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Master in Tourism Management – IX edition – 2012-2013 1 BUSINESS PLAN July 2013 MULTIFUNCTION «A LA PAGE» APART HOTEL IN MILAN Produced by: Anzhela Tanas Matteo Taller Bohdana Bukatar Valeria Maltceva Mariana Masotti Yulia Shinkareva TUTOR: Ing. Emilio Valdameri Progetto Turismo
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MTM IXth - Business Plan: Multifunction “A’ La Page” Apart-Hotel In Milan

Nov 21, 2014

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It's a 12,000 square meter property on 20 levels to be converted into a MULTIFUNCIONAL BUILDING, located in the heart of the “Milanese Movida”. The mixed-used building will combine several functions, namely an apart-hotel with 100/120 guest rooms and 30/40 apartments for sale and/or rent; and a number of other areas (to be defined) with different features: e.g. lounge-bar, spa, fitness area, fashion, conference, bars and discos … The complex also contains a large garden space and 6,000 square meters of basement space, currently used as parking area.
The intent is to make this “apart-hotel/complex” one of the most renowned in Milan’s fashion addicts’ environments as well as one of the nightlife hubs of Milan …
The first step is to do the market research that will help us define and zero in on our target market as well as inventory the existing competitive set. Which are the main nightspots and venues (bars, pubs, clubs, live music venues, roof-gardens, restaurants, fashion-clubs and so on..) that especially business people (but also VIPs, celebrities and jet set personalities, sports players and starlets, models, actors and yuppie), can find in the capital of Lombardy, the so called “Milano da Bere”? What type of service they do provide? What make them so popular? Are there any best cases in Europe as well?
It will be a "branded" Apart-hotel: thereby it’s important to define the most suitable operator
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Page 1: MTM IXth - Business Plan: Multifunction “A’ La Page” Apart-Hotel In Milan

Master in Tourism Management – IX edition – 2012-20131

BUSINESS PLANJuly 2013

MULTIFUNCTION «A LA PAGE» APART

HOTEL IN MILAN

Produced by:Anzhela Tanas

Matteo TallerBohdana BukatarValeria MaltcevaMariana Masotti

Yulia Shinkareva

TUTOR:Ing. Emilio ValdameriProgetto Turismo

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PROJECT OVERVIEW

• A 12000 square meter property on 20 levels is to be converted into a hotel located in the heart of the “Milanese Movida”.

• The structure which is foreseen to be multifunctional one will combine several function areas namely an apart-hotel with a defined number of guest rooms and apartments for sale and/or for rent and other areas (outlets) with different features embedding the fashionable spirit of the city, location and target market.

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Design the functional areas of the hotel by department in terms of the demand /offering, venues appropriateness according to the location and target market and define the type of services they will provide

“Brand” the hotel and its outlets defined; propose the most suitable operator for the hotel and for every functional area

Make the economical estimation for the complex revenues and costs and for every department apart for the next 5 years

Estimate the capital and the time needed to cover the investment

PROJECT OBJECTIVES

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The Business Plan is made up of 2 parts:

Analysis and research Analysis of the potential market including the market

research of existing similar in functionality hotels in the major cities worldwide

Analysis of the main nightspots and venues attended by business people and jet set personalities in Milan and other major cities as New York, Moscow ect.

Project results The suitable hotel brand is determined The hotel scale is defined and economical outcomes of

each department performance are estimated. Revenues and costs are estimated on department features basis according to the analysis results did in the first part.

The estimated amount of investments are shown

PROJECT STRUCTURE

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Benchmarking as a fundamental tool in order to better understand the dynamics in place, to gain local information, discuss expectations and to commence the establishment of appropriate levels of service required in the area.

Accounting methods as a tool to do calculations and give the assumptions a numeric form as a target to achieve

METHODS

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Hotel Benchmarking

16 urban hotels worldwide proposing fashionable distinguished service for high end, namely business clientele. All the hotels have specific outlets attended by famous and affluent young people being it the restaurant, the lounge bar, the conference venue or the SPA and Fitness areas as well as the nightlife entertainment.

