Source Strategies, Inc. SECOND QUARTER: MARKET UPTICK. By Bruce H. Walker, Source Strategies, Inc.

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1 Hotel Source Strategies, Inc. BRAND BRAND Report Hotel Industry Performance Results SECOND QUARTER: MARKET UPTICK By Bruce H. Walker, Source Strategies, Inc. August 2016 Issue 126 2nd Quarter 2016 The Market Uptick Page 1 Metros Compared 2nd Quarter 2016 Year To Date - P. 12 Quarter Brand Performance Higher Priced Brands - P. 14 Mid-to-Low Priced Brands - P. 16 Annual Brand Performance Higher Priced Brands - P. 18 Mid-to-Low Priced Brands - P. 20 The Top 100 Hotels of ed by P. 22 2nd Quarter: The Top 500 Hotels ed by P. 25 Services From Source Strategies - P. 39 REVENUES GAINED 3.5%, TO 2.7 BILLION NON O&G AREAS GAINED 8.5%, WHILE OIL & GAS AREAS DECLINED BY 2.5%. In, total Texas revenue gains were 3.3%. This Second quarter state-wide 3.5% gain was a combination of a strong 8.5% increase in the non Oil &Gas areas of the state (54% of rooms), and a 2.6% decline in O&G areas (46% of Texas rooms including Harris & Tarrant counties). REAL GROWTH UP 1.7% - ABOVE THE U.S. GDP (+1.2%) Second quarter room-nights sold gained 1.7% state-wide, after a yearly gain of 0.7% in. In the quarter, Oil & Gas areas (O&G) declined 1.2% while the balance of Texas increased by a healthy 4%. UP 0.7% Revenue Per Available Room was up 0.7%, based on a 1% decrease in occupancy and a price increase of 1.8%. O&G areas suffered a 6% decrease in, while the balance of Texas increased 5.7%. Accurate Tax-based Performance Data from all Texas Hotels, representing 8% of the U.S. market

2 SECOND QUARTER: MARKET UPTICK 66% SECOND QUARTER OCCUPANCY Second quarter occupancy was 66%, down 0.7 points from last year. Occupancy in was 65%, 63.1% in 2014 and 60.5% in Second quarter occupancy in non-o&g areas of Texas was 69.2%, up 1.2 points. In Oil & Gas areas, occupancy declined 3.1 points to 62.2%. SUPPLY GROWTH EXCEEDS DEMAND Second quarter net room supply grew by 2.8% (2.4% for the year of ). Net supply gained 1.6% in With typical price increases, should continue to improve. UPTICK: REVENUES TREND HIGHER After four quarters of declining growth rates, the Second quarter revenues improved with a 3.5% increase. This gain was driven by an 8.5% increase in the Non-Oil & Gas areas of Texas while Oil & Gas areas slipped 2.6%. The 3.5% revenue gains were a combination of a 1.8% price increase and 1.7% growth in room-nights sold. Percentage Change Vs Year Ago Room Room Rooms % Year Supply Rev Sold Occ Price RPAR st Q ' d Q' All information contained in the Hotel Brand Report is based on opinion, surveys and research from sources considered reliable; no representation is made as to accuracy and no liability of any kind can be accepted. 2016, Source Strategies, Inc. Reproduction or quotation is encouraged with attribution. The Hotel Brand Report, Issue 126 is published by Source Strategies, Inc., 134 Laurel Heights Place, San Antonio, Texas The Hotel Brand Report is published quarterly in March, June, September and December. One year subscription rate is 100. Two years 175. Phone: (210) The Hotel Brand Report is delivered via and can be printed by recipients. International Serial Send address changes to Hotel Brand Report to P.O.Box , San Antonio, Texas , or Amanda@SourceStrategies.org. Visit 2

3 SECOND QUARTER: MARKET UPTICK % CHANGES VS YEAR AGO Second quarter growth rates were generally positive. Non O&G areas were very strong, with 4% real gains versus just a 2.2% increase in supply; occupancy was 69.2%, up 1.2 points from a year ago. O&G area occupancies dropped 5.3 points to 61.3% while real growth declined 1.2%, possibly near a bottom for this market. STRONG GROWTH IN HALF THE STATE - Dallas-Ft Worth Second quarter revenues rose 12.2%, Austin grew 11.1% and San Antonio 7.3%; these three metros accounted for 54% of Texas revenue in the quarter. Overall, twelve metros showed gains while thirteen declined. Eight metros had gains exceeding 5%. Second Quarter 2016 % Total Revenue* % Metropolitan Areas Market 2016 Change %Occ ADR Dallas-Ft Worth-Arlington 29.0% % 73.5% Houston-Baytown-Sugarland 22.2% % 64.2% Austin-Round Rock 12.9% % 79.2% San Antonio 11.8% % 65.9% Non-Metro Areas 7.2% % 54.0% Corpus Christi 2.9% % 63.1% Midland & Odessa 1.2% % 45.6% Balance of Texas 12.9% % 62.0% Total State of Texas 100.0% 2, , % 66.0% * Millions OIL & GAS AREAS (100 counties) showed a moderating 2.6% loss in revenues. Oil & Gas areas had lost over 7% in each of the prior two quarters. This quarter s revenues dropped most severely in these metros: 39% in Odessa, 30% in Midland, 12% in San Angelo and Victoria. 2nd QUARTER 2016 ROOM ROOM (% CHANGE) NIGHTS REVENUES OIL & GAS COUNTIES* -1.2% -2.6% BALANCE OF TEXAS 4.0% 8.5% *Includes Harris & Tarrant Counties Data above is a summary. Comprehensive and in-depth analysis has been completed for the Governor s Office, Economic Development & Tourism, Research Section and can be examined and downloaded at or 3

4 SECOND QUARTER: MARKET UPTICK REVENUES BY PRICE: Largest revenue gains in the past five years have been among higher priced hotels. In 2009, lodging revenues priced above 135 declined 31.2%: 1) consumers traded down or stopped buying; and 2) high-priced hotels reduced their prices to maintain occupancy. In 2010, strongest gains were for low- and mid-priced lodging. From 2011 to the present, the strongest increases have been at highest price levels. t Room Revenues - % Change by Price Level Average 135 & Rate: Under to 135 Average 135 Over & Total Rate: 2010 Under 9.1% to 7.5% % Over 6.5% Total % 9.1% 16.1% 7.5% 20.5% 1.5% 12.9% 6.5% % 4.9% 16.1% 6.4% 24.1% 20.5% 4.0% 12.9% % 3.0% 3.0% 6.4% 26.5% 24.1% 5.2% 4.0% % -2.3% 7.3% 3.0% 21.5% 26.5% 4.6% 5.2% % -2.0% -1.2% 7.3% 9.9% 21.5% 2.5% 4.6% 2016: -1.5% -1.2% 9.9% 2.5% 1st Qtr 0.3% 1.1% -3.1% -0.9% 2016: 2nd Qtr -2.1% 1.9% 7.6% 3.5% 1st Qtr 0.3% 1.1% -3.1% -0.9% 2nd Qtr -2.1% 1.9% 7.6% 3.5% BY PRODUCT SEGMENT: Higher priced chain segments 1 gained revenues in the quarter. The highest gainers were Mini Suites, Upscales, Mid Upscales, Luxury and Suites. All chain segments except Budgets generated occupancies near or above 70%. Independent lodging continued to lag chains, generating a 57% average occupancy. Chain gained 0.7% versus year ago while Independents rose 0.3%. Segment Performance Second Quarter 2016 Results ( 000's) Room % % % Point Rate RPAR Segments Hotels Rooms Chg Revenues Chg Mkt Occup Chg Chg RPAR %Chg Luxury , % 4.5% % % Upscale , % 17.4% % % Suites , % 9.3% % % Mid/Upscales , % 15.9% % % Mini-Suites , % 6.6% % % L.S./Midscales 1, , % 20.3% % % Extended Stay , % 3.2% % % Budget , % 7.8% % % Total Brands 3, ,315, % 85.2% % % Tot. Independ 1, , % 14.8% % % Total Market 4, ,717, % 100% % % 1 Limited Service chain hotels offer high-quality rooms without restaurants (e.g. Holiday Express, Hampton). Mini-suite hotels feature room sizes of 1 Limited Service about chain 400 hotels square offer feet. high-quality Luxury hotels rooms are without the highest restaurants priced (e.g. chains Holiday (Westin, Express, Four Hampton). Seasons). Upscales Mini-suite are hotels the large feature full-service, room sizes higher-priced of about 400 hotels square feet. Luxury hotels are the (e.g. highest Marriott, priced Hilton, chains Hyatt). (Westin, Mid-Upscale Four Seasons). hotels Upscales are lower-priced, are the large select full-service, hotels higher-priced (Courtyard, hotels Hilton (e.g. Garden). Marriott, Low Hilton, Priced Hyatt). Extended Mid-Upscale Stay hotels are lower-priced, select includes service brands hotels such (Courtyard, as Budget Hilton Suites Garden). and Value Low Place. Priced Budget Extended chains Stay include includes Motel brands 6, Super such 8, as Days, Budget Ramada Suites and and similar Value hotels. Place. Budget chains include Motel 6, Super 8, Days, Ramada and similar hotels. 4

