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 Q4 2014
Expectations of the
Greek Hospitality Sector
October 2014

2. Barometer Snapshot Q4 2014
• Overall the Greek hotel sector is optimistic for the last quarter of this year with
improvements on all fronts, which are though more significant in occupancy
levels than in room rates.
• The city hoteliers continue to be optimistic as none of the hoteliers have
forecasted a decline in occupancy and ARR. The resort hotels that are in
operation are overall optimistic for Q4 compared to same quarter last year.
However, they are slightly less optimistic than the city hotels because a small
group is forecasting declines.
• The analysis per hotel category of this quarter’s barometer survey shows that
– The 5 star hoteliers are among the most optimistic. None of the hotels participating in our
survey forecasted declines nor for their own hotels neither for the market in general.
– The majority of the 4 star hoteliers are optimistic by forecasting improvements, which are
higher in occupancy levels than in the room rates.
– The 3 star hoteliers expect significant improvements in occupancy, while they are more
cautious for the room rates, especially for the market as a whole.
– Finally, the 2 star hoteliers are the least optimistic this quarter as for the market in general
they have forecasted stabilising occupancy levels with lower rates than the same quarter
last year.

3. 50.0%
7%
18%
19%
19%
37%
• 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
How to read the Quarter meters
37% expects
stabilisation –
between -2% and +2%
18% expects an
increase -
between 2% and 5%
7% expects an
increase –
more than 5%
19% expects a
decrease –
more than 5%
The needle shows the
overall expectation /
feeling1
19% expects a
decrease –
between 2% and 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%

4. 1%
2%
32%
28%
37%
«MY HOTEL»
All hotels
The Greek hoteliers
are optimistic with
respect to their
performance in the last
quarter of this year.
Especially the city
hoteliers contribute to
this result, considering
also that many resort
hotels will be closed.
The resorts that will
operate are positive,
but to a lesser extent.
Around a third of all
hoteliers expect
stabilising occupancy
levels, while around
half of the hoteliers are
expecting this trend for
their room rates.
2%
5%
47% 24%
22%
2%
3%
34%
25%
36%
«MARKET IN GENERAL»
3%
5%
51% 22%
19%
ΟCC ARR
ΟCC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2014 Q4

5. 22%
38%
41%
«MY HOTEL»
City hotels
The city hoteliers
continue to be
optimistic. For the last
quarter of this year
significant
improvements are
expected in occupancy
levels, while none of
the hoteliers is
expecting a decline.
With respect to the
room rates around half
of the hoteliers is
forecasting stabilising
rates, while the others
expect improvements
compared to same
quarter last year. Only
2% is expecting
significant drops in
ARR.
2%
46%
28%
24%
26%
33%
41%
«MARKET IN GENERAL»
2%
52%
24%
22%
ΟCC ARR
ΟCC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2014 Q4

6. 6%
3%
49% 11%
32%
«MY HOTEL»
Resort hotels
The resort hotels that
are in operation this
quarter are overall
optimistic both in terms
of occupancy and room
rates and both for
themselves as for the
market in general,
even though around
half of them is
expecting stabilising
levels of occupancy
and rates.
Contrary to the city
hoteliers, a small group
of resort hotels are
forecasting a decline in
occupancy levels and
ARRs compared to
same quarter last year.
3%
13%
49%
19%
16%
6%
9%
46% 11%
29%
«MARKET IN GENERAL»
3%
13%
51%
16%
17%
ΟCC ARR
ΟCC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2014 Q4

7. 27%
19%
54%
«MY HOTEL»
5* hotels
The 5 star hoteliers are
among the most
optimistic for the
coming quarter. All
barometers are
coloured green, with
around a third
expecting stabilising
occupancy levels, while
4 out of 10 hotels is
expecting stabilising
room rates for their
own units and 5 out 10
stabilising rates for the
market in general.
None of the hotels
participating in our
survey forecasted
declines.
41%
28%
31%
27%
31%
42%
«MARKET IN GENERAL»
50%
21%
29%
ΟCC ARR
ΟCC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2014 Q4

8. 3%
21%
38%
38%
«MY HOTEL»
4* hotels
The barometers of the
4 star hotels also show
a positive picture,
although a small group
of hotels is expecting
decreases this quarter
and some even
significant decreases in
occupancy and ARR.
The majority of the 4
star hoteliers, however,
are optimistic by
forecasting
improvements, which
are higher in
occupancy levels than
the room rates both for
their own units as well
as for the market as a
whole.
4%
3%
39%
29%
25%
4%
7%
18%
32%
39%
«MARKET IN GENERAL»
4%
8%
28%
32%
28%
ΟCC ARR
ΟCC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2014 Q4

9. 6%
29%
34%
31%
«MY HOTEL»
3* hotels
The 3 star hoteliers
expect significant
improvements of their
occupancy levels this
fourth quarter of 2014.
With respect to the
rates they are
somewhat more
cautious as a majority
is forecasting that the
rates will be at the
same level as the
same quarter last year.
This group is bigger for
the market in general
than for their own hotel
units. Finally, a small
group is expecting mild
decreases in room
rates.
7%
51% 24%
18%
45%
24%
31%
6%
69%
19%
6%
ΟCC ARR
ΟCC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2014 Q4
«MARKET IN GENERAL»

10. 7%
61%
15%
17%
«MY HOTEL»
2* hotels
The 2 stare hoteliers
are the least optimistic
this quarter compared
to the same quarter
last year. For the
market in general they
forecast overall
stabilising occupancy
levels with a lower
room rate than last
year.
For their own units the
occupancy trend is
positive, but also with
falling room rates.
A majority of the 2 star
hoteliers is forecasting
stabilisation on all
barometers.
8%
17%
67%
8%
9%
8%
59%
24%
«MARKET IN GENERAL»
10%
9%
81%
ΟCC ARR
ΟCC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2014 Q4

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Tourism Barometer
2014 Q4
Expectations
Greek Hospitality Sector