Na Datacast Sample

7/25/2019 Na Datacast Sample

1/28

Date Occupancy ADR RevPAR Supply

200109 49.0% 496.04 243.10 65,970

200110 64.1% 447.68 286.96 68,169

200111 69.9% 466.17 325.84 65,940

200112 65.1% 498.90 324.53 68,138

200201 55.7% 440.13 245.32 68,014

200202 65.8% 449.88 296.16 61,432

200203 62.5% 430.02 268.62 68,014200204 69.7% 446.18 311.08 65,820

200205 66.1% 468.63 309.73 75,770

200206 62.8% 438.65 275.55 74,100

200207 48.7% 400.88 195.30 76,570

200208 47.9% 399.17 191.01 76,601

200209 65.4% 33.4% 474.53 (4.3% 310.28 27.6% 74,130

200210 74.7% 16.5% 469.15 4.8% 350.38 22.1% 76,601

200211 72.6% 3.8% 477.51 2.4% 346.55 6.4% 74,130

200212 71.4% 9.8% 538.57 8.0% 384.79 18.6% 76,570

200301 52.5% (5.9% 403.54 (8.3% 211.75 (13.7% 76,601

200302 56.4% (14.3% 409.34 (9.0% 231.02 (22.0% 69,160

200303 50.5% (19.2% 394.00 (8.4% 198.96 (25.9% 76,570200304 54.9% (21.3% 420.81 (5.7% 230.87 (25.8% 74,130

200305 68.5% 3.6% 429.28 (8.4% 293.89 (5.1% 76,601

200306 70.1% 11.6% 408.45 (6.9% 286.26 3.9% 74,130

200307 55.6% 14.2% 384.29 (4.1% 213.72 9.4% 76,601

200308 54.5% 13.9% 386.37 (3.2% 210.66 10.3% 76,725

200309 71.8% 9.8% 474.62 0.0% 340.65 9.8% 74,139

200310 81.4% 9.0% 473.67 1.0% 385.63 10.1% 76,620

200311 81.5% 12.3% 482.86 1.1% 393.52 13.6% 74,160

200312 70.1% (1.8% 545.11 1.2% 382.28 (0.7% 84,413

200401 53.8% 2.6% 401.08 (0.6% 215.94 2.0% 84,413

200402 62.3% 10.4% 406.42 (0.7% 253.12 9.6% 78,967

200403 69.6% 37.9% 420.69 6.8% 292.92 47.2% 84,413200404 72.1% 31.3% 445.83 5.9% 321.24 39.1% 81,730

200405 76.5% 11.7% 469.40 9.3% 359.10 22.2% 84,413

200406 76.9% 9.7% 446.38 9.3% 343.14 19.9% 81,690

200407 63.1% 13.5% 418.41 8.9% 264.18 23.6% 84,351

200408 56.1% 2.8% 436.22 12.9% 244.59 16.1% 84,613

200409 76.2% 6.2% 528.53 11.4% 402.91 18.3% 81,690

200410 82.7% 1.6% 510.02 7.7% 421.76 9.4% 84,351

200411 83.7% 2.8% 539.59 11.7% 451.85 14.8% 81,690

200412 79.9% 14.0% 599.19 9.9% 478.88 25.3% 84,568

200501 63.4% 17.7% 440.76 9.9% 279.23 29.3% 82,305

200502 76.3% 22.5% 460.18 13.2% 350.97 38.7% 74,256

200503 77.6% 11.5% 459.03 9.1% 356.22 21.6% 82,305200504 80.7% 12.0% 507.77 13.9% 409.84 27.6% 79,650

200505 83.2% 8.8% 537.58 14.5% 447.51 24.6% 82,305

200506 83.0% 7.9% 528.25 18.3% 438.25 27.7% 79,650

200507 71.5% 13.2% 472.29 12.9% 337.60 27.8% 82,305

200508 70.8% 26.3% 464.38 6.5% 328.88 34.5% 82,305

200509 84.4% 10.7% 625.47 18.3% 528.05 31.1% 79,650

200510 83.4% 0.8% 615.78 20.7% 513.40 21.7% 82,239

200511 86.6% 3.4% 650.42 20.5% 563.07 24.6% 79,287

200512 78.9% (1.3% 734.82 22.6% 579.49 21.0% 81,929


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200601 63.4% 0.0% 542.06 23.0% 343.44 23.0% 81,809

200602 68.7% (10.0% 527.46 14.6% 362.11 3.2% 73,360

200603 74.8% (3.6% 534.90 16.5% 400.13 12.3% 81,220

200604 81.2% 0.6% 578.01 13.8% 469.27 14.5% 78,630

200605 82.3% (1.1% 626.70 16.6% 516.03 15.3% 81,218

200606 80.2% (3.3% 610.17 15.5% 489.60 11.7% 78,540

200607 69.4% (3.0% 546.88 15.8% 379.36 12.4% 81,158

200608 70.0% (1.1% 535.42 15.3% 374.97 14.0% 81,158200609 81.8% (3.1% 714.96 14.3% 585.04 10.8% 78,540

200610 84.7% 1.6% 701.77 14.0% 594.69 15.8% 81,189

200611 85.3% (1.4% 764.04 17.5% 651.98 15.8% 78,570

200612 81.4% 3.2% 826.47 12.5% 672.68 16.1% 81,189

200701 65.1% 2.8% 582.06 7.4% 379.12 10.4% 81,189

200702 72.1% 5.0% 609.05 15.5% 439.10 21.3% 73,332

200703 77.7% 3.9% 616.98 15.3% 479.37 19.8% 81,189

200704 83.9% 3.3% 667.61 15.5% 560.10 19.4% 78,570

200705 82.0% (0.4% 717.20 14.4% 587.89 13.9% 81,189

200706 77.7% (3.1% 718.96 17.8% 558.99 14.2% 78,570

200707 70.6% 1.8% 618.19 13.0% 436.55 15.1% 75,857

200708 73.0% 4.2% 613.65 14.6% 447.97 19.5% 75,857200709 77.6% (5.1% 851.26 19.1% 660.99 13.0% 78,608

200710 85.8% 1.3% 856.64 22.1% 735.16 23.6% 81,344

200711 85.8% 0.5% 896.10 17.3% 768.82 17.9% 78,720

200712 79.3% (2.6% 961.63 16.4% 762.51 13.4% 81,386

200801 64.9% (0.4% 657.17 12.9% 426.53 12.5% 75,299

200802 72.7% 0.8% 661.82 8.7% 480.85 9.5% 70,441

200803 78.1% 0.5% 682.45 10.6% 533.14 11.2% 75,299

200804 82.1% (2.1% 719.58 7.8% 591.10 5.5% 72,870

200805 81.5% (0.6% 774.18 7.9% 630.85 7.3% 75,299

200806 78.2% 0.6% 743.56 3.4% 581.51 4.0% 72,870

200807 74.9% 6.1% 654.18 5.8% 490.28 12.3% 75,299

200808 79.7% 9.2% 626.77 2.1% 499.46 11.5% 75,299200809 77.3% (0.4% 920.60 8.1% 711.99 7.7% 72,770

200810 77.0% (10.3% 825.86 (3.6% 635.76 (13.5% 75,299

200811 77.0% (10.3% 869.57 (3.0% 669.58 (12.9% 72,870

200812 77.8% (1.9% 907.22 (5.7% 705.87 (7.4% 75,299

200901 57.1% (11.9% 559.85 (14.8% 319.95 (25.0% 75,299

200902 58.8% (19.0% 585.35 (11.6% 344.28 (28.4% 68,012

200903 60.0% (23.3% 610.04 (10.6% 365.75 (31.4% 75,330

200904 66.9% (18.6% 600.94 (16.5% 401.98 (32.0% 73,000

200905 63.5% (22.1% 585.14 (24.4% 371.63 (41.1% 75,279

200906 63.8% (18.4% 558.60 (24.9% 356.42 (38.7% 78,570

200907 63.3% (15.5% 512.66 (21.6% 324.69 (33.8% 81,127

200908 64.5% (19.1% 492.76 (21.4% 317.80 (36.4% 81,189200909 78.6% 1.6% 754.01 (18.1% 592.76 (16.7% 78,570

200910 78.0% 1.3% 691.13 (16.3% 539.20 (15.2% 81,158

200911 73.4% (4.7% 725.67 (16.5% 532.34 (20.5% 78,540

200912 77.9% 0.1% 822.63 (9.3% 640.48 (9.3% 81,158

201001 58.8% 2.8% 553.22 (1.2% 325.14 1.6% 81,158

201002 62.4% 6.0% 549.32 (6.2% 342.52 (0.5% 73,304

201003 71.8% 19.7% 573.32 (6.0% 411.44 12.5% 81,158

201004 73.7% 10.2% 619.34 3.1% 456.49 13.6% 78,540

201005 76.8% 20.9% 669.31 14.4% 514.00 38.3% 81,158


3/28

201006 71.1% 11.5% 631.20 13.0% 449.07 26.0% 78,540

201007 67.0% 5.8% 553.53 8.0% 371.01 14.3% 81,158

201008 65.0% 0.7% 521.29 5.8% 338.64 6.6% 81,158

201009 76.5% (2.6% 838.30 11.2% 641.61 8.2% 78,540

201010 73.8% (5.4% 741.39 7.3% 547.04 1.5% 81,158

201011 76.2% 3.9% 780.19 7.5% 594.81 11.7% 78,540

201012 79.0% 1.5% 887.52 7.9% 701.20 9.5% 81,158

201101 62.8% 6.9% 608.54 10.0% 382.30 17.6% 81,156201102 61.0% (2.2% 552.40 0.6% 336.75 (1.7% 73,302

