Have Higher Transportation Costs and a Slowing U.S. Economy Shifted Lodging Demand Within Lodging Sectors?

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1 Have Higher Transportation Costs and a Slowing U.S. Economy Shifted Lodging Demand Within Lodging Sectors? Trends and implications for sales and marketing strategies: Hotel Sales Strategy Conference Washington, DC September 9, 2008 An examination of trends in room demand, market share, weekday vs. weekend market share, ADR, and RevPAR by six hotel sectors in the top 25 U.S. travel cities and destinations to July 2008 Stephen C. Morse, Ph.D. Director & Economist Tourism Institute University of Tennessee Knoxville, TN and Chad D. Church Manager, Industry Research Smith Travel Research Hendersonville, TN

2 About This Study Julie Jones Director of Special Interest Groups HSMAI Advisory Board Hotel Director of Sales & Marketing Special Interest Group Chair: Mark D. Thompson, Vice President of Marketing, Irving Texas CVB Vice-Chair: Heather Allison-Smith, Director of Sales and Marketing, Ritz- Carlton, St. Louis Bart Berkey, Director of Talent Acquisition-Sales & Marketing, Ritz-Carlton Hotels Susan Cecere, CHME, Director of Revenue Dev., Carlson Hotels Worldwide Lisa French, Area Account Executive, Marriott International John Hawley, Director of Client & Industry Relations, Dana Communications Linda Hwong, Area Account Executive, Marriott International Ron Loman, Director of Field Sales, Crestline Hotels & Resorts, Inc. Laurie Meacham, CMP, Director of National Sales, The Broadmoor Hotel Lynn Mucciano, Corporate Director of Marketing, Turnberry Associates Dennis Noonan, Director of Sales, Nemacolin Woodlands Resort Jean Spaulding, Senior Vice President, Market Analysis & Business Development, Noble Investment Group Cheryl Street, Director of Sales & Marketing, Hampton Inn & Suites - Surprise, Arizona Advisory Board Sales and Marketing Faculty Special Interest Group Chair: Thomas Cannon, University of Texas-San Antonio Vice Chair: Dan Creed, Normandale Community College Eric Brey, University of Memphis Katie Davin, CHE, Johnson & Wales University, Providence, RI Robin DiPietro, University of Nebraska-Lincoln Mike Hampton, Lynn University Steve Morse, University of Tennessee Mark Newton, Gwinnett Technical College Donna Quadri-Felitti, New York University Marcia Taylor, East Carolina University In June 2008, the Hotel Director of Sales and Marketing Special Interest Group (HDOSM-SIG) of the Hospitality Sales & Marketing Association International (HSMAI) issued a call for papers to the Sales & Marketing Faculty SIG of HSMAI for inclusion in the Hotel Sales and Marketing Conference Sept. 9. Proposals for research papers were received and reviewed by the Faculty SIG s research committee, and the selection of this paper was made for the inclusion at the conference. Data Source: Smith Travel Research All data sources in this study are from Smith Travel Research, Hendersonville, TN. Special thanks to Duane Vinson, Brad Garner, and Chad Church from Smith Travel Research. Authors Stephen C. Morse, Ph.D. Director & Economist Tourism Institute Hotel, Restaurant, & Tourism Mgt. University of Tennessee Knoxville, TN Ph: (865) ; smorse@utk.edu Web: and Chad D. Church Manager, Industry Research Smith Travel Research 735 East Main St. Hendersonville, TN Ph: (615) , Ext chad@smithtravelreseearch.com Web: Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 2

3 Table of Contents Introduction: Executive Summary p. 4-5 Introduction & Purpose of Study p. 6 Background of Study p. 6 Methodology & Data p. 6 Analysis & Implications for Sales & Marketing: Have Travelers Shifted Lodging Demand Within Lodging Sectors? p. 7 Trends in Weekend (leisure) Room Demand p. 8 Trends in Weekday (business) Room Demand p. 9 Trends in Occ. Rate, ADR, and RevPAR by Six hotel sectors p. 10 Weekday vs. Weekend Market Share of Rooms Sold, Top 25 U.S. Travel Cities & Destinations, p Trends for Top 25 U.S. Cities, : A) Market Share of Rooms Sold by Hotel Sector; B) Occ. Rate, ADR, RevPAR; C) Weekday vs. Weekend Market Share of Rooms Sold by Hotel Sector Orlando, FL p. 13 Anaheim - Santa Ana, CA p. 14 Los Angeles - Long Beach, FL p. 15 San Diego, CA p. 16 San Francisco - San Mateo, CA p. 17 Washington, DC - MD - VA p. 18 Miami - Hialeah, FL p. 19 Tampa - St. Petersburg, FL p. 20 Atlanta, GA p. 21 Chicago, IL p. 22 Oahu Island, HI p. 23 New Orleans, LA p. 24 Boston, MA p. 25 New York, NY p. 26 Philadelphia, PA - NJ p. 27 Dallas, TX p. 28 Houston, TX p. 29 Seattle, WA p. 30 Phoenix, AZ p. 31 Denver, CO p. 32 Detroit, MI p. 33 Minneapolis - St. Paul, MN - WI p. 34 Nashville, TN p. 35 Norfolk - Virginia Beach, VA p. 36 St. Louis, IL - MO p. 37 Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 3

4 Purpose of the Study: Executive Summary The purpose of this study is to examine if higher travel transportation costs and a slowing U.S. economy has shifted lodging demand for leisure and business travelers within lodging sectors from July Methodology & Data: Room demand in six hotel sectors in the top 25 U.S. travel cities and destinations were examined over a two year and seven month time period from January 2006 to July Data from Smith Travel Research reporting annual room demand for weekday vs. weekend, market share of room demand for the six hotel sectors in each city, occupancy rates, ADR s, and RevPar s were examined over the time period. The six hotel sectors examined are 1), 2) Upper, 3), 4), and 5). Main Question: Have Higher Transportation Costs and a Slowing U.S. Economy Shifted Lodging Demand Within Lodging Sectors? Summary of Analysis: There has been steady and slightly increase in demand in the and Upper markets, which have gained market share of. There has been deceases in market share of for,, Midscale without F&B, and sectors Weekend Room Demand (leisure travel) - For the top 25 U.S. travel cities, all but two cities saw a decrease in market share of to weekend travelers for year to date July 2008 compared with Philadelphia and St. Louis were the only two cities showing an increase in weekend share demand as a. Weekend leisure travel demand is generating less percent market share of. Weekday Room Demand (business travel) - For the top 25 U.S. travel cities, all but two cities showed increases in market share of to weekday travelers for year to date July 2008 compared with Philadelphia and St. Louis were the only two cities showing an decrease in weekday market share demand as a. Weekday business travel is generating larger percent shares of. Market Share of Rooms Sold by Hotel Sector: - a majority of markets show an increase in market share of. Upper - most markets show increases in market share of. - most markets show little change or small increases in market share of. - most markets show decreases in market share of. Midscale without F&B - most markets show little change or small increases in market share of. - all but one market showed decreases in market share of. The San Francisco - San Mateo market is the only market showing an increase in percent share of. Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 4

5 Trends in Occ. Rate, ADR, and RevPAR by hotel sector in the top 25 U.S. travel cities: : Occ. Rates decreased slightly in 14 markets and increased slightly in 4 markets ADR increased in 15 markets, decreased in 3 markets RevPAR s mixed, increasing in 10 markets, deceasing in 8 markets Upper : Occ. Rates increased in 10 markets, decreased in 13 markets ADR increased in 19 markets, decreased in 4 markets RevPAR increased in 15 markets, decreased in 8 markets : Occ. Rates increased in 9 markets, decreased in 15 markets ADR increased in 20 markets, decreased in 2 markets RevPAR increased in 17 markets, decreased in 6 markets : Occ, Rates increased in 4 markets, decreased in 19 markets ADR increased in 20 markets, decreased in 3 markets RevPAR increased in 11 markets, decreased in 12 markets Midscale without F&B: Occ. Rates increased in 3 markets, decreased in 19 markets ADR increased in 21 markets, decreased in 1 market RevPAR increased in 14 markets, decreased in 8 markets : Occ. Rates increased in 4 markets, decreased in 18 markets ADR have increased in 18 markets, decreased in 4 markets RevPAR increased in 6 markets, decreased in 16 markets Implications for Sales & Marketing Strategies: Weekend leisure travel has decreased as a total rooms, indicating opportunities for sales to local drive-to markets could be sales and marketing focus. Weekday business travel has increased as a total rooms, indicating strong business demand and opportunities to limit discounting to business travelers. Lower occupancy rates in,, Midscale without F&B, and sectors indicate opportunities for sales and marketing efforts to closer drive-to travelers. ADR s across all sectors have remained strong in the first half of However there is some evidence of eroding hotel rated and increased discounting in the second half of Revenue Management decisions should limit discounting as lower hotel rates have bee shown to be little influence on travel decisions, with gas and airfares being more important in driving demand than lower hotel rates. Little discounting is needed as discounting will only erode revenue from existing travelers and not influence overall demand for travel. Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 5

6 Have Higher Transportation Costs and a Slowing U.S. Economy Shifted Lodging Demand Within Lodging Sectors? Introduction & Purpose The purpose of this study is to examine if higher travel transportation costs and a slowing U.S. economy has shifted lodging demand for leisure and business travelers within lodging sectors. This study examines trends in room demand, market share, leisure and business travel with weekday vs. weekend occupancy, ADR, and RevPAR in the top 25 U.S. travel cities and destinations for 2006 to July 2008 by five hotel sectors including: 1) hotels 2) Upper hotels 3) hotels 4) 5) Midscale without F&B 6) Background Gas prices and airfare prices have sharply increased since January Higher transportation costs impact many choices in consumer s decision to travel. Those consumers choosing to travel in light of higher transportation prices may choose to substitute lower quantities and lower priced services of other travel purchases (hotel rooms, restaurant meals) freeing up more money to purchase gas and airfare during their trip. In the retail sector of the economy, there is evidence in light of the U.S. slowdown some consumers have chosen to favor lower priced retailers. For example, some consumers that prior to the economic slowdown shopped at higher-end retailers such as Macy s, Target, and JC Penney have now chosen to spend at lower priced retailers such as Wal-Mart and other discount retailers. Similarly, since April 2006 when nationwide gas prices first increased to over $3 per gallon, and airfares increased substantially, these increases in transportation costs have taken a larger share of both leisure and business traveler s budgets. Some hotel sales professionals believe these increased transportation costs and the slowing U.S. economy have contributed to a shift in demand within the hotel sector as both leisure and business travelers trade-off higher transportation costs for lower priced and valued properties. Methodology & Data Room demand in six hotel sectors in the top 25 U.S. travel cities and destinations were examined over a two year and seven month time period from January 2006 to July Data from Smith Travel Research reporting annual room demand for weekday vs. weekend, market share of room demand for the six hotel sectors in each city, occupancy rates, ADR s, and RevPar s were examined over the time period. Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 6