5 SECOND QUARTER: MARKET UPTICK The Largest Areas In Texas OIL & GAS AREAS (O&G) In the Second quarter, revenues in the top 100 oil and gas production areas (O&G Counties) declined just 2.6%. This compares to a 12% loss in the First quarter, an 11% decline in the Fourth quarter of and a 5% decline in the Third. Currently, O&G areas account for 42% of Texas room revenues, compared to 45% last year. It is likely that O&G counties will see further modest deterioration in their current levels due to continued declines in demand levels and new supply openings. In the current quarter, O&G lagged non-o&g areas by 20%. % Change* Rooms Rooms Room 2nd Quarter 2016 Available Sold Revenues % Chg Oil & Gas Counties 3.6% -1.2% -2.6% % Non Oil & Gas Counties 2.2% 4.0% 8.5% % Total Texas 2.8% 1.7% 3.5% % *versus Second Quarter Immediately below is a more complete comparison of the oil-related market area, compared to the non O&G areas, and the effect of both on total Texas results: 2nd Quarter EST. EST. RMS* RNS AMT. EST. OILNGAS AREAS* HTL 000S 000S 000S %OCC RATE RPAR ,254 1,140, ,387 1,171, % CHANGE 3.6% -1.2% -2.6% -4.7% -1.4% -6.0% NON OIL AREAS ,417 1,577, ,859 1,453, % CHANGE 2.2% 4.0% 8.5% 1.8% 4.3% 5.7% TOTAL TEXAS ,671 2,717, ,247 2,625, % CHANGE 2.8% 1.7% 3.5% -1.0% 1.8% 0.7% *includes Harris & Tarrant Counties ROOM-NIGHT DEMAND RECOVERING O&G Room-night demand has grown in the last two quarters, to about million room-nights sold in the Second quarter However, the Second quarter was still 1.2% below last year ago (in the 100 county O&G area). 5

6 SECOND QUARTER: MARKET UPTICK DALLAS METROPOLITAN DIVISION room-nights sold rose a metro-leading 7.2% in the Second quarter (compared to an average increase of 1.7% state-wide). As a result, revenues rose 13.8% to 550 million, while occupancy gained 3.7 points, and rates improved 6.1%. Net room supply increased by only 2.2% (2,500 net rooms). In the year of, Dallas room revenues gained 11.1% on a 6.3% increase in room rates and a strong 4.5% rise in room-nights sold from 2014; occupancy gained 1.9 points to 70.6%. Net room supply increased by 1.7% (1,300 net rooms). AUSTIN-ROUND ROCK room-nights-sold gained very strong 6.1% in the Second quarter, without the legislature being in session. Influenced by a 4.7% price rise, metro revenues gained 11.1% to 351 million. Occupancy gained 0.6 points to 79.2%. In the quarter, Austin s 351 million revenues were 9% above nearby San Antonio - in spite of having 26% fewer rooms for rent. Net room supply increased by 5.2% (1,700 net rooms). For all of, Austin room-nights sold rose 9.1% with occupancy rising 2.4 points to 76.1% in a legislative Texas year; room revenues gained 15% with the help of a 5.4% increase in prices. Net rooms available rose 5.4% (1,700 rooms added). FT. WORTH-ARLINGTON METRO DIVISION room-nights sold grew at 5.2% in the Second quarter. Revenues consequently improved by 8.8%, to 237 million with a 3.5% rate gain. Occupancy rose 2.1 points, to 66.5%. Net room supply rose 1.5% (500 net rooms). In the year of, Ft. Worth-Arlington room revenues gained 8.4% on a 2.9% increase in room rates and a 5.4% rise in room-nights sold from 2014; occupancy gained 2.8 points to 66.8%. Net room supply increased by 0.9% (300 net rooms). SAN ANTONIO METRO room-nights sold increased by 4.2% in the Second quarter of 2016, above Texas average 1.7% increase. With a 3% rate increase, room revenues posted a 7.3% gain over last year, to 322 million. Occupancy rose 1.4 points to 65.9% (after slipping 2 points in the year of ). Net supply grew 2% (900 net rooms). In the year of, San Antonio decreased 1.5% in room-nights sold (while the state had an average gain of 0.7%). San Antonio metro room revenues gained 2.2%, due to the room-night sold drop combined with a 3.8% increase in room rates. Occupancy in was 63.2% down 1.3 points. Net rooms available rose 0.7% (300 net rooms). Oil markets were a small influence. Of note, the downtown Riverwalk San Antonio market demand increased just 0.6% in the three years ending in (to million room-nights sold in versus million in 2012). In the first half of 2016, the downtown market dropped 0.5% versus last year. HOUSTON-BAYTOWN-SUGAR LAND room-nights sold volume slipped 1.6% in the Second quarter, mainly affected by the massive drop in oil prices. Revenues dropped 2.5%, to 603 million on a 1% price reduction. Occupancy dropped 4.4 points to a still healthy 64.2%. Metro room supply rose by 5.1% (4,400 net rooms). In the quarter, Houston s 603 million revenues lost ground versus the largest metro, Dallas-Ft Worth, at 787 million, In the year of, Houston room-nights slipped 1.3% while room revenues gained 0.5%; then, occupancy decreased 2.7 points to a 66.2% average. prices rose 1.8% and supply by 2.6% (2,200 net rooms). 6

7 SECOND QUARTER: MARKET UPTICK Occupancy Year to Date In the first six months of 2016, occupancy averaged 65.6%, down from 67% last year and still well above the long term annual average of 60%. The table below is sorted by occupancy percentage in the first half of It clearly shows the continued negative effect of shrinking oil and gas exploration and production activity. In Oil & Gas counties, accounting for 42% of state revenues, occupancy averaged 62.4%, down 3.7 points from the First half of. First half Chain occupancy was 67.8%, down 1.3 points from a year ago. Chains accounted for 85.9% of market revenues, slightly up from a year ago. Independents generated 56.8% occupancy, down 1.8 points. In the First half, 10 of the 27 Texas areas showed increased occupancy versus last year. Seven metro areas exceeded the state occupancy average including the four largest metros. Metro Area Performances _ Year of _ First Half 2016 Occ Rev Occ Pt. Rev Metro Area % % Chg % Chg % Chg Austin-Round Rock % % Dallas MD % % Waco % % Wichita Falls % % El Paso % % Ft Worth-Arlington MD % % Lubbock % % State Average % % San Antonio % % Houston-Baytown-Sugarland % % Amarillo % % Beaumont-Pt Arthur % % College Station-Bryan % % Killeen-Temple-Ft Hood % % Brownsville-Harlingen % % Texarkana (Tx) % % McAllen-Edinburg-Pharr % % Laredo % % Corpus Christi % % Tyler % % Sherman-Denison % % Abilene % % Non Metro % % Midland % % Longview % % Victoria % % Odessa % % San Angelo % % 7

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12 METROS COMPARED: 2ND QUARTER 2016 HOTEL/MOTEL PERFORMANCE BY METRO; SECOND QUARTER 2016 % Change Nites 1 3 Est. Nites 3 Est. Rooms sold Revenue % 2 Rooms sold Revenue % Nites Htls 000 s 000 s 000 s Rate Occ Htls 000 s 000 s 000 s Rate Occ Sold Revs Occ. Abilene , , Amarillo , , Austin-R R , , , , Beaumt-PT , , Browns/Har , , ColSt-Brya , , Corpus Chr , , Dallas MD , , , , Ft W-Arl M , , , , Dallas/Ft W , , , , El Paso , , Hou-Bay-Su , , , , Kil-Tem-Ft , , Laredo , , Longview , , Lubbock , , McAl-Ed-Mi , , Midland , , Odessa , , San Angelo , , San Antoni , , , , Shermn/Den , , Texarka(TX , , Tyler , , Victoria , , Waco , , Wichita Fa , , Non-Metro 1, , , , , Total Texas 4, ,247 2,625, , ,670 2,717, Total Texas 4, ,224 2,559, Room-nights sold (from estimated rate and actual rooms revenues.). 2. Occupancy: nights sold divided by nights available (x 100). 3. Taxable and gross rooms revenues are from Texas Comptroller (with 12%+ added on average if gross not reported; covers monthly, government, charity, educational rents). Prepared by Source Strategies, Inc., P.O. Box , San Antonio, Texas (210) FAX (210) Website:SourceStrategies.Org 12

13 METROS COMPARED: 2016 YEAR-TO-DATE HOTEL/MOTEL PERFORMANCE BY METRO; SECOND QUARTER YEAR TO DATE 2016 % Change Nites 1 3 Est. Nites 3 Est. Rooms sold Revenue % 2 Rooms sold Revenue % Nites Htls 000 s 000 s 000 s Rate Occ Htls 000 s 000 s 000 s Rate Occ Sold Revs Occ. Metropolitan Statistical Areas Abilene , , Amarillo , , Austin-R Ro , , , , Beaumt-PT A , , Browns/Harl , , ColSt-Bryan , , Corpus Chri , , , , Dallas MD , , ,329 1,061, Ft W-Arl MD , , , , Total DFW ,664 1,383, ,368 1,508, El Paso ,112 86, ,115 87, Hou-Bay-Sug ,620 1,205, ,442 1,172, Kil-Tem-FtH , , Laredo , , Longview , , Lubbock , , McAl-Ed-Mi , , Midland , , Odessa , , San Angelo , , San Antonio , , , , Shermn/Deni , , Texarka(TX) , , Tyler , , Victoria , , Waco , , Wichita Fal , , Non-Metro , , , , Total Texas 4, ,011 5,113, , ,329 5,187, YTD 4, ,128 4,857, Room-nights sold (from estimated rate and actual rooms revenues.). 2. Occupancy: nights sold divided by nights available (x 100). 3. Taxable and gross rooms revenues are from Texas Comptroller (with 12%+ added on average if gross not reported; covers monthly, government, charity, educational rents). Prepared by Source Strategies, Inc., P.O. Box , San Antonio, Texas (210) FAX (210) Website:SourceStrategies.Org 13