201103 69.4% (3.3% 542.76 (5.3% 376.50 (8.5% 81,158

201104 79.6% 8.0% 631.28 1.9% 502.45 10.1% 78,540

201105 78.0% 1.6% 661.61 (1.2% 516.16 0.4% 81,158

201106 78.0% 9.7% 644.06 2.0% 502.66 11.9% 78,540

201107 78.8% 17.6% 563.56 1.8% 444.20 19.7% 81,158

201108 71.1% 9.4% 543.08 4.2% 385.88 14.0% 81,158

av! 71.7% 596.02 427.37

"t# #ev % 78%

10&y' 9.4% 30.0%

5&y' 7.7% 35.0%) 6.4% 41.7%


4/28

De*an# Rev )+ ' ) +cc ) ADR

32,331 16,037,562 09 2001

43,695 19,561,578 10 2001

46,090 21,485,841 11 2001

44,324 22,113,116 12 2001

37,909 16,684,956 01 2002

40,441 18,193,555 02 2002

42,486 18,269,807 03 200245,891 20,475,461 04 2002

50,078 23,468,251 05 2002

46,547 20,417,893 06 2002

37,303 14,954,064 07 2002

36,655 14,631,746 08 2002 60.4% 449.22

12.4% 48,471 49.9% 23,000,976 09 2002 61.7% 448.67

12.4% 57,208 30.9% 26,839,094 10 2002 62.7% 450.94

12.4% 53,799 16.7% 25,689,700 11 2002 63.0% 452.29

12.4% 54,706 23.4% 29,463,026 12 2002 63.6% 457.10

12.6% 40,194 6.0% 16,219,998 01 2003 63.2% 454.38

12.6% 39,033 (3.5% 15,977,669 02 2003 62.5% 451.52

12.6% 38,667 (9.0% 15,234,730 03 2003 61.5% 449.1312.6% 40,670 (11.4% 17,114,408 04 2003 60.3% 447.26

1.1% 52,441 4.7% 22,511,974 05 2003 60.5% 443.57

0.0% 51,954 11.6% 21,220,408 06 2003 61.1% 440.68

0.0% 42,602 14.2% 16,371,390 07 2003 61.7% 439.03

0.2% 41,832 14.1% 16,162,621 08 2003 62.3% 437.71

0.0% 53,211 9.8% 25,255,138 09 2003 62.8% 438.02

0.0% 62,380 9.0% 29,547,293 10 2003 63.4% 438.80

0.0% 60,439 12.3% 29,183,491 11 2003 64.1% 439.80

10.2% 59,198 8.2% 32,269,370 12 2003 64.0% 441.23

10.2% 45,447 13.1% 18,227,853 01 2004 64.1% 440.70

14.2% 49,181 26.0% 19,988,172 02 2004 64.5% 439.93

10.2% 58,774 52.0% 24,725,863 03 2004 66.1% 440.9710.3% 58,890 44.8% 26,254,865 04 2004 67.5% 442.71

10.2% 64,577 23.1% 30,312,503 05 2004 68.2% 446.45

10.2% 62,796 20.9% 28,031,182 06 2004 68.8% 449.44

10.1% 53,259 25.0% 22,283,917 07 2004 69.4% 451.12

10.3% 47,442 13.4% 20,695,199 08 2004 69.4% 454.08

10.2% 62,275 17.0% 32,914,053 09 2004 69.8% 459.26

10.1% 69,754 11.8% 35,576,207 10 2004 70.0% 463.07

10.2% 68,407 13.2% 36,911,839 11 2004 70.2% 468.84

0.2% 67,588 14.2% 40,498,227 12 2004 71.1% 474.91

(2.5% 52,142 14.7% 22,981,882 01 2005 71.9% 477.11

(6.0% 56,634 15.2% 26,061,693 02 2005 73.0% 480.59

(2.5% 63,870 8.7% 29,318,503 03 2005 73.6% 483.54(2.5% 64,289 9.2% 32,643,966 04 2005 74.4% 488.69

(2.5% 68,515 6.1% 36,832,551 05 2005 74.9% 494.93

(2.5% 66,080 5.2% 34,906,547 06 2005 75.4% 502.02

(2.4% 58,832 10.5% 27,785,767 07 2005 76.1% 505.65

(2.7% 58,290 22.9% 27,068,760 08 2005 77.4% 506.82

(2.5% 67,244 8.0% 42,058,963 09 2005 78.1% 515.52

(2.5% 68,566 (1.7% 42,221,436 10 2005 78.1% 525.07

(2.9% 68,639 0.3% 44,643,987 11 2005 78.4% 535.07

(3.1% 64,610 (4.4% 47,477,029 12 2005 78.3% 546.38

Supply De*an#


5/28

(0.6% 51,833 (0.6% 28,096,791 01 2006 78.3% 553.36

(1.2% 50,363 (11.1% 26,564,281 02 2006 77.7% 558.65

(1.3% 60,756 (4.9% 32,498,250 03 2006 77.5% 565.23

(1.3% 63,837 (0.7% 36,898,395 04 2006 77.5% 571.26

(1.3% 66,875 (2.4% 41,910,673 05 2006 77.4% 579.32

(1.4% 63,021 (4.6% 38,453,306 06 2006 77.2% 586.48

(1.4% 56,297 (4.3% 30,787,914 07 2006 77.0% 592.55

(1.4% 56,837 (2.5% 30,431,769 08 2006 77.0% 598.26(1.4% 64,268 (4.4% 45,949,258 09 2006 76.7% 605.97

(1.3% 68,801 0.3% 48,282,508 10 2006 76.8% 614.01

(0.9% 67,046 (2.3% 51,225,735 11 2006 76.7% 624.30

(0.9% 66,081 2.3% 54,613,876 12 2006 76.9% 632.75

(0.8% 52,882 2.0% 30,780,322 01 2007 77.1% 635.49

(0.0% 52,870 5.0% 32,200,218 02 2007 77.4% 640.96

(0.0% 63,080 3.8% 38,919,338 03 2007 77.6% 647.60

(0.1% 65,917 3.3% 44,006,918 04 2007 77.8% 655.35

(0.0% 66,551 (0.5% 47,730,181 05 2007 77.8% 663.46

0.0% 61,088 (3.1% 43,919,661 06 2007 77.6% 672.56

(6.5% 53,568 (4.8% 33,115,396 07 2007 77.7% 678.19

(6.5% 55,376 (2.6% 33,981,688 08 2007 78.0% 684.350.1% 61,038 (5.0% 51,959,289 09 2007 77.7% 695.54

0.2% 69,809 1.5% 59,801,154 10 2007 77.8% 710.25

0.2% 67,539 0.7% 60,521,406 11 2007 77.8% 722.41

0.2% 64,534 (2.3% 62,057,820 12 2007 77.6% 734.07

(7.3% 48,872 (7.6% 32,117,049 01 2008 77.7% 739.93

(3.9% 51,179 (3.2% 33,871,477 02 2008 77.8% 743.94

(7.3% 58,825 (6.7% 40,145,081 03 2008 77.8% 750.01

(7.3% 59,859 (9.2% 43,073,585 04 2008 77.6% 755.03

(7.3% 61,359 (7.8% 47,502,747 05 2008 77.5% 760.21

(7.3% 56,989 (6.7% 42,374,906 06 2008 77.6% 762.43

(0.7% 56,434 5.4% 36,917,840 07 2008 77.9% 764.70

(0.7% 60,004 8.4% 37,608,665 08 2008 78.5% 764.82(7.4% 56,280 (7.8% 51,811,451 09 2008 78.5% 769.73

(7.4% 57,966 (17.0% 47,871,819 10 2008 77.7% 765.71

(7.4% 56,111 (16.9% 48,792,329 11 2008 76.9% 761.38

(7.5% 58,587 (9.2% 53,151,331 12 2008 76.8% 754.97

0.0% 43,033 (11.9% 24,091,914 01 2009 76.1% 749.62

(3.4% 40,002 (21.8% 23,414,979 02 2009 75.1% 746.50

0.0% 45,165 (23.2% 27,552,323 03 2009 73.5% 742.82

0.2% 48,831 (18.4% 29,344,729 04 2009 72.3% 734.18

(0.0% 47,811 (22.1% 27,976,285 05 2009 70.7% 718.91

7.8% 50,132 (12.0% 28,003,638 06 2009 69.5% 703.69

7.7% 51,381 (9.0% 26,341,082 07 2009 68.5% 692.28

7.8% 52,361 (12.7% 25,801,569 08 2009 67.2% 681.558.0% 61,767 9.7% 46,573,029 09 2009 67.4% 666.91

