Source Strategies, Inc. METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES. By Paul Vaughn, Source Strategies, Inc.

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1 Hotel Source Strategies, Inc. BRAND BRAND Report Hotel Industry Performance Results August 2017 Issue 130 2nd Quarter 2017 Metro Growth Slows as Oil Patch Demand Increases Page 1 Metros Compared 2nd Quarter P. 13 Year of P. 14 Quarter Brand Performance Higher Priced Brands - P. 15 Mid-to-Low Priced Brands - P. 17 Annual Brand Performance Higher Priced Brands - P. 19 Mid-to-Low Priced Brands - P. 21 Best of the 2nd Quarter: The Top 500 Hotels ed by P. 23 Services From Source Strategies P. 37 METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES By Paul Vaughn, Source Strategies, Inc. ROOM REVENUES UP SLIGHT 0.9% STATEWIDE! Total Texas lodging room revenues were $2.741 billion in the Second Quarter, up from $2.715 billion last year. The 0.9% revenue gain compares to the 5.8% gain in the First Quarter and shows a significant cooling of growth in the market. Revenue growth was only 0.6% in calendar year 2016 and 3.3% in In the Second Quarter, Non- Oil & Gas areas of the state increased 1.5% from a year ago. The Oil & Gas areas of the state increased a tepid 0.2% from a year ago. Rural areas of the oil patch along with Midland/ Odessa, Victoria and San Angelo were strong, but Houston s declines offset those gains in the overall Oil & Gas area numbers. REAL LODGING GROWTH UP 1.7%, SLOWING FROM THE FIRST QUARTER. Second Quarter room-nights sold increased 1.7% from the Second Quarter of For the quarter, demand in Oil & Gas areas (O&G) increased a healthy 3.3%, while the balance of Texas increased by only 0.5%. Accurate Tax-based Performance Data from all Texas Hotels, representing 8% of the U.S. market

2 METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES DECLINED 2.6% FROM 2Q Revenue Per Available Room fell 2.6% from Second Quarter 2016, with a 1.2 point decrease in occupancy and sliding room rates (down 0.8%). Oil & Gas areas saw the biggest decline with falling 3.9%, while the balance of Texas lost 1.5%. SECOND QUARTER OCCUPANCY 64.9%. Second Quarter occupancy was 64.9%, down 1.2 points from the Second Quarter of Second Quarter occupancy in non-o&g areas of Texas was 67.5%, down 1.7 points from a year ago. In Oil & Gas areas, occupancy declined 0.6 points to 62%. Statewide annual occupancy in 2016 was 65.2%, 64.9% in 2015, 65.9% in 2014 and 63.8% in LODGING SUPPLY GROWTH CONTINUES TO SURPASS DEMAND GAINS. Second Quarter net room supply grew by 3.6% over the Second Quarter of With real demand growth increasing only 1.7%, supply continues to exceed demand leading to declines in occupancy. Supply gained 3% annually in 2016, 2.4% in 2015, and 1.6% in REVENUE GROWTH COOLS After the strong growth of the First Quarter (up 5.8%), revenue growth cooled significantly to just 0.9%. Oil & Gas areas of the state saw revenues increase a mere 0.2% due to a 3% rate drop and a 3.3% increase in Room Nights Sold. Non-Oil & Gas areas of Texas saw revenues increase 1.5%. Gains in the Non-O&G areas were the product of a 0.5% increase in Room Nights Sold and rate increases of just 0.9%. 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. 2017, Source Strategies, Inc. Press quotation is encouraged with attribution. The Hotel Brand Report, Issue 130 is published by Source Strategies, Inc., 134 Laurel Heights Place, San Antonio, Texas The Hotel Brand Report is published quarterly in February, May, August and November. 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 SourceStrategies.org for more information. 2

3 After the strong growth of the First Quarter (up 5.8%), revenue growth cooled significantly to just 0.9%. Oil & Gas areas of the state saw revenues increase a mere 0.2% due CHANGES to a 3% rate VS drop YEAR and AGO a 3.3% increase in Room Nights Sold. Non-Oil & Gas areas of Texas Second saw Quarter revenues revenue increase growth 1.5%. of 0.9% Gains was in the positive but substantially less than the First Non-O&G Quarter. These areas results were the were product driven of by a a 0.5% 0.8% increase ADR drop in Room and a weak Nights 1.7% Sold demand rate increase. increases of fell just 2.6% 0.9%. erasing the gains of the previous quarter. METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES Percentage Change Vs Year Ago Percentage NOTABLE Change DEVELOPMENTS Vs Year Ago erasing the Room San Antonio s Room revenues Rooms gains of rose % the 5.1% previous $ to lead quarter. $ the five major metros. Rev $ Revenues Sold OCC in non-metro Price areas of Texas increased 11.1%, NOTABLE driven DEVELOPMENTS by higher oil patch activity. Killeen/Temple, San Antonio s Waco, Brownsville/ revenues rose 5.1% to lead the five major metros. Revenues in non-metro Harlingen, Abilene areas and of Longview Texas increased also saw 11.1%, healthy driven revenue by higher increases. oil patch activity. Killeen/Temple, Waco, Brownsville/Harlingen, Abilene and Longview also saw healthy revenue increases. Year Room Supply Room Rev $ Rooms Sold % OCC $ Price $ st Q ' Supply 2nd Q ' Second Quarter 2017 Second Quarter 2017 Total Revenue (000s) Total Revenue (000s) Metropolitan 5.8 Areas % 4.0 Market 2.7 Metropolitan Areas % 2016 Market % 2017 Change %% Change Occ $ % ADR Occ $ ADR Dallas-Ft Worth-Arlington Dallas-Ft Worth-Arlington 28.2% $788, % $773,652 $788,200 $773, % 70.0% -1.8% $ % $ $76.23 $76.23 he five Houston-Baytown-Sugarland major metros. Houston-Baytown-Sugarland Revenues in non-metro 20.8% $598, % $570,003 $598,311 $570, % 62.2% -4.7% $ % $ $66.39 $66.39 her oil Austin-Round patch activity. Rock Killeen/Temple, Austin-Round Rock 13.2% Waco, $351, % $361,743 $351,627 $361, % 76.6% 2.9% $ % $ $ $ w also saw San Antonio healthy revenue San Antonio increases. 12.3% $321, % $337,915 $321,445 $337, % 65.1% $ % $ $77.48 $77.48 Non-Metro Areas 7.9% $194,773 $216, % 57.8% $81.05 $46.85 Non-Metro Areas 7.9% $194,773 $216, % 57.8% $81.05 $46.85 tal Revenue Corpus Christi 2.8% $79,395 $78, % 62.1% $ $65.82 Corpus (000s) Christi 2.8% $79,395 $78, % 62.1% $ $65.82 Midland & Odessa 1.7% $31,593 $46, % 60.5% $ $ Midland 2017 & Odessa % Change % Occ $ ADR 1.7% $31,593 $46, % 60.5% $ $64.86 Balance of Texas 13.0% $350,223 $356, % 61.2% $81.36 $49.79,200 Balance $773,652 of Texas -1.8% 70.0% $ % $350,223 $76.23 $356, % 61.2% $81.36 $49.79 Total State of Texas 100.0% $2,715,567 $2,741, % 64.9% $ $68.28,311 $570, % 62.2% $ $66.39 Total State of Texas 100.0% $2,715,567 $2,741, % 64.9% $ $68.28,627 $361, % OIL & 76.6% GAS AREAS $ (100 $ counties) 2nd QUARTER 2017 ROOM ROOM,445 $337, % (% CHANGE) NIGHTS REVENUES showed 65.1% a 0.2% $ gain in revenues. $77.48 OIL & GAS COUNTIES,773 OIL $216,403 & GAS AREAS 11.1% These (100 increases 57.8% counties) were $81.05 led by $46.85 Odessa (up Texas Market (Includes Harris Share County) by Metro 3.3% 0.2% showed a 0.2% gain 63.4%), in revenues. Midland (up These 38.2%) and Victoria (up BALANCE OF TEXAS 0.5% 1.5%,395 $78, % 62.1% $ $65.82 Houston-Baytown-Sugarland increases were led 18.5%). by Odessa Houston (up 63.4%), revenues fell 4.8%, offsetting the gains in other areas.,593 $46, % 60.5% $ $64.86 Dallas-Ft Worth-Arlington Midland (up 38.2%) and Victoria (up 18.5%).,223 Houston $356,696 revenues 1.8% fell 4.8%, 61.2% offsetting Comprehensive $81.36 the analysis $49.79 can be examined and downloaded at sourcestrategies.org,567 gains $2,741,314 in other areas. 0.9% 64.9% $ $ nd QUARTER 2017 ROOM ROOM (% CHANGE) NIGHTS REVENUES OIL & GAS COUNTIES (Includes Harris County) 3.3% 0.2% BALANCE OF TEXAS 0.5% 1.5% g the gains in other areas. Balance of Texas ined and downloaded at sourcestrategies.org 055, San Antonio, TX (210) Midland & Odessa Corpus Christi Non-Metro Areas San Antonio Austin-Round Rock