A particular attention was dedicated to Hard Rock Hotel San Diego preliminary estimated to be one of the best hotel matching our requirements.

See Appendix 1

PART1. RESEARCH AND ANALYSIS

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HOTELS BENCHMARK

Waldorf Astoria New York by Hilton Elegance Luxury Versatile function spaces

Lotte Hotel Moscow by Lotte Hotels & Resorts Modern twist Sanctuary Lounge Sophisticated amenities

For more details see Appendix 1

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Budha Bar Hotel Paris Neo-Asian design fused

with the French "art of living”

Innovative international cuisine

Intimate exclusivity

For further details see Appendix 1

HOTELS BENCHMARK

Swissotel Krasnye Holmy, Moscow

Unsurpassed service & luxury

City Space Bar Unreapeted

experience

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Furama Silom Bangkok

Modern Thai style Creativity Stunning

atmosphere

HOTELS BENCHMARK

Lux 11 Berlin Mitte Cool hotel Fashion scene and design Exclusive meeting space

For more details see Appendix 1

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Restaurant Benchmarking The benchmark analysis of restaurants in

Milan known for the clientele they serve and the quality and level of service is provided. A short overview of restaurants is done with the aim to give the idea of the concept and the philosophy each restaurant conveys and the target market they cater to.

51 Restaurants in Milan were analyzed and 6 out of them were selected as the most appropriate.

PART.1 RESTAURANTS BENCHMARK

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There are Finger’s Garden which is new type of restaurant quite innovative and successful

Gold by D&G as a way to both enrich and enlarge the brand concept of D&G

Armani Nobu as a sophisticated blend of Italian lifestyle with the Japanese cuisine

For more details see Appendix 2

RESTAURANTS BENCHMARK

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Chandelier presenting an elegant refined atmosphere nowhere found in the city;

Just Cavalli Café embedding the Cavalli’s brand concept of VIPness and uniqueness;

Il Baretto attracting high end business clientele and hotspot celebrities due to refined atmosphere.

See Appendix 1

RESTAURANTS BENCHMARK

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Lounge Bars Benchmarking Lounge Bars being a special place for

socializing and relaxing demand an accurate selection. In this subpart we researched the most prominent and famous hotel lounge bars in the major worldwide cities analyzing their features which make them in demand as design, service provided, location, the target market.

23 lounge bars/bars were analyzed in Milan The most renown lounge bars in the city have in

common the brand they communicate as Bar Martini by D&G, JustCavalliCafe, Radetsky Bar, Il Baretto, La Cupola Lobby Lounge and Diana Garden.

See Appendix 3

PART.1 LOUNGE BARS BENCHMARK

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World known lounge bars:

Sanctuary, Dubai Grand Bar, Soho Grand

Hotel New York The Rooftop Summer

Garden O2 Lounge, Ritz Carlton Moscow

Met Bar, Metropolitan Hotel (COMO), London

See Appendix 3

LOUNGE BARS BENCHMARK

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SPA and Fitness Benchmarking SPA and Fitness amenities as hotel services were

analyzed. Insights featuring modern SPAs and Fitness amenities - apart from providing treatments and training, they stand for experience, customized unique services provided, themed offerings targeting the most demanding clientele.

The SPA and Fitness offerings in Corso Como – Garibaldi area in Milan were analyzed. The research showed an abundant supply in the area.

In total 10 SPA centers in Milan and the best known cases in the world were examined.

See Appendix 4

PART.1 ANALYSIS AND RESEARCH

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World known cases:The Spa at The Chedi Muscat Hotel, OmanBuddhatitude Spa at Budha Bar Hotel BudapestRock SPA, Hard Rock Café Hotel, San Diego Nirvana Spa, Wokingham, UK

See Appendix 4

SPA FITNESS BENCHMARK

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SPAs & Fitness Benchmark in Milan

Art SPA at Maison Moschino

QC TermemilanoThe Armani Spa MilanoBVLGARI Hotel MilanoCarlton Hotel Baglioni SpaHado Spa MilanoBoscolo Hotel Milano Spa Four Seasons Hotel Spa

See Appendix 4

SPA & FITNESS BENCHMARK

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Nightclubs benchmark The nightclubs benchmark in Milan in Corso

Como especially, known for the high concentration of nightclub venues, is presented in Appendix 5

The most famous among the fashion addicts and celebrities are:

Hollywood, Just Cavalli Café, Armani Club Prive, Byblos

PART.1 ANALYSIS AND REASERACH

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Milan’s best nightclub venues.

