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8. Total United States In Construction – Rooms in Thousands 2002 – 2004 8/8/2019

8. Total United States Rooms Under Construction by Scale – In Thousands December 2004 8/8/2019

8. Top 10 Markets – Rooms Under Construction (000’s) December 2004 8/8/2019

Major Buyers in 2004 (by Dollar of Acquisition) Company 7. Major Buyers in 2004 (by Dollar of Acquisition) Company Source: HVS Lodging Databank Numbers of Hotels Rooms Total Transaction Average Price Per Room Highland Hospitality Corp. 14 4,184 $502,000,000 $119,981 Ashford Hospitality Trust 7 1,644 $190,000,000 115,572 Diamond Rock Hospitality 4 1,053 $159,000,000 150,997 HEI Hospitality Fund 5 1,056 $ 157,000,000 148,674 Does not include HEI JV purchases Equity Inns 5 587 $ 74,000,000 126,065 8/8/2019

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5. European Hotel Values 2004 – Winners & Losers 8/8/2019

5. European Hotel Values 2004 – Winners & Losers 8/8/2019

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3. Varying Tastes and Expertise Need 8/8/2019

Major Sellers in 2004 (by Dollar of Transaction) Company 2. Numbers of Hotels Rooms Total Transaction Average Price Per Room Major Sellers in 2004 (by Dollar of Transaction) Company Source: HVS International Wyndham International 10 3,757 $321,000,000 $ 85,441 Host Marriott Corporation 5 1,592 $125,000,000 78,518 FelCor Lodging Trust 6 1,943 $110,000,000 56,613 MeriStar Hospitality Corporation 3 639 $ 57,000,000 89,202 Affiliates of W.I> Realty I, L.P. 4 432 $ 47,000,000 108,796 8/8/2019

Ten Largest Sales - Price per Room - 2004 2. Ten Largest Sales - Price per Room - 2004 Location Rooms Price Per Room Buyer Ten Largest Sales - Price Per Room - 2004 Rank Source: HVS Lodging Databank Individual Hotel 1 Plaza Hotel New York, NY 805 $839,000 El Ad Properties NY, LLC 2 Fairmont Kea Lani Wailea, HI 450 $789,000 Host Marriott 3 Four Seasons Wailea, HI 380 $737,000 MSD Capital, LP 4 Kona Village Resort Kailua-Kona, HI 380 $480,000 Ty Warner Hotels & Resorts 5 Ritz-Carlton Half Moon Bay 261 $477,000 Strategic Hotel Capital, LLC 6 Harrah’s Casino Shreveport, LA 514 $370,000 Boyd Gaming Corporation 7 Conrad Miami Miami, FL 203 $320,000 E.I. American Real Estate Corp. 8 El Encanto Santa Barbara, CA 83 $313,000 Orient Express Hotels, LTD 9 Intercontinental Central Park South New York, NY 207 $307,000 Anbau Enterprises, Inc. 10 Argyle Hotel West Hollywood, CA 64 $289,000 Kingston Klein Hotel Group, LLC 8/8/2019

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Major Hotel Transactions 1. Major Hotel Transactions 8/8/2019

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