4 METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES SUITES AND EXTENDED STAY TREAD WATER WHILE OTHERS LOSE GROUND Nearly all brand segments lost ground with falling Occupancy and. The largest falloff of revenues was in the Luxury segment, down 3.4% from the Second Quarter of Revenues were up for Suites, Mini-Suites, Extended Stay and Limited Service/Midscales. Only the Extended Stay and Budget segments saw an increase in Occupancy. rose by a mere 0.3% for the Extended Stay segment, with every other brand segment taking a hit. While room revenues may have been up in the Suites segment, dropped significantly, down 6.4%. Also, Mid/Upscales dropped a notable 5.8%. Market Share by Segment Suites, 9.5% Mid/Upscales, 15.8% Upscale, 17.1% The largest supply additions were among Limited Service/Midscale (3,700 net new rooms), Mid/Upscale (3,200 new rooms) and Suites (2,400 new rooms) segments. Luxury, 4.3% Mini-Suites, 6.7% Independent hotels saw revenues increase 5.4%. While rates remained flat, occupancy was up 1.3 points and jumped 2.2% Independents, 15.4% Budget, 7.5% Extended Stay, 3.3% L.S./Midscales, 20.3% Segments Hotels Luxury , % 4.3% % % Upscale , % 17.1% % % Suites , % 9.5% % % Mid/Upscales , % 15.8% % % Mini-Suites , % 6.7% % % L.S./Midscales 1, , % 20.3% % % Extended Stay , % 3.3% % % Budget , % 7.5% % % Total Brands 3, ,319,156 Segment Performance - Second Quarter 2017 Rooms (000s) Chg (000s) $ Room Revenues % Chg % Mkt % Occ Independents 1, , % 15.4% % % Occ Point Chg Rate Chg $ % Chg Total Market 1, , % 100% % % 4

5 METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES OIL & GAS AREAS (O&G) SEE INCREASING DEMAND In the Second quarter, revenues in the top 100 oil and gas production areas (O&G counties) were overall flat versus a year ago, up just 0.2% (this after the 5.7% increase last quarter). The balance of the state saw a 1.5% improvement in revenues in the Second quarter. O&G areas accounted for 41% of room revenues in Texas in the Second quarter, up from 34% in the First quarter. Room supply still increased at a greater rate in the Oil & Gas areas than in the rest of the state, O&G (-3.9%) and rates (-3%) fell, but the demand increased, up 3.3%, and is a positive indicator of a recovery in the oil patch. Drilling into the numbers indicates strong demand growth in Odessa, Midland and Victoria; but this was offset in the overall numbers by the weakness of the Houston market. Here is the comparison of the oil-related market area including Harris County, compared to the non O&G areas, and the effect of both on total Texas results for the Second quarter: OIL & GAS AREAS* HTL Second Quarter 2017 Rooms (000s) Est. RNS (000s) $ Amount (000s) Est. %OCC Est $ Rate $ ,584 1,139, ,215 1,136, % CHANGE 4.3% 3.3% 0.2% -1.0% -3.0% -3.9% NON OIL AREAS ,470 1,602, ,394 1,578, % CHANGE 3.1% 0.5% 1.5% -2.5% 0.9% -1.5% TOTAL TEXAS ,054 2,741, ,609 2,715, % CHANGE 3.6% 1.7% 0.9% -1.8% -0.8% -2.6% *includes Harris & Tarrant Counties ROOM-NIGHT DEMAND CONTINUES CLIMB! This is the second quarter in a row with positive demand growth as measured by Room Nights Sold (RNS). A 3.3% increase this quarter along with 1.8% bump in the First quarter continues the positive oil patch indicators. 5

6 METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES THE FIVE LARGEST METRO AREAS Austin-Round Rock room-nights sold rose 2.5% in the Second quarter of 2017, remaining the healthiest market in Texas. With a rate increase of 0.3%. rising roomnight volume caused room revenues to rise 2.9% to $362 million,. Occupancy slipped 2.5 points to 76.6%, still a very high level. Net room supply increased 5.8% (2,000 rooms). Austin remains an undersupplied market with investment in new room supply likely in the near term. In 2016, Austin-Round Rock room-nights sold gained 4.6% in 2016, cooling from the previous year s rapid increase of 9.1%. With an 3.3% increase in hotel rates, metro revenues gained 8% to $1.298 billion. Annual occupancy fell 1.2 points to a still robust 74.8%. Room supply rose 6.1% (+2,000 net rooms); outpacing the real demand increase of 4.6%, depressing occupancy rates slightly. Houston-Baytown-Sugar Land room-nights sold volume reversed losses of last year, and gained a modest 1.9% in the Second quarter of However, room revenues declined, by -4.7%, to $570 million, because of an average price decrease of 6.5%. Occupancy fell 2 points, to 62.2%, just above the long-term state average level. Metro room supply rose by 5.2% (4,700 net rooms). Without a recovery of oil prices, probably to the mid-fifties per barrel, this Oil & Gas dependent market is currently moderately oversupplied. In the year of 2016, Houston-Baytown-Sugar Land room-nights sold volume continued their losses of 2015, and were down 2.4% in Clearly, this is due to continuing weakness in the oil and gas industry in Texas. Revenues fell 6.1%, to $2.158 billion, due average price decreases of 3.8%. Occupancy fell significantly, down 4.9 points, to 61.1%. Metro room supply rose by 5.5% (4,700 net rooms). In the year of 2015, Houston room revenues gained a mere 0.5% and room-nights sold fell 1.3%, affected by the 50% drop in oil prices from the previous year. Ft. Worth-Arlington Metropolitan Division room-nights sold rose just 0.8% in the Second quarter of With rates dropping, at -0.5%, total room revenues increase slightly, by 0.4%, to $240 million. Occupancy dropped 1.9 points, to 65.1%. Room supply increased by 3.6% (1,200 rooms). This market seems to show a good balance between supply and demand. In the year of 2016, the Ft. Worth-Arlington Metropolitan Division room-nights sold rose 3.6% in 2016, slowing from Rates rose 5.1%, causing revenues to increase 3.6%, to $881.6 million. Occupancy rose 1.1 points, to 68.1%. Room supply increased by 1.8% (600 rooms). 6

7 METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES Dallas Metropolitan Division room-nights sold dropped by 3.5% in the Second quarter of 2017, while rates improved just 0.7%. As a result, room revenues declined by -2.8%, to $534 million. Occupancy eroded 4.2 points, but was still at the high level of 72.2%. Net room supply increased by only 2.1% (1,600 rooms). Even with its slowdown, Dallas remains an undersupplied market with room additions both needed and likely in the near term; however, real demand declines in future periods bear watching.. In 2016, Dallas room-nights sold rose 4.1% in 2016, while rates improved 4.2%. As a result, revenues rose a strong 8.6% to $2.042 billion, and occupancy gained 1.3 points, to 71.7%. Net room supply increased by only 2.2% (1,600 rooms). San Antonio metro room-nights sold room-nights sold edged higher, by 1.1%, in the Second quarter of As rate increases were up an aggressive 3.9%, total room revenues rose 5.1% to $338 million. Occupancy eroded -0.8 points, to 65%. Room supply increased by 2.4% (1,100 rooms). This market now seems to be at a sustainable level between supply and demand. In the calendar year of 2016, the San Antonio metro room-nights sold grew by 1.7%, a turnaround from the previous year. Room revenues increased by 3.4%, to $1.2 billion based on a 1.7% price increase. Annual occupancy shrunk 0.7 points to 62.5%. Net supply grew 2.6% (1,200 net rooms), to 46,900 rooms. San Antonio's marketshare as a percentage of total state lodging revenues has eroded over the last twenty years as shown in the graph below. Marketshare was almost 14% back in 2003 before falling to 11.7% in The share has bounced back to the current 12.3% 14.0% San Antonio % Marketshare of Texas by Year 13.5% 13.0% 12.5% 12.0% 11.5%

