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
2012 Q3
Expectations of the
Greek Hospitality Sector
July 2012

2. Survey characteristics
• The Q4 Survey ran from 18 – 31 July 2012, among
hotels of all hotel categories (1 – 5*) all over Greece;
• The survey was anonymous and 175 hotels completed
the online questionnaire, of which 135 fully. The
distribution of those was as follows:
– 43% are city hotels and 57% resort hotels;
– 33% are 5*, 29% 4*, 16% 3*, 18% 2* and 3% 1* hotels.
• The survey includes results for both 2012 Q3 and for this
season as a whole. The results are presented in
separate sections.
• Survey results are published in the press and on
www.gbrconsulting.gr/barometer

3. Main Conclusions
• After a difficult first half of this year, hoteliers continue to be pessimistic
for Q3 of this year. As a result hoteliers are expecting to close the year
of 2012 with significant drop in both occupancy and room rates.
• Hoteliers have become more pessimistic every quarter of this year. For
the market in general they are even more pessimistic as hoteliers overall
believe that they will perform better than their market segment.
• The most optimistic hoteliers can be found in Thessaloniki and in Crete.
Nevertheless, about a third of hoteliers in Crete expect to close the year
with drops of 2% or more for occupancy and ARR, while the majority of
Thessaloniki hoteliers expect to close the year with more than 5%
declines in occupancy and ARR levels, even though they had a
relatively good performance in the first two quarters of this year.
• Hoteliers in Athens do not expect any recovery and forecast that at year
end they will have decreases of more than 5% for both occupancy and
ARR.

4. 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%

5. How to read the Trend graphs
100
In the green zone, hoteliers Very optimistic
are rather optimistic; The marker position
the more we move into the corresponds to the
green zone the more position of the arrow
optimistic they become. in the respective
Quarter meter.
At this point, hoteliers’
expectations are 50
neutral.
In the red zone, hoteliers are
rather pessimistic;
the more we move into the
red zone, the more
Very pessimistic
pessimistic they become 0
Q1
Q1 Q2
Q2 Q3
Q3 Q4
Q4
my hotel market

6. Survey results
Expectations for 2012 Q3 Expectations for 2012 as a whole
• All hotels • All hotels
• City hotels • City hotels
– Athens hotels – Athens hotels
– Thessaloniki hotels – Thessaloniki hotels
– Other city hotels – Other city hotels
• Resort hotels • Resort hotels
– Crete hotels – Crete hotels
– Dodecanese hotels – Dodecanese hotels
• Hotels per category • Hotels per category
– 5 star hotels – 5 star hotels
– 4 star hotels – 4 star hotels
– 3 star hotels – 3 star hotels
– 2 star hotels – 2 star hotels

7. Expectations for 2012 Q3

8. Expectations for 2012 Q3
«MY HOTEL»
All hotels 22%
19% 26%
About 60% of the 38% 12% 43% 18%
Greek hoteliers expect 9%
10%
decreases of more 5%
than 2% for Q3 in
ΟCC ARR
terms of occupancy,
while 69% is expecting
a similar fall in ARR
compared to same «MARKET IN GENERAL»
quarter in 2011. For the 51%
50%
market as a whole
hoteliers are even 21%
21%
more pessimistic. 44%
19% 50%
18%
10% 7%
Very few hoteliers 4%
5%
expect a substantial
improvement of ΟCC ARR
occupancy levels and
room rates for both
their own hotel and for % of respondents that expected
the hotel market in Decrease Decrease Stability Increase Increase
49%
general. >5% 51% 2 – 5% -2% - +2% 2 – 5% >5%

9. Expectations for 2012 Q3
«MY HOTEL»
City hotels 19%
19% 32%
The city hotel sector is 44% 8%
47%
15%
clearly pessimistic for 2%
10%
this quarter. Very few 5%
hoteliers expect
ΟCC ARR
improvements of the
occupancy and ARRs.
The majority predicts a «MARKET IN GENERAL»
drop in occupancy 49%
49%
levels and rates for
16%
their own properties, 53%
23%
but also for the market 16% 50%
17%
overall.
11% 7%
3% 3%
ΟCC ARR
% of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 49% 2 – 5% -2% - +2% 2 – 5% >5%
50%

