National Market Outlook Canada 2000 Actual 2001 Actual 2002 Actual 2003 Actual 2004 Actual 2005 Forecast 2006 Projection Occupancy65%62% 59%62%63%64% ADR$111$114$116$114$117$120$123 RevPAR$72$71$72$67$73$76$79 Source: PKF Consulting

Forecast 2006 Projection Montreal Occupancy ADR Revpar 71% $125 $89 68% $133 $90 68% $138 $94 65% $137 $89 67% $137 $92 66% $139 $92 66% $143 $94 Toronto Occupancy ADR Revpar 71% $129 $92 66% $129 $85 64% $130 $83 58% $122 $71 66% $128 $84 67% $132 $88 66% $136 $89 Vancouver Occupancy ADR Revpar 65% $120 $78 63% $120 $76 63% $118 $74 62% $115 $71 67% $119 $80 67% $120 $80 69% $123 $85 Major Market Outlook Canada Source: PKF Consulting

National Financial Outlook Canada Source: PKF Consulting Net Income Per Available Room (in $000’s) 5.3%1.0%11.7% 27.2% 23.6% 5.6%

National Transaction Overview Canada st Half st Half Transactions Total Volume ($ Millions)$416$657$540$488$412$211$987 AVG Transaction ($ Millions)$16 $11.3$9.8$8.1$7.8$29 AVG Transaction (rooms) Price/Room ($ Thousands)$99.1$102.2$95.6$68.7$67.3$59.2$130.4 Yield (%)11.9%11.2% 10.4%9.9%10.2% Source: Colliers Investment Report; PKF Consulting