11.0% 9.0% 8.9% 8.8% 8.6% 7.0% 8.0% 7.9% 7.8% 5.0% 3.0% Fort Worth, TX South Region National $200 $150 $163 $156 $140 $100 $108 $102 $50 $77 80% 70%

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1 % 73.5% 69.7% 70.9% $77 $102 $108 $140 $156 $ % % 8.8% 8.9% 8.6% $200 $150 $50 $

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3 70.5% 66.8% 73.3% 73.4% % $76 $104 $138 $151 $ % 8.1% 7.9% 8.8% 8.8% 8.5% $200 $150 $50 $

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5 70.3% 72.8% 72.9% 67.9% 68.3% 70.5% $76 $97 $103 $136 $148 $ % 8.1% 7.9% 8.8% 8.9% 8.5% $200 $150 $50 $

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7 2015 Mid-Year Integra Realty Resources Fort Worth Gregory B. Cook, SR/WA Senior Managing Director 930 West First Street, Suite 400 Fort Worth, TX Phone: x208 Fort Worth, TX Lodging Lodging Snapshot GOING IN CAP RATE (%) 8% 6% 4% 2% % % Market Commentary Fort Worth is a desirable location for conventions and tourism, and a center for business and industry in the region, which drives the demand for lodging. The improving economy and expansion of business to the Fort Worth metro area have helped to drive increased occupancy among both full-service and limited-service hotel properties. Current occupancy and average daily rates are at the highest levels in the last five years. Occupancy is expected to increase slightly in the second half of 2015 and demand should continue to push daily average rates slightly upward. AVERAGE ANNUAL CHANGE IN VALUE DISCOUNT RATE (%) 12% 8% 6% 4% 10.5% 10.5% 10.6% 10.1% 9.8% 10.2% Time Lodging Lodging Previous 36 Months Increase 2% - 3.9% Increase 2% - 3.9% Previous 12 Months Increase 2% - 3.9% Increase 2% - 3.9% 2% Future 12 Months Increase 2% - 3.9% Increase 2% - 3.9% Future 36 Months Increase 2% - 3.9% Increase 2% - 3.9% LODGING RATE ($/ROOM) $160 $150 $144 $136 $140 $120 $95 $101 $80 $76 $60 $40 $20 $0 OCCUPANCY RATE (%) % 71.9% 67.5% 64.5% 67.2% Legend Lodging Lodging TOP SEVEN CAP RATE FACTORS Supply/demand Property income growth Local economy, job growth, unemployment National economic conditions/gdp growth Interest rates Availability of financing Risk premium of private real estate Cap rates remained relatively flat for the last quarter and are expected to see little variation as this year goes on. Similarly, discount rates saw little movement in the last quarter and any variation over the remainder of the year is expected to be minimal. Notable new and planned development in the lodging sector includes a hotel with conference space within Alliance Town Center in North Fort Worth. Additionally, the Fort Worth City Council approved a new arena in the Cultural District and future plans call for the addition of thousands of hotel rooms to help increase national convention business.

8 2015 Mid-Year Integra Realty Resources Fort Worth Gregory B. Cook, SR/WA Senior Managing Director 930 West First Street, Suite 400 Fort Worth, TX Phone: x208 Fort Worth, TX Lodging FORT WORTH 12 MONTH FORECASTS Categories Lodging Lodging Going In Cap Rate Remain Steady - no change Remain Steady - no change Discount Rate Remain Steady - no change Remain Steady - no change Lodging Rate Change (%) Expense Change (%) % Construction (Rooms) 450 Years to Balance 2 2 Market Commentary (continued) In Southlake, a 175 room hotel is planned for 2016 with 5,000 square feet of meeting space, a bistro, and a fitness center. The West Seventh Street corridor continues to develop and future plans include a six-story hotel as part of the Museum Place expansion. With the strengthening economy, lodging demand generators such as Downtown Fort Worth, the Stockyards, Texas Motor Speedway, Six Flags amusement parks, AT&T Stadium, and Globe Life Park in Arlington tend to attract even higher numbers of visitors, increasing the demand for hotel space. The strength of the local economy and the expansion of business in the region will continue to drive the demand for lodging in Fort Worth. About IRR Integra Realty Resources (IRR) is the largest independent commercial real estate valuation and consulting firm in North America, with over 200 MAI-designated members of the of the Appraisal Institute among over 900 professionals based in our 66 offices throughout the United States and the Caribbean. Founded in 1999, the firm specializes in real estate appraisals, feasibility and market studies, expert testimony, and related property consulting services across all local and national markets. Our valuation and counseling services span all commercial property types and locations, from individual properties to large portfolio assignments. For more information, visit or blog.irr.com. Disclaimer While the great majority of data and content contained herein is proprietary to IRR, this publication includes data provided by third parties, and while the available data is presumed to be accurate, no representation or warranty is made regarding the accuracy of the information contained in this publication. This publication does not render legal, accounting, appraisal, counseling, investment or other professional advice. Should such services or other expert assistance be needed, it is recommended that the services of a competent person or firm, having access to the details of the situation, be employed.

