Trend # 755364_SINIM / Created March 07, 2016

Trend Report - Paris - Total Market Upper Upscale Class

January 2010 to January 2016 Currency : EUR - European Euro

Table of Contents 1
Data by Measure 2
Percent Change by Measure 3
Percent Change by Year 4
Twelve Month Moving Average 5
Twelve Month Moving Average with Percent Change 6
Day of Week Analysis 7
Raw Data 8
Classic 9
Help 10
Terms and Conditions 11

Note this is fictional data created for the Essec / Coursera MOOC and is not a true reflection of the Paris market.

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The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written
permission is prohibited and subject to legal action. If you have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2016 STR, Inc. / STR Global, Ltd. trading as
“STR”.
Tab 2 - Data by Measure
Total Market Upper Upscale Class Note this is fictional data created for the Essec / Coursera MOOC and is not a true reflection of the Paris market.
Job Number: 755364_SINIM Staff: DV Created: March 07, 2016 Currency : EUR - European Euro
Occupancy (%)
January February March April May June July August September October November December Total Year Jan YTD
2010 60.2 77.8 73.8 67.1 71.6 80.1 88.5 73.2 87.9 83.0 73.4 65.9 75.2 60.2
2011 63.3 72.9 71.3 68.4 78.7 77.2 83.5 71.0 87.2 82.5 77.8 67.8 75.1 63.3
2012 64.1 68.1 70.2 68.1 76.5 76.3 81.7 74.9 87.0 83.2 76.9 71.0 74.9 64.1
2013 66.3 72.3 68.6 77.5 76.9 80.3 77.9 80.3 88.4 85.3 75.2 69.0 76.5 66.3
2014 66.0 70.0 72.3 74.7 81.7 81.8 84.0 83.8 90.6 88.0 78.0 72.8 78.7 66.0
2015 67.7 74.3 73.7 74.5 81.3 82.2 86.4 84.9 86.7 86.3 78.7 70.2 78.9 67.7
2016 65.0 65.0
Avg 64.7 72.5 71.6 71.8 77.8 79.6 83.6 78.1 88.0 84.7 76.7 69.5 76.6 64.7

ADR (EUR)
January February March April May June July August September October November December Total Year Jan YTD
2010 103.03 114.00 109.72 148.48 101.54 132.82 118.34 96.07 162.82 136.32 123.94 103.93 121.92 103.03
2011 120.92 119.49 110.87 101.79 127.47 117.53 123.91 93.14 170.18 138.61 118.54 105.01 121.85 120.92
2012 116.86 116.44 115.86 115.46 153.90 132.58 123.76 132.17 171.42 157.76 134.71 112.23 133.32 116.86
2013 133.41 126.62 116.69 186.72 120.10 148.47 115.16 115.79 177.87 157.50 125.57 115.46 137.60 133.41
2014 122.92 121.61 121.76 122.31 142.85 137.62 125.53 132.88 198.36 162.55 145.97 125.32 139.81 122.92
2015 139.55 135.24 127.70 127.95 142.21 145.24 136.37 147.82 201.62 169.40 140.32 126.40 146.03 139.55
2016 132.46 132.46
Avg 124.82 122.40 117.23 134.56 132.15 135.97 124.02 121.03 180.67 154.12 131.73 115.08 133.74 124.82

RevPAR (EUR)
January February March April May June July August September October November December Total Year Jan YTD
2010 61.97 88.72 80.98 99.60 72.65 106.32 104.74 70.34 143.10 113.16 91.02 68.52 91.68 61.97
2011 76.49 87.05 79.07 69.64 100.26 90.71 103.44 66.10 148.42 114.32 92.20 71.25 91.52 76.49
2012 74.93 79.35 81.33 78.67 117.70 101.21 101.06 98.95 149.09 131.22 103.53 79.67 99.80 74.93
2013 88.48 91.55 80.07 144.77 92.31 119.21 89.75 92.93 157.16 134.31 94.42 79.69 105.27 88.48
2014 81.09 85.07 88.04 91.31 116.66 112.53 105.46 111.35 179.65 142.99 113.85 91.23 109.98 81.09
2015 94.42 100.50 94.07 95.26 115.61 119.38 117.76 125.47 174.76 146.24 110.49 88.74 115.24 94.42
2016 86.08 86.08
Avg 80.76 88.72 83.97 96.58 102.84 108.29 103.70 94.49 158.90 130.59 101.04 79.99 102.40 80.76

Supply
January February March April May June July August September October November December Total Year Jan YTD
2010 212,784 192,192 220,689 213,570 220,689 213,570 220,689 220,689 213,570 220,689 213,570 220,689 2,583,390 212,784
2011 233,833 211,204 233,833 226,290 233,833 226,290 233,833 233,833 226,290 233,771 226,230 233,771 2,753,011 233,833
2012 233,771 211,148 233,771 226,230 233,771 226,230 233,771 233,771 226,230 233,771 226,230 233,771 2,752,465 233,771
2013 233,771 211,148 236,003 228,390 236,003 228,390 236,003 236,003 228,390 236,003 228,390 236,003 2,774,497 233,771
2014 236,003 213,164 236,003 228,390 236,003 228,390 236,003 236,003 228,390 236,003 228,390 236,003 2,778,745 236,003
2015 236,003 213,164 236,003 228,390 236,003 228,390 236,003 236,003 228,390 236,003 228,390 236,003 2,778,745 236,003
2016 236,003 236,003
Avg 231,738 208,670 232,717 225,210 232,717 225,210 232,717 232,717 225,210 232,707 225,200 232,707 2,736,809 231,738

Demand
January February March April May June July August September October November December Total Year Jan YTD
2010 127,998 149,564 162,877 143,267 157,912 170,966 195,338 161,592 187,705 183,187 156,845 145,505 1,942,758 127,998
2011 147,913 153,866 166,749 154,827 183,934 174,657 195,216 165,957 197,361 192,812 175,960 158,610 2,067,861 147,913
2012 149,895 143,894 164,101 154,154 178,794 172,691 190,904 175,013 196,768 194,439 173,869 165,943 2,060,464 149,895
2013 155,046 152,673 161,943 177,075 181,392 183,377 183,932 189,419 201,806 201,249 171,733 162,890 2,122,533 155,046
2014 155,696 149,109 170,632 170,509 192,747 186,757 198,268 197,775 206,850 207,605 178,136 171,803 2,185,887 155,696
2015 159,678 158,408 173,848 170,042 191,858 187,716 203,791 200,332 197,970 203,744 179,841 165,679 2,192,908 159,678
2016 153,363 153,363
Avg 149,941 151,252 166,692 161,645 181,106 179,361 194,575 181,681 198,077 197,173 172,731 161,739 2,095,402 149,941

Revenue (EUR)
January February March April May June July August September October November December Total Year Jan YTD
2010 13,187,203 17,050,613 17,871,126 21,271,892 16,033,792 22,707,641 23,115,649 15,524,259 30,561,488 24,972,481 19,438,797 15,121,912 236,856,853 13,187,203
2011 17,885,503 18,385,366 18,488,065 15,759,385 23,445,146 20,527,447 24,188,748 15,457,119 33,586,040 26,725,068 20,857,983 16,655,181 251,961,052 17,885,503
2012 17,516,929 16,755,310 19,012,349 17,798,052 27,515,533 22,895,990 23,626,009 23,131,654 33,729,128 30,674,678 23,422,309 18,623,483 274,701,427 17,516,929
 2013 20,684,650 19,330,972 18,897,490 33,063,372 21,785,572 27,225,482 21,181,393 21,932,558 35,894,910 31,697,066 21,564,444 18,807,787 292,065,695 20,684,650
2014 19,137,501 18,133,021 20,776,609 20,855,372 27,533,246 25,700,788 24,888,473 26,279,861 41,030,010 33,745,240 26,001,793 21,530,236 305,612,151 19,137,501
2015 22,282,722 21,423,474 22,200,545 21,757,039 27,283,864 27,264,159 27,790,799 29,612,111 39,914,412 34,513,694 25,234,692 20,942,098 320,219,609 22,282,722
2016 20,314,967 20,314,967
Avg 18,715,639 18,513,126 19,541,031 21,750,852 23,932,859 24,386,918 24,131,845 21,989,594 35,785,998 30,388,038 22,753,336 18,613,449 280,236,131 18,715,639

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written permission is prohibited and subject to legal action. If
you have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2016 STR, Inc. / STR Global, Ltd. trading as “STR”.
Tab 3 - Percent Change from Previous Year - Detail by Measure
Total Market Upper Upscale Class Note this is fictional data created for the Essec / Coursera MOOC and is not a true reflection of the Paris market.
Job Number: 755364_SINIM Staff: DV Created: March 07, 2016 Currency : EUR - European Euro
Occupancy
January February March April May June July August September October November December Total Year Jan YTD
2011 5.2 -6.4 -3.4 2.0 9.9 -3.6 -5.7 -3.1 -0.8 -0.6 5.9 2.9 -0.1 5.2
2012 1.4 -6.5 -1.6 -0.4 -2.8 -1.1 -2.2 5.5 -0.3 0.8 -1.2 4.6 -0.3 1.4
2013 3.4 6.1 -2.2 13.8 0.5 5.2 -4.6 7.2 1.6 2.5 -2.2 -2.8 2.2 3.4
2014 -0.5 -3.3 5.4 -3.7 6.3 1.8 7.8 4.4 2.5 3.2 3.7 5.5 2.8 -0.5
2015 2.6 6.2 1.9 -0.3 -0.5 0.5 2.8 1.3 -4.3 -1.9 1.0 -3.6 0.3 2.6
2016 -4.0 -4.0
Avg 1.3 -0.8 0.0 2.3 2.7 0.6 -0.4 3.1 -0.2 0.8 1.4 1.3 1.0 1.3

