International tourist arrivals in South Africa are estimated to have increased by
approximately 10.5% in the first seven months of the year (Overseas: +16.4%; Africa:
+8.5%). Domestic tourism is estimated to account for about 70% of the total visitor
market and about 35% of total tourism spend. Yet in spite of a weaker domestic
economic outlook and moderating domestic visitor market, the South African hotel
market has shown some evidence of a recovery in 2012.