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Global Hotels, Resorts & Cruise Lines

Industry Profile

Reference Code: 0199-2075 Publication date: March 2009

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EXECUTIVE SUMMARY

EXECUTIVE SUMMARY
Market Value The global hotels, resorts and cruise lines sector grew by 6.4% in 2008 to reach a value of $564.8 billion. Market Value Forecast In 2013, the global hotels, resorts and cruise lines sector is forecast to have a value of $689.5 billion, an increase of 22.1% since 2008. Market Segmentation I Hotels and motels segment dominates the global hotels, resorts and cruise lines sector, with 90.9% of the sector's value. Market Segmentation II Europe accounts for 39.2% of the global hotels, resorts and cruise lines sector's value. Market Share Carnival Corporation accounts for 2.6% of the global hotels, resorts and cruise lines sector's value.

Global - Hotels, Resorts & Cruise Lines Datamonitor (Published March 2009) Page 3

CONTENTS

TABLE OF CONTENTS

EXECUTIVE SUMMARY CHAPTER 1


1.1 1.2 1.3

3 7
7 7 8

Market Overview

Market Definition Research Highlights Market Analysis

CHAPTER 2 CHAPTER 3 CHAPTER 4 CHAPTER 5 CHAPTER 6 CHAPTER 7


7.1 7.2 7.3 7.4

Market Value Market Segmentation I Market Segmentation II Market Share Competitive Landscape Leading Companies

9 10 11 12 13 18
18 22 26 29

Carnival Corporation & plc ACCOR Hilton Hotels Corporation Starwood Hotels & Resorts Worldwide

CHAPTER 8
8.1

Market Forecasts

31
31

Market Value Forecast

Global - Hotels, Resorts & Cruise Lines Datamonitor (Published March 2009) Page 4

CONTENTS

CHAPTER 9
9.1 9.2 9.3 Methodology

Appendix

32
32 33 33

Industry Associations Related Datamonitor Research

Global - Hotels, Resorts & Cruise Lines Datamonitor (Published March 2009) Page 5

CONTENTS

LIST OF TABLES
Table 1: Table 2: Global Hotels, Resorts & Cruise Lines Sector Value: $ billion, 2004-2008..........9 Global Hotels, Resorts & Cruise Lines Sector Segmentation I: % Share, ............ by Value, 2008..................................................................................................10 Global Hotels, Resorts & Cruise Lines Sector Segmentation II: % Share, ........... by Value, 2008..................................................................................................11 Global Hotels, Resorts & Cruise Lines Sector Share: % Share, by Value, ........... 2008 .................................................................................................................12 Table 5: Table 6: Table 7: Table 8: Table 9: Table 10: Table 11: Table 12: Table 13: Key Facts: Carnival Corporation & plc ..............................................................18 Key Financials: Carnival Corporation & plc .......................................................21 Key Facts: ACCOR...........................................................................................22 Key Financials: ACCOR ...................................................................................25 Key Facts: Hilton Hotels Corporation ................................................................26 Key Financials: Hilton Hotels Corporation.........................................................28 Key Facts: Starwood Hotels & Resorts Worldwide ...........................................29 Key Financials: Starwood Hotels & Resorts Worldwide ....................................30 Global Hotels, Resorts & Cruise Lines Sector Value Forecast: $ billion, .............. 2008-2013 ........................................................................................................31

Table 3:

Table 4:

Global - Hotels, Resorts & Cruise Lines Datamonitor (Published March 2009) Page 6

MARKET OVERVIEW

CHAPTER 1

MARKET OVERVIEW

1.1

Market Definition
The hotels, resorts and cruise lines sector comprises revenues accrued by owners and operators of hotels, resorts and cruise ships for services rendered. Casino-hotels are excluded from this report. Any currency conversions used in the creation of this report have been calculated using constant annual average exchange rates.

1.2

Research Highlights
The global hotels, resorts and cruise lines sector generated total revenues of $564.8 billion in 2008, representing a compound annual growth rate (CAGR) of 7% for the period spanning 2004-2008. The hotels and motels segment proved the most lucrative for the global hotels, resorts and cruise lines sector in 2008, generating total revenues of $513.3 billion, equivalent to 90.9% of the market's overall value. The performance of the sector is forecast to decelerate, with an anticipated CAGR of 4.1% for the five-year period 2008-2013, which is expected to drive the sector to a value of $689.5 billion by the end of 2013.

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MARKET OVERVIEW

1.3

Market Analysis
The global hotels, resorts and cruise lines sector decelerated in growth between 2004-2008. Slight decline in growth is expected in 2009, followed by recovery in 2010. The global hotels, resorts and cruise lines sector generated total revenues of $564.8 billion in 2008, representing a compound annual growth rate (CAGR) of 7% for the period spanning 2004-2008. In comparison, the European and Americas markets reached respective values of $221.2 billion and $203.7 billion in 2008. The hotels and motels segment proved the most lucrative for the global hotels, resorts and cruise lines sector in 2008, generating total revenues of $513.3 billion, equivalent to 90.9% of the market's overall value. In comparison, resorts generated revenues of $26.1 billion in 2008, equating to 4.6% of the sector's aggregate revenues. The performance of the sector is forecast to decelerate, with an anticipated CAGR of 4.1% for the five-year period 2008-2013, which is expected to drive the sector to a value of $689.5 billion by the end of 2013.