ADR
January February March April May June July August September October November December Total Year Jan YTD
2011 17.4 4.8 1.1 -31.4 25.5 -11.5 4.7 -3.1 4.5 1.7 -4.4 1.0 -0.1 17.4
2012 -3.4 -2.6 4.5 13.4 20.7 12.8 -0.1 41.9 0.7 13.8 13.6 6.9 9.4 -3.4
2013 14.2 8.7 0.7 61.7 -22.0 12.0 -6.9 -12.4 3.8 -0.2 -6.8 2.9 3.2 14.2
2014 -7.9 -4.0 4.3 -34.5 18.9 -7.3 9.0 14.8 11.5 3.2 16.2 8.5 1.6 -7.9
2015 13.5 11.2 4.9 4.6 -0.4 5.5 8.6 11.2 1.6 4.2 -3.9 0.9 4.4 13.5
2016 -5.1 -5.1
Avg 4.8 3.7 3.1 2.8 8.6 2.3 3.1 10.5 4.4 4.5 3.0 4.0 3.7 4.8

RevPAR
January February March April May June July August September October November December Total Year Jan YTD
2011 23.4 -1.9 -2.4 -30.1 38.0 -14.7 -1.2 -6.0 3.7 1.0 1.3 4.0 -0.2 23.4
2012 -2.0 -8.8 2.9 13.0 17.4 11.6 -2.3 49.7 0.5 14.8 12.3 11.8 9.0 -2.0
2013 18.1 15.4 -1.5 84.0 -21.6 17.8 -11.2 -6.1 5.4 2.4 -8.8 0.0 5.5 18.1
2014 -8.4 -7.1 9.9 -36.9 26.4 -5.6 17.5 19.8 14.3 6.5 20.6 14.5 4.5 -8.4
2015 16.4 18.1 6.9 4.3 -0.9 6.1 11.7 12.7 -2.7 2.3 -3.0 -2.7 4.8 16.4
2016 -8.8 -8.8
Avg 6.5 3.1 3.2 6.9 11.9 3.0 2.9 14.0 4.2 5.4 4.5 5.5 4.7 6.5

Supply
January February March April May June July August September October November December Total Year Jan YTD
2011 9.9 9.9 6.0 6.0 6.0 6.0 6.0 6.0 6.0 5.9 5.9 5.9 6.6 9.9
2012 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0
2013 0.0 0.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.8 0.0
2014 1.0 1.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 1.0
2015 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
2016 0.0 0.0
Avg 1.8 2.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.5 1.8

Demand
January February March April May June July August September October November December Total Year Jan YTD
2011 15.6 2.9 2.4 8.1 16.5 2.2 -0.1 2.7 5.1 5.3 12.2 9.0 6.4 15.6
2012 1.3 -6.5 -1.6 -0.4 -2.8 -1.1 -2.2 5.5 -0.3 0.8 -1.2 4.6 -0.4 1.3
2013 3.4 6.1 -1.3 14.9 1.5 6.2 -3.7 8.2 2.6 3.5 -1.2 -1.8 3.0 3.4
2014 0.4 -2.3 5.4 -3.7 6.3 1.8 7.8 4.4 2.5 3.2 3.7 5.5 3.0 0.4
2015 2.6 6.2 1.9 -0.3 -0.5 0.5 2.8 1.3 -4.3 -1.9 1.0 -3.6 0.3 2.6
2016 -4.0 -4.0
Avg 3.2 1.3 1.3 3.7 4.2 1.9 0.9 4.4 1.1 2.2 2.9 2.7 2.5 3.2

Revenue
January February March April May June July August September October November December Total Year Jan YTD
2011 35.6 7.8 3.5 -25.9 46.2 -9.6 4.6 -0.4 9.9 7.0 7.3 10.1 6.4 35.6
2012 -2.1 -8.9 2.8 12.9 17.4 11.5 -2.3 49.7 0.4 14.8 12.3 11.8 9.0 -2.1
2013 18.1 15.4 -0.6 85.8 -20.8 18.9 -10.3 -5.2 6.4 3.3 -7.9 1.0 6.3 18.1
2014 -7.5 -6.2 9.9 -36.9 26.4 -5.6 17.5 19.8 14.3 6.5 20.6 14.5 4.6 -7.5
2015 16.4 18.1 6.9 4.3 -0.9 6.1 11.7 12.7 -2.7 2.3 -3.0 -2.7 4.8 16.4
2016 -8.8 -8.8
Avg 8.6 5.3 4.5 8.0 13.6 4.3 4.2 15.3 5.7 6.8 5.9 6.9 6.2 8.6

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written permission is prohibited and subject to legal action. If
you have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2016 STR, Inc. / STR Global, Ltd. trading as “STR”.
Tab 4 - Percent Change from Previous Year - Detail by Year
Total Market Upper Upscale Class Note this is fictional data created for the Essec / Coursera MOOC and is not a true reflection of the Paris market.
Job Number: 755364_SINIM Staff: DV Created: March 07, 2016 Currency : EUR - European Euro

Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Total Year Jan YTD
Occ 5.2 -6.4 -3.4 2.0 9.9 -3.6 -5.7 -3.1 -0.8 -0.6 5.9 2.9 -0.1 5.2
ADR 17.4 4.8 1.1 -31.4 25.5 -11.5 4.7 -3.1 4.5 1.7 -4.4 1.0 -0.1 17.4
RevPAR 23.4 -1.9 -2.4 -30.1 38.0 -14.7 -1.2 -6.0 3.7 1.0 1.3 4.0 -0.2 23.4
Supply 9.9 9.9 6.0 6.0 6.0 6.0 6.0 6.0 6.0 5.9 5.9 5.9 6.6 9.9
Demand 15.6 2.9 2.4 8.1 16.5 2.2 -0.1 2.7 5.1 5.3 12.2 9.0 6.4 15.6
Revenue 35.6 7.8 3.5 -25.9 46.2 -9.6 4.6 -0.4 9.9 7.0 7.3 10.1 6.4 35.6

Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Total Year Jan YTD
Occ 1.4 -6.5 -1.6 -0.4 -2.8 -1.1 -2.2 5.5 -0.3 0.8 -1.2 4.6 -0.3 1.4
ADR -3.4 -2.6 4.5 13.4 20.7 12.8 -0.1 41.9 0.7 13.8 13.6 6.9 9.4 -3.4
RevPAR -2.0 -8.8 2.9 13.0 17.4 11.6 -2.3 49.7 0.5 14.8 12.3 11.8 9.0 -2.0
Supply -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 -0.0
Demand 1.3 -6.5 -1.6 -0.4 -2.8 -1.1 -2.2 5.5 -0.3 0.8 -1.2 4.6 -0.4 1.3
Revenue -2.1 -8.9 2.8 12.9 17.4 11.5 -2.3 49.7 0.4 14.8 12.3 11.8 9.0 -2.1

Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Total Year Jan YTD
Occ 3.4 6.1 -2.2 13.8 0.5 5.2 -4.6 7.2 1.6 2.5 -2.2 -2.8 2.2 3.4
ADR 14.2 8.7 0.7 61.7 -22.0 12.0 -6.9 -12.4 3.8 -0.2 -6.8 2.9 3.2 14.2
RevPAR 18.1 15.4 -1.5 84.0 -21.6 17.8 -11.2 -6.1 5.4 2.4 -8.8 0.0 5.5 18.1
Supply 0.0 0.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.8 0.0
Demand 3.4 6.1 -1.3 14.9 1.5 6.2 -3.7 8.2 2.6 3.5 -1.2 -1.8 3.0 3.4
Revenue 18.1 15.4 -0.6 85.8 -20.8 18.9 -10.3 -5.2 6.4 3.3 -7.9 1.0 6.3 18.1

Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Total Year Jan YTD
Occ -0.5 -3.3 5.4 -3.7 6.3 1.8 7.8 4.4 2.5 3.2 3.7 5.5 2.8 -0.5
ADR -7.9 -4.0 4.3 -34.5 18.9 -7.3 9.0 14.8 11.5 3.2 16.2 8.5 1.6 -7.9
RevPAR -8.4 -7.1 9.9 -36.9 26.4 -5.6 17.5 19.8 14.3 6.5 20.6 14.5 4.5 -8.4
Supply 1.0 1.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 1.0
Demand 0.4 -2.3 5.4 -3.7 6.3 1.8 7.8 4.4 2.5 3.2 3.7 5.5 3.0 0.4
Revenue -7.5 -6.2 9.9 -36.9 26.4 -5.6 17.5 19.8 14.3 6.5 20.6 14.5 4.6 -7.5

Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15 Dec 15 Total Year Jan YTD
Occ 2.6 6.2 1.9 -0.3 -0.5 0.5 2.8 1.3 -4.3 -1.9 1.0 -3.6 0.3 2.6
ADR 13.5 11.2 4.9 4.6 -0.4 5.5 8.6 11.2 1.6 4.2 -3.9 0.9 4.4 13.5
RevPAR 16.4 18.1 6.9 4.3 -0.9 6.1 11.7 12.7 -2.7 2.3 -3.0 -2.7 4.8 16.4
Supply 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Demand 2.6 6.2 1.9 -0.3 -0.5 0.5 2.8 1.3 -4.3 -1.9 1.0 -3.6 0.3 2.6
Revenue 16.4 18.1 6.9 4.3 -0.9 6.1 11.7 12.7 -2.7 2.3 -3.0 -2.7 4.8 16.4

Jan 16 Feb 16 Mar 16 Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Total Year Jan YTD
Occ -4.0 -4.0
ADR -5.1 -5.1
RevPAR -8.8 -8.8
Supply 0.0 0.0
Demand -4.0 -4.0
Revenue -8.8 -8.8

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written permission is prohibited and subject to legal action. If you
have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2016 STR, Inc. / STR Global, Ltd. trading as “STR”.
Tab 5 - Twelve Month Moving Average
Total Market Upper Upscale Class Note this is fictional data created for the Essec / Coursera MOOC and is not a true reflection of the Paris market.
Job Number: 755364_SINIM Staff: DV Created: March 07, 2016 Currency : EUR - European Euro
Occupancy (%)
January February March April May June July August September October November December
2011 75.4 75.0 74.7 74.8 75.4 75.2 74.8 74.6 74.6 74.6 75.0 75.1
2012 75.2 74.8 74.7 74.7 74.5 74.5 74.3 74.6 74.6 74.7 74.6 74.9
2013 75.0 75.4 75.2 76.0 76.0 76.4 76.0 76.5 76.6 76.8 76.7 76.5
2014 76.5 76.3 76.6 76.4 76.8 76.9 77.4 77.7 77.9 78.1 78.3 78.7
2015 78.8 79.1 79.3 79.2 79.2 79.2 79.4 79.5 79.2 79.1 79.1 78.9
2016 78.7

ADR (EUR)
January February March April May June July August September October November December
2011 123.07 123.48 123.55 120.05 122.19 120.88 121.42 121.12 122.04 122.32 121.88 121.85
2012 121.55 121.35 121.76 122.79 125.08 126.36 126.35 129.53 129.64 131.45 132.84 133.32
2013 134.52 135.19 135.28 141.09 138.18 139.53 138.83 137.32 138.01 138.05 137.32 137.60
2014 136.83 136.50 136.82 131.49 133.49 132.56 133.40 134.90 136.96 137.50 139.13 139.81
2015 140.99 141.89 142.33 142.77 142.72 143.36 144.32 145.66 145.74 146.35 145.89 146.03
2016 145.55

RevPAR (EUR)
January February March April May June July August September October November December
2011 92.75 92.58 92.36 89.83 92.17 90.92 90.87 90.41 91.10 91.30 91.40 91.52
2012 91.39 90.80 90.99 91.73 93.22 94.08 93.88 96.67 96.72 98.16 99.09 99.80
2013 100.95 101.89 101.76 107.22 105.06 106.54 105.57 105.05 105.76 106.04 105.29 105.27
2014 104.63 104.12 104.80 100.40 102.47 101.92 103.26 104.82 106.67 107.41 109.00 109.98
2015 111.11 112.30 112.81 113.14 113.05 113.61 114.65 115.85 115.45 115.73 115.45 115.24
2016 114.53

Supply
January February March April May June July August September October November December
2011 2,604,439 2,623,451 2,636,595 2,649,315 2,662,459 2,675,179 2,688,323 2,701,467 2,714,187 2,727,269 2,739,929 2,753,011
2012 2,752,949 2,752,893 2,752,831 2,752,771 2,752,709 2,752,649 2,752,587 2,752,525 2,752,465 2,752,465 2,752,465 2,752,465
2013 2,752,465 2,752,465 2,754,697 2,756,857 2,759,089 2,761,249 2,763,481 2,765,713 2,767,873 2,770,105 2,772,265 2,774,497
2014 2,776,729 2,778,745 2,778,745 2,778,745 2,778,745 2,778,745 2,778,745 2,778,745 2,778,745 2,778,745 2,778,745 2,778,745
2015 2,778,745 2,778,745 2,778,745 2,778,745 2,778,745 2,778,745 2,778,745 2,778,745 2,778,745 2,778,745 2,778,745 2,778,745
2016 2,778,745

Demand
January February March April May June July August September October November December
2011 1,962,672 1,966,974 1,970,846 1,982,406 2,008,427 2,012,118 2,011,995 2,016,360 2,026,017 2,035,641 2,054,756 2,067,861
2012 2,069,843 2,059,872 2,057,225 2,056,551 2,051,411 2,049,445 2,045,132 2,054,188 2,053,595 2,055,222 2,053,131 2,060,464
2013 2,065,615 2,074,393 2,072,235 2,095,156 2,097,753 2,108,440 2,101,469 2,115,875 2,120,912 2,127,722 2,125,586 2,122,533
2014 2,123,183 2,119,620 2,128,309 2,121,743 2,133,098 2,136,478 2,150,814 2,159,170 2,164,214 2,170,570 2,176,973 2,185,887
2015 2,189,869 2,199,168 2,202,384 2,201,917 2,201,028 2,201,987 2,207,510 2,210,067 2,201,187 2,197,326 2,199,031 2,192,908
2016 2,186,592

Revenue (EUR)
January February March April May June July August September October November December
2011 241,555,153 242,889,906 243,506,845 237,994,339 245,405,693 243,225,499 244,298,597 244,231,458 247,256,009 249,008,597 250,427,783 251,961,052
2012 251,592,478 249,962,422 250,486,706 252,525,373 256,595,760 258,964,304 258,401,565 266,076,101 266,219,189 270,168,799 272,733,125 274,701,427
2013 277,869,148 280,444,809 280,329,951 295,595,271 289,865,309 294,194,801 291,750,184 290,551,087 292,716,869 293,739,257 291,881,392 292,065,695
2014 290,518,545 289,320,595 291,199,714 278,991,714 284,739,388 283,214,694 286,921,775 291,269,078 296,404,179 298,452,352 302,889,701 305,612,151
2015 308,757,372 312,047,825 313,471,762 314,373,429 314,124,047 315,687,418 318,589,743 321,921,993 320,806,395 321,574,849 320,807,748 320,219,609
2016 318,251,854

High value is boxed. Low value is boxed and italicized.

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written permission is prohibited and subject to legal action. If you
have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2016 STR, Inc. / STR Global, Ltd. trading as “STR”.
Tab 6 - Twelve Month Moving Average with Percent Change
Total Market Upper Upscale Class Note this is fictional data created for the Essec / Coursera MOOC and is not a true reflection of the Paris market.
Job Number: 755364_SINIM Staff: DV Created: March 07, 2016 Currency : EUR - European Euro
Date Occupancy ADR RevPar Supply Demand Revenue