14 HIGH-PRICED BRAND PERFORMANCE RESULTS Second Quarter 2016 [^=Change from same quarter of prior year (absolute value unless marked percentage)] Brands/ Hotels 1 Room 2 Rooms-M Revenues(000's) % Revenues 3 % Rmnts Sold 4 Segments ^ 2016 %^ 2016 ^ 2016 ^ Four Seasons ,261 23, % Gaylord ,465 23, % JW Marriott ,995 51, % Ritz Carlton ,542 5, % W ,154 10, % Za Za ,920 8, % Luxury Segment , , % Hilton , , % Hyatt ,578 91, % Inter-Continental ,429 7, % Marriott , , % Omni ,375 67, % Renaissance ,789 22, % Westin ,030 60, % Upscale Segment , , % Embassy ,525 59, % Homewood ,136 50, % Hyatt House/Summerfield ,283 11, % Residence Inn ,928 67, % Staybridge ,007 29, % Other Suites ,958 36, % Suites Segment , , % Four Points ,475 6, % Aloft ,451 11, % Courtyard ,954 96, % Crowne Plaza ,965 19, % Doubletree ,380 52, % Hilton Garden ,645 69, % Holiday Inn ,985 54, % Hyatt Place ,183 33, % Radisson ,908 10, % Sheraton ,211 43, % Wyndahm ,261 21, % Other Mid/Upscale ,777 11, % Mid/Upscales , , % Mid-and L P Segments Mini-Suites , , % L.S./Midscales , , % Low Price Extended Stay ,334 87, % Budget Segment , , % Total Chains ,232,214 2,315, % Independents 100+ ADR , , % ,648 53, % Under ,018 91, % Total Independents , , % Total Market ,625,118 2,717, % All Texas Hotels and Motels with rooms-only revenues exceeding 80,000 per year. 2. Gross Room Revenue (000's) includes non-tax revenues (approx. 11% of total). 3. % Gross Room Revenues. 4. %Roomnights Sold: derived from room revenues, roomnights and estimated ADR. 14

15 HIGH-PRICED BRAND PERFORMANCE RESULTS Second Quarter 2016 [^=Change from same quarter of prior year (absolute value unless marked percentage)] Brands/ % Occupancy 5 Est. ADR 6 Index 7 Segments 2016 ^ 2016 %^ 2016 ^ 2016 ^ Four Seasons % Gaylord % JW Marriott % Ritz Carlton % W % Za Za % Luxury Segment % Hilton % Hyatt % Inter-Continental % Marriott % Omni % Renaissance % Westin % Upscale Segment % Embassy % Homewood % Hyatt House/Summerfield % Residence Inn % Staybridge % Other Suites % Suites Segment % Four Points % Aloft % Courtyard % Crowne Plaza % Doubletree % Hilton Garden % Holiday Inn % Hyatt Place % Radisson % Sheraton % Wyndham % Other Mid/Upscale % Mid/Upscales % Mid-and-L P Segments Mini-Suites % L.S./Midscales % Low Price Extended Stay % Budget Segment % Total Chains % Independents 100+ ADR % % Under % Total Independents % Total Market % Roomnights sold divided by roomnights available (times 100). Roomnights sold equals room revenues divided by estimated average daily rate (ADR). 6. Room revenue, per available rom per day (equals occupancy % times ADR). 7. Market average equals

16 MID/LOW-PRICED BRAND PERFORMANCE RESULTS Second Quarter 2016 [^=Change from same quarter of prior year (absolute value unless marked percentage)] Brands/ Hotels 1 Room 2 Rooms-M Revenues(000's) % Revenues 3 % Rmnts Sold 4 Segments ^ 2016 %^ 2016 ^ 2016 ^ High-Priced Segments Luxury Segment , , % Upscale Segment , , % Suites Segment , , % Mid/Upscales , , % Candlewood ,440 35, % Comfort Suites ,359 41, % Hawthorn ,389 9, % Home2 Suites ,333 12, % Quality Suites % SpringHill ,276 43, % Townplace ,749 29, % Other Mini-Suites ,164 6, % Mini-Suites , , % Best Western ,323 69, % Country Inn & Suites ,348 10, % Comfort Inn ,419 23, % Drury Inn ,510 20, % Fairfield Inn ,707 43, % Hampton Inn , , % Holiday Express , , % La Quinta , , % Sleep Inn ,456 10, % Wingate ,763 7, % L.S./Midscales , , % Budget Stes America ,395 12, % Ext Stay America ,177 28, % Intown ,057 13, % Studio ,828 13, % Value Place ,264 12, % Other LP Ext St ,613 7, % Low Price Extended Stay ,334 87, % Baymont ,655 10, % Best Value ,798 14, % Days Inn ,171 28, % Econo Lodge ,390 8, % How. Johnson ,805 3, % Microtel ,108 6, % Motel ,794 43, % Quality Inn ,166 24, % Ramada Inn ,744 8, % Red Roof Inn ,069 13, % Rodeway ,546 3, % Super ,935 29, % Travelodge ,183 2, % Other Budgets ,266 14, % Budget Segment , , % Total Chains ,232,214 2,315, % Total Independents , , % Total Market ,625,118 2,717, % All Texas Hotels and Motels with rooms-only revenues exceeding 80,000 per year. 2. Gross Room Revenue (000's) includes non-tax revenues (approx. 11% of total). 3. % Gross Room Revenues. 4. %Roomnights Sold: derived from room revenues, roomnights and estimated ADR. 16

17 MID/LOW-PRICED BRAND PERFORMANCE RESULTS Second Quarter 2016 [^=Change from same quarter of prior year (absolute value unless marked percentage)] Brands/ % Occupancy 5 Est. ADR 6 Index 7 Segments 2016 ^ 2016 %^ 2016 ^ 2016 ^ High-Priced Segments Luxury Segment % Upscale Segment % Suites Segment % Mid/Upscales % Candlewood % Comfort Suites % Hawthorn % Home2 Suites % Quality Suites % SpringHill % Townplace % Other Mini-Suites % Mini-Suites % Best Western % Country Inn & Suites % Comfort Inn % Drury Inn % Fairfield Inn % Hampton Inn % Holiday Express % La Quinta Inn % Sleep Inn % Wingate % L.S./Midscales % Budget Stes America % Ext Stay America % Intown % Studio % Value Place % Other LP Ext St % Low Price Extended Stay % Baymont % Best Value % Days Inn % Econo Lodge % How. Johnson % Microtel % Motel % Quality Inn % Ramada Inn % Red Roof Inn % Rodeway % Super % Travelodge % Other Budgets % Budget Segment % Total Chains % Total Independents % Total Market % Roomnights sold divided by roomnights available (times 100). Roomnights sold equals room revenues divided by estimated average daily rate (ADR). 6. Room revenue, per available rom per day (equals occupancy % times ADR). 7. Market average equals

18 HIGH-PRICED BRAND PERFORMANCE RESULTS Year Ending June 30, 2016 [^=Change from prior year (absolute value unless marked percentage)] Brands/ Hotels 1 Room 2 Rooms- M Revenues(000's) % Revenues 3 % Rmnts Sold 4 Segments ^ 2016 %^ 2016 ^ 2016 ^ Four Seasons ,276 86, % Gaylord ,749 90, % JW Marriott , , % Ritz Carlton ,684 20, % W ,746 42, % Za Za ,598 33, % Luxury Segment , , % Hilton , , % Hyatt , , % Inter-Continental ,667 28, % Marriott , , % Omni , , % Renaissance ,082 82, % Westin , , % Upscale Segment ,672,284 1,744, % Embassy , , % Homewood , , % Hyatt House/Summerfield ,316 40, % Residence Inn , , % Staybridge , , % Other Suites , , % Suites Segment , , % Points ,992 24, % Aloft ,687 42, % Courtyard , , % Crowne Plaza ,808 84, % Doubletree , , % Hilton Garden , , % Holiday Inn , , % Hyatt Place , , % Radisson ,186 34, % Sheraton , , % Wyndham ,656 78, % Other Mid/Upscales ,235 39, % Mid/Upscales ,556,081 1,601, % Mid-and-L P Segments Mini-Suites , , % L.S./Midscales ,095,832 2,065, % Low Price Extended Stay , , % Budget Segment , , % Total Chains 3, ,417,797 8,605, % Independents 100+ ADR , , % , , % Under , , % Total Independents 1, ,487,308 1,437, % Total Market 4, ,905,105 10,043, % All Texas Hotels and Motels with rooms-only revenues exceeding 80,000 per year. 2. Gross Room Revenue (000's) includes non-tax revenues (approx. 11% of total). 3. % Gross Room Revenues. 4. %Roomnights Sold: derived from room revenues, roomnights and estimated ADR. 18