7 Have Travelers Shifted Demand Within Lodging Sectors in the Period July 2008? - a majority of markets show an increase in market share of. Upper - most markets show increases in market share of. - most markets show little change or small increases in market share of. - most markets show decreases in market share of. Midscale without F&B - most markets show little change or small increases in market share of total rooms. - all but one market showed decreases in market share of. San Francisco - San Mateo market is the only market showing an increase in percent share of. Implications for Sales & Marketing Strategies The most significant shift in lodging demand is shown to be a moderate shift away from the sector, and a small shift away from the sector. Strong demand exists in the and Upper markets. Limited discounting in all markets as lower hotel rates will not drive travel demand. Boston, MA Hotel Market Share: of Rooms Sold by, * * 4.0% 4.8% 5.3% Upper 41.5% 41.3% 41.8% 21.0% 20.3% 20.4% 10.5% 10.3% 9.9% 11.2% 11.3% 11.1% 11.7% 12.0% 11.6% Source: Smith Travel Research Washington, D C -MD -V A Hotel Market Share: of Rooms Sold by, * * 5.2% 5.6% 5.3% Upper 34.5% 35.3% 36.8% 18.4% 18.7% 18.8% 13.6% 13.1% 12.4% 14.5% 14.5% 14.6% 13.8% 12.8% 12.1% Los Angeles-Long Beach, CA Hotel Market Share: of Rooms Sold by, * * 4.7% 4.6% 4.5% Upper 28.4% 28.7% 29.3% 13.3% 13.4% 13.6% 11.9% 12.4% 12.4% 6.1% 6.2% 6.2% 35.6% 34.7% 34.0% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 7

8 Weekend Room Demand (leisure travel) For the top 25 U.S. travel cities, all but two cities saw a decrease in market share of weekend travelers for year to date July 2008 compared with Philadelphia and St. Louis were the only two cities showing an increase in weekend share demand as a. At right, the top 25 U.S. travel cities are ranked from largest percent change to smallest percent change in weekend market share from July For example, for Philadelphia, weekend total rooms was 26.4% of all rooms, while in 2008 weekend all rooms was 27.4%, representing an increase of +0.9% increase in weekend market share all rooms. Implications for Sales & Marketing Strategies Weekend room demand indicates leisure travel has decreased in 23 out of the top 25 U.S. travel markets in In areas where 2008 weekend market share has decreased, sales and marketing focus on generating local leisure demand. Deep discounting will not increase leisure travel demand. Strategic and limited discounting to local leisure travelers may generate local weekend demand. Change in Market Share of Weekend Room Demand (leisure demand), July ) Philadelphia, PA - NJ +0.9% 2) St. Louis, MO +0.5% 3) San Diego, CA -0.3% Washington, DC - MD - VA -0.3% 4) Norfolk - Virginia Beach, VA -0.6% 5) Boston, MA -0.9% 6) Atlanta, GA -1.2% 7) Tampa - St. Petersburg, FL -1.4% Detroit, MI -1.4% 8) New Orleans, LA -1.6% 9) Seattle, WA -1.8% 10) Minneapolis - St. Paul, MN -2.2% Los Angeles - Long Beach, CA -2.2% 11) Anaheim - Santa Ana, CA -2.6% 12) Phoenix, AZ -2.6% 13) Chicago, IL -2.6% 14) Nashville, TN -2.7% Dallas, TX -2.7% Miami - Hialeah, FL -2.7% 15) Houston, TX -3.2% 16) Oahu Island, HI -3.8% 17) New York, NY -4.2% 18) San Francisco San Mateo, CA -4.7% Average Change Top 25 Cities -2.9% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 8

9 Weekday Room Demand (business travel) For the top 25 U.S. travel cities, all but two cities showed increases in market share of weekday travelers for year to date July 2008 compared with Philadelphia and St. Louis were the only two cities showing an decrease in weekday market share demand as a. At right, the top 25 U.S. travel cities are ranked from largest percent change to smallest percent change in weekend market share from July For example, San Francisco - San Mateo, CA market had 68.4% of to weekday travelers in 2007, while to July 2008, the market share of total market share of rooms to weekday travelers increases to 73.1%, representing an increase in weekday market share of +4.7% during this period. Implications for Sales & Marketing Strategies Weekday travels indicates business travel is steady in 23 our of the top 25 travel markets in the U.S. Sales, marketing, and revenue management strategies should include limited discounting in strong business travel markets. Deep discounting could erode revenue in strong markets. Change in Market Share of Weekday Room Demand (business demand), July ) San Francisco - San Mateo, CA +4.7% 2) New York, NY +4.2% 3) Oahu Island, HI +3.8% 4) Houston, TX +3.2% 5) Nashville, TN +2.7% Dallas, TX +2.7% Miami - Hialeah, FL +2.7% 6) Chicago, IL +2.6% 7) Phoenix, AZ +2.6% 8) Anaheim - Santa Ana, CA +2.6% 9) Minneapolis - St. Paul, MN +2.2% Los Angeles - Long Beach, CA +2.2% 10) Seattle, WA +1.8% 11) New Orleans, LA +1.6% 12)Tampa - St. Petersburg, FL +1.4% Detroit, MI +1.4% 13) Atlanta, GA +1.2% 14) Boston, MA +0.9% 15) Norfolk - Virginia Beach, VA +0.6% 16) San Diego, CA +0.3% Washington, DC - MD - VA +0.3% 17) St. Louis, MO -0.5% 18) Philadelphia, PA - NJ -0.9% Average Change Top 25 Cities +2.9% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 9

10 Trends in 2008 vs, 2007 Occ. Rate, ADR, and RevPAR by Hotel Sector: : Occ. Rates decreased slightly in 14 markets and increased slightly in 4 markets ADR increased in 15 markets, decreased in 3 markets RevPAR s mixed, increasing in 10 markets, deceasing in 8 markets Upper : Occ. Rates increased in 10 markets, decreased in 13 markets ADR increased in 19 markets, decreased in 4 markets RevPAR increased in 15 markets, decreased in 8 markets : Occ. Rates increased in 9 markets, decreased in 15 markets ADR increased in 20 markets, decreased in 2 markets RevPAR increased in 17 markets, decreased in 6 markets : Occ, Rates increased in 4 markets, decreased in 19 markets ADR increased in 20 markets, decreased in 3 markets RevPAR increased in 11 markets, decreased in 12 markets Midscale without F&B: Occ. Rates increased in 3 markets, decreased in 19 markets ADR increased in 21 markets, decreased in 1 market RevPAR increased in 14 markets, decreased in 8 markets : Occ. Rates increased in 4 markets, decreased in 18 markets ADR have increased in 18 markets, decreased in 4 markets RevPAR increased in 6 markets, decreased in 16 markets Implications for Sales & Marketing Strategies: Sales & revenue managers should limit discounts as lower hotel rates do not drive travel demand, and only erodes revenue from travelers. and Upper markets remain strong, no discounting needed,, Midscale without F&B, and markets are stronger in resort Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 10

11 Rooms Sold, Top 25 U.S. Travel Cities & Destinations, Top 25 U.S. Cities & Destinations Average Top 25 Markets Weekday Weekend % 32.1% 100% % 30.8% 100% 2008* 72.2% 27.9% 100% Phoenix, AZ Weekday Weekend % 32.3% 100% % 28.6% 100% 2008* 74.1% 25.9% 100% Anaheim Santa Ana, CA Weekday Weekend % 32.6% 100% % 30.2% 100% 2008* 72.5% 27.5% 100% Los Angeles Long Beach, CA Weekday Weekend % 32.9% 100% % 29.1% 100% 2008* 73.1% 26.9% 100% San Diego, CA Weekday Weekend % 32.2% 100% % 29.4% 100% 2008* 70.9% 29.1% 100% San Francisco/San Mateo, CA Weekday Weekend % 33.9% 100% % 31.6% 100% 2008* 73.1% 26.9% 100% Denver, CO Weekday Weekend % 30.6% 100% % 27.7% 100% 2008* 74.8% 25.2% 100% Washington, DC MD VA Weekday Weekend % 28.6% 100% % 25.6% 100% 2008* 74.7% 25.3% 100% Miami Hialeah, FL Weekday Weekend % 35.0% 100% % 31.1% 100% 2008* 71.6% 28.4% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Top 25 U.S. Cities & Destinations Orlando, FL Weekday Weekend % 34.5% 100% % 31.8% 100% 2008* 71.8% 28.2% 100% Tampa St Petersburg, FL Weekday Weekend % 33.3% 100% % 28.7% 100% 2008* 72.7% 27.3% 100% Atlanta, GA Weekday Weekend % 34.7% 100% % 29.2% 100% 2008* 72.0% 28.0% 100% Oahu Island, HI Weekday Weekend % 34.5% 100% % 30.8% 100% 2008* 73.0% 27.0% 100% Chicago, IL Weekday Weekend % 33.0% 100% % 30.5% 100% 2008* 72.0% 28.0% 100% New Orleans, LA Weekday Weekend % 36.2% 100% % 32.0% 100% 2008* 69.6% 30.4% 100% Boston, MA Weekday Weekend % 30.4% 100% % 26.8% 100% 2008* 74.1% 25.9% 100% Detroit, MI Weekday Weekend % 30.3% 100% % 27.8% 100% 2008* 73.5% 26.5% 100% Minneapolis St Paul, MN WI Weekday Weekend % 31.4% 100% % 28.1% 100% 2008* 74.1% 25.9% 100%