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MARKET VALUE

CHAPTER 2

MARKET VALUE

The global hotels, resorts and cruise lines sector grew by 6.4% in 2008 to reach a value of $564.8 billion. The compound annual growth rate of the sector in the period 2004-2008 was 7%. Table 1: Global Hotels, Resorts & Cruise Lines Sector Value: $ billion, 2004-2008 $ billion 431.0 464.9 497.5 530.9 564.8 % Growth

Year 2004 2005 2006 2007 2008 CAGR, 2004-2008:


Source: Datamonitor

7.90% 7.00% 6.70% 6.40% 7.0%


DATAMONITOR

Figure 1:

Global Hotels, Resorts & Cruise Lines Sector Value: $ billion, 2004-2008

$ billion 600 500 $ billion 400 300 200 100 0 2004 2005 2006

% Growth 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 2007 2008 % Growth

Source: Datamonitor

DATAMONITOR

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MARKET SEGMENTATION I

CHAPTER 3

MARKET SEGMENTATION I

Hotels and motels segment dominates the global hotels, resorts and cruise lines sector, with 90.9% of the sector's value. Resorts segment accounts for a further 4.6% of the sector's revenue. Table 2: Global Hotels, Resorts & Cruise Lines Sector Segmentation I: % Share, by Value, 2008 % Share 90.90% 4.60% 4.50% 100.0%
DATAMONITOR

Category Hotels and Motels Resorts Cruise lines Total


Source: Datamonitor

Figure 2:

Global Hotels, Resorts & Cruise Lines Sector Segmentation I: % Share, by Value, 2008

Cruise lines 4.5% Resorts 4.6%

Hotels and Motels 90.9%


Source: Datamonitor
DATAMONITOR

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MARKET SEGMENTATION II

CHAPTER 4

MARKET SEGMENTATION II

Europe accounts for 39.2% of the global hotels, resorts and cruise lines sector's value. In comparison, Americas accounts for a further 36.1% of the sector's revenue. Table 3: Global Hotels, Resorts & Cruise Lines Sector Segmentation II: % Share, by Value, 2008 % Share 39.20% 36.10% 19.30% 5.50% 100.0%
DATAMONITOR

Geography Europe Americas Asia-Pacific RoW Total


Source: Datamonitor

Figure 3:

Global Hotels, Resorts & Cruise Lines Sector Segmentation II: % Share, by Value, 2008

RoW 5.5% Asia-Pacific 19.3%

Europe 39.2%

Americas 36.1%

Source: Datamonitor

DATAMONITOR

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MARKET SHARE

CHAPTER 5

MARKET SHARE

Carnival Corporation accounts for 2.6% of the global hotels, resorts and cruise lines sector's value. In comparison, Accor accounts for a further 2% of the sector's revenue. Table 4: Global Hotels, Resorts & Cruise Lines Sector Share: % Share, by Value, 2008 % Share 2.60% 2.00% 1.50% 0.90% 93.00% 100.0%
DATAMONITOR

Company Carnival Corporation Accor Hilton Group Starwood Hotels & Resorts Worldwide Other Total
Source: Datamonitor

Figure 4:

Global Hotels, Resorts & Cruise Lines Sector Share: % Share, by Value, 2008

Carnival Corporation 2.6%

Accor 2%

Hilton Group 1.5%

Starw ood Hotels & Resorts Worldw ide 0.9%

Other 93%
Source: Datamonitor
DATAMONITOR

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COMPETITIVE LANDSCAPE

CHAPTER 6

COMPETITIVE LANDSCAPE

The hotels, resorts and cruise lines sector will be analyzed taking hotels, resorts and cruise lines operators and owners as players. The key buyers will be taken as enduser customers, and property owners, developers and real estate companies, interior design and furnishings companies, architects, management and training service providers, marketing companies, industry consultants and ICT manufacturers, shipyards, etc. as the key suppliers. The global hotels, resorts and cruise lines sector is capital, management, marketing, personnel, energy, maintenance, and technology intensive. Hotels, resorts and cruise lines operators and owners are market players and customers are buyers. Buyers are price sensitive and prone to switch to a new player if a better offer is presented. The global economic slowdown is also having an impact on the hospitality sector reducing the number of buyers somewhat. Players within the sector are reliant upon sophisticated technology and systems including technology utilized for property management, procurement and reservation systems. The quality of training providers is also vital - skilled employees are essential in the leisure industry as they provide direct services and can boost company revenues. The sector is capital, management, marketing, personnel, energy, maintenance, and technology intensive and highly sensitive to economic and competitive market conditions, e.g. travel and tourism trends. The global economic slowdown and transportation prices are soaring in a slowing economy and are having an impact on the hospitality sector. In these circumstances, budget hotels look set to benefit as consumers are forecast to tighten their belts and spend less. Substitutes include alternative forms of leisure usually cheaper accommodation. The hotels, resorts and leisure facilities sector is heavily fragmented despite the presence of several large, well-known hotel operators, such as Carnival, Accor, Hilton or Starwood generating only around 7% of the global revenues. Their presence, combined with high fixed cost and exit barriers contributes towards increased competition. The hotel segment is by far the largest segment within the global hotels, resorts and cruise lines sector, generating more than 90% of the total revenues Customers are mainly individuals using accommodation and services offered but also companies using events and conference venues. Buyers are generally highly price sensitive and prone to switch when a better offer is presented, except within the premium market, where accommodation and services can reach very high prices.

