Source Strategies, Inc. MARKET SLOWS MORE LOW GROWTH EXPECTED

Hotel Source Strategies, Inc. BRAND BRAND Report Hotel Industry Performance Results September 2015 Issue 122 2nd Quarter 2015 The Market Page 1 Metros Compared 2nd Quarter 2015 - P. 11 Year to Date 2015 (vs. YTD 2014) - P. 12 Quarter Brand Performance Higher Priced Brands - P. 13 Mid-to-Low Priced Brands - P. 15 Quarter Brand Performance Higher Priced Brands - P. 17 Mid-to-Low Priced Brands - P. 19 The Top 500 Hotels of 2nd Quarter 2015 ed by P. 21 Services From Source Strategies - P. 36 MARKET SLOWS MORE LOW GROWTH EXPECTED By Bruce H. Walker, President, Source Strategies, Inc. A lodging market slow-down hit in the Second quarter for the first time since 2009/10. This quarter was negatively affected by Oil prices down 50% from a year ago, torrential rains in much of Texas, and a continuation of a weak national economy. While Room revenues in non-oil & Gas areas were up a healthy 6.4%, Oil & Gas areas declined 3.5%. The net average was a 2.5% gain. We expect the next few quarters to continue at lowgrowth rates, especially with the price of oil still eroding. Texas lodging room revenues were $2.6 billion in the Second quarter, up 2.5% over 2014. This 2.5% gain was a combination of a 3.5% decline in Oil & Gas areas (39% of Texas rooms), with a 6.4% gain in the balance of the state (61% of rooms). In the First quarter, revenue gains were 8.4%. In 2014, total revenues rose 9.7%, to $9.7 billion. Record rainfalls probably influenced 2015 results. Accurate Tax-based Performance Data from all Texas Hotels, representing 8% of the U.S. market

MARKET SLOWS MORE LOW GROWTH EXPECTED REAL GROWTH NEAR ZERO Second quarter room-nights sold increased by only 0.2% state-wide after a 3.9% gain in the First quarter and a 5% gain in 2014. Oil & Gas areas (O&G) declined 3.2% while the balance increased 2.4%. Room-nights sold are the most important driver of industry health. ALSO FLAT (Revenue Per Available Room) was flat (-0.3%) based on a 2.6% decrease in occupancy and price increases of 2.3% (ADR). O&G areas suffered a 7% drop versus last year while the balance of the state increased by 4%. OCCUPANCY AT 66.2% Second quarter occupancy was still healthy at 66.2% - although down 1.8 points from last year. Annual occupancy was 65.7% in 2014 and 63.6% in 2013. Occupancy in Oil & Gas areas dropped 5 points to 64.6%, versus 67.3% in the non-oil areas of Texas. SUPPLY GROWTH EXCEEDS DEMAND Second quarter room supply grew by 2.8%, the highest since 2010. For all of 2014, net supply gained 2.2%. With low demand growth, will probably erode in the near future. % CHANGES VERSUS PREVIOUS YEAR Room Room Rooms % $ $ Year Supply Rev $ Sold Occ Price RPAR 2009 3.6-9.2-15.2-12.5-6.6-18.2 2010 4.6 6.4 7.4 2.8-0.9 1.7 2011 0.8 12.6 8.7 7.0 3.6 10.8 2012 0.9 10.1 5.9 4.9 4.0 9.1 2013 1.6 8.7 3.3 2.1 5.2 7.3 2014 2.2 9.7 5.0 3.1 4.6 7.6 1st Q - 2015 2.4 8.4 3.9 1.5 4.3 5.9 2nd Q - 2015 2.8 2.5 0.2-2.6 2.3-0.3 REAL GROWTH WEAK averages of 60%. Net, while there has been a decline in O&G The state gain was just +0.2%. But modest price increases caused state revenues gained 2.5%, well below the typical 10% gains of the past 4 years. While average occupancy dropped 2.6%, it still averaged a healthy 66.2%, about the same as 2013 levels and above the past 20 year averages of 60%. Net, while there has been a decline in O&G areas, other area revenue results remain healthy. Second Quarter 2015 % Total Revenue* % Metropolitan Areas Market 2014 2015 Change %Occ $ ADR Dallas-Ft Worth-Arlington 26.7% $651.5 $700.2 7.5% 70.1% $102.92 $72.15 Houston-Baytown-Sugarland 23.6% $624.6 $618.2-1.0% 68.2% $115.81 $78.98 Austin-Round Rock 12.0% $267.1 $315.4 18.1% 78.3% $134.56 $105.36 San Antonio 11.4% $306.1 $299.0-2.3% 64.5% $110.17 $71.06 Non-Metro Areas 8.3% $230.5 $216.8-6.0% 56.2% $82.54 $46.39 Corpus Christi 2.9% $74.8 $76.2 1.9% 58.6% $112.68 $66.03 Midland & Odessa 1.9% $58.8 $48.7-17.2% 64.6% $111.31 $71.91 Balance of Texas 13.3% $346.5 $349.8 1.0% 62.6% $80.69 $50.51 Total State of Texas 100.0% $2,559.8 $2,624.2 2.5% 66.2% $103.84 $68.74 * $ millions 2

