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Hotel Intelligence Venice 2013
Hotels & Hospitality
Despite subdued hotel performance in the city in 2012, the first seven
months of 2013 have shown a return to growth for Venice. We expect
to see positive trading performance for the rest of 2013 on the back of
the Biennale event taking place over the six months from June to
November.
2 Hotel Intelligence: Venice
Contributors Table of Contents Market Snapshot Overall tourism demand contracted while international tourism peaked in 2012 Strong overall growth at Venice airports in 2012 International meetings grow in Venice in 2012 International tourism expected to fuel growth in 2013 Stable hotel supply in the city driven by boutique hotels Subdued growth in hotel trading performance in 2012, growth expected for 2013 Notable growth expected in the short term
Alexander French Research Assistant, EMEA [email protected]
Giuliano Esposito Vice President, Milan [email protected]
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Jones Lang LaSalle’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s more than 265 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling nearly US$25 billion, while also completing approximately 4,000 advisory and valuation assignments. The group’s hotels and hospitality specialists pro-vide independent and expert advice to clients, backed by industry-leading research. For more news, videos and research from Jones Lang LaSalle’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality
Hotel Intelligence: Venice 3
Market Snapshot
Tourism: Tourism in Venice is primarily characterised by
international demand. In 2012, total international bed nights
represented some 87% of total demand. On the back of a
double-digit growth in tourism in 2011, arrivals and bed nights
decreased in 2012 by 1.7% and 3.0%, respectively. While
international demand registered marginal growth, domestic
demand contracted significantly due to uncertainties in the
national economy and political landscape. This was further
exacerbated by the lack of the Biennale event, which typically
boosts tourism demand to the city. In Q1 2013, all major source
markets, including the emerging markets, posted an increase in
bed nights in the province of Venice. In addition, the city is
hosting the Biennale event in 2013; therefore, we envisage
growth in tourism visits to Venice in the short term.
Supply: As of July 2012, the graded hotel supply in the
municipality of Venice comprised 416 hotels with almost 15,000
guest rooms. Hotel supply in Venice consists predominantly of
4-star properties, representing some 43% of total room stock.
There are various midscale and upscale hotel developments on
the outlying islands of the lagoon, which are expected to enter
the Venice hotel market in the medium term. Furthermore, we
envisage a number of smaller/boutique hotel properties
opening in the city centre. If all proposed developments come
to fruition, total guest room supply is anticipated to increase by
around 5% by the end of 2015.
Trading: While in 2011 the quality hotel market registered a
double-digit increase in room yield, quality hoteliers in Venice
registered subdued growth in 2012. As of July 2013, the Venice
hotel market is showing signs of strong recovery, whereby
room yield has grown by 26.7% year-on-year. This result has
been achieved following an 18.4% increase in average room
rate (ADR) coupled with a growth of 7.1% in occupancy.
Considering the data for YTD July 2013, we expect that quality
hotels in Venice will register a healthy increase in trading
performance in 2013.
4 Hotel Intelligence: Venice
Overall tourism demand contracted while international tourism peaked in
2012
The city’s unique urban landscape, together with a wide range
of internationally celebrated events, make Venice one of
Italy’s most visited cities, and one of the most appealing
tourism destinations for foreign tourists coming to Italy.
Tourism is the city’s main driving force and is largely
characterised by foreign demand, with international overnight
stays accounting for 88% of the total in 2012.
Between 2005 and 2012, visitor arrivals and bed nights to
Venice achieved compound average annual growth (CAAG) of
3.2% and 2.4%, respectively, which is in line with the historic
average. The city experienced a contraction in overnight stays
in 2002 following the aftermath of 9/11, and also in 2008
which saw the outbreak of the global financial crisis. These
shocks undoubtedly impacted the city; however, given its
uniqueness, Venice has proven to be a resilient tourism
destination.
On the back of a 12% increase in visitor arrivals and an uplift
of 11% in bed nights in 2011, visitor arrivals and bed nights
reached over 3.3 million and over 7.0 million respectively in
2012. Domestic arrivals decreased by some 12.9%, whilst
domestic bed nights were the lowest in the past decade,
decreasing by some 22.0% compared to 2011 as a result of
Italy’s prolonged economic recession. International demand
increased marginally in 2012, offsetting most of the
contraction registered from domestic demand. New record
highs for foreign visitors were achieved, with arrivals at almost
2.9 million and overnight stays reaching approximately 6.2
million.