This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg
Jan 11 75.4 123.07 92.75 2,604,439 1,962,672 241,555,153
Feb 11 75.0 123.48 92.58 2,623,451 1,966,974 242,889,906
Mar 11 74.7 123.55 92.36 2,636,595 1,970,846 243,506,845
Apr 11 74.8 120.05 89.83 2,649,315 1,982,406 237,994,339
May 11 75.4 122.19 92.17 2,662,459 2,008,427 245,405,693
Jun 11 75.2 120.88 90.92 2,675,179 2,012,118 243,225,499
Jul 11 74.8 121.42 90.87 2,688,323 2,011,995 244,298,597
Aug 11 74.6 121.12 90.41 2,701,467 2,016,360 244,231,458
Sep 11 74.6 122.04 91.10 2,714,187 2,026,017 247,256,009
Oct 11 74.6 122.32 91.30 2,727,269 2,035,641 249,008,597
Nov 11 75.0 121.88 91.40 2,739,929 2,054,756 250,427,783
Dec 11 75.1 -0.1 121.85 -0.1 91.52 -0.2 2,753,011 6.6 2,067,861 6.4 251,961,052 6.4
Jan 12 75.2 -0.2 121.55 -1.2 91.39 -1.5 2,752,949 5.7 2,069,843 5.5 251,592,478 4.2
Feb 12 74.8 -0.2 121.35 -1.7 90.80 -1.9 2,752,893 4.9 2,059,872 4.7 249,962,422 2.9
Mar 12 74.7 -0.0 121.76 -1.5 90.99 -1.5 2,752,831 4.4 2,057,225 4.4 250,486,706 2.9
Apr 12 74.7 -0.2 122.79 2.3 91.73 2.1 2,752,771 3.9 2,056,551 3.7 252,525,373 6.1
May 12 74.5 -1.2 125.08 2.4 93.22 1.1 2,752,709 3.4 2,051,411 2.1 256,595,760 4.6
Jun 12 74.5 -1.0 126.36 4.5 94.08 3.5 2,752,649 2.9 2,049,445 1.9 258,964,304 6.5
Jul 12 74.3 -0.7 126.35 4.1 93.88 3.3 2,752,587 2.4 2,045,132 1.6 258,401,565 5.8
Aug 12 74.6 -0.0 129.53 6.9 96.67 6.9 2,752,525 1.9 2,054,188 1.9 266,076,101 8.9
Sep 12 74.6 -0.0 129.64 6.2 96.72 6.2 2,752,465 1.4 2,053,595 1.4 266,219,189 7.7
Oct 12 74.7 0.0 131.45 7.5 98.16 7.5 2,752,465 0.9 2,055,222 1.0 270,168,799 8.5
Nov 12 74.6 -0.5 132.84 9.0 99.09 8.4 2,752,465 0.5 2,053,131 -0.1 272,733,125 8.9
Dec 12 74.9 -0.3 133.32 9.4 99.80 9.0 2,752,465 -0.0 2,060,464 -0.4 274,701,427 9.0
Jan 13 75.0 -0.2 134.52 10.7 100.95 10.5 2,752,465 -0.0 2,065,615 -0.2 277,869,148 10.4
Feb 13 75.4 0.7 135.19 11.4 101.89 12.2 2,752,465 -0.0 2,074,393 0.7 280,444,809 12.2
Mar 13 75.2 0.7 135.28 11.1 101.76 11.8 2,754,697 0.1 2,072,235 0.7 280,329,951 11.9
Apr 13 76.0 1.7 141.09 14.9 107.22 16.9 2,756,857 0.1 2,095,156 1.9 295,595,271 17.1
May 13 76.0 2.0 138.18 10.5 105.06 12.7 2,759,089 0.2 2,097,753 2.3 289,865,309 13.0
Jun 13 76.4 2.6 139.53 10.4 106.54 13.3 2,761,249 0.3 2,108,440 2.9 294,194,801 13.6
Jul 13 76.0 2.3 138.83 9.9 105.57 12.5 2,763,481 0.4 2,101,469 2.8 291,750,184 12.9
Aug 13 76.5 2.5 137.32 6.0 105.05 8.7 2,765,713 0.5 2,115,875 3.0 290,551,087 9.2
Sep 13 76.6 2.7 138.01 6.5 105.76 9.3 2,767,873 0.6 2,120,912 3.3 292,716,869 10.0
Oct 13 76.8 2.9 138.05 5.0 106.04 8.0 2,770,105 0.6 2,127,722 3.5 293,739,257 8.7
Nov 13 76.7 2.8 137.32 3.4 105.29 6.3 2,772,265 0.7 2,125,586 3.5 291,881,392 7.0
Dec 13 76.5 2.2 137.60 3.2 105.27 5.5 2,774,497 0.8 2,122,533 3.0 292,065,695 6.3
Jan 14 76.5 1.9 136.83 1.7 104.63 3.6 2,776,729 0.9 2,123,183 2.8 290,518,545 4.6
Feb 14 76.3 1.2 136.50 1.0 104.12 2.2 2,778,745 1.0 2,119,620 2.2 289,320,595 3.2
Mar 14 76.6 1.8 136.82 1.1 104.80 3.0 2,778,745 0.9 2,128,309 2.7 291,199,714 3.9
Apr 14 76.4 0.5 131.49 -6.8 100.40 -6.4 2,778,745 0.8 2,121,743 1.3 278,991,714 -5.6
May 14 76.8 1.0 133.49 -3.4 102.47 -2.5 2,778,745 0.7 2,133,098 1.7 284,739,388 -1.8
Jun 14 76.9 0.7 132.56 -5.0 101.92 -4.3 2,778,745 0.6 2,136,478 1.3 283,214,694 -3.7
Jul 14 77.4 1.8 133.40 -3.9 103.26 -2.2 2,778,745 0.6 2,150,814 2.3 286,921,775 -1.7
Aug 14 77.7 1.6 134.90 -1.8 104.82 -0.2 2,778,745 0.5 2,159,170 2.0 291,269,078 0.2
Sep 14 77.9 1.6 136.96 -0.8 106.67 0.9 2,778,745 0.4 2,164,214 2.0 296,404,179 1.3
Oct 14 78.1 1.7 137.50 -0.4 107.41 1.3 2,778,745 0.3 2,170,570 2.0 298,452,352 1.6
Tab 6 - Twelve Month Moving Average with Percent Change
Total Market Upper Upscale Class Note this is fictional data created for the Essec / Coursera MOOC and is not a true reflection of the Paris market.
Job Number: 755364_SINIM Staff: DV Created: March 07, 2016 Currency : EUR - European Euro
Date Occupancy ADR RevPar Supply Demand Revenue

This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg
Nov 14 78.3 2.2 139.13 1.3 109.00 3.5 2,778,745 0.2 2,176,973 2.4 302,889,701 3.8
Dec 14 78.7 2.8 139.81 1.6 109.98 4.5 2,778,745 0.2 2,185,887 3.0 305,612,151 4.6
Jan 15 78.8 3.1 140.99 3.0 111.11 6.2 2,778,745 0.1 2,189,869 3.1 308,757,372 6.3
Feb 15 79.1 3.8 141.89 4.0 112.30 7.9 2,778,745 0.0 2,199,168 3.8 312,047,825 7.9
Mar 15 79.3 3.5 142.33 4.0 112.81 7.6 2,778,745 0.0 2,202,384 3.5 313,471,762 7.6
Apr 15 79.2 3.8 142.77 8.6 113.14 12.7 2,778,745 0.0 2,201,917 3.8 314,373,429 12.7
May 15 79.2 3.2 142.72 6.9 113.05 10.3 2,778,745 0.0 2,201,028 3.2 314,124,047 10.3
Jun 15 79.2 3.1 143.36 8.1 113.61 11.5 2,778,745 0.0 2,201,987 3.1 315,687,418 11.5
Jul 15 79.4 2.6 144.32 8.2 114.65 11.0 2,778,745 0.0 2,207,510 2.6 318,589,743 11.0
Aug 15 79.5 2.4 145.66 8.0 115.85 10.5 2,778,745 0.0 2,210,067 2.4 321,921,993 10.5
Sep 15 79.2 1.7 145.74 6.4 115.45 8.2 2,778,745 0.0 2,201,187 1.7 320,806,395 8.2
Oct 15 79.1 1.2 146.35 6.4 115.73 7.7 2,778,745 0.0 2,197,326 1.2 321,574,849 7.7
Nov 15 79.1 1.0 145.89 4.9 115.45 5.9 2,778,745 0.0 2,199,031 1.0 320,807,748 5.9
Dec 15 78.9 0.3 146.03 4.4 115.24 4.8 2,778,745 0.0 2,192,908 0.3 320,219,609 4.8
Jan 16 78.7 -0.1 145.55 3.2 114.53 3.1 2,778,745 0.0 2,186,592 -0.1 318,251,854 3.1

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole
or part, without written permission is prohibited and subject to legal action. If you have received this report and are NOT a subscriber to the STR Trend report, please contact us
immediately. Source: 2016 STR, Inc. / STR Global, Ltd. trading as “STR”.
Tab 7 - Day of Week Analysis
Total Market Upper Upscale Class Note this is fictional data created for the Essec / Coursera MOOC and is not a true reflection of the Paris market.
Job Number: 755364_SINIM Staff: DV Created: March 07, 2016 Currency : EUR - European Euro
Occupancy (%) Three Year Occupancy (%)
Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year
Feb - 15 50.1 74.8 85.1 87.2 79.1 75.2 68.7 74.3 Feb 13 - Jan 14 58.8 79.6 86.4 83.7 78.2 75.6 72.9 76.5
Mar - 15 48.4 74.0 87.1 92.5 80.5 70.5 65.5 73.7 Feb 14 - Jan 15 60.1 82.7 89.1 87.0 79.7 78.5 74.6 78.8
Apr - 15 56.8 74.1 87.8 80.8 70.0 75.1 76.0 74.5 Feb 15 - Jan 16 60.9 81.5 88.9 87.2 80.3 77.8 74.6 78.7
May - 15 60.2 78.4 93.8 88.9 85.6 84.8 81.7 81.3 Total 3 Yr 59.9 81.3 88.1 86.0 79.4 77.3 74.1 78.0
Jun - 15 60.9 87.9 93.8 89.5 83.0 81.6 74.2 82.2
Jul - 15 70.1 90.3 95.2 94.2 85.6 85.4 82.0 86.4
Aug - 15 75.1 86.6 91.5 90.8 84.2 84.5 83.9 84.9
Sep - 15 76.6 91.5 92.6 91.5 85.5 81.7 84.8 86.7
Oct - 15 74.3 91.7 97.2 93.7 87.4 82.2 80.0 86.3
Nov - 15 54.6 85.7 93.9 92.3 81.6 78.0 69.4 78.7
Dec - 15 56.3 70.4 76.2 74.9 73.7 68.6 67.8 70.2
Jan - 16 51.6 70.4 74.6 71.5 68.1 64.0 59.6 65.0
Total Year 60.9 81.5 88.9 87.2 80.3 77.8 74.6 78.7