7.8% 63,317 9.2% 43,760,119 10 2009 67.5% 654.49

7.8% 57,616 2.7% 41,810,124 11 2009 67.3% 641.64

7.8% 63,187 7.9% 51,979,785 12 2009 67.4% 635.04

7.8% 47,699 10.8% 26,388,001 01 2010 67.4% 633.98

7.8% 45,707 14.3% 25,107,931 02 2010 67.7% 630.95

7.7% 58,243 29.0% 33,391,748 03 2010 68.6% 627.23

7.6% 57,889 18.5% 35,852,849 04 2010 69.2% 628.49

7.8% 62,325 30.4% 41,715,039 05 2010 70.3% 635.36


6/28

(0.0% 55,877 11.5% 35,269,669 06 2010 70.9% 640.70

0.0% 54,398 5.9% 30,110,738 07 2010 71.2% 643.40

(0.0% 52,722 0.7% 27,483,591 08 2010 71.2% 645.53

(0.0% 60,112 (2.7% 50,391,875 09 2010 71.1% 652.73

0.0% 59,883 (5.4% 44,396,661 10 2010 70.7% 656.99

0.0% 59,878 3.9% 46,716,038 11 2010 70.9% 662.03

0.0% 64,120 1.5% 56,907,945 12 2010 71.0% 668.38

(0.0% 50,984 6.9% 31,025,818 01 2011 71.4% 671.96(0.0% 44,686 (2.2% 24,684,446 02 2011 71.3% 672.35

