BUDGET ACCURACY 2005 Budget vs Actual – All Hotels (Percent Change From 2004 – 2005) Note: * - Before deducting capital reserves, rent, interest, income taxes, depreciation, and amortization. Source: PKF Hospitality Research

BUDGET ACCURACY – TOTAL REVENUE 2005 Budget vs Actual – By Property Type (Percent Change From 2004 – 2005) Source: PKF Hospitality Research

BUDGET ACCURACY – PROFIT BUDGET ACCURACY – PROFIT* 2005 Budget vs Actual – By Property Type (Percent Change From 2004 – 2005) Note: * - Before deducting capital reserves, rent, interest, income taxes, depreciation, and amortization. Source: PKF Hospitality Research