MARKET SLOWS MORE LOW GROWTH EXPECTED AUSTIN & DFW SHOW STRENGTH - Austin revenues grew 18.1% while Dallas-Ft Worth rose 7.5%. Austin revenues overtook San Antonio for the first time ever, based on its 18.1% gain versus a 2.3% San Antonio loss. 2 nd Quarter ROOM ROOM (% Change Vs Year Ago) NIGHTS REVENUES Balance of Texas 2.4% 6.4% Oil & Gas Counties -3.2% -3.5% Overall, fourteen metros showed revenue gains while ten declined. A total of seven metros had gains exceeding 7%. Texas state reached $68.74 in the quarter, down 0.3% from 2014. Midland/ Odessa revenues declined 17.2%, but still exceeded state averages by $4.07. OIL & GAS AREAS (100 counties) showed an average 3.5% loss in revenues, well below the 6.4% gain in non-oil & Gas areas (61% of Texas rooms). In oil-dependent areas, Second quarter revenues dropped severely: by 31% in San Angelo, by 25% in Victoria, by 20% in Odessa, by 15% in Midland, and by 8% in Laredo. LUXURY AND UPSCALE STRONGEST GAINERS Highest-priced segments Luxury and Upscale showed the greatest growth against last year. Independents, Budgets and Suite hotels exhibited declines. The lack of clear patterns probably has more to do with whether a hotel was operating in an Oil & Gas area, or in the stronger, non-o&g markets. Brand Segment Performance Second Quarter 2015 ( 000's) $ Room % % % Point Rate $ RPAR Segments Hotels Rooms Chg Revenues Chg Mkt Occup Chg Chg RPAR %Chg Luxury 9 3.8 0.0 70,751 7.6% 2.7% 71.1 1.7 5.1% 202.89 7.8% Upscale 99 42.7 1.8 493,111 6.2% 18.8% 70.3-1.4 3.8% 126.92 1.7% Suites 194 25.0 0.9 240,942 2.1% 9.2% 73.2-2.1 1.1% 105.87-1.7% Mid/Upscales 282 49.6 0.3 411,747 2.1% 15.7% 70.1-1.2 3.3% 91.29 1.5% Mini-Suites 294 25.9 1.8 164,301 8.9% 6.3% 70.4-1.8 4.0% 69.75 1.5% L.S./Midscales 1,086 87.1 2.4 547,230 0.8% 20.9% 67.9-2.7 1.9% 69.05-2.0% Extended Stay 207 26.5 0.2 84,554 5.1% 3.2% 72.2 0.8 3.0% 35.08 4.2% Budget 975 69.4 0.9 215,176 0.0% 8.2% 63.1-1.2 0.6% 34.07-1.3% Total Brands 3,146 330.0 8.3 2,227,811 3.2% 84.9% 68.5-1.5 2.8% 74.19 0.6% Tot. Independ 1,787 89.3 3.3 396,351 1.1% 15.1% 57.8-2.5 0.7% 48.78-4.8% Total Market 4,933 419.3 11.6 2,624,162 2.5% 100% 66.2-1.8 2.3% 68.74-0.3% 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. 2015, Source Strategies, Inc. Reproduction or quotation is encouraged with attribution. The Hotel Brand Report, Issue 122 is published by Source Strategies, Inc., 134 Laurel Heights Place, San Antonio, Texas 78212-5219. The Hotel Brand Report is published quarterly in March, June, September and December. One year subscription rate is $100. Two years $175. Phone: (210) 734-3434. The Hotel Brand Report is delivered via email and can be printed by recipients. International Serial 10954988. USPS 015-753. Send address changes to Hotel Brand Report to P.O.Box 120055, San Antonio, Texas 78212-9255, or Amanda@SourceStrategies.org. Visit www.sourcestrategies.org. 3

MARKET SLOWS MORE LOW GROWTH EXPECTED New Supply Growth: 30,000/year New hotel openings for the past 5 years appears to be consistent, hovering in the area of 30,000 new units every year. Up to the recession of 2009, a surge in development was prompted by strong hotel performance. Unfortunately, many developers opened their hotels in 2010 in market conditions that were less favorable than anticipated. New building fell off sharply in 2011, with tighter constraints on lending, as well as increasing caution. Last year, supply began to ramp up, but this year s numbers have fallen back, indicating more of a holding pattern than a real acceleration in construction. 