19 HIGH-PRICED BRAND PERFORMANCE RESULTS Year Ending June 30, 2016 [^=Change from prior year (absolute value unless marked percentage)] Brands/ % Occupancy 5 Est. ADR 6 Index 7 Segments 2016 ^ 2016 %^ 2016 ^ 2016 ^ Four Seasons % Gaylord % JW Marriott % Ritz Carlton % W % Za Za % Luxury Segment % Hilton % Hyatt % Inter-Continental % Marriott % Omni % Renaissance % Westin % Upscale Segment % Embassy % Homewood % Hyatt House/Summerfield % Residence Inn % Staybridge % Other Suites % Suites Segment % Points % Aloft % Courtyard % Crowne Plaza % Doubletree % Hilton Garden % Holiday Inn % Hyatt Place % Radisson % Sheraton % Wyndham % Other Mid/Upscales % Mid/Upscales % Mid-and-L P Segments Mini-Suites % L.S./Midscales % Low Price Extended Stay % Budget Segment % Total Chains % Independents 100+ ADR % % Under % Total Independents % Total Market % Roomnights sold divided by roomnights available (times 100). Roomnights sold equals room revenues divided by estimated average daily rate (ADR). 6. Room revenue, per available rom per day (equals occupancy % times ADR). 7. Market average equals

20 MID/LOW-PRICED BRAND PERFORMANCE RESULTS Year Ending June 30, 2016 [^=Change from prior year (absolute value unless marked percentage)] Brands/ Hotels 1 Room 2 Rooms- M Revenues(000's) % Revenues 3 % Rmnts Sold 4 Segments ^ 2016 %^ 2016 ^ 2016 ^ High-Priced Segments Luxury Segment , , % Upscale Segment ,672,284 1,744, % Suites Segment , , % Mid/Upscales ,556,081 1,601, % Candlewood , , % Comfort Suites , , % Hawthorn ,753 36, % Home2 Suites ,794 43, % Quality Suites ,346 3, % SpringHill , , % Townplace , , % Other Mini-Suites ,432 24, % Mini-Suites , , % Best Western , , % Country Inn & Suites ,631 33, % Comfort Inn ,383 91, % Drury Inn ,388 78, % Fairfield Inn , , % Hampton Inn , , % Holiday Express , , % La Quinta , , % Sleep Inn ,355 40, % Wingate ,602 29, % L.S./Midscales ,095,832 2,065, % Budget Stes America ,904 49, % Ext Stay America , , % Intown ,433 53, % Studio ,404 47, % Value Place ,156 50, % Other LP Ext St ,001 30, % Low Price Extended Stay , , % Baymont ,242 41, % Best Value ,178 56, % Days Inn , , % Econo Lodge ,574 27, % How. Johnson ,582 14, % Microtel ,325 28, % Motel , , % Quality Inn ,781 84, % Ramada Inn ,951 30, % Red Roof Inn ,308 50, % Rodeway ,452 11, % Super , , % Travelodge ,102 15, % Other Budgets ,520 55, % Budget Segment , , % Total Chains 3, ,417,797 8,605, % Total Independents 1, ,487,308 1,437, % Total Market 4, ,905,105 10,043, % All Texas Hotels and Motels with rooms-only revenues exceeding 80,000 per year. 2. Gross Room Revenue (000's) includes non-tax revenues (approx. 11% of total). 3. % Gross Room Revenues. 4. %Roomnights Sold: derived from room revenues, roomnights and estimated ADR. 20

21 MID/LOW-PRICED BRAND PERFORMANCE RESULTS Year Ending June30, 2016 [^=Change from prior year (absolute value unless marked percentage)] Brands/ % Occupancy 5 Est. ADR 6 Index 7 Segments 2016 ^ 2016 %^ 2016 ^ 2016 ^ High-Priced Segments Luxury Segment % Upscale Segment % Suites Segment % Mid/Upscales % Candlewood % Comfort Suites % Hawthorn % Home2 Suites % Quality Suites % SpringHill % Townplace % Other Mini-Suites % Mini-Suites % Best Western % Country Inn & Suites % Comfort Inn % Drury Inn % Fairfield Inn % Hampton Inn % Holiday Express % La Quinta % Sleep Inn % Wingate % L.S./Midscales % Budget Stes America % Ext Stay America % Intown % Studio % Value Place % Other LP Ext St % Low Price Extended Stay % Baymont % Best Value % Days Inn % Econo Lodge % How. Johnson % Microtel % Motel % Quality Inn % Ramada Inn % Red Roof Inn % Rodeway % Super % Travelodge % Other Budgets % Budget Segment % Total Chains % Total Independents % Total Market % Roomnights sold divided by roomnights available (times 100). Roomnights sold equals room revenues divided by estimated average daily rate (ADR). 6. Room revenue, per available rom per day (equals occupancy % times ADR). 7. Market average equals 100. **Value Place is located in Other LP Ext St in

22 THE TOP 100 HOTELS OF RANKED BY Hotel Name City Zip Code Rooms Room Revs FOUR SEASONS HOTEL C38 AUSTIN ,396, W HOTEL AUSTIN ,806, THE SAN JOSE HOTEL AUSTIN ,106, TRAVAASA EXPERIENTIAL AUSTIN ,965, HYATT MARKET STREET THE WOODLA ,854, THE DRISKILL HOTEL AUSTIN ,498, RITZ-CARLTON MCKINNEY AVE DALLAS ,149, HOTEL GRANDUCA HOUSTON ,110, ROUGH CREEK LODGE IREDELL ,556, ZA ZA (+MAG7+MAIN ST) DALLAS ,541, MANSION OF TURTLE CREEK DALLAS ,359, ST REGIS FMR RITZ HOUSTON ,293, INTER-CONTINENTAL STEPHEN AUSTIN ,535, THE JOULE A LUXURY COLLECTION DALLAS ,921, GRAND HYATT DFW GRAPEVINE ,706, OMNI HOTEL AT FIC AUSTIN ,409, HOTEL ELLA AUSTIN ,449, W DALLAS-VICTORY HOTEL DALLAS ,074, MOKARA HOTEL SAN ANTONI ,891, JW MARRIOTT HOTEL AUSTIN ,316, ROSEWOOD CRESCENT COURT DALLAS ,110, FOUR SEASONS HOTEL HOUSTON ,656, MARRIOTT WATERWAY HOTEL THE WOODLA ,094, HILTON CONVENTION CENTER AUSTIN ,801, HYATT REGENCY RESORT & SPA LOST PINES ,966, LAKE AUSTIN SPA (EST) AUSTIN ,683, HAMPTON INN & SUITES AUSTIN ,070, DOUBLETREE GUEST SUITES AUSTIN ,219, HOTEL VAN ZANDT TO 319 AUSTIN , HYATT PLACE DOWNTOWN AUSTIN ,018, FOUR SEASONS RESORT & CLUB IRVING ,657, HOTEL ZA ZA HOUSTON ,048, JW MARRIOTT HILL COUNTRY SAN ANTONI ,397, THE SAN LUIS HOTEL GALVESTON ,330, COURTYARD BY MARRIOTT DNT AUSTIN ,895, HILTON HOTEL SOUTHLAKE SOUTHLAKE ,413, KIMPTON HOTEL LUMEN DALLAS ,764, WESTIN HOTEL AT THE BALL PARK HOUSTON ,102, RESIDENCE INN DOWNTOWN AUSTIN ,817, HOUSTONIAN HOTEL HOUSTON ,347,

23 THE TOP 100 HOTELS OF RANKED BY 2014 Hotel Name City Zip Code Rooms Room Revs ASHTON HOTEL FORT WORTH ,325, JW MARRIOTT DOWNTOWN HOUSTON ,544, LE MERIDIEN FMR LUXE STO DALLAS ,115, GAYLORD TEXAS RESORT & CLUB GRAPEVINE ,205, THE LANCASTER HOTEL HOUSTON ,482, BEST WESTERN SWISS CHALET PECOS ,182, AT&T EXEC CONFERENCE CTR AUSTIN ,377, HILTON GARDEN AUSTIN ,805, EMBASSY SUITES FORT WORTH ,069, EMBASSY SUITES OF AUSTIN AUSTIN ,167, HOTEL ICON HOUSTON ,816, HYATT REGENCY AUSTIN AUSTIN ,872, SOUTH CONGRESS HOTEL AUSTIN ,206, HILTON GARDEN INN THE WOODLA ,696, WESTIN HOTEL AT DOMAIN AUSTIN ,392, EMBASSY SUITES RIVERWALK SAN ANTONI ,066, SHERATON FMR MARRIOTT AUSTIN ,207, WESTIN DOWNTOWN AUSTIN ,364, HYATT REGENCY HILL COUNT SAN ANTONI ,525, THE GAGE HOTEL MARATHON ,139, RESIDENCE INN SIX PINES THE WOODLA ,249, HIGHLAND CURIO DALLAS ,741, OMNI FORT WORTH HOTEL FORT WORTH ,203, EMBASSY SUITE OUTDOOR WORLD GRAPEVINE ,657, HYATT PLACE HOTEL SHENANDOAH ,835, OMNI DALLAS HOTEL DALLAS ,207, BOARDWALK INN KEMAH ,752, HOTEL CONTESSA SAN ANTONI ,991, HOTEL SORELLA HOUSTON ,977, HAMPTON INN & SUITES DNT AUSTIN ,961, LA QUINTA INN & SUITES PECOS ,556, OMNI LA MANSION DEL RIO SAN ANTONI ,619, THE WESTIN RIVERWALK SAN ANTONI ,480, MARRIOTT LEGACY PLANO ,684, HILTON AMERICAS CONVENTION HOUSTON ,998, EMBASSY SUITES GALLERIA HOUSTON ,621, RESIDENCE INN-AUSTIN NORTH AUSTIN ,469, THE WESTIN MEMORIAL HOUSTON ,669, DOUBLETREE HOTEL AUSTIN ,534, WESTIN HOTEL GALLERIA DALLAS ,651,

