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The International Hotel Industry - December 2015

“The Chinese are to account for an increasing portion of both the supply and the demand side of the worldwide hotel industry. Indeed, Jin Jiang’s takeover of Louvre Hotels Group and just recently of Plateno Hotel Group has created one of the biggest hotel groups in the world.”
- Jessica Kelly, Senior Tourism Analyst

This report looks at the following areas:

  • What issues are currently impacting the worldwide hotel sector?
  • What are the latest developments in the area of M&A for the hotel sector and who are the main investors?
  • What new hotel brands have been launched recently?
  • What are the key trends and who are the main players in hotel distribution?
  • Which are the leading hotel groups and what are the strengths, weaknesses, opportunities and threats for each one?
  • Which are the leading hotel groups by major country market?

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Table of contents

  1. Introduction

      • Key findings
      • Data Sources

        • Abbreviations

          • Issues in the Market

              • Sharing economy – accommodation-rental websites
                • Distribution
                  • New ‘lifestyle’ hotel brands
                    • Frequent-guest schemes – still relevant?
                      • Implications of NLRB ruling on hotel staffing
                        • Second-tier management companies
                        • Global Summary

                            • Demographic trend
                              • Immigration wild card
                                • Japan the odd one out
                                  • Figure 1: Worldwide population distribution by age cohort, 1980-2050
                                • Seniors should be targeted by hotels
                                  • Economy
                                    • Figure 2: World Economic Outlook projections, update, October 2015
                                  • Interest rates
                                    • Figure 3: Forecast for short-term interest rates (3-month Libor) and 10-year government bonds in 3 months and in 12 months (in %), as of 29/09/2015
                                  • Exchange rates
                                    • Figure 4: Currency rate forecast, 30 September 2015
                                  • Outlook for spending on travel and tourism
                                    • Figure 5: Spending* on travel & tourism worldwide, 2014 & 2025
                                  • Africa
                                    • Figure 6: Spending* on travel & tourism in Africa, 2014 & 2025
                                  • Americas
                                    • Figure 7: Spending* on travel & tourism in Americas, 2014 & 2025
                                  • Asia Pacific
                                    • Figure 8: Spending* on travel & tourism in Asia Pacific, 2014 & 2025
                                  • Europe
                                    • Figure 9: Spending* on travel & tourism in Europe, 2014 & 2025
                                  • Middle East
                                    • Figure 10: Spending* on travel & tourism in the Middle East, 2014 & 2025
                                  • Leading hotel chains
                                    • Figure 11: The 10 leading hotel groups worldwide, ranked by branded rooms, 2013-14
                                  • Top 20 hotel brands
                                    • Figure 12: The 20 leading hotel brands worldwide, ranked by branded rooms, 2013-14
                                  • Leading hotel management companies
                                    • Figure 13: Leading hotel management companies worldwide, 2015
                                  • Leading hotel franchisors
                                    • Figure 14: Leading hotel franchisors worldwide, 2015
                                  • Leading consortia
                                    • Consortia marking time
                                      • Figure 15: Top hotel consortia worldwide, 2013 & 2014
                                    • Geographical presence
                                      • Figure 16: Top 10 hotel groups for geographical presence, 2015
                                    • Brand penetration by major region
                                      • Figure 17: Penetration of branded hotels* by region, 2014
                                    • Brand penetration by hotel grade
                                      • Figure 18: Penetration of branded rooms* by grade worldwide, 2014
                                    • Brand penetration by type of location
                                      • Figure 19: Penetration of branded rooms* by type of location, 2014
                                    • Review of hotel performance worldwide
                                      • Region, major country and city
                                        • Figure 20: Hotel performance in US$ by major world region & city YTD end September 2014 & 2015
                                      • A brighter picture in Euros
                                        • Figure 21: Hotel performance in Euros by major world region & city YTD end September 2014 & 2015
                                    • Review of Leading Hotel Markets

