An occupancy rate higher than 70% is the sign of the market’s good resistance,even if this rate has dropped half a point since the previous year. The drop has no major effect on the level of average prices that even grew by close to 3% over October 2011. It must be said that the trade expo calendar was busy in a few major countries, such as Germany, Austria, France and even the United Kingdom. The budget segment within the 27 countries of the Union saw the best growth in average prices – between 4 and 5% - on a price base that remains very affordable. Because of the compensations between the makeup of parks from one country in the Union to the next, the difference in growth of the RevPAR between the categories is not very important. The good news is that all hotel segments benefit from the improvement of average prices. There is no commercial war at hand, nor a major shift of clientele between different hotel categories. Like last month, due to its dynamic MICE activity, Austria posted the best growth by earning 3 points for its OR and close to 9% in average daily rates. The United Kingdom continues to benefit from the year of the Olympics with record hotel occupancy (higher than 80% for the entire country and 90% for the capital). France realized a very good October thanks to its trade expos. On the other hand, the situation is more contrasted for Southern European countries. Portugal is once again plunging into the abyss, with respect to the previous year. Its activity level is among the lowest in Europe and may be felt in the average prices. Italy has slightly better control over the drop in its activity, while Spain continues to lose points in its...