12 Rooms Sold, Top 25 U.S. Travel Cities & Destinations, Top 25 U.S. Cities & Destinations St. Louis, MO IL Weekday Weekend % 33.2% 100% % 28.3% 100% 2008* 71.2% 28.8% 100% New York, NY Weekday Weekend % 33.4% 100% % 30.3% 100% 2008* 73.9% 26.1% 100% Philadelphia, PA NJ Weekday Weekend % 30.9% 100% % 26.4% 100% 2008* 72.6% 27.4% 100% Nashville, TN Weekday Weekend % 36.2% 100% % 31.1% 100% 2008* 71.6% 28.4% 100% Dallas, TX Weekday Weekend % 30.5% 100% % 26.9% 100% 2008* 75.8% 24.2% 100% Houston, TX Weekday Weekend % 29.6% 100% % 26.5% 100% 2008* 76.6% 23.4% 100% Norfolk Virginia Beach, VA Weekday Weekend % 35.3% 100% % 31.3% 100% 2008* 69.3% 30.7% 100% Seattle, WA Weekday Weekend % 31.2% 100% % 28.5% 100% 2008* 73.3% 26.7% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of

13 Orlando, FL: Market Share Analysis, * Orlando, FL Hotel Market Share: of Rooms Sold by, * * 9.0% 9.1% 8.8% Upper 18.5% 19.0% 19.1% 20.9% 22.6% 22.8% 12.6% 12.4% 12.8% 14.5% 14.0% 14.0% 24.4% 23.0% 22.6% Orlando, FL Hotel Performance by, * % 74.8% 0.6% $ $ % $ $ % % 75.3% 0.8% $ $ % $ $ % 2008* 78.3% 79.6% 1.6% $ $ % $ $ % Upper % 73.4% 0.6% $ $ % $ $ % % 73.0% 1.0% $ $ % $ $ % 2008* 78.4% 77.9% 0.7% $ $ % $ $ % % 75.2% 5.0% $95.48 $ % $68.15 $ % % 71.4% 1.0% $99.33 $ % $71.61 $ % 2008* 75.4% 77.8% 3.0% $ $ % $79.03 $ % % 68.9% 1.7% $68.34 $ % $46.28 $ % % 67.7% 3.0% $68.63 $ % $45.09 $ % 2008* 70.1% 71.2% 1.6% $70.98 $ % $49.73 $ % % 72.3% 5.0% $70.03 $ % $48.08 $ % % 68.7% 0.5% $73.27 $ % $50.06 $ % 2008* 71.6% 72.5% 1.3% $76.48 $ % $54.73 $ % % 64.2% 8.9% $44.77 $ % $26.21 $ % % 58.5% 2.8% $44.84 $ % $25.52 $ % 2008* 59.8% 62.0% 3.6% $43.56 $ % $26.05 $ % Orlando, FL Rooms Sold by, * Orlando, FL: Weekday Weekend % 34.0% 100% % 32.2% 100% 2008* 72.5% 27.5% 100% Upper Weekday Weekend % 34.2% 100% % 31.1% 100% 2008* 72.9% 27.1% 100% Weekday Weekend % 33.7% 100% % 30.8% 100% 2008* 71.7% 28.3% 100% Weekday Weekend % 35.1% 100% % 33.6% 100% 2008* 72.2% 27.8% 100% Midscale without F&B Weekday Weekend % 33.7% 100% % 30.6% 100% 2008* 72.6% 27.4% 100% Weekday Weekend % 36.2% 100% % 33.5% 100% 2008* 69.0% 31.0% 100% Orlando Market Weekday Weekend % 34.5% 100% % 31.8% 100% 2008* 71.8% 28.2% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 13

14 Anaheim-Santa Ana, CA: Market Share Analysis, * Anaheim-Santa Ana, CA Hotel Market Share: of Rooms Sold by, * * 3.1% 3.4% 3.3% Upper 29.9% 30.8% 31.1% 14.3% 14.2% 13.9% 12.0% 12.1% 12.0% 10.4% 10.3% 10.7% 30.2% 29.2% 29.0% Anaheim-Santa Ana, CA Hotel Performance by, * % 60.8% 8.4% $ $ % $ $ % % 65.9% 8.4% $ $ % $ $ % 2008* 70.6% 71.8% 1.7% $ $ % $ $ % Upper % 74.7% 4.6% $ $ % $ $ % % 71.2% 1.2% $ $ % $ $ % 2008* 73.9% 75.4% 1.9% $ $ % $ $ % % 74.3% 3.4% $ $ % $80.74 $ % % 71.8% 0.3% $ $ % $85.06 $ % 2008* 70.5% 74.2% 5.1% $ $ % $86.43 $ % % 72.7% 0.7% $87.07 $ % $62.90 $ % % 72.2% 0.3% $92.00 $ % $66.62 $ % 2008* 73.0% 74.7% 2.4% $95.64 $ % $69.78 $ % % 73.1% 2.6% $85.08 $ % $60.57 $ % % 71.2% 3.4% $91.94 $ % $63.24 $ % 2008* 69.9% 71.7% 2.5% $95.47 $ % $66.74 $ % % 74.1% 2.6% $58.63 $ % $42.30 $ % % 72.2% 1.6% $59.60 $ % $42.31 $ % 2008* 70.7% 74.1% 4.6% $59.70 $ % $42.19 $ % Anaheim-Santa Ana, CA Rooms Sold by, * Anaheim Santa Ana, CA: Weekday Weekend % 35.4% 100% % 31.7% 100% 2008* 68.5% 31.5% 100% Upper Weekday Weekend % 32.8% 100% % 30.7% 100% 2008* 72.7% 27.3% 100% Weekday Weekend % 30.5% 100% % 27.4% 100% 2008* 72.8% 27.2% 100% Weekday Weekend % 32.8% 100% % 30.3% 100% 2008* 72.5% 27.5% 100% Midscale without F&B Weekday Weekend % 31.6% 100% % 28.3% 100% 2008* 72.9% 27.1% 100% Weekday Weekend % 34.5% 100% % 31.3% 100% 2008* 71.5% 28.5% 100% Anaheim Market Weekday Weekend % 32.6% 100% % 30.2% 100% 2008* 72.5% 27.5% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 14

15 Los Angeles-Long Beach, CA: Market Share Analysis, * Los Angeles-Long Beach, CA Hotel Market Share: of Rooms Sold by, * * 4.7% 4.6% 4.5% Upper 28.4% 28.7% 29.3% 13.3% 13.4% 13.6% 11.9% 12.4% 12.4% 6.1% 6.2% 6.2% 35.6% 34.7% 34.0% Los Angeles-Long Beach, CA Hotel Performance by, * % 74.5% 2.9% $ $ % $ $ % % 72.3% 2.2% $ $ % $ $ % 2008* 76.3% 73.6% 3.7% $ $ % $ $ % Upper % 74.2% 2.6% $ $ % $ $ % % 76.2% 1.4% $ $ % $ $ % 2008* 77.8% 78.0% 0.3% $ $ % $ $ % % 81.1% 0.6% $ $ % $90.92 $ % % 80.6% 0.7% $ $ % $97.54 $ % 2008* 77.9% 81.1% 3.9% $ $ % $99.08 $ % % 74.3% 0.2% $91.22 $ % $67.60 $ % % 74.1% 1.7% $96.43 $ % $72.69 $ % 2008* 74.9% 76.0% 1.5% $99.81 $ % $74.72 $ % % 74.1% 0.1% $91.81 $ % $68.05 $ % % 74.1% 3.6% $98.49 $ % $70.38 $ % 2008* 69.6% 73.2% 4.9% $ $ % $70.66 $ % % 74.4% 0.6% $64.19 $ % $48.03 $ % % 74.8% 2.0% $66.91 $ % $49.04 $ % 2008* 71.7% 74.7% 4.0% $67.93 $ % $48.71 $ % Los Angeles-Long Beach, CA Rooms Sold by, * Los Angeles Los Angeles Long Beach, - Long Beach, CA: CA: Weekday Weekend % 32.9% 100% % 28.8% 100% 2008* 73.8% 26.2% 100% Upper Weekday Weekend % 32.9% 100% % 28.6% 100% 2008* 73.2% 26.8% 100% Weekday Weekend % 31.5% 100% % 27.9% 100% 2008* 73.6% 26.4% 100% Weekday Weekend % 33.1% 100% % 29.9% 100% 2008* 72.5% 27.5% 100% Midscale without F&B Weekday Weekend % 31.3% 100% % 27.0% 100% 2008* 74.2% 25.8% 100% Weekday Weekend % 34.1% 100% % 30.9% 100% 2008* 72.0% 28.0% 100% Los Angeles Market Weekday Weekend % 32.9% 100% % 29.1% 100% 2008* 73.1% 26.9% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 15