                                        • Australia
                                          • Volume
                                            • Figure 22: Tourist accommodation establishments* in Australia, 2009-18
                                          • Segmentation
                                            • Figure 23: Australia – Travel Accommodation: Market segmentation by volume (number of hotels), 2006-13
                                          • Market shares
                                            • Figure 24: Company market share by volume (number of hotels), 2012-13
                                          • Recent developments
                                            • Brazil
                                              • Volume
                                                • Figure 25: Tourist accommodation establishments* in Brazil, 2010-19
                                              • Segmentation
                                                • Figure 26: Brazil – Travel Accommodation: Market segmentation by volume (number of hotels), 2011-14
                                              • Market shares
                                                • Figure 27: Company market share by number of hotels, 2013-14
                                              • Recent developments
                                                • Hotel performance to pick up in 2016
                                                  • Canada
                                                    • Volume
                                                      • Figure 28: Tourist accommodation establishments* in Canada, 2009-18
                                                    • Segmentation
                                                      • Figure 29: Canada’s travel accommodation – market segmentation by volume (number of properties ), 2010-13
                                                    • Market shares
                                                      • Figure 30: Figure: Company market share by number of hotels, 2009-13
                                                    • Recent developments
                                                      • China
                                                        • Volume
                                                          • Figure 31: Tourist accommodation establishments* in China , 2009-18
                                                        • Segmentation
                                                          • Figure 32: China’s travel accommodation – market segmentation by volume (number of properties ), 2011-13
                                                        • Market shares
                                                          • Figure 33: Company market share by number of hotels, 2012-13
                                                        • Recent developments
                                                          • Colombia
                                                            • Volume
                                                              • Figure 34: Tourist accommodation establishments* in Colombia, 2009-18
                                                            • Segmentation
                                                              • Figure 35: Colombia’s travel accommodation – market segmentation by volume (number of properties), 2010-13
                                                            • Market shares
                                                              • Figure 36: Company market share by number of hotels, 2011-13
                                                            • Recent developments
                                                              • France
                                                                • Volume
                                                                  • Figure 37: Tourist accommodation establishments* in France, 2009-18
                                                                • Segmentation
                                                                  • Figure 38: France’s travel accommodation – market segmentation by volume (number of properties ), 2006-13
                                                                • Market shares
                                                                  • Figure 39: Company market share by number of hotels, 2009-13
                                                                • Recent developments
                                                                  • Germany
                                                                    • Volume
                                                                      • Figure 40: Tourist accommodation establishments* in Germany, 2010-19
                                                                    • Segmentation
                                                                      • Figure 41: Germany’s travel accommodation – market segmentation by volume (number of properties), 2007-14
                                                                    • Market shares
                                                                      • Figure 42: Germany’s travel accommodation – company market share by volume (number of hotels), 2010-14
                                                                    • Recent developments
                                                                      • India
                                                                        • Volume
                                                                          • Figure 43: Tourist accommodation establishments* in India, 2009-18
                                                                        • Segmentation
                                                                          • Figure 44: India’s travel accommodation – market segmentation by volume (number of hotels), 2007-13
                                                                        • Market shares
                                                                          • Figure 45: India’s travel accommodation – company market share by volume (number of hotels), 2011-13
                                                                        • Recent developments
                                                                          • Value Inn coming to India
                                                                            • Indonesia
                                                                              • Volume
                                                                                • Figure 46: Tourist accommodation establishments* in Indonesia , 2009-18
                                                                              • Segmentation
                                                                                • Figure 47: Indonesia’s travel accommodation – market segmentation by volume, 2007-13
                                                                              • Market shares
                                                                                • Figure 48: Indonesia’s travel accommodation – company market share by volume (number of hotels), 2011-13
                                                                              • Recent developments
                                                                                • Italy
                                                                                  • Volume
                                                                                    • Figure 49: Tourist accommodation establishments* in Italy, 2010-19
                                                                                  • Segmentation
                                                                                    • Figure 50: Italy’s travel accommodation – market segmentation by volume, 2008-14
                                                                                  • Market shares
                                                                                    • Figure 51: Italy’s travel accommodation – company market share by volume (number of hotels), 2010-14
                                                                                  • Recent developments
                                                                                    • A difficult market to penetrate
                                                                                      • Three types of hotels
                                                                                          • Figure 52: JSH Hotels & Resorts’ portfolio, 2014
                                                                                        • Leases still common
                                                                                          • Financial environment improving
                                                                                            • Japan
                                                                                              • Volume
                                                                                                • Figure 53: Tourist accommodation establishments* in Japan, 2009-18
                                                                                              • Segmentation
                                                                                                • Figure 54: Japan’s travel accommodation – market segmentation by volume, 2007-13
                                                                                              • Market shares
                                                                                                • Figure 55: Japan’s travel accommodation – company market share by volume (number of hotels), 2011-13
                                                                                              • Recent developments
                                                                                                • Starwood Hotels & Resorts
                                                                                                  • Hoshino Resort Co.
                                                                                                    • Milial Resort Hotels
                                                                                                      • Vegas in Japan?
                                                                                                        • Mexico
                                                                                                          • Volume
                                                                                                            • Figure 56: Tourist accommodation establishments* in Mexico, 2009-18
                                                                                                          • Segmentation
                                                                                                            • Figure 57: Mexico’s travel accommodation – market segmentation by volume, 2007-14
                                                                                                          • Market shares
                                                                                                            • Hoteles City Express
                                                                                                              • Figure 58: Description of Hoteles City Express’ brands, 2015
                                                                                                              • Figure 59: Mexico’s travel accommodation – company market share by volume (number of hotels), 2013-14
                                                                                                            • Recent developments
                                                                                                              • Figure 60: Breakdown of Mexico’s pipeline by chain scale, 2015
                                                                                                            • Russia