ADR Three Year ADR

Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year
Feb - 15 125.50 130.31 136.31 138.66 146.70 134.34 129.87 135.24 Feb 13 - Jan 14 127.80 144.49 147.91 145.09 140.60 125.91 120.65 136.83
Mar - 15 117.39 128.57 134.34 137.28 134.33 119.00 112.68 127.70 Feb 14 - Jan 15 134.46 147.01 151.94 148.00 142.83 130.51 127.69 140.99
Apr - 15 119.15 131.65 141.78 132.64 128.47 119.41 116.55 127.95 Feb 15 - Jan 16 137.42 150.45 155.34 152.19 148.43 136.79 133.54 145.55
May - 15 127.62 151.45 164.96 160.86 148.43 125.60 120.78 142.21 Total 3 Yr 133.31 147.34 151.77 148.47 143.98 131.08 127.35 141.17
Jun - 15 131.31 146.02 155.90 161.76 155.75 132.11 121.45 145.24
Jul - 15 127.50 137.57 144.81 144.12 141.01 130.05 123.85 136.37
Aug - 15 140.36 148.10 155.01 156.45 150.45 144.21 141.22 147.82
Sep - 15 192.23 221.16 204.86 202.25 192.16 195.80 198.88 201.62
Oct - 15 167.35 189.52 183.72 159.77 173.41 158.15 154.72 169.40
Nov - 15 130.45 142.47 153.27 154.11 143.93 127.13 121.36 140.32
Dec - 15 115.14 122.74 130.93 130.61 130.65 126.14 121.89 126.40
Jan - 16 132.51 143.43 144.51 136.53 127.50 122.72 121.10 132.46
Total Year 137.42 150.45 155.34 152.19 148.43 136.79 133.54 145.55

RevPAR Three Year RevPAR

Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year
Feb - 15 62.93 97.51 115.99 120.87 115.99 101.05 89.17 100.50 Feb 13 - Jan 14 75.09 115.05 127.78 121.46 109.95 95.23 87.98 104.63
Mar - 15 56.86 95.13 117.03 126.92 108.12 83.91 73.80 94.07 Feb 14 - Jan 15 80.82 121.53 135.37 128.73 113.87 102.47 95.31 111.11
Apr - 15 67.69 97.61 124.51 107.17 89.92 89.67 88.63 95.26 Feb 15 - Jan 16 83.74 122.62 138.15 132.65 119.15 106.37 99.64 114.53
May - 15 76.85 118.75 154.69 142.93 127.01 106.53 98.70 115.61 Total 3 Yr 79.91 119.74 133.77 127.62 114.32 101.32 94.32 110.09
Jun - 15 80.00 128.36 146.19 144.83 129.30 107.86 90.14 119.38
Jul - 15 89.33 124.20 137.92 135.80 120.77 111.10 101.58 117.76
Aug - 15 105.35 128.23 141.76 142.07 126.69 121.88 118.44 125.47
Sep - 15 147.17 202.33 189.62 184.97 164.28 159.98 168.71 174.76
Oct - 15 124.37 173.87 178.62 149.74 151.58 129.98 123.86 146.24
Nov - 15 71.19 122.12 143.92 142.28 117.48 99.15 84.20 110.49
Dec - 15 64.83 86.43 99.76 97.77 96.24 86.52 82.70 88.74
Jan - 16 68.32 101.03 107.75 97.66 86.88 78.59 72.12 86.08
Total Year 83.74 122.62 138.15 132.65 119.15 106.37 99.64 114.53