16 San Diego, CA: Market Share Analysis, * San Diego, CA Hotel Market Share: of Rooms Sold by, * * 6.6% 6.5% 6.6% Upper 25.8% 25.9% 26.9% 17.9% 18.1% 18.9% 9.1% 9.5% 9.3% 15.9% 16.4% 16.3% 24.7% 23.6% 22.0% San Diego, CA Hotel Performance by, * % 73.7% 2.4% $ $ % $ $ % % 72.0% 0.6% $ $ % $ $ % 2008* 70.8% 75.2% 5.7% $ $ % $ $ % Upper % 76.5% 1.1% $ $ % $ $ % % 77.4% 1.6% $ $ % $ $ % 2008* 78.7% 77.8% 1.1% $ $ % $ $ % % 76.2% 0.0% $ $ % $ $ % % 76.2% 1.3% $ $ % $ $ % 2008* 76.6% 76.1% 0.7% $ $ % $ $ % % 72.4% 1.3% $ $ % $78.98 $ % % 73.4% 1.3% $ $ % $82.76 $ % 2008* 71.6% 73.8% 3.0% $ $ % $83.92 $ % % 70.8% 3.0% $ $ % $73.79 $ % % 72.9% 1.1% $ $ % $81.13 $ % 2008* 73.3% 75.1% 2.5% $ $ % $83.89 $ % % 66.8% 2.7% $65.71 $ % $45.08 $ % % 68.6% 1.5% $67.95 $ % $47.31 $ % 2008* 68.6% 70.8% 3.0% $68.62 $ % $47.10 $ % San Diego, CA Rooms Sold by, * San Diego, CA: Weekday Weekend % 33.2% 100% % 31.6% 100% 2008* 68.1% 31.9% 100% Upper Weekday Weekend % 31.4% 100% % 28.6% 100% 2008* 70.7% 29.3% 100% Weekday Weekend % 28.5% 100% % 24.5% 100% 2008* 72.7% 27.3% 100% Weekday Weekend % 32.4% 100% % 30.6% 100% 2008* 71.1% 28.9% 100% Midscale without F&B Weekday Weekend % 31.7% 100% % 28.3% 100% 2008* 71.3% 28.7% 100% Weekday Weekend % 35.4% 100% % 31.9% 100% 2008* 70.4% 29.6% 100% San Diego Market Weekday Weekend % 32.2% 100% % 29.4% 100% 2008* 70.9% 29.1% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 16

17 San Francisco/San Mateo, CA: Market Share Analysis, * San Francisco/San Mateo, CA Hotel Market Share: of Rooms Sold by, * * 9.3% 9.3% 10.4% Upper 35.4% 34.9% 35.4% 17.1% 17.3% 16.4% 10.1% 10.1% 9.7% 6.1% 6.2% 6.0% 21.9% 22.3% 22.0% San Francisco/San Mateo, CA Hotel Performance by, * % 73.4% 2.5% $ $ % $ $ % % 71.6% 2.1% $ $ % $ $ % 2008* 75.6% 70.3% 7.5% $ $ % $ $ % Upper % 77.1% 1.2% $ $ % $ $ % % 76.2% 1.2% $ $ % $ $ % 2008* 78.6% 75.8% 3.7% $ $ % $ $ % % 73.0% 4.1% $ $ % $90.59 $ % % 76.0% 0.3% $ $ % $99.94 $ % 2008* 75.0% 75.5% 0.7% $ $ % $ $ % % 71.6% 3.4% $99.10 $ % $73.40 $ % % 74.1% 1.4% $ $ % $80.20 $ % 2008* 73.4% 73.9% 0.7% $ $ % $83.97 $ % % 67.8% 4.6% $94.22 $ % $66.83 $ % % 70.9% 2.0% $ $ % $76.41 $ % 2008* 72.7% 70.3% 3.3% $ $ % $80.52 $ % % 61.9% 8.1% $65.51 $ % $43.84 $ % % 66.9% 6.5% $68.88 $ % $49.12 $ % 2008* 71.6% 68.9% 3.9% $70.75 $ % $50.63 $ % San Francisco/San Mateo, CA Rooms Sold by, * San Francisco San - San Mateo, CA: CA: Weekday Weekend % 35.8% 100% % 32.4% 100% 2008* 73.3% 26.7% 100% Upper Weekday Weekend % 34.0% 100% % 32.2% 100% 2008* 73.0% 27.0% 100% Weekday Weekend % 31.1% 100% % 28.2% 100% 2008* 73.2% 26.8% 100% Weekday Weekend % 33.9% 100% % 32.1% 100% 2008* 73.3% 26.7% 100% Midscale without F&B Weekday Weekend % 31.7% 100% % 28.3% 100% 2008* 74.2% 25.8% 100% Weekday Weekend % 33.6% 100% % 30.1% 100% 2008* 73.6% 26.4% 100% San Francisco Market Weekday Weekend % 33.9% 100% % 31.6% 100% 2008* 73.1% 26.9% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 17

18 Washington, DC-MD-VA: Market Share Analysis, * Washington, DC-MD-VA Hotel Market Share: of Rooms Sold by, * * 5.2% 5.6% 5.3% Upper 34.5% 35.3% 36.8% 18.4% 18.7% 18.8% 13.6% 13.1% 12.4% 14.5% 14.5% 14.6% 13.8% 12.8% 12.1% Washington, DC-MD-VA Hotel Performance by, * % 71.5% 4.4% $ $ % $ $ % % 68.3% 3.8% $ $ % $ $ % 2008* 71.6% 73.4% 2.5% $ $ % $ $ % Upper % 75.1% 5.7% $ $ % $ $ % % 70.9% 1.8% $ $ % $ $ % 2008* 75.3% 75.3% 0.0% $ $ % $ $ % % 75.9% 5.2% $ $ % $ $ % % 71.9% 1.0% $ $ % $ $ % 2008* 73.9% 74.2% 0.5% $ $ % $ $ % % 66.6% 2.6% $ $ % $71.72 $ % % 64.9% 1.7% $ $ % $73.02 $ % 2008* 64.1% 67.0% 4.4% $ $ % $74.62 $ % % 73.1% 1.8% $98.78 $ % $70.84 $ % % 71.7% 3.0% $ $ % $71.98 $ % 2008* 70.1% 72.3% 3.0% $ $ % $74.98 $ % % 68.7% 6.2% $69.42 $ % $44.73 $ % % 64.4% 4.8% $70.89 $ % $43.50 $ % 2008* 62.5% 64.3% 2.9% $71.80 $ % $44.85 $ % Washington, DC-MD-VA Rooms Sold by, * Washington, Washington, DC-MD-VA: DC MD Hotel VA: Class Weekday Weekend % 30.5% 100% % 25.8% 100% 2008* 75.7% 24.3% 100% Upper Weekday Weekend % 27.9% 100% % 25.0% 100% 2008* 75.4% 24.6% 100% Weekday Weekend % 27.7% 100% % 23.9% 100% 2008* 74.5% 25.5% 100% Weekday Weekend % 28.6% 100% % 27.1% 100% 2008* 73.5% 26.5% 100% Midscale without F&B Weekday Weekend % 28.4% 100% % 24.6% 100% 2008* 73.7% 26.3% 100% Weekday Weekend % 32.4% 100% % 29.6% 100% 2008* 73.6% 26.4% 100% Washington DC Market Weekday Weekend % 28.6% 100% % 25.6% 100% 2008* 74.7% 25.3% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 18

19 Miami-Hialeah, FL: Market Share Analysis, * Miami-Hialeah, FL Hotel Market Share: of Rooms Sold by, * * 11.6% 12.8% 13.6% Upper 23.3% 22.4% 21.7% 15.7% 16.6% 16.9% 13.1% 12.9% 13.1% 10.4% 10.3% 9.9% 25.9% 25.1% 24.9% Miami-Hialeah, FL Hotel Performance by, * % 73.9% 0.0% $ $ % $ $ % % 73.9% 1.0% $ $ % $ $ % 2008* 77.8% 77.5% 0.5% $ $ % $ $ % Upper % 71.9% 1.0% $ $ % $ $ % % 71.2% 2.5% $ $ % $ $ % 2008* 77.5% 75.7% 2.5% $ $ % $ $ % % 75.5% 2.1% $ $ % $90.02 $ % % 73.9% 0.5% $ $ % $96.83 $ % 2008* 80.0% 77.1% 3.8% $ $ % $ $ % % 73.5% 1.1% $93.28 $ % $69.30 $ % % 74.3% 2.8% $ $ % $73.06 $ % 2008* 75.5% 75.5% 0.0% $ $ % $85.70 $ % % 79.3% 4.9% $94.52 $ % $71.22 $ % % 75.4% 1.0% $ $ % $77.18 $ % 2008* 77.1% 77.5% 0.5% $ $ % $83.65 $ % % 79.5% 6.5% $75.00 $ % $55.78 $ % % 74.4% 0.8% $80.00 $ % $60.00 $ % 2008* 76.0% 77.3% 1.7% $87.84 $ % $66.80 $ % Miami-Hialeah, FL Rooms Sold by, * Miami Hialeah, FL: Weekday Weekend % 35.7% 100% % 30.2% 100% 2008* 71.7% 28.3% 100% Upper Weekday Weekend % 34.8% 100% % 31.1% 100% 2008* 70.8% 29.2% 100% Weekday Weekend % 34.9% 100% % 31.1% 100% 2008* 73.3% 26.7% 100% Weekday Weekend % 35.9% 100% % 33.2% 100% 2008* 71.3% 28.7% 100% Midscale without F&B Weekday Weekend % 33.9% 100% % 30.0% 100% 2008* 74.4% 25.6% 100% Weekday Weekend % 34.4% 100% % 31.0% 100% 2008* 72.9% 27.1% 100% Miami Hialeah Market Weekday Weekend % 35.0% 100% % 31.1% 100% 2008* 71.6% 28.4% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 19

