The document summarizes the results of a survey of 158 Greek hotels on their expectations for the second quarter and full year of 2013. For Q2 2013, hoteliers overall remain optimistic about increasing occupancy rates but expect room rates to stabilize. City hoteliers anticipate slight occupancy gains but drops in room rates. Resort hotels forecast strong improvements in both occupancy and rates. The most optimistic are hotels in Crete. Two-star hotels are the most pessimistic. For 2013 as a whole, expectations are similar with occupancy increases and stable room rates overall.

1. Tourism Barometer
2013 Q2
Expectations of the
Greek Hospitality Sector
April 2013

2. Survey characteristics
• The Q2 Survey ran from 9 to 26 April 2013, among
hotels of all hotel categories (1 – 5*) all over Greece;
• The survey was anonymous and 158 hotels completed
the online questionnaire. The distribution was as follows:
– 47% are city hotels and 53% resort hotels;
– 28% are 5*, 30% 4*, 19% 3*, 19% 2* and 3% 1* hotels.
• The survey includes forecasts for 2013 Q2 as well as for
2013 as a whole.
• Survey results are published in the press and on
www.gbrconsulting.gr/barometer

3. Main Conclusions
• Hoteliers overall remain optimistic for 2013 with significant
improvements expected in occupancy while expectations on room
rates vary depending on the type (City or Resort) of hotel.
• City hoteliers expect slight improvements in occupancy comparing
2013 with last year, but are forecasting significant drops in room rates.
In that respect the Athenian hotel managers are the most pessimistic.
• Resort hoteliers remain very optimistic for 2013. They expect significant
improvements in occupancy and rising room rates. Hoteliers in Crete
are by far the most optimistic.
• Finally, 2* hoteliers are the most pessimistic, expecting falling
occupancy and room rates.
• Expectations are similar for the second quarter of 2013.

4. 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%

5. Survey results
Expectations for 2013 Q2
• All hotels
• City hotels
– Athens hotels
– Thessaloniki hotels
– Other city hotels
• Resort hotels
– Crete hotels
• Hotels per category
– 5 star hotels
– 4 star hotels
– 3 star hotels
– 2 star hotels

6. Expectations for 2013 Q2

7. 39%
9%
7%
19%
27%
«MY HOTEL»
All hotels
For the second quarter
of this year hoteliers in
general are optimistic.
In comparison with the
same quarter last year
they expect increasing
occupancy rates and
stabilising room rates.
For the market in
general the barometers
are very similar as the
barometers for their
own hotels.
43%
13%
13%
18%
13%
7%
33%
7%
24%
28%
«MARKET IN GENERAL»
11%
17%14%
14%
44%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2013 Q2

8. 46%
9%
8%
20%
17%
«MY HOTEL»
City hotels
Hoteliers in the city
segment are
forecasting slight
increases in
occupancy, but also
slight decreases in
ARRs as far as their
own hotel units are
concerned.
For the market as a
whole a similar
forecast has been
given.
36%
14%
22%
22%
6%
11%
39%
8%
28%
15%
«MARKET IN GENERAL»
6%
16%
20%
19%
39%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2013 Q2

9. 41%
7%
10%
24%
17%
«MY HOTEL»
Athens hotels
The Athenian hoteliers
are very optimistic for
the second quarter in
terms of occupancy
levels compared top
the same quarter last
year. For both their
own hotels and for the
market in general they
expect significant
improvements.
However, they expect
significantly lower rates
compared to Q2 last
year, which applies for
both their own hotels
as well as for the
market in general.
28%
10%
38%
21%
3%
3%
35%
10%
38%
14%
«MARKET IN GENERAL»
3%
17%
35%
17%
28%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2013 Q2

10. 58%
17%
8%
17%
«MY HOTEL»
Thessaloniki
hotels
The city hoteliers of
Thessaloniki expect a
very similar second
quarter comparing Q2
of 2013 with 2012.
They are slightly more
pessimistic for their
own hotels with mild
decreases in both
occupancy and ARR
levels.
For the market in
general they expect
stabilisation.
58%
8%
17%17%
59%
17%
25%
«MARKET IN GENERAL»
8%
25%
17%
50%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2013 Q2

11. 46%
8%
4%
17%
25%
«MY HOTEL»
Other city hotels
City hotels outside
Athens and
Thessaloniki are
optimistic in terms of
occupancy
development. They
expect significant
improvements
compared to last year
for both their own
hotels as well as for
the market as a whole.
In terms of room rates
they expect to be at a
similar level as last
year coming quarter,
while for the market as
a whole slight
decreases are
expected.
35%
17%
9%
26%
13%
17%
33%
8%
17%
25%
«MARKET IN GENERAL»
13%
9%
4%
26%
48%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2013 Q2