                                                                                                              • Volume
                                                                                                                • Figure 61: Tourist accommodation establishments* in Russia , 2009-18
                                                                                                              • Segmentation
                                                                                                                • Figure 62: Russia’s travel accommodation – market segmentation by volume, 2007-13
                                                                                                              • Market shares
                                                                                                                • Figure 63: AMAKS’ hotel portfolio, 2015
                                                                                                                • Figure 64: Russia’s travel accommodation – company market share by volume (number of hotels), 2011-13
                                                                                                              • Recent developments
                                                                                                                • A third Sheraton for Russia
                                                                                                                  • South Africa
                                                                                                                    • Volume
                                                                                                                      • Figure 65: Tourist accommodation establishments* in South Africa , 2009-18
                                                                                                                    • Segmentation
                                                                                                                      • Figure 66: South Africa’s travel accommodation – market segmentation by volume, 2009-13
                                                                                                                    • Market shares
                                                                                                                      • Figure 67: South Africa’s travel accommodation – company market share by volume (number of hotels), 2009-13
                                                                                                                    • Recent developments
                                                                                                                      • Recent transactions
                                                                                                                        • Marriott’s new developments
                                                                                                                          • South Korea
                                                                                                                            • Volume
                                                                                                                              • Figure 68: Tourist accommodation establishments* in South Korea , 2009-18
                                                                                                                            • Segmentation
                                                                                                                              • Figure 69: South Korea’s travel accommodation – market segmentation by volume (number of hotels), 2008-13
                                                                                                                            • Market shares
                                                                                                                              • Figure 70: South Korea’s travel accommodation – company market share by volume (number of hotels), 2011-13
                                                                                                                            • Recent developments
                                                                                                                              • Wyndham’s big push into South Korea
                                                                                                                                • Spain
                                                                                                                                  • Volume
                                                                                                                                    • Figure 71: Tourist accommodation establishments* in Spain, 2010-19
                                                                                                                                  • Segmentation
                                                                                                                                    • Figure 72: Spain’s travel accommodation – market segmentation by volume (number of hotels), 2007-14
                                                                                                                                  • Market shares
                                                                                                                                    • Figure 73: Spain’s travel accommodation – company market share by volume (number of hotels), 2011-13
                                                                                                                                  • Recent developments
                                                                                                                                    • Turkey
                                                                                                                                      • Volume
                                                                                                                                        • Figure 74: Tourist accommodation establishments* in turkey, 2009-18
                                                                                                                                      • Segmentation
                                                                                                                                        • Figure 75: Turkey’s travel accommodation – market segmentation by volume, 2009-13
                                                                                                                                      • Market shares
                                                                                                                                        • Figure 76: Turkey’s travel accommodation – company market share by volume (number of hotels), 2010-13
                                                                                                                                      • Recent developments
                                                                                                                                        • Turkey’s hotel pipeline reaches all-time high
                                                                                                                                          • UK
                                                                                                                                            • Volume
                                                                                                                                              • Figure 77: Tourist accommodation establishments* in UK , 2009-18
                                                                                                                                            • Segmentation
                                                                                                                                              • Figure 78: UK’s travel accommodation – market segmentation by volume, 2010-13
                                                                                                                                            • Market shares
                                                                                                                                              • Figure 79: UK’s travel accommodation – company market share by volume (number of hotels), 2011-13
                                                                                                                                            • Recent developments
                                                                                                                                              • US
                                                                                                                                                • Volume
                                                                                                                                                  • Figure 80: Tourist accommodation establishments* in the US , 2009-18
                                                                                                                                                • Segmentation
                                                                                                                                                  • Figure 81: US’ travel accommodation – market segmentation by volume (number of hotels), 2008-13
                                                                                                                                                • Market shares
                                                                                                                                                  • Figure 82: US’ travel accommodation – company market share in % of total hotels, 2009-13
                                                                                                                                                • Recent developments
                                                                                                                                                  • Figure 83: Top-10 markets by room under construction, September 2015
                                                                                                                                                • Supply risk on the horizon?
                                                                                                                                                  • Vietnam
                                                                                                                                                    • Volume
                                                                                                                                                      • Figure 84: Tourist accommodation establishments* in Vietnam , 2009-18
                                                                                                                                                    • Segmentation
                                                                                                                                                      • Figure 85: Vietnam’s travel accommodation – market segmentation by volume, 2010-13
                                                                                                                                                    • Market shares
                                                                                                                                                      • Figure 86: Vietnam’s travel accommodation – company market share by volume (number of hotels), 2011-13
                                                                                                                                                    • Recent developments
                                                                                                                                                    • Sharing Economy – Accommodation-Rental Websites