20 Tampa-St. Petersburg, FL: Market Share Analysis, * Tampa-St. Petersburg, FL Hotel Market Share: of Rooms Sold by, * * NA 3.0% 3.5% Upper NA 25.3% 26.0% NA 14.0% 14.3% NA 10.7% 10.8% NA 19.1% 19.1% NA 27.8% 26.3% TOTAL MARKET SHARE 0.0% 100.0% 100.0% Tampa-St. Petersburg, FL Hotel Performance by, * 2006 DATA NOT AVAILABLE % 74.7% 9.3% $ $ % $ $ % 2008* 73.0% 80.0% 8.8% $ $ % $ $ % Upper % 69.3% 1.7% $ $ % $98.40 $ % % 68.1% 2.1% $ $ % $ $ % 2008* 73.8% 74.3% 0.8% $ $ % $ $ % % 74.4% 1.5% $ $ % $79.64 $ % % 73.3% 7.1% $ $ % $77.14 $ % 2008* 68.1% 71.9% 5.4% $ $ % $81.10 $ % % 61.9% 5.2% $82.94 $ % $48.67 $ % % 58.7% 11.8% $82.00 $ % $42.43 $ % 2008* 56.7% 58.3% 2.7% $93.15 $ % $52.82 $ % % 69.7% 3.5% $87.55 $ % $58.91 $ % % 67.3% 5.0% $92.38 $ % $59.05 $ % 2008* 64.9% 69.9% 7.1% $96.96 $ % $62.93 $ % % 62.9% 2.3% $53.74 $ % $33.03 $ % % 61.5% 9.4% $55.09 $ % $30.68 $ % 2008* 54.9% 61.6% 11.0% $57.09 $ % $31.32 $ % Tampa-St. Petersburg, FL Rooms Sold by, * Tampa Tampa- St. Petersburg, St. Petersburg, FL: FL: Weekday Weekend % 35.0% 100% % 30.6% 100% 2008* 71.3% 28.7% 100% Upper Weekday Weekend % 34.0% 100% % 27.2% 100% 2008* 75.2% 24.8% 100% Weekday Weekend % 31.1% 100% % 25.7% 100% 2008* 76.4% 23.6% 100% Weekday Weekend % 36.1% 100% % 34.1% 100% 2008* 65.9% 34.1% 100% Midscale without F&B Weekday Weekend % 31.3% 100% % 27.4% 100% 2008* 73.5% 26.5% 100% Weekday Weekend % 34.9% 100% % 32.0% 100% 2008* 69.3% 30.7% 100% Tampa Market Weekday Weekend % 33.3% 100% % 28.7% 100% 2008* 72.7% 27.3% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 20

21 Atlanta, GA: Market Share Analysis, * Atlanta, GA Hotel Market Share: of Rooms Sold by, * * 3.8% 3.6% 3.1% Upper 23.1% 23.6% 24.5% 14.6% 14.5% 15.2% 7.4% 7.2% 6.9% 19.2% 19.5% 19.9% 31.8% 31.6% 30.3% Atlanta, GA Hotel Performance by, * % 66.6% 6.0% $ $ % $ $ % % 70.7% 1.4% $ $ % $ $ % 2008* 64.1% 70.3% 8.9% $ $ % $ $ % Upper % 67.5% 1.3% $ $ % $90.69 $ % % 68.4% 0.5% $ $ % $93.82 $ % 2008* 69.3% 70.3% 1.5% $ $ % $95.12 $ % % 68.7% 1.3% $ $ % $69.06 $ % % 67.8% 3.2% $ $ % $70.62 $ % 2008* 69.4% 67.7% 2.4% $ $ % $74.65 $ % % 59.8% 2.0% $72.21 $ % $42.34 $ % % 58.6% 3.9% $76.08 $ % $42.88 $ % 2008* 53.0% 59.7% 11.4% $78.26 $ % $41.44 $ % % 65.7% 2.3% $75.90 $ % $48.73 $ % % 64.2% 3.4% $81.28 $ % $50.40 $ % 2008* 62.1% 64.9% 4.3% $83.31 $ % $51.73 $ % % 63.6% 2.1% $39.83 $ % $24.79 $ % % 62.2% 2.3% $40.44 $ % $24.60 $ % 2008* 58.1% 63.3% 8.1% $40.67 $ % $23.64 $ % Atlanta, GA Rooms Sold by, * Atlanta, GA: Weekday Weekend % 38.0% 100% % 31.6% 100% 2008* 71.1% 28.9% 100% Upper Weekday Weekend % 38.3% 100% % 30.7% 100% 2008* 71.7% 28.3% 100% Weekday Weekend % 30.5% 100% % 25.4% 100% 2008* 73.6% 26.4% 100% Weekday Weekend % 36.7% 100% % 31.3% 100% 2008* 69.8% 30.2% 100% Midscale without F&B Weekday Weekend % 31.3% 100% % 26.7% 100% 2008* 72.8% 27.2% 100% Weekday Weekend % 35.5% 100% % 32.3% 100% 2008* 70.4% 29.6% 100% Atlanta Market Weekday Weekend % 34.7% 100% % 29.2% 100% 2008* 72.0% 28.0% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 21

22 Chicago, IL: Market Share Analysis, * Chicago, IL Hotel Market Share: of Rooms Sold by, * * 7.0% 7.1% 7.3% Upper 34.2% 34.8% 35.2% 16.6% 16.7% 17.1% 10.1% 9.2% 8.9% 14.0% 14.0% 14.0% 18.2% 18.1% 17.5% Chicago, IL Hotel Performance by, * % 70.1% 3.7% $ $ % $ $ % % 72.7% 1.5% $ $ % $ $ % 2008* 69.7% 71.6% 2.7% $ $ % $ $ % Upper % 70.2% 4.0% $ $ % $ $ % % 72.9% 1.2% $ $ % $ $ % 2008* 68.4% 71.5% 4.3% $ $ % $ $ % % 67.6% 4.0% $ $ % $83.82 $ % % 70.3% 1.1% $ $ % $88.12 $ % 2008* 68.1% 70.4% 3.2% $ $ % $83.52 $ % % 59.0% 7.8% $96.62 $ % $61.43 $ % % 63.6% 1.2% $99.42 $ % $62.49 $ % 2008* 58.0% 63.1% 8.0% $ $ % $59.10 $ % % 62.2% 8.1% $84.25 $ % $56.69 $ % % 67.3% 2.3% $92.66 $ % $60.94 $ % 2008* 62.4% 64.8% 3.7% $93.03 $ % $58.01 $ % % 57.3% 3.6% $55.97 $ % $33.22 $ % % 59.4% 1.0% $56.46 $ % $33.84 $ % 2008* 55.4% 59.6% 7.0% $56.96 $ % $31.55 $ % Chicago, IL Rooms Sold by, * Chicago, IL: Weekday Weekend % 38.5% 100% % 35.4% 100% 2008* 72.3% 27.7% 100% Upper Weekday Weekend % 33.2% 100% % 32.1% 100% 2008* 72.4% 27.6% 100% Weekday Weekend % 30.2% 100% % 27.4% 100% 2008* 72.9% 27.1% 100% Weekday Weekend % 33.2% 100% % 29.3% 100% 2008* 71.1% 28.9% 100% Midscale without F&B Weekday Weekend % 30.0% 100% % 26.2% 100% 2008* 72.2% 27.8% 100% Weekday Weekend % 35.2% 100% % 31.2% 100% 2008* 70.3% 29.7% 100% Chicago Market Weekday Weekend % 33.0% 100% % 30.5% 100% 2008* 72.0% 28.0% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 22

23 Oahu Island, HI: Market Share Analysis, * Oahu Island, HI Hotel Market Share: of Rooms Sold by, * * 6.2% 6.2% 6.0% Upper 37.6% 40.5% 40.6% 12.8% 12.1% 12.1% 20.7% 19.0% 19.3% 1.8% 1.7% 1.8% 20.9% 20.5% 20.2% Oahu Island, HI Hotel Performance by, * Data Not Available 2008* Upper % 85.2% 2.4% $ $ % $ $ % % 83.1% 3.3% $ $ % $ $ % 2008* 81.3% 80.5% 1.0% $ $ % $ $ % % 84.7% 3.7% $ $ % $ $ % % 81.6% 10.5% $ $ % $ $ % 2008* 72.5% 71.6% 1.3% $ $ % $ $ % % 86.7% 0.7% $94.00 $ % $80.86 $ % % 86.0% 17.4% $ $ % $75.78 $ % 2008* 76.8% 72.0% 6.6% $ $ % $87.39 $ % Data Not Available 2008* Data Not Available 2008* Oahu Island, HI Rooms Sold by, * Oahu Island, HI: Weekday Weekend % 34.6% 100% % 30.9% 100% 2008* 69.2% 30.8% 100% Upper Weekday Weekend % 34.4% 100% % 30.6% 100% 2008* 73.3% 26.7% 100% Weekday Weekend % 34.1% 100% % 30.8% 100% 2008* 73.3% 26.7% 100% Weekday Weekend % 34.8% 100% % 31.7% 100% 2008* 72.3% 27.7% 100% Midscale without F&B Weekday Weekend Not Available 2008* Weekday Weekend Not Available 2008* Oahu Island Market Weekday Weekend % 34.5% 100% % 30.8% 100% 2008* 73.0% 27.0% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 23

24 New Orleans, LA: Market Share Analysis, * New Orleans, LA Hotel Market Share: of Rooms Sold by, * * 4.0% 5.9% 6.0% Upper 30.4% 31.9% 32.5% 14.0% 13.5% 13.8% 14.0% 12.2% 12.1% 14.1% 13.8% 14.2% 23.5% 22.7% 21.5% New Orleans, LA Hotel Performance by, * % 67.2% 17.7% $ $ % $81.61 $ % % 55.3% 8.3% $ $ % $ $ % 2008* 72.6% 61.8% 17.6% $ $ % $ $ % Upper % 70.7% 18.0% $ $ % $84.59 $ % % 58.0% 3.6% $ $ % $89.96 $ % 2008* 71.1% 63.0% 12.9% $ $ % $ $ % % 70.5% 14.9% $ $ % $82.75 $ % % 60.0% 9.4% $ $ % $68.17 $ % 2008* 66.6% 57.8% 15.2% $ $ % $81.80 $ % % 67.4% 0.5% $99.45 $ % $67.33 $ % % 67.7% 13.9% $89.14 $ % $51.97 $ % 2008* 65.7% 59.6% 10.1% $95.56 $ % $62.74 $ % % 67.0% 0.2% $ $ % $72.09 $ % % 66.8% 12.5% $99.90 $ % $58.45 $ % 2008* 67.7% 61.2% 10.6% $ $ % $68.66 $ % % 60.3% 15.5% $73.43 $ % $51.17 $ % % 69.7% 16.7% $59.12 $ % $34.32 $ % 2008* 63.8% 61.3% 4.0% $60.02 $ % $38.28 $ % New Orleans, LA Rooms Sold by, * New Orleans, LA: Weekday Weekend % 37.2% 100% % 32.9% 100% 2008* 68.8% 31.2% 100% Upper Weekday Weekend % 37.5% 100% % 33.5% 100% 2008* 69.2% 30.8% 100% Weekday Weekend % 36.2% 100% % 31.4% 100% 2008* 69.6% 30.4% 100% Weekday Weekend % 37.9% 100% % 32.5% 100% 2008* 70.5% 29.5% 100% Midscale without F&B Weekday Weekend % 33.0% 100% % 26.9% 100% 2008* 72.4% 27.6% 100% Weekday Weekend % 31.5% 100% % 30.2% 100% 2008* 72.2% 27.8% 100% New Orleans Market Weekday Weekend % 36.2% 100% % 32.0% 100% 2008* 69.6% 30.4% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 24

