The recovery of business activity and MICE business, after the summer break, did not prevent the RevPAR from dropping below zero. While the 1% drop is relatively weak, it shows that the increase in the RevPAR on the month of August was truly the result of exceptional circumstances and the events calendar in certain countries that accelerated average rates. In September, the overall trend is confirmed by a new drop in occupancy rates across all segments, going from 77.2% in August to 76.2%. Several isolated cases of dynamic hotel activity in some countries such as Austria and the Czech Republic, have nonetheless made it possible to maintain average daily rates at 103.8 euros. Such results could not have been reached without the 6.2% increase in average prices on the Budget segment, making it possible to avoid the worst. Once again, the best results may be observed in Northern Europe, while the South generally tends to pull the Union downward. Austria is back in line with countries with the best results in the Union. The steady business in its capital, Vienna, comes back with new vigor after the summer season, allowing average prices to take off (+20.5%) and the RevPAR to surpass the 110 euros benchmark. Austria’s main competitor on the MICE market, the Czech Republic, also reports a dynamic month. Germany’s performance is more modest but continues its trajectory with a new increase in its RevPAR mostly due to the good resistance of its average prices. Further South, the new school year hit Portugal hard as the country watched its summer occupancy levels drop while the revision of austerity measures of September 16 brought about a wave of demonstrations throughout the country, to the detriment of hotel activities (-16.9% in the RevPAR). The frenzy generated by the major sports events...