                                                                                                                                                        • Impact of the sharing economy
                                                                                                                                                          • Hoteliers move into the sharing economy
                                                                                                                                                            • Onefinestay offers some hotel services
                                                                                                                                                              • Loyalty programme linkages
                                                                                                                                                                • Wyndham and IHG
                                                                                                                                                                  • Room Mate shows the way
                                                                                                                                                                    • Conclusion
                                                                                                                                                                    • Distribution Channels

                                                                                                                                                                        • Figure 87: Hotel booking channel breakdown in the US, 2014
                                                                                                                                                                        • Figure 88: Online share of hotel gross bookings by region, 2014
                                                                                                                                                                      • Direct bookings
                                                                                                                                                                        • TripAdvisor and Google now offer direct booking
                                                                                                                                                                          • How instant booking works
                                                                                                                                                                            • Instant booking partners
                                                                                                                                                                              • Customers get loyalty points
                                                                                                                                                                                • CPA more predictable that CPC
                                                                                                                                                                                  • Booking.com joins instant booking
                                                                                                                                                                                    • Biting the hand that feeds them?
                                                                                                                                                                                      • Booking on the defensive
                                                                                                                                                                                        • ‘Book on Google’
                                                                                                                                                                                          • Direct Hotel Booking on Trivago
                                                                                                                                                                                            • Hotel chains strive for direct bookings
                                                                                                                                                                                              • IHG Rewards club lowest price guarantee
                                                                                                                                                                                                • Marriott’s direct-booking campaign raises hackles
                                                                                                                                                                                                  • Travel intermediaries react
                                                                                                                                                                                                    • Low customer awareness
                                                                                                                                                                                                      • Commitment to agents reiterated
                                                                                                                                                                                                        • Accor’s open booking platform
                                                                                                                                                                                                          • Accor to charge 14%
                                                                                                                                                                                                            • A recruitment platform
                                                                                                                                                                                                              • Marketing costs underestimated?
                                                                                                                                                                                                                • ‘Only On’
                                                                                                                                                                                                                • New ‘Lifestyle’ Hotel Brands – Some Targeting Millennials