10. Expectations for 2012 Q3
«MY HOTEL»
Athens hotels
65% 58% 32%
25%
After a very difficult first
two quarters of this 5% 5%
year, Athenian 5%
5%
hoteliers do not predict
ΟCC ARR
a recovery for the third
quarter either. In fact
they forecast that the
decline will continue in «MARKET IN GENERAL»
Q3 with drops of 5% or 49%
more for occupancy as 49%
well as room rates. 70% 63%
5% 26%
For the hotel sector in 15%
Athens as a whole they 10% 5%
5%
are more pessimistic.
ΟCC ARR
% of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 49% 2 – 5% -2% - +2% 2 – 5%
49%
>5%

11. Expectations for 2012 Q3
«MY HOTEL»
Thessaloniki 14% 21%
hotels 21% 36%
21%
21%
Thessaloniki hoteliers 21% 29% 14%
are among the most
positive for the coming
ΟCC ARR
quarter. About 58%
expects stabilising or
increasing occupancy
levels. For their room «MARKET IN GENERAL»
rates they are less
0.5 50%
optimistic, but still 35%
29%
expects stabilising or 7% 21% 14%
increasing rates. 21% 14%
29%
36% 14%
Remarkably, hoteliers 14%
are more optimistic for
ΟCC ARR
the room rates of the
hotel sector as a
whole, although they
% of respondents that expected
expect to outperform
the market in terms of Decrease Decrease Stability Increase Increase
occupancy. >5% 49% 2 – 5% -2% - +2% 2 – 5%
51% >5%

12. Expectations for 2012 Q3
«MY HOTEL»
Other city hotels
32% 30%
The barometers of the 18% 48%
39%
other city hotels are 19%
4%
without any exception 7% 4%
deeply red coloured,
ΟCC ARR
reflecting the impact of
the Greek recession
had on them .
«MARKET IN GENERAL»
In comparison to last
year’s Q3 both 0.5 50%
occupancy and room 29% 26%
rates are expected to 50% 52%
fall with more than 5%. 14% 19%
7% 4%
No recovery is
expected and the ΟCC ARR
climate remains
negative also for this
quarter. % of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 50% 2 – 5% -2% - +2% 2 – 5% >5%
50%

13. Expectations for 2012 Q3
«MY HOTEL»
Resort hotels 24%
18% 22%
20%
Resort hoteliers predict 15% 40%
33% 14%
that for Q3 the
occupancy and room 10% 5%
rates will decline in
ΟCC ARR
comparison with Q3
last year. A majority
expects declines of
more than 2% for their «MARKET IN GENERAL»
own properties.
0.5 50%
24% 20%
For the market in
general they are even 22% 49%
38% 19%
more pessimistic 10% 7%
6% 5%
ΟCC ARR
% of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 50% 2 – 5% -2% - +2% 2 – 5%
50%
>5%

14. Expectations for 2012 Q3
«MY HOTEL»
Resort hotels 23%
in Crete 23% 23% 23%
18%
23%
The resort hotel sector 18% 23%
14%
14%
in Crete is among the
most optimistic of all
ΟCC ARR
regions in Greece.
About 64% is expecting
stabilising or increasing
occupancy rates this «MARKET IN GENERAL»
Q3 and 55% is
0.5 51%
expecting a similar
performance for their 18% 27% 14% 18%
ARRs compared to Q3 14% 14%
last year. 27% 41%
14% 14%
For the market in
ΟCC ARR
general they are less
optimistic.
% of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 49% 2 – 5% -2% - +2% 2 – 5%
50% >5%

15. Expectations for 2012 Q3
«MY HOTEL»
Resort hotels
50%
in Dodecanese 38% 38%
38%
There are no hoteliers
13% 23% 13%
in the Dodecanese that
expect for their own
ΟCC ARR
properties an increase
of occupancy rates in
Q3 2012 compared to
Q3 2011. The most «MARKET IN GENERAL»
optimistic message 50%
0.5
could be that 38% is
expecting stabilising 38%
38%
occupancy rates. 44% 25%
31%
A similar picture can be 19% 6%
noticed in the other
ΟCC ARR
barometers: from
stabilising to falling
occupancy and room
% of respondents that expected
rates.
Decrease Decrease Stability Increase Increase
>5% 50% 2 – 5% -2% - +2% 2 – 5%
49% >5%