According to Venice’s Azienda Promozione Turistica, the
municipality of Venice achieved an increase of 6.14% in
arrivals and 6.11% in overnight stays during Q1 2013. This
result was achieved prior to the hosting of the Biennale event,
which runs from the beginning of June; thus, we expect further
growth for Venice for the remainder of the year.
Venice: Tourism Trends
2005 2006 2007 2008 2009 2010 2011 2012
CAAG 2005-12
(%)
Visitor Arrivals (000s)
Domestic 437 468 455 460 468 474 506 441 0.1
International 2,245 2,413 2,473 2,301 2,278 2,554 2,887 2,896 3.7
Total 2,683 2,880 2,928 2,761 2,745 3,028 3,393 3,336 3.2
Growth p.a. (%) 5.2 7.4 1.7 -5.7 -0.6 10.3 12.0 -1.7
Bed Nights (000s)
Domestic 992 1,047 997 1,009 1,034 989 1,116 870 -1.9
International 4,965 5,393 5,785 5,346 5,340 5,525 6,130 6,160 3.1
Total 5,957 6,440 6,783 6,355 6,373 6,514 7,246 7,031 2.4
Growth p.a. (%) 7.9 8.1 5.3 -6.3 0.3 2.2 11.2 -3.0
Source: Azienda di Promozione Turistica – Venezia
Source: Azienda Promozione Turistica – Venezia
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2005 2006 2007 2008 2009 2010 2011 2012
Bed
Nig
hts
(00
0s)
Arr
ival
s (0
00s)
Arrivals Bed Nights
Venice: Tourism Demand
Hotel Intelligence: Venice 5
Venice’s major foreign source markets are the USA, and key
European countries such as France, the United Kingdom and
Germany. Bed nights from the USA declined marginally in
2012, whilst the European source markets posted mixed
results, with overnight stays increasing significantly from the
UK (+13.3%), although by only 1.1% from France, whereas
overnight stays from Spain and Germany fell by around 19%
and 4% respectively. A strong growth in demand was reported
from China (+16.8%), Russia (+7.5%) and Japan (+6.0%),
while Brazil posted a decrease of around 3.0%, following a
+40% increase in 2011.
The visitor mix to Venice is expected to change in the medium
to long term, with an increasing number of tourists coming
from the BRIC countries (Brazil, Russia, India and China) and
from other markets in South America and Asia. In 2013, we
expect a potential uplift in visitation from the Biennale event,
although domestic and European demand will likely remain
subdued.
As at Q1 2013, the province of Venice registered a contraction
in tourists arrivals from the USA and a marginal uplift in bed
nights. All principal European feeder markets, apart from
Spain, registered growth in both arrivals and bed nights during
the same period. Further growth in arrivals and bed nights
was recorded from the BRIC countries, with China growing by
11.9%, Brazil by 7.5% and Russia by 5.3% in terms of bed
nights. Bed nights from India posted a noteworthy 17.7%
increase in Q1 2013, albeit from a much lower base volume.
Source: Azienda Promozione Turistica – Venezia
0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000
USA
France
UK
Germany
Spain
Japan
Brazil
China
Russia
Visitor Origin 2012 Visitor Origin 2011
Venice: Top Feeder Markets 2012 vs. 2011
Strong overall growth at Venice
airports in 2012
Venice is served by Venice Marco Polo international airport,
which is Italy’s fourth busiest airport in terms of passenger
traffic. The airport is located about 12 km outside Venice on
the mainland and benefits from easy access to the city centre
via the Piazzale Roma bus terminal, taking about 20 minutes.
Water transportation is also available and connects the airport
to the city in about an hour. Treviso airport, which is located at
some 40 minutes from Venice, has also been driving demand
to the city since 2005. The airport primarily handles low-cost
carrier traffic, and recently underwent upgrading works in
order to handle greater passenger capacity.