                                                                                                                                                                                                                    • AC Hotels by Marriott
                                                                                                                                                                                                                      • Concept
                                                                                                                                                                                                                        • Recent developments and outlook
                                                                                                                                                                                                                          • Canopy by Hilton
                                                                                                                                                                                                                            • Concept
                                                                                                                                                                                                                              • Recent developments and outlook
                                                                                                                                                                                                                                • Cordis Hotels and Resorts
                                                                                                                                                                                                                                  • Concept
                                                                                                                                                                                                                                    • Recent developments and outlook
                                                                                                                                                                                                                                      • China growth
                                                                                                                                                                                                                                        • Another brand
                                                                                                                                                                                                                                          • Curio by Hilton
                                                                                                                                                                                                                                            • Concept
                                                                                                                                                                                                                                              • Branding on the cheap
                                                                                                                                                                                                                                                • Caribbean
                                                                                                                                                                                                                                                  • Europe
                                                                                                                                                                                                                                                    • North America
                                                                                                                                                                                                                                                      • South America
                                                                                                                                                                                                                                                        • Recent developments and outlook
                                                                                                                                                                                                                                                          • London
                                                                                                                                                                                                                                                            • Paris
                                                                                                                                                                                                                                                              • Dubai
                                                                                                                                                                                                                                                                • Istanbul
                                                                                                                                                                                                                                                                  • Mobile, Alabama
                                                                                                                                                                                                                                                                    • Asheville, North Carolina
                                                                                                                                                                                                                                                                      • Dominica, Caribbean
                                                                                                                                                                                                                                                                        • EVEN Hotels
                                                                                                                                                                                                                                                                          • Concept
                                                                                                                                                                                                                                                                            • Recent developments and outlook
                                                                                                                                                                                                                                                                              • EVEN Hotel Norwalk
                                                                                                                                                                                                                                                                                • EVEN Hotel Rockville, Maryland
                                                                                                                                                                                                                                                                                  • Pipeline
                                                                                                                                                                                                                                                                                    • Graduate Hotels
                                                                                                                                                                                                                                                                                      • Concept
                                                                                                                                                                                                                                                                                        • Recent developments and outlook
                                                                                                                                                                                                                                                                                            • Figure 89: Graduate hotels pipeline, October 2015
                                                                                                                                                                                                                                                                                          • Hyatt Centric
                                                                                                                                                                                                                                                                                            • Concept
                                                                                                                                                                                                                                                                                              • Recent developments and outlook
                                                                                                                                                                                                                                                                                                • Hotel Jen
                                                                                                                                                                                                                                                                                                  • Concept
                                                                                                                                                                                                                                                                                                    • Recent developments
                                                                                                                                                                                                                                                                                                      • Rebranding Traders’ properties
                                                                                                                                                                                                                                                                                                        • Figure 90: Hotel Jen portfolio, October 2015
                                                                                                                                                                                                                                                                                                      • KARAS
                                                                                                                                                                                                                                                                                                        • The KARAS experience
                                                                                                                                                                                                                                                                                                          • Recent developments and outlook
                                                                                                                                                                                                                                                                                                            • Moxy
                                                                                                                                                                                                                                                                                                              • Concept
                                                                                                                                                                                                                                                                                                                • Figure 91: Marriott's European pipeline of Moxy-branded hotel, 2015
                                                                                                                                                                                                                                                                                                              • Ikea is development partner
                                                                                                                                                                                                                                                                                                                • OE Collection