0.0% 56,297 (3.3% 30,555,783 03 2011 71.1% 670.10

0.0% 62,512 8.0% 39,462,341 04 2011 71.6% 670.85

0.0% 63,315 1.6% 41,890,131 05 2011 71.7% 670.13

0.0% 61,297 9.7% 39,478,713 06 2011 72.2% 670.97

0.0% 63,969 17.6% 36,050,571 07 2011 73.2% 670.28

0.0% 57,667 9.4% 31,317,558 08 2011 73.7% 671.02


7/28

) RevPAR ) +cc -n# ) a#' -n# ) 'evpa' -pa"e ADR *+ p'e

271.16 93.3 130.6 121.8 c+n 89.0%

276.80 93.1 130.8 121.8 'ec 106.2%

282.61 95.2 131.5 125.2 'ec 104.6%

284.80 95.7 132.7 127.0 'ec 106.2%

290.51 95.3 133.2 127.0 'ec 118.9%

287.13 94.8 134.0 127.0 'ec 89.7%

282.11 95.0 133.9 127.2 'ec 91.7%

276.01 95.3 133.8 127.4 'ec 88.9%269.73 96.3 132.9 128.0 'ec 95.4%

268.42 96.3 132.6 127.7 'ec 98.0%

269.31 96.5 132.5 127.9 'ec 93.8%

270.87 96.5 132.5 127.9 'ec 88.5%

272.53 96.9 133.0 128.9 'ec 89.2% 1.25

275.02 97.1 133.6 129.7 'ec 109.6% &0.01

278.02 96.0 134.1 128.7 'ec 109.3% &0.36

281.88 95.4 135.0 128.8 'ec 111.3% &0.41

282.54 95.4 135.1 128.9 'ec 125.5% &0.35

282.32 95.0 135.9 129.1 'ec 92.4% 0.20

283.66 93.7 137.3 128.6 'ec 93.7% 0.28

291.43 92.9 138.5 128.7 'ec 96.5% &3.73298.77 92.1 139.4 128.4 'ec 101.7% &5.84

304.52 90.5 139.7 126.5 'ec 106.3% 14.39

309.23 89.6 139.9 125.3 'ec 100.4% 4.67

312.87 89.2 140.0 124.9 'ec 93.5% 3.22

314.99 88.7 140.0 124.1 'ec 96.6% 3.45

320.37 88.2 140.0 123.5 'ec 115.9% 2.34

323.96 87.9 140.0 123.0 'ec 111.1% 1.39

329.27 88.1 139.9 123.2 'ec 116.3% 1.78

337.47 88.2 140.4 123.8 'ec 127.9% 1.30

342.96 88.4 140.1 123.8 'ec 93.4% 1.20

350.73 89.3 139.6 124.6 'ec 96.6% 1.43

356.13 89.2 139.0 124.1 'ec 95.7% 0.94363.36 89.8 138.9 124.7 e/p 104.8% 1.34

370.77 90.8 139.0 126.3 e/p 109.6% 1.34

378.54 91.9 138.6 127.4 e/p 106.3% 1.57

384.95 92.2 138.3 127.4 e/p 94.2% 1.07

392.38 92.2 138.7 128.0 e/p 92.1% 0.56

402.57 93.2 138.9 129.4 e/p 122.2% 1.50

410.27 93.7 139.1 130.3 e/p 118.2% 1.55

419.25 93.8 139.3 130.6 e/p 122.7% 1.45

427.60 94.4 138.7 131.0 e/p 135.7% 1.50

ADR p'e*


8/28

433.11 94.8 138.7 131.5 e/p 98.6% 1.44

434.03 95.2 138.9 132.3 e/p 95.0% 0.90

437.81 96.0 139.3 133.7 e/p 95.2% 0.98

442.68 96.0 139.4 133.9 e/p 101.8% 0.82

448.45 96.1 139.6 134.1 e/p 109.0% 0.97

452.66 95.9 139.6 133.8 e/p 104.9% 0.92

456.32 95.9 139.7 134.0 e/p 93.0% 0.92

460.37 95.9 139.9 134.2 e/p 90.1% 0.85464.96 96.1 140.0 134.6 e/p 118.9% 0.82

471.79 96.7 139.6 134.9 e/p 115.3% 0.82

479.02 96.9 139.0 134.7 e/p 123.6% 1.05

486.85 96.7 138.9 134.4 e/p 132.1% 0.79

489.97 97.0 139.2 135.0 e/p 92.5% 0.50

495.88 96.9 139.5 135.2 e/p 95.8% 1.05

502.62 97.1 138.9 134.8 e/p 96.0% 1.05

510.09 97.3 139.0 135.2 e/p 102.7% 1.05

516.19 97.4 139.0 135.4 e/p 109.0% 0.99

521.89 97.9 139.1 136.2 e/p 107.8% 1.21

527.25 98.5 138.7 136.6 e/p 91.9% 0.90

533.96 98.5 138.1 136.1 e/p 90.3% 1.02540.28 98.7 138.2 136.3 e/p 123.3% 1.29

552.38 99.0 138.9 137.5 e/p 121.8% 1.41

562.12 99.3 138.3 137.4 e/p 125.4% 1.10

569.87 99.4 138.7 137.9 e/p 132.5% 1.02

574.87 98.7 138.7 137.0 e/p 89.8% 0.79

578.42 98.9 138.5 137.0 e/p 89.9% 0.54

583.40 98.7 139.0 137.2 e/p 92.0% 0.67

585.98 98.8 139.5 137.8 e/p 96.4% 0.51

589.49 99.0 139.9 138.4 e/p 103.1% 0.54

591.48 99.1 139.8 138.5 c+n 98.7% 0.26

596.00 97.9 141.0 138.1 c+n 86.5% 0.46

600.34 97.4 141.5 137.9 c+n 82.8% 0.18604.04 97.7 142.3 139.0 c+n 120.7% 0.76

594.85 96.2 143.1 137.7 c+n 108.6% &0.46

585.64 95.0 145.2 137.9 c+n 114.7% &0.55

579.63 93.4 147.3 137.7 c+n 120.4% &1.99

570.60 92.8 148.3 137.6 c+n 75.1% &11.31

560.37 91.1 149.1 135.9 c+n 79.2% &33.66

546.14 89.5 150.0 134.2 c+n 83.2% 11.08

530.58 87.7 150.9 132.3 c+n 83.1% 5.97

508.57 85.9 151.9 130.5 c+n 82.7% 4.49

489.21 84.1 154.4 129.8 c+n 80.7% 3.23

474.26 83.2 156.0 129.9 c+n 75.4% 2.28

458.11 81.3 158.8 129.1 c+n 73.7% 1.96449.43 80.0 159.0 127.2 c+n 115.1% 1.35

442.07 81.3 156.9 127.5 c+n 107.3% 1.12

431.77 82.7 154.6 127.8 c+n 114.8% 1.05

427.78 84.2 151.4 127.5 c+n 131.6% 0.59

427.55 84.3 150.5 126.9 c+n 88.6% 0.08

426.95 85.1 150.8 128.3 c+n 88.4% 0.40

430.49 86.2 150.4 129.6 'ec 92.7% 0.39

434.84 86.2 150.4 129.7 'ec 99.9% &0.21

446.54 87.2 149.0 130.0 'ec 106.8% &1.24


9/28

454.16 88.2 147.6 130.2 'ec 99.7% &1.45

458.09 89.7 145.7 130.6 'ec 87.0% &1.13

459.86 90.8 144.6 131.3 'ec 81.6% &1.10

463.87 91.3 143.9 131.3 'ec 129.8% &5.26

464.54 90.7 144.1 130.7 'ec 114.1% 19.10

469.67 90.0 144.4 129.9 'ec 119.2% 2.36

474.83 89.5 145.3 130.1 'ec 134.5% 1.50

479.68 90.2 145.1 130.9 'ec 91.6% 1.67479.24 90.4 144.9 131.0 'ec 83.1% 0.09

476.27 90.7 144.6 131.1 'ec 82.0% &0.78

480.05 92.1 143.8 132.4 'ec 95.2% 0.29

480.23 92.5 143.9 133.1 'ec 99.9% &0.21

484.64 92.2 143.9 132.7 'ec 97.1% 0.43

490.85 92.1 143.8 132.3 'ec 84.8% 0.43

494.87 91.6 143.8 131.6 'ec 81.5% 1.06

90.2 113.8


10/28

+cc p'e*-u ) Supply ) De*an 5&y' Occ 5&y' ADR A

79.3% 834,538 503,750

106.0% 842,698 519,890

119.2% 851,130 533,403

115.3% 859,320 541,112

112.4% 867,752 551,494

83.0% 876,339 553,779

90.3% 884,067 552,371

82.2% 892,623 548,55291.0% 900,933 543,331

113.1% 901,764 545,694

114.7% 901,794 551,101

90.1% 901,825 556,400

87.6% 20.40 901,949 561,577 (2.6%

114.3% &15.27 901,958 566,317 (2.4%

128.5% &6.20 901,977 571,489 (2.7%

127.2% &13.22 902,007 578,129 (2.8%

109.5% 0.24 909,850 582,621 (3.5%

84.0% &1.18 917,662 587,874 (3.0%

96.6% 17.44 927,469 598,022 (2.6%

105.4% 8.45 935,312 618,129 (1.8%106.8% 3.64 942,912 636,349 (1.0%

112.2% 1.65 950,724 648,485 0.6%

111.7% 1.34 958,284 659,327 2.0%

91.0% 1.52 966,034 669,984 2.8%

80.8% 1.03 973,922 675,594 3.7%

109.3% 1.11 981,473 684,658 4.8%

118.2% 0.57 989,204 692,032 5.5%

119.2% 0.88 996,734 700,000 6.6%

112.5% 1.30 996,889 708,390 7.6%

88.1% 1.36 994,781 715,085 8.3%

104.5% 1.63 990,070 722,538 9.2%

105.4% 0.97 987,962 727,634 9.7%108.6% 1.28 985,882 733,033 10.4%

111.1% 1.13 983,774 736,971 10.9%

110.0% 1.24 981,734 740,255 11.7%

93.9% 1.21 979,688 745,828 12.1%

91.5% 1.40 977,380 756,676 11.6%

108.1% 1.21 975,340 761,645 12.3%

106.7% 0.82 973,228 760,457 13.4%

110.5% 0.90 970,825 760,689 14.1%

100.8% 0.79 968,186 757,711 15.1%

RP p'e* ) ADR


11/28

80.9% 0.87 967,690 757,402 16.0%

88.4% 0.13 966,794 751,131 16.2%

96.6% 0.54 965,709 748,017 16.9%

104.8% 0.66 964,689 747,565 16.9%

106.4% 0.73 963,602 745,925 17.1%

104.0% 0.60 962,492 742,866 16.8%

90.1% 0.67 961,345 740,331 17.2%

91.0% 0.81 960,198 738,878 18.0% 69.6% 7.4%106.6% 0.70 959,088 735,902 17.5% 70.1% 7.8%

110.3% 1.06 958,038 736,137 16.9% 70.5% 8.0%

111.2% 1.11 957,321 734,544 16.7% 70.7% 8.4%

105.8% 1.16 956,581 736,015 15.8% 71.0% 8.5%

84.5% 0.79 955,961 737,064 14.8% 71.1% 8.7%

93.2% 1.49 955,933 739,571 14.7% 71.2% 9.2%

100.1% 1.34 955,902 741,895 14.6% 71.4% 9.6%

107.8% 1.27 955,842 743,975 14.7% 71.7% 10.0%

105.4% 0.92 955,813 743,651 14.5% 71.9% 10.6%

100.2% 0.93 955,843 741,718 14.7% 72.2% 11.1%

90.8% 0.97 950,542 738,989 14.5% 72.5% 11.5%

93.6% 1.22 945,241 737,528 14.4% 72.9% 11.8%100.0% 0.80 945,309 734,298 14.8% 73.1% 12.3%

110.3% 1.38 945,464 735,306 15.7% 73.3% 12.8%

110.3% 1.03 945,614 735,799 15.7% 73.5% 13.2%

102.1% 0.78 945,811 734,252 16.0% 73.7% 13.6%

83.5% 0.72 939,921 730,242 16.4% 73.9% 13.8%

93.4% 0.57 937,030 728,551 16.1% 74.1% 14.0%

100.4% 0.70 931,140 724,296 15.8% 74.5% 14.2%

105.8% 0.37 925,440 718,238 15.2% 75.0% 14.3%

105.1% 0.51 919,550 713,046 14.6% 75.2% 14.2%

100.8% 0.30 913,850 708,947 13.4% 75.3% 14.1%

96.2% 0.94 913,292 711,813 12.8% 75.6% 14.1%

101.5% 0.92 912,734 716,441 11.8% 76.0% 13.9%98.6% 0.65 906,896 711,683 10.7% 76.1% 13.8%

99.1% &1.76 900,851 699,840 7.8% 76.0% 13.4%

100.1% &3.09 895,001 688,412 5.4% 76.0% 12.9%

101.3% &4.34 888,914 682,465 2.8% 76.1% 12.3%

75.1% 33.65 888,914 676,626 1.3% 76.2% 12.0%

78.4% 9.10 886,485 665,449 0.3% 76.2% 11.6%

81.5% 4.92 886,516 651,789 (1.0% 76.0% 11.3%

92.6% 3.38 886,646 640,761 (2.8% 75.9% 10.7%

89.8% 2.99 886,626 627,213 (5.4% 75.7% 9.8%

91.8% 2.24 892,326 620,356 (7.7% 75.5% 8.8%

92.4% 1.65 898,154 615,303 (9.5% 75.5% 8.2%

95.9% 1.54 904,044 607,660 (10.9% 75.7% 7.7%116.7% 0.65 909,844 613,147 (13.4% 75.7% 6.6%

115.5% 0.59 915,703 618,498 (14.5% 75.6% 5.7%

109.0% 0.78 921,373 620,003 (15.7% 75.5% 4.6%

115.6% 0.35 927,232 624,603 (15.9% 75.4% 3.8%

87.1% &0.06 933,091 629,269 (15.4% 75.4% 3.5%

92.1% 0.02 938,383 634,974 (15.5% 75.1% 3.1%

104.6% &0.59 944,211 648,052 (15.6% 75.0% 2.6%

106.5% &0.75 949,751 657,110 (14.4% 74.9% 2.4%

109.3% &3.14 955,630 671,624 (11.6% 74.8% 2.3%


12/28

100.4% &3.63 955,600 677,369 (9.0% 74.6% 2.2%

94.1% &4.18 955,631 680,386 (7.1% 74.5% 2.1%

91.2% 17.19 955,600 680,747 (5.3% 74.4% 1.9%

107.7% 2.57 955,570 679,092 (2.1% 74.3% 1.9%

104.4% 0.29 955,570 675,658 0.4% 74.1% 1.7%

107.5% 1.34 955,570 677,920 3.2% 73.9% 1.5%

111.2% 0.86 955,570 678,853 5.2% 73.9% 1.4%

88.0% 1.44 955,568 682,138 6.0% 73.9% 1.4%85.5% &0.14 955,566 681,117 6.6% 73.8% 1.2%

97.6% &0.80 955,566 679,171 6.8% 73.7% 0.9%

111.2% 0.97 955,566 683,794 6.7% 73.7% 0.6%

108.9% 0.06 955,566 684,784 5.5% 73.6% 0.3%

108.1% 1.78 955,566 690,204 4.7% 73.6% &0.1%

107.6% 2.76 955,566 699,775 4.2% 73.7% &0.3%

96.3% 1.83 955,566 704,720 3.9% 73.8% &0.5%

64

58.7%

7.0


13/28

+cc -n#e/ a#' -n#e/ 'evpa' -n#e/SP +cc SP ADR SP RP

0.94 1.22 1.14 46.1% 603.29 278.15

0.80 1.25 1.00 51.3% 558.35 286.22

0.94 1.18 1.11 65.6% 550.09 361.10

0.99 1.13 1.12 64.7% 562.28 363.90

0.98 1.27 1.24 54.4% 559.24 304.28

0.94 1.34 1.25 61.6% 601.73 370.59

0.90 1.38 1.24 56.4% 592.76 334.160.87 1.43 1.24 60.5% 637.87 385.79

1.04 1.39 1.44 68.4% 652.07 446.18

0.93 1.39 1.29 58.4% 610.32 356.30

0.92 1.40 1.29 44.7% 562.83 251.42

0.93 1.31 1.21 44.5% 520.93 231.70

0.92 1.27 1.16 59.8% 602.94 360.78 (0.1%

1.04 1.33 1.38 77.4% 623.48 482.42 11.7%

1.01 1.31 1.32 73.0% 625.49 456.77 13.7%

0.96 1.22 1.16 68.5% 654.42 448.19 16.4%

0.88 1.37 1.20 46.1% 553.31 254.83 (1.1%

0.97 1.31 1.27 54.6% 538.06 293.73 (10.6%

0.93 1.36 1.27 47.1% 536.34 252.37 (9.5%0.99 1.33 1.32 54.5% 560.91 305.86 (12.1%