2015 had new 27,694 new hotel rooms in Texas, a far cry from the 61,961 rooms added in 2010. CLOSINGS: 20,000/YEAR The pattern of hotel closures closely matches new openings. New hotels historically open and replace older, obsolete properties. In some cases the older hotel may still exist, but becomes very marginal, operating as cheap, short term apartments rather than as a hotel. As would be expected, closures also reached their peak in 2010 when an influx of new supply was compounded by poor market conditions. Older properties were very vulnerable under these conditions and 41,763 units were taken out of service in 2010. The four years since 2010 have seen closure numbers vary from about 20,000 to 27,000 units, but in the latest year only about 16,000 units closed. This lower number of closures may indicate that many of the more vulnerable properties have already left the market, leaving competitive properties to fight for market share. Net Supply Growth Net room additions (openings less closings) were 11,570 units; additions peaked in 2010, with an additional 20,198 rooms added. With steady new room additions, and the reduction in closures in the past year, 2015 net room additions have returned to pre-recession levels. The peak increase in 2010 saw a rise in net rooms of almost 90% vs the prior year, despite unusually high closure numbers. Levels of net room-count growth fell off sharply following the recession, but the latest year shows signs of stronger growth in net supply. Net % Change Rooms from Added Prior Year 2008 11,393 2009 10,759-5.6% 2010 20,198 87.7% 2011 6,707-66.8% 2012 3,593-46.4% 2013 4,210 17.1% 2014 5,899 40.1% 2015 11,570 96.1% 4

MARKET SLOWS MORE LOW GROWTH EXPECTED Oil & Gas Areas (O&G) - In the Second quarter, the top 100 oil and gas production areas (O&G counties) declined significantly, while the balance of the state showed normal growth. In 2014, O&G was about the same as the rest of Texas. In this quarter, declines in the price of oil, and resulting change in O&G production activity, have caused O&G lodging industry declines. It is likely that O&G counties will see some further deterioration in their current levels, due to continued new supply openings and to continuing declines in demand levels. Currently, O&G areas account for 39% of Texas room revenues. % Change* Rooms Rooms Room $ 2nd Quarter 2015 Available Sold Revenues $ % Chg Oil & Gas Counties 3.7% -3.2% -3.5% $64.80-7.0% Non-Oil & Gas Counties 2.3% 2.4% 6.4% $71.32 4.0% Total Texas 2.8% 0.2% 2.5% $68.79-0.3% *versus Second Quarter 2014 Immediately below is the detailed 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. $ $ OIL&GAS AREAS HTL 000S 000S 000S %OCC RATE RPAR 2015 2110 163.6 9,620 964,543 64.6 100.26 64.80 2014 2034 157.7 9,938 999,705 69.2 100.60 69.65 % CHANGE 3.7% -3.2% -3.5% -6.6% -0.3% -7.0% NON-OIL AREAS 2015 2823 255.7 15,649 1,659,619 67.3 106.05 71.32 2014 2711 250.0 15,284 1,560,128 67.2 102.08 68.59 % CHANGE 2.3% 2.4% 6.4% 0.1% 4.3% 4.0% TOTAL TEXAS 2015 4933 419.3 25,275 2,624,398 66.2 103.83 68.79 2014 4745 407.7 25,222 2,559,833 68.0 101.49 69.00 % CHANGE 2.8% 0.2% 2.5% 2.3% 2.3% -0.3% The Largest Metros Austin-Round Rock room-nights-sold gained an impressive 9.1% in the Second quarter, aided by the legislature in session plus a booming local economy. With an 8.2% increase in hotel rates, metro revenues gained a huge 18.1% to $315 million. In the Second quarter, Austin metro hotel receipts passed San Antonio metro for the first time in its history, with Austin becoming the third largest metro in Texas for this period. Second quarter occupancy gained 2.6 points to 78.3%; note that this high occupancy level is very close to maximum capacity in any market. Net room supply rose 5.4% (+1,700 net rooms); this increase is below the 9.1% demand increase, enhancing occupancy gains in the period. In the quarter, Austin s $315 million revenues were 5% above nearby San Antonio (vs. 12% below in 2013, for instance). 5