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COMPETITIVE LANDSCAPE
Hotel, resort and cruise ship operators can differentiate their offering by brand or additional, sometimes personalized, guest services (e.g. restaurants, child care, swimming pool, user rewards or different room features etc.). Operators try to tempt customers with new ideas such as capsule style hotels aimed at the mid-market consumer. In the premium segment, companies can attract customers by better security and more facilities such as spas and gyms. Some larger companies have begun to introduce loyalty schemes, by offering a points system or air miles to regular customers, which reduces buyer power. As customers are numerous and small in size, their buyer power is reduced, since the impact of losing one customer is not a significant threat to business. Brand recognition is important to attract consumers in this competitive and mature sector. A strong brand image helps to attract first-time customers as well as repeat business, whereas switching costs are negligible. Innovation is also vitally important in attracting customers, as competing on price alone can be difficult. Buyer power is further weakened by their sheer size; however the global economic slowdown is also having an impact on the hospitality sector reducing number of buyers somewhat. Overall buyer power is moderate within the global hotels, resorts and cruise lines sector. The global hotels, resorts and cruise lines sector is capital, management, marketing, personnel, energy, maintenance, and technology intensive. Suppliers in this market are: property owners, developers and real estate companies, interior design and furnishings companies, architects, management and training service providers, marketing companies, industry consultants and ICT manufacturers. There are also shipyards for cruise ships construction. Real estate companies are often much smaller than hotel operators and rather than conducting business globally they are usually local to the property they develop, which reduces their financial muscle and ability to negotiate favorable contracts. Furthermore hotels can integrate backwards and operate their own real estate business. Players within the sector are reliant upon sophisticated technology and systems including technology utilized for property management, procurement and reservation systems. The quality of training providers is also vital - skilled employees are essential in the leisure industry as they provide a direct service and can boost company revenues. Staff costs are significant as success within the global hotels, resorts and cruise lines sector is strongly influenced by the quality of the service provided. Supplier power is assessed as moderate.

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COMPETITIVE LANDSCAPE
Entry to the global hotels, resorts and cruise lines sector may be achieved by starting up a new company or franchise, by diversifying an existing company's operations into the leisure services or acquisition of existing company. The sector is capital, management, marketing, personnel, energy, maintenance, and technology intensive and highly sensitive to economic and competitive market conditions, e.g. travel and tourism trends. The global economic slowdown and transportation prices soaring in a slowing economy are having an impact on the hospitality sector. In these circumstances, budget hotels look set to benefit as consumers are forecast to tighten their belts and spend less. However, there are markets that have not been impacted by the global crisis. The China National Tourism Administration (CNTA) forecast suggests that the inbound travel to China is expected to grow by 1.5% in 2009 to reach the level of 132 million tourist arrivals. Events such as the World Expo in Shanghai in 2010 are also drawing attention to the region. The industry depends greatly on airline capacity, service and convenience in travel as well as the cost of airline travel. Lots of airlines offer numerous discounted flights to more and more destinations across the world to promote travel due to lower transportation costs. These opportunities tend to attract new entrants. Uniformity of the large chains may actually make them less popular with certain consumers and it is possible to enter the industry in a relatively low cost way by opening a small, independent business as a sole proprietor. Franchising is also popular as it requires less financial outlay. However, generally the industry requires high capital expenditure, and for a large-scale entrance, upfront investment in buildings, dcor and furnishings, ICT infrastructure and staff may be expensive. Tourism is not an essential consumer good and it tends to be cyclical. To sustain any revenue growth in the premium market, operating a chain of hotels is often an important strategy, as it reduces dependence on tourism in any particular location. Innovation and additional services are also an important factor. To target specific group of customers Hilton has recently introduced a Pet Friendly program. The company has partnered with Pet Shelters across America (PSAA), the nation's leading animal sheltering organization. Hilton Pet Friendly collection includes a pet pillow, food and water bowls with placemat and a small tote stocked with travel essentials. Real estate regulations and purchasing conditions abroad can be restrictive in some countries according to foreign investment.