1.04 1.37 1.42 71.2% 587.26 417.85 (9.9%

0.95 1.38 1.31 66.4% 565.16 375.18 (7.4%

0.93 1.39 1.29 51.8% 534.07 276.49 (5.1%

0.99 1.38 1.37 53.8% 535.12 287.78 2.7%

0.94 1.34 1.25 67.2% 634.79 426.83 5.3%

0.93 1.38 1.29 76.1% 654.11 497.55 4.9%

0.94 1.41 1.32 76.4% 678.79 518.43 8.5%

0.97 1.25 1.21 68.0% 680.10 462.74 3.9%

0.81 1.49 1.20 43.4% 596.96 259.18 7.9%

0.79 1.49 1.17 48.9% 606.55 296.74 12.7%

0.84 1.52 1.28 58.7% 637.53 374.43 18.9%0.89 1.44 1.28 64.1% 641.24 411.23 14.3%

0.86 1.40 1.21 66.1% 659.18 435.62 12.2%

0.85 1.39 1.18 65.1% 621.31 404.19 9.9%

0.86 1.38 1.20 54.6% 578.54 315.95 8.3%

0.88 1.34 1.19 49.5% 586.09 289.86 9.5%

0.89 1.35 1.20 67.7% 712.56 482.65 12.3%

0.91 1.39 1.26 75.3% 707.58 532.85 8.2%

0.96 1.39 1.34 80.7% 748.28 603.98 10.2%

0.97 1.30 1.26 77.7% 779.90 605.64 14.7%

0.85 1.44 1.22 53.9% 633.56 341.38 6.1%

0.91 1.42 1.29 69.3% 653.33 453.03 7.7%

0.85 1.43 1.21 65.6% 656.81 430.72 3.0%0.95 1.41 1.34 76.9% 714.88 549.69 11.5%

0.97 1.41 1.37 80.9% 756.06 611.71 14.7%

0.97 1.35 1.31 80.5% 712.85 573.83 14.7%

0.90 1.36 1.23 64.7% 643.70 416.20 11.3%

0.91 1.43 1.30 64.2% 663.05 425.91 13.1%

0.99 1.36 1.35 84.0% 848.68 712.77 19.1%

0.96 1.39 1.34 80.4% 858.18 689.97 21.3%

0.98 1.39 1.36 84.6% 904.32 765.20 20.9%

1.04 1.24 1.30 82.3% 914.47 752.71 17.3%

SP ADR


14/28

0.91 1.45 1.32 57.5% 788.50 453.35 24.5%

0.96 1.46 1.41 66.2% 770.87 510.30 18.0%

0.94 1.50 1.41 70.5% 802.58 565.78 22.2%

0.95 1.43 1.36 77.1% 825.59 636.91 15.5%

0.98 1.41 1.39 80.8% 886.01 715.46 17.2%

0.94 1.35 1.28 75.7% 824.81 624.74 15.7%

0.91 1.41 1.28 63.0% 769.19 484.52 19.5%

0.90 1.47 1.33 63.4% 787.70 499.01 18.8%1.02 1.36 1.39 83.6% 970.37 811.54 14.3%

1.02 1.34 1.37 86.5% 941.48 814.39 9.7%

1.01 1.33 1.34 86.0% 1017.72 874.84 12.5%

1.02 1.25 1.27 82.9% 1032.80 856.62 12.9%

0.95 1.50 1.43 61.9% 873.85 540.56 10.8%

0.94 1.50 1.42 68.0% 915.72 622.27 18.8%

0.97 1.41 1.36 75.2% 870.45 654.28 8.5%

0.97 1.43 1.40 81.8% 955.96 781.83 15.8%

1.00 1.41 1.40 81.7% 1009.49 824.99 13.9%

1.00 1.37 1.38 78.0% 984.93 768.68 19.4%

0.98 1.38 1.36 69.6% 853.23 593.47 10.9%

0.92 1.40 1.29 67.1% 858.34 576.34 9.0%1.04 1.36 1.41 80.9% 1153.76 933.77 18.9%

1.06 1.40 1.48 90.8% 1196.26 1086.26 27.1%

1.04 1.29 1.33 89.1% 1151.56 1025.77 13.2%

1.03 1.29 1.33 81.7% 1243.94 1016.37 20.4%

0.87 1.51 1.32 56.6% 990.84 560.91 13.4%

0.98 1.48 1.44 70.9% 977.21 692.53 6.7%

0.93 1.50 1.40 73.0% 1020.51 744.98 17.2%

0.98 1.50 1.47 80.8% 1078.10 870.58 12.8%

1.02 1.44 1.47 82.9% 1117.26 925.70 10.7%

1.02 1.37 1.39 79.6% 1017.72 810.30 3.3%

0.84 1.54 1.29 62.8% 1010.35 634.84 18.4%

0.87 1.46 1.27 69.0% 916.14 631.94 6.7%1.08 1.41 1.52 83.2% 1298.16 1080.04 12.5%

0.89 1.50 1.33 68.3% 1235.71 844.24 3.3%

0.89 1.48 1.32 68.6% 1288.61 884.05 11.9%

0.85 1.51 1.28 66.1% 1368.45 903.98 10.0%

0.76 1.68 1.28 43.5% 942.64 410.42 (4.9%

0.71 1.54 1.10 42.0% 899.92 377.82 (7.9%

0.70 1.61 1.13 42.0% 981.02 412.34 (3.9%

0.77 1.60 1.23 51.4% 960.84 493.74 (10.9%

0.82 1.55 1.28 52.4% 908.04 475.51 (18.7%

0.80 1.60 1.28 51.1% 894.99 457.06 (12.1%

0.73 1.74 1.27 46.0% 893.08 410.77 (11.6%

0.64 1.71 1.09 41.2% 840.18 346.44 (8.3%0.95 1.50 1.42 74.3% 1130.10 840.00 (12.9%

1.02 1.36 1.39 79.8% 938.29 748.71 (24.1%

1.06 1.31 1.39 77.5% 952.95 738.10 (26.0%

1.01 1.28 1.29 78.8% 1051.03 828.26 (23.2%

0.77 1.51 1.16 45.2% 834.21 377.18 (11.5%

0.83 1.58 1.31 51.5% 867.78 447.11 (3.6%

0.84 1.53 1.29 60.4% 877.78 529.92 (10.5%

0.78 1.60 1.25 57.8% 988.44 570.95 2.9%

0.93 1.39 1.29 71.4% 932.20 665.56 2.7%


15/28

0.93 1.42 1.32 66.3% 894.37 593.17 (0.1%

0.92 1.45 1.33 61.4% 802.49 493.04 (10.1%

0.79 1.53 1.20 51.0% 796.80 406.57 (5.2%

1.00 1.41 1.42 76.6% 1185.79 907.93 4.9%

0.97 1.37 1.32 71.3% 1015.03 723.81 8.2%

0.97 1.35 1.30 73.6% 1054.66 776.09 10.7%

0.97 1.35 1.31 76.3% 1200.32 915.92 14.2%

0.86 1.51 1.30 54.2% 918.25 497.92 10.1%0.86 1.54 1.32 52.2% 852.97 445.61 (1.7%

0.87 1.49 1.29 60.4% 807.61 487.48 (8.0%

0.95 1.49 1.41 75.5% 939.79 709.78 (4.9%

0.98 1.40 1.37 76.1% 928.36 706.93 (0.4%

0.90 1.42 1.28 70.4% 915.39 644.50 2.3%

0.90 1.42 1.28 70.7% 802.89 567.54 0.0%

0.73 1.50 1.10 52.2% 816.54 426.31 2.5%


16/28

29.7%

68.5%

26.5%

23.2%

(16.3%

(20.7%

(24.5%(20.7%

(6.4%

5.3%

10.0%

24.2%

18.3%

3.1%

13.5%

3.2%

1.7%

1.0%

48.4%34.5%

4.3%

7.7%

14.3%

0.7%

13.1%

7.1%

16.5%

30.9%

31.7%

52.7%

15.0%33.7%

40.4%

42.0%

31.7%

46.9%

47.7%

29.5%

26.7%

24.3%

SP RP


17/28

32.8%

12.6%

31.4%

15.9%

17.0%

8.9%

16.4%

17.2%13.9%

18.0%

14.3%

13.8%

19.2%

21.9%

15.6%

22.8%

15.3%

23.0%

22.5%

15.5%15.1%

33.4%

17.3%

18.6%

3.8%

11.3%

13.9%

11.4%

12.2%

5.4%

7.0%

9.6%15.7%

(22.3%

(13.8%

(11.1%

(26.8%

(45.4%

(44.7%

(43.3%

(48.6%

(43.6%

(35.3%

(45.2%(22.2%

(11.3%

(16.5%

(8.4%

(8.1%

18.3%

28.5%

15.6%

40.0%


18/28

29.8%

20.0%

17.4%

8.1%

(3.3%

5.1%

10.6%

32.0%(0.3%

(8.0%

24.3%

6.2%

8.7%

15.1%

4.9%


19/28

STR Analytics11001 120t Ave Su-te 250

'++*el#, O 80021

.SRanalyt-c".c+*

1

2

3

4

5

6

7

8

9

DataCast

TABLE OF CONTENTS SECTION

at-+nal +#!-n! Outl++

10&ea' Outl++

5&ea' Outl++

2&ea' Outl++

P'+pe'ty Outl++

Supply Spec-cat-+n"