MARKET SLOWS MORE LOW GROWTH EXPECTED For all of 2014, Austin room-nights sold rose 3.6% with occupancy rising 1.3 points to 73.8% in a non-legislative Texas year; room revenues gained 10.4% with the help of a 6.5% increase in prices. Rooms available rose 2.0% (600 rooms added). Ft. Worth-Arlington Metropolitan Division room-nights sold rose 5.3% in the quarter, while rates gained 19%. As a result, revenues rose 7.2% to $216 million, as occupancy gained 2.4 points, to 63.8%. Net room supply increased by only 1.2% (400 rooms). In the year of 2014, Ft. Worth-Arlington room revenues gained 9% on a 3.4% increase in room rates and a 5.4% rise in room-nights sold from 2013; occupancy gained 2.1 points to 63.8%. Net room supply increased by 2.2% (700 net rooms). Dallas Metropolitan Division room-nights sold rose 3.7% in the quarter, while rates improved 4.5%. As a result, revenues rose a sound 7.6% to $484 million, as occupancy gained 1 point, to 72.9%. Net room supply increased by only 2.4% (1,700 rooms). In the year of 2014, Dallas room revenues gained 8.4% on a 3.3% increase in room rates and a 5% rise in room-nights sold from 2013; occupancy gained a strong 2.9 points to 68.5%. Net room supply increased by only 0.4% (300 net rooms). Houston-Baytown-Sugar Land room-nights sold volume eroded 2.6% in the Second quarter, clearly affected by the 50% drop in oil prices versus last year. Revenues slipped by only 1%, to $618 million on a 1.6% price gain. Occupancy dropped 3.7 points to a still healthy 68.2%. Metro room supply rose by 2.7% (2,300 net rooms). In the quarter, Houston s $618 million revenues lost some ground in closing in on the largest metro, Dallas-Ft Worth, at $700 million, In the year of 2014, Houston room revenues gained 10.8% and room-nights sold rose 5.4%; then, occupancy increased 2.1 points to a 68.7% average. 2014 prices rose 5.1% and supply by 2.1% (1,700 net rooms). San Antonio metro room-nights sold declined by 3.4% in the Second quarter of 2015, far below the 2.4% gains in non-oil & Gas Texas counties. As a market depending on leisure travelers for over two-thirds of its demand, record rains in the quarter probably affected these results. Room revenues eroded by 2.3% versus last year, to $299 million. Occupancy shrunk 3.4 points to 64.5% (after being flat in the year of 2014). Net supply grew 0.7% (300 net rooms), to 46,200 rooms. Third quarter results should show if San Antonio s long-term trend of market share declines continues. In the year of 2014, San Antonio real growth was a 3.7% rise in room-nights sold, well below the rest of the state s 5.2%. Metro room revenues gained 6.4%, due to the room-night sold gain and a 2.7% increase in room rates. Occupancy in 2014 was 64.5%, up 1.8 points. Net rooms available rose 0.9% (400 net rooms). Of particular note, the downtown San Antonio market generated only about 1% growth in 2013 and 2014 (3.231 million room-nights sold in 2014 versus 3.197 million in 2013). 6

MARKET SLOWS MORE LOW GROWTH EXPECTED Second Quarter Occupancy 66.2% - In the Second quarter of 2015, occupancy averaged 66.2%, down from 68% last year but still well above the long term annual state average of 60%. Chain occupancy in the Second quarter was 68.5%, down 1.5 points from a year ago. Chains accounted for 84.9% of market revenues, up slightly from last year. Independents generated 57.8% occupancy, down by 2.5 points. Seventeen of the 27 Texas areas showed decreased occupancy in the Second quarter versus last year. Just seven areas exceeded the state occupancy average, including the three largest. The table below is sorted by Second quarter 2015 occupancy percentage; it clearly shows the negative effect of decreased oil and gas exploration and production activity. In Oil & Gas counties, accounting for 38% of state revenues, occupancy averaged 64.6%, down 4.6 points from the Second quarter of 2014: Metro Area Performances Year of 2014 2nd Quarter 2015 Occ Rev Occ Pt. $ Rev Metro Area % % Chg % Chg % Chg Austin-Round Rock 73.8 10.4% 78.3 2.6 18.1% Dallas MD 68.5 8.4% 72.9 1.0 7.6% El Paso 65.7 8.7% 71.6 4.5 12.7% Waco 66.4 12.2% 70.3 2.7 10.9% Lubbock 67.2 6.9% 69.9-2.6 2.4% Amarillo 63.2 3.7% 68.7 4.3 11.2% Houston-Baytown-Sugarland 68.7 10.8% 68.2-3.7-1.0% State Average 65.7 9.7% 66.2-1.8 2.5% College Station-Bryan 74.3 24.8% 65.7-10.0-2.3% Midland 85.3 34.6% 