9 2015 ANNUAL Integra Realty Resources Fort Worth Gregory B. Cook, SR/WA Senior Managing Director 930 West First Street, Suite 400 Fort Worth, TX Phone: x208 Fort Worth, TX Lodging Lodging Snapshot GOING IN CAP RATE (%) 8% 6% 4% 2% 8. DISCOUNT RATE (%) 12% 8% 6% 4% 2% Legend % 8.3% 8.1% Lodging Lodging 8.8% 10.5% 10.5% 10.8% 10.3% 9.9% 10.4% LODGING RATE ($/ROOM) $160 $140 $120 $80 $60 $40 $20 $0 $134 $75 OCCUPANCY RATE (%) % $144 $146 $ % % 66.1% $ % Market Commentary Fort Worth is a desirable location for conventions and tourism as well as a center for business and industry in the region, which drives demand for lodging. The improving economy and expansion of business to the Fort Worth metro area have helped stimulate increased occupancy among both full-service and limited-service hotel properties. In 2014 occupancy and average daily rates were at their highest levels in the last five years. Occupancy is expected to increase slightly in 2015 and demand should continue to push daily average rates slightly upward. AVERAGE ANNUAL CHANGE IN VALUE Time Lodging Lodging Previous 36 Months Increase 2% - 3.9% Increase 2% - 3.9% Previous 12 Months Increase 2% - 3.9% Increase 2% - 3.9% Future 12 Months Increase 2% - 3.9% Increase 2% - 3.9% Future 36 Months Increase 2% - 3.9% Increase 2% - 3.9% TOP SEVEN CAP RATE FACTORS Supply/demand Property income growth Local economy, job growth, unemployment National economic conditions/gdp growth Interest rates Availability of financing Risk premium of private real estate Cap rates decreased in early 2014 but are beginning to increase and will likely continue in this direction in Discount rates remained flat in 2014 and any variation over the coming year is expected to be minimal. Notable new development in the lodging sector includes a Marriott Courtyard Hotel within the historic Stockyards district and a hotel with conference space within Alliance Town Center in North Fort Worth. The West Seventh Street corridor continues to develop, with future plans including a six-story hotel as part of the Museum Place expansion.

10 2015 ANNUAL Integra Realty Resources Fort Worth Gregory B. Cook, SR/WA Senior Managing Director 930 West First Street, Suite 400 Fort Worth, TX Phone: x208 Fort Worth, TX Lodging FORT WORTH 12 MONTH FORECASTS Categories Lodging Lodging Going In Cap Rate Increase 1-24 bps Increase 1-24 bps Discount Rate Remain Steady - no change Increase 1-24 bps Lodging Rate Change (%) 3.75% 3.5 Expense Change (%) % Construction (Rooms) 450 Years to Balance 2 2 Market Commentary (continued) With the strengthening economy, lodging demand generators such as downtown Fort Worth, the Stockyards, Texas Motor Speedway, Six Flags amusement parks, AT&T Stadium, and Globe Life Park in Arlington tend to attract even higher numbers of visitors, increasing the demand for hotel space. The strength of the local economy and the expansion of business in the region will continue to drive the demand for lodging in Fort Worth. About IRR Integra Realty Resources (IRR) is the largest independent commercial real estate valuation and consulting firm in North America, with over 200 MAI-designated members of the of the Appraisal Institute among over 900 professionals based in our 66 offices throughout the United States and the Caribbean. Founded in 1999, the firm specializes in real estate appraisals, feasibility and market studies, expert testimony, and related property consulting services across all local and national markets. Our valuation and counseling services span all commercial property types and locations, from individual properties to large portfolio assignments. For more information, visit or blog.irr.com. Disclaimer While the great majority of data and content contained herein is proprietary to IRR, this publication includes data provided by third parties, and while the available data is presumed to be accurate, no representation or warranty is made regarding the accuracy of the information contained in this publication. This publication does not render legal, accounting, appraisal, counseling, investment or other professional advice. Should such services or other expert assistance be needed, it is recommended that the services of a competent person or firm, having access to the details of the situation, be employed.

10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 8.8% 8.5% 8.8% 8.1% 7.9% 7.8% Dallas, TX South Region National $200 $150 $157 $151 $140 $100 $104 $100 $50

10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 8.8% 8.5% 8.8% 8.1% 7.9% 7.8% Dallas, TX South Region National $200 $150 $157 $151 $140 $100 $104 $100 $50 73. 73.3% 73.4% 70.6% 69. 70.8% $75 $104 $140 $151 $157 7.8% 8.1% 7.9% 8.8% 8.8% 8.5% 10. 9. 8. 7. 6. 5. 4. 3. $200 $150 $50 $0 8 7 6 5 4 72.9% 72.8% 72.9% 70.1% 68.3% 70.5% $73 $97 $103 $138 $148 $153

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11.0% 9.0% 9.0% 8.9% 8.6% 8.3% 7.0% 8.0% 7.9% 5.0% 3.0% $200 $180 $163 $150 $156 $100 $110 $108 $102 $50. Houston, TX South Region National 80% 70%

11.0% 9.0% 9.0% 8.9% 8.6% 8.3% 7.0% 8.0% 7.9% 5.0% 3.0% $200 $180 $163 $150 $156 $100 $110 $108 $102 $50. Houston, TX South Region National 80% 70% 72. 74.2% 73.5% 70. 69.7% 70.9% $110 $102 $108 $156 $180 $163 8.3% 8. 7.9% 8.9% 8.6% 11. 7. 5. 3. $200 $50 $0 8 7 6 5 4 71.3% 73.3% 73.4% 70. 6 70.8% $105 $104 $175 $151 $157 8.3% 8.1% 7.9% 8.8% 8.5%

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