8 METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES OCCUPANCY In the Second quarter of 2017, occupancy averaged 64.9%, only slightly below the annualized occupancy of 2016, and still well above the long term state average of 60%. 16 of the 27 Texas areas showed an increase in occupancy in the Second quarter versus last year. Nine areas exceeded the state occupancy average, including four of the five largest metros (Austin, Dallas, Fort Worth and San Antonio). Houston is still underperforming the state average. The biggest spikes in occupancy occurred Corpus Christi, Texarkana and Lubbock. The table below is sorted by Second quarter 2017 occupancy percentage; it shows the strength of the lodging markets in Austin/Round Rock, Waco and Dallas. Note that while revenues increased sharply in some of the Oil & Gas metros like Odessa, Midland and Victoria, occupancy did not increase as dramatically and actually fell in Midland. This points to an increasing demand and rising room rates. Year of st Q nd Q 2017 Metro Occ % $ Rev % Chg Occ % Pt. Chg $ Rev % Chg Occ % Pt. Chg $ Rev % Chg Austin-Round Rock % % % Waco % % % Dallas % % % Wichita Falls % % % Amarillo % % % Lubbock % % % Fort Worth-Arlington % % % Killeen-Temple-Fort Hood % % % San Antonio % % % STATE AVERAGE % % % College Station-Bryan % % % El Paso % % % Texarkana (TX) % % % Laredo % % % Corpus Christi % % % Houston-Baytown-Sugarland % % % Midland % % % Odessa % % % Abilene % % % Tyler % % % Non Metro % % % Brownsville-Harlingen % % % Victoria % % % Beaumont-Port Arthur % % % Longview % % % McAllen-Edinburg-Pharr % % % Sherman-Denison % % % San Angelo % % % 8

9 METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES Austin-Round Rock Waco Dallas Wichita Falls Amarillo Lubbock Killeen-Temple-Fort Hood San Antonio Fort Worth-Arlington State Average College Station-Bryan El Paso Texarka (TX) Laredo Corpus Christi Houston-Baytown-Sugarland Midland Odessa Abilene Tyler Non-Metro Areas Brownsville-Harlingen Victoria Beaumont-Port Arthur Longview McAllen-Edinburg-Pharr Sherman-Denison San Angelo Occupancy % Texas Metros: Second Quarter Occupancy % 9

10 METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES Austin-Round Rock Waco Dallas Wichita Falls Amarillo Lubbock Killeen-Temple-Fort Hood San Antonio Fort Worth-Arlington State Average College Station-Bryan El Paso Texarka (TX) Laredo Corpus Christi Houston-Baytown-Sugarland Midland Odessa Abilene Tyler Non-Metro Areas Brownsville-Harlingen Victoria Beaumont-Port Arthur Longview McAllen-Edinburg-Pharr Sherman-Denison San Angelo Occupancy % Texas Metros: Second Quarter Occupancy % 10

11 METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES Odessa Midland Victoria Non-Metro Areas Killeen-Temple-Fort Hood Longview Laredo Texarka (TX) Abilene Wichita Falls Waco San Angelo Brownsville-Harlingen San Antonio College Station-Bryan State Average Amarillo Tyler Fort Worth-Arlington Corpus Christi El Paso Houston-Baytown-Sugarland Austin-Round Rock Dallas Lubbock Beaumont-Port Arthur McAllen-Edinburg-Pharr Sherman-Denison Occupancy Change Percentage Texas Metros: Second Quarter % Change vs. Prior Year 11

12 METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES 600,000 Room Revenues by Segment Second Quarter ,000 Room Revenues ($000) 400, , , , Occupancy % by Segment Second Quarter Occupancy % State Average 64.9% Second Quarter 2017 First Quarter 2017

13 METROS COMPARED: 2ND QUARTER 2017 TEXAS HOTEL PERFORMANCE FACTBOOK 2nd Quarter Months Ending June 30, 2016 Compared to the 3 Months Ending June 30, 2017 Sorted by Metropolitan Statistical Area (MSA), by City and by Zipcode Estimated % Metro Rooms $ Room Revenues 1 $ADR Est 2 Occupancy 3 Pt. $ 4 Area %Chg 2017 %Chg Chg $Chg Abilene ,549,033 14,547, Amarillo ,207,729 29,463, Austin-R Ro ,627, ,742, Beaumt-PT A ,342,074 23,368, Browns/Harl ,587,573 37,917, ColSt-Bryan ,617,360 28,957, Corpus Chri ,395,265 78,115, Dallas MD ,340, ,899, El Paso ,303,114 43,595, Ft W-Arl MD ,859, ,752, Hou-Bay-Sug ,310, ,003, Kil-Tem-FtH ,360,129 22,006, Laredo ,161,559 15,572, Longview ,164,470 10,092, Lubbock ,240,005 29,170, McAl-Ed-Mi ,767,433 24,946, Midland ,163,059 26,486, Non-Metro ,773, ,403, Odessa ,430,201 20,300, San Angelo ,412,730 9,175, San Antonio ,444, ,914, Shermn/Deni ,777,836 5,684, Texarka(TX) ,881,420 6,393, Tyler ,594,041 13,778, Victoria ,256,971 9,765, Waco ,388,642 24,138, Wichita Fal ,609,762 8,123, TOTAL TEXAS ,715,567,251 2,741,313, Transient and non-taxed room revenues from Texas state Comptroller, with estimates for unreported or non-taxable revenues and for non-reporting properties. 2. ADR's from directories and SSI surveys. 3. Occupancy: nights sold divided by nights available (x 100); Roomnights sold = $ Revs/ADR. 4. $ Revenue per available room per day. Copyright (C) 2017 Source Strategies, Inc., San Antonio, TX. 8/9/2017. (210)

14 METROS COMPARED: YEAR ENDING JUNE 30, Metro Area Abilene Amarillo Austin-R Ro Beaumt-PT A Browns/Harl ColSt-Bryan Corpus Chri Dallas MD El Paso Ft W-Arl MD Hou-Bay-Sug Kil-Tem-FtH Laredo Longview Lubbock McAl-Ed-Mi Midland Non-Metro Odessa San Angelo San Antonio Shermn/Deni Texarka(TX) Tyler Victoria Waco Wichita Falls TEXAS HOTEL PERFORMANCE FACTBOOK 2nd Quarter 2017 Annual 12 Months Ending June 30, 2016 Compared to the 12 Months Ending June 30, 2017 Sorted by Metropolitan Statistical Area (MSA), by City and by Zipcode Est. % Rooms $ Room Revenues 1 $ADR Est 2 Occupancy 3 Pt. $ %Chg 2017 %Chg Chg $Chg 3,237 48,729,678 50,964, , ,966, ,861, ,697 1,265,252,018 1,334,108, ,077 88,639,186 90,455, , ,292, ,794, , ,084, ,879, , ,522, ,874, ,154 1,980,168,286 2,028,631, , ,777, ,475, , ,741, ,584, ,824 2,260,495,143 2,165,087, ,117 67,868,561 75,182, ,959 62,537,132 60,486, ,852 35,814,548 36,036, , ,952, ,283, , ,906, ,935, ,397 88,518,636 87,208, , ,479, ,970, ,737 60,166,061 61,955, ,694 32,128,560 31,985, ,089 1,180,719,954 1,245,141, ,556 19,560,951 20,424, ,687 24,722,793 23,806, ,308 49,095,628 49,929, ,565 33,272,949 34,103, ,985 75,360,342 84,409, ,011 30,665,865 31,774, TOTAL TEXAS 444,654 10,028,440,112 10,167,352, Transient and non-taxed room revenues from Texas state Comptroller, with estimates, if necessary, for unreported or non-taxable revenues and for non-reporting properties. 2. ADR's from directories and SSI surveys. 3. Occupancy: nights sold divided by nights available (x 100); Roomnights sold = $ Revs/ADR. 4. $ Revenue per available room per day. Copyright (C) 2017 Source Strategies, Inc., San Antonio, TX. 8/9/2017. (210)

15 HIGH-PRICED BRAND PERFORMANCE RESULTS Second Quarter 2017 [^=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 ^ %^ ^ ^ Four Seasons ,546 23, % Gaylord ,421 20, % JW Marriott ,039 49, % Ritz Carlton ,794 6, % W ,925 10, % Za Za ,658 8, % Luxury Segment , , % Hilton , , % Hyatt ,251 88, % Inter-Continental ,056 7, % Marriott , , % Omni ,125 63, % Renaissance ,928 20, % Westin ,434 60, % Upscale Segment , , % Embassy ,998 59, % Homewood ,580 53, % Hyatt House ,241 11, % Residence Inn ,242 69, % Staybridge ,198 30, % Other Suites ,848 35, % Suites Segment , , % Four Points ,538 7, % Aloft ,364 13, % Courtyard ,075 99, % Crowne Plaza ,830 18, % Doubletree ,540 48, % Hilton Garden ,033 69, % Holiday Inn ,190 54, % Hyatt Place ,427 35, % Radisson ,830 10, % Sheraton ,789 42, % Wyndahm ,187 22, % Other Mid/Upscale ,740 12, % Mid/Upscales , , % Mid-and L P Segments Mini-Suites , , % L.S./Midscales , , % Low Price Extended Sta ,976 89, % Budget Segment , , % Total Chains ,316,197 2,319, % Independents $100+ ADR , , % $60-$ , , % Under $ , , % Total Independents , , % Total Market ,715,567 2,741, % 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. 15

16 HIGH-PRICED BRAND PERFORMANCE RESULTS Second Quarter 2017 [^=Change from same quarter of prior year (absolute value unless marked percentage Brands/ % Occupancy 5 Est. $ ADR $ 6 Index 7 Segments ^ %^ ^ ^ 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 % 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 Sta % Budget Segment % Total Chains % Independents $100+ ADR % $60-$ % 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

17 MID/LOW-PRICED BRAND PERFORMANCE RESULTS Second Quarter 2017 [^=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 ^ %^ ^ ^ High-Priced Segments Luxury Segment , , % Upscale Segment , , % Suites Segment , , % Mid/Upscales , , % Candlewood ,625 34, % Comfort Suites ,959 40, % Hawthorn ,078 9, % Home2 Suites ,475 19, % Quality Suites % SpringHill ,905 41, % Townplace ,341 30, % Other Mini-Suites ,118 6, % Mini-Suites , , % Best Western ,762 73, % Country Inn & Suites ,316 11, % Comfort Inn ,772 22, % Drury Inn ,751 20, % Fairfield Inn ,622 43, % Hampton Inn , , % Holiday Express , , % La Quinta , , % Sleep Inn ,493 10, % Wingate ,477 7, % L.S./Midscales , , % Budget Stes America ,478 12, % Ext Stay America ,069 26, % Intown ,187 15, % Studio ,300 13, % Woodspring Suites ,065 15, % Other LP Ext St ,877 6, % Low Price Extended Stay ,976 89, % Baymont ,300 10, % Best Value ,522 14, % Days Inn ,114 28, % Econo Lodge ,733 7, % How. Johnson ,412 2, % Microtel ,681 7, % Motel ,098 43, % Quality Inn ,792 24, % Ramada Inn ,939 6, % Red Roof Inn ,671 13, % Rodeway ,470 4, % Super ,352 27, % Travelodge ,487 2, % Other Budgets ,079 14, % Budget Segment , , % Total Chains ,316,197 2,319, % Total Independents , , % Total Market ,715,567 2,741, % 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 MID/LOW-PRICED BRAND PERFORMANCE RESULTS Second Quarter 2017 [^=Change from same quarter of prior year (absolute value unless marked percentage)] Brands/ % Occupancy 5 Est. $ ADR $ 6 Index 7 Segments ^ %^ ^ ^ 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

19 HIGH-PRICED BRAND PERFORMANCE RESULTS Year Ending June 30, 2017 [^=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 ^ %^ ^ ^ Four Seasons ,624 91, % Gaylord ,425 91, % JW Marriott , , % Ritz Carlton ,792 24, % W ,472 40, % Za Za ,609 32, % Luxury Segment , , % Hilton , , % Hyatt , , % Inter-Continental ,777 28, % Marriott , , % Omni , , % Renaissance ,904 78, % Westin , , % Upscale Segment ,747,669 1,772, % Embassy , , % Homewood , , % Hyatt House ,436 42, % Residence Inn , , % Staybridge , , % Other Suites , , % Suites Segment , , % Points ,697 26, % Aloft ,193 46, % Courtyard , , % Crowne Plaza ,113 76, % Doubletree , , % Hilton Garden , , % Holiday Inn , , % Hyatt Place , , % Radisson ,806 38, % Sheraton , , % Wyndham ,158 83, % Other Mid/Upscales ,958 46, % Mid/Upscales ,600,861 1,626, % Mid-and-L P Segments Mini-Suites , , % L.S./Midscales 1, ,065,037 2,054, % Low Price Extended Stay , , % Budget Segment , , % Total Chains 3, ,607,439 8,678, % Independents $100+ ADR , , % $60-$ , , % Under $60 1, , , % Total Independents 1, ,421,001 1,489, % Total Market 4, ,028,440 10,167, % 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. 19

20 HIGH-PRICED BRAND PERFORMANCE RESULTS Year Ending June 30, 2017 [^=Change from prior year (absolute value unless marked percentage)] Brands/ % Occupancy 5 Est. $ ADR $ 6 Index 7 Segments ^ %^ ^ ^ 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 % 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 % $60-$ % 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

21 MID/LOW-PRICED BRAND PERFORMANCE RESULTS Year Ending June 30, 2017 [^=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 ^ %^ ^ ^ High-Priced Segments Luxury Segment , , % Upscale Segment ,747,669 1,772, % Suites Segment , , % Mid/Upscales ,600,861 1,626, % Candlewood , , % Comfort Suites , , % Hawthorn ,504 36, % Home2 Suites ,217 61, % Quality Suites ,760 2, % SpringHill , , % Townplace , , % Other Mini-Suites ,577 22, % Mini-Suites , , % Best Western , , % Country Inn & Suites ,870 44, % Comfort Inn ,170 88, % Drury Inn ,223 77, % Fairfield Inn , , % Hampton Inn , , % Holiday Express , , % La Quinta , , % Sleep Inn ,595 37, % Wingate ,646 26, % L.S./Midscales 1, ,065,037 2,054, % Budget Stes America ,780 50, % Ext Stay America , , % Intown ,688 58, % Studio ,782 50, % Woodspring Suites ,840 49, % Other LP Ext St ,008 31, % Low Price Extended Stay , , % Baymont ,730 36, % Best Value ,428 52, % Days Inn , , % Econo Lodge ,074 28, % How. Johnson ,166 11, % Microtel ,327 27, % Motel , , % Quality Inn ,686 88, % Ramada Inn ,744 28, % Red Roof Inn ,470 51, % Rodeway ,953 12, % Super , , % Travelodge ,215 8, % Other Budgets ,793 52, % Budget Segment , , % Total Chains 3, ,607,439 8,678, % Total Independents 1, ,421,001 1,489, % Total Market 4, ,028,440 10,167, % 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.

22 MID/LOW-PRICED BRAND PERFORMANCE RESULTS Year Ending June 30, 2017 [^=Change from prior year (absolute value unless marked percentage)] Brands/ % Occupancy 5 Est. $ ADR $ 6 Index 7 Segments ^ %^ ^ ^ 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 % Woodspring Suites % 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.

23 THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 23 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q Q RITZ-CARLTON MCKINNEY AV RITZ DALLAS FOUR SEASONS HOTEL FOURS AUSTIN HOTEL SAN JOSE AUSTIN W HOTEL W AUSTIN THE DRISKILL HOTEL AUSTIN WESTIN DOWNTOWN WESTN AUSTIN TRAVAASA EXPERIENTIAL AUSTIN SOUTH CONGRESS HOTEL AUSTIN HOTEL GRANDUCA GRAND HOUSTON ROUGH CREEK LODGE(EST) IREDELL HOTEL THE PEARL SAN ANTONIO THE JOULE A LUXURY COLLECT DALLAS ZA ZA ZA ZA DALLAS FOUR SEASONS RESORT & CLUB FOURS IRVING HOTEL VAN ZANDT AUSTIN MANSION OF TURTLE CREEK DALLAS INTER-CONTINENTAL STEPHEN INT-C AUSTIN JW MARRIOTT HOTEL JWMAR AUSTIN LAKE AUSTIN 33% AUSTIN GRAND HYATT DFW HYATT GRAPEVINE JW MARRIOTT HILL COUNTRY JWMAR SAN ANTONIO THE SAN LUIS HOTEL GALVESTON HOTEL ELLA AUSTIN MOKARA HOTEL & SPA SAN ANTONIO OMNI HOTEL AT FIC OMNI AUSTIN HYATT REGENCY RESORT & SPA HYATT LOST PINES HYATT PLACE DOWNTOWN HYATP AUSTIN HILTON CONVENTION CENTER HILTO AUSTIN HYATT REGENCY AUSTIN HYATT AUSTIN DOUBLETREE GUEST SUITES DBLST AUSTIN HAMPTON INN & SUITES HAMPT AUSTIN ST REGIS FMR RITZ HOUSTON LE MERIDIEN DALLAS COURTYARD BY MARRIOTT DNT COURT AUSTIN THE GAGE HOTEL MARATHON W DALLAS-VICTORY HOTEL W DALLAS HYATT MARKET ST HOTEL HYATT THE WOODLA JW MARRIOTT DOWNTOWN JWMAR HOUSTON RESIDENCE INN DOWNTOWN RESID AUSTIN HAMPTON INN & SUITES DNT HAMPT AUSTIN

24 THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 24 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q Q FRIO COUNTRY RESORT CONCAN ASHTON HOTEL FORT WORTH ARCHER HOTEL AUSTIN EMBASSY SUITES OF AUSTIN EMBAS AUSTIN WESTIN HOTEL AT DOMAIN WESTN AUSTIN ISLAND HOUSE COUNCIL CORPUS CHR HYATT REGENCY HILL COUNTRY HYATT SAN ANTONIO EMBASSY SUITES EMBAS FORT WORTH HILTON HOTEL SOUTHLAKE HILTO SOUTHLAKE LA CANTERA HILL COUNTRY SAN ANTONIO EMBASSY SUITES RIVERWALK EMBAS SAN ANTONIO HILTON GARDEN HILTG AUSTIN FRIO RIVER RESORTS CONCAN THE AUSTIN MOTEL AUSTIN HOUSTONIAN HOTEL HOUSTON MARRIOTT WATERWAY HOTEL MARRT THE WOODLA OMNI FORT WORTH HOTEL OMNI FORT WORTH THE WYNDHAM HOTEL GALVEZ WYNDH GALVESTON AT&T EXEC CONFERENCE CTR AUSTIN HOTEL CONTESSA X.STE SAN ANTONIO BEST WESTERN SWISS CHALET BWEST PECOS ROSEWOOD CRESCENT COURT DALLAS FOUR SEASONS HOTEL FOURS HOUSTON HOTEL ZA ZA FMR WARWICK ZA ZA HOUSTON THE LANCASTER HOTEL HOUSTON EMBASSY SUITES HUGHES LANE EMBAS THE WOODLA THE GALVESTONIAN GALVESTON MARRIOTT HORSESHOE BAY MARRT HORSESHOE HIGHLAND CURIO BY HILTON HILTO DALLAS EILAN HOTEL RESORT & SPA SAN ANTONIO HILTON GARDEN INN HILTG SOUTH PADRE OMNI LA MANSION DEL RIO OMNI SAN ANTONIO OMNI DALLAS HOTEL OMNI DALLAS BOARDWALK INN KEMAH GAYLORD TEXAS RESORT & CON GAYLO GRAPEVINE HAMPTON INN HAMPT PECOS SHERATON FMR MARRIOTT SHERA AUSTIN HOTEL INDIGO BAYLOR INDIG WACO WESTIN HOTEL BALL PARK WESTN HOUSTON KIMPTON HOTEL LUMEN DALLAS

25 THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 25 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q Q THE WESTIN RIVERWALK WESTN SAN ANTONIO WESTIN THE WOODLANDS WESTN THE WOODLA STOCKYARDS HOTEL FORT WORTH HOLIDAY INN ON THE BEACH HOLID GALVESTON DOUBLETREE HOTEL DOUBL AUSTIN HOTEL ICON HOUSTON EMBASSY SUITES AUSTIN EMBAS AUSTIN MARRIOTT MARQUIS MARRT HOUSTON DOUBLTREE HOTEL DOUBL GALVESTON RENAISSANCE WORTHINGTON RENAS FORT WORTH GALVESTON ISLAND HILTON HILTO GALVESTON WARWICK MELROSE HOTEL DALLAS HILTON PALACIO DEL RIO HILTO SAN ANTONIO MARRIOTT LEGACY MARRT PLANO YOGI BEAR JELLYSTONE PARK WALLER YOGI BEAR`S JELLYSTONE CANYON LAKE NEALS LODGES CAFE CONCAN HOLIDAY EXPRESS HOTEL HIEXP PECOS ALOFT DOMAIN ALOFT AUSTIN SPRINGHILL SUITES BY MARRIOT SPRNG BAYTOWN HOTEL GRANDUCA X.STE AUSTIN HILTON GARDEN INN HILTG GRAPEVINE HILTON CONVENTION CENTER HILTO FORT WORTH HILTON GARDEN INN DALLAS HILTG DALLAS HAMPTON INN HAMPT HOUSTON HOMEWOOD SUITES SAN ANTO HOMEW SAN ANTONIO RESIDENCE INN RESID FORT WORTH WESTIN HOTEL GALLERIA WESTN DALLAS MARRIOTT MED CTR MARRT HOUSTON HILTON PARK CITIES HILTO DALLAS HOTEL VALENCIA RIVERWALK SAN ANTONIO HOMEWOOD SUITES HOMEW GRAPEVINE HOTEL SORELLA HOUSTON HAMPTON INN & SUITES HAMPT FREDERICKS THE WESTIN DOWNTOWN WESTN DALLAS THE TREMONT HOUSE WYNDHA WYNDH GALVESTON HYATT PLACE STOCKYARDS HYATP FORT WORTH HOTEL SAINT GEORGE MARFA MARRIOTT RIVERWALK MARRT SAN ANTONIO HAMPTON INN/HOMEWOOD SUI HAMPT HOUSTON

26 THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 26 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q Q DRURY INN & SUITES RIVER DRURY SAN ANTONIO THE WESTIN MEMORIAL WESTN HOUSTON LONE STAR COURT AUSTIN HOMEWOOD SUITES - FT WOR HOMEW FORT WORTH LA QUINTA INN & SUITES LAQUN PECOS HYATT REGENCY RIVERWALK HYATT SAN ANTONIO JESSE JONES ROTARY HOUSE HOUSTON HABITAT SUITES HOTEL X.STE AUSTIN COURTYARD RIVERWALK COURT SAN ANTONIO HILTON AUSTIN AIRPORT HILTO AUSTIN BEST WESTERN OCEAN VILLA BWEST PORT ARANSAS NYLO HOTEL SOUTH SIDE NYLO DALLAS RADISSON HOTEL & SUITES RADIS AUSTIN RESIDENCE INN RESID GRAPEVINE RESIDENCE INN SIX PINES RESID THE WOODLA HOMEWOOD SUITES - FRISCO HOMEW FRISCO HOTEL INDIGO INDIG AUSTIN HILTON GARDEN INN HILTG THE WOODLA EMBASSY SUITE OUTDOOR WO EMBAS GRAPEVINE HOMEWOOD SUITES NW HOMEW AUSTIN WOODLANDS EXEC CENTER THE WOODLA MARRIOTT AUSTIN SOUTH MARRT AUSTIN ST ANTHONY STARWOOD LUXU SAN ANTONIO MARRIOTT RIVERCENTER MARRT SAN ANTONIO HILTON GARDEN INN HILTG FORT WORTH HAMPTON INN & SUITES HAMPT GRAPEVINE GRAND HYATT CONVENTION HYATT SAN ANTONIO WESTIN STONEBRIAR RESORT WESTN FRISCO HILTON HOTEL GRANITE PKW HILTO PLANO THE HARBOR HOUSE GALVESTON RENAISSANCE AUSTIN HOTEL RENAS AUSTIN DOUBLETREE EMILY MORGAN DOUBL SAN ANTONIO LA QUINTA INN & SUITES LAQUN SOUTH PADRE BEST WESTERN MONAHANS BWEST MONAHANS HOMEWOOD SUITES BY HILTON HOMEW WACO MARRIOTT CITY CTR MARRT DALLAS COMFORT SUITES COMFS PECOS TOWNEPLACE SUITES TECH TOWNP AUSTIN HOLIDAY EXPRESS HIEXP FORT WORTH EMBASSY SUITES HOUSTON EMBAS HOUSTON

27 THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 27 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q Q HOMEWOOD SUITES HOMEW AUSTIN HOLIDAY EXPRESS HIEXP AUSTIN THE FAIRMONT DALLAS HOTEL DALLAS EMBASSY SUITE LOVE FIELD EMBAS DALLAS HOME2 SUITES BY HILTON HOME2 AUSTIN FAIRFIELD INN & SUITES FAIRF PECOS ALDEN HOTEL FMR SAM HOUS HOUSTON MARRIOTT TOWN SQUARE MARRT SUGAR LAND HILTON ANATOLE HOTEL HILTO DALLAS MOODY GARDENS HOTEL GALVESTON COURTYARD BY MARRIOTT COURT GRAPEVINE HILTON BELLA HARBOR HILTO ROCKWALL RESIDENCE INN RESID ARLINGTON OMNI MANDALAY HOTEL OMNI IRVING HYATT PLACE HYATP SAN ANTONIO LA COPA INN RESORT SOUTH PADRE HOMEWOOD SUITES SOUTH HOMEW AUSTIN RESIDENCE INN BY MARRIOTT RESID AUSTIN HOMEWOOD SUITES - ROUND HOMEW ROUND ROCK EMBASSY SUITES GALLERIA EMBAS HOUSTON DRURY PLAZA RIVERWALK DRURY SAN ANTONIO RESIDENCE INN AUSTIN SOUTH RESID AUSTIN COURTYARD BY MARRIOTT COURT GALVESTON EMBASSY SUITES HOTEL 95 EMBAS CORPUS CHR HOMEWOOD SUITES HOMEW WICHITA FALLS EMBASSY SUITES ENERGY PLACE EMBAS HOUSTON COURTYARD BY MARRIOTT COURT FORT WORTH HOLIDAY INN RIVERWALK HOLID SAN ANTONIO RESIDENCE INN RESID WACO EMBASSY SUITES EMBAS LUBBOCK COURTYARD DOWNTOWN COURT LUBBOCK TOWNPLACE SUITES TOWNP CLUTE HILTON HOUSTON PLAZA HILTO HOUSTON SONESTA HOTEL BEE CAVE BEE CAVE HOMEWOOD SUITES DFW HOMEW IRVING OMNI SOUTHPARK OMNI AUSTIN EMBASSY SUITES FMR DOUBL EMBAS IRVING HILTON DFW HOTEL & EXEC HILTO GRAPEVINE PEARL HOTEL (FMR SHERATO SOUTH PADRE HOMEWOOD SUITES-PLANO HOMEW PLANO

28 THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 28 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q Q MARRIOTT HOTEL DFW AIRPO MARRT IRVING HAMPTON INN HAMPT AUSTIN HOMEWOOD SUITES -DOWNTOW HOMEW DALLAS WACO HILTON HILTO WACO COURTYARD BY MARRIOTT COURT NEW BRAUNF HYATT REGENCY DFW 00 HYATT GRAPEVINE GREAT WOLF:50% PKG REVS GRAPEVINE HAMPTON INN & SUITES 50 HAMPT AUSTIN HILTON AMERICAS CONVENTI HILTO HOUSTON EMBASSY SUITES EMBAS LAREDO HYATT HOUSE SUITES FMR S HYATH DALLAS HILTON GARDEN INN FRISCO HILTG FRISCO HYATT HOUSE SUITES HYATH IRVING HOME2 SUITES HOME2 SAN ANTONIO OMNI BAYFRONT OMNI CORPUS CHR HOLIDAY INN AIRPORT HOLID AUSTIN COURTYARD BLACKSTONE COURT FORT WORTH SOUTHERN INN & SUITES KERMIT PADRE SOUTH RESORT HOTEL SOUTH PADRE EMBASSY SUITES SAN MARCOS EMBAS SAN MARCOS HILTON POST OAK HILTO HOUSTON HYATT REGENCY DNTN HYATT DALLAS HAMPTON INN & SUITES HAMPT LAKEWAY BWEST SWISS INN OF PECOS BWEST PECOS COURTYARD BY MARRIOTT COURT IRVING COURTYARD BY MARRIOTT COURT AUSTIN ALOFT DALLAS DOWNTOWN DOUBL AUSTIN RESIDENCE INN DOMAIN RESID AUSTIN HOLIDAY EXPRESS & SUITES HIEXP AUSTIN COURTYARD BY MARRIOTT COURT AUSTIN RESIDENCE INN NW RESID AUSTIN MARRIOTT LAS COLINAS MARRT IRVING COURTYARD BY MARRIOTT COURT AMARILLO HOMEWOOD SUITES SEAWORLD HOMEW SAN ANTONIO RESIDENCE INN WOODLANDS RESID THE WOODLA RESIDENCE INN BY MARRIOTT RESID COLLEGE ST HAMPTON INN MARBLE FALLS HAMPT MARBLE FALLS DOUBLETREE HOTEL ALLEN CTR DOUBL HOUSTON MARRIOTT BUSH AIRPORT MARRT HOUSTON STAYBRIDGE AUSTIN NW STAYB AUSTIN

29 THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 29 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q Q HOLIDAY EXPRESS HIEXP PORT ARANSAS COOPER AEROBICS DALLAS HYATT PLACE DFW AIRPORT HYATP EULESS HYATT REGENCY GALLERIA HYATT HOUSTON HILTON HOTEL ARLINGTON HILTO ARLINGTON HOLIDAY EXPRESS HIEXP AUSTIN HOME2 SUITES HOME2 FRISCO HOME2 SUITES DFW N HOME2 IRVING EMBASSY SUITES HOTEL MAR EMBAS DALLAS ALOFT DALLAS DOWNTOWN ALOFT DALLAS HILTON GARDEN INN HILTG AUSTIN COURTYARD DOWNTOWN COURT HOUSTON HOLIDAY EXPRESS SUNSET V HIEXP AUSTIN RESIDENCE INN DFW AIRPOR RESID IRVING EXTENDED STAY AMERICA EXTSA AUSTIN HILTON COLLEGE STATION HILTO COLLEGE ST HILTON GARDEN INN ARLING HILTG ARLINGTON STAYBRIDGE SUITES STAYB MIDLAND HOLIDAY EXPRESS HIEXP MONAHANS HILTON GARDEN INN HILTG MIDLAND COURTYARD BY MARRIOTT COURT ARLINGTON DOUBLETREE HOTEL AUSTIN DOUBL AUSTIN HYATT PLACE I35 N HYATP AUSTIN EMBASSY SUITES EMBAS FRISCO SHERATON GRAND HOTEL SHERA IRVING TOWNEPLACE SUITES TOWNP GRAPEVINE HYATT PLACE HYATP IRVING STAYBRIDGE LAS COLINAS STAYB IRVING COURTYARD BY MARRIOTT COURT THE COLONY EMBASSY SUITES BY HILTON EMBAS MCALLEN HOMEWOOD SUITES HOMEW GALVESTON LA QUINTA INNS & SUITES LAQUN MARBLE FALLS SHERATON CONVENTION CTR SHERA ARLINGTON SCHLITTERBAHN RESORT NEW BRAUNF HAMPTON INN & SUITES HAMPT DE SOTO TAPATIO SPRINGS GOLF RES BOERNE LAJITAS RESORT AND SPA LAJITAS HAMPTON INN COMMERCE ST HAMPT DALLAS HOME2 SUITES HOME2 AMARILLO HOMEWOOD SUITES HOMEW MIDLAND

30 THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 30 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q Q COURTYARD- AUSTIN SOUTH COURT AUSTIN COURTYARD BY MARRIOTT COURT SAN ANTONIO MARRIOTT SOLANA MARRT WESTLAKE JW MARRIOTT 785 JWMAR HOUSTON HOTEL INDIGO DOWNTOWN (F INDIG EL PASO HOLIDAY EXPRESS HOTEL HIEXP AUSTIN RESIDENCE INN AUSTIN RESID AUSTIN HOLIDAY INN TOWN LAKE HOLID AUSTIN LAKEWAY INN RESORT & CON LAKEWAY SPRINGHILL SUITES SPRNG SAN ANTONIO HAMPTON INN & SUITES HAMPT DALLAS HAMPTON INN & SUITES HAMPT CLUTE HYATT PLACE ARBORETUM HYATP AUSTIN HILTON GARDEN INN HILTG SAN ANTONIO HAMPTON INN AUSTIN SOUTH HAMPT AUSTIN HAMPTON INN FMR AMARILLO HAMPT AMARILLO LA QUINTA INN CAPITAL LAQUN AUSTIN HOMEWOOD SUITES HOMEW ARLINGTON COURTYARD BY MARRIOTT COURT SAN ANTONIO HAMPTON INN & SUITES COL HAMPT COLLEYVILLE HILTON GARDEN INN DFW HILTG IRVING HOMEWOOD SUITES NEW BRAU HOMEW NEW BRAUNF HYATT PLACE DFW NORTH HYATP GRAPEVINE FAIRFIELD INN & SUITES FAIRF AMARILLO BASIN STATION - BIG BEND BIG BEND N HAMPTON INN & SUITES HAMPT PORT ARANSAS HOMEWOOD SUITES WILLOWBR HOMEW HOUSTON HAMPTON INN & SUITES HAMPT WACO SPRINGHILL SUITES SPRNG GRAPEVINE HYATT PLACE HOTEL HYATP THE WOODLA FAIRFIELD INN AUSTIN SOU FAIRF AUSTIN FAIRFIELD INN & SUITES FAIRF AUSTIN DOUBLETREE FMR WYNDHAM M DOUBL DALLAS HAMPTON INN AUSTIN NORTH HAMPT AUSTIN HOLIDAY INN EXPRESS HIEXP MIDLAND WYNDHAM MED CTR WYNDH HOUSTON HYATT HOUSE HYATH FRISCO OMNI RIVERWAY OMNI HOUSTON EMBASSY SUITES EMBAS DALLAS COURTYARD LEGACY PARK COURT PLANO

31 THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 31 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q Q RESIDENCE INN - ROUND RO RESID ROUND ROCK HILTON RESORT FMR RADIS HILTO SAN ANTONIO MARRIOTT DFW SOUTH MARRT FORT WORTH HOMEWOOD SUITES BY HILTON HOMEW SAN ANTONIO RESIDENCE INN 1604 EAST RESID SAN ANTONIO COURTYARD WOODLANDS COURT THE WOODLAN WESTIN OAKS HOUSTON WESTN HOUSTON SPRINGHILL SUITES MARRIO SPRNG AUSTIN STAYBRIDGE SUITES NORTH STAYB PLANO HOLIDAY EXPRESS HOTEL HIEXP GRAPEVINE HOLIDAY EXPRESS & SUITES HIEXP AMARILLO SLEEP INN & SUITES SLEEP DRIPPING S DOUBLETREE LOVE FIELD DOUBL DALLAS HOME2 SUITES HOME2 ROUND ROCK HAMPTON INN & SUITES HAMPT HOUSTON HAMPTON INN HAMPT KERRVILLE HILTON NASSAU BAY HILTO NASSAU BAY PORT ROYAL BY THE SEA RE PORT ARANSAS HYATT HOUSE SUITES HYATH AUSTIN RESIDENCE INN BY MARRIOT RESID SAN ANTONIO SPRINGHILL SUITES SPRNG AUSTIN HOMEWOOD SUITES HOMEW LUBBOCK HOLIDAY EXPRESS HIEXP WHARTON OMNI COLONNADE I-10W OMNI SAN ANTONIO HAMPTON INN ROCKWALL HAMPT ROCKWALL MARRIOTT PLAZA HOTEL MARRT SAN ANTONIO ISLA GRAND RESORT SOUTH PADRE HILTON GARDEN INN HILTG LUBBOCK HOMEWOOD SUITES HOMEW BEAUMONT RESIDENCE INN ALAMO RESID SAN ANTONIO RESIDENCE INN RESID RICHARDSON RESIDENCE INN AT CASCADE RESID THE COLONY THE WESTIN DFW WESTN IRVING DRURY INN AND SUITES DRURY AMARILLO RESIDENCE INN RESID ODESSA THE MAGNOLIA HOTEL DALLAS HOME2 SUITES COLLEGE STA HOME2 COLLEGE ST HILTON GARDEN INN HILTG AMARILLO FAIRFIELD INN S UNIVERSITY FAIRF FORT WORTH HOMEWOOD SUITES HOMEW SAN ANTONIO

32 THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 32 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q Q HILTON GARDEN INN HILTG RICHARDSON SPRINGHILL SUITES SPRNG SAN ANTONIO LA QUINTA INN CONVENTION LAQUN SAN ANTONIO HOMEWOOD SUITES HOMEW ALLEN HOMEWOOD SUITES MKT CTR HOMEW DALLAS SAND'N SEA PROPERTIES GALVESTON SPRINGHILL SUITES FMR AM SPRNG DALLAS BEST WESTERN PLUS LAKE J BWEST LAKE JACKSON ALOFT PLANO ALOFT PLANO QUALITY INN FMR HOLIDAY QUALY PECOS ELEMENT HOTEL ELEMT IRVING SCHLITTERBAHN RESORT AT NEW BRAUNF SPRINGHILL (FMR BEST WES SPRNG WOODWAY HOME 2 SUITES HOME2 AUSTIN HYATT HOUSE SUITES FMR S HYATH ADDISON HAMPTON INN & SUITES HAMPT MCKINNEY RESIDENCE INN RESID PLANO HILTON GARDEN INN HILTG ABILENE MICROTEL INN & SUITES MICRO PECOS MARRIOTT LA FRONTERA MARRT ROUND ROCK HYATT PLACE HYATP SAN ANTONIO HYATT PLACE MAC DAVIS HYATP LUBBOCK HAMPTON INN HAMPT FRISCO LE MERIDIEN X.STE DALLAS HAMPTON INN & SUITES HAMPT SAN ANTONIO TOWNE PLACE SUITES TOWNP FORT WORTH FAIRFIELD INN & SUITES FAIRF SAN ANTONIO OMNI AUSTIN HAMPTON INN ALAMO HAMPT SAN ANTONIO HOLIDAY EXPRESS LOOP 250 HIEXP MIDLAND THE ADOLPHUS HOTEL DALLAS RESIDENCE INN RESID ADDISON RESIDENCE INN - SANTA RO RESID SAN ANTONIO COURTYARD ALLIANCE AIRPO COURT FORT WORTH HOME2 SUITES HOME2 MIDLAND SHERATON STONEBRIAR HOTE SHERA FRISCO ALOFT HOUSTON GALLERIA ALOFT HOUSTON HOMEWOOD SUITES HOMEW ODESSA STAYBRIDGE SUITES STAYB IRVING MARRIOTT SUITES MARKET C X.STE DALLAS

33 THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 33 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q Q HAMPTON INN & SUITES HAMPT FRISCO HILTON GARDEN INN HILTG GRANBURY HOLIDAY EXPRESS EAST FWY HIEXP HOUSTON BEST WESTERN SUITES BWEST MIDLAND HAMPTON INN AND SUITES HAMPT PLANO HOME2 SUITES WACO HOME2 WACO HAMPTON INN & SUITES DFW HAMPT FORT WORTH RENAISSANCE DALLAS HOTEL RENAS DALLAS CAMPBELL CE DOUBL DALLAS LA QUINTA INNS AND SUITE LAQUN AUSTIN STAYBRIDGE SUITES GATEWA STAYB EL PASO THE LIGHT HOUSE INN ROCKPORT MARRIOTT GOLF RESORT (FM MARRT FORT WORTH RESIDENCE INN LEWISVILLE RESID LEWISVILLE HOLIDAY INN GULF BEACH R HOLID CORPUS CHR HAMPTON INN & SUITES HAMPT BOERNE RESIDENCE INN RESID HOUSTON HOLIDAY EXPRESS DOWNTOWN HIEXP HOUSTON COURTYARD BY MARRIOTT COURT MIDLAND COURTYARD BY MARRIOTT COURT ODESSA RESIDENCE INN AUSTIN RIV RESID AUSTIN DOUBLETREE GUEST SUITES DBLST HOUSTON HAMPTON INN HAMPT BAYTOWN HAMPTON INN HAMPT BROWNWOOD ALOFT LAS COLINAS ALOFT IRVING HAMPTON INN & SUITES HAMPT PORT ARTHUR THE MAGNOLIA HOTEL X.STE HOUSTON HILTON GARDEN INN HILTG ROUND ROCK RESIDENCE INN LAS COLINA RESID IRVING HILTON GARDEN INN HILTG LEWISVILLE COURTYARD BY MARRIOTT COURT ALLEN HOLIDAY EXPRESS & SUITES HIEXP FREDERICKS RESIDENCE INN CLEARLAKE RESID NASSAU BAY HYATT HOUSE FMR SUMMERFI HYATH DALLAS HAMPTON INN & SUITES HAMPT AUSTIN HOLIDAY EXPRESS HIEXP NORTHLAKE RESIDENCE INN MED CTR AS RESID HOUSTON SPRINGHILL SUITES SAN AN SPRNG SAN ANTONIO STAYBRIDGE SUITES STAYB COLLEGE ST HOLIDAY EXPRESS HIEXP WACO

34 THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 34 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q Q HOLIDAY INN HOLID KEMAH OMNI PARKWEST FMR DBLTRE OMNI FARMERS BR HAMPTON INN & SUITES HAMPT BUDA COMFORT SUITES COMFS GRAPEVINE LA QUINTA INN & SUITES LAQUN FREDERICKS STAYBRIDGE SUITES STAYB PLANO HOMEWOOD SUITES HOMEW CORPUS CHR COURTYARD LAS COLINAS COURT IRVING EMBASSY SUITES AIRPT/281 EMBAS SAN ANTONIO RESIDENCE INN SEA WORLD RESID SAN ANTONIO HOMEWOOD SUITES SAGE RD HOMEW HOUSTON RESIDENCE INN RESID ARLINGTON RESIDENCE INN (FMR HAWTH RESID FORT WORTH HAMPTON INN & SUITES HAMPT GEORGETOWN HOMEWOOD SUITES HOMEW KINGWOOD HILTON GARDEN INN HILTG TEMPLE RESIDENCE INN GALLERIA RESID HOUSTON COURTYARD NASSAU BAY COURT NASSAU BAY HAMPTON INN & SUITES HAMPT MIDLAND HAMPTON INN & SUITES LAK HAMPT LEWISVILLE HYATT PLACE FMR AMERISUI HYATP COLLEGE ST HYATT REGENCY HOUSTON HYATT HOUSTON HOLIDAY EXPRESS HIEXP AMARILLO QUALITY INN & SUITES QUALY GALVESTON HOLIDAY EXPRESS HOTEL HIEXP ODESSA HYATT PLACE FMR AMERISUI HYATP ARLINGTON HAMPTON INN AND SUITES HAMPT ABILENE BEST WESTERN PLUS BWEST FORT STOCK HILTON GARDEN INN HILTG BEAUMONT DAYS INN PORT ARANSAS DAYS PORT ARANSAS HAMPTON INN HAMPT FORT WORTH HOLIDAY EXPRESS GARTH RD HIEXP BAYTOWN GULFSTREAM COUNCIL OF CO CORPUS CHR HAMPTON INN ROUND ROCK HAMPT ROUND ROCK STAYBRIDGE SUITES SEAWOR STAYB SAN ANTONIO DOUBLETREE HOTEL FMR CLU DOUBL FARMERS BR HILTON LINCOLN CTR FMR D HILTO DALLAS HOLIDAY EXPRESS - BASS P HIEXP GARLAND WYNDHAM GARDEN RIVERWALK WYNDH SAN ANTONIO HOLIDAY EXPRESS & SUITES HIEXP CLUTE

35 THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 35 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q Q HAMPTON INN HAMPT ODESSA RENAISSANCE RICHARDSON RENAS RICHARDSON HOLIDAY EXPRESS HIEXP TERRELL SHERATON GUNTER HOTEL SHERA SAN ANTONIO NYLO LOFT HOTEL NYLO IRVING SPRINGHILL SUITES SPRNG PLANO TOWNPLACE SUITES TOWNP GALVESTON THE CROCKETT SAN ANTONIO TOWNPLACE SUITES N CAP TOWNP AUSTIN HOLIDAY EXPRESS HIEXP DE SOTO LA QUINTA INN & SUITES LAQUN MONAHANS BEST WESTERN CROWN CHASE BWEST DENTON HYATT PLACE HYATP ADDISON RESIDENCE INN WEST UNIVE RESID HOUSTON HILTON GARDEN INN HILTG ADDISON INDIGO HOTEL HOUSTON INDIG HOUSTON HILTON GARDEN INN HILTG FORT WORTH HOLIDAY EXPRESS HIEXP PORT LAVACA BEST WESTERN DFW BWEST IRVING PLANTATION SUITES AND CO PORT ARANSas HOLIDAY EXPRESS & SUITES HIEXP ALPINE HYATT PLACE HYATP PLANO CONRAD N HILTON UNIV HILTO HOUSTON COURTYARD BY MARRIOTT DF COURT IRVING SHERATON SUITES HOUSTON X.STE HOUSTON HILTON GARDEN INN ALLIAN HILTG FORT WORTH COURTYARD BY MARRIOTT COURT HOUSTON SPRINGHILL SUITES BY MAR SPRNG IRVING HYATT PLACE CREEK BEND HYATP SUGAR LAND HILTON GARDEN INN PEARLAND HILTG PEARLAND RESIDENCE INN RESID AMARILLO HILTON GARDEN INN HILTG EL PASO HYATT HOUSE - AUSTIN DNT HYATH AUSTIN HAMPTON INN & SUITES HAMPT HUNTSVILLE HOLIDAY EXPRESS I&S HIEXP COLLEGE ST HILTON GARDEN GALLERIA HILTG HOUSTON HOLIDAY INN FMR RADIS/HI HOLID AUSTIN COURTYARD BY MARRIOTT COURT WACO HAMPTON INN HAMPT FORT STOCK RESIDENCE INN GATEWAY W RESID EL PASO

36 THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q Q WYNDHAM GARDEN WOODWARD WYNDH AUSTIN GASTHAUS SCHMIDT FREDERICKS HILTON GARDEN INN HILTG NEW BRAUNF HILTON GARDEN INN GATEWA HILTG EL PASO LAKEWAY INN RESORT & CON LAKEWAY HOMEWOOD SUITES SAN ANTONIO HOMEW SAN ANTONIO

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