Facts & Figures - Missouri Lodging Overview

What Do We Do? Lodging Data Source ~20 years 20,000+ hotels a week Every chain & Over 1300’s Independents Relied upon by lenders, appraisers, other professionals

Definitions Supply: # Total Rooms Available Demand: # Total Rooms Sold Occupancy (%): = Rooms Available / Rooms Sold ADR: Average Daily Rate = Total Revenue / Total Rooms Sold RevPAR: Revenue Per Available Room = Total Revenue / Total Rooms Available

Presentation Agenda National Performance Regional Performance State Performance Local Performance Projections

Total United States Room Supply/Demand Percent Change Twelve Month Moving Average To April 2005

Total United States Active Development Pipeline - Rooms Change From Last Year Apr 2005 Apr 2004 Change % Chg In Construction 97,863 80,178 17,685 22.1% Final Planning 15,769 17,952 (2,183) -12.2% Planning 174,857 156,463 18,394 11.8% In Pre-Planning 77,384 119,554 (42,170) -35.3% Total Development 365,873 374,147 (8,274) -2.2% Source: STR / TWR / Dodge Construction Pipeline

Total United States Occupancy, ADR and RevPAR Percent Change 12-Month Moving Average to April 2005 Recession 9/11 Afghanistan SARS } Recession } } Iraq

Total United States Occupancy Percent 28-Day Moving Average Jan Total United States Occupancy Percent 28-Day Moving Average Jan. 2, 2005– May 29, 2005

Total United States ADR 28-Day Moving Average Jan Total United States ADR 28-Day Moving Average Jan. 2, 2005 – May 29, 2005

Total United States RevPAR 28-Day Moving Average Jan Total United States RevPAR 28-Day Moving Average Jan. 2, 2005 – May 29, 2005

Total U.S. Average Daily Lodging Demand in Millions Year End 2000, 2002 and 2004

Total United States Rooms Sold/Day Differential (Thousands) Year End 2000 Vs. 2004

Total United States Rooms Sold/Day Differential (Thousands) Year End 2003 Vs. 2004

Regional Supply Growth 12-Month Ending April 2005 Percentage Change 2.5 to 7.5 1.0 to 2.4 0.1 to 0.9 -0.8 to 0.0 -5.7 to -0.9

Regional Demand Growth 12-Month Ending April 2005 Percentage Change 5.4 to 12.6 3.8 to 5.3 1.4 to 3.7 0.0 to 1.3 -7.6 to -0.1

Regional RevPAR Change 12-Month Ending April 2005 Percentage Change 8.3 to 13.8 5.8 to 8.2 3.8 to 5.7 1.5 to 3.7 -3.5 to 1.4

Construction Pipeline Activity for Missouri Existing Supply Recently Opened In Construction Final Planning Planning Total Pre-Planning Luxury 5   Upper Upscale 33 1   2 3 Upscale 36 Midscale w/ F&B 95   1 2 4 1  Midscale w/o F&B 193 12 9 Economy 259   2 Unaffiliated 519   1 20 22 Total 1,140 17 14 26 42 Existing Supply Recently Opened In Construction Final Planning Planning Total Pre-Planning Luxury Upper Upscale Upscale Midscale w/ F&B Midscale w/o F&B Economy Unaffiliated Total 1,244     236 236 12,239 195 510  207 717 6,802 1,228 12,252 44 117   143 250 510 17,333 967 918 102  264 1,284 140 18,602   89 70 32,689   57 144 1,643 1,787 1,085 101,161 1,352 2,917 245 2,600 4,534 1,295 Source: TWR/Dodge Construction Pipeline/Smith Travel Research

Missouri Room Supply and Demand Percent Change Monthly 2000 – April 2005

Missouri Occupancy and ADR Percent Change Monthly 2000 – April 2005

Missouri Day of Week Analysis – Occupancy/ADR Year End 2004

Missouri Day Of Week Analysis – RevPAR Percent Change Year End 2003 vs Missouri Day Of Week Analysis – RevPAR Percent Change Year End 2003 vs. Year End 2004

Missouri Location Segments Supply/Demand Percent Change Twelve Months Ended April

Missouri Location Segments Occupancy/ADR Percent Change Twelve Months Ended April

Missouri Location Segments RevPAR/Room Revenue Percent Change Twelve Months Ended April

Northwest Northeast Central Southeast Southwest

Northwest Region Room Supply and Demand Percent Change Monthly 2000 – April 2005

Northwest Region Occupancy and ADR Percent Change Monthly 2000 – April 2005

Northwest Region Day of Week Analysis – Occupancy/ADR Year To Date Ending April 2005

Northeast Region Room Supply and Demand Percent Change Monthly 2000 – April 2005

Northeast Region Occupancy and ADR Percent Change Monthly 2000 – April 2005

Northeast Region Day of Week Analysis – Occupancy/ADR 12-Month Ending April 2005

Central Region Room Supply and Demand Percent Change Monthly 2000 – April 2005

Central Region Occupancy and ADR Percent Change Monthly 2000 – April 2005

Central Region Day of Week Analysis – Occupancy/ADR 12-Month Ending April 2005

Southwest Region Room Supply and Demand Percent Change Monthly 2000 – April 2005

Southwest Region Occupancy and ADR Percent Change Monthly 2000 – April 2005

Southwest Region Day of Week Analysis – Occupancy/ADR 12-Month Ending April 2005

Southeast Region Room Supply and Demand Percent Change Monthly 2000 – April 2005

Southeast Region Occupancy and ADR Percent Change Monthly 2000 – April 2005

Southeast Region Day of Week Analysis – Occupancy/ADR 12-Month Ending April 2005

Total United States Supply/Demand Percent Change 2000 – 2005P

Total United States Occupancy Percent 2000 – 2005P

Total United States Average Daily Rate 1998 – 2005P Source: STR

Total United States RevPAR Percent Change 2000 – 2005P

Lodging Industry Issues Rising Costs – Energy (Gas), Insurance, Labor (visa caps) Amenity Creep – “Bed Wars” Rising Interest Rates Currency Exchange Airline Problems Demand Leakage – Condo Hotels, Cruise, Timeshare “Old Habits Hard to Break” ? Terrorists Threats

U.S. Lodging Outlook Demand Rebounds Room Rate Should Follow Supply Growth Significantly Lower Demand Rebounds Occupancy Improvement Room Rate Should Follow Increased Profitability