Venice’s airports enjoyed steady growth after 2003, driven by
international passenger volume, with only a marginal dip at
Venice Marco Polo in 2005. After a peak in passenger arrivals
in 2007, combined volume declined by 0.3% in 2008 as a
result of decreasing passengers at Venice Marco Polo airport,
whilst Treviso airport continued to register strong growth. As
the global economic downturn continued, total passenger
numbers decreased by a further 1.0% in 2009, due to a
progressive decrease in international traffic. Since then, traffic
movement has seen a robust recovery, with passengers
growing by 6.2% in 2010 and by a further 7.2% in 2011.
During the period 1 June 2011 to 4 December 2011, most
passenger traffic at Treviso airport was transferred to Venice
Marco Polo, as a result of refurbishment works to the terminal.
Source: Assaeroporti
Venice Airports: Passenger Arrivals
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
2005 2006 2007 2008 2009 2010 2011 2012 YTDMay2012
YTDMay2013Venezia Marco Polo Airport Treviso Airport
6 Hotel Intelligence: Venice
International meetings grow in Venice in 2012
In 2012, total passenger arrivals continued to grow, posting an
overall increase of 8.9% compared to 2011. This was driven
primarily by a strong boost in international passengers, which
registered CAAG rates of 13% at Venice Marco Polo airport
and 2% at Treviso airport.
As of May 2013, Venice’s airports registered an aggregate
increase of 1.6%, fuelled entirely by international demand.
International passengers continue to boost volume at Venice
Marco Polo airport, increasing by 8.8% compared to the same
period in 2012, while domestic passengers contracted by
8.4%. International passengers at Treviso airport registered a
9.7% decrease, while domestic passengers decreased by
3.4%.
Venice Convention, the city’s dedicated conference and
congress hub, is located about a 30 minute ferry ride from the
city centre on the Venice Lido. The facility comprises two
historic buildings (Palazzo del Cinema and Palazzo del
Casinò) and a large indoor arena (Palagalileo), which together
can host up to 4,000 delegates. The largest space is the
Palagalileo with a capacity of up to 1,500 attendees. The
proposed plans for a new Palazzo del Cinema are currently on
hold; however, should the project proceed it will be the largest
dedicated conference venue in Venice, with a capacity for
over 2,000 delegates.
In addition to Venice Convention, there are various hotels
outside the city centre and on the islands which have
historically provided significant meeting space for medium to
large-scale events. The Hotel Excelsior, located on the Venice
Lido, has been the venue for a wide range of recurring and
renowned events, such as the Venice International Film
Festival. In 2008, the Hilton Molino Stucky, located on
Giudecca Island, added a large conference facility to the city,
with a congress centre for up to 1,000 delegates. Other
conference and meeting facilities can be found at the San
Clemente Palace Hotel located on San Clemente Island,
however the hotel is closed at the time of writing after entering
financial difficulties. The Sacca Sessola hotel project on the
island of Sacca Sessola, which is slated to open in 2015, will
add additional meeting and conference space to the city.
According to the latest International Association Meetings
Market report, published by the International Congress and
Convention Association (ICCA), Venice hosted 34 meetings in
2012, an impressive increase on the 22 events hosted in
2011. As mentioned earlier, in 2013 the city is hosting the
Biennale event, which typically attracts a wide range of
associated meetings and events to the city; thus, we expect a
year of robust meeting and conference demand for Venice.
Venice: International Meetings
0
10
20
30
40
2007 2008 2009 2010 2011 2012
Nu
mb
er
of
Me
etin
gs
Meetings
Source: ICCA
Venice has a limited proportion of corporate demand and is
generally dominated by leisure tourism visits. Given the
intrinsic urban landscape of the city, there are few dedicated
conference and meeting facilities, consequently limiting the
number of large events that can be hosted.
Hotel Intelligence: Venice 7
International tourism expected to
fuel growth in 2013
According to the Venice Tourism Office, as of July 2013 the
municipality of Venice comprised 416 graded hotels consisting
of around 14,988 guest rooms. The average hotel size in
Venice comprises around 36 guest rooms, reflecting the
prevalence of small family-owned hotels, which is generally in
line with the national average. The 4-star category represents
about 43.3% of total guest rooms in the city, followed by the 3-
star guest rooms (31.6%) and 5-star guest rooms (13.4%).
