Hotel Distribution Costs Examination of the costs associated with direct and indirect distribution channels for Hotels, together with the impact of ‘channel shift’ Final Report 2 May 2018 Sponsored by the European Travel Technology Services Association (ETTSA) Privileged Document. This document is subject to sensitive data protocols All data in this study has been sourced from publically available sources or from ETTSA member companies on a confidential basis. The confidential data has been anonymized and aggregated to ensure the source data cannot be identified and the data cannot be ‘reverse’ engineered. Disclaimer This report has been prepared in accordance with the scope of Infrata Limited’s appointment with its client and is subject to the terms of that appointment. Infrata accepts no liability for any use of this document other than by its client and only for the purposes for which it was prepared and provided. The conclusions and recommendations contained in this Report are based upon information sourced in the public domain and provided by others and upon the assumption that all relevant information has been provided by those parties from whom it has been requested and that such information is accurate. Information obtained by Infrata has not been independently verified by Infrata, unless otherwise stated in the Report. Certain statements made in the Report that are not historical facts may constitute estimates, projections or other forward-looking statements and even though they are based on reasonable assumptions as of the date of the Report, such forward-looking statements by their nature involve risks and uncertainties that could cause actual results to differ materially from the results predicted. Infrata specifically does not guarantee or warrant any estimate or projections contained in this Report. Infrata disclaims any undertaking or obligation to advise any person of any change in any matter affecting the Report, which may co