Hollywood 11 ClubroomFiat Open LoungeMagazzini GeneraliArmani PriveByblos Just Cavalli Café

Milano

See Appendix 5

NIGHTCLUB BENCHMARK

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1. The hotel brand and concept was defined – Hard Rock Hotel (on San Diego Example basis)

2. The hotel outlets and amenities were determined:

Ground floor restaurant, Ground floor lounge bar, 5 meeting rooms=1 balloon room, SPA and Fitness area on the last floor, Rooftop swimming pool and a rooftop restaurant.

3. The level of service to be provided was estimated

BENCHMARKING OUTPUT

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BRAND SOLUTIONThe winner is: HARD ROCK HOTEL SAN DIEGO CONCEPT luxury fashionable hotel providing nightlife and

free-spirited entertainment possibilities for fashionable relatively young clientele.

BENCHMARKING OUTPUT

See appendix 7

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THE PERFECT SOLUTION

BRAND DECISION BACK UP

• After a specific in-depth analysis of various hotel complexes worlwide we came up with one BRAND covering the entire hotel complex

• In an interview with the CEO of Ramada Plaza Milano we discovered that involving different operatoras for each hotel outlet makes the structure management more complex

• One UMBRELLA BRAND is the best solution if properly implemented

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Service level: 4 star luxury and glamour business oriented Location – city downtown Gaslamp Quarter which is the city

gateway for nightlife and entertainment optionsFeature: the hotel stay experience is a fusion of the Hard

Rock concept with the city spirit Brand visibility – a world reknown nameAccommodations – 420 guests rooms, 3 Studios, 3 Hard

Rock Suites, 3 Rock Star SuitesAmenities: Rock SPA, Rooftop Pool and Float Bar, 207

Lounge Bar, Maryjane’s Retsurant, Nobu Restaurant

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HARD ROCK HOTEL SAN DIEGO OVERVIEW

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Studios Guestrooms are anything but conventional.

Hard Rock Suites perfectly capture the authenticity and irreverence of rock 'n' roll.

Rock Star Guestroom is a suite that’s sensual and stylish, with an air of unpredictability.

See Appendix 6

HARD ROCK HOTEL ACCOMODATIONS

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MARYJANE’S GROUND FLOOR RESTAURANT

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207 GROUND FLOOR LOUNGE BAR

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NOBU RESTAURANT

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ROCK SPA-WELLENSS AREA

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TOP ROOF SWIMMING POOL

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LOUNGE BAR FLOAT TOP ROOF

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MEETING ROOMS FOR BUSINESS

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HARD ROCK HOTEL MILANO

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HARD ROCK HOTEL’S AMENITIES

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PART.2 PROJECT RESULTS

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ROOM DEPARTMENTSTANDARD YEAR BEST YEAR