                                                                                                                                                                                                                                                                                                                  • Concept
                                                                                                                                                                                                                                                                                                                    • OE’s brand positioning vis-à-vis independent hotels
                                                                                                                                                                                                                                                                                                                      • OE’s adaptability
                                                                                                                                                                                                                                                                                                                        • Differentiating the OE brand in terms of the guest experience
                                                                                                                                                                                                                                                                                                                          • Profile of the OE guest
                                                                                                                                                                                                                                                                                                                            • Recent developments and outlook
                                                                                                                                                                                                                                                                                                                              • Proper Hotels
                                                                                                                                                                                                                                                                                                                                • Concept
                                                                                                                                                                                                                                                                                                                                  • Creativity Is the new luxury
                                                                                                                                                                                                                                                                                                                                    • Recent developments and outlook
                                                                                                                                                                                                                                                                                                                                      • Website
                                                                                                                                                                                                                                                                                                                                        • Quorvus Collection
                                                                                                                                                                                                                                                                                                                                          • Concept
                                                                                                                                                                                                                                                                                                                                            • Radisson RED
                                                                                                                                                                                                                                                                                                                                              • Concept
                                                                                                                                                                                                                                                                                                                                                • Development specifications
                                                                                                                                                                                                                                                                                                                                                  • Figure 92: Building specification for Radisson RED, 2015
                                                                                                                                                                                                                                                                                                                                                • Radisson RED’s first property will be in China
                                                                                                                                                                                                                                                                                                                                                  • Launched in South Africa
                                                                                                                                                                                                                                                                                                                                                    • A Glasgow location
                                                                                                                                                                                                                                                                                                                                                      • First Radisson RED Hotels in the Americas
                                                                                                                                                                                                                                                                                                                                                        • Entering Indonesia
                                                                                                                                                                                                                                                                                                                                                          • Tribute Portfolio
                                                                                                                                                                                                                                                                                                                                                            • Concept
                                                                                                                                                                                                                                                                                                                                                              • Recent developments and outlook
                                                                                                                                                                                                                                                                                                                                                                • Vib
                                                                                                                                                                                                                                                                                                                                                                  • Concept
                                                                                                                                                                                                                                                                                                                                                                    • Low fees
                                                                                                                                                                                                                                                                                                                                                                      • Figure 93: Annual fee comparison as a % of total room revenue (10-year cost), 2015
                                                                                                                                                                                                                                                                                                                                                                    • Prototype specifications
                                                                                                                                                                                                                                                                                                                                                                      • Figure 94: Vib prototype details, 2015
                                                                                                                                                                                                                                                                                                                                                                    • Recent developments and outlook
                                                                                                                                                                                                                                                                                                                                                                      • The first Vib’s signed
                                                                                                                                                                                                                                                                                                                                                                        • Vīb Miami
                                                                                                                                                                                                                                                                                                                                                                          • Vīb Chicago
                                                                                                                                                                                                                                                                                                                                                                            • Five new Vib hotels under development in the US
                                                                                                                                                                                                                                                                                                                                                                              • Virgin Hotels
                                                                                                                                                                                                                                                                                                                                                                                • Concept
                                                                                                                                                                                                                                                                                                                                                                                  • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                  • Frequent-Guest Schemes – Still Relevant?

