The document summarizes the expectations of the Greek hospitality sector for the first quarter and full year of 2014. For Q1 2014, hotels expect occupancy rates to increase but are cautious about room rates, which are forecast to stabilize or see slight increases. For the full year 2014, the sector anticipates significant improvements in both occupancy and room rates. City hotels expect stronger occupancy gains in Q1 than resorts, which foresee stable occupancy. Five-star hotels are optimistic for Q1 occupancy but cautious on rates, while four-star hotels see gains in both areas. Three-star hotels predict stable-to-higher occupancy but lower room rates for Q1.

1. Tourism Barometer
Snapshot Q1 2014
Expectations of the
Greek Hospitality Sector
January 2014

2. Barometer Snapshot Q1 2014
•
For the hotel sector in general the barometers of the first quarter of 2014 show
optimism in terms of occupancy development. However, hoteliers are more
cautious on ARR as they forecast stabilising to slightly increasing room rates.
•
For the year of 2014 as a whole the hotel sector expects to achieve significant
improvements in both occupancy and room rates.
More specifically:
•
For Q1 2014 city hoteliers expect significant increases in occupancy and
stabilising room rates, while the resort hotels expect to operate at the same
levels as last year. The 5*, 4* and 3* hotel categories all expect this quarter
increases in occupancy. In terms of ARR only the 4* is expecting improvements
as the 5* is forecasting only slightly higher levels, while the 3* expects drops in
room rates.
•
For 2014 a a whole both city and resort hoteliers are very positive. Significant
increases in occupancy are expected, while also achieving higher rates. The 5*
and 4* segments are expecting to achieve higher occupancies and ARRs, while
the 3* sector is more cautious with improving occupancy levels and similar room
rates as last year.

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
stabilisation –
between -2% and +2%
The needle shows the
overall expectation /
feeling1
19% expects a
decrease –
between 2% and 5%
19%
18% expects an
increase between 2% and 5%
37%
18%
19%
7%
19% expects a
decrease –
more than 5%
1
7% expects an
increase –
more than 5%
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 2014 Q1
«MY HOTEL»
All hotels
44%
26%
For the first quarter of
2014 hotels are overall
optimistic on
occupancy rates as
almost half of them
expects increases of
2% and more
compared to the same
quarter last year, both
for their own hotels as
well as for the market
in general.
With respect to ARR,
they are less optimistic
for Q1. Hoteliers
predict slight increases
in room rates for both
their own hotel units
and the market as a
whole.
44%
21%
3%
6%
21%
17%
12%
6%
ARR
ΟCC
«MARKET IN GENERAL»
49%
50%
48%
24%
41%
15%
23%
12%
18%
14%
5%
ARR
ΟCC
% of respondents that expected
Decrease
>5%
51%
Decrease
2 – 5%
Stability
-2% - +2%
Increase
50%
2 – 5%
Increase
>5%

5. Expectations for 2014 as a whole
«MY HOTEL»
All hotels
Hoteliers are optimistic
that the recovery of
2013 will continue in
2014 with significant
improvements in
occupancy levels and
increases in the room
rates. About 74%
expects occupancy
increases of more than
2% for their own hotel
units compared to
2013 and 61% expects
this increase for their
room rates.
44%
41%
30%
21%
30%
20%
7%
2%
4%
1%
ARR
ΟCC
«MARKET IN GENERAL»
100%
50%
38%
33%
38%
28%
28%
4%
1%
18%
9%
2%
ARR
ΟCC
The forecasts for the
market in general show
similar trends.
% of respondents that expected
Decrease
>5%
51%
Decrease
2 – 5%
Stability
-2% - +2%
Increase
2 – 5%
50%
Increase
>5%

6. Expectations for 2014 Q1
«MY HOTEL»
City hotels
City hoteliers remain
positive, also for this
first quarter of 2014.
32%
46%
31%
17%
25%
4%
8%
15%
14%
8%
ARR
ΟCC
Occupancy levels will
improve at a faster
pace than room rates,
but overall the
barometers show
optimism for both their
own hotels as well as
for the market as a
whole.
«MARKET IN GENERAL»
50%
49%
28%
46%
35%
17%
27%
10%
16%
15%
6%
ARR
ΟCC
% of respondents that expected
Decrease
>5%
51%
Decrease
2 – 5%
Stability
-2% - +2%
Increase
2 – 5%
49%
Increase
>5%

7. Expectations for 2014 as a whole
«MY HOTEL»
City hotels
41%
31%
The city hoteliers are
hoping to further
benefit from the
improved climate and
expect strong
increases in occupied
rooms in 2014
compared to last year.
Furthermore, they
forecast that the room
rates will improve
significantly as well this
year.
The forecasts for the
market in general and
the expectations for
their own hotels are
very similar.
35%
24%
31%
22%
10%
2%
4%
ARR
ΟCC
«MARKET IN GENERAL»
100%
49%
39%
28%
29%
41%
29%
12%
16%
2%
4%
ARR
ΟCC
% of respondents that expected
Decrease
>5%
49%
Decrease
2 – 5%
Stability
-2% - +2%
Increase
49%
2 – 5%
Increase
>5%

8. Expectations for 2014 Q1
«MY HOTEL»
Resort hotels
93%
With respect to the
resort hotels that are
operating this first
quarter, 93% is
expecting stabilising
occupancy levels,
while the room rates
for their own hotels are
expected to slightly
improve this quarter.
For the market in
general it is forecasted
that resort hotels will
operate at the same
occupancy and room
rate levels as last
year’s quarter.
36%
36%
7%
21%
7%
ARR
ΟCC
«MARKET IN GENERAL»
50%
49%
57%
64%
29%
7%
7%
7%
21%
7%
ARR
ΟCC
% of respondents that expected
Decrease
49%
>5%
Decrease
2 – 5%
Stability
-2% - +2%
Increase
49%
2 – 5%
Increase
>5%