24 THE TOP 100 HOTELS OF RANKED BY 2014 Hotel Name City Zip Code Rooms Room Revs STOCKYARDS HOTEL FORT WORTH ,628, EMBASSY SUITES HOUSTON DNT HOUSTON ,219, THE WYNDHAM HOTEL GALVEZ GALVESTON ,273, HILTON GARDEN INN GRAPEVINE ,503, ALOFT DOMAINS AUSTIN ,979, WARWICK MELROSE HOTEL DALLAS ,135, HAMPTON INN & SUITES HOUSTON ,932, HOLIDAY EXPRESS HOTEL PECOS ,508, RESIDENCE INN NW AUSTIN ,148, THE WESTIN GALLERIA HOUSTON ,048, HOMEWOOD SUITES -DOWNTOWN DALLAS ,415, WOODLANDS EXEC CENTER THE WOODLA ,317, EMBASSY SUITES LUBBOCK ,678, HILTON PALACIO DEL RIO SAN ANTONI ,769, MARRIOTT MED CTR HOUSTON ,369, HOMEWOOD SUITES SAGE RD HOUSTON ,943, WESTIN OAKS HOUSTON HOUSTON ,827, RESIDENCE INN WOODLANDS THE WOODLA ,369, HILTON PARK CITIES DALLAS ,870, COURTYARD WOODLANDS THE WOODLA ,367,

25 THE TOP 500 HOTELS OF FIRST QUARTER 2016 RANKED BY 2016 Hotel Name City Brand Zip Code Room Previous Current 1 7 TRAVAASA EXPERIENTIAL RESORT AUSTIN RITZ-CARLTON MCKINNEY AVE DALLAS RITZ W HOTEL AUSTIN W FOUR SEASONS HOTEL AUSTIN AUSTIN FOURS THE DRISKILL HOTEL AUSTIN THE SAN JOSE HOTEL AUSTIN HOTEL GRANDUCA HOUSTON GRAND THE JOULE A LUXURY COLLECTION DALLAS JW MARRIOTT HOTEL AUSTIN JWMAR SOUTH CONGRESS HOTEL AUSTIN ST REGIS FMR RITZ HOUSTON WESTIN DOWNTOWN AUSTIN WESTN ZA ZA DALLAS ZA ZA HYATT MARKET ST HOTEL THE WOODLA HYATT GRAND HYATT DFW GRAPEVINE HYATT MANSION OF TURTLE CREEK DALLAS LAKE AUSTIN SPA AUSTIN FOUR SEASONS RESORT & CLUB IRVING FOURS MOKARA HOTEL FMR WATERMARK SAN ANTONI OMNI HOTEL AT FIC AUSTIN OMNI HILTON CONVENTION CENTER AUSTIN HILTO HOTEL VAN ZANDT AUSTIN LE MERIDIEN DALLAS JW MARRIOTT DOWNTOWN HOUSTON JWMAR HYATT REGENCY RESORT & SPA LOST PINES HYATT INTER-CONTINENTAL STEPHEN AUSTIN INT-C THE SAN LUIS HOTEL GALVESTON DOUBLETREE GUEST SUITES AUSTIN DBLST ROSEWOOD CRESCENT COURT DALLAS HAMPTON INN & SUITES AUSTIN HAMPT JW MARRIOTT HILL COUNTRY SAN ANTONI JWMAR ROUGH CREEK LODGE(EST@75%G IREDELL W DALLAS-VICTORY DALLAS W HYATT PLACE DOWNTOWN AUSTIN HYATP HILTON HOTEL SOUTHLAKE SOUTHLAKE HILTO HYATT REGENCY AUSTIN AUSTIN HYATT COURTYARD BY MARRIOTT DNT AUSTIN COURT HOTEL ZA ZA HOUSTON ZA ZA THE LANCASTER HOTEL HOUSTON

26 THE TOP 500 HOTELS OF 2ND QUARTER 2016 RANKED BY Hotel Name City Brand Zip Code Room Previous Current RESIDENCE INN DOWNTOWN AUSTIN RESID KIMPTON HOTEL DALLAS HOTEL ELLA AUSTIN FOUR SEASONS HOTEL HOUSTON FOURS WESTIN HOTEL AT THE BALL HOUSTON WESTN AT&T EXEC CONFERENCE CTR AUSTIN EMBASSY SUITES FORT WORTH EMBAS GAYLORD TEXAS RESORT & CLUB GRAPEVINE GAYLO HAMPTON INN & SUITES DNT AUSTIN HAMPT OMNI FORT WORTH HOTEL FORT WORTH OMNI HYATT REGENCY HILL COUNTRY SAN ANTONI HYATT HOUSTONIAN HOTEL HOUSTON MARRIOTT WATERWAY HOTEL THE WOODLA MARRT OMNI DALLAS HOTEL DALLAS OMNI WESTIN HOTEL AT DOMAIN AUSTIN WESTN EMBASSY SUITES RIVERWALK SAN ANTONI EMBAS HIGHLAND CURIO DALLAS HILTO FRIO COUNTRY RESORT 35 CABINS CONCAN HOTEL CONTESSA SAN ANTONI X.STE HOTEL ICON HOUSTON THE WYNDHAM HOTEL GALVEZ GALVESTON WYNDH THE GALVESTONIAN GALVESTON HILTON GARDEN AUSTIN HILTG WESTIN THE WOODLANDS THE WOODLA WESTN DOUBLETREE HOTEL FMR CLUB AUSTIN DOUBL EMBASSY SUITES OF AUSTIN AUSTIN EMBAS BOARDWALK INN KEMAH HOTEL THE PEARL SAN ANTONI WESTIN HOTEL GALLERIA DALLAS WESTN STOCKYARDS HOTEL FORT WORTH LA CANTERA RESORT SAN ANTONI HILTON PARK CITIES DALLAS HILTO EMBASSY SUITES AUSTIN AUSTIN EMBAS MARRIOTT MED CTR HOUSTON MARRT MARRIOTT LEGACY PLANO MARRT RESIDENCE INN SIX PINES THE WOODLA RESID RADISSON HOTEL & SUITES AUSTIN RADIS WARWICK MELROSE HOTEL DALLAS HILTON PALACIO DEL RIO SAN ANTONI HILTO

27 THE TOP 500 HOTELS OF 2ND QUARTER 2016 RANKED BY 2016 Hotel Name City Brand Zip Code Room Previous Current HILTON AMERICAS CONVENTION HOUSTON HILTO SHERATON FMR MARRIOTT AUSTIN SHERA HILTON GARDEN INN GRAPEVINE HILTG MARRIOTT AUSTIN SOUTH AUSTIN MARRT NYLO HOTEL SOUTH SIDE DALLAS NYLO OMNI LA MANSION DEL RIO SAN ANTONI OMNI MARRIOTT CITY CTR DALLAS MARRT THE WESTIN RIVERWALK SAN ANTONI WESTN HOMEWOOD SUITES NW AUSTIN HOMEW ALOFT DOMAINS AUSTIN ALOFT HOTEL SORELLA HOUSTON HOLIDAY INN ON THE BEACH GALVESTON HOLID GALVESTON ISLAND HILTON GALVESTON HILTO RENAISSANCE WORTHINGTON FORT WORTH RENAS EMBASSY SUITE OUTDOOR WORLD GRAPEVINE EMBAS HOTEL INDIGO BAYLOR WACO INDIG HYATT PLACE STOCKYARDS FORT WORTH HYATP MARRIOTT HORSESHOE BAY RESOR HORSESHOE MARRT HILTON GARDEN INN SOUTH PADR HILTG LONE STAR COURT AUSTIN YOGI BEAR`S JELLYSTONE CANYON LAK RESIDENCE INN AUSTIN SOUTH AUSTIN RESID THE WESTIN MEMORIAL HOUSTON WESTN MARRIOTT RIVERWALK SAN ANTONI MARRT HILTON HOUSTON PLAZA HOUSTON HILTO RESIDENCE INN-AUSTIN NORTH AUSTIN RESID EILAN HOTEL RESORT & SPA SAN ANTONI EMBASSY SUITES HOUSTON HOUSTON EMBAS RESIDENCE INN ARLINGTON RESID THE TREMONT HOUSE WYNDHAM GALVESTON WYNDH HAMPTON INN & SUITES FREDERICKS HAMPT GRAND HYATT CONVENTION CTR SAN ANTONI HYATT HILTON GARDEN INN THE WOODLA HILTG WOODLANDS EXEC CENTER THE WOODLA RESIDENCE INN NW AUSTIN RESID EMBASSY SUITES LUBBOCK EMBAS HOMEWOOD SUITES ROUND ROCK HOMEW MARRIOTT RIVERCENTER SAN ANTONI MARRT EMBASSY SUITES HUGHES LANE THE WOODLA EMBAS