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COMPETITIVE LANDSCAPE
The purchase, leasing, and management of property may involve legal and financial complexities, necessitating spending on professional services. Companies such as Marriott have developed business models in which third parties deal with its property to avoid extra costs. However a completely new entrant might not have sufficient scale economies to attempt this. Overall, the likelihood of new entrants is moderate. Substitutes include alternative forms of leisure usually cheaper accommodation, such as camping facilities, recreational vehicles, time-share, fractional ownership, second homes or informal accommodation with friends and family. Switching costs vary from negligible to high depending on chosen alternative (e.g. the purchase price of an RV or participation in time - share costs). While all these substitutes offer the same basic function of a place to stay, hotels often provide added benefits such as spas and restaurants. The threat of substitutes is assessed as moderate. The hotels, resorts and leisure facilities sector is heavily fragmented despite the presence of several large, well-known hotel operators, such as Carnival, Accor, Hilton or Starwood generating only around 7% of the global revenues. Most of the leading players operate several different branded chains. Carnival has a portfolio of 11 widely recognized cruise brands that cater to different lifestyles and budgets (categorized into contemporary, premium and luxury cruise experiences). They also target different cultures and demographic groups while addressing people's diverse entertainment and holiday preferences. However, there are also numerous independent companies present in this sector. More competitors boost the rivalry in the market. Many larger operators have diversified to some extent, and own businesses such as casinos and shops. The largest hotels decided to diversify geographically to insulate from unpredictable market conditions - e.g. Accor is present across all market segments in over 90 countries. Diversity weakens the degree of rivalry somewhat, however, large number of smaller players are based mostly or exclusively in one country. Many big chains have adopted an asset-light business model in order to fuel expansion; selling off assets has allowed large competitors to raise capital and invest in expanded operations, which again intensifies the competitive nature of the sector. Market players can differentiate their product in some certain ways which weakens the rivalry. Operators try to tempt customers with loyalty programs and new ideas such as the capsule style hotels popular in Japan aimed at the mid-market consumer offering minimal facilities and room space. In the premium segment, companies can attract customers by better security and more facilities such as spas and gyms. Also the menus continue to evolve and get more interesting as the modern diners and travelers expect a more personalized and fun approach to their experiences.

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COMPETITIVE LANDSCAPE
In recent years, hotel branding has become more important than location for many of the major players. Rising numbers of brands and branded properties are leading to a commoditization of the hospitality product and increasing competition between brands. Overall rivalry in the global hotels, resorts and cruise lines sector is moderate.

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LEADING COMPANIES

CHAPTER 7

LEADING COMPANIES

7.1

Carnival Corporation & plc


Table 5: Key Facts: Carnival Corporation & plc 3655 North West 87th Avenue, Miami, Florida 33178, USA 1 305 599 2600 1 305 406 8630 www.carnivalcorp.com November CCL; CCLC; CCLC New York; Frankfurt; Berlin
DATAMONITOR

Address: Telephone: Fax: Website: Financial Year-End: Ticker: Stock Exchange:


Source: Company Website

Carnival is one of the largest vacation companies in the world. Carnival Corporation and Carnival plc operate under a dual listed company (DLC) structure. Carnival Corporation is incorporated in Panama and Carnival plc is incorporated in England and Wales. Together with their consolidated subsidiaries, they are referred to as Carnival. Carnival Corporation and Carnival plc are both public companies, with separate stock exchange listings and their own shareholders. Although the two companies have retained their separate legal identities, they operate as if they are a single economic enterprise, with a single executive management team, and have identical Boards of Directors. The company has a portfolio of 11 cruise brands, which include Carnival Cruise Lines, Princess Cruises (Princess), Costa Cruises (Costa), Holland America Line, P&O Cruises, AIDA Cruises (AIDA), Cunard Line (Cunard), P&O Cruises Australia, Ocean Village, Ibero Cruises and The Yachts of Seabourn. The primary markets served by Carnival include North America, Europe, UK, Germany, New Zealand, Spain and Australia. Carnival has 85 cruise ships with a combined passenger capacity of 158,352 berths. Carnival Cruise Lines, Princess, Holland America Line and Seabourn focus on the North America market. Cunard, meanwhile, concentrates on North America and UK. Carnival Cruise Lines operates 22 contemporary ships. It offers cruises to the Mexican Riviera, the Bahamas and the Caribbean. It also offers cruises to Alaska, Canada, New England, the Hawaiian Islands and the Panama Canal, with most cruises ranging from three to seven days. It has combined passenger capacity of 50,770 berths.

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LEADING COMPANIES
The Princess Cruises has a fleet of 16 modern ships. It offers over 90 itineraries to more than 270 destinations including North and South America, Australia and the South Pacific. Princess Cruises has a combined passenger capacity of 34,450 berths. With a combined passenger capacity of 18,916 berths, the Holland America Line operates a fleet of 13 ships sailing to more than 300 ports in more than 60 countries. These ports include departures from New York, Boston, Montreal, Norfolk, Fort Lauderdale, Tampa, San Diego, Seattle and Vancouver. Most Holland America Line sailings in the Caribbean visit a private island destination known as Half Moon Cay, which is owned by Holland America Line. The Costa Cruises operates 12 ships in Europe in the spring-to-fall season and the fall-to-spring season. It sails to 132 European ports and various other ports in the Caribbean and South America. Costa Cruises offers 48 different itineraries, with most cruises ranging from seven to 11 days. It has a combined passenger capacity of 23,196 berths. The P&O Cruises operates five ships and sail to over 225 destinations in more than 90 countries, with most cruises ranging from seven to 14 days. It has a combined passenger capacity of 8,840 berths. AIDA Cruises are usually taken by passengers from German-speaking countries. It operates four contemporary ships with most cruises ranging from seven to 14 days. During the summer, AIDA ships sail in the Mediterranean and the North and Baltic Seas, calling on approximately 70 ports, while itineraries for the winter include the Caribbean, Central America, the Western Mediterranean and the Atlantic Islands. In total, AIDA Cruises have a combined passenger capacity of 5,762 berths and operates four ships. The Cunard Line operates three luxury ships. They are primarily marketed in the UK, North America, Germany and Australia. It has a combined passenger capacity of 6,360 berths. The P&O Cruises Australia serves Australia and New Zealand. Its ships, the Pacific Sun and the Pacific Star, offer seven to 14 day cruises from Sydney and Brisbane to Vanuatu, New Caledonia, Fiji, and New Zealand and for a portion of the year offers a premium cruise product from Sydney to French New Caledonia and other destinations in the South Pacific on the Pacific Princess. In total, it has a combined passenger capacity of 4,070 berths and operates three ships. Ocean Village with passenger capacity of 3,286 berths targets a young and active customer base. It offers one or two week cruises, together with cruise and stay holidays, and operates out of Palma, Majorca in the Mediterranean during the summer season and from Barbados in the Caribbean during the winter season.