)et+#+l+!y

elp

+te e P'+pe'ty Outl++ an# Supply Spec-cat-+n"ta:" a'e +nly ava-la:le -t p'+pe'ty&level Dataa"t+'#e'".
http://var/www/apps/conversion/tmp/scratch_3/http://var/www/apps/conversion/tmp/scratch_3/http://var/www/apps/conversion/tmp/scratch_3/http://var/www/apps/conversion/tmp/scratch_3/


20/28

market diagnostics

Market Ratings Long-Term ie! Seasonal

Last "# yrs Last $ yrs Last "% mos

OERALL ; ; ; ; ;

RevPAR -n?uence ; = ;

Re()AR

!'+t < ; > SELECTOR MAR>ETC?CLESELECTOR

Occupancy %

ADR %

RevPAR %

%##% %##8 %##0 %##$ %##2 %##3 %##4 %##5 %#"# %#"" %#"% %#"8 %#"0 %#0$1

$#1

$$1

2#1

2$1

3#1

3$1

4#1

%##% %##8 %##0 %##$ %##2 %##3 %##4 %##5 %#"# %#"" %#"% %#"8 %#"0 %#7#

7%##

70##

72##

74##

7":###

7":%##

%##% %##8 %##0 %##$ %##2 %##3 %##4 %##5 %#"# %#"" %#"% %#"8 %#"0 %#7#

7"##

7%##

78##

70##

7$##

72##

73##

74##

75##

7":###

a"t 10 y'"

a"t 5 y'"

a"t 12 *+"

e/t 12 *+"

e/t 5 y'"

-"t+'-cal

P'+Aecte#

Av!

AnnualRan!e

40% 50% 60% 70% 80% 90%

Occ&'ancy Trends

a"t 10 y'"

a"t 5 y'"a"t 12 *+"

e/t 12 *+"

e/t 5 y'"

-"t+'-cal

P'+Aecte#

0A@R

AnnualRan!e

&20%&15%&10% &5% 0% 5% 10% 15% 20%

ADR Trends

a"t 10 y'"

a"t 5 y'"

a"t 12 *+"

e/t 12 *+"

e/t 5 y'"

-"t+'-cal

P'+Aecte#

0A@R

AnnualRan!e

&30% &20% &10% 0% 10% 20% 30%

Re()AR Trends


23/28

com'set $-year o&tlook

$-?ear O&tlook

Occ&'ancy

%##3 %##4 %##5 %#"# %#"" %#"% %#"8 %#"0 %#"$ %#"2

Occupancy 77.6% 76.8% 67.4% 71.0% 76.0% 77.0% 77.2% 77.4% 77.5% 77.7%

(1.1% (12.3% 5.5% 6.9% 1.3% 0.2% 0.2% 0.2% 0.2%

A(erage Rate

%##3 %##4 %##5 %#"# %#"" %#"% %#"8 %#"0 %#"$ %#"2

ADR 734.07 754.97 635.04 668.38 677.20 709.00 781.83 858.60 939.52 1024.82

2.8% (15.9% 5.2% 1.3% 4.7% 10.3% 9.8% 9.4% 9.1%

Re()AR

%##3 %##4 %##5 %#"# %#"" %#"% %#"8 %#"0 %#"$ %#"2

RevPAR 569.87 579.63 427.78 474.83 514.50 545.88 603.35 664.13 728.42 796.40

1.7% (26.2% 11.0% 8.4% 6.1% 10.5% 10.1% 9.7% 9.3%

DataCast

Occupancy %

ADR %

RevPAR %

%##3 %##4 %##5 %#"# %#"" %#"% %#"8 %#"0 %#"$ %#"22%1

201

221

241

3#1

3%1

301

321

341

4#1

%##3 %##4 %##5 %#"# %#"" %#"% %#"8 %#"0 %#"$ %#"27#

7%##

70##

72##

74##

7":###

7":%##

%##3 %##4 %##5 %#"# %#"" %#"% %#"8 %#"0 %#"$ %#"27#

7"##

7%##

78##

70##

7$##

72##

73##

74##

75##

a"t 10 y'"

a"t 5 y'"

a"t 12 *+"

e/t 12 *+"

e/t 5 y'"

-"t+'-cal

P'+Aecte#

Av!

AnnualRan

!e

40%45%50%55%60%65%70%75%80%85%

Occ&'ancy Trends

a"t 10 y'"

a"t 5 y'"

a"t 12 *+"

e/t 12 *+"

e/t 5 y'"

-"t+'-cal

P'+Aecte#

0A@R

AnnualRan!e

&20%&15%&10% &5% 0% 5% 10% 15% 20%

ADR Trends

a"t 10 y'"

a"t 5 y'"

a"t 12 *+"

e/t 12 *+"

e/t 5 y'"

-"t+'-cal

P'+Aecte#

0A@R

AnnualRan!e

&30% &20% &10% 0% 10% 20% 30%

Re()AR Trends


24/28

com'set %-year o&tlook

S*ort-Term O&tlook

Occ&'ancy

' 1

' 2

?ear " Se' Oct No( Dec ,an Fe/ Mar A'r May ,&n ,&l A&g

Occupancy 81.5% 78.3% 81.0% 84.8% 63.8% 63.2% 73.0% 83.9% 80.5% 80.1% 82.2% 74.0%

6.5% 6.2% 6.2% 7.4% 1.5% 3.7% 5.3% 5.4% 3.2% 2.6% 4.3% 4.1%

?ear %

Occupancy 83.9% 80.4% 83.1% 88.1% 62.3% 63.9% 75.1% 87.2% 80.3% 79.7% 84.1% 75.7%

2.8% 2.7% 2.7% 3.8% (2.3% 1.1% 2.8% 3.9% (0.3% (0.5% 2.3% 2.3%

A(erage Rate

' 1

' 2


ADR 850.28 751.35 790.75 899.59 641.77 577.49 570.15 655.43 698.42 675.65 586.60 563.66

1.4% 1.3% 1.4% 1.4% 5.5% 4.5% 5.0% 3.8% 5.6% 4.9% 4.1% 3.8%

?ear %

ADR 893.55 787.30 828.90 943.17 718.41 634.86 633.08 710.26 783.39 748.11 639.04 610.38

5.1% 4.8% 4.8% 4.8% 11.9% 9.9% 11.0% 8.4% 12.2% 10.7% 8.9% 8.3%

Re()AR

' 1

' 2


RevPAR 693.40 588.60 640.27 763.11 409.17 365.00 416.44 549.99 562.11 540.93 482.35 417.00

8.1% 7.6% 7.6% 8.8% 7.0% 8.4% 10.6% 9.5% 8.9% 7.6% 8.6% 8.1%

?ear %

RevPAR 749.37 633.32 689.20 830.48 447.54 405.85 475.36 619.41 628.87 595.88 537.61 461.84

8.1% 7.6% 7.6% 8.8% 9.4% 11.2% 14.1% 12.6% 11.9% 10.2% 11.5% 10.8%

DataCast

Occupancy %

Occupancy %

ADR %

ADR %

RevPAR %

RevPAR %

Se' Oct No( Dec ,an Fe/ Mar A'r May ,&n ,&l A&g7#

7"##

7%##

78##

70##

7$##

72##

73##

74##

75##

7":###

a"t 10 y'"

a"t 5 y'"

a"t 12 *+"

e/t 12 *+"

e/t 5 y'"

-"t+'-cal

P'+Aecte#

Av!

AnnualRan!e

40%45%50%55%60%65%70%75%80%85%

Occ&'ancy Trends

Se' Oct No( Dec ,an Fe/ Mar A'r May ,&n ,&l A&g0#1

$#1

2#1

3#1

4#1

5#1

"##1

Se' Oct No( Dec ,an Fe/ Mar A'r May ,&n ,&l A&g7#

7"##

7%##

78##

70##

7$##

72##

73##

74##

75##

a"t 10 y'"

a"t 5 y'"

a"t 12 *+"

e/t 12 *+"

e/t 5 y'"

-"t+'-cal

P'+Aecte#

0A@R

Annu

alRan!e

&20%&15%&10% &5% 0% 5% 10% 15% 20%

ADR Trends

a"t 10 y'"

a"t 5 y'"

a"t 12 *+"

e/t 12 *+"

e/t 5 y'"

-"t+'-cal

P'+Aecte#

0A@R

AnnualRan!e

&30% &20% &10% 0% 10% 20% 30%

Re()AR Trends


25/28

)ro'erty

-ty, State

'ro'erty o&tlook )a'et 'act

Market )ositioning Market )osition O&tlook

Occ&'ancy Sta/le

ADR Sta/le

Re()AR Sta/le

@ROT6 O)TIONS

Steady

Re'ositioning

-"t+'-cal Pe'B+'*ance

u''ent Pe'B+'*ance

P'+ecte# Pe'B+'*ance

)ro'erty )er+ormance

Long-Term O&tlook

%##3 %##4 %##5 %#"# %#"" %#"% %#"8 %#"0 %#"$ %#"2 %#"3 %#"4 %#"

Occupancy 77.2% 71.7% 56.7% 63.6% 69.6% 70.5% 70.7% 70.8% 71.0% 71.1% 69.5% 67.8% 68.8%

(7.0% (21.0% 12.2% 9.3% 1.3% 0.2% 0.2% 0.2% 0.2% (2.4% (2.4% 1.5%+*p Set Occupancy 77.6% 76.8% 67.4% 71.0% 76.0% 77.0% 77.2% 77.4% 77.5% 77.7% 75.9% 74.1% 75.2%

Occupancy n#e/ 99.4 93.4 84.2 89.5 91.6 91.6 91.6 91.6 91.6 91.6 91.6 91.6 91.