28 THE TOP 500 HOTELS OF 2ND QUARTER 2016 RANKED BY Hotel Name City Brand Zip Code Room Previous Current RESIDENCE INN FORT WORTH RESID HILTON GARDEN INN DALLAS DALLAS HILTG THE FAIRMONT DALLAS DALLAS HILTON CONVENTION CENTER FORT WORTH HILTO HOMEWOOD SUITES -DOWNTOWN DALLAS HOMEW DRURY INN - AUSTIN NORTH AUSTIN DRURY HOMEWOOD SUITES GRAPEVINE HOMEW JW MARRIOTT 785 HOUSTON JWMAR DOUBLTREE HOTEL GALVESTON DOUBL HOMEWOOD SUITES SAN ANTO SAN ANTONI HOMEW HILTON AUSTIN AIRPORT AUSTIN HILTO EMBASSY SUITES FRISCO EMBAS RENAISSANCE AUSTIN HOTEL AUSTIN RENAS THE WESTIN DOWNTOWN DALLAS WESTN CASA DEL MAR GALVESTON RESIDENCE INN BY MARRIOT AUSTIN RESID EMBASSY SUITES I35 NORTH AUSTIN EMBAS EMBASSY SUITES GALLERIA HOUSTON EMBAS THE WESTIN GALLERIA HOUSTON WESTN HOTEL VALENCIA RIVERWALK SAN ANTONI HILTON GARDEN INN ARLING ARLINGTON HILTG HILTON GARDEN INN FORT WORTH HILTG HYATT REGENCY DNTN DALLAS HYATT OMNI MANDALAY HOTEL IRVING OMNI HOMEWOOD SUITES-PLANO PLANO HOMEW HAMPTON INN AUSTIN HAMPT HAMPTON INN & SUITES GRAPEVINE HAMPT HOLIDAY INN AIRPORT AUSTIN HOLID HOMEWOOD SUITES WILLOWBR HOUSTON HOMEW HAMPTON INN & SUITES HOUSTON HAMPT HOMEWOOD SUITES - FT WOR FORT WORTH HOMEW HOMEWOOD SUITES - FRISCO FRISCO HOMEW BEST WESTERN OCEAN VILLA PORT ARANS BWEST HAMPTON INN & SUITES 50 AUSTIN HAMPT HILTON BELLA HARBOR ROCKWALL HILTO WESTIN STONEBRIAR RESORT FRISCO WESTN COOPER AEROBICS ENTERPRI DALLAS EMBASSY SUITES ENERGY PL HOUSTON EMBAS EMBASSY SUITES FMR DOUBL IRVING EMBAS

29 THE TOP 500 HOTELS OF 2ND QUARTER 2016 RANKED BY 2016 Hotel Name City Brand Zip Code Room Previous Current SPRINGHILL SUITES FMR AM DALLAS SPRNG COURTYARD DOWNTOWN LUBBOCK COURT COURTYARD MED CENTER HOUSTON COURT DOUBLETREE GUEST SUITES HOUSTON DBLST HOMEWOOD SUITES BY HILTO WACO HOMEW RESIDENCE INN WOODLANDS THE WOODLA RESID WYNDHAM MED CTR FMR HOLI HOUSTON WYNDH COURTYARD BY MARRIOTT AUSTIN COURT MARRIOTT TOWN SQUARE SUG SUGAR LAND MARRT STAYBRIDGE AUSTIN NW AUSTIN STAYB EMBASSY SUITES HOTEL 95 CORPUS CHR EMBAS NEALS LODGES CAFE AND GR CONCAN HOMEWOOD SUITES AUSTIN HOMEW RENAISSANCE DALLAS HOTEL DALLAS RENAS HYATT REGENCY GALLERIA HOUSTON HYATT WESTIN OAKS HOUSTON HOUSTON WESTN HAMPTON INN & SUITES LAKEWAY HAMPT THE HARBOR HOUSE GALVESTON MARRIOTT BUSH AIRPORT HOUSTON MARRT HYATT HOUSE SUITES FMR S AUSTIN HYATH MOODY GARDENS HOTEL GALVESTON COURTYARD BY MARRIOTT AUSTIN COURT ALOFT DALLAS DOWNTOWN DALLAS ALOFT RESIDENCE INN GRAPEVINE RESID EMBASSY SUITES SAN MARCO SAN MARCOS EMBAS HOLIDAY EXPRESS & SUITES AUSTIN HIEXP OMNI SOUTHPARK AUSTIN OMNI HAMPTON INN AUSTIN NORTH AUSTIN HAMPT OMNI BAYFRONT FMR MARRIO CORPUS CHR OMNI EMBASSY SUITES HOTEL MAR DALLAS EMBAS COURTYARD BY MARRIOTT GRAPEVINE COURT RESIDENCE INN RICHARDSON RESID COURTYARD- AUSTIN SOUTH AUSTIN COURT MARRIOTT SUITES MARKET C DALLAS X.STE COURTYARD BY MARRIOTT FORT WORTH COURT HOMEWOOD SUITES DFW IRVING HOMEW YOGI BEAR JELLYSTONE PAR WALLER THE MAGNOLIA HOTEL HOUSTON X.STE HILTON DFW HOTEL & EXEC GRAPEVINE HILTO HAMPTON INN FMR AMARILLO AMARILLO HAMPT

30 THE TOP 500 HOTELS OF 2ND QUARTER 2016 RANKED BY Hotel Name City Brand Zip Code Room Previous Current DRURY INN & SUITES RIVER SAN ANTONI DRURY MARRIOTT LAS COLINAS IRVING MARRT HOTEL DEREK FMR REDL/SHE HOUSTON DOUBLETREE HOTEL ALLEN C HOUSTON DOUBL COURTYARD BY MARRIOTT GALVESTON COURT HOLIDAY EXPRESS AMARILLO HIEXP HYATT PLACE FMR AMERISUI SAN ANTONI HYATP HYATT PLACE ARBORETUM FM AUSTIN HYATP SPRINGHILL SUITES GRAPEVINE SPRNG OMNI RIVERWAY HOUSTON OMNI HILTON HOTEL GRANITE PKW PLANO HILTO COURTYARD BY MARRIOTT ARLINGTON COURT HOMEWOOD SUITES SAGE RD HOUSTON HOMEW COURTYARD DOWNTOWN HOUSTON COURT COURTYARD BY MARRIOTT RE IRVING COURT HOME2 SUITES BY HILTON AUSTIN HOME HAMPTON INN BUILT ON HOUSTON HAMPT DOUBLETREE FMR WYNDHAM M DALLAS DOUBL HILTON GARDEN INN-AUSTIN AUSTIN HILTG HOLIDAY EXPRESS FMR AMER AUSTIN HIEXP RESIDENCE INN HOUSTON RESID MARRIOTT WEST LOOP HOUSTON MARRT HOLIDAY EXPRESS FORT WORTH HIEXP HOLIDAY EXPRESS HOTEL AUSTIN HIEXP ESCAPES! TO THE GULF OF GALVESTON HAMPTON INN & SUITES CLUTE HAMPT HOLIDAY EXPRESS HOTEL GRAPEVINE HIEXP HYATT PLACE I35 N FMR AM AUSTIN HYATP HYATT HOUSE FMR SUMMERFI DALLAS HYATH HOMEWOOD SUITES ARLINGTON HOMEW HOLIDAY EXPRESS PORT ARANS HIEXP HILTON POST OAK FMR DBLT HOUSTON HILTO HOLIDAY EXPRESS AMARILLO HIEXP ALDEN HOTEL FMR SAM HOUS HOUSTON HILTON GARDEN INN DFW IRVING HILTG RESIDENCE INN - SANTA RO SAN ANTONI RESID DRURY PLAZA RIVERWALK / SAN ANTONI DRURY HILTON COLLEGE STATION COLLEGE ST HILTO RESIDENCE INN WEST UNIVE HOUSTON RESID

31 THE TOP 500 HOTELS OF 2ND QUARTER 2016 RANKED BY 2016 Hotel Name City Brand Zip Code Room Previous Current HOMEWOOD SUITES WICHITA FA HOMEW COURTYARD BY MARRIOTT AMARILLO COURT LA QUINTA INN & SUITES SOUTH PADR LAQUN HOMEWOOD SUITES MKT CTR DALLAS HOMEW HILTON GARDEN INN OF AMA AMARILLO HILTG FAIRFIELD INN & SUITES AMARILLO FAIRF HYATT PLACE HOTEL SHENANDOAH HYATP PEARL HOTEL FMR SHERATON SOUTH PADR HYATT REGENCY RIVERWALK SAN ANTONI HYATT HILTON GARDEN INN - RICH RICHARDSON HILTG SPRINGHILL SUITES BY MAR AUSTIN SPRNG DOUBLETREE BY HILTON FMR HOUSTON DOUBL HOLIDAY EXPRESS & SUITES AMARILLO HIEXP HILTON HOTEL ARLINGTON ARLINGTON HILTO RESIDENCE INN WACO RESID HYATT HOUSE SUITES FMR S IRVING HYATH EMBASSY SUITE LOVE FIELD DALLAS EMBAS SONESTA HOTEL BEE CAVE BEE CAVE COURTYARD WOODLANDS THE WOODLA COURT COURTYARD BLACKSTONE FORT WORTH COURT MARRIOTT LA FRONTERA ROUND ROCK MARRT HOLIDAY EXPRESS EAST FWY HOUSTON HIEXP RESIDENCE INN - SUGARLAN STAFFORD RESID HOTEL INDIGO TO 134 AUSTIN INDIG HILTON GARDEN INN AUSTIN HILTG HAMPTON INN & SUITES DALLAS HAMPT HOMEWOOD SUITES SOUTH AUSTIN HOMEW MARRIOTT SOLANA 29 WESTLAKE MARRT HOME2 SUITES DFW N IRVING HOME HAMPTON INN & SUITES LUBBOCK HAMPT SOUTHERN INN & SUITES KE KERMIT RESIDENCE INN - ROUND RO ROUND ROCK RESID RESIDENCE INN BY MARRIOT SAN ANTONI RESID RESIDENCE INN BY MARRIOT COLLEGE ST RESID HAMPTON INN MARBLE FALLS MARBLE FAL HAMPT THE AUSTIN MOTEL AUSTIN HOME 2 SUITES AUSTIN HOME RENAISSANCE RICHARDSON RICHARDSON RENAS LA COPA INN RESORT SOUTH PADR