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written permission is prohibited and subject to legal action. If you have
received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2016 STR, Inc. / STR Global, Ltd. trading as “STR”.
Tab 8 - Raw Data
Total Market Upper Upscale Class Note this is fictional data created for the Essec / Coursera MOOC and is not a true reflection of the Paris market.
Job Number: 755364_SINIM Staff: DV Created: March 07, 2016 Currency : EUR - European Euro
Date Occupancy ADR RevPar Supply Demand Revenue Census & Sample % Exchange Rate
This This This % Rooms STAR
Year % Chg Year % Chg Year % Chg This Year % Chg This Year % Chg This Year % Chg Census Props Census Rooms Participants Per USD
Jan 10 60.2 103.03 61.97 212,784 127,998 13,187,203 48 6,864 62.0 0.722
Feb 10 77.8 114.00 88.72 192,192 149,564 17,050,613 48 6,864 62.0 0.734
Mar 10 73.8 109.72 80.98 220,689 162,877 17,871,126 49 7,119 63.4 0.743
Apr 10 67.1 148.48 99.60 213,570 143,267 21,271,892 49 7,119 63.4 0.756
May 10 71.6 101.54 72.65 220,689 157,912 16,033,792 49 7,119 63.4 0.815
Jun 10 80.1 132.82 106.32 213,570 170,966 22,707,641 49 7,119 63.4 0.819
Jul 10 88.5 118.34 104.74 220,689 195,338 23,115,649 49 7,119 63.4 0.767
Aug 10 73.2 96.07 70.34 220,689 161,592 15,524,259 49 7,119 63.4 0.787
Sep 10 87.9 162.82 143.10 213,570 187,705 30,561,488 49 7,119 63.4 0.735
Oct 10 83.0 136.32 113.16 220,689 183,187 24,972,481 49 7,119 63.4 0.717
Nov 10 73.4 123.94 91.02 213,570 156,845 19,438,797 49 7,119 63.4 0.758
Dec 10 65.9 103.93 68.52 220,689 145,505 15,121,912 49 7,119 63.4 0.755
Jan 11 63.3 5.2 120.92 17.4 76.49 23.4 233,833 9.9 147,913 15.6 17,885,503 35.6 50 7,543 65.4 0.735
Feb 11 72.9 -6.4 119.49 4.8 87.05 -1.9 211,204 9.9 153,866 2.9 18,385,366 7.8 50 7,543 65.4 0.727
Mar 11 71.3 -3.4 110.87 1.1 79.07 -2.4 233,833 6.0 166,749 2.4 18,488,065 3.5 50 7,543 65.4 0.709
Apr 11 68.4 2.0 101.79 -31.4 69.64 -30.1 226,290 6.0 154,827 8.1 15,759,385 -25.9 50 7,543 65.4 0.674
May 11 78.7 9.9 127.47 25.5 100.26 38.0 233,833 6.0 183,934 16.5 23,445,146 46.2 50 7,543 64.2 0.700
Jun 11 77.2 -3.6 117.53 -11.5 90.71 -14.7 226,290 6.0 174,657 2.2 20,527,447 -9.6 50 7,543 64.2 0.695
Jul 11 83.5 -5.7 123.91 4.7 103.44 -1.2 233,833 6.0 195,216 -0.1 24,188,748 4.6 50 7,543 64.2 0.695
Aug 11 71.0 -3.1 93.14 -3.1 66.10 -6.0 233,833 6.0 165,957 2.7 15,457,119 -0.4 50 7,543 64.2 0.691
Sep 11 87.2 -0.8 170.18 4.5 148.42 3.7 226,290 6.0 197,361 5.1 33,586,040 9.9 50 7,543 64.2 0.736
Oct 11 82.5 -0.6 138.61 1.7 114.32 1.0 233,771 5.9 192,812 5.3 26,725,068 7.0 50 7,541 64.2 0.707
Nov 11 77.8 5.9 118.54 -4.4 92.20 1.3 226,230 5.9 175,960 12.2 20,857,983 7.3 50 7,541 64.2 0.750
Dec 11 67.8 2.9 105.01 1.0 71.25 4.0 233,771 5.9 158,610 9.0 16,655,181 10.1 50 7,541 64.2 0.772
Jan 12 64.1 1.4 116.86 -3.4 74.93 -2.0 233,771 -0.0 149,895 1.3 17,516,929 -2.1 50 7,541 64.2 0.760
Feb 12 68.1 -6.5 116.44 -2.6 79.35 -8.8 211,148 -0.0 143,894 -6.5 16,755,310 -8.9 50 7,541 64.2 0.745
Mar 12 70.2 -1.6 115.86 4.5 81.33 2.9 233,771 -0.0 164,101 -1.6 19,012,349 2.8 50 7,541 64.2 0.750
Apr 12 68.1 -0.4 115.46 13.4 78.67 13.0 226,230 -0.0 154,154 -0.4 17,798,052 12.9 50 7,541 64.2 0.755
May 12 76.5 -2.8 153.90 20.7 117.70 17.4 233,771 -0.0 178,794 -2.8 27,515,533 17.4 50 7,541 64.2 0.804
Jun 12 76.3 -1.1 132.58 12.8 101.21 11.6 226,230 -0.0 172,691 -1.1 22,895,990 11.5 50 7,541 64.2 0.795
Jul 12 81.7 -2.2 123.76 -0.1 101.06 -2.3 233,771 -0.0 190,904 -2.2 23,626,009 -2.3 50 7,541 64.2 0.815
Aug 12 74.9 5.5 132.17 41.9 98.95 49.7 233,771 -0.0 175,013 5.5 23,131,654 49.7 50 7,541 64.2 0.798
Sep 12 87.0 -0.3 171.42 0.7 149.09 0.5 226,230 -0.0 196,768 -0.3 33,729,128 0.4 50 7,541 65.3 0.778
Oct 12 83.2 0.8 157.76 13.8 131.22 14.8 233,771 0.0 194,439 0.8 30,674,678 14.8 50 7,541 65.3 0.773
Nov 12 76.9 -1.2 134.71 13.6 103.53 12.3 226,230 0.0 173,869 -1.2 23,422,309 12.3 50 7,541 65.3 0.769
Dec 12 71.0 4.6 112.23 6.9 79.67 11.8 233,771 0.0 165,943 4.6 18,623,483 11.8 50 7,541 65.3 0.757
Jan 13 66.3 3.4 133.41 14.2 88.48 18.1 233,771 0.0 155,046 3.4 20,684,650 18.1 50 7,541 67.5 0.740
Feb 13 72.3 6.1 126.62 8.7 91.55 15.4 211,148 0.0 152,673 6.1 19,330,972 15.4 50 7,541 67.5 0.764
Mar 13 68.6 -2.2 116.69 0.7 80.07 -1.5 236,003 1.0 161,943 -1.3 18,897,490 -0.6 50 7,613 67.8 0.780
Apr 13 77.5 13.8 186.72 61.7 144.77 84.0 228,390 1.0 177,075 14.9 33,063,372 85.8 50 7,613 67.8 0.765
May 13 76.9 0.5 120.10 -22.0 92.31 -21.6 236,003 1.0 181,392 1.5 21,785,572 -20.8 50 7,613 67.8 0.770
Jun 13 80.3 5.2 148.47 12.0 119.21 17.8 228,390 1.0 183,377 6.2 27,225,482 18.9 50 7,613 67.8 0.769
Jul 13 77.9 -4.6 115.16 -6.9 89.75 -11.2 236,003 1.0 183,932 -3.7 21,181,393 -10.3 50 7,613 68.8 0.754
Aug 13 80.3 7.2 115.79 -12.4 92.93 -6.1 236,003 1.0 189,419 8.2 21,932,558 -5.2 50 7,613 68.8 0.756
Sep 13 88.4 1.6 177.87 3.8 157.16 5.4 228,390 1.0 201,806 2.6 35,894,910 6.4 50 7,613 68.8 0.740
Oct 13 85.3 2.5 157.50 -0.2 134.31 2.4 236,003 1.0 201,249 3.5 31,697,066 3.3 50 7,613 68.8 0.727
Nov 13 75.2 -2.2 125.57 -6.8 94.42 -8.8 228,390 1.0 171,733 -1.2 21,564,444 -7.9 50 7,613 68.8 0.735
Dec 13 69.0 -2.8 115.46 2.9 79.69 0.0 236,003 1.0 162,890 -1.8 18,807,787 1.0 50 7,613 68.8 0.726
Jan 14 66.0 -0.5 122.92 -7.9 81.09 -8.4 236,003 1.0 155,696 0.4 19,137,501 -7.5 50 7,613 68.8 0.735
Feb 14 70.0 -3.3 121.61 -4.0 85.07 -7.1 213,164 1.0 149,109 -2.3 18,133,021 -6.2 50 7,613 68.8 0.731
Mar 14 72.3 5.4 121.76 4.3 88.04 9.9 236,003 0.0 170,632 5.4 20,776,609 9.9 50 7,613 68.8 0.727
Apr 14 74.7 -3.7 122.31 -34.5 91.31 -36.9 228,390 0.0 170,509 -3.7 20,855,372 -36.9 50 7,613 68.8 0.722
May 14 81.7 6.3 142.85 18.9 116.66 26.4 236,003 0.0 192,747 6.3 27,533,246 26.4 50 7,613 68.8 0.735
Jun 14 81.8 1.8 137.62 -7.3 112.53 -5.6 228,390 0.0 186,757 1.8 25,700,788 -5.6 50 7,613 68.8 0.733
Jul 14 84.0 7.8 125.53 9.0 105.46 17.5 236,003 0.0 198,268 7.8 24,888,473 17.5 50 7,613 68.8 0.746
Aug 14 83.8 4.4 132.88 14.8 111.35 19.8 236,003 0.0 197,775 4.4 26,279,861 19.8 50 7,613 68.8 0.762
Sep 14 90.6 2.5 198.36 11.5 179.65 14.3 228,390 0.0 206,850 2.5 41,030,010 14.3 50 7,613 68.8 0.788
Oct 14 88.0 3.2 162.55 3.2 142.99 6.5 236,003 0.0 207,605 3.2 33,745,240 6.5 50 7,613 68.8 0.793
Tab 8 - Raw Data
Total Market Upper Upscale Class Note this is fictional data created for the Essec / Coursera MOOC and is not a true reflection of the Paris market.
Job Number: 755364_SINIM Staff: DV Created: March 07, 2016 Currency : EUR - European Euro
Date Occupancy ADR RevPar Supply Demand Revenue Census & Sample % Exchange Rate
This This This % Rooms STAR
Year % Chg Year % Chg Year % Chg This Year % Chg This Year % Chg This Year % Chg Census Props Census Rooms Participants Per USD
Nov 14 78.0 3.7 145.97 16.2 113.85 20.6 228,390 0.0 178,136 3.7 26,001,793 20.6 50 7,613 68.8 0.803
Dec 14 72.8 5.5 125.32 8.5 91.23 14.5 236,003 0.0 171,803 5.5 21,530,236 14.5 50 7,613 68.8 0.823
Jan 15 67.7 2.6 139.55 13.5 94.42 16.4 236,003 0.0 159,678 2.6 22,282,722 16.4 50 7,613 68.8 0.883
Feb 15 74.3 6.2 135.24 11.2 100.50 18.1 213,164 0.0 158,408 6.2 21,423,474 18.1 50 7,613 68.8 0.892
Mar 15 73.7 1.9 127.70 4.9 94.07 6.9 236,003 0.0 173,848 1.9 22,200,545 6.9 50 7,613 68.8 0.922
Apr 15 74.5 -0.3 127.95 4.6 95.26 4.3 228,390 0.0 170,042 -0.3 21,757,039 4.3 50 7,613 68.8 0.907
May 15 81.3 -0.5 142.21 -0.4 115.61 -0.9 236,003 0.0 191,858 -0.5 27,283,864 -0.9 50 7,613 68.8 0.910
Jun 15 82.2 0.5 145.24 5.5 119.38 6.1 228,390 0.0 187,716 0.5 27,264,159 6.1 50 7,613 68.8 0.901
Jul 15 86.4 2.8 136.37 8.6 117.76 11.7 236,003 0.0 203,791 2.8 27,790,799 11.7 50 7,613 68.8 0.913
Aug 15 84.9 1.3 147.82 11.2 125.47 12.7 236,003 0.0 200,332 1.3 29,612,111 12.7 50 7,613 68.8 0.894
Sep 15 86.7 -4.3 201.62 1.6 174.76 -2.7 228,390 0.0 197,970 -4.3 39,914,412 -2.7 50 7,613 68.8 0.889
Oct 15 86.3 -1.9 169.40 4.2 146.24 2.3 236,003 0.0 203,744 -1.9 34,513,694 2.3 50 7,613 68.8 0.909
Nov 15 78.7 1.0 140.32 -3.9 110.49 -3.0 228,390 0.0 179,841 1.0 25,234,692 -3.0 50 7,613 68.8 0.944
Dec 15 70.2 -3.6 126.40 0.9 88.74 -2.7 236,003 0.0 165,679 -3.6 20,942,098 -2.7 50 7,613 68.8 0.915
Jan 16 65.0 -4.0 132.46 -5.1 86.08 -8.8 236,003 0.0 153,363 -4.0 20,314,967 -8.8 50 7,613 68.8 0.923