65.5-19.2-15.1% San Antonio 64.5 6.4% 64.5-3.4-2.3% Wichita Falls 59.1 6.1% 64.0 3.0 0.8% Ft Worth-Arlington MD 63.8 9.0% 63.8 2.4 7.2% Odessa 78.1 18.6% 63.7-15.9-19.9% Beaumont-Pt Arthur 59.9 21.0% 61.8-2.0 5.5% Longview 59.9 6.5% 61.8 0.0 7.2% Laredo 66.9 0.6% 61.5-4.1-7.7% Tyler 62.0 7.4% 60.4-5.6 5.7% McAllen-Edinburg-Pharr 62.2 15.0% 59.7-0.1 2.3% Abilene 57.6 12.2% 59.6 0.4 2.8% Corpus Christi 56.2 4.1% 58.6-0.8 1.9% Killeen-Temple-Ft Hood 58.3 10.5% 57.1-4.4-7.6% San Angelo 76.1-0.5% 57.0-20.2-31.2% Non Metro 58.4 10.7% 56.2-4.4-6.0% Brownsville-Harlingen 55.2 8.0% 55.8-2.5 0.0% Victoria 68.1 17.4% 53.9-13.6-24.6% Texarkana (Tx) 49.0-6.5% 52.4 0.5 11.8% Sherman-Denison 58.5 5.6% 48.2-7.4-14.6% 7

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10 MARKET SLOWS MORE LOW GROWTH EXPECTED

METROS COMPARED: 2ND QUARTER 2015 Prepared for the MARKET TEXAS TOURISM, Office of the Governor, Texas Economic Development & Tourism HOTEL/MOTEL PERFORMANCE BY METRO, SECOND QUARTER 2014 2015 Nites 1 $ 3 Est. Nites 1 $ 3 Est. 2 % CHANGE 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 3.4 Statistical Areas Abilene 36 3.0 160 13,233 82.52 59.2 38 3.0 161 13,597 84.20 59.6.6 2.8.7 Amarillo 64 5.8 343 25,052 73.04 64.4 63 5.7 359 27,850 77.61 68.7 4.7 11.2 6.7 Austin-R R 317 31.2 2,147 267,064 124.39 75.7 346 32.9 2,343 315,350 134.56 78.3 9.1 18.1 Beaumt-PT 79 6.0 350 24,629 70.46 63.8 78 6.1 342 25,977 75.89 61.8-2.3 5.5-3.1 Browns/Har 106 6.9 364 37,685 103.64 58.3 111 7.1 361 37,669 104.34 55.8 -.8.0-4.3 ColSt-Brya 53 4.2 289 27,624 95.72 75.7 56 4.6 276 26,977 97.57 65.7-4.5-2.3-13.2 Corpus Chr 188 12.5 678 74,808 110.27 59.4 201 12.7 677 76,235 112.68 58.6 -.1 1.9-1.3 Dallas MD 557 71.9 4,704 450,067 95.67 71.9 571 73.6 4,880 484,201 99.22 72.9 3.7 7.6 1.4 Ft W-Arl M 300 32.7 1,827 201,449 110.26 61.4 309 33.1 1,923 215,959 112.33 63.8 5.3 7.2 3.9 DFW Metro 857 104.6 6,531 651,516 99.75 68.6 880 106.7 6,803 700,160 102.92 70.1 4.2 7.5 2.2 El Paso 4.0 4.9 76 8.9 542 41,143 75.96 67.1 80 9.1 590 46,388 78.56 71.6 8.9 12.7 6.7 Hou-Bay-Su 897 83.7 5,478 624,559 114.02 71.9 922 86.0 5,338 618,167 115.81 68.2-2.6-1.0-5.1 Kil-Tem-Ft 75 4.9 275 20,415 74.36 61.5 78 5.1 264 18,855 71.34 57.1-4.0-7.6-7.2 Laredo 39 4.0 237 16,846 71.16 65.6 40 4.0 224 15,542 69.45 61.5-5.5-7.7-6.2 Longview 44 2.6 149 10,382 69.68 61.8 45 2.8 156 11,127 71.14 61.8 4.7 7.2.0 Lubbock 54 4.9 323 26,952 83.34 72.5 55 5.0 318 27,592 86.78 69.9-1.5 2.4-3.6 McAl-Ed-Mi 88 6.6 360 27,345 75.94 59.8 90 6.7 365 27,981 76.72 59.7 1.4 2.3 -.2 Midland 39 3.4 262 32,715 124.66 84.7 48 4.1 242 27,775 114.99 65.5-7.6-15.1-22.7 Odessa 34 3.0 219 26,069 118.88 79.6 37 3.4 194 20,880 107.53 63.7-11.4-19.9-20.0 San Angelo 27 2.1 149 13,575 91.00 77.2 28 2.3 120 9,342 77.97 57.0-19.5-31.2-26.2 San Antoni 462 45.9 2,838 306,096 107.87 67.9 481 46.2 2,714 299,012 110.17 64.5-4.4-2.3-5.0 Shermn/Den 23 1.4 69 5,936 86.14 55.6 23 1.5 65 5,069 77.99 48.2-5.8-14.6-13.3 Texarka(TX 19 1.5 71 5,050 70.70 51.9 20 1.6 76 5,645 73.92 52.4 7.0 11.8 1.0 Tyler 42 2.9 173 13,600 78.64 66.0 47 3.2 176 14,376 81.90 60.4 1.7 5.7-8.5 Victoria 45 2.5 152 12,629 82.82 67.5 46 2.6 128 9,526 74.17 53.9-15.8-24.6-20.1 Waco 41 3.6 219 16,612 75.81 67.6 43 3.6 229 18,429 80.31 70.3 4.6 10.9 Wichita Fa 28 2.2 121 7,767 63.96 61.0 28 2.1 122 7,830 63.98 64.0.8.8 Non-Metro 1,012 49.4 2,724 230,532 84.63 60.6 1,049 51.3 2,627 216,812 82.54 56.2-3.6-6.0-7.3 TOTAL TEXAS 4,745 407.7 25,224 2,559,833 101.48 68.0 4,933 419.3 25,272 2,624,162 103.84 66.2.2 2.5-2.6 2013 4,697 402.3 24,174 2,347,626 97.11 66.0 1. Roomnights 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 120055, San Antonio, Texas 78212. (210) 734-3434 FAX (210) 735-7970 Website:sourcestrategies.org 11