32 THE TOP 500 HOTELS OF 2ND QUARTER 2016 RANKED BY Hotel Name City Brand Zip Code Room Previous Current HOME2 SUITES ROUND ROCK HOME MARRIOTT DFW SOUTH FORT WORTH MARRT HAMPTON INN AND SUITES PLANO HAMPT COURTYARD BY MARRIOTT SAN ANTONI COURT EXTENDED STAY AMERICA TO AUSTIN EXTSA HOMEWOOD SUITES LUBBOCK HOMEW HILTON GARDEN GALLERIA HOUSTON HILTG HYATT REGENCY DFW 00 GRAPEVINE HYATT RESIDENCE INN BY MARRIOT TEXARKANA RESID OMNI PARKWEST FMR DBLTRE FARMERS BR OMNI HYATT HOUSE SUITES FMR S ADDISON HYATH THE MAGNOLIA HOTEL DALLAS HILTON GARDEN INN FRISCO FRISCO HILTG ALOFT HOUSTON GALLERIA HOUSTON ALOFT HILTON ANATOLE HOTEL FMR DALLAS HILTO RESIDENCE INN PLANO RESID MARRIOTT HOTEL DFW AIRPO IRVING MARRT HOMEWOOD SUITES STAFFORD HOMEW HOLIDAY EXPRESS SUNSET V AUSTIN HIEXP DOUBLETREE HOTEL NW PLAZ AUSTIN DOUBL CAMPBELL CE DALLAS DOUBL EMBASSY SUITES DALLAS EMBAS HILTON GARDEN INN ALLIAN FORT WORTH HILTG HAMPTON INN & SUITES AUSTIN HAMPT HILTON RESORT FMR RADIS SAN ANTONI HILTO HOMEWOOD SUITES SPRING HOMEW HOLIDAY EXPRESS DOWNTOWN HOUSTON HIEXP SHERATON SUITES HOUSTON HOUSTON X.STE COURTYARD RIVERWALK SAN ANTONI COURT HAMPTON INN ROUND ROCK ROUND ROCK HAMPT RESIDENCE INN DFW AIRPOR IRVING RESID RESIDENCE INN ADDISON RESID HOMEWOOD SUITES BY HILTO SAN ANTONI HOMEW SHERATON GRAND HOTEL IRVING SHERA HILTON WESTCHASE & TOWER HOUSTON HILTO SLEEP INN & SUITES DRIPPING S SLEEP GREAT WOLF:50% PKG REVS GRAPEVINE RESIDENCE INN ALAMO SAN ANTONI RESID HAMPTON INN & SUITES BUS HOUSTON HAMPT

33 THE TOP 500 HOTELS OF 2ND QUARTER 2016 RANKED BY 2016 Hotel Name City Brand Zip Code Room Previous Current COURTYARD LEGACY PARK PLANO COURT HYATT PLACE DFW AIRPORT EULESS HYATP TOWNEPLACE SUITES GRAPEVINE TOWNP RESIDENCE INN ARLINGTON RESID CONRAD N HILTON UNIV HOUSTON HILTO ALOFT PLANO PLANO ALOFT SPRINGHILL SUITES MARRIO AUSTIN SPRNG HOLIDAY EXPRESS & SUITES CLUTE HIEXP HAMPTON INN & SUITES FOS FORT WORTH HAMPT COURTYARD LAS COLINAS IRVING COURT LE MERIDIEN FMR PRAVA/HI DALLAS X.STE COURTYARD BY MARRIOTT NEW BRAUNF COURT HAMPTON INN ROCKWALL ROCKWALL HAMPT HOLIDAY EXPRESS & SUITES DALLAS HIEXP SPRINGHILL SUITES BY MAR HOUSTON SPRNG HAMPTON INN AUSTIN SOUTH AUSTIN HAMPT WYNDHAM GARDEN WOODWARD AUSTIN WYNDH RESIDENCE INN GALLERIA HOUSTON RESID HOMEWOOD GREENVILLE DALLAS HOMEW RESIDENCE INN MED CTR AS HOUSTON RESID COURTYARD WEST UNIVERSIT HOUSTON COURT RESIDENCE INN FMR HAWTH FORT WORTH RESID STAYBRIDGE SUITES NORTH PLANO STAYB FAIRFIELD INN SOUTH AUSTIN FAIRF HOLIDAY EXPRESS & SUITES FREDERICKS HIEXP BASIN STATION - BIG BEND BIG BEND N HOME2 SUITES COLLEGE STA COLLEGE ST HOME HOLIDAY INN RIVERWALK SAN ANTONI HOLID LAKEWAY INN RESORT & CON LAKEWAY HOMEWOOD SUITES SEAWORLD SAN ANTONI HOMEW MARRIOTT GOLF RESORT FMR FORT WORTH MARRT SHERATON SUITES MARKET C DALLAS X.STE COURTYARD NORTHPARK DALLAS COURT ALOFT LAS COLINAS IRVING ALOFT STAYBRIDGE LAS COLINAS IRVING STAYB HOME2 SUITES AMARILLO HOME HOME2 SUITES FRISCO HOME HAMPTON INN & SUITES WACO HAMPT EMBASSY SUITES LAREDO EMBAS

34 THE TOP 500 HOTELS OF 2ND QUARTER 2016 RANKED BY Hotel Name City Brand Zip Code Room Previous Current HOMEWOOD SUITES KINGWOOD HOMEW HYATT PLACE FMR AMERISUI ARLINGTON HYATP COURTYARD BY MARRIOTT SAN ANTONI COURT HILTON LINCOLN CTR FMR D DALLAS HILTO LA QUINTA INNS & SUITES MARBLE FAL LAQUN HAMPTON INN & SUITES PORT ARANS HAMPT FAIRFIELD INN S UNIVERSI FORT WORTH FAIRF HOLIDAY EXPRESS-BASS PRO GARLAND HIEXP RESIDENCE INN AT CASCADE THE COLONY RESID FAIRFIELD INN & SUITES AUSTIN FAIRF RESIDENCE INN SPID CORPUS CHR RESID OMNI COLONNADE I-10W SAN ANTONI OMNI HILTON GARDEN INN BRYAN HILTG STAYBRIDGE SUITES GATEWA EL PASO STAYB HOMEWOOD SUITES LAS COLI IRVING HOMEW HAMPTON INN KERRVILLE HAMPT ELEMENT HOTEL IRVING ELEMT HILTON GARDEN INN SAN ANTONI HILTG HOLIDAY INN GULF BEACH R CORPUS CHR HOLID DOUBLETREE HOTEL AUSTIN AUSTIN DOUBL HILTON GARDEN INN HOTEL HOUSTON HILTG STAYBRIDGE SUITES CORPUS CHR STAYB HILTON NASSAU BAY NASSAU BAY HILTO SPRINGHILL SUITES BY MAR BAYTOWN SPRNG HOMEWOOD SUITES PLANO PLANO HOMEW COURTYARD MARKET CENTER DALLAS COURT LA QUINTA INN CAPITAL AUSTIN LAQUN HYATT PLACE FMR AMERISUI ADDISON HYATP NYLO LOFT HOTEL IRVING NYLO HOLIDAY EXPRESS DE SOTO HIEXP DOUBLETREE FMR HYATT/DBL HOUSTON DOUBL HOLIDAY INN ASTRODOME HOUSTON HOLID HOLIDAY EXPRESS PORTLAND HIEXP HILTON GARDEN INN FORT WORTH HILTG HYATT HOUSE SUITES FMR S DALLAS HYATH RESIDENCE INN 1604 EAST SAN ANTONI RESID RESIDENCE INN CLEARLAKE NASSAU BAY RESID HOMEWOOD SUITES BEAUMONT HOMEW HOMEWOOD WOODLANDS SHENA SHENANDOAH HOMEW

35 THE TOP 500 HOTELS OF 2ND QUARTER 2016 RANKED BY 2016 Hotel Name City Brand Zip Code Room Previous Current SHERATON CROWN HOTEL/MAX HOUSTON SHERA HOMEWOOD SUITES SAN ANTO SAN ANTONI HOMEW HAMPTON INN & SUITES I20 ARLINGTON HAMPT HAMPTON INN FORT WORTH HAMPT OMNI BARTON CREEK (EST 5 AUSTIN OMNI RESIDENCE INN LAS COLINA IRVING RESID SPRINGHILL SUITES DNT HOUSTON SPRNG HILTON GARDEN INN TYLER HILTG STAYBRIDGE SUITES WEBSTER STAYB THE WESTIN DFW FMR HARVE IRVING WESTN HOLIDAY EXPRESS FMR COMF DALLAS HIEXP HOMEWOOD SUITES CORPUS CHR HOMEW HAMPTON INN VAN HORN HAMPT DOUBLETREE LOVE FIELD FM DALLAS DOUBL INN ON BARONS CREEK FREDERICKS HILTON GARDEN INN FMR WI DALLAS HILTG ROYAL SONESTA FMR INTERC HOUSTON HILTON GARDEN LAS COLINA IRVING HILTG HILTON GARDEN INN ADDISON HILTG HAMPTON INN & SUITES DE SOTO HAMPT HOMEWOOD SUITES BY HILTO HOUSTON HOMEW HAMPTON INN & SUITES FORT WORTH HAMPT HAMPTON INN & SUITES GEORGETOWN HAMPT HYATT PLACE FMR AMERISUI PLANO HYATP HAMPTON INN FORT STOCK HAMPT RESIDENCE INN AMARILLO RESID HOLIDAY EXPRESS & SUITES LAKEWAY HIEXP BEST WESTERN PLUS LAKE J LAKE JACKS BWEST BEST WESTERN PLAZA MED C HOUSTON BWEST STAYBRIDGE SUITES IRVING STAYB HILTON GARDEN INN LEWISVILLE HILTG DOUBLETREE EMILY MORGAN SAN ANTONI DOUBL STAYBRIDGE SUITES COLLEGE ST STAYB HAMPTON INN & SUITES ARLINGTON HAMPT DOUBLETREE HOTEL FMR CLU FARMERS BR DOUBL HILTON GARDEN INN CORPUS CHR HILTG COURTYARD BY MARRIOTT KINGWOOD COURT RESIDENCE INN KATY RESID HAMPTON INN LUBBOCK HAMPT