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written permission is
prohibited and subject to legal action. If you have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2016 STR, Inc. / STR Global, Ltd. trading as “STR”.
Tab 9 - Classic
Total Market Upper Upscale Class Note this is fictional data created for the Essec / Coursera MOOC and is not a true reflection of the Paris market.
Job Number: 755364_SINIM Staff: DV Created: March 07, 2016 Currency : EUR - European Euro
Date Occupancy ADR RevPar Supply Demand Revenue Census & Sample %
% Rooms STAR
This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg Census Props Census Rooms Participants
Jan 10 60.2 103.03 61.97 212,784 127,998 13,187,203 48 6,864 62.0
Feb 10 77.8 114.00 88.72 192,192 149,564 17,050,613 48 6,864 62.0
Mar 10 73.8 109.72 80.98 220,689 162,877 17,871,126 49 7,119 63.4
Apr 10 67.1 148.48 99.60 213,570 143,267 21,271,892 49 7,119 63.4
May 10 71.6 101.54 72.65 220,689 157,912 16,033,792 49 7,119 63.4
Jun 10 80.1 132.82 106.32 213,570 170,966 22,707,641 49 7,119 63.4
Jul 10 88.5 118.34 104.74 220,689 195,338 23,115,649 49 7,119 63.4
Aug 10 73.2 96.07 70.34 220,689 161,592 15,524,259 49 7,119 63.4
Sep 10 87.9 162.82 143.10 213,570 187,705 30,561,488 49 7,119 63.4
Oct 10 83.0 136.32 113.16 220,689 183,187 24,972,481 49 7,119 63.4
Nov 10 73.4 123.94 91.02 213,570 156,845 19,438,797 49 7,119 63.4
Dec 10 65.9 103.93 68.52 220,689 145,505 15,121,912 49 7,119 63.4
Jan YTD 2010 60.2 103.03 61.97 212,784 127,998 13,187,203
Total 2010 75.2 121.92 91.68 2,583,390 1,942,758 236,856,853
Jan 11 63.3 5.2 120.92 17.4 76.49 23.4 233,833 9.9 147,913 15.6 17,885,503 35.6 50 7,543 65.4
Feb 11 72.9 -6.4 119.49 4.8 87.05 -1.9 211,204 9.9 153,866 2.9 18,385,366 7.8 50 7,543 65.4
Mar 11 71.3 -3.4 110.87 1.1 79.07 -2.4 233,833 6.0 166,749 2.4 18,488,065 3.5 50 7,543 65.4
Apr 11 68.4 2.0 101.79 -31.4 69.64 -30.1 226,290 6.0 154,827 8.1 15,759,385 -25.9 50 7,543 65.4
May 11 78.7 9.9 127.47 25.5 100.26 38.0 233,833 6.0 183,934 16.5 23,445,146 46.2 50 7,543 64.2
Jun 11 77.2 -3.6 117.53 -11.5 90.71 -14.7 226,290 6.0 174,657 2.2 20,527,447 -9.6 50 7,543 64.2
Jul 11 83.5 -5.7 123.91 4.7 103.44 -1.2 233,833 6.0 195,216 -0.1 24,188,748 4.6 50 7,543 64.2
Aug 11 71.0 -3.1 93.14 -3.1 66.10 -6.0 233,833 6.0 165,957 2.7 15,457,119 -0.4 50 7,543 64.2
Sep 11 87.2 -0.8 170.18 4.5 148.42 3.7 226,290 6.0 197,361 5.1 33,586,040 9.9 50 7,543 64.2
Oct 11 82.5 -0.6 138.61 1.7 114.32 1.0 233,771 5.9 192,812 5.3 26,725,068 7.0 50 7,541 64.2
Nov 11 77.8 5.9 118.54 -4.4 92.20 1.3 226,230 5.9 175,960 12.2 20,857,983 7.3 50 7,541 64.2
Dec 11 67.8 2.9 105.01 1.0 71.25 4.0 233,771 5.9 158,610 9.0 16,655,181 10.1 50 7,541 64.2
Jan YTD 2011 63.3 5.2 120.92 17.4 76.49 23.4 233,833 9.9 147,913 15.6 17,885,503 35.6
Total 2011 75.1 -0.1 121.85 -0.1 91.52 -0.2 2,753,011 6.6 2,067,861 6.4 251,961,052 6.4
Jan 12 64.1 1.4 116.86 -3.4 74.93 -2.0 233,771 -0.0 149,895 1.3 17,516,929 -2.1 50 7,541 64.2
Feb 12 68.1 -6.5 116.44 -2.6 79.35 -8.8 211,148 -0.0 143,894 -6.5 16,755,310 -8.9 50 7,541 64.2
Mar 12 70.2 -1.6 115.86 4.5 81.33 2.9 233,771 -0.0 164,101 -1.6 19,012,349 2.8 50 7,541 64.2
Apr 12 68.1 -0.4 115.46 13.4 78.67 13.0 226,230 -0.0 154,154 -0.4 17,798,052 12.9 50 7,541 64.2
May 12 76.5 -2.8 153.90 20.7 117.70 17.4 233,771 -0.0 178,794 -2.8 27,515,533 17.4 50 7,541 64.2
Jun 12 76.3 -1.1 132.58 12.8 101.21 11.6 226,230 -0.0 172,691 -1.1 22,895,990 11.5 50 7,541 64.2
Jul 12 81.7 -2.2 123.76 -0.1 101.06 -2.3 233,771 -0.0 190,904 -2.2 23,626,009 -2.3 50 7,541 64.2
Aug 12 74.9 5.5 132.17 41.9 98.95 49.7 233,771 -0.0 175,013 5.5 23,131,654 49.7 50 7,541 64.2
Sep 12 87.0 -0.3 171.42 0.7 149.09 0.5 226,230 -0.0 196,768 -0.3 33,729,128 0.4 50 7,541 65.3
Oct 12 83.2 0.8 157.76 13.8 131.22 14.8 233,771 0.0 194,439 0.8 30,674,678 14.8 50 7,541 65.3
Nov 12 76.9 -1.2 134.71 13.6 103.53 12.3 226,230 0.0 173,869 -1.2 23,422,309 12.3 50 7,541 65.3
Dec 12 71.0 4.6 112.23 6.9 79.67 11.8 233,771 0.0 165,943 4.6 18,623,483 11.8 50 7,541 65.3
Jan YTD 2012 64.1 1.4 116.86 -3.4 74.93 -2.0 233,771 -0.0 149,895 1.3 17,516,929 -2.1
Total 2012 74.9 -0.3 133.32 9.4 99.80 9.0 2,752,465 -0.0 2,060,464 -0.4 274,701,427 9.0
Jan 13 66.3 3.4 133.41 14.2 88.48 18.1 233,771 0.0 155,046 3.4 20,684,650 18.1 50 7,541 67.5
Feb 13 72.3 6.1 126.62 8.7 91.55 15.4 211,148 0.0 152,673 6.1 19,330,972 15.4 50 7,541 67.5
Mar 13 68.6 -2.2 116.69 0.7 80.07 -1.5 236,003 1.0 161,943 -1.3 18,897,490 -0.6 50 7,613 67.8
Apr 13 77.5 13.8 186.72 61.7 144.77 84.0 228,390 1.0 177,075 14.9 33,063,372 85.8 50 7,613 67.8
May 13 76.9 0.5 120.10 -22.0 92.31 -21.6 236,003 1.0 181,392 1.5 21,785,572 -20.8 50 7,613 67.8
Jun 13 80.3 5.2 148.47 12.0 119.21 17.8 228,390 1.0 183,377 6.2 27,225,482 18.9 50 7,613 67.8
Jul 13 77.9 -4.6 115.16 -6.9 89.75 -11.2 236,003 1.0 183,932 -3.7 21,181,393 -10.3 50 7,613 68.8
Aug 13 80.3 7.2 115.79 -12.4 92.93 -6.1 236,003 1.0 189,419 8.2 21,932,558 -5.2 50 7,613 68.8
Sep 13 88.4 1.6 177.87 3.8 157.16 5.4 228,390 1.0 201,806 2.6 35,894,910 6.4 50 7,613 68.8
Oct 13 85.3 2.5 157.50 -0.2 134.31 2.4 236,003 1.0 201,249 3.5 31,697,066 3.3 50 7,613 68.8
Nov 13 75.2 -2.2 125.57 -6.8 94.42 -8.8 228,390 1.0 171,733 -1.2 21,564,444 -7.9 50 7,613 68.8
Dec 13 69.0 -2.8 115.46 2.9 79.69 0.0 236,003 1.0 162,890 -1.8 18,807,787 1.0 50 7,613 68.8
Tab 9 - Classic
Total Market Upper Upscale Class Note this is fictional data created for the Essec / Coursera MOOC and is not a true reflection of the Paris market.
Job Number: 755364_SINIM Staff: DV Created: March 07, 2016 Currency : EUR - European Euro
Date Occupancy ADR RevPar Supply Demand Revenue Census & Sample %
% Rooms STAR
This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg Census Props Census Rooms Participants
Jan YTD 2013 66.3 3.4 133.41 14.2 88.48 18.1 233,771 0.0 155,046 3.4 20,684,650 18.1
Total 2013 76.5 2.2 137.60 3.2 105.27 5.5 2,774,497 0.8 2,122,533 3.0 292,065,695 6.3
Jan 14 66.0 -0.5 122.92 -7.9 81.09 -8.4 236,003 1.0 155,696 0.4 19,137,501 -7.5 50 7,613 68.8
Feb 14 70.0 -3.3 121.61 -4.0 85.07 -7.1 213,164 1.0 149,109 -2.3 18,133,021 -6.2 50 7,613 68.8
Mar 14 72.3 5.4 121.76 4.3 88.04 9.9 236,003 0.0 170,632 5.4 20,776,609 9.9 50 7,613 68.8
Apr 14 74.7 -3.7 122.31 -34.5 91.31 -36.9 228,390 0.0 170,509 -3.7 20,855,372 -36.9 50 7,613 68.8
May 14 81.7 6.3 142.85 18.9 116.66 26.4 236,003 0.0 192,747 6.3 27,533,246 26.4 50 7,613 68.8
Jun 14 81.8 1.8 137.62 -7.3 112.53 -5.6 228,390 0.0 186,757 1.8 25,700,788 -5.6 50 7,613 68.8
Jul 14 84.0 7.8 125.53 9.0 105.46 17.5 236,003 0.0 198,268 7.8 24,888,473 17.5 50 7,613 68.8
Aug 14 83.8 4.4 132.88 14.8 111.35 19.8 236,003 0.0 197,775 4.4 26,279,861 19.8 50 7,613 68.8
Sep 14 90.6 2.5 198.36 11.5 179.65 14.3 228,390 0.0 206,850 2.5 41,030,010 14.3 50 7,613 68.8
Oct 14 88.0 3.2 162.55 3.2 142.99 6.5 236,003 0.0 207,605 3.2 33,745,240 6.5 50 7,613 68.8
Nov 14 78.0 3.7 145.97 16.2 113.85 20.6 228,390 0.0 178,136 3.7 26,001,793 20.6 50 7,613 68.8
Dec 14 72.8 5.5 125.32 8.5 91.23 14.5 236,003 0.0 171,803 5.5 21,530,236 14.5 50 7,613 68.8
Jan YTD 2014 66.0 -0.5 122.92 -7.9 81.09 -8.4 236,003 1.0 155,696 0.4 19,137,501 -7.5
Total 2014 78.7 2.8 139.81 1.6 109.98 4.5 2,778,745 0.2 2,185,887 3.0 305,612,151 4.6
Jan 15 67.7 2.6 139.55 13.5 94.42 16.4 236,003 0.0 159,678 2.6 22,282,722 16.4 50 7,613 68.8
Feb 15 74.3 6.2 135.24 11.2 100.50 18.1 213,164 0.0 158,408 6.2 21,423,474 18.1 50 7,613 68.8
Mar 15 73.7 1.9 127.70 4.9 94.07 6.9 236,003 0.0 173,848 1.9 22,200,545 6.9 50 7,613 68.8
Apr 15 74.5 -0.3 127.95 4.6 95.26 4.3 228,390 0.0 170,042 -0.3 21,757,039 4.3 50 7,613 68.8
May 15 81.3 -0.5 142.21 -0.4 115.61 -0.9 236,003 0.0 191,858 -0.5 27,283,864 -0.9 50 7,613 68.8
Jun 15 82.2 0.5 145.24 5.5 119.38 6.1 228,390 0.0 187,716 0.5 27,264,159 6.1 50 7,613 68.8
Jul 15 86.4 2.8 136.37 8.6 117.76 11.7 236,003 0.0 203,791 2.8 27,790,799 11.7 50 7,613 68.8
Aug 15 84.9 1.3 147.82 11.2 125.47 12.7 236,003 0.0 200,332 1.3 29,612,111 12.7 50 7,613 68.8
Sep 15 86.7 -4.3 201.62 1.6 174.76 -2.7 228,390 0.0 197,970 -4.3 39,914,412 -2.7 50 7,613 68.8
Oct 15 86.3 -1.9 169.40 4.2 146.24 2.3 236,003 0.0 203,744 -1.9 34,513,694 2.3 50 7,613 68.8
Nov 15 78.7 1.0 140.32 -3.9 110.49 -3.0 228,390 0.0 179,841 1.0 25,234,692 -3.0 50 7,613 68.8
Dec 15 70.2 -3.6 126.40 0.9 88.74 -2.7 236,003 0.0 165,679 -3.6 20,942,098 -2.7 50 7,613 68.8
Jan YTD 2015 67.7 2.6 139.55 13.5 94.42 16.4 236,003 0.0 159,678 2.6 22,282,722 16.4
Total 2015 78.9 0.3 146.03 4.4 115.24 4.8 2,778,745 0.0 2,192,908 0.3 320,219,609 4.8
Jan 16 65.0 -4.0 132.46 -5.1 86.08 -8.8 236,003 0.0 153,363 -4.0 20,314,967 -8.8 50 7,613 68.8
Jan YTD 2016 65.0 -4.0 132.46 -5.1 86.08 -8.8 236,003 0.0 153,363 -4.0 20,314,967 -8.8

