1. Facts & Figures - Missouri Lodging Overview

2. What Do We Do? Lodging Data Source ~20 years 20,000+ hotels a week
Every chain & Over 1300’s Independents
Relied upon by lenders, appraisers, other professionals

3. Definitions Supply: # Total Rooms Available Demand: # Total Rooms Sold
Occupancy (%):
= Rooms Available / Rooms Sold
ADR: Average Daily Rate
= Total Revenue / Total Rooms Sold
RevPAR: Revenue Per Available Room
= Total Revenue / Total Rooms Available

4. Presentation Agenda National Performance Regional Performance
State Performance
Local Performance
Projections

5. Total United States Room Supply/Demand Percent Change Twelve Month Moving Average To April 2005

6. Total United States Active Development Pipeline - Rooms Change From Last Year
Apr Apr Change % Chg
In Construction , , , %
Final Planning , , (2,183) %
Planning , , , %
In Pre-Planning , , (42,170) %
Total Development , , (8,274) %
Source: STR / TWR / Dodge Construction Pipeline

7. Total United States Occupancy, ADR and RevPAR Percent Change 12-Month Moving Average to April 2005
Recession
9/11
Afghanistan
SARS }
Recession } }
Iraq

8. Total United States Occupancy Percent 28-Day Moving Average Jan
Total United States Occupancy Percent 28-Day Moving Average Jan. 2, 2005– May 29, 2005

9. Total United States ADR 28-Day Moving Average Jan
Total United States ADR 28-Day Moving Average Jan. 2, 2005 – May 29, 2005

10. Total United States RevPAR 28-Day Moving Average Jan
Total United States RevPAR 28-Day Moving Average Jan. 2, 2005 – May 29, 2005

11. Total U.S. Average Daily Lodging Demand in Millions Year End 2000, 2002 and 2004

12. Total United States Rooms Sold/Day Differential (Thousands) Year End 2000 Vs. 2004

13. Total United States Rooms Sold/Day Differential (Thousands) Year End 2003 Vs. 2004

14. Regional Supply Growth 12-Month Ending April 2005 Percentage Change
2.5 to 7.5
1.0 to 2.4
0.1 to 0.9
-0.8 to 0.0
-5.7 to -0.9

15. Regional Demand Growth 12-Month Ending April 2005 Percentage Change
5.4 to 12.6
3.8 to 5.3
1.4 to 3.7
0.0 to 1.3
-7.6 to -0.1

16. Regional RevPAR Change 12-Month Ending April 2005 Percentage Change
8.3 to 13.8
5.8 to 8.2
3.8 to 5.7
1.5 to 3.7
-3.5 to 1.4

17. Construction Pipeline Activity for Missouri
Existing Supply
Recently Opened
In Construction
Final Planning
Planning
Total
Pre-Planning
Luxury 5
Upper Upscale 33 1   3
Upscale 36
Midscale w/ F&B 95   2 4 1 
Midscale w/o F&B
193 12 9
Economy
259  
Unaffiliated
519   20 22
Total
1,140 17 14 26 42
Existing Supply
Recently Opened
In Construction
Final Planning
Planning
Total
Pre-Planning
Luxury
Upper Upscale
Upscale
Midscale w/ F&B
Midscale w/o F&B
Economy
Unaffiliated
Total
1,244  
236
12,239
195
510 
207
717
6,802
1,228
12,252 44
117  
250
510
17,333
967
918
102 
264
1,284
140
18,602   70
32,689  
144
1,643
1,787
1,085
101,161
1,352
2,917
245
2,600
4,534
1,295
Source: TWR/Dodge Construction Pipeline/Smith Travel Research

18. Missouri Room Supply and Demand Percent Change Monthly 2000 – April 2005

19. Missouri Occupancy and ADR Percent Change Monthly 2000 – April 2005

20. Missouri Day of Week Analysis – Occupancy/ADR Year End 2004

21. Missouri Day Of Week Analysis – RevPAR Percent Change Year End 2003 vs
Missouri Day Of Week Analysis – RevPAR Percent Change Year End 2003 vs. Year End 2004

22. Missouri Location Segments Supply/Demand Percent Change Twelve Months Ended April

23. Missouri Location Segments Occupancy/ADR Percent Change Twelve Months Ended April

24. Missouri Location Segments RevPAR/Room Revenue Percent Change Twelve Months Ended April

25. Northwest
Northeast
Central
Southeast
Southwest

26. Northwest Region Room Supply and Demand Percent Change Monthly 2000 – April 2005

27. Northwest Region Occupancy and ADR Percent Change Monthly 2000 – April 2005

28. Northwest Region Day of Week Analysis – Occupancy/ADR Year To Date Ending April 2005

29. Northeast Region Room Supply and Demand Percent Change Monthly 2000 – April 2005

30. Northeast Region Occupancy and ADR Percent Change Monthly 2000 – April 2005

31. Northeast Region Day of Week Analysis – Occupancy/ADR 12-Month Ending April 2005

32. Central Region Room Supply and Demand Percent Change Monthly 2000 – April 2005

33. Central Region Occupancy and ADR Percent Change Monthly 2000 – April 2005

34. Central Region Day of Week Analysis – Occupancy/ADR 12-Month Ending April 2005

35. Southwest Region Room Supply and Demand Percent Change Monthly 2000 – April 2005

36. Southwest Region Occupancy and ADR Percent Change Monthly 2000 – April 2005

37. Southwest Region Day of Week Analysis – Occupancy/ADR 12-Month Ending April 2005

38. Southeast Region Room Supply and Demand Percent Change Monthly 2000 – April 2005

39. Southeast Region Occupancy and ADR Percent Change Monthly 2000 – April 2005

40. Southeast Region Day of Week Analysis – Occupancy/ADR 12-Month Ending April 2005

41. Total United States Supply/Demand Percent Change 2000 – 2005P

42. Total United States Occupancy Percent 2000 – 2005P

43. Total United States Average Daily Rate 1998 – 2005P
Source: STR

44. Total United States RevPAR Percent Change 2000 – 2005P

45. Lodging Industry Issues
Rising Costs – Energy (Gas), Insurance, Labor (visa caps)
Amenity Creep – “Bed Wars”
Rising Interest Rates
Currency Exchange
Airline Problems
Demand Leakage – Condo Hotels, Cruise, Timeshare
“Old Habits Hard to Break” ?
Terrorists Threats

46. U.S. Lodging Outlook Demand Rebounds Room Rate Should Follow
Supply Growth Significantly Lower
Demand Rebounds
Occupancy Improvement
Room Rate Should Follow
Increased Profitability