Room Department HP 2014 2015 2016 2017N. of Rooms 120 120 120 120Occupancy 45% 55% 65% 70%ADR (Bed and Breakfast) 265,00€ 280,00€ 290,00€ 280,00€ RevPar 119,25€ 154,00€ 188,50€ 196,00€ ROOM REVENUES 5.223.150,00€ 6.745.200,00€ 8.256.300,00€ 8.584.800,00€ Av. Person per room 1,3 1,3 1,3 1,3Room Nights 19.710 24.090 28.470 30.660 Bed Nights 25.623 31.317 37.011 39.858 Working Days 365 365 365 365Number of rooms per person 9 9 9 9N.of salaries a year 14 14 14 14Houskeeping substitutes 5 5 5 5Houskeeping labour n. needed 11,0 12,3 13,7 14,3Houskeeping Manager/Month Cost 3.000,00€ 3.000,00€ 3.000,00€ 3.000,00€ N. of Porters 4 4 5 5Cost a month per Porter 1.800,00€ 1.800,00€ 1.800,00€ 1.800,00€ Front Office employees 10 10 10 10Front Office Manager/Month Cost 5.000,00€ 5.000,00€ 5.000,00€ 5.000,00€ Houskeeping cost per person 2.000,00€ 2.000,00€ 2.000,00€ 2.000,00€ Houskeeping total cost 350.000,00€ 387.333,33€ 424.666,67€ 443.333,33€

Front Office Cost 450.800,00€ 450.800,00€ 476.000,00€ 476.000,00€ Room Department Total Cost 800.800,00€ 838.133,33€ 900.666,67€ 919.333,33€ total employees 21,00 21,00 22,00 22,00cost per employee 38.133,33€ 39.911,11€ 40.939,39€ 41.787,88€

Room Department Pay Roll % (cost) 15,33% 12,43% 10,91% 10,71%Raw Materials % (cost) 4% 4% 4% 4%Other Costs % 10% 9% 8% 8%number Commissions % on booking 50% 50% 50% 50%Commission % of cost 15% 15% 15% 15%

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Houskeeping Front OfficeN. of shifts per department 1 3Hours per shift 8 8Workers needed per shift 7,33 3,00working days a week 5 5working days a month 20 20Holidays (days) 30 30Permits (payed days) 5 5Shifts per year per worker 205 205Total Shifts per year to cover 2677 3285Number of shifts covered by base n.of workers 1503 615Extra Personnel needed 6 13Total Personnel needed per dep. Managers included 13 16

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ROOM DEPT. PERSONNEL

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GRAPHS AND STATISTICS

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STANDARD YEAR BEST YEARFood & Beverage Ground Floor Restaurant HP 2014 2015 2016 2017N. of seats 100 100 100 100N.of tables (x 2pax) 50 50 50 50N. of meals sold (LUNCH- WE) 50 60 60 65N. of meals sold (DINNER WE) 150 170 170 180N. of meals sold (DINNER WD) 120 130 130 140N. of meals sold (LUNCH- WD) 100 100 100 100Av. Price Meal (LUNCH WE) 45,00€ 50,00€ 50,00€ 50,00€ Av. Price Meal (DINNER WE) 70,00€ 75,00€ 75,00€ 80,00€ Av. Price Meal (LUNCH WD) 40,00€ 45,00€ 45,00€ 45,00€ Av. Price Meal (DINNER WD) 65,00€ 70,00€ 70,00€ 75,00€ Working Days WE 96 96 96 96Working Days WD 231 231 231 231WEEKEND REVENUES 1.224.000,00€ 1.512.000,00€ 1.512.000,00€ 1.694.400,00€ WEEKDAYS REVENUES 2.725.800,00€ 3.141.600,00€ 3.141.600,00€ 3.465.000,00€ TOTAL REVENUES 3.949.800,00€ 4.653.600,00€ 4.653.600,00€ 5.159.400,00€ Pay Roll % (cost) 50% 50% 50% 50%Raw Materials % (cost) 35% 35% 35% 35%Other Costs % 5% 5% 5% 5%TOTAL COSTS 3.554.820,00€ 4.188.240,00€ 4.188.240,00€ 4.643.460,00€