12. 32%
9%
6%
18%
35%
«MY HOTEL»
Resort hotels
The resort hotel expect
a good start of the
season this year.
Especially occupancy
levels are expected to
improve much
compared to same
quarter in 2012.
But also the room rates
are expected to
improve albeit at a
slower pace than
occupancy.
Very few hoteliers are
very pessimistic in the
resort segment.
4%
28%
7%
21%
39%
49%
11%
6%
14%
20%
«MARKET IN GENERAL»
16%
18%
9%
10%
48%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2013 Q2

13. 35%
4%
22%
39%
«MY HOTEL»
Resort hotels
in Crete
The resort hotels of
Crete are once more
the most optimistic of
all hoteliers. About
61% expects
occupancy level
increases of more than
2% and more. while for
the market as a whole
this percentage is 70%.
Hoteliers also expect
strong improvements in
room rates for both
their own hotel units as
well as for the market
as a whole.
4%
26%
26%
44%
48%
9%
26%
17%
«MARKET IN GENERAL»
13%
26%
13%
48%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2013 Q2

14. 26%
3%
13%
28%
31%
«MY HOTEL»
5 star
hotels
Managers of the 5 star
hotel units are
optimistic for the
second quarter of 2013
compared to same
quarter last year.
They also expect to
outperform the market
especially in terms of
room rates, where they
have forecasted a
more stabilising trend
for this quarter.
31%
21%13%
31%
5%
21%
8%
5%
33%
33%
15%
28%
10%
13%
33%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
«MARKET IN GENERAL»
Expectations for 2013 Q2

15. «MY HOTEL»
35%
3%
3%
20%
40%
4 star
hotels
The hoteliers in the 4
star segment expect
strong improvements in
occupancy levels for
both the market and
their own hotel units.
The room rates are
forecasted to be at a
similar level as Q2 last
year, although for the
market in general they
might improve slightly.
51%
13%
15% 10%
10%
28%
3%
3%
28%
40%
5%
21%
16%
10%
49%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
«MARKET IN GENERAL»
Expectations for 2013 Q2

16. 63%
4%
7%
15%
11%
«MY HOTEL»
3 star
hotels
Small improvements in
occupancy are
expected by the 3 star
hoteliers, while room
rates are forecasted to
stabilise this quarter.
They expect in terms of
room rates to
outperform the market.
Overall, the
barometers show a
stabilising trend for this
quarter without any
extremes.
52%
7%
15%
15%
11%
56%
7%
4%
22%
11% 7%
7%
22%
7%
56%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
«MARKET IN GENERAL»
Expectations for 2013 Q2

17. 42%
31%
4%
11%
12%
«MY HOTEL»
2 star
hotels
The 2 star hoteliers are
clearly pessimistic for
the coming quarter.
Around a third of them
expect drops of 5%
and more for their own
hotels for both the
occupancy and ARR.
For the market as a
whole the occupancy
level might be slightly
better than the forecast
of their own hotel, but
room rates are
expected to be worse..
Very few expect
significant
improvements.
39%
23%
12%
11%
15%
42%
4%
8%
16%
31%
35% 8%
8%
7%
42%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
«MARKET IN GENERAL»
Expectations for 2013 Q2

18. Expectations for 2013 as a whole

19. Survey results
Expectations for 2013 as a whole
• All hotels
• City hotels
– Athens hotels
– Thessaloniki hotels
– Other city hotels
• Resort hotels
– Crete hotels
• Hotels per category
– 5 star hotels
– 4 star hotels
– 3 star hotels
– 2 star hotels

20. 30%
23%
10%
8%
30%
«MY HOTEL»
All hotels
Overall hoteliers have
not changed their
opinion for 2013. Like
the forecast of the
barometer Q1 hoteliers
expect strong
improvements in
occupancy levels for
both their own hotels
as the market as
whole.
In terms of room rates
the forecast overall is
stabilising.
38%
14%
13%
16%
19%
6%
29%
11%
28%
27%
«MARKET IN GENERAL»
13%
17%
11%
17%
42%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2013 as a whole

21. 17%
23%
17%
6%
36%
«MY HOTEL»
City hotels
The city hoteliers
remain mildly optimistic
for 2013 overall in
terms of occupancy.
On the other hand
hoteliers forecasts
decreases in room
rates for their own
hotels and significant
drops for the market in
general for 2013.
The presented
forecasts are at a
similar level as the
forecasts of the
barometer Q1 for 2013.
9%
36%
13%
28%
14%
34%
16%
20% 20%
9%
«MARKET IN GENERAL»
6%
16%
16%
23%
39%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2013 as a whole