                                                                                                                                                                                                                                                                                                                                                                                      • Millennials demand instant rewards
                                                                                                                                                                                                                                                                                                                                                                                        • OTA loyalty programmes
                                                                                                                                                                                                                                                                                                                                                                                          • Starwood not affected by OTA loyalty programmes
                                                                                                                                                                                                                                                                                                                                                                                            • Focus on technology
                                                                                                                                                                                                                                                                                                                                                                                            • Implications of NLRB Ruling on Hotel Staffing

                                                                                                                                                                                                                                                                                                                                                                                                • Creating uncertainty
                                                                                                                                                                                                                                                                                                                                                                                                  • Outlook
                                                                                                                                                                                                                                                                                                                                                                                                  • Second-Tier Management Companies

                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 95: Top-10 second-tier hotel management companies, 31 December 2014
                                                                                                                                                                                                                                                                                                                                                                                                      • Interstate Hotels & Resorts
                                                                                                                                                                                                                                                                                                                                                                                                        • North American portfolio
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 96: North American portfolio by major hotel group, 2015
                                                                                                                                                                                                                                                                                                                                                                                                        • European portfolio
                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 97: Interstate’s European portfolio by major hotel group, 2015
                                                                                                                                                                                                                                                                                                                                                                                                        • Asian portfolio
                                                                                                                                                                                                                                                                                                                                                                                                          • Interstate-managed hotels by country
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 98: Interstate’s portfolio by country & brand, 2015
                                                                                                                                                                                                                                                                                                                                                                                                          • Aimbridge Hospitality
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 99: Aimbridge Hospitality’s portfolio by franchise brand, 2014
                                                                                                                                                                                                                                                                                                                                                                                                          • Crescent Hotels & Resorts
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 100: Crescent Hotels & Resorts’ portfolio by franchise brand, 2014
                                                                                                                                                                                                                                                                                                                                                                                                          • White Lodging Services Corporation
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 101: White Lodging Services' portfolio by franchise brand, 2014
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 102: White Lodging's active pipeline, September 2015
                                                                                                                                                                                                                                                                                                                                                                                                          • Pillar Hotels & Resorts
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 103: Pillar Hotels & Resorts' hotel portfolio, 2015
                                                                                                                                                                                                                                                                                                                                                                                                          • Pyramid Hotel Group
                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 104: Pyramid Hotel Group’s portfolio by location & chain, 2015
                                                                                                                                                                                                                                                                                                                                                                                                          • TPG Hospitality
                                                                                                                                                                                                                                                                                                                                                                                                            • Remington
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 105: Remington’s hotel portfolio by brand, 2015
                                                                                                                                                                                                                                                                                                                                                                                                            • HHM
                                                                                                                                                                                                                                                                                                                                                                                                              • GF Management
                                                                                                                                                                                                                                                                                                                                                                                                              • Top Ten Hotel Groups

                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 106: Top-10 hotel groups ranked by growth rate in rooms, 2007-15
                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 107: Top 10 leading hotel groups worldwide, ranked by branded rooms, 2013-14
                                                                                                                                                                                                                                                                                                                                                                                                              • Hilton Worldwide

                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 108: Hilton share price, December 2013-end October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                  • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                    • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                      • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                        • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                          • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                            • Waldorf Astoria Hotels & Resorts
                                                                                                                                                                                                                                                                                                                                                                                                                              • Conrad Hotels & Resorts
                                                                                                                                                                                                                                                                                                                                                                                                                                • Canopy by Hilton
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Hilton Hotels & Resorts
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Curio – A Collection by Hilton
                                                                                                                                                                                                                                                                                                                                                                                                                                      • DoubleTree by Hilton
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Embassy Suites Hotels
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Hilton Garden Inn
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Hampton Hotels
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Homewood Suites by Hilton
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Home2 Suites by Hilton
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Hilton Grand Vacations
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 109: Hilton’s market share of existing rooms & pipeline, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sale of the Waldorf Astoria
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Marriott International

