FIVE-YEAR FORECAST OF HOTEL VALUES (€) — Photo by HVS

At the end of 2012, the outlook was positive, and numerous markets saw strong growth in

2013, but it wasn't quite the giant investment leap forward that many market observers hoped for. The troubled Eurozone started to improve in the south (Portugal, Spain and Greece), but this was somewhat overshadowed by political turmoil in Eastern and Central European countries (notably Turkey and Ukraine) and uncertainty surrounding the economies of France and Italy. At the end of 2012, the outlook was positive, and numerous markets saw strong growth in 2013, but it wasn't quite the giant investment leap forward that many market observers hoped for. The troubled Eurozone started to improve in the south (Portugal, Spain and Greece), but this was somewhat overshadowed by political turmoil in Eastern and Central European countries (notably Turkey and Ukraine) and uncertainty surrounding the economies of France and Italy.

About HVS

HVS is the world's leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of over 50 offices staffed by 300 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.

Leora Halpern Lanz
+1 516-680-8529
HVS