Billings Area COC. For the Month of December 2010 Date Created: Jan 18, 2011

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1 1 United Kingdom United States Blue Fin Building 735 East Main Street 110 Southwark Street Hendersonville London SE1 0TA TN Phone: +44 (0) Phone: +1 (615) Fax: +44 (0) Fax: +1 (615) For the Month of December Date Created: Jan 18, 2011 Tab Table of Contents 1 Trend Billings Area 2 Response Billings Area 3 Multi-Segment Select Cities 4 Help 5

2 Tab 2 - Trend Billings Area For the Month of December Monthly Percent Change Overall Percent Change Currency: USD - US Dollar Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Occupancy ADR RevPAR Occupancy ADR RevPAR Occupancy (%) Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec This Year Last Year Percent Change ADR Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec This Year Last Year Percent Change RevPAR Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec This Year Last Year Percent Change Supply Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec This Year 123, , , , , , , , , , , , , , , , , ,783 1,428,287 1,457,445 1,457,445 1,428,287 1,457,445 1,457,445 Last Year 120, , , , , , , , , , , , , , , , , ,783 1,342,996 1,428,287 1,457,445 1,342,996 1,428,287 1,457,445 Percent Change Demand Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec This Year 89,405 92,208 74,029 64,792 48,705 48,767 48,227 58,022 67,386 65,095 75,906 87,194 95,471 99,408 81,767 71,214 57,878 50, , , , , , ,699 Last Year 89,801 95,128 72,790 71,148 53,541 51,239 52,546 58,518 66,188 69,934 75,879 85,997 89,405 92,208 74,029 64,792 48,705 48, , , , , , ,968 Percent Change Revenue Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec This Year 7,013,114 7,350,916 5,576,332 4,710,890 3,380,709 3,379,439 3,314,440 4,156,750 4,801,851 4,814,832 5,540,494 6,740,853 7,589,192 8,102,534 6,145,922 5,195,079 4,163,289 3,473,185 63,123,571 60,808,930 64,038,421 63,123,571 60,808,930 64,038,421 Last Year 7,143,373 7,911,062 5,548,950 5,205,409 3,838,396 3,552,550 3,655,161 4,179,191 4,607,034 4,877,874 5,498,244 6,580,026 7,013,114 7,350,916 5,576,332 4,710,890 3,380,709 3,379,439 62,821,423 63,123,571 60,808,930 62,821,423 63,123,571 60,808,930 Percent Change Census % Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Census Props Census s % s Participants