%##3 %##4 %##5 %#"# %#"" %#"% %#"8 %#"0 %#"$ %#"2 %#"3 %#"4 %#"

ADR 1,018.25 1,112.30 961.63 970.92 973.54 1,019.27 1,123.96 1,234.32 1,350.65 1,473.28 1,419.97 1,367.85 1,415.3

9.2% (13.5% 1.0% 0.3% 4.7% 10.3% 9.8% 9.4% 9.1% (3.6% (3.7% 3.5%

+*p Set ADR 734.07 754.97 635.04 668.38 677.20 709.00 781.83 858.60 939.52 1024.82 987.74 951.48 984.5

ADR n#e/ 138.7 147.3 151.4 145.3 143.8 143.8 143.8 143.8 143.8 143.8 143.8 143.8 143.

%##3 %##4 %##5 %#"# %#"" %#"% %#"8 %#"0 %#"$ %#"2 %#"3 %#"4 %#"

RevPAR 785.71 798.02 545.35 617.63 677.15 718.45 794.09 874.09 958.70 1,048.17 986.34 927.65 974.2

1.6% (31.7% 13.3% 9.6% 6.1% 10.5% 10.1% 9.7% 9.3% (5.9% (6.0% 5.0%

+*p Set RevPAR 569.87 579.63 427.78 474.83 514.50 545.88 603.35 664.13 728.42 796.40 749.42 704.82 740.2

RevPAR n#e/ 137.9 137.7 127.5 130.1 131.6 131.6 131.6 131.6 131.6 131.6 131.6 131.6 131.

S*ort-Term O&tlook


Occupancy 83.3% 77.2% 78.4% 80.6% 55.1% 53.2% 61.9% 77.7% 77.6% 73.3% 72.6% 54.7%

8.8% 8.3% 6.5% 5.7% 1.5% 1.9% 2.5% 2.9% 1.9% 4.1% 2.7% 4.7%

?ear %

Occupancy 84.9% 76.1% 76.0% 78.1% 55.6% 54.1% 63.3% 80.1% 78.6% 77.2% 74.6% 58.3%

1.9% (1.5% (3.0% (3.2% 1.0% 1.6% 2.3% 3.0% 1.3% 5.4% 2.7% 6.6%


ADR 1,188.33 1,019.17 1,059.32 1,205.36 950.61 884.35 842.44 979.45 967.89 946.76 835.12 841.7

0.2% 0.4% 0.4% 0.4% 3.5% 3.7% 4.3% 4.2% 4.3% 3.4% 4.0% 3.1%

?ear %

ADR 1,232.66 1,091.68 1,140.76 1,293.57 1,023.86 955.50 921.91 1,069.82 1,057.99 1,017.72 908.43 898.4

3.7% 7.1% 7.7% 7.3% 7.7% 8.0% 9.4% 9.2% 9.3% 7.5% 8.8% 6.7%


RevPAR 990.05 787.05 830.29 972.00 523.40 470.74 521.35 761.28 750.92 694.00 606.20 460.3

9.0% 8.7% 7.0% 6.1% 5.1% 5.6% 6.9% 7.3% 6.2% 7.7% 6.8% 8.0%

?ear %

RevPAR 1046.74 830.57 866.99 1009.67 569.61 516.55 583.86 856.59 831.57 785.99 677.48 523.6

5.7% 5.5% 4.4% 3.9% 8.8% 9.7% 12.0% 12.5% 10.7% 13.3% 11.8% 13.8%

DataCast

Occupancy %

ADR %

RevPAR %

Occupancy %

Occupancy %

ADR %

ADR %

RevPAR %

RevPAR %

50 60 70 80 90 100 110 120 130 140 15080

90

100

110

120

130

140

150

160

170

180

80

90

100

110

120

130

140

150

160

170

180

Occ&'ancy Inde

ADR Inde

%##3 %##4 %##5 %#"# %#"" %#"% %#"8 %#"0 %#"$ %#"2 %#"3 %#"4 %#"5$#

3#

5#

""#

"8#

"$#

"3#

Occ n#e/

ADR n#e/

RevPAR n#e/

Inde

+te -" ta: -" +nly ava-la:le -t p'+pe'ty&level Dataa"t

+'#e'".


26/28

)ro'erty

-ty, State

s&''ly s'ecications )a'et 'act

S&/ect )ro'erty

Rooms 368 Class lu/u'y Age 34 y'"

Selected Set 8 p'+pe't-e"E 2,618 '++*"

)ro'erty Sie Range

cla""

% '++*"

Tract Market Tract

)ro'erty Sie Range

DataCast

lu/u'yE 13%

uppe' up"caleE 2%

up"caleE 8%

uppe' *-#"caleE 18%

*-#"ca leE 15%

ec+n+*yE 44%

Rooms Distri/&tion Class

26 y'" FE 96%

21&25 y'"E 4%

Rooms Distri/&tion Age

lu/u'yE 96%

uppe' up"caleE 4%

Rooms Distri/&tion Class

26 y'" FE 91%

21&25 y'"E 9%

Rooms Distri/&tion Age

0

100

200

300

400

500

600

700

800

9001000

0

200

400

600

800

1000

1200

1400

1600

+te -" ta: -" +nly ava-la:le -t p'+pe'ty&level Dataa"t+'#e'".


27/28

market 'roections

ADR (s @D)

Re()AR (s @D)

@D) Forecast

Economic Cycle

a(e )rinci'le

'ro'erty 'roections

Re()AR )ositioning

An analy"-" +B ec+n+*-c t'en#" an# l+#!-n! -n#u"t'y pe'B+'*ance "-nce 1987 'eveal" a "-!n-cant "tat-"t-cal 'elat-+n"-p :eteen @DP an# ADR. A *ult-ple 'e!'e""-+n analy"-" +B nat-+nal @DP, ADR an#"upply !'+t y-el#" a B+'*ula -t an '2+B 97.05%. e ca't :el+ -llu"t'ate" te val-#-ty +B t-" B+'*ula :y "+-n! te 'an!e +B te B+'*ulaG" "tan#a'# e''+' an# te actual annual RevPARpe'B+'*ance +B te l+#!-n! -n#u"t'y. t al"+ "+" tat te p'-*a'y va'-ance" :eteen actual an# B+'*ula-c ADR +ccu' #u'-n! *a+' pea" an# t'+u!" -n te ec+n+*-c cycle. -" 'elat-+n"-p -" ut-l-He#a" te :a"-" B+' te l+n!&te'* p'+ecte# RevPAR pe'B+'*ance. + acc+unt B+' "uc va'-ance" !+-n! B+'a'#, te un#e'ly-n! ec+n+*-c cycle -" a "epa'ate Bact+'.

++-n! at te 'elat-+n"-p :eteen @DP an# ADR +ve' te l+n!&te'* al"+ y-el#" a "t'+n! c+''elat-+n -tan '2+B 88.81%. e 'elat-+n"-p :eteen te 10&yea' can!e -n ADR an# te 10&yea' can!e -n @DPa" evaluate# +n a Iua'te'ly :a"-" B+' te p'ev-+u" 25&yea' pe'-+# -n +'#e' t+ #ev-"e a B+'*ula t+e"t-*ate te app'+/-*ate level +B ADR at te en# +B te ne/t 10&yea' te'*. e ca't at te '-!t-llu"t'ate" te :e!-nn-n! p+-nt an# en# p+-nt t+ a te+'et-cal 10&yea' pe'-+# :a"e# +n t-" type +Bp'+ect-+n analy"-".

A "-*-la' analy"-" -" #+ne B+' RevPAR, -c a" a Bunct-+n +B +ccupancy, a" *+'e #epen#ency +n "upply.+eve', te 'elat-+n"-p +B +ve'all R++* Revenue t+ @DP -" -!ly c+''elate# -t an '2+B 98.01%. el+n!&te'* "tat-"t-cal 'elat-+n"-p" :eteen @DP an# ADR a" ell a" @DP an# R++* Revenue p'+v-#e te

:a"-" B+' te en# p+-nt" -n te 10&yea' p'+ect-+n pe'-+#. Ct-l-H-n! te 'e!'e""-+n B+'*ula" #e'-ve# B+'te"e analy"e" te B+'eca"te# ADR an# RevPAR level" at te en# +B te 10&yea' p'+ect-+n pe'-+# a'ee"t-*ate#.

a"e# +n -"t+'-cal @DP t'en#" +ve' te p'ev-+u" 35 yea'", @DP !'+t !ene'ally 'an!e" a'+un# 2.9% t+ 3.0% +n a c+*p+un#e# annual :a"-" +ve' a 10&yea' pe'-+#. e 'e"ult" +B te Su'vey +BP'+Be""-+nal J+'eca"te'" Bu'te' "upp+'t" te :a"-" B+' un#e'ly-n! @DP !'+t -n te Cn-te# State". e "u'vey -" pe'B+'*e# :y te Je#e'al Re"e've an +B P-la#elp-a an# -" te +l#e"t Iua'te'ly"u'vey +B *ac'+ec+n+*-c B+'eca"t" -n te Cn-te# State". e K3 2011 'e"ult" "+ annual @DP !'+t :eteen 2.6% an# 3.1% +ve' te ne/t B+u' yea'".