25 Boston, MA: Market Share Analysis, * Boston, MA Hotel Market Share: of Rooms Sold by, * * 4.0% 4.8% 5.3% Upper 41.5% 41.3% 41.8% 21.0% 20.3% 20.4% 10.5% 10.3% 9.9% 11.2% 11.3% 11.1% 11.7% 12.0% 11.6% Boston, MA Hotel Performance by, * % 69.9% 2.9% $ $ % $ $ % % 71.9% 0.6% $ $ % $ $ % 2008* 72.9% 68.8% 5.9% $ $ % $ $ % Upper % 70.9% 2.6% $ $ % $ $ % % 72.7% 0.5% $ $ % $ $ % 2008* 71.8% 71.3% 0.7% $ $ % $ $ % % 65.6% 3.5% $ $ % $80.74 $ % % 67.9% 2.2% $ $ % $87.82 $ % 2008* 66.8% 67.4% 0.9% $ $ % $85.73 $ % % 57.4% 5.2% $ $ % $68.09 $ % % 60.4% 0.6% $ $ % $71.68 $ % 2008* 57.7% 57.5% 0.4% $ $ % $69.97 $ % % 62.4% 2.0% $95.89 $ % $61.05 $ % % 63.7% 1.2% $ $ % $66.00 $ % 2008* 61.3% 62.5% 2.0% $ $ % $63.25 $ % % 60.2% 1.6% $70.67 $ % $43.19 $ % % 61.1% 4.5% $71.91 $ % $45.91 $ % 2008* 60.1% 59.6% 0.8% $71.95 $ % $43.24 $ % Boston, MA Rooms Sold by, * Boston, MA: Weekday Weekend % 32.5% 100% % 28.0% 100% 2008* 72.9% 27.1% 100% Upper Weekday Weekend % 30.6% 100% % 28.0% 100% 2008* 73.9% 26.1% 100% Weekday Weekend % 27.4% 100% % 24.0% 100% 2008* 75.0% 25.0% 100% Weekday Weekend % 31.7% 100% % 27.5% 100% 2008* 73.5% 26.5% 100% Midscale without F&B Weekday Weekend % 28.1% 100% % 22.7% 100% 2008* 75.1% 24.9% 100% Weekday Weekend % 32.5% 100% % 28.6% 100% 2008* 73.7% 26.3% 100% Boston Market Weekday Weekend % 30.4% 100% % 26.8% 100% 2008* 74.1% 25.9% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 25

26 New York, NY: Market Share Analysis, * New York, NY Hotel Market Share: of Rooms Sold by, * * 11.8% 11.7% 11.4% Upper 36.2% 36.0% 36.4% 20.2% 20.2% 20.0% 8.6% 8.6% 8.4% 4.8% 5.4% 5.6% 18.5% 18.1% 18.1% New York, NY Hotel Performance by, * % 81.8% 3.3% $ $ % $ $ % % 84.5% 1.3% $ $ % $ $ % 2008* 83.5% 84.8% 1.5% $ $ % $ $ % Upper % 85.2% 0.2% $ $ % $ $ % % 85.4% 1.1% $ $ % $ $ % 2008* 85.2% 84.6% 0.7% $ $ % $ $ % % 85.3% 0.6% $ $ % $ $ % % 85.8% 2.9% $ $ % $ $ % 2008* 85.4% 87.3% 2.1% $ $ % $ $ % % 82.0% 1.2% $ $ % $ $ % % 81.0% 0.2% $ $ % $ $ % 2008* 75.8% 79.7% 4.9% $ $ % $ $ % % 81.7% 1.5% $ $ % $ $ % % 80.4% 1.4% $ $ % $ $ % 2008* 82.1% 79.0% 4.0% $ $ % $ $ % % 77.6% 3.1% $ $ % $ $ % % 80.0% 0.5% $ $ % $ $ % 2008* 78.4% 77.3% 1.4% $ $ % $ $ % New York, NY Rooms Sold by, * New York, NY: Weekday Weekend % 33.5% 100% % 30.7% 100% 2008* 74.0% 26.0% 100% Upper Weekday Weekend % 33.3% 100% % 30.2% 100% 2008* 73.8% 26.2% 100% Weekday Weekend % 32.6% 100% % 29.6% 100% 2008* 73.6% 26.4% 100% Weekday Weekend % 34.1% 100% % 30.9% 100% 2008* 73.6% 26.4% 100% Midscale without F&B Weekday Weekend % 33.6% 100% % 28.9% 100% 2008* 74.3% 25.7% 100% Weekday Weekend % 33.3% 100% % 31.0% 100% 2008* 73.8% 26.2% 100% New York Market Weekday Weekend % 33.4% 100% % 30.3% 100% 2008* 73.9% 26.1% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 26

27 Philadelphia, PA-NJ: Market Share Analysis, * Philadelphia, PA-NJ Hotel Market Share: of Rooms Sold by, * * 4.7% 4.7% 4.7% Upper 21.6% 21.7% 21.4% 24.0% 24.6% 24.9% 12.7% 12.4% 12.1% 15.7% 15.8% 16.3% 21.3% 20.9% 20.5% Philadelphia, PA-NJ Hotel Performance by, * % 69.6% 4.6% $ $ % $ $ % % 72.7% 2.6% $ $ % $ $ % 2008* 67.8% 71.1% 4.7% $ $ % $ $ % Upper % 72.4% 0.7% $ $ % $ $ % % 72.9% 0.2% $ $ % $ $ % 2008* 69.7% 74.0% 5.8% $ $ % $ $ % % 73.2% 1.0% $ $ % $86.89 $ % % 72.5% 0.1% $ $ % $93.11 $ % 2008* 71.1% 73.4% 3.2% $ $ % $93.29 $ % % 65.1% 2.6% $89.52 $ % $56.78 $ % % 63.4% 0.5% $94.42 $ % $59.62 $ % 2008* 60.1% 64.2% 6.4% $97.55 $ % $58.63 $ % % 71.0% 1.6% $98.35 $ % $70.96 $ % % 72.2% 1.0% $ $ % $75.63 $ % 2008* 70.9% 72.2% 1.8% $ $ % $77.81 $ % % 69.3% 3.4% $63.47 $ % $42.50 $ % % 67.0% 0.5% $66.72 $ % $44.43 $ % 2008* 63.8% 68.0% 6.1% $67.60 $ % $43.15 $ % Philadelphia, PA-NJ Rooms Sold by, * Philadelphia, PA NJ: Weekday Weekend % 35.5% 100% % 31.5% 100% 2008* 71.1% 28.9% 100% Upper Weekday Weekend % 31.4% 100% % 27.2% 100% 2008* 72.7% 27.3% 100% Weekday Weekend % 29.6% 100% % 25.3% 100% 2008* 72.8% 27.2% 100% Weekday Weekend % 32.1% 100% % 28.1% 100% 2008* 72.1% 27.9% 100% Midscale without F&B Weekday Weekend % 28.6% 100% % 22.7% 100% 2008* 73.7% 26.3% 100% Weekday Weekend % 33.2% 100% % 29.6% 100% 2008* 72.2% 27.8% 100% Philadelphia Market Weekday Weekend % 30.9% 100% % 26.4% 100% 2008* 72.6% 27.4% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 27

28 Dallas, TX: Market Share Analysis, * Dallas, TX Hotel Market Share: of Rooms Sold by, * * 4.0% 4.0% 4.2% Upper 23.8% 23.3% 23.9% 17.6% 17.1% 17.6% 7.4% 7.6% 7.1% 15.8% 16.7% 16.3% 31.4% 31.3% 30.9% Dallas, TX Hotel Performance by, * % 59.6% 10.7% $ $ % $ $ % % 66.0% 1.8% $ $ % $ $ % 2008* 62.2% 67.7% 8.1% $ $ % $ $ % Upper % 64.8% 2.0% $ $ % $86.85 $ % % 66.1% 3.8% $ $ % $88.37 $ % 2008* 63.0% 65.7% 4.0% $ $ % $87.31 $ % % 60.9% 2.8% $95.76 $ % $59.94 $ % % 62.6% 5.0% $ $ % $61.97 $ % 2008* 62.8% 62.3% 0.7% $ $ % $66.84 $ % % 53.9% 1.7% $64.06 $ % $35.15 $ % % 54.9% 1.2% $68.00 $ % $36.88 $ % 2008* 52.6% 57.9% 9.2% $74.77 $ % $39.33 $ % % 62.4% 2.1% $72.29 $ % $46.05 $ % % 63.7% 0.3% $78.40 $ % $50.08 $ % 2008* 63.0% 65.6% 4.0% $81.93 $ % $51.62 $ % % 60.5% 0.8% $37.76 $ % $22.66 $ % % 60.0% 1.3% $39.74 $ % $23.53 $ % 2008* 59.8% 61.1% 2.0% $40.27 $ % $24.10 $ % Dallas, TX Rooms Sold by, * Dallas, TX: Weekday Weekend % 32.6% 100% % 27.8% 100% 2008* 74.8% 25.2% 100% Upper Weekday Weekend % 29.9% 100% % 26.7% 100% 2008* 78.0% 22.0% 100% Weekday Weekend % 27.7% 100% % 23.5% 100% 2008* 78.1% 21.9% 100% Weekday Weekend % 30.1% 100% % 27.2% 100% 2008* 74.9% 25.1% 100% Midscale without F&B Weekday Weekend % 30.5% 100% % 26.2% 100% 2008* 75.1% 24.9% 100% Weekday Weekend % 35.4% 100% % 32.0% 100% 2008* 70.9% 29.1% 100% Dallas Market Weekday Weekend % 30.5% 100% % 26.9% 100% 2008* 75.8% 24.2% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 28