METROS COMPARED: YEAR TO DATE 2015 (VS. YTD 2014) Prepared for the MARKET TEXAS TOURISM, Office of the Governor, Texas Economic Development & Tourism Metropolitan Statistical Areas HOTEL/MOTEL PERFORMANCE BY METRO, SECOND QUARTER 2014 2015 Nites 1 $ 3 Est. Nites 1 $ 3 Est. 2 % CHANGE 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. eas Abilene 5.1 6.6 2.8 36 3.0 309 24,401 78.94 57.4 37 2.9 321 26,091 81.20 60.3 3.9 6.9 Amarillo 64 5.9 645 45,331 70.25 60.9 63 5.7 674 50,124 74.34 64.9 4.5 10.6 Austin-R Ro 310 31.0 4,229 531,970 125.79 75.3 339 32.5 4,551 619,078 136.03 77.4 7.6 16.4 Beaumt-PT A 78 6.0 656 43,686 66.57 60.9 78 6.1 708 50,119 70.78 63.9 7.9 14.7 4.9 Browns/Harl 102 6.8 695 66,528 95.78 56.3 106 7.3 701 67,234 95.87 53.4.9 1.1-5.2 ColSt-Bryan 53 4.2 556 51,069 91.77 72.7 56 4.6 535 50,171 93.69 64.4-3.8-1.8-11.4 Corpus Chri 176 11.9 1,226 123,648 100.81 57.0 182 12.0 1,234 127,322 103.17 57.0.7 3.0.0 Dallas MD 556 72.0 9,287 872,847 93.99 71.3 568 73.3 9,745 959,731 98.48 73.5 4.9 10.0 3.1 Ft W-Arl MD 299 32.6 3,681 388,118 105.43 62.4 306 33.0 3,890 422,921 108.73 65.2 5.7 9.0 4.5 Total DFW 855 104.6 12,968 1,260,965 97.23 68.5 874 106.2 13,635 1,382,652 101.41 70.9 5.1 9.7 3.5 El Paso 76 8.8 1,073 80,569 75.09 67.3 80 9.0 1,118 86,005 76.91 68.4 4.2 6.7 1.6 Hou-Bay-Sug 882 82.9 10,669 1,181,404 110.73 71.1 908 85.2 10,592 1,205,403 113.80 68.7 -.7 2.0-3.4 Kil-Tem-FtH 75 4.9 536 37,217 69.49 60.8 78 5.1 531 36,081 67.90 57.8 -.9-3.1-4.9 Laredo 39 3.9 454 32,755 72.20 63.9 40 4.0 452 31,748 70.19 62.5 -.4-3.1-2.2 Longview 44 2.6 294 19,884 67.71 61.3 45 2.8 311 21,454 69.00 61.4 5.8 7.9.2 Lubbock 54 4.9 596 47,695 80.07 67.2 55 5.0 591 49,891 84.47 65.3 -.8 4.6-2.8 McAl-Ed-Mi 88 6.6 720 54,551 75.78 60.0 90 6.7 758 59,082 77.96 62.3 5.3 8.3 3.8 Midland 39 3.4 512 60,224 117.59 83.7 47 4.0 529 60,335 114.00 72.9 3.3.2-12.9 Odessa 34 3.0 426 50,791 119.16 78.1 37 3.4 418 47,514 113.73 68.9-1.9-6.5-11.8 San Angelo 26 2.1 306 27,520 90.05 80.3 28 2.3 253 19,737 78.15 60.3-17.3-28.3-24.9 San Antonio 453 45.7 5,492 580,511 105.70 66.4 464 45.7 5,446 594,018 109.07 65.9 -.8 2.3 -.8 Shermn/Deni 22 1.4 143 10,653 74.54 57.1 22 1.5 135 9,433 69.89 50.7-5.6-11.5-11.2 Texarka(TX) 19 1.5 135 9,521 70.37 49.5 20 1.6 153 10,573 68.93 52.9 13.3 11.0 6.9 Tyler 42 2.9 324 24,381 75.20 62.3 47 3.2 355 28,008 78.85 61.7 9.6 14.9-1.0 Victoria 43 2.4 291 22,813 78.44 67.3 44 2.6 272 19,744 72.46 58.2-6.5-13.5-13.5 Waco 41 3.6 426 31,368 73.60 66.1 43 3.6 435 33,860 77.84 67.0 2.1 7.9 1.4 Wichita Fal 28 2.2 239 14,562 60.86 60.7 28 2.1 231 14,149 61.28 60.3-3.3-2.8 -.7 Non-Metro 977 48.7 5,207 423,373 81.30 59.0 1,009 50.5 5,176 415,161 80.21 56.7 -.6-1.9-3.9 Total Texas 4,650 404.9 49,128 4,857,393 98.87 67.0 4,816 415.5 50,118 5,114,985 102.06 66.6 2.0 5.3 -.6 2013 YTD 4,588 399.1 47,255 4,469,455 94.58 65.4 Prepared by Source Strategies, Inc., P.O. Box 120055, San Antonio, Texas 78212. (210) 734-3434 FAX (210) 735-7970 Web: www.sourcestrategies.org 12

HIGH-PRICED BRAND PERFORMANCE RESULTS Second Quarter 2015 [^=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 2015 2014 2015 ^ 2014 2015 ^ 2014 2015 ^ 2014 2015 ^ Four Seasons 3 1.1 1.1 0.0 23,678 24,270 2.5% 0.9 0.9 0.0 0.3 0.3 0.0 Gaylord 1 1.5 1.5 0.0 17,423 20,640 18.5% 0.7 0.8 0.1 0.3 0.3 0.0 Ritz Carlton 1 0.2 0.2 0.0 5,355 5,610 4.8% 0.2 0.2 0.0 0.1 0.1 0.0 W 2 0.5 0.5 0.0 10,558 11,248 6.5% 0.4 0.4 0.0 0.1 0.1 0.0 Za Za 2 0.5 0.5 0.0 8,726 8,983 2.9% 0.3 0.3 0.0 0.1 0.1 0.0 Luxury Segment 9 3.8 3.8 0.0 65,740 70,751 7.6% 2.6 2.7 0.1 1.0 1.0 0.0 Hilton 27 10.1 10.6 0.5 111,066 116,150 4.6% 4.3 4.4 0.1 2.6 2.7 0.1 Hyatt 13 7.1 7.1 0.0 83,532 84,661 1.4% 3.3 3.2-0.1 1.8 1.8 0.0 Inter-Continental 2 0.7 0.7 0.0 7,665 7,337-4.3% 0.3 0.3 0.0 0.2 0.2 0.0 Marriott 29 11.2 12.5 1.3 126,174 148,503 17.7% 4.9 5.7 0.8 2.9 3.2 0.3 Omni 12 5.3 5.3 0.0 63,826 64,057 0.4% 2.5 2.4-0.1 1.4 1.4 0.0 Renaissance 5 2.0 2.0 0.0 19,146 21,197 10.7% 0.7 0.8 0.1 0.5 0.5 0.0 Sonesta 1 0.5 0.5 0.0 4,653 4,395-5.5% 0.2 0.2 0.0 0.1 0.1 0.0 Westin 10 4.0 4.0 0.0 48,466 46,812-3.4% 1.9 1.8-0.1 1.1 1.0 0.0 Upscale Segment 99 40.9 42.7 1.8 464,528 493,112 6.2% 18.1 18.8 0.7 10.6 10.8 0.2 Embassy 22 5.1 5.1 0.0 56,629 56,667 0.1% 2.2 2.2 0.0 1.4 1.3 0.0 Homewood 49 4.7 5.0 0.3 45,299 