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LEADING COMPANIES
Seabourn consists of three ships serving North America. Seabourn's ships offer destinations throughout the world, including Europe, Asia, the South Pacific and the Americas, with cruises generally in the seven to 14 day range. It operates three ships with a capacity of 624 berths. Ibero Cruises operates two contemporary Spanish cruise ships with 2,078 berths. The company is owned 75% by Carnival and 25% by Orizonia Corporation. Carnival also owns cruise and tour operators in Alaska and the Canadian Yukon, known as Holland America Tours and Princess Tours. These tour companies market and operate 16 hotels and lodges in Alaska and the Canadian Yukon, with over 3,000 guest rooms; over 560 motor coaches used for sightseeing and charters in the States of Washington and Alaska, in British Columbia, Canada and the Canadian Yukon. The company has 24 domed rail cars, which are run on the Alaska railroad between Anchorage and Fairbanks, Whittier and Denali, and Whittier and Talkeetna, and two luxury dayboats that offered tours to Portage glacier in Alaska and on the Yukon River. The Holland America Tours and Princess Tours market and operate sightseeing packages or individual components of such packages, which are sold either separately or as part of the company's tour packages to its Alaskan cruise passengers and other vacationers. The company maintains another headquarters in London, the UK.

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LEADING COMPANIES
Key Metrics Table 6: Key Financials: Carnival Corporation & plc
2004 9,727.0 1,809.0 18.6% 27,636.0 11,876.0 69,500 2005 11,094.0 2,253.0 20.3% 28,349.0 11,466.0 57,500 2006 11,839.0 2,279.0 19.2% 30,552.0 12,342.0 74,700 2007 13,033.0 2,408.0 18.5% 34,181.0 6,649.8 75,000 2008 14,646.0 2,330.0 15.9% 33,400.0 5,835.2 86,000

Revenues Net Income Profit Margin Total Assets Total Liabilities Employees

All in $ millions, except for employee numbers and margins Source: Company Filings

DATAMONITOR

Figure 5:

Revenues & Profitability: Carnival Corporation & plc


Revenues Net Income Profit Margin 25.0% Profit Margin (%)
Page 21

16,000.0 14,000.0 US$ Millions 12,000.0 10,000.0 8,000.0 6,000.0 4,000.0 2,000.0 0.0 2004 2005 2006 Year 2007 2008

20.0% 15.0% 10.0% 5.0% 0.0%

Source: Company Filings

DATAMONITOR

Global - Hotels, Resorts & Cruise Lines Datamonitor (Published March 2009)

LEADING COMPANIES

7.2

ACCOR
Table 7: Key Facts: ACCOR 110 Avenue de France, 75210 Paris, Cedex 13, FRA 33 01 45 38 86 00 33 01 45 38 71 34 www.accor.com June ACCP Paris
DATAMONITOR

Address: Telephone: Fax: Website: Financial Year-End: Ticker: Stock Exchange:


Source: Company Website

Accor is an international hotel operator. It is also a worldwide issuer of service vouchers under the brand Ticket Restaurant. Accor operates in 150 countries worldwide. The group also has partners in the leisure industry (a partnership with Club Mediterranee), casinos (Lucien Barriere), restaurants and catering services (Lenotre, Gemeaz Cusin, Compagnie des Wagons-Lits) and travel agencies (Carlson Wagonlit Travel). Accor operates through three reportable segments: hotels, services and others. The hotels segment operates 3,871 hotels with 461,058 rooms in 90 countries around the world. Accor offers luxury hotels under the brand names Sofitel, mid-scale to upscale hotels under the brand names Novotel, Pullman, Mercure, Suitehotel, Adagio, economy hotels called as All Seasons and Ibis and the lower end of the pyramid; budget hotels under the brand names Motel 6, Etap and Formule 1. In the US, the group operates under the Motel 6 brand. Formule 1 has changed its name to hotelF1 in France in FY2007. It is one of the largest hospitality groups in Europe with a network of 2,260 hotels and 246,333 rooms accounting to 56% of room base in Accor. Accor has 974 hotels located in North America, 170 hotels in Latin America and Caribbean, 145 hotels in Africa and the Middle East, and 322 hotels in Asia and the Pacific. Accor's prestige hotel brand, Sofitel, is positioned as one of the premium hotels based on the French style of art and living. Sofitel has an international network in various cities around the world, as well as in popular tourist destinations. The brand's reputation has also been enhanced by the chain's many gourmet restaurants.

