% >5%

9. Expectations for 2012
«MY HOTEL»
Resort hotels
20% 33% 20% 13% 7%
Resort hoteliers have
7%
turned clearly negative 27% 33% 27%
13%
for their performance of
2012, while in Q1 they
ΟCC ARR
were still slightly
pessimistic.
For their own hotels «MARKET IN GENERAL»
about 20% expect
50% 50%
improvements in
occupancy levels and 20% 7%
a third of the hoteliers 27% 53%
27%
40%
expect increasing room
7%
rates. 7%
13%
Still, the outlook is ΟCC ARR
overall negative and
very negative for the
market as a whole for % of respondents that expected
2012. Decrease Decrease Stability Increase Increase
>5% 51% 2 – 5% -2% - +2% 50%
2 – 5% >5%

10. Tourism Barometer
2012 Q2
Expectations
Greek Hospitality Sector
4, Sekeri Street
106 74 Athens
Phone: +30 210 3605002
Fax: +30 210 3606935
Web: www.gbrconsulting.gr
Email: info@gbrconsulting.gr