36 THE TOP 500 HOTELS OF 2ND QUARTER 2016 RANKED BY Hotel Name City Brand Zip Code Room Previous Current HOME 2 SUITES SAN ANTONI HOME COURTYARD BY MARRIOTT HOUSTON COURT HOTEL GRANDUCA AUSTIN X.STE HOMEWOOD SUITES CLEARLAN NASSAU BAY HOMEW COURTYARD BY MARRIOTT ALLEN COURT HOME2 SUITES BY HILTON LUBBOCK HOME STAYBRIDGE SUITES AIRPOR AUSTIN STAYB ISLAND HOUSE COUNCIL CORPUS CHR MARRIOTT EL PASO EL PASO MARRT HILTON GARDEN INN DUNCANVILL HILTG HYATT PLACE FMR AMERISUI COLLEGE ST HYATP HYATT PLACE FMR ASPEN/AM IRVING HYATP HILTON GARDEN INN BEAUMONT HILTG HAMPTON INN I-35 NORTH AUSTIN HAMPT RV RANCH (37 COTTAGES, 2 BURLESON HOLIDAY EXPRESS FM 620 AUSTIN HIEXP HYATT REGENCY FMR RICHAR RICHARDSON HYATT COURTYARD AUSTIN NORTH P AUSTIN COURT HYATT REGENCY HOUSTON HOUSTON HYATT HAMPTON INN & SUITES LAK LEWISVILLE HAMPT OVERTON HOTEL & CONF CEN LUBBOCK RESIDENCE NORTHPARK DALLAS RESID SPRINGHILL FMR BEST WEST WOODWAY SPRNG COURTYARD BY MARRIOTT RICHARDSON COURT HAMPTON INN PECOS HAMPT HOMEWOOD SUITES HOUSTON HOMEW HOMEWOOD SUITES ADDISON HOMEW HOLIDAY INN FMR RADIS/HI AUSTIN HOLID BEST WESTERN FMR CLARION AUSTIN BWEST TOWNPLACE SUITES FMR MAI CLUTE TOWNP MARRIOTT HOTEL GREENSPOI HOUSTON MARRT HOMEWOOD SUITES BY HILTO COLLEGE ST HOMEW RESIDENCE INN AIRPORT 41 SAN ANTONI RESID HOMEWOOD SUITES LEWISVILLE HOMEW RESIDENCE INN HOUSTON RESID LA QUINTA INNS AND SUITE AUSTIN LAQUN FAIRFIELD INN & SUITES AUSTIN FAIRF HAMPTON INN FRISCO HAMPT SPRINGHILL SUITES 6/04 F HOUSTON SPRNG

37 THE TOP 500 HOTELS OF 2ND QUARTER 2016 RANKED BY 2016 Hotel Name City Brand Zip Code Room Previous Current COURTYARD AIRPORT SAN ANTONI COURT HILTON GARDEN INN EL PAS EL PASO HILTG SHERATON CONVENTION CTR ARLINGTON SHERA HAMPTON INN & SUITES BUDA HAMPT RESIDENCE INN LEWISVILLE LEWISVILLE RESID HYATT PLACE CREED BEND SUGAR LAND HYATP RESIDENCE MKT CTR DALLAS RESID HAMPTON INN & SUITES EL PASO HAMPT PLANTATION SUITES AND CO PORT ARANS HAMPTON INN & SUITES CORPUS CHR HAMPT HILTON GARDEN INN NEW BRAUNF HILTG ELEMENT HOUSTON VINTAGE HOUSTON ELEMT HAMPTON INN & SUITES EL PASO HAMPT SPRINGHILL FMR CLARION S DALLAS SPRNG BEST WESTERN SWISS CHALE PECOS BWEST BEST WESTERN INN & SUITE LEWISVILLE BWEST HOLIDAY INN DFW SOUTH FORT WORTH HOLID COURTYARD BY MARRIOTT LUBBOCK COURT HAMPTON INN LACY LAKEVIE BELLMEAD HAMPT HILTON GARDEN INN SUGAR LAND HILTG HOMEWOOD SUITES WESTCHAS HOUSTON HOMEW HOMEWOOD SUITES MIDLAND HOMEW SHERATON FMR HILTON FORT WORTH SHERA HAMPTON INN GALLERIA HOUSTON HAMPT HILTON GARDEN INN ROUND ROCK HILTG HAMPTON INN & SUITES SAN ANTONI HAMPT STAYBRIDGE AIRPORT/N STA SAN ANTONI STAYB HOLIDAY EXPRESS FORT WORTH HIEXP HAMPTON INN & SUITES SAN ANTONI HAMPT HOLIDAY INN WACO NW BELLMEAD HOLID HOME2 SUITES SAN ANTONI HOME HOLIDAY EXPRESS EL PASO HIEXP ALOFT FRISCO FRISCO ALOFT LAJITAS RESORT AND SPA LAJITAS HOLIDAY EXPRESS CEDAR PARK HIEXP HAMPTON INN & SUITES DFW FORT WORTH HAMPT RESIDENCE FOSSIL CREEK FORT WORTH RESID HYATT HOUSE SUITES FMR S RICHARDSON HYATH COURTYARD BY MARRIOTT ARLINGTON COURT

38 THE TOP 500 HOTELS OF 2ND QUARTER 2016 RANKED BY 2016 Hotel Name City Brand Zip Code Room Previous Current BEST WESTERN PLUS FMR PL EULESS BWEST COURTYARD BY MARRIOTT CORPUS CHR COURT COURTYARD BY MARRIOTT DF IRVING COURT HAMPTON INN ALAMO SAN ANTONI HAMPT DOUBLETREE BY HILTON THE WOODLA DOUBL TOWNE PLACE SUITES FORT WORTH TOWNP DOUBLETREE HOTEL DOWNTOW EL PASO DOUBL LA QUINTA INN & SUITES FREDERICKS LAQUN HOLIDAY EXPRESS ARLINGTON HIEXP HOLIDAY INN TOWN LAKE AUSTIN HOLID RESIDENCE INN GATEWAY W EL PASO RESID HAMPTON INN/HOMEWOOD SUI HOUSTON HAMPT DRURY SUITES--MCALLEN MCALLEN X.MIN HAMPTON INN AND SUITES ABILENE HAMPT HOLIDAY EXPRESS WACO HIEXP QUALITY INN & SUITES GALVESTON QUALY HOLIDAY EXPRESS HOTEL PECOS HIEXP ALOFT COLLEGE STATION COLLEGE ST ALOFT WACO HILTON WACO HILTO MARRIOTT PLAZA HOTEL SAN ANTONI MARRT HAMPTON INN CORPUS CHR HAMPT HOLIDAY INN EXPRESS & SU LUBBOCK HIEXP HILTON GARDEN INN HOUSTON HILTG HOLIDAY EXPRESS ORANGE HIEXP HILTON GARDEN INN DALLAS ALLEN HILTG HAMPTON INN & SUITES MANSFIELD HAMPT

39 Source Strategies, Inc. Endorsed by the Texas Hotel & Lodging Association SERVICES AVAILABLE FROM SOURCE STRATEGIES Feasibility Studies. Bankers trust Source s hotel feasibility studies (more than 100 generated by Source Strategies annually). Source is the recognized expert on hotel branding and its studies of proposed hotels are fast, accurate and inexpensive. Hotel Performance Factbook. Place every Texas hotel s revenue and occupancy numbers on your desk, hotel-by-hotel, and compared to last year. Sub-totals are calculated for every zip-code, city and metro. Factbooks are available with both 3-month/quarterly and 12-month data, and are mailed. Hotel Brand Report Newsletter. The ONLY source that tracks how each major brand is performing, as well as product and price segments. Learn which brands are winning! It also covers the latest performance of all the Texas metros. Published electronically every quarter. Data Service for Appraisers Source Strategies provides comprehensive histories of Metro areas, market sectors and subject properties for revenue line development. Data available from 1980 to present. See a sample on our website. Legal Services Comprehensive lodging research and Expert Witness Testimony Specialists on the effects of each hotel brand to income and value. Excellent projections. The ability to determine Business Value of your brand and hotel. We have the records of what happens to revenue when brands change.and so the intangible value of each brand. Over time, this developing product could revolutionize real estate valuation. See the Appraisal Journal of the Appraisal Institute: New Option in Hotel Appraisal: Quantifying the Revenue Enhancement Value of Hotel Brands. Summer Call or check out our website: SourceStrategies.Org 39

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