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LEADING COMPANIES
Novotel was the first brand of hotels launched by Accor in 1967. It is engaged in the mid-scale to up-scale lodging market segment, with an international network of contemporary hotels around the world for business and leisure customers. Engaged in the economy hotel segment, Ibis offers a full range of 24-hour services and food solutions that vary depending on the region and the season. A European integrated hotel chain, Mercure, features traditional establishments. The brand is also known for its Grands Vins Mercure wine list. The 10 Suitehotel offers functional, modular, 30-square-meter suites. Formule 1 offers functional rooms with basic comforts for up to three people. The group's services segment includes travel management services, catering services and others; and onboard train services as well as its worldwide issue of service vouchers with its flagship Ticket Restaurant product. This business is present in 40 countries with 30 million users. The segment serves approximately 430,000 corporate and institutional customers and has 1,000,000 affiliates. Accor services solutions are built on the Ticket Restaurant meal voucher model which was created in the late 1950's. Accor provides travel management services through its 50% interest in Carlson Wagonlit Travel, a business travel management specialist with operations in all of Accor's strategic markets. Accor is active in all segments of the gourmet food industry through Lenotre, a subsidiary. Lenotre provides catering services and manages a chain of 55 gourmet boutiques in 17 countries including Germany, Saudi Arabia, South Korea, the US, Japan, Kuwait, Morocco, Qatar, UAE, China, South Korea, Thailand and Tunisia. In France, the group manages 17 gourmet restaurants, the Pre Catelan restaurant, the Panoramique restaurant at the Stade de France sports stadium and the Pavilion Elysee, a new concept dedicated to gourmet cooking that combines a cooking school for amateurs, a Lenotre Cafe and a culinary arts boutique. Accor is a provider of onboard train services in Europe through the Compagnie des Wagons-Lits subsidiary. With a presence in six countries (Austria, Belgium, France, Italy, the Netherlands and Portugal), the group caters to customers throughout their journey, with onboard hotel and food services, snack bar, in-seat and dining car services, refreshment trolleys and vending machines. It also provides reception and escort services for sleeping and couchette cars on national and international overnight trains.

Global - Hotels, Resorts & Cruise Lines Datamonitor (Published March 2009) Page 23

LEADING COMPANIES
To address all of these issues, Accor has implemented ISO 9001/2000-certified quality and environmental management systems in all of its operating units and met the standards for ISO 4001/2004 environmental certification in Austria, Spain, Italy and Portugal, as well as at headquarters, located in France. Created in December 2004, Groupe Lucien Barriere is 51% owned by the DesseigneBarriere family, 34% by Accor and 15% by Colony Capital. It is a major European player in the casino market and leader in the luxury hotel and restaurant market in France, with 39 casinos, including the Deauville, Enghien, La Baule, Montreux, Bordeaux and Toulouse casinos, and 15 luxury hotels. Already present in 6 countries (France, Switzerland, Belgium, Malta, Egypt and Morocco), Groupe Lucien Barriere SAS is actively expanding and modernizing its portfolio of establishments. The company is headquartered in Evry Cedex, France and employs 172,695 people.

Global - Hotels, Resorts & Cruise Lines Datamonitor (Published March 2009) Page 24

LEADING COMPANIES
Key Metrics Table 8:
Metric Revenues Net Income Profit Margin Total Assets Total Liabilities
Source: Company Fiilings

Key Financials: ACCOR


2003 10,422.7 444.8 4.3% 16,031.4 10,642.2 2004 9,658.9 374.6 3.9% 16,612.3 11,932.8 2005 10,441.8 532.6 5.1% 19,282.7 12,989.3 2006 11,130.9 781.4 7.0% 16,290.4 10,294.0 2007 11,883.1 1,334.5 11.2% 15,852.9 10,452.0

All in $ millions, except for employee numbers and margins


DATAMONITOR

Figure 6:

Revenues & Profitability: ACCOR


Revenues Net Income Profit Margin 12.0% 10.0% 8.0% 6.0% Profit Margin (%)
Page 25

14,000 12,000 US$ Millions 10,000 8,000 6,000 4,000 2,000 0 2003 2004 2005 Year 2006 2007

4.0% 2.0% 0.0%

Source: Company Filings

DATAMONITOR

Global - Hotels, Resorts & Cruise Lines Datamonitor (Published March 2009)

LEADING COMPANIES

7.3

Hilton Hotels Corporation


Table 9: Address: Telephone: Website: Financial Year-End: Ticker: Stock Exchange:
Source: Company Website

Key Facts: Hilton Hotels Corporation 9336 Civic Center Drive, Beverly Hills, California 90210 USA 1 310 278 4321 www.hiltonworldwide.com December HLNQ Pink OTC
DATAMONITOR