                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 110: Marriott share price 3 years, to end October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Ritz-Carlton
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Bulgari Hotels & Resorts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • EDITION
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • JW Marriott
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Marriott Hotels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Autograph Collection Hotels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Renaissance Hotels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Marriott Executive Apartments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Gaylord Hotels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • AC Hotels by Marriott
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Courtyard
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • SpringHill Suites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Fairfield Inn & Suites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Protea Hotels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Moxy Hotels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Marriott agrees to acquire Starwood Hotels & Resorts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • 60 new hotels in the Caribbean and Latin America by 2018
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • IHG

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 111: IHG share price 3 years to end October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • InterContinental Hotels & Resorts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Hotels in the pipeline
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • HUALUXE Hotels and Resorts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Crowne Plaza Hotels & Resorts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Hotel Indigo
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Holiday Inn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Holiday Inn Express
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Staybridge Suites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Candlewood Suites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • EVEN Hotels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Kimpton Hotels & Restaurants
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Wyndham Hotel Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 112: Wyndham share price 3 years to end October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 113: Wyndham’s hotel portfolio by brand, segment & region, 31 December 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Wyndham acquired Dolce Hotels and Resorts
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Wyndham Joins TripAdvisor’s instant booking
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Choice Hotels International

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 114: Choice share price, 3 years to end October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Cambria Hotels and Suites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ascend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Comfort Inn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Comfort Suites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Clarion
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Quality
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Sleep Inn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • MainStay Suites
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Suburban Extended Stay Hotel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Econo Lodge
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Rodeway Inn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 115: Choice’s worldwide system size statistics as of & for the year ended 31 December 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • AccorHotels

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 116: Accor share price 3 years to end October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Sofitel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Pullman
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • MGallery
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Grand Mercure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Grand Mercure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Mei Jue and Maha Cipta
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • The Sebel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Novotel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Suite Novotel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Mercure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Mama Shelter
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Adagio Aparthotels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • ibis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • ibis Styles
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • ibis budget
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • hotelF1
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • HotelInvest buys 43 hotels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • AccorHotels is acquiring FRHI
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Plateno Hotels Group

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • 7 Days Inn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Portofino Hotels
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Lavande
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Xana Hotelle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Daojia Hotel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Hotel12
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • ZMAXHOTELS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Pipeline
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Plateno has the largest loyalty scheme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Hampton development agreement
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Starwood Hotels & Resorts

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 117: Starwood share price 3 years to end October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 118: Starwood’s portfolio by brand, 31 December 2014
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • St. Regis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • The Luxury Collection
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • W
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Westin
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Le Méridien
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sheraton
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Tribute Portfolio
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Four Points
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Aloft
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Element
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Starwood sells timeshare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Yet another brand?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Design Hotels comes on board
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Jin Jiang International Hotel Group Co.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 119: Jin Jiang Hotels’ share price, (in HK$), 2011-end October 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Jin Jiang brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Louvre brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 120: Louvre Hotel Group’s portfolio by brand, 2015
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Louvre Hotels Group purchase
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Plateno Hotels Group acquired
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Best Western Hotels & Resorts

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Brands
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Best Western
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Best Western Plus
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Best Western Premier
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Best Western Plus Executive Residency
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • BW Premier Collection
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Vib
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Recent developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • GLo
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Digital initiatives
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Industry Insight

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • What Next?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • More consolidation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Economies of scale a key driver
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Low interest rates to continue
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • FRHI Hotels & Resorts the next to go
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Increasing Chinese dominance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Vertical integration of the Chinese outbound market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • OTAs to be squeezed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Spread of chains reduces reliance on OTAs

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Companies Covered

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            To learn more about the companies covered in this report please contact us.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            The International Hotel Industry - December 2015

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            £1,495.00 (Excl.Tax)