Due to the inherent characteristics of the city, hotel supply in
Venice is generally concentrated in the following locations:
1.) The historic city centre. Here, hotel supply consists of
small independent or family operated hotels, guesthouses and
quality hotels as well as the traditional grand hotels.
2.) Mestre. The mainland, where it is possible to develop new
hotels. Here, a number of hotel properties are concentrated,
including the larger business hotels, varying in standard from
budget to luxury.
3.) Islands. There are many outlying islands in the Venetian lagoon, which over the years have been transformed into resorts. The Venice Lido, given its size and history, was the first resort destination in the Venice Lagoon.
Given the difficulties in identifying suitable sites and
restrictions in adapting historic buildings to hotel use, the 4-
star and 5-star hotel supply in the centre of Venice has
remained relatively stable in the last few years. Over the
years, international and domestic operators such as Starwood
Hotels & Resorts, Orient-Express, Hilton, NH Hoteles,
Starhotels and Baglioni Hotels have all made their mark in the
city, and we expect chain operators to continue to seek
desirable locations across the city.
On the back of a significant increase in tourism demand in
2011, Venice registered its first real decrease in arrivals and
bed nights in 2012 since 2009. This was the result of a
significant contraction in domestic demand due to the fragility
of the domestic economy, as well as the lack of the Biennale
event taking place.
The traditional feeder markets, as well as the emerging
markets, both posted increases in bed nights during Q1 2013.
We expect the emerging markets to sustain growth in tourism
demand to the city in the short and medium term. Domestic
demand is anticipated to remain muted until consumer
confidence returns and the Italian economy returns to growth.
The city’s architectural and cultural wealth, together with its
distinctive urban landscape, will continue to attract leisure
visitors from all over the globe. Furthermore, the wide range of
international events held throughout the year, including the
Biennale, the prestigious International Film Festival and the
celebrated Venice Carnival, will continue to support the city’s
appeal.
Stable hotel supply in the city driven
by boutique hotels
Venice: Hotel Supply (as at July 2013)
Grade Establishments Rooms % of Total
5 star 20 2,005 13.4%
4 star 105 6,490 43.3%
3 star 183 4,734 31.6%
Other* 108 1,759 11.7%
Total 416 14,988 –
*Includes 1– and 2– star hotels Source: Azienda Promozione Turistica – Venezia
8 Hotel Intelligence: Venice
Future supply
As mentioned previously, there are very high barriers to entry
for hotel developments and conversions in Venice city centre.
In general, medium to large scale hotel developments, espe-
cially those connected to international hotel brands, occur out-
side the city centre. The islands of the lagoon, as well as the
mainland, Mestre, have traditionally been the sites of interna-
tionally branded hotel openings. We expect this trend to contin-
ue in the short to medium term, with smaller boutique hotels
opening in the city and larger branded properties on the islands
of the lagoon, such as Murano and Sacca Sessola.
Murano recently opened the new Lagare Hotel Venezia MGal-
lery (118 guest rooms), while an international 5-star hotel is
anticipated to open in the near future on Sacca Sessola island.
This hotel project consists of over 320 guest rooms coupled
with a residential component and extensive leisure facilities,
and is expected to open in 2015.
At the end of December 2012, the 4-star, 35 guest room Hotel
Ai Reali was inaugurated, whilst on 1 June 2013, the restored
sixteenth-century Palazzo Papadopoli was opened as the
Aman Canal Grande, the first Aman Resort in Italy. This luxury
hotel offers 24 suites from 50 sq. m. to 150 sq. m., two restau-
rants, a spa and ballroom as well as private gardens. We ex-
pect this hotel to compete directly with the Cipriani hotel on the
island of La Giudecca.
According to the local press, there are 14 palazzos located in
the city centre which may be converted into hotels, adding a
total of around 280 guest rooms if development comes to frui-
tion.