29 Houston, TX: Market Share Analysis, * Houston, TX Hotel Market Share: of Rooms Sold by, * * 2.6% 2.7% 2.8% Upper 24.7% 24.6% 24.5% 13.2% 13.5% 13.8% 8.1% 8.0% 7.8% 20.6% 20.2% 20.7% 30.8% 31.0% 30.3% Houston, TX Hotel Performance by, * % 65.0% 9.7% $ $ % $ $ % % 71.3% 3.3% $ $ % $ $ % 2008* 68.3% 70.3% 3.0% $ $ % $ $ % Upper % 67.8% 1.5% $ $ % $86.22 $ % % 68.8% 2.0% $ $ % $93.90 $ % 2008* 71.9% 71.7% 0.3% $ $ % $ $ % % 71.4% 0.8% $ $ % $73.46 $ % % 71.9% 1.2% $ $ % $80.01 $ % 2008* 72.3% 74.3% 2.7% $ $ % $87.90 $ % % 59.4% 4.5% $71.67 $ % $40.64 $ % % 56.7% 0.5% $75.35 $ % $42.94 $ % 2008* 56.9% 58.9% 3.4% $87.00 $ % $49.48 $ % % 68.8% 1.2% $74.85 $ % $50.88 $ % % 68.0% 1.3% $83.45 $ % $55.99 $ % 2008* 68.5% 69.9% 2.0% $89.63 $ % $61.39 $ % % 67.0% 6.5% $40.62 $ % $25.45 $ % % 62.7% 2.9% $42.38 $ % $27.32 $ % 2008* 63.2% 66.9% 5.5% $44.83 $ % $28.33 $ % Houston, TX Rooms Sold by, * Houston, TX: Weekday Weekend % 32.2% 100% % 29.8% 100% 2008* 80.9% 19.1% 100% Upper Weekday Weekend % 29.7% 100% % 27.2% 100% 2008* 77.4% 22.6% 100% Weekday Weekend % 27.5% 100% % 24.4% 100% 2008* 77.8% 22.2% 100% Weekday Weekend % 29.3% 100% % 25.4% 100% 2008* 77.4% 22.6% 100% Midscale without F&B Weekday Weekend % 28.4% 100% % 24.9% 100% 2008* 76.9% 23.1% 100% Weekday Weekend % 33.0% 100% % 29.9% 100% 2008* 73.0% 27.0% 100% Houston Market Weekday Weekend % 29.6% 100% % 26.5% 100% 2008* 76.6% 23.4% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 29

30 Seattle, WA: Market Share Analysis, * Seattle, WA Hotel Market Share: of Rooms Sold by, * * 5.7% 6.1% 6.1% Upper 22.5% 22.9% 24.0% 15.8% 15.8% 16.5% 14.1% 13.8% 13.6% 18.4% 18.5% 18.2% 23.4% 23.0% 21.6% Seattle, WA Hotel Performance by, * % 72.2% 0.4% $ $ % $ $ % % 72.5% 0.3% $ $ % $ $ % 2008* 70.4% 72.1% 2.2% $ $ % $ $ % Upper % 71.5% 0.3% $ $ % $ $ % % 71.7% 1.8% $ $ % $ $ % 2008* 73.7% 72.8% 1.2% $ $ % $ $ % % 76.4% 0.3% $ $ % $95.30 $ % % 76.1% 1.0% $ $ % $ $ % 2008* 74.6% 75.4% 1.1% $ $ % $ $ % % 62.2% 8.7% $90.06 $ % $60.91 $ % % 67.6% 1.3% $98.38 $ % $67.43 $ % 2008* 66.9% 68.3% 2.1% $ $ % $67.98 $ % % 70.7% 4.0% $96.91 $ % $71.24 $ % % 73.5% 0.4% $ $ % $78.00 $ % 2008* 69.6% 73.4% 5.1% $ $ % $77.40 $ % % 61.6% 5.3% $59.31 $ % $38.49 $ % % 64.9% 4.2% $63.97 $ % $43.27 $ % 2008* 62.6% 68.1% 8.1% $66.61 $ % $41.68 $ % Seattle, WA Rooms Sold by, * Seattle, WA: Weekday Weekend % 34.7% 100% % 33.2% 100% 2008* 72.2% 27.8% 100% Upper Weekday Weekend % 31.1% 100% % 29.9% 100% 2008* 72.8% 27.2% 100% Weekday Weekend % 30.7% 100% % 26.6% 100% 2008* 74.1% 25.9% 100% Weekday Weekend % 31.9% 100% % 28.4% 100% 2008* 73.1% 26.9% 100% Midscale without F&B Weekday Weekend % 28.1% 100% % 25.1% 100% 2008* 74.4% 25.6% 100% Weekday Weekend % 32.0% 100% % 28.8% 100% 2008* 73.0% 27.0% 100% Seattle Market Weekday Weekend % 31.2% 100% % 28.5% 100% 2008* 73.3% 26.7% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 30

31 Phoenix, AZ: Market Share Analysis, * Phoenix, AZ Hotel Performance by, * % 71.4% 2.4% $ $ % $ $ % % 73.1% 3.6% $ $ % $ $ % 2008* 71.0% 75.6% 6.1% $ $ % $ $ % Upper % 72.5% 0.2% $ $ % $ $ % % 72.4% 2.3% $ $ % $ $ % 2008* 70.8% 75.1% 5.8% $ $ % $ $ % % 70.4% 3.0% $ $ % $75.67 $ % % 68.4% 1.8% $ $ % $79.81 $ % 2008* 62.3% 70.4% 11.5% $ $ % $82.12 $ % % 57.1% 4.2% $77.93 $ % $46.37 $ % % 59.5% 3.5% $84.45 $ % $51.99 $ % 2008* 58.6% 66.2% 11.5% $93.21 $ % $54.60 $ % % 67.4% 3.2% $89.02 $ % $61.90 $ % % 69.5% 2.1% $97.26 $ % $66.19 $ % 2008* 62.7% 71.8% 12.7% $ $ % $68.38 $ % % 64.3% 5.6% $51.24 $ % $34.80 $ % % 67.9% 3.7% $54.08 $ % $35.37 $ % 2008* 61.2% 68.7% 10.9% $58.12 $ % $35.55 $ % Phoenix, AZ Rooms Sold by, * Phoenix, AZ: Weekday Weekend % 32.8% 100% % 31.4% 100% 2008* 68.9% 31.1% 100% Upper Weekday Weekend % 31.7% 100% % 28.3% 100% 2008* 74.3% 25.7% 100% Weekday Weekend % 29.8% 100% % 25.7% 100% 2008* 77.2% 22.8% 100% Weekday Weekend % 34.5% 100% % 30.2% 100% 2008* 73.5% 26.5% 100% Midscale without F&B Weekday Weekend % 31.4% 100% % 26.3% 100% 2008* 76.1% 23.9% 100% Weekday Weekend % 35.4% 100% % 32.5% 100% 2008* 71.9% 28.1% 100% Phoenix Market Weekday Weekend % 32.3% 100% % 28.6% 100% 2008* 74.1% 25.9% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 31

32 Denver, CO: Market Share Analysis, * Denver, CO Hotel Performance by, * Data Not Available 2008* Upper % 67.8% 2.5% $ $ % $86.05 $ % % 69.5% 0.3% $ $ % $95.30 $ % 2008* 69.3% 70.3% 1.5% $ $ % $96.15 $ % % 62.8% 1.7% $ $ % $63.96 $ % % 63.8% 0.5% $ $ % $71.51 $ % 2008* 66.4% 64.4% 3.1% $ $ % $75.11 $ % % 57.9% 5.8% $73.20 $ % $44.84 $ % % 61.3% 2.1% $77.13 $ % $48.23 $ % 2008* 59.6% 64.0% 6.9% $76.84 $ % $45.76 $ % % 64.0% 4.1% $76.72 $ % $51.09 $ % % 66.6% 0.5% $85.66 $ % $57.33 $ % 2008* 66.7% 68.1% 2.1% $87.95 $ % $58.69 $ % % 57.5% 1.8% $43.38 $ % $25.39 $ % % 58.5% 6.9% $45.27 $ % $28.32 $ % 2008* 60.0% 64.0% 6.2% $46.94 $ % $28.18 $ % Denver, CO Rooms Sold by, * Denver, CO: Weekday Weekend % 35.2% 100% % 30.5% 100% 2008* 73.9% 26.1% 100% Upper Weekday Weekend % 30.9% 100% % 28.6% 100% 2008* 75.7% 24.3% 100% Weekday Weekend % 29.7% 100% % 26.3% 100% 2008* 75.5% 24.5% 100% Weekday Weekend % 31.6% 100% % 28.8% 100% 2008* 73.7% 26.3% 100% Midscale without F&B Weekday Weekend % 27.6% 100% % 23.9% 100% 2008* 75.2% 24.8% 100% Weekday Weekend % 33.7% 100% % 31.3% 100% 2008* 71.7% 28.3% 100% Denver Market Weekday Weekend % 30.6% 100% % 27.7% 100% 2008* 74.8% 25.2% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 32