!'+t "-#e +B te eIuat-+n an# c+nt'act-+n an# 'ece""-+n +n te #ecl-n-n! "-#e . e cu''ent "tate +B te ec+n+*y -" -n te 'ec+ve'y "ta!e B+ll+-n! te 'ecent 'ece""-+n -t te t'+u! tat +ccu''e# -nlate 2009.

e u"e' a#u"t*ent" *a#e t+ te B+'eca"t a'e :a"e# +n a "-*ple B+'* +B ave P'-nc-ple. ave P'-nc-ple-" an ec+n+*-c te+'y #ev-"e# :y Ralp el"+n Lll-+tt -n 1938. t ut-l-He" -"t+'-cal -!" an# l+" -n*a'et pe'B+'*ance t+ #ete'*-ne patte'n" n+ a" ave". + #+ "+, -"t+'-cal +tel pe'B+'*ance -"evaluate# -n c+nunct-+n -t te pa"e" +B te un#e'ly-n! ec+n+*-c cycle t+ un#e'"tan# te v+lat-l-ty#u'-n! eac pe'-+#. e -"t+'-cal pe'B+'*ance +B te +tel *a'et #u'-n! pe'-+#" +B 'ece""-+n, 'ec+ve'y,c+nt'act-+n, an# e/pan"-+n a'e ten ut-l-He# t+ e"t-*ate p+tent-al ave" +B Butu'e pe'B+'*ance. eca't at te '-!t "+" te t'ee p'ev-+u" ave" +B ADR pe'B+'*ance B+' te C.S. l+#!-n! -n#u"t'y tatave +ccu''e# #u'-n! te pa"t 25 yea'". e"e ave" a'e ten u"e# t+ B+'eca"t Butu'e t'en#".

n te pe'B+'*ance p'+ect-+n", Butu'e ?uctuat-+n" -n pe'B+'*ance va'y -t te "electe# +utl++

(a!!'e""-ve t+ c+n"e'vat-ve.e *+'e a!!'e""-ve te +utl++, te la'!e' te ave, an# v-ce ve'"a. e"electe# *a'et cycle al"+ can!e" te len!t +B te ave. -" "elect-+n +pt-+n" all+ u"e'" t+ alte' te?+ +B te ave. +eve', u"e# -n c+nunct-+n -t te un#e'ly-n! 'elat-+n"-p :eteen @DP an# ADR,te 10&yea' t'en# -ll !ene'ally Ball -t-n te "a*e 'an!e. e e/cept-+n t+ t-" +ccu'" -B a u"e' c++"e"te upa'# t'aect+'y +B te *a'et cycle t+ c+nt-nue t'+u!+ut te 10&yea' B+'eca"t pe'-+#.

e RevPAR p+"-t-+n-n! *at'-/, -c -" a "catte' pl+t -t Occupancy n#e/ +n te +'-H+ntal a/-" an# ADR n#e/ +n te ve't-cal a/-", "+" te -"t+'-cal t'a-l-n! telve *+nt pe'B+'*ance +B te"u:ect p'+pe'ty +ve' te p'ev-+u" ten yea'" (+' te pe'-+# +B tat t-*e #u'-n! -c #ata -" ava-la:le. A#u"t*ent" *ay :e *a#e t+ te p'+ecte# Occupancy n#e/ an# ADR n#e/ B+' te ne/t veyea'". e"e a#u"t*ent" a'e 'e"t'-cte# :a"e# +n te "tan#a'# #ev-at-+n" +B -"t+'-cal pe'B+'*ance +B te "u:ect p'+pe'ty. n c+nunct-+n -t te p'ev-+u" p'+ect-+n" B+' te "electe# "et +B p'+pe't-e",te a#u"t*ent" t+ te Occupancy an# ADR -n#e/e" B+'*ulate te p'+ect-+n" B+' te "u:ect p'+pe'tyG" Butu'e pe'B+'*ance.


28/28

instr&ctions

Ste' "

Ste' %

Select an Opt-+n B'+* te Outl++ Select+'. e 5 +pt-+n" #ete'*-ne + a!!'e""-ve +' c+n"e'vat-ve te B+'eca"t -".

Ste' 8

Ste' 0

Select te P'+pe'ty ta:. -" "+" a RevPAR P+"-t-+n-n! )at'-/ +B te te -"t+'-cal an# p'+ecte# +ccupancy -n#e/ an# ADR -n#e/ +B te "u:ect p'+pe'ty.

Ste' $

Ste' 2

All selection o'tions can /e re(ised and ad&sted m&lti'le times to +&lly e(al&ate t*e risk and 'otential o+ t*e selected set and s&/ect 'ro'erty

denitions

ADR

ave'a!e #a-ly 'ateE '++* 'evenue #-v-#e# :y '++*" "+l#

ADR Inde

"u:ect p'+pe'ty ave'a!e #a-ly 'ate #-v-#e# :y c+*pet-t-ve "et ave'a!e #a-ly 'ate t-*e" 100

CA@R

c+*p+un#e# annual !'+t 'ateE te yea'&+ve'&yea' !'+t 'ate +B an -nve"t*ent +ve' a "pec-e# pe'-+# +B t-*e

pe'centa!e can!e M up, #+n +' ?at M +ve' a "pec-e# pe'-+# +B t-*e

Economic Cycle te natu'al ?uctuat-+n" -n te ec+n+*y :eteen pe'-+#" +B e/pan"-+n an# c+nt'act-+n

@D)

!'+"" #+*e"t-c p'+#uctE te t+tal value +B !++#" an# "e'v-ce" p'+#uce# #+*e"t-cally #u'-n! a yea'

6I@

Ma

te -!e"t pe'B+'*ance p+""-:le B+' te pe'-+#

Min

te l+e"t pe'B+'*ance p+""-:le B+' te pe'-+#

a*+unt +B can!e M up, #+n +' ?at M +ve' a "pec-e# pe'-+# +B t-*e

Occ&'ancy

'++*" "+l# #-v-#e# :y ava-la:le '++*"

Occ&'ancy Inde"u:ect p'+pe'ty +ccupancy #-v-#e# :y c+*pet-t-ve "et +ccupancy t-*e" 100

Regression Analysis

te "tat-"t-cal evaluat-+n +B 'elat-+n"-p" :eteen va'-a:le" t+ Iuant-tat-vely p'e#-ct +ne va'-a:le B'+* te value" +B +te'"

Re()AR

'evenue pe' ava-la:le '++*E '++* 'evenue #-v-#e# :y '++*" ava-la:le

Re()AR Inde

"u:ect p'+pe'ty RevPAR #-v-#e# :y c+*pet-t-ve "et RevPAR t-*e" 100

Standard De(iation

a *ea"u'e +B te #-"pe'"-+n +B #ata B'+* te *eanE te la'!e' te "tan#a'# #ev-at-+n, te :'+a#e' te 'an!e +B te *et'-c

Standard Error

te e"t-*ate# "tan#a'# #ev-at-+n -n a 'e!'e""-+n analay"-"

TTM

t'a-l-n! telve *+nt"

a(e )rinci'le

ec+n+*-c te+'y tat *a'et" ?uctuate -n a cycl-cal patte'n +B ave"

Select te at-+n ta: +' te 10&y' ta:. e at-+n ta: "+" te -"t+'-cal an# Butu'e 10&yea' pe'B+'*ance +B te c+unt'y. e 10&y' ta: "+" te -"t+'-cal an#

Butu'e 10&yea' pe'B+'*ance +B te "electe# "et +B +tel".

Select a ea' +n te )a'et ycle Select+'. -" -ll #ete'*-ne te yea' +B te ne/t *a'et pea, aBte' -c te'e -ll :e c+nt'act-+n. e 'ate +B !'+t t+ te*a'et pea an# #ecl-ne te'eaBte' -" #ete'*-ne# :y te Outl++ Select+' -n Step 2. e at-+n ta: an# te 10&y' ta: +' -n c+nunct-+n -t eac +te' (-.e.a#u"t*ent" t+ Select+'" +n e-te' ta: -ll alte' te Select+'" +n te +te' ta:.

C"e te "l-#e' :a'" t+ a#u"t te p'+ecte# Occupancy n#e/e" an# ADR n#e/e" B+' te "u:ect p'+pe'ty. + te '-!t +B te RP) -" a 'ea#+ut tat -n#-cate" televel +B a!!'e""-vene"" +' c+n"e'vat-"* +B +ccupancy, ADR, an# RevPAR p'+ect-+n" B+' te "u:ect p'+pe'ty.

A#u"t @'+t Opt-+n" -B app'+p'-ate. +u *ay J'+nt +a#, ac +a#, +' *a-nta-n Stea#y p'+ect-+n". Select te Rep+"-t-+n-n! cec:+/ B+' te a:-l-ty t+ *ae

!'eate' -n#e/ a#u"t*ent".

C*ange ;1 .

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