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F&B GROUND FLOOR RESTAURANT

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LOUNGE BAR GROUND FLOOR

STANDARD YEAR BEST YEARFood & Beverage Ground Lounge Bar HP 24 hours 2014 2015 2016 2017N. of seats 50 50 50 50N. of Guests served a day WE 60 70 70 75N. of Guests served a day WD 80 90 90 100Av. Price per person WE 15,00€ 17,00€ 17,00€ 20,00€ Av. Price per person WD 13,00€ 15,00€ 15,00€ 18,00€ Working Days WE 96 96 96 96Working Days WD 231 231 231 231WEEKEND REVENUES 86.400,00€ 114.240,00€ 114.240,00€ 144.000,00€ WEEKDAYS REVENUES 240.240,00€ 311.850,00€ 311.850,00€ 415.800,00€ TOTAL REVENUES LOUNGE BAR 326.640,00€ 426.090,00€ 426.090,00€ 559.800,00€ Pay Roll % (cost) includes Breakfast labour 50% 50% 50% 50%Raw Materials % (cost) 30% 30% 30% 30%Other Costs % 5% 5% 5% 5%TOTAL COSTS 277.644,00€ 362.176,50€ 362.176,50€ 475.830,00€

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TOP ROOF AREASTANDARD YEAR BEST YEAR

Food & Beverage Top Roof Area HP 24 hour 2014 2015 2016 2017N. of seats Restaurant 40 40 40 40N. of seats Lounge Bar 20 20 20 20N. of meals sold (DINNER WE) 40 45 50 60N. of meals sold (DINNER WD) 40 40 40 45N. of people served (LOUNGE- WD) 25 30 30 40N. of people served (LOUNGE-WE) 25 30 30 40Av. Price (LOUNGE WE) 17,00€ 18,00€ 18,00€ 20,00€ Av. Price Meal (DINNER WE) 75,00€ 80,00€ 80,00€ 90,00€ Av. Price (LOUNGE WD) 16,00€ 17,00€ 17,00€ 19,00€ Av. Price Meal (DINNER WD) 70,00€ 75,00€ 75,00€ 80,00€ Working Days WE 96,00 96,00 96,00 96,00Working Days WD 231,00 231,00 231,00 231,00WEEKEND REVENUES 328.800,00€ 397.440,00€ 435.840,00€ 595.200,00€ WEEKDAYS REVENUES 739.200,00€ 810.810,00€ 810.810,00€ 1.007.160,00€ TOTAL TOP ROOF REVENUES 1.068.000,00€ 1.208.250,00€ 1.246.650,00€ 1.602.360,00€ Pay Roll % (cost) 45% 45% 45% 45%Raw Materials % (cost) 35% 35% 35% 35%Other Costs % 5% 5% 5% 5%TOTAL COSTS 907.800,00€ 1.027.012,50€ 1.059.652,50€ 1.362.006,00€

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GRAPHS AND STATISTICS

2014 2015 2016 2017

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CONGRESS AREA/MEETING ROOMS

STANDARD YEAR BEST YEARCONGRESS AREA / MEETING ROOMS 2014 2015 2016 2017Available Rooms 120 120 120 120Av. Person per room 1,3 1,3 1,3 1,3Hotel Occupancy 45,00% 55,00% 65,00% 70,00%Average Price per user 12,00€ 12,00€ 15,00€ 15,00€ % of users meeting rooms 10% 12,5% 15% 15%Working Days 330 330 330 330Annual N. of users 2316,60 3539,25 5019,30 5405,40TOTAL REVENUES FOR CONGRESS AREA 27.799,20€ 42.471,00€ 75.289,50€ 81.081,00€ N.of assistants for the rooms 2 2 2 2Av Cost per assistant a month 2.300,00€ 2.400,00€ 2.500,00€ 2.500,00€ N.of Months payed a year 14 14 14 14PayRoll Cost (Annual) 64.400,00€ 67.200,00€ 70.000,00€ 70.000,00€ Other costs 1% 1% 1% 1%TOTAL COSTS 64.677,99€ 67.624,71€ 70.752,90€ 70.810,81€

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SPA FITNESS WELLNESS AREA

STANDARD YEAR BEST YEARSPA-FITNESS-WELLNESS AREA HP 2014 2015 2016 2017% of guests using spa 5% 6% 7% 8%N. of people per day (Entry) 3,51 5,15 7,10 8,74N. of people a year 1281,15 1879,02 2590,77 3188,64Sauna+Steam Bath+Pool price -€ -€ -€ -€ % people payng for treatment 50% 50% 50% 50%Massages/treatment av price 90,00€ 95,00€ 95,00€ 100,00€ TOTAL SPA REVENUES 57.651,75€ 89.253,45€ 123.061,58€ 159.432,00€ Open Days 365 365 365 365Professionisti esterni 5people 160.000,00€ 170.000,00€ 170.000,00€ 180.000,00€