33 Detroit, MI: Market Share Analysis, * Detroit, MI Hotel Performance by, * Data Not Available 2008* Upper % 63.0% 2.9% $ $ % $77.41 $ % % 61.2% 0.0% $ $ % $78.26 $ % 2008* 60.8% 63.5% 4.3% $ $ % $78.76 $ % % 66.4% 1.5% $ $ % $65.70 $ % % 65.3% 2.8% $ $ % $65.39 $ % 2008* 62.8% 64.8% 3.1% $ $ % $65.46 $ % % 48.6% 2.9% $75.66 $ % $37.84 $ % % 50.0% 4.7% $73.21 $ % $38.35 $ % 2008* 50.8% 52.6% 3.5% $73.27 $ % $37.21 $ % % 59.2% 0.9% $77.96 $ % $46.54 $ % % 59.7% 1.5% $79.47 $ % $48.14 $ % 2008* 60.2% 60.4% 0.2% $82.92 $ % $49.94 $ % % 54.3% 5.9% $47.74 $ % $24.40 $ % % 51.1% 7.0% $45.44 $ % $24.86 $ % 2008* 53.0% 54.6% 3.0% $45.82 $ % $24.27 $ % Detroit, MI Rooms Sold by, * Detroit, MI: Weekday Weekend % 33.2% 100% % 31.5% 100% 2008* 72.3% 27.7% 100% Upper Weekday Weekend % 29.7% 100% % 28.0% 100% 2008* 73.6% 26.4% 100% Weekday Weekend % 27.6% 100% % 25.4% 100% 2008* 74.3% 25.7% 100% Weekday Weekend % 32.2% 100% % 28.5% 100% 2008* 73.5% 26.5% 100% Midscale without F&B Weekday Weekend % 28.9% 100% % 25.9% 100% 2008* 73.9% 26.1% 100% Weekday Weekend % 33.7% 100% % 31.2% 100% 2008* 72.0% 28.0% 100% Detroit Market Weekday Weekend % 30.3% 100% % 27.8% 100% 2008* 73.5% 26.5% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 33

34 Minneapolis-St. Paul, MN-WI: Market Share Analysis, * Minneapolis-St. Paul, MN-WI Hotel Performance by, * Data Not Available 2008* Upper % 70.1% 0.5% $ $ % $87.54 $ % % 69.7% 2.2% $ $ % $94.99 $ % 2008* 68.7% 71.6% 4.0% $ $ % $92.48 $ % % 70.4% 1.5% $ $ % $73.85 $ % % 69.4% 0.3% $ $ % $77.05 $ % 2008* 67.3% 70.3% 4.3% $ $ % $75.78 $ % % 62.9% 0.2% $79.73 $ % $50.06 $ % % 62.8% 0.0% $85.84 $ % $53.88 $ % 2008* 60.9% 62.6% 2.7% $88.80 $ % $54.07 $ % % 67.6% 3.0% $83.20 $ % $54.61 $ % % 65.6% 2.4% $86.75 $ % $55.55 $ % 2008* 61.6% 64.2% 4.0% $88.39 $ % $54.45 $ % % 62.2% 0.8% $51.43 $ % $31.74 $ % % 61.7% 0.6% $52.83 $ % $32.81 $ % 2008* 58.5% 61.4% 4.7% $54.00 $ % $31.58 $ % Minneapolis-St. Paul, MN-WI Rooms Sold by, * Minneapolis St. Paul, MN WI: Weekday Weekend % 31.9% 100% % 32.5% 100% 2008* 76.9% 23.1% 100% Upper Weekday Weekend % 31.5% 100% % 28.5% 100% 2008* 75.0% 25.0% 100% Weekday Weekend % 29.4% 100% % 25.7% 100% 2008* 75.3% 24.7% 100% Weekday Weekend % 33.9% 100% % 30.5% 100% 2008* 72.6% 27.4% 100% Midscale without F&B Weekday Weekend % 29.6% 100% % 26.9% 100% 2008* 73.8% 26.2% 100% Weekday Weekend % 33.8% 100% % 30.6% 100% 2008* 72.1% 27.9% 100% Minneapolis Market Weekday Weekend % 31.4% 100% % 28.1% 100% 2008* 74.1% 25.9% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 34

35 Nashville, TN: Market Share Analysis, * Nashville, TN Hotel Performance by, * Data Not Available 2008* Upper % 70.6% 6.6% $ $ % $99.09 $ % % 75.2% 1.2% $ $ % $ $ % 2008* 72.6% 75.2% 3.4% $ $ % $ $ % % 70.6% 0.7% $95.24 $ % $66.76 $ % % 70.1% 0.0% $ $ % $73.69 $ % 2008* 71.9% 70.7% 1.7% $ $ % $80.35 $ % % 57.1% 6.0% $71.19 $ % $43.08 $ % % 60.5% 2.1% $77.33 $ % $45.83 $ % 2008* 55.0% 60.3% 8.8% $78.69 $ % $43.25 $ % % 65.1% 6.9% $75.59 $ % $52.57 $ % % 69.5% 3.2% $83.64 $ % $56.31 $ % 2008* 65.7% 68.4% 4.0% $88.93 $ % $58.41 $ % % 54.3% 8.0% $41.88 $ % $24.57 $ % % 58.7% 1.0% $42.94 $ % $24.95 $ % 2008* 54.1% 60.3% 10.2% $44.22 $ % $23.93 $ % Nashville, TN Rooms Sold by, * Nashville, TN: Weekday Weekend % 38.9% 100% % 30.7% 100% 2008* 73.5% 26.5% 100% Upper Weekday Weekend % 36.9% 100% % 32.9% 100% 2008* 72.6% 27.4% 100% Weekday Weekend % 36.2% 100% % 30.4% 100% 2008* 72.2% 27.8% 100% Weekday Weekend % 36.0% 100% % 31.4% 100% 2008* 69.8% 30.2% 100% Midscale without F&B Weekday Weekend % 34.3% 100% % 28.0% 100% 2008* 71.8% 28.2% 100% Weekday Weekend % 37.3% 100% % 32.5% 100% 2008* 69.2% 30.8% 100% Nashville Market Weekday Weekend % 36.2% 100% % 31.1% 100% 2008* 71.6% 28.4% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 35

36 Norfolk-Virginia Beach, VA: Market Share Analysis, * Norfolk-Virginia Beach, VA Hotel Performance by, * Data Not Available 2008* Upper % 67.2% 1.6% $ $ % $74.29 $ % % 66.1% 3.2% $ $ % $78.94 $ % 2008* 68.3% 71.1% 3.9% $ $ % $80.56 $ % % 65.7% 3.1% $ $ % $69.00 $ % % 67.7% 1.9% $ $ % $73.68 $ % 2008* 66.0% 72.0% 8.4% $ $ % $70.91 $ % % 52.0% 1.2% $90.71 $ % $47.79 $ % % 52.7% 1.8% $91.70 $ % $49.16 $ % 2008* 50.7% 55.8% 9.0% $94.63 $ % $47.99 $ % % 64.2% 0.2% $85.11 $ % $54.77 $ % % 64.4% 2.1% $90.23 $ % $59.29 $ % 2008* 62.8% 67.7% 7.3% $92.04 $ % $57.76 $ % % 58.3% 1.5% $52.81 $ % $30.35 $ % % 57.5% 1.5% $55.49 $ % $31.40 $ % 2008* 52.0% 59.6% 12.7% $54.28 $ % $28.23 $ % Norfolk-Virginia Beach, VA Rooms Sold by, * Norfolk Norfolk- Virginia Beach, Virginia VA: Beach, VA: Weekday Weekend 2006 NA NA 0% % 42.1% 100% 2008* 71.4% 28.6% 100% Upper Weekday Weekend % 36.0% 100% % 30.6% 100% 2008* 70.6% 29.4% 100% Weekday Weekend % 32.2% 100% % 30.1% 100% 2008* 70.8% 29.2% 100% Weekday Weekend % 39.2% 100% % 34.1% 100% 2008* 67.9% 32.1% 100% Midscale without F&B Weekday Weekend % 33.7% 100% % 29.0% 100% 2008* 70.0% 30.0% 100% Weekday Weekend % 35.7% 100% % 32.4% 100% 2008* 67.3% 32.7% 100% Norfolk Market Weekday Weekend % 35.3% 100% % 31.3% 100% 2008* 69.3% 30.7% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 36

37 St. Louis, MO-IL: Market Share Analysis, * St. Louis, MO-IL Hotel Performance by, * Data Not Available 2008* Upper % 65.9% 2.1% $ $ % $71.78 $ % % 67.3% 1.4% $ $ % $75.69 $ % 2008* 66.8% 69.7% 4.1% $ $ % $75.16 $ % % 60.1% 1.3% $95.98 $ % $58.45 $ % % 60.9% 1.9% $ $ % $59.76 $ % 2008* 61.9% 61.2% 1.2% $ $ % $62.85 $ % % 56.1% 1.5% $72.26 $ % $39.90 $ % % 55.2% 0.1% $73.98 $ % $40.88 $ % 2008* 53.2% 58.2% 8.7% $74.45 $ % $39.58 $ % % 61.4% 0.0% $76.22 $ % $46.81 $ % % 61.4% 1.5% $81.52 $ % $50.83 $ % 2008* 63.1% 63.6% 0.8% $83.73 $ % $52.85 $ % % 55.6% 0.3% $45.58 $ % $25.28 $ % % 55.5% 2.1% $46.11 $ % $25.05 $ % 2008* 52.8% 57.2% 7.7% $46.16 $ % $24.39 $ % St. Louis, MO-IL Rooms Sold by, * St. Louis, MO IL: Weekday Weekend % 35.8% 100% % 28.8% 100% 2008* 71.3% 28.7% 100% Upper Weekday Weekend % 32.3% 100% % 27.3% 100% 2008* 72.1% 27.9% 100% Weekday Weekend % 32.7% 100% % 26.3% 100% 2008* 72.9% 27.1% 100% Weekday Weekend % 34.7% 100% % 31.1% 100% 2008* 69.3% 30.7% 100% Midscale without F&B Weekday Weekend % 31.9% 100% % 26.3% 100% 2008* 71.9% 28.1% 100% Weekday Weekend % 35.5% 100% % 32.6% 100% 2008* 68.3% 31.7% 100% St. Louis Market Weekday Weekend % 33.2% 100% % 28.3% 100% 2008* 71.2% 28.8% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 37

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