9. Expectations for 2014 as a whole
«MY HOTEL»
Resort hotels
For 2014 as a whole
the resort hoteliers
maintain the positive
mood. All barometers
are deeply green
coloured, which means
that hotels are
expecting significant
increases in both
occupancy levels and
room rates in 2014
compared to 2013,
both for their own hotel
units as well as for the
market as a whole.
47%
18%
51%
29%
4%
2%
26%
18%
4%
2%
ARR
ΟCC
«MARKET IN GENERAL»
100%
50%
37%
37%
35%
29*%
27%
4%
2%
20%
6%
2%
ARR
ΟCC
% of respondents that expected
Decrease
>5%
49%
Decrease
2 – 5%
Stability
-2% - +2%
Increase
49%
2 – 5%
Increase
>5%

10. Expectations for 2014 Q1
«MY HOTEL»
5* hotels
33%
The 5* segment is
optimistic with respect
to occupancy this Q1
2014. They forecast
significant
improvements this
quarter for both their
own hotels and for the
market in general.
With respect to the
room rates, the 5*
hoteliers are more
cautious, but still
positive. Slightly higher
room rates may be
achieved this quarter
compared to last year.
42%
12%
25%
29%
17%
4%
8%
21%
8%
ARR
ΟCC
«MARKET IN GENERAL»
49%
51%
29%
33%
41%
17%
17%
13%
25%
17%
8%
ARR
ΟCC
% of respondents that expected
Decrease
>5%
49%
Decrease
2 – 5%
Stability
-2% - +2%
Increase
51%
2 – 5%
Increase
>5%

11. Expectations for 2014 as a whole
«MY HOTEL»
5* hotels
60%
55%
For the new year of
2014 as a whole the 5*
hoteliers are much
more optimistic than
the first quarter of this
year.
33%
12%
5%
2%
ARR
ΟCC
«MARKET IN GENERAL»
They expect significant
increases of
occupancy levels and
none of the hoteliers
forecasted a drop.
Also the room rates
this year are expected
to improve significantly
albeit at a lower level
than the occupancy.
24%
10%
100%
50%
43%
41%
36%
29%
29%
17%
2%5%
ARR
ΟCC
% of respondents that expected
Decrease
51%
>5%
Decrease
2 – 5%
Stability
-2% - +2%
Increase
51%
2 – 5%
Increase
>5%

12. Expectations for 2014 Q1
«MY HOTEL»
4* hotels
28%
The 4* segment is
expecting a good start
of 2014 with improving
occupancy and room
rates. Very few expect
decreases in
occupancy, while about
half of the market
expects increases of
2% and more, both for
their own hotels and
the market as a whole.
A similar trend is seen
at the ARR forecasts,
although for the market
in general they are
slightly more cautious.
40%
48%
40%
20%
4%
8%
8%
4%
ARR
ΟCC
«MARKET IN GENERAL»
50%
50%
52%
24%
36%
16%
28%
12%
16%
16%
ARR
ΟCC
% of respondents that expected
Decrease
>5% 50%
Decrease
2 – 5%
Stability
-2% - +2%
Increase
50%
2 – 5%
Increase
>5%

13. Expectations for 2014 as a whole
«MY HOTEL»
4* hotels
44%
41%
For the year as a
whole the 4* segment
is very optimistic.
44%
9%
6%
27%
6%
ARR
ΟCC
All barometers show
that the fast majority is
expecting a good year
in comparison with
2013 with significant
improvements in
occupancy and room
rates.
Only 6% of the
hoteliers expect
decreases of 2 – 5% in
occupancy and ARR
for both the market in
general and their own
hotel units.
24%
«MARKET IN GENERAL»
100%
50%
38%
35%
29%
44%
27%
15%
6%
6%
ARR
ΟCC
% of respondents that expected
Decrease
>5%
50%
Decrease
2 – 5%
Stability
-2% - +2%
Increase
50%
2 – 5%
Increase
>5%

14. Expectations for 2014 Q1
«MY HOTEL»
3* hotels
The 3* hoteliers are
expecting this first
quarter of 2014
stabilising to improving
occupancy levels for
both their own hotels
and for the market in
general.
However, they are not
optimistic on their room
rates as they predict
drops in the range of 2
– 5% compared to the
same quarter last year.
51%
70%
18%
38%
11%
12%
ARR
ΟCC
«MARKET IN GENERAL»
50%
50%
58%
63%
19%
12%
29%
8%
11%
ARR
ΟCC
% of respondents that expected
Decrease
>5%
50%
Decrease
2 – 5%
Stability
-2% - +2%
Increase
50%
2 – 5%
Increase
>5%

15. Expectations for 2014 as a whole
«MY HOTEL»
3* hotels
60%
For 2014 as a whole
the 3* hoteliers remain
optimistic with respect
to occupancy, both for
their own hotels as well
as for market.
Regarding room rates
they expect that after
the forecasted drop in
Q1 of 2014, rates will
stabilise throughout the
year and perhaps
slightly improve.
None of the 3* hotels is
predicting drops of
more than 5% though.
73%
27%
7%
7%
7%
13%
7%
ARR
ΟCC
«MARKET IN GENERAL»
100%
50%
60%
47*%
33%
13%
13%
7%
20%
7%
ARR
ΟCC
% of respondents that expected
Decrease
>5%
50%
Decrease
2 – 5%
Stability
-2% - +2%
Increase
50%
2 – 5%
Increase
>5%

16. Tourism Barometer
2014 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