Other Costs % 10% 10% 10% 10%TOTAL COSTS 165.765,18€ 178.925,35€ 182.306,16€ 195.943,20€

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GRAPHS AND STATISTICS

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RESULTS-BUSINESS PLAN 2014-2017

YEAR 2014 % 2015 % 2016 % 2017 %REVENUES 10.653.040,95€ 100,00% 13.164.864,45€ 100,00% 14.780.991,08€ 100,00% 16.146.873,00€ 100,00%Pay Rolls 3.320.735,00€ 31,17% 3.988.890,83€ 30,30% 4.071.504,17€ 27,55% 4.569.995,33€ 28,30%Annual SPA Area 160.000,00€ 1,50% 170.000,00€ 1,29% 170.000,00€ 1,15% 180.000,00€ 1,11%Raw Materials 2.063.148,00€ 19,37% 2.449.282,50€ 18,60% 2.523.166,50€ 17,07% 2.877.948,00€ 17,82%Other Costs 795.580,17€ 7,47% 930.815,06€ 7,07% 989.880,05€ 6,70% 1.069.616,01€ 6,62%OVERALL COSTS 0,00% 0,00% 0,00% 0,00%A)Director-General M. 100.000,00€ 0,94% 110.000,00€ 0,84% 120.000,00€ 0,81% 120.000,00€ 0,74%B)Sales Manager 60.000,00€ 0,56% 60.000,00€ 0,46% 65.000,00€ 0,44% 68.000,00€ 0,42%C)Commissions 391.736,25€ 3,68% 505.890,00€ 3,84% 619.222,50€ 4,19% 643.860,00€ 3,99%D)G&A 155.000,00€ 1,45% 155.000,00€ 1,18% 160.000,00€ 1,08% 160.000,00€ 0,99%E)Maintenance 213.060,82€ 2,00% 302.791,88€ 2,30% 384.305,77€ 2,60% 484.406,19€ 3,00%F)Marketing 104.463,00€ 0,98% 134.904,00€ 1,02% 206.407,50€ 1,40% 214.620,00€ 1,33%TOTAL COSTS 7.363.723,24€ 69,12% 8.807.574,27€ 66,90% 9.309.486,49€ 62,98% 10.388.445,53€ 64,34%EBITDAR 3.289.317,71€ 30,88% 4.357.290,18€ 33,10% 5.471.504,59€ 37,02% 5.758.427,47€ 35,66%

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GRAPHS AND STATISTICS

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INVESTMENT HYPOTESIS

• GLOBAL INVESTMENT = 50.000.000,00 €

• OWNER’S MONEY = 15.000.000,00 €

• BANK LOAN = 35.000.000,00 €

• TAX RATE (year) = 5%

• LENGTH OF LOAN = 20 years

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• REVENUES ANNUAL GROWTH = 3%