22. 20%
21%
21%
3%
35%
«MY HOTEL»
Athens hotels
After a disappointed
first quarter the
Athenian hoteliers
have become more
pessimistic for 2013 in
terms of room rates.
With respect to
occupancy they have
become slightly more
optimistic comparing
the forecasts for 2013
of the last quarter with
this survey.
The barometers of their
own hotels are very
similar to the
barometers of the
market as a whole.
31%
14%
34%
14%
7%
7%
31%
14%
35%
14%
«MARKET IN GENERAL»
3%
14%
21%
28%
35%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2013 as a whole

23. 42%
17%
8%
33%
«MY HOTEL»
Thessaloniki
hotels
The city hoteliers of
Thessaloniki are
expecting similar
results this year
compared to 2012.
For both their own
hotels as well as for
the market as a whole
the barometers for
2013 show stabilising
levels of both
occupancy and room
rates.
8%
50%
8%
33%
42%
8%
17% 33%
«MARKET IN GENERAL»
33%
17%
8%
42%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2013 as a whole

24. 35%
4%
17%
22%
21%
«MY HOTEL»
Other city hotels
The city hoteliers
outside Athens and
Thessaloniki have
become more
optimistic for 2013
compared to our
measurements in the
first quarter for this
year.
Occupancy is expected
to improve while room
rates are forecasted to
stabilise for their own
hotels. For the market
in general mild
decreases are
expected in room rates
for 2013.
35%
22%
4%
22%
17%
13%
35%
13%
17%
22%
«MARKET IN GENERAL»
13%
9%
9%
26%
44%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2013 as a whole

25. 25%
9%
3%
22%
42%
«MY HOTEL»
Resort hotels
The resort hotels
remain very optimistic
for this year. Strong
increases are expected
in occupancy as well
as ARR concerning
their own hotel units.
For the market in
general similar level of
optimism has been
measured for
occupancy, while room
rates are expected to
increase slightly.
3%
22%
9%
28%
39%
41%
13%
6%
13%
28%
«MARKET IN GENERAL»
19%
17%
7%
12%
45%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2013 as a whole

26. 23%
27%
50%
«MY HOTEL»
Resort hotels
in Crete
Like the Barometer
Survey of Q1, the
resort hoteliers in Crete
remain the most
optimistic of all
hoteliers. Significant
improvements are
expected at all fronts.
18%
36%
46%
41%
5%
18%
36%
«MARKET IN GENERAL»
27%
23%
5%
46%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
Expectations for 2013 as a whole

27. 23%
3%
16%
26%
33%
«MY HOTEL»
5 star
hotels
The 5 star hotel
managers expect a
better year than last
year.
The occupancy levels
will increase strongly.
With respect to ARR
hoteliers have
forecasted significant
increases for their own
hotel units while for the
market in general the
increases in ARR will
be at a lower level.
26%
8%
10%
31%
26%
23%
10%
5%
31%
31%
18%
26%
18%
5%
33%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
«MARKET IN GENERAL»
Expectations for 2013 as a whole

28. 29%
5%
24%
42%
«MY HOTEL»
4 star
hotels
Like their colleagues of
the 5 star hotels, the 4
star segment expects
increasing occupancy
levels this year
compared to last year,
while room rates are
expected to stabilise.
45%
13%
13%
11%
18%
26%
10%
5%
29%
40%
13%
13%
8%
13%
53%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
«MARKET IN GENERAL»
Expectations for 2013 as a whole

29. 44%
7%
7%
23%
18%
«MY HOTEL»
3 star
hotels
For their own hotel
units 41% expects
increases of 2% or
more in occupancy
comparing the forecast
of 2013 with the results
of last year. For the
market as a whole this
percentage is 40%.
In terms of room rates
hoteliers expect
stabilising rates this
year. For the market in
general the room rates
might drop slightly.
48%
7%
19% 11%
15%
44%
7%
7%
29%
11% 4%
15%
11%
19%
52%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
«MARKET IN GENERAL»
Expectations for 2013 as a whole

30. 31%
23%
12%
19%
15%
«MY HOTEL»
2 star
hotels
The 2 star hotels have
become more
pessimistic for 2013,
compared to our
barometer Q1.
Occupancy is now
expected to stabilise
this year, while room
rates are forecasted to
drop for both their own
hotels as well as the
market as whole.
27%
27%
8%
23%
15%
39%
31%
12%
11%
8%
35%
12%
35% 12%
8%
6CC ARR
6CC ARR
Decrease
2 – 5%
Stability
-2% - +2%
Increase
>5%
Decrease
>5%
Increase
2 – 5%
% of respondents that expected
«MARKET IN GENERAL»
Expectations for 2013 as a whole

31. 4, Sekeri Street
106 74 Athens
Phone: +30 210 3605002
Fax: +30 210 3606935
Web: www.gbrconsulting.gr
Email: gbr@gbrconsulting.gr
Tourism Barometer
2013 Q2
Expectations
Greek Hospitality Sector