16. Expectations for 2012 Q3
«MY HOTEL»
5 star
19%
hotels 23% 27% 17%
23%
21%
In terms of occupancy 29%
25%
the 5 star hotel sector 10% 6%
is expecting a
ΟCC ARR
stabilising trend for the
coming quarter,
although not for the
market as a whole. «MARKET IN GENERAL»
50%
In terms of room rates 0.5
they predict falling 19% 25%
21%
15%
rates for their own
40%
hotels as well as for the 17% 15%
38%
market in general. 6% 6%
ΟCC ARR
% of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 51% 2 – 5% -2% - +2% 2 – 5%
50% >5%

17. Expectations for 2012 Q3
«MY HOTEL»
4 star
14%
hotels 24% 27%
45% 44% 20%
Very few hoteliers are 7%
5%
optimistic for the next 10% 5%
quarter. Occupancy
ΟCC ARR
and ARR are expected
to decline sharply this
quarter compared to
same quarter last year «MARKET IN GENERAL»
for both their own
hotels as for the 0.5 51%
21%
market as a whole. 17%
59%
48% 17%
The majority expects 17%
12%
declines of 2% or more 2% 5%
2%
for both indicators.
ΟCC ARR
% of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 50% 2 – 5% -2% - +2% 2 – 5%
50% >5%

18. Expectations for 2012 Q3
«MY HOTEL»
3 star
30% 36%
hotels 13%
41%
9% 14%
The majority of the
35% 13% 9%
hoteliers operating in
the 3 star hotel sector
ΟCC ARR
are expecting declines
of 2% or more for both
occupancy and ARR,
for both their own «MARKET IN GENERAL»
properties and for the
market in general. 0.5 50%
17% 23%
About 48% believes 22%
41%
23%
48%
that that the decline in 4% 5%
occupancy will be more 9% 9%
than 5% for the market
as a whole and 41% ΟCC ARR
expects such declines
in ARR this quarter for
the market in general. % of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 50% 2 – 5% -2% - +2% 2 – 5%
51% >5%

19. Expectations for 2012 Q3
«MY HOTEL»
2 star
31%
hotels 60%
16%
19%
38%
The 2 star hotel 24%
4%
segment continues to 8%
be pessimistic with a
ΟCC ARR
clear negative outlook
for the next quarter.
Very few properties are «MARKET IN GENERAL»
expecting
0.5 50%
improvements in
31%
comparison with same 20%
56%
quarter last year. The
23%
fast majority expects 38%
24%
sharp drops in 4%
4%
occupancy and ARRs
for both their own ΟCC ARR
hotels as well as for the
market in general.
% of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 50% 2 – 5% -2% - +2% 2 – 5%
50% >5%

20. Expectations for
2012 as a whole

21. Expectations for 2012 as a whole
«MY HOTEL»
All hotels
15%
17% 22%
It is expected that 2012 49%
46% 20%
13%
as a whole will be a 10%
year of declining 7% 4%
occupancy and room
ΟCC ARR
rates in comparison
with 2011.
About half of the «MARKET IN GENERAL»
hoteliers expect for 51% 49%
both indicators drops of
more than 5% by year 18% 19%
55%
end. 53%
15% 17%
7% 7%
The difference between 5% 4%
the forecasts of their
own hotels and the ΟCC ARR
market overall is
minimal.
% of respondents that expected
Decrease Decrease Stability Increase Increase
50%
>5% 2 – 5% -2% - +2% 2 – 5%
50% >5%

22. Expectations for 2012 as a whole
100
Very optimistic
All hotels Occupancy 50
Expectations on 2012 as a
whole have become more
pessimistic every quarter
of the barometer survey Very pessimistic
0
this year.
Q1 Q2 Q3
my hotel market
In Q3 the outlook for this 100
year has reached the red
Very optimistic
zone of the barometer.
This is also based on the
actual performance of the
first two quarters of this
year, which were ARR 50
disappointing.
Performance is clearly
influenced by the
uncertain climate overall in
Greece. Very pessimistic
0
Q1 Q2 Q3