3 Tab 3 - Response Billings Area For the Month of December 2008 STR Code Name of Establishment City & State Zip Code Aff Date Open Date s Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D BEST WESTERN Kelly Inn & Suites Billings, MT Dec 2006 Dec BEST WESTERN PLUS Clocktower Inn Billings, MT Jul Jun Big 5 Motel Billings, MT Sep Billings Hotel & Conv Center Billings, MT Aug 1998 Jun Y Cherry Tree Inn Billings, MT Jan 1967 Jan Closed - Independent Townhouse Motel Billings, MT Jun 1959 Jun Y Closed Howard Johnson Express Billings Billings, MT Jun 1993 Jun Y 2785 Closed The Historic Northern Hotel Billings, MT Sep 2005 Feb Y ClubHouse Billings Billings, MT Dec 2006 Jul Country Inn & Suites Billings Billings, MT Dec 2002 Dec Crowne Plaza Billings Billings, MT Aug 2006 Jun Days Inn Billings Billings, MT Mar 1990 Mar Y Dude Rancher Lodge Billings, MT Mar 1949 Mar Extended Stay America Billings West End Billings, MT Jul 2003 Jul Hampton Inn Billings Billings, MT Jun 2000 Jun Y Hilltop Inn Billings, MT Jun 1997 Jun Y Holiday Inn Express Lockwood Billings, MT Jun 2002 Jun Holiday Inn The Grand Montana Billings Billings, MT Nov 1972 Nov Howard Johnson Express Billings Billings, MT Dec Jun Kelly Inn Billings, MT Lazy KT Motel Billings, MT Jun 1937 Jun Lewis & Clark Inn Billings, MT Oct Motel 6 Billings Billings, MT May 1974 May Motel 6 Billings Billings, MT May Dec Parkway Motel Billings, MT Jun 1956 Jun Picture Court Motel Billings, MT Jun 1950 Jun Rimrock Inn Billings, MT Jun 1939 Jun Y Rimview Inn Billings, MT Jun 1975 Jun Riverstone Billings Inn Billings, MT Feb 1986 Feb Rodeway Inn Billings Billings, MT Oct Jun Sleep Inn Billings Billings, MT Jun 1995 Jun Super 8 Billings Billings, MT Feb 1982 Feb The Vegas Motel Billings, MT Jun 1960 Jun Y 7384 Travel West Inn Billings, MT Feb 1997 Jun War Bonnet Inn Billings, MT Jun 1971 Jun Closed Overpass Motel Billings, MT Jun 1955 Jun Y Cmon Inn Billings, MT May 1995 May Comfort Inn Billings Billings, MT Jul 1992 Jul Fairfield Inn Billings Billings, MT Mar 1993 Mar Hampton Inn Suites Billings West I 90 Billings, MT Dec 2008 Dec Hilton Garden Inn Billings Billings, MT Jan 2008 Jan La Quinta Inn & Suites Billings Billings, MT Dec 2006 Dec Quality Inn Homestead Park Billings Billings, MT Oct 1986 Oct Residence Inn Billings Billings, MT Sep 2007 Sep Springhill Suites Billings Billings, MT Sep 2004 Sep The Big Horn Resort Billings, MT Dec Aug Western Executive Inn Billings, MT Oct 2003 Oct Boothill Inn & Suites Billings, MT Sep 2000 Sep Closed Airport Metra Inn Billings, MT Y Heights Inn Motel Billings, MT Jun 1980 Jun Total Properties: Monthly data received by STR - Monthly and daily data received by STR Blank - No data received by STR Y - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report

4 Tab 4 - Multi-Segment Select Cities Currency: USD - US Dollar For the month of: December Current Month - December vs December Year to Date - December vs December Participation Occ % ADR RevPAR Occ ADR RevPAR Percent Change from December Occ % ADR RevPAR Percent Change from YTD Rev Avail Sold Occ ADR RevPAR Rev Avail Sold Census Sample Census Sample Albuquerque, NM Billings Area, MT Bismarck, ND Bozeman, MT Fayetteville/Springdale MSA Great Falls, MT Helena, MT Madison, WI Missoula, MT Rapid City, SD Sioux Falls, SD Springfield, MO Properties s

5 Tab 5 - Help All data is processed by STR using both the current and historical sampling of hotels. For further questions about the methodology used to produce our reports, please info@str.com. Average Daily Rate (ADR) revenue divided by rooms sold. The currency used to express ADR is shown on each report. Census (properties and rooms) The number of properties and rooms that exist in our database for the area(s) or segment(s) shown on the report. Country A geographic area that has internationally recognized boundaries, an organized economy, and a sovereign government with external recognition. It is typically recognized by the International Organization for Standardization (ISO). Demand (s Sold) The number of rooms sold or rented (excludes complimentary rooms). Exchange Rate The factor used to convert revenue from U.S. Dollars to the local currency. The exchange rate data is obtained from Oanda.com. Any aggregated number in the report (YTD, Running 3 month, Running 12 month) uses the exchange rate of each relative month when calculating the data. Market A geographic area within a country. Markets are defined by STR and STR Global. Occupancy (Occ) s sold divided by rooms available multiplied by 100. Occupancy is always expressed as a percentage of rooms occupied. Percent Change Amount of growth - up, flat, or down - this period versus same period last year (month or year-to-date). Calculated as ((TY - LY) / LY) * 100. Revenue ( Revenue) Total room revenue generated from the sale or rental of rooms. Revenue Per Available (RevPAR) revenue divided by rooms available. Sample The number of hotels and rooms from which data is received. Sub-Market A geographic sub-area within a Market. Sub-markets are defined by STR and STR Global. Supply (s Available) The number of rooms times the number of days in the period. Twelve Month Moving Average Measures (Occ, ADR, RevPAR, Supply, Demand, Revenue) are calculated using the sum of the values of the given month and of the preceding eleven months. WD (Weekday) Average of Sunday through Thursday

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