Hilton Hotels Corporation (HHC) is one of the leading global hospitality companies which own more than 3,000 hotels and 500,000 rooms in 74 countries and territories. The company owns, manages or franchises a hotel portfolio of some of the best known and highly regarded brands. Its hotel portfolio includes Hilton hotels & Resorts, Conrad Hotels & Resorts, Embassy Suites Hotels, Doubletree Hotels, Doubletree Guest Suites, Doubletree Club Hotel, Hampton Inn, Hampton Inn & Suites, Hilton Garden Inn, Homewood Suites, and Waldorf-Astoria Collection. Hilton Hotels & Resorts is a full-service hospitality segment of HHC. There are 231 Hilton Hotels in the US, 280 hotels abroad; Hilton Hotels operate nearly 181,130 rooms worldwide. Conrad Hotels & Resorts is a global, contemporary luxury brand. Conrad Hotels & Resorts has presence in key destinations across the globe with four hotels & resorts in Europe, two in the Middle East and Africa, 8 in Asia Pacific and four in Americas. There are nearly 6,120 rooms worldwide. Further, HHC has plans to expand into new markets including UAE, Portugal, China and Thailand. Doubletree brand primarily caters business and leisure travelers. There are nearly 180 Doubletree hotels with 45,974 rooms which includes 135 Doubletree Hotels & Resorts, 32 Doubletree Guest Suites and 13 Doubletree Clubs. In addition, there are 22 Doubletree projects under construction. Embassy Suites Hotels is the one of the largest hotel brands for premium segments in the US. It operates in seven countries, and in the US it is present in 39 states and 1 US territory. There are 185 Embassy Suites Hotels with 45,283 suites and 37 hotels are in the pipeline.

Global - Hotels, Resorts & Cruise Lines Datamonitor (Published March 2009) Page 26

LEADING COMPANIES
Hampton is one of the fastest growing hotel chains. The Hampton brand offers high quality accommodations, in-room conveniences with the latest technology at competitive rates. The Hampton brand includes Hampton Inn and Hampton Inn & Suites hotels. There are more than 1,400 Hampton hotels with more than 145,000 guest rooms located in 49 states in the US. Hampton's international properties located in Canada, Costa Rica, Ecuador, Mexico, and Puerto Rico. Hilton Garden Inn (Hilton Garden) is a mid priced brand. Hilton Garden operates 312 Hilton hotels (as on April 2007) including 293 in the US, 13 in Canada, 3 in Mexico, 2 in Italy and 1 in Germany. Further, there are 120 hotels in development. Hilton Grand Vacations develops markets and operates a system of brand name, high-quality vacation ownership resorts in select vacation destinations. Hilton Grand Vacations operates 34 units with 4,561 rooms. The company also manages and operates two innovative club membership programs: Hilton Grand Vacations Club and The Hilton Club, providing exclusive exchange, leisure travel and reservation services for more than 127,000 Club Members. Homewood Suites is a premium product which offers guest suites with fully equipped kitchens with microwave oven, full-size refrigerator, dishwasher, twin-burner stove, coffee-maker, utensils and place settings. HHC has more than 195 hotels in North America with more than 21,000 suites. More than 125 new Homewood Suites projects are in the pipeline. In addition, HHC has five majestic hotels called The Waldorf=Astoria Collection. The company is also engaged in eBusiness through the operation of the Hiltonworldwide.com,Hilton.com,Doubletree.com,EmbassySuites.com,Hamptoninn.co m, HomewoodSuites.com and HiltonGardenInn.com web sites, which provides customer service in addition to the Hilstar reservation system used by HRW. It also provides Internet access and business services in hotel guestrooms and other areas at certain hotels. HHC employs about 135,000 people.

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LEADING COMPANIES
Key Metrics Table 10:
Metric Revenues Net Income Profit Margin Total Assets Total Liabilities Employees
Source: Company Filings

Key Financials: Hilton Hotels Corporation


2003 3,819.0 164.0 4.3% 8,743.0 5,944.0 70,000 2004 4,146.0 238.0 5.7% 8,242.0 5,674.0 70,000 2005 4,437.0 460.0 10.4% 8,743.0 5,932.0 61,000 2006 7,438.0 572.0 7.7% 16,481.0 12,754.0 105,000 2007 8,090.0 121.0 1.5% 37,868.0 32,670.0 135,000

All in $ millions, except for employee numbers and margins


DATAMONITOR

Figure 7:

Revenues & Profitability: Hilton Hotels Corporation


Revenues Net Income Profit Margin 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2003 2004 2005 Year 2006 2007 Profit Margin (%)
Page 28

9,000 8,000 7,000 US$ Millions 6,000 5,000 4,000 3,000 2,000 1,000 0

Source: Company Filings

DATAMONITOR

Global - Hotels, Resorts & Cruise Lines Datamonitor (Published March 2009)

LEADING COMPANIES

7.4

Starwood Hotels & Resorts Worldwide


Table 11: Address: Telephone: Fax: Website: Financial Year-End: Ticker: Stock Exchange:
Source: Company Website

Key Facts: Starwood Hotels & Resorts Worldwide S1111 Westchester Avenue, White Plains, New York 10604 USA 1 914 640 8100 1 914 640 8310 www.starwood.com December HOT New York
DATAMONITOR