The STR Trend Report is a publication of STR, Inc. and STR Global, Ltd., and is intended solely for use by paid subscribers. Reproduction or distribution of the STR Trend Report, in whole or part, without written
permission is prohibited and subject to legal action. If you have received this report and are NOT a subscriber to the STR Trend report, please contact us immediately. Source: 2016 STR, Inc. / STR Global, Ltd.
trading as “STR”.
Tab 10 - Help
Methodology
While virtually every chain in the United States provides STR with data on almost all of their properties, there are still some hotels that don't submit data. But we've got you covered.

Every year we examine guidebook listings and hotel directories for information on hotels that don't provide us with data. We don't stop there. We call each hotel in our database every year to
obtain "published" rates for multiple categories. Based on this information we group all hotels - those that report data and those that don't - into groupings based off of price level and geographic
proximity. We then estimate the non-respondents based off of nearby hotels with similar price levels.

Similarly, we sometimes obtain monthly data from a property, but not daily data. We use a similar process. We take the monthly data that the property has provided, and distribute it to the
individual days based on the revenue and demand distribution patterns of similar hotels in the same location.

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest. Armed with this
information a more informed decision can be made.

Glossary
ADR (Average Daily Rate) Open Date
Room revenue divided by rooms sold, displayed as the average rental rate for a Date the property opened as a lodging establishment.
single room.
Percent Change
Affiliation Date Amount of growth, up, flat, or down from the same period last year (month, ytd, three
Date the property affiliated with current chain/flag months, twelve months). Calculated as ((TY-LY)/LY) * "100".

Census (Properties and Rooms) Revenue (Room Revenue)

The number of properties and rooms that exist within the selected property set Total room revenue generated from the sale or rental of rooms.
or segment.
RevPAR (Revenue Per Available Room)
Change in Rooms Room revenue divided by rooms available
Indicator of whether or not an individual hotel has added or removed rooms from
their inventory. Sample % (Rooms)
The % of rooms from which STR receives data. Calculated as (Sample
Exchange Rate Rooms/Census Rooms) * "100".
The factor used to convert revenue from U.S. Dollars to the local currency.
The exchange rate data is obtained from Oanda.com. Any aggregated number Standard Historical Trend
in the report (YTD, Running 3 month, Running 12 month) uses the exchange Data on selected properties or segments starting in 2005.
rate of each relative month when calculating the data.
STR Code
Extended Historical Trend STR's proprietary numbering system. Each hotel in the lodging census has a unique
Data on selected properties or segments starting in 2000. STR code.

Demand (Rooms Sold) Supply (Rooms Available)

The number of rooms sold (excludes complimentary rooms). The number of rooms times the number of days in the period.

Full Historical Trend Twelve Month Moving Average

Data on selected properties or segments starting in 1987. The value of any given month is computed by taking the value of that month and the
values of the eleven preceding months, adding them together and dividing by twelve.
Occupancy
Rooms sold divided by rooms available. Occupancy is always displayed as a
percentage of rooms occupied. Year to Date
Tab 11 - Terms and Conditions
Before purchasing this product you agreed to the following terms and conditions.

In consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, STR, Inc. ("STR"), STR Global, Ltd. ("STRG"), and the lice
agree as follows:

1. LICENSE
1.1 Definitions.

(a) "Agreement" means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are i
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be brought exclusively in a court of competent jurisdiction located in Nashville, Tennessee, and the parties expressly consent to personal jurisdiction thereof. The parties also expressly waive any objections to venue.
3.4 Assignment. Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR/STRG.
3.5 Independent Relationship. The relationship between the parties is that of an independent contractor. Nothing in this Agreement shall be deemed to create an employer/employee, principal/agent, partnership or joint ventur

3.6 Notices. All notices required or permitted to be given hereunder shall be in writing and shall be deemed given (i) when delivered in person, at the time of such delivery, (ii) when delivered by facsimile transmission or e-mail,
notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail, postage prepaid, registered, certified or express mail or by courier service within tw
transmission), (iii) when delivered by a courier service or by express mail, at the time of receipt, or (iv) five (5) business days after being deposited in the United States mail, postage prepaid, registered or certified mail, address
page of this Agreement or to such other address as either party may notify the other in writing.
3.7 Waiver. No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision.

3.8 Entire Agreement. This Agreement constitutes the entire agreement of the parties with respect to the matters described herein, superseding in all respects any and all prior proposals, negotiations, understandings and othe
3.9 Amendment. This Agreement may be amended only by the written agreement of both parties.
3.10 Recovery of Litigation Costs. If any legal action or other proceeding is brought for the enforcement of this Agreement, or because of an alleged dispute, breach, default or misrepresentation in connection with any of the
party or parties shall be entitled to recover reasonable attorneys' fees and other costs incurred in that action or proceeding, in addition to any other relief to which it or they may be entitled.
3.11 Injunctive Relief. The parties agree that, in addition to any other rights or remedies which the other or STR/STRG may have, any party alleging breach or threatened breach of this Agreement will be entitled to such equita
court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section, without posting bond or other surety.
3.12 Notice of Unauthorized Access. Licensee shall notify STR/STRG immediately upon Licensee's becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access
STR/STRG in its efforts to mitigate the damages caused by any such breach or potential breach.
3.13 Conflicting Provisions. In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement, the conflicting terms of such other provision shall control.
3.14 Remedies. In addition to any other rights or remedies that STR/STRG may have, in the event of any termination by STR/STRG on account of a breach by Licensee, STR/STRG may, without refund, immediately terminate
additional Licensed Materials from STR/STRG.