48,015 6.0% 1.8 1.8 0.0 1.3 1.3 0.0 Hyatt House/Summerfield 8 1.1 1.1 0.0 9,772 9,489-2.9% 0.4 0.4 0.0 0.3 0.3 0.0 Residence Inn 62 6.5 7.0 0.5 63,000 65,520 4.0% 2.5 2.5 0.0 1.8 1.8 0.0 Staybridge 34 3.2 3.4 0.2 25,488 26,751 5.0% 1.0 1.0 0.0 0.9 0.9 0.0 Other Suites 19 3.4 3.4 0.0 35,834 34,499-3.7% 1.4 1.3-0.1 0.9 0.9 0.0 Suites Segment 194 24.0 25.0 1.0 236,022 240,941 2.1% 9.2 9.2 0.0 6.5 6.6 0.1 Four Points 6 0.8 0.8 0.0 7,038 6,468-8.1% 0.3 0.2-0.1 0.2 0.2 0.0 Aloft 7 1.0 1.0 0.0 10,651 10,391-2.4% 0.4 0.4 0.0 0.3 0.3 0.0 Courtyard 83 10.3 10.9 0.6 84,958 92,423 8.8% 3.3 3.5 0.2 2.7 2.8 0.1 Crowne Plaza 11 3.2 3.2 0.0 22,795 22,993 0.9% 0.9 0.9 0.0 0.8 0.8 0.0 Doubletree 19 4.7 5.1 0.4 43,496 46,171 6.1% 1.7 1.8 0.1 1.3 1.3 0.0 Hilton Garden 49 6.8 6.8 0.0 65,597 63,981-2.5% 2.6 2.4-0.2 1.8 1.8-0.1 Holiday Inn 47 9.1 8.5-0.6 60,174 57,117-5.1% 2.4 2.2-0.2 2.2 2.1-0.1 Hyatt Place 24 3.3 3.3 0.0 29,753 31,048 4.4% 1.2 1.2 0.0 0.9 0.9 0.0 Radisson 4 1.0 1.0 0.0 8,557 8,896 4.0% 0.3 0.3 0.0 0.3 0.3 0.0 Sheraton 12 5.0 5.2 0.2 38,788 42,117 8.6% 1.5 1.6 0.1 1.2 1.3 0.0 Wyndahm 12 3.0 2.6-0.4 21,934 20,382-7.1% 0.9 0.8-0.1 0.7 0.6-0.1 Other Mid/Upscale 8 1.1 1.1 0.0 9,398 9,761 3.9% 0.4 0.4 0.0 0.3 0.3 0.0 Mid/Upscales 282 49.3 49.5 0.2 403,139 411,748 2.1% 15.7 15.7 0.0 12.7 12.5-0.2 Mid-and L P Segments Mini-Suites 294 24.1 25.7 1.6 150,876 164,300 8.9% 5.9 6.3 0.4 6.3 6.6 0.3 L.S./Midscales 1086 84.7 87.2 2.5 543,042 547,229 0.8% 21.2 20.9-0.3 21.6 21.3-0.3 Low Price Extended Stay 207 26.3 26.6 0.3 80,446 84,555 5.1% 3.1 3.2 0.1 6.8 6.9 0.1 Budget Segment 975 68.4 69.4 1.0 215,118 215,174 0.0% 8.4 8.2-0.2 15.9 15.8-0.1 Total Chains 3146 321.5 329.9 8.4 2,158,911 2,227,810 3.2% 84.3 84.9 0.6 81.3 81.4 0.1 Independents $100+ ADR 567 25.9 25.6-0.3 247,624 239,270-3.4% 9.7 9.1-0.6 5.6 5.3-0.4 $60-$99.99 302 12.9 14.7 1.8 53,637 58,423 8.9% 2.1 2.2 0.1 2.8 3.0 0.3 Under $60 918 47.4 49.1 1.7 99,661 98,659-1.0% 3.9 3.8-0.1 10.3 10.3 0.0 Total Independents 1787 86.2 89.4 3.2 400,922 396,352-1.1% 15.7 15.1-0.6 18.7 18.6-0.1 Total Market 4933 407.7 419.3 11.6 2,559,833 2,624,162 2.5% 100.0 100.0 0.0 100.0 100.0 100.0 1. 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. 13

HIGH-PRICED BRAND PERFORMANCE RESULTS Second Quarter 2015 [^=Change from same quarter of prior year (absolute value unless marked percentage)] Brands/ % Occupancy 5 Est. $ ADR $ 6 Index 7 Segments 2014 2015 ^ 2014 2015 %^ 2014 2015 ^ 2014 2015 ^ Four Seasons 75.4 75.6 0.2 306.41 313.39 2.3% 231.03 236.92 5.89 335 345 10 Gaylord 59.1 63.6 4.5 214.50 235.92 10.0% 126.77 150.05 23.28 184 218 34 Ritz Carlton 79.3 77.9-1.4 340.39 363.04 6.7% 269.93 282.81 12.88 391 411 20 W 77.8 78.4 0.6 296.65 313.31 5.6% 230.79 245.64 14.84 334 357 23 Za Za 74.5 73.1-1.4 266.96 280.15 4.9% 198.89 204.79 5.90 288 298 10 Luxury Segment 69.4 71.1 1.7 271.08 284.89 5.1% 188.13 202.56 14.43 273 295 22 Hilton 71.4 70.2-1.2 168.93 172.17 1.9% 120.62 120.86 0.25 175 176 1 Hyatt 69.6 68.5-1.1 185.42 190.73 2.9% 129.05 130.65 1.60 187 190 3 Inter-Continental 73.3 69.8-3.5 159.94 160.95 0.6% 117.24 112.34-4.89 170 163-7 Marriott 72.0 70.1-1.9 171.98 185.68 8.0% 123.83 130.16 6.34 179 189 10 Omni 73.9 72.4-1.5 178.76 183.00 2.4% 132.10 132.49 0.39 191 193 2 Renaissance 68.7 71.8 3.1 152.35 161.26 5.8% 104.66 115.78 11.12 152 168 16 Sonesta 75.7 68.8-6.9 139.31 144.67 3.8% 105.46 99.53-5.92 153 145-8 Westin 73.4 70.9-2.5 183.00 183.10 0.1% 134.32 129.82-4.50 195 189-6 Upscale Segment 71.7 70.3-1.4 173.95 180.54 3.8% 124.72 126.92 2.20 181 185 4 Embassy 75.0 73.3-1.7 162.46 166.35 2.4% 121.85 121.93 0.09 177 177 0 Homewood 76.2 74.1-2.1 137.81 142.97 3.7% 105.01 105.94 0.93 152 154 2 Hyatt House/Summerfield 75.2 75.3 0.1 130.02 125.95-3.1% 97.78 94.84-2.93 142 138-4 Residence Inn 76.3 73.8-2.5 138.85 140.28 1.0% 105.94 103.53-2.42 154 151-3 Staybridge 75.4 72.9-2.5 116.80 117.49 0.6% 88.07 85.65-2.42 128 125-3 Other Suites 72.3 70.2-2.1 159.20 157.39-1.1% 115.10 110.49-4.61 167 161-6 Suites Segment 75.3 73.2-2.1 