Starwood Hotels & Resorts Worldwide (Starwood) operates in the hotel and leisure sector. The company conducts its hotel and leisure business both directly and through its subsidiaries. Starwood is well represented in most major markets around the world through its brands such as St. Regis, The Luxury Collection, W Hotels, Westin, Le Meridien, Sheraton, Four Points by Shertaton, Aloft and Element. Further, Starwood also owns Starwood Vacation Ownership, a developer and operator of high quality vacation interval ownership resorts. As of December 2007, the company operates about 897 properties in more than 100 countries. The company operates in two segments: "hotels and vacation ownership" and "residential operations". The company's hotel business operates primarily in the luxury and upscale segment of the lodging industry. As of December 2007, the company's hotel portfolio includes owned, leased, managed and franchised hotels totaling 897 hotels with approximately 275,000 rooms in 100 countries. The hotel portfolio comprises 74 hotels that Starwood wholly owns or leased; 415 hotels were managed by Starwood on behalf of third party owners (including entities in which Starwood has a minority equity interest), and 408 hotels for which Starwood receives franchise fees. The company owns, develops and operates vacation ownership resorts. It markets and sells vacation ownership interests (VOIs) in the resorts, and provides financing to customers who purchase such interests. The company has 28 vacation ownership resorts in the US, Mexico and the Bahamas. The company is headquartered in White Plains, New York and employs about 155,000 people.

Global - Hotels, Resorts & Cruise Lines Datamonitor (Published March 2009) Page 29

LEADING COMPANIES
Key Metrics Table 12:
Metric Revenues Net Income Profit Margin Total Assets Total Liabilities Employees
Source: Company Filings

Key Financials: Starwood Hotels & Resorts Worldwide


2003 4,630.0 309.0 6.7% 11,894.0 7,509.0 110,000 2004 5,368.0 395.0 7.4% 12,298.0 7,483.0 120,000 2005 5,977.0 422.0 7.1% 12,494.0 7,258.0 145,000 2006 5,979.0 1,043.0 17.4% 9,280.0 6,247.0 145,000 2007 6,153.0 542.0 8.8% 9,622.0 7,520.0 155,000

All in $ millions, except for employee numbers and margins


DATAMONITOR

Figure 8:

Revenues & Profitability:Starwood Hotels & Resorts Worldwide


Revenues Net Income Profit Margin 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2003 2004 2005 Year 2006 2007

7,000 6,000 US$ Millions 5,000 4,000 3,000 2,000 1,000 0

Source: Company Filings

DATAMONITOR

Global - Hotels, Resorts & Cruise Lines Datamonitor (Published March 2009) Page 30

Profit Margin (%)

MARKET FORECASTS

CHAPTER 8

MARKET FORECASTS

8.1

Market Value Forecast


In 2013, the global hotels, resorts and cruise lines sector is forecast to have a value of $689.5 billion, an increase of 22.1% since 2008. The compound annual growth rate of the sector in the period 2008-2013 is predicted to be 4.1%. Table 13: Global Hotels, Resorts & Cruise Lines Sector Value Forecast: $ billion, 2008-2013 Year 2008 2009 2010 2011 2012 2013 CAGR, 2008-2013:
Source: Datamonitor

$ billion 564.8 562.0 577.5 612.5 649.4 689.5

% Growth 6.40% -0.50% 2.80% 6.00% 6.00% 6.20% 4.1%


DATAMONITOR

Figure 9:

Global Hotels, Resorts & Cruise Lines Sector Value Forecast: $ billion, 2008-2013

$ billion 800 700 600 $ billion 500 400 300 200 100 0 2008 2009 2010 2011

% Growth 7.0% 6.0% 5.0% % Growth 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% 2012 2013

Source: Datamonitor

DATAMONITOR

Global - Hotels, Resorts & Cruise Lines Datamonitor (Published March 2009) Page 31

APPENDIX

CHAPTER 9

APPENDIX

9.1

Methodology
Datamonitor Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, and cross-checked and presented in a consistent and accessible style. Review of in-house databases Created using 250,000+ industry interviews and consumer surveys and supported by analysis from industry experts using highly complex modeling & forecasting tools, Datamonitors in-house databases provide the foundation for all related industry profiles Preparatory research We also maintain extensive in-house databases of news, analyst commentary, company profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market overview Definitions Market definitions are standardized to allow comparison from country to country. The parameters of each definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the market and our clients Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends Datamonitor aggregates and analyzes a number of secondary information sources, including:

National/Governmental statistics International data (official international sources) National and International trade associations Broker and analyst reports Company Annual Reports Business information libraries and databases Modeling & forecasting tools Datamonitor has developed powerful tools that allow quantitative and qualitative data to be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can then be refined according to specific competitive, regulatory and demand-related factors Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Global - Hotels, Resorts & Cruise Lines Datamonitor (Published March 2009) Page 32

APPENDIX
9.2 Industry Associations
The American Hotel & Lodging Association 1201 New York Avenue, NW 600, Washington, DC 20005-3931, US. Tel: 1 202 289 3100 Fax: 1 202 289 3199 www.ahla.com/ Cruise Lines International Association 80 Broad Street, Suite 1800, New York, New York 10004, US. Tel: 1 212 921 0066 Fax: 1 212 921 0549 www.cruising.org/

9.3

Related Datamonitor Research


Datamonitor Industry Profiles Global Food Products Global Household & Personal Products Global Health Care Equipment Global Life Sciences Tools & Services Global Pharmaceuticals, Biotechnology & Life Sciences Global Brewers Global Food & Staples Retail Global Hypermarkets & Super Centers Global Automotive Retail Global Specialty Stores Global Home Improvement Retail

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