Venice: Graded Hotel Supply
f= forecast Source: Jones Lang LaSalle Hotels & Hospitality
0
5,000
10,000
15,000
2004 2005 2006 2007 2008 2009 2010 2011 2012f 2013f 2014f 2015f
Ro
om
s
Developments Existing
Venice: Hotel Developments (as at July 2013)
Recently Opened in 2012–13
Hotel Name Location Rooms Grade Due Date Operator
Hotel Ai Reali Venice city 35 4-star Dec 2012 Private
Lagare Hotel Venezia MGallery Murano Island 118 4-star May 2013 Private with MGallery franchise
Aman Canal Grande Resort Venice city 24 5-star Jun 2013 Aman Resorts
Total Rooms Recently Opened 177
New Developments 2013–15
Hotel Location Rooms Grade Due Date Operator
Sacca Sessola Hotel Project Sacca Sessola Island 320 5-star 2015 Marriott
Various (14) Boutique Hotel Projects Venice City 280 4-star 2015 To be defined
Total Rooms Proposed/Under Construction 2013–15 600
Source: Jones Lang LaSalle Hotels & Hospitality
Hotel Intelligence: Venice 9
Subdued growth in hotel trading performance in 2012, growth expected for
2013
Venice: Quality Hotel Trading Performance
2005 2006 2007 2008 2009 2010 2011 2012
Occupancy (%) 62.6 64.9 61.9 55.7 56.0 59.0 67.6 67.9
ADR (€) 299.9 316.3 350.8 302.5 264.4 255.5 289.4 288.5
RevPAR (€) 187.8 205.3 217.2 168.4 148.0 150.7 195.6 195.9
RevPAR growth (%) 2.8 9.3 5.8 -22.5 -12.2 1.9 29.8 0.1
Inflation (%) 2.1 2.5 2.0 3.3 0.8 1.6 2.8 2.3
ADR 2012 values (€) 348.7 358.9 403.1 325.8 282.5 268.7 296.1 288.5
RevPAR 2012 values (€) 218.4 233.0 241.7 181.4 158.1 158.5 200.1 195.9 Note: Selection of 4- and 5-star hotels Source: STR Global
As of July 2013, the Venice hotel market had posted an
impressive 26.7% increase in room yield year-on-year.
Although January registered a decrease in RevPAR of around
3%, the months of February and March, and from May to July,
achieved double-digit increases. This is partly attributable to
the activities surrounding the Biennale event.
The Venice hotel market consistently ranks as one of
Europe’s best-performing markets. In the past decade,
however, the city has experienced subdued performance as a
result of extraordinary events affecting the city’s primary
source market, the USA, as well as deteriorating conditions in
the domestic economic and political landscape.
During the period 2000 to 2007, the city of Venice registered
an annual increase in average room rates of about 2.6%. On
the back of this increase, occupancy decreased by some
2.4%, resulting in a marginal increase in revenue per available
room (RevPAR) during the period.
Following the peak in room yield in 2007, up to €242 in real
terms, the Venice hotel market experienced an average
annual decrease in RevPAR between 2007 and 2009 of
around 19%, driven predominantly by decreases in average
room rate. In 2010, a slight upturn was registered, with year-
end occupancy at 59%, representing a 3% increase compared
to 2009. Average daily rate continued to register decreases
(−3.4%) in 2010, resulting in an increase in RevPAR of around
1.9%. In 2011, Venice posted an impressive rebound in
trading with RevPAR growth of almost 30% year-on-year,
although RevPAR is still below historic levels. Hotel trading
performance in 2011 was fuelled by a general improvement in
the global financial and tourism markets coupled with the
Biennale event.
In 2012, quality hotel trading performance in Venice remained
generally stable compared to 2011, a positive result
considering that RevPAR jumped by around 30% in 2011 and
the city did not host the Biennale event. The first few months
of 2012 (January, February and April) as well as November
showed healthy increases in RevPAR, enabling hoteliers to
boost overall trading performance marginally by year-end.
Source: STR Global
Venice: Year-to-Date Trading
July 2012 2013 Change (%)
Occupancy (%) 65.4 70.0 7.0
ADR (€) 292.1 345.8 18.4
RevPAR (€) 190.9 242.0 26.8
Venice: Quality Hotel Trading
Source: STR Global
0%
20%
40%
60%
80%
100%
100
150
200
250
300
350
400
450
500
2005 2006 2007 2008 2009 2010 2011 2012
Occ
up
ancy
€(2
012
Val
ues
)
ADR 2012 Values RevPAR € Occupancy %
10 Hotel Intelligence: Venice
Notable growth expected in the short
term
The table above shows the evolution of Venice’s quality
hotels’ trading performance over the past 5 and 10 years in
real terms. Occupancy in the last 5 years has been broadly in
line with the past decade, suggesting that although worsening
economic conditions have prevailed, demand to the city
remained robust, primarily from international markets. The
challenging economic conditions in the past 5 years, however,
put pressure on average room rate, which declined by 3.0%,
broadly in line with the 10-year period. However, given the
inherent appeal of the city, occupancy in the past 5 years has
returned to pre-crisis levels, boosting the RevPAR CAAG in
real terms to 1.9%.
Venice is considered primarily as a leisure destination. As a
result, occupancy and room rates are somewhat seasonal.
Volatility in room yield is registered during the spring, while
peaks in trading are typically achieved during the beginning of
summer as well as during the autumn months. June is
historically one of the stronger months for leisure tourism,
which also coincides with the launch of the Biennale event in
the city. September also tends to be successful as many
events are organised during that month, including the
renowned Venice International Film Festival.
Venice: Room Yield Seasonality
Source: STR Global
0
50
100
150
200
250
300
350
400
450
500
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
€
2010 2011 2012
Due to the significance of international demand to the city and
of the bi-annual Biennale event, Venice is susceptible to high
volatility in terms of tourism flows and hotel trading
performance. The increasing reliance of the city on
international demand exposes Venice hoteliers to issues or
instability in the economies of the major feeder markets.
Venice’s inherent appeal as one of the world’s most distinctive
and highly visited cities supports an encouraging outlook in
the short to medium term. In Q1 2013, all major European
markets showed signs of growth in terms of bed nights, while
the emerging economies continued to register impressive
increases.
If the first seven months of 2013 are an indication of hotel
trading performance for the year, we anticipate that Venice will
post a significant uplift in room yield by year-end. This will be
further supported by the Biennale event hosted during the 6
months of June to November .
Venice: Trading Growth Rates
2003–12 2008–12
Average Occupancy (%) 61.5 61.2
ADR CAAG (%, 2012 values) -3.0 -3.0
RevPAR CAAG (%, 2012 values) -1.4 1.9
Source: STR Global
Hotel Intelligence: Venice
This report is confidential to the recipient of the report. No reference to the report or any part of it may be published in any document, state-ment or circular or in any communication with third parties without the prior written consent of Jones Lang LaSalle Hotels & Hospitality, including specifically in relation to the form and context in which it will appear. We stress that forecasting is a problematical exercise which at best should be regarded as an indicative assessment of possibilities rather than absolute certainties. The process of making forward projections involves assumptions in respect of a considerable number of varia-bles which are acutely sensitive to changing conditions, variations in any one of which may significantly affect the outcome and we draw your attention to this factor. Jones Lang LaSalle Hotels & Hospitality makes no representation, warranty, assurance or guarantee with re-spect to any material with which this report may be issued and this report should not be taken as an endorsement of or recommendation on any participation by any intending investor or any other party in any transaction whatsoever. This report has been produced solely as a general guide and does not constitute advice. Users should not rely on this report and must make their own enquiries to verify and satisfy themselves of all aspects of information set out in the report. We have used and relied upon information from sources generally regarded as authoritative and reputable, but the information obtained from these sources may not have been independently verified by Jones Lang LaSalle Hotels & Hospitality. Whilst the material contained in the report has been prepared in good faith and with due care, no representation or warranty is made in relation to the accuracy, currency, completeness, suitability or otherwise of the whole or any part of the report. Jones Lang LaSalle Hotels & Hospitality, its officers, employees, subcontractors and agents shall not be liable (to the extent permitted by law) to any person for any loss, liability, damage or expense (‘liability’) arising directly or indirectly from or connected in any way with any use of or reliance on this report. If any liability is established, notwithstanding this exclusion, it shall not exceed $1,000.
12 Hotel Intelligence: Venice
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