23. Expectations for 2012 as a whole
«MY HOTEL»
City hotels
12%
22%
59% 14%
City hoteliers do not 52%
7% 16%
expect any recovery 7%
anymore for the 9%
3%
remaining 5 months of
ΟCC ARR
this year. They expect
to close the year with
significant drops in
both occupancy and «MARKET IN GENERAL»
ARR. 51% 50%
The forecast of their 59% 17% 21%
own hotel is very 52%
17%
similar than that of the 12%
5% 7%
market overall. 7% 3%
ΟCC ARR
% of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 50% 2 – 5% -2% - +2% 50%
2 – 5% >5%

24. Expectations for 2012 as a whole
«MY HOTEL»
Athens hotels
72%
56% 39%
Conforming to the 11%
forecast of the first 11%
three quarters of this 6% 6%
year, the outlook for
ΟCC ARR
2012 as a whole is very
pessimistic. Hoteliers
do not expect to
recover anymore from «MARKET IN GENERAL»
the significant drops in 49% 50%
occupancy and ARR in
the first two quarters of 78%
2012. 56% 39%
17%
7 hoteliers out of 10 6%
6%
expect occupancy
drops of 5% or more ΟCC ARR
and 6 out of 10 drops
in ARR of 5% or more
for their own hotels. % of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 50% 2 – 5% -2% - +2% 2 – 5%
50% >5%

25. Expectations for 2012 as a whole
«MY HOTEL»
Thessaloniki
7% 7%
hotels 14%
58% 50% 14%
36%
Compared to Athens 14%
and the other city
hotels in Greece (next
ΟCC ARR
page) the hoteliers in
Thessaloniki are much
more optimistic to
close the year «MARKET IN GENERAL»
positively. Hotels had a 49% 50%
good performance in 7% 14%
the first two quarters of 7% 7% 29%
this year. Nevertheless, 14%
they are cautious with 43% 29% 36%
their outlook and a 14%
substantial part is still
ΟCC ARR
expecting to close the
year with drops in both
occupancy and ARR.
% of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 100.0% 2 – 5% -2% - +2% 50%
2 – 5% >5%

26. Expectations for 2012 as a whole
«MY HOTEL»
Other city hotels
19% 19%
50%
Expectations of the 23% 50%
27%
hotels outside Athens
and Thessaloniki are 8% 4%
clearly negative. About
ΟCC ARR
a quarter of the hotels
expects stabilising
occupancy and room
rates, while the fast «MARKET IN GENERAL»
majority expect sharp 100%
drops. 50%
23% 15%
Just a few properties 58%
54%
expect a small 19% 23%
increase in both 4% 4%
indicators.
ΟCC ARR
% of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 100.0% 2 – 5% -2% - +2% 49%
2 – 5% >5%

27. Expectations for 2012 as a whole
«MY HOTEL»
Resort hotels 17%
21%
19%
23%
The resort hotels have 42%
40%
17%
forecasted that they will 12%
also close the year of 5% 4%
2012 with a sharp drop
ΟCC ARR
in occupancy and ARR.
They do expect to
outperform the market «MARKET IN GENERAL»
though, but overall 50%
100%
drops are expected
compared to the year 18%
17%
of 2011, which was a 52%
17% 55%
17%
recovery year for the
9% 7%
resort hotels. 4% 5%
ΟCC ARR
% of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 100.0% 2 – 5% -2% - +2% 2 – 5%
51% >5%

28. Expectations for 2012 as a whole
«MY HOTEL»
Resort hotels
33%
in Crete 10%
33%
29% 14% 29%
The losses this year in 24%
19%
Crete are forecasted to 5% 5%
be limited to 2 – 5%
ΟCC ARR
overall in terms of
occupancy and ARR.
For the market in «MARKET IN GENERAL»
general hoteliers 100% 50%
believe though that the
10% 10%
drops are significant 19% 14%
with 48% of 48% 19%
48% 19%
respondents predicting
drops of 5% or more 5%
10%
for both indicators.
ΟCC ARR
% of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 100.0% 2 – 5% -2% - +2% 2 – 5%
49% >5%