• EBITDAR % ON TOTAL REVENUES = 31%

FUTURE TREND HYPOTESIS

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LOAN PLAN 20 YEARS

YEAR QUOTA CAPITALE CAPITALE RESIDUO QUOTA INTERESSI TOTALE RATA2014 1.058.490,55€ 33.941.509,45€ 1.750.000,00€ 2.808.490,55€ 2015 1.111.415,08€ 32.830.094,37€ 1.697.075,47€ 2.808.490,55€ 2016 1.166.985,83€ 31.663.108,54€ 1.641.504,72€ 2.808.490,55€ 2017 1.225.335,12€ 30.437.773,41€ 1.583.155,43€ 2.808.490,55€ 2018 1.286.601,88€ 29.151.171,53€ 1.521.888,67€ 2.808.490,55€ 2019 1.350.931,98€ 27.800.239,55€ 1.457.558,58€ 2.808.490,55€ 2020 1.418.478,57€ 26.381.760,98€ 1.390.011,98€ 2.808.490,55€ 2021 1.489.402,50€ 24.892.358,48€ 1.319.088,05€ 2.808.490,55€ 2022 1.563.872,63€ 23.328.485,85€ 1.244.617,92€ 2.808.490,55€ 2023 1.642.066,26€ 21.686.419,59€ 1.166.424,29€ 2.808.490,55€ 2024 1.724.169,57€ 19.962.250,02€ 1.084.320,98€ 2.808.490,55€ 2025 1.810.378,05€ 18.151.871,97€ 998.112,50€ 2.808.490,55€ 2026 1.900.896,95€ 16.250.975,02€ 907.593,60€ 2.808.490,55€ 2027 1.995.941,80€ 14.255.033,21€ 812.548,75€ 2.808.490,55€ 2028 2.095.738,89€ 12.159.294,32€ 712.751,66€ 2.808.490,55€ 2029 2.200.525,84€ 9.958.768,49€ 607.964,72€ 2.808.490,55€ 2030 2.310.552,13€ 7.648.216,36€ 497.938,42€ 2.808.490,55€ 2031 2.426.079,73€ 5.222.136,63€ 382.410,82€ 2.808.490,55€ 2032 2.547.383,72€ 2.674.752,91€ 261.106,83€ 2.808.490,55€ 2033 2.674.752,91€ -€ 133.737,65€ 2.808.490,55€

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Master in Tourism Management – IX edition – 2012-201350

INVESTMENT PAY-BACK

REVENUES COSTS EBITDAR MARGIN BEFORE TAXESRETURN PAYBACK10.653.040,95€ 7.363.723,24€ 3.289.317,71€ 480.827,16€ 3,21%13.164.864,45€ 8.807.574,27€ 4.357.290,18€ 1.548.799,63€ 10,33%14.780.991,08€ 9.309.486,49€ 5.471.504,59€ 2.663.014,04€ 17,75%16.146.873,00€ 10.388.445,53€ 5.758.427,47€ 2.949.936,91€ 19,67%16.631.279,19€ 11.475.582,64€ 5.155.696,55€ 2.347.206,00€ 15,65%17.130.217,57€ 11.819.850,12€ 5.310.367,45€ 2.501.876,89€ 16,68%17.644.124,09€ 12.174.445,62€ 5.469.678,47€ 2.661.187,92€ 17,74%18.173.447,82€ 12.539.678,99€ 5.633.768,82€ 2.825.278,27€ 18,84% 15.152.848,55€ 18.718.651,25€ 12.915.869,36€ 5.802.781,89€ 2.994.291,34€ 19,96%19.280.210,79€ 13.303.345,44€ 5.976.865,34€ 3.168.374,79€ 21,12%19.858.617,11€ 13.702.445,81€ 6.156.171,30€ 3.347.680,75€ 22,32%20.454.375,62€ 14.113.519,18€ 6.340.856,44€ 3.532.365,89€ 23,55%21.068.006,89€ 14.536.924,76€ 6.531.082,14€ 3.722.591,59€ 24,82%21.700.047,10€ 14.973.032,50€ 6.727.014,60€ 3.918.524,05€ 26,12%22.351.048,51€ 15.422.223,47€ 6.928.825,04€ 4.120.334,49€ 27,47%23.021.579,97€ 15.884.890,18€ 7.136.689,79€ 4.328.199,24€ 28,85%23.712.227,37€ 16.361.436,88€ 7.350.790,48€ 4.542.299,93€ 30,28%24.423.594,19€ 16.852.279,99€ 7.571.314,20€ 4.762.823,65€ 31,75%25.156.302,01€ 17.357.848,39€ 7.798.453,62€ 4.989.963,07€ 33,27%25.910.991,07€ 17.878.583,84€ 8.032.407,23€ 5.223.916,68€ 34,83%

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FINAL RESULT

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Master in Tourism Management – IX edition – 2012-201352