2015 Lodging Outlook Katie Moro Global Director, Demand360 Data Partnerships

Nationally, business on the books for the coming 12 months is up 1.1% over same time last year.

Year over year variance % to same time last year for demand on the books for 2015 in top 25 North American markets All major segments of demand are up over last year in both occupancy and ADR.

The mid-scale segments are growing occupancy and ADR, and helping to drive the market.

Channel mix varies considerably by transient segment, and continues to shift online. Business

Business guests are booking on brand.com more, and turning away from offline channels.

For the leisure segment, online channel share, both brand.com and OTA, is growing. OTA discounts are narrowing.

2015 Outlook  Group pace for Q4 is strong, laying a strong foundation for overall demand performance and pricing.  Transient business demand growth has moderated, but remains positive.  Pricing has improved across the board, but most significantly in the business segment.  The pricing environment will continue to improve, with demand growing across all major segments.  2015 RevPAR growth (5-7%) will be led by ADR increases (4-6%) while occupancy grows at a slower pace (1-3%).

Katie Moro March 25, 2015 This Presentation is Online: