Florida Hotels. Q Market Report. Accelerating success.

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1 Q3 Florida Hotels Q Market Report Accelerating success.

2 Florida Transaction Trends Hotel transaction volume in Florida has declined substantially since its post-recession peak in Q1-Q Prior to the peak Florida hotel cap rates were as much as 90 bps below comparable transactions throughout the US. In Q Florida cap rates rose above the US average and have consistently been 40 to 70 bps higher for the last eight quarters. Sales By Total Change in Sales (Year Over Year) Rolling 12-mo. Total Quarterly Vol Sales Change $10 700% $8 500% Billions $6 $4 $2 300% 100% $0 Q1 '13 Q1 '14 Q1 '15 Q1 '16 Q1 '17-100% Q1 '13 Q1 '14 Q1 '15 Q1 '16 Q1 '17 Average Price Average Cap Rate (yield) Florida Hotels US Hotels Florida Hotels US Hotels $ % $200 $ % $ % $50 5.0% $0 Q1 '13 Q1 '14 Q1 '15 Q1 '16 Q1 '17 3.0% Q1 '13 Q1 '14 Q1 '15 Q1 '16 Q1 '17

3 Most Active Markets Vol ($M) # Props Vol ($M) # Props Vol ($M) # Props Vol ($M) # Props Miami/So Fla $2, $ $ $ Tampa Orlando 1, Sarasota Brevard Co Daytona Beach Jacksonville Gainesville Naples Florida Panhandle Totals $5, $ $ $1, Vol ($M) # Props Vol ($M) # Props Vol ($M) # Props Vol ($M) # Props Miami/So Fla $ $ $1, $2, Tampa Orlando , Sarasota Brevard Co Daytona Beach Jacksonville Gainesville Naples Florida Panhandle Totals $1, $1, $3, $4, (YTD) 2017 (YTD) Vol ($M) # Props Vol ($M) # Props Vol ($M) # Props Vol ($M) # Props Miami/So Fla $2, $1, $1, $ Tampa Orlando 2, Sarasota Brevard Co Daytona Beach Jacksonville Gainesville Naples Florida Panhandle Totals $6, $3, $2, $1,737 90

4 Performance by City The highest RevPAR producing key markets continue to be the three South Florida markets of Miami-Dade, West Palm/Boca Raton and Fort Lauderdale. Miami-Dade continued its two-year decline in both occupancy and average rate resulting in a RevPAR drop of 3.9% during the first nine months of this year. For the first time since the recession, Fort Lauderdale also experienced a RevPAR decline through September; a very modest -0.3% attributed to minor drops in both occupancy and average rate. Conversely, Orlando continued its impressive growth posting a three-quarter RevPAR growth of 8.7% attributed to relatively equal gains in both occupancy and ADR. Daytona posted a 7.7% RevPAR growth during the same period, driven almost entirely by improvement in ADR. Occupancy 90% 80% 70% 60% 50% 40% Average Daily Rate $200 $150 $100 $50 RevPAR $160 $0 $120 $80 $40 $ YTD YTD

5 Capital Flows Cross Border Capital After significant Florida dispositions in 2013, Cross Border capital became a notable net buyer in 2014 largely due to capital flight from Latin America. To some degree this trend continued through 2016; however, for the first nine months of 2017 Cross Border capital has basically been absent from the Florida marketplace. Millions $ 2,500 1, ,500-2,500-3,500-4,500 Acq Disp Net (YTD) Institutional Even with $2.3 billion in acquisitions in 2015, Institutional capital has been significant net sellers in Florida from early 2014 and that trend has continued into A notable portion of these dispositions related to distressed assets. Millions $ 2,500 1, ,500-2,500-3,500-4,500 Acq Disp Net (YTD) REIT/Listed Reflecting REIT stock prices, REIT/Listed capital was mostly absent from acquisitions in 2016 resulting in the category being net sellers. Conversely, REIT/Listed capital has been modestly more aggressive with acquisitions during the first three quarters of Millions $ 2,500 1, ,500-2,500-3,500-4,500 Acq Disp Net (YTD) Private Since 2013 Private equity has typically been a net acquirer in Florida with limited fluctuation in either acquisitions or dispostions. During the first nine months of 2017 the rate of dispositions remained relatively stable; however, the rate of acquisitions moderated resulting in Private equity being net sellers. Millions $ 2,500 1, ,500-2,500-3,500-4,500 Acq Disp Net (YTD)

6 Florida s Supply Pipeline Florida s key markets have a total of 416 new hotels in various stages of development including planning, final planning and in construction. The largest allocation of these new projects is in the Greater Miami market, which has already experienced a decline in both occupancy and ADR. Sarsota/Bradenton s pipeline represents an increase of 12.2% of existing supply; the highest in Florida. Conversely, West Palm Beach/Boca Raton has the smallest percentage increase in the pipeline at only 0.9% of existing supply, with the Mandarin Oriental Boca Raton being the most significant project currently in the construction phase. Daytona Florida Central Florida Panhandle Fort Lauderdale Fort Myers/Naples Jacksonville Melbourne/Titusville Miami Orlando Sarasota/Bradenton Tampa/St. Pete WP Beach/Boca Raton

7 Spotlight On Sarasota Thanks to the foundation laid by John and Mable Ringling of famed The Greatest Show on Earth Sarasota is known as the Cultural Capital of Florida. Their love of the arts and other area quiet money have brought acclaim to venues like Frank Lloyd Wright s Van Wezel Performing Arts Hall. In 2017 Van Wezel was again ranked as the No. 1 Performing Arts Hall in North America in the 2000-seat category. During the last cycle, significant new supply entered the Sarasota-Bradenton International Airport market three miles to the north of downtown Sarasota. Until recently there had not been any new hotel supply downtown since the early 2000 s when the Ritz-Carlton and Hotel Indigo opened. That is changing rapidly as illustrated in the table below, which incudes other area projects also currently under construction. There are at least 10 additional hotels in various stages of planning; including those currently under construction they represent a 12.2% increase in supply. Sarasota Pipeline in Construction Hotel Name Location Rooms Open Aloft Sarasota Downtown Sarasota The Westin Sarasota Downtown Sarasota Art Ovation Hotel - Autograph Collection Downtown Sarasota Embassy Suites Sarasota Downtown Sarasota The Sarasota Modern, A Tribute Portfolio Hotel Downtown Sarasota Hyatt Place Sarasota Lakewood Ranch Lakewood Ranch Homewood Suites Sarasota Lakewood Ranch University Town Center Waterline Marina Resort - Autograph Collection Anna Maria Island Home2 Suites Nokomis Carlisle Inn Sarasota Sarasota Mainstay Suites & Sleep Inn (dual branded) Sarasota SpringHill Suites Bradenton Sarasota Riverfront Downtown Bradenton The Sarasota Modern, A Tribute Portfolio Hotel Embassy Suites Sarasota Aloft Sarasota The Westin Sarasota Art Ovation Hotel - Autograph Collection

8 Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIGI) is an industry leading global real estate services company with more than 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Kent Schwarz Executive Vice President Colliers Hotels Florida kent.schwarz@colliers.com View Bio Rich Lillis Executive Vice President South Florida National Director, Hotels USA rich.lillis@colliers.com View Bio Colliers Hotels team exceeds our clients expectations by arranging highly successful transactions across all chain scales and independent hotels. Our Florida lodging practice excels because of our deep experience, local knowledge and investor relationships. Colliers International is a worldwide leader in lodging transactions, financing, valuation and consulting. Accelerating success.

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