29. Expectations for 2012 as a whole
«MY HOTEL»
Resort hotels
in Dodecanese 31% 38%
25%
38% 25%
Hoteliers in the 25%
6% 13%
Dodecanese have no
hope anymore for
ΟCC ARR
recovery in the last 2
quarters of this year.
Sharp declines are «MARKET IN GENERAL»
expected for 100% 49%
occupancy and room
rates for both their own 19% 25%
hotel units as well as
38% 44% 25%
for the market in 44%
general. 6%
ΟCC ARR
% of respondents that expected
Decrease Decrease Stability Increase Increase
49%
>5% 100.0% 2 – 5% -2% - +2% 2 – 5% >5%

30. Expectations for 2012 as a whole
«MY HOTEL»
5 star
hotels 20% 20%
20%
20%
24% 28%
Based on the 28%
24%
performance of the first 8% 8%
two quarters of 2012
ΟCC ARR
hoteliers are predicting
that the year will close
with sharply lower
occupancy and room «MARKET IN GENERAL»
rates compared to last 100% 0.5
year.
16% 16%
16% 16%
With respect to their
44% 16%
own hotel properties 44% 8%
about half of 8% 8%
respondents expect
stabilising to improving ΟCC ARR
performance, while the
other half expects
drops, of which the % of respondents that expected
majority significant Decrease Decrease Stability Increase Increase
100.0% 50%
drops. >5% 2 – 5% -2% - +2% 2 – 5% >5%

31. Expectations for 2012 as a whole
«MY HOTEL»
4 star
19%
hotels 19%
29%
38% 19% 29%
38%
Besides some
optimism for their 5% 5%
occupancy
ΟCC ARR
development of their
own hotel units towards
the end of the year, the
other barometers are «MARKET IN GENERAL»
coloured red. 100% 0.5
Significant drops are 24%
24%
expected in 10%
57%
52%
comparison to least
14%
year’s ARR and 14%
5%
occupancy.
ΟCC ARR
% of respondents that expected
Decrease Decrease Stability Increase Increase
100.0% 50%
>5% 2 – 5% -2% - +2% 2 – 5% >5%

32. Expectations for 2012 as a whole
«MY HOTEL»
3 star
30% 30%
hotels 20%
10%
10% 40%
Outlook for the 3 star 30% 10%
10%
segment is negative as 10%
30% is expecting a
ΟCC ARR
drop of 5% or more for
occupancy by the end
of the year compared
to last year and 40% «MARKET IN GENERAL»
expects a similar drop 100% 0.5
for ARR comparing the
two years. 20% 20%
10% 10%
50%
50%
About 50% of hoteliers 10%
20%
predict drops of 5% 10%
and more for both
indicators for the ΟCC ARR
market in general,
resulting in an overall
negative performance % of respondents that expected
outlook for 2012. Decrease Decrease Stability Increase Increase
>5% 100.0% 2 – 5% -2% - +2% 2 – 5%
50% >5%

33. Expectations for 2012 as a whole
«MY HOTEL»
2 star
hotels 59%
6% 6%
24% 59%
35%
All barometers of the 2
12%
star hotels are flat in
the negative half. A
ΟCC ARR
substantial majority is
expecting a drop of 5%
and more for
occupancy and ARR. «MARKET IN GENERAL»
100%
0.5
A similar picture is
seen in the barometers 18% 6%
of the market in 65%
59%
17%
general. 29%
6%
ΟCC ARR
% of respondents that expected
Decrease Decrease Stability Increase Increase
>5% 100.0% 2 – 5% -2% - +2% 50%
2 – 5% >5%

34. Tourism Barometer
2012 Q1
Expectations
Greek Hospitality Sector
4, Sekeri Street
106 74 Athens
Phone: +30 210 3605002
Fax: +30 210 3606935
Web: www.gbrconsulting.gr
Email: gbr@gbrconsulting.gr