©2013 Lodging Econometrics, Inc. | Presenter: JP Ford Senior Vice President A Snapshot of Lodging Supply and Transaction Trends HAMA Fall 2013 Meeting September , 2013 Hilton Bonnet Creek, Orlando, FL

©2013 Lodging Econometrics, Inc. | Lodging Econometrics (LE): Who We Are LE is the leading provider of Global Real Estate Intelligence. LE delivers comprehensive Market Trend Reports to Asset Managers for any individual market in the world. Market Trend Reports provide detailed summaries of all Pipeline and Transaction Activity by: Chain Scale, Market Tract, Leading Companies and Brands etc. LE also maintains the largest and most accurate Online Database of New Construction, Open & Operating Hotels (Census), and Individual Sales Comps throughout the world. LE has a team of researchers who maintain relationships with over: 200 Brands, 600 Developers and 1,500 Ownership and Management Groups, globally.

©2013 Lodging Econometrics, Inc. | US Lodging Real Estate Cycle Operating Maturity Early Operating Recovery Transactions Main Street Debt Availability New Project Announcements Conversions/Renovations X Return to Operating Peaks

©2013 Lodging Econometrics, Inc. | Rooms (000s) Projs US Construction Pipeline: Projects & Room Counts as of 2Q13 with Forecast 3,122 2, ,563 2,753 2,822 Under Construction Starts in Next 12 Mos Early Planning Forecast

©2013 Lodging Econometrics, Inc. | US Construction Pipeline: Project Stage Year Over Year Comparison 2Q 20132Q 2012% Variance Projs Rms Projs RmsProjsRms Under Construction , ,917+23%+22% Start Next 12 Mos 1, , ,645+36%+38% Early Planning 1, ,759 1, ,241-23%-19% Total Pipeline2,822350,1512,721332,803+4%+5%

©2013 Lodging Econometrics, Inc. | ProjsRooms 25 8, , ,088 1,02197, , , , ,884 Total 2,822350,151 Total US Construction Pipeline: By Chain Scale By Rooms

©2013 Lodging Econometrics, Inc. | ProjsRooms 70 16, , ,239 1,198125, , , ,970 Included Total 2,822350,151 Total US Construction Pipeline: By Chain Scale By Rooms

©2013 Lodging Econometrics, Inc. | Rooms 82,587 37,193 68, ,305 44,528 LE’s US Forecast for New Hotel Openings as of 2Q13 Actual Forecast 25,347

©2013 Lodging Econometrics, Inc. | ProjsRms New York City13523,876 Washington, DC 8714,738 Houston 77 8,518 San Diego 35 8,265 Miami 40 8,102 Top 10 US Markets – Total Construction Pipeline: By Rooms as of 2Q13

©2013 Lodging Econometrics, Inc. | ProjsRms Los Angeles417,946 Chicago305,989 Boston385,747 Philadelphia 435,653 Dallas435,597 Top 10 US Markets – Total Construction Pipeline: By Rooms as of 2Q13 (cont’d)

©2013 Lodging Econometrics, Inc. | ProjsRms 50364, , , , ,541 US Pipeline By Top 5 Franchise Parent Companies: By Rooms as of 2Q13 US Pipeline By Top 5 Franchise Parent Companies: By Rooms as of 2Q13

©2013 Lodging Econometrics, Inc. | Q13 >200 Rooms <200 Rooms 1, Total Trans 1, K 212K 80K 70K 152K 77K Average Selling Price Per Room (000s) US Transactions with a Reported Selling Price as of 2Q13

©2013 Lodging Econometrics, Inc. | US Lodging Real Estate – Total Investment by Dollars 1 as of 2Q13 As BuyersAs Sellers $ Millions YTD YTD 2013 Privately Held Companies Equity Funds3,2293,0322,9123,4042,9102,618 Hotel Companies1,4092, ,6372,2261,773 Individual Owners1,4951, ,8171, Publicly Traded Companies REITs3,7193,2761, ,508 Hotel Companies , Other Entities ,9291, Total Dollar Volume10,2889,8378,14910,2889,8378,149 1 For Transactions with a reported Selling Price

©2013 Lodging Econometrics, Inc. | Market Trend Report: Sample Cover Page

©2013 Lodging Econometrics, Inc. | Market Trend Report: Market Tract by Chain Scale

©2013 Lodging Econometrics, Inc. | Market Trend Report: Projects Under Construction

©2013 Lodging Econometrics, Inc. | Presented by: Bruce Ford JP Ford Senior Vice President P: x14 C: E: Thank You! Please visit our website: for a complimentary copy of this presentation.