Although the economy has not yet reached its pre-crisis levels, Maritim Hotels once again showed improved results last year. At 446.1 million euros, total turnover for 2011 0.8 million euros was about 0.2 per cent up on last year’s result. Clear growth was recorded, especially in the business and individual travel segment. Since the beginning of 2010, the reduction in VAT on accommodation to seven per cent has also contributed to good business results; this reduction remains of vital importance to the German hotel sector, especially when it comes to maintaining its competitiveness with foreign companies. Maritim currently has 51 hotels, of which 14 are located abroad; the average occupancy rate is 58.0 per cent. The average room rate increased from 86.80 euros the previous year to 88.09 euros.