This solid activity made it possible to maintain a relatively high level of occupancy with respect to October 2011, close to 70% nationally. We may observe very similar activity across all the categories with exception to the upscale segment, which once again shows outstanding performance. And yet, occupancy rates are down globally, although marginally. Improvement in the RevPAR cannot be produced by stronger activity during a period of economic depression. Thus it is the result of relatively significant growth in average rates, and therefore remarkable control over Revenue Management. Guests at the hotels are motivated by professional needs and pricing "promotions" do not justify their travel. The growth rate rises proportionately with the quality of properties, up to a surprising 13% increase in the 4-5*.The Parisian calendar of activity was thus more favorable thanks to the alignment of the prolongation of Fashion Week into the first week and the biennial Mondial de l’Automobile, at the beginning of October. It is natural for Parisian hotel results to be much higher than the national average and even more so on the upscale alone. Paris intramuros posts a 90% OR on average and a +16% increase in average rates. The RevPAR of the Luxury segment leapt by 18% in October. There is a striking contrast with the activity in the rest of the French Regions, which show a 2 point drop in the occupancy rate overall, and 3.5% growth in average rates. Results remain positive but with a weak variation by +0.2% in the RevPAR. The difference remains strong between the hotel activity in Paris and the Paris region and the rest of France, with occasional peaks such as in Lyon or Nice due to the arrival of major congresses. And yet, thanks to the Parisian growth engine and the stability of the...