143.09 144.64 1.1% 107.75 105.88-1.87 156 154-2 Four Points 72.8 66.8-6.0 126.98 127.22 0.2% 92.44 84.98-7.46 134 124-10 Aloft 76.8 75.6-1.2 147.38 146.16-0.8% 113.19 110.50-2.69 164 161-3 Courtyard 72.0 71.2-0.8 126.42 130.90 3.5% 91.02 93.20 2.18 132 136 4 Crowne Plaza 71.6 70.0-1.6 110.93 114.35 3.1% 79.43 80.05 0.62 115 116 1 Doubletree 75.0 71.4-3.6 134.76 138.77 3.0% 101.07 99.08-1.99 146 144-2 Hilton Garden 74.7 71.2-3.5 142.30 144.20 1.3% 106.30 102.67-3.63 154 149-5 Holiday Inn 67.6 68.2 0.6 107.16 108.82 1.5% 72.44 74.22 1.78 105 108 3 Hyatt Place 73.8 72.6-1.2 135.97 144.21 6.1% 100.35 104.70 4.35 145 152 7 Radisson 70.3 71.5 1.2 128.84 131.73 2.2% 90.57 94.19 3.61 131 137 6 Sheraton 67.4 67.0-0.4 127.49 133.10 4.4% 85.93 89.18 3.25 125 130 5 Wyndham 67.7 66.7-1.0 118.62 127.94 7.9% 80.31 85.34 5.03 116 124 8 Other Mid/Upscale 72.8 72.0-0.8 128.68 135.24 5.1% 93.68 97.37 3.69 136 142 6 Mid/Upscales 71.3 70.1-1.2 126.06 130.25 3.3% 89.88 91.31 1.42 130 133 3 Mid-and-L P Segments Mini-Suites 72.2 70.4-1.8 95.25 99.05 4.0% 68.77 69.73 0.96 100.0 101.0 1 L.S./Midscales 70.6 67.9-2.7 99.72 101.66 1.9% 70.40 69.03-1.38 102.0 100.0-2 Low Price Extended Stay 71.4 72.2 0.8 47.14 48.56 3.0% 33.66 35.06 1.40 49.0 51.0 2 Budget Segment 64.3 63.1-1.2 53.66 53.98 0.6% 34.50 34.06-0.44 50.0 50.0 0 Total Chains 70.0 68.5-1.5 105.29 108.27 2.8% 73.70 74.16 0.46 107 108 1 Independents $100+ ADR 60.3 57.1-3.2 173.90 179.54 3.2% 104.86 102.52-2.34 152 149-3 $60-$99.99 59.3 57.4-1.9 77.01 76.02-1.3% 45.67 43.64-2.03 66 63-3 Under $60 60.5 58.2-2.3 38.39 38.06-0.9% 23.23 22.15-1.08 34 32-2 Total Independents 60.3 57.8-2.5 85.00 84.44-0.7% 51.26 48.81-2.45 74 71-3 Total Market 68.0 66.2-1.8 101.49 103.85 2.3% 69.01 68.75-0.26 100 100 5. 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. 14

MID/LOW-PRICED BRAND PERFORMANCE RESULTS Second Quarter 2015 [^=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 2015 2014 2015 ^ 2014 2015 ^ 2014 2015 ^ 2014 2015 ^ High-Priced Segments Luxury Segment 9 3.8 3.8 0.0 65,740 70,751 7.6% 2.6 2.7 0.1 1.0 1.0 0.0 Upscale Segment 99 40.9 42.7 1.8 464,528 493,112 6.2% 18.1 18.8 0.7 10.6 10.8 0.2 Suites Segment 194 24.0 25.0 1.0 236,022 240,941 2.1% 9.2 9.2 0.0 6.5 6.6 0.1 Mid/Upscales 282 49.3 49.5 0.2 403,139 411,748 2.1% 15.7 15.7 0.0 12.7 12.5-0.2 Candlewood 66 5.7 6.1 0.4 32,354 34,657 7.1% 1.3 1.3 0.0 1.5 1.6 0.1 Comfort Suites 113 8.0 7.8-0.2 44,899 44,638-0.6% 1.8 1.7-0.1 2.0 1.9-0.1 Hawthorn 20 1.7 1.9 0.2 8,441 10,416 23.4% 0.3 0.4 0.1 0.4 0.5 0.1 Home2 Suites 9 0.4 0.9 0.5 3,078 7,874 155.8% 0.1 0.3 0.2 0.1 0.2 0.1 SpringHill 39 4.1 4.5 0.4 33,294 36,037 8.2% 1.3 1.4 0.1 1.1 1.2 0.1 Townplace 32 3.1 3.3 0.2 22,936 24,163 5.3% 0.9 0.9 0.0 0.8 0.9 0.0 Other Mini-Suites 15 1.1 1.2 0.1 5,874 6,515 10.9% 0.2 0.2 0.0 0.3 0.3 0.0 Mini-Suites 294 24.1 25.7 1.6 150,876 164,300 8.9% 5.9 6.3 0.4 6.3 6.6 0.3 Best Western 231 13.8 13.9 0.1 77,021 72,462-5.9% 3.0 2.8-0.2 3.4 3.3-0.2 Country Inn & Suites 22 1.5 1.6 0.1 8,634 9,090 5.3% 0.3 0.3 0.0 0.4 0.4 0.0 Comfort Inn 72 4.9 5.0 0.1 23,687 24,324 2.7% 0.9 0.9 0.0 1.2 1.2 0.0 Drury Inn 17 2.8 2.9 0.1 19,420 20,172 3.9% 0.8 0.8 0.0 0.7 0.7 0.0 Fairfield Inn 64 5.3 5.5 0.2 35,831 37,552 4.8% 1.4 1.4 0.0 1.4 1.4 0.0 Hampton Inn 172 14.1 14.8 0.7 114,654 119,304 4.1% 4.5 4.5 0.0 3.7 3.8 0.1 Holiday Express 229 17.6 18.4 0.8 129,101 130,817 1.3% 5.0 5.0 0.0 4.5 4.5 0.0 La Quinta 230 20.9 21.4 0.5 116,186 115,204-0.8% 4.5 4.4-0.1 5.3 5.2-0.1 Sleep Inn 33 2.4 2.2-0.2 11,594 10,534-9.1% 0.5 0.4-0.1 0.6 0.5-0.1 Wingate 16 1.4 1.5 0.1 6,914 7,770 12.4% 0.3 0.3 0.0 0.4 0.4 0.0 L.S./Midscales 1086 84.7 87.2 2.5 543,042 547,229 0.8% 21.2 20.9-0.3 21.6 21.3-0.3 Budget Stes America 11 4.0 4.0 0.0 9,952 11,665 17.2% 0.4 0.4 0.0 1.0 1.1 0.1 Ext Stay America 59 5.4 6.6 1.2 21,724 26,668 22.8% 0.8 1.0 0.2 1.4 1.8 0.3 Intown 30 3.9 3.9 0.0 9,929 10,894 9.7% 0.4 0.4 0.0 1.0 1.0 0.0 Mainstay 5 0.4 0.4 0.0 1,745 1,621-7.1% 0.1 0.1 0.0 0.1 0.1 0.0 Studio 6 35 3.6 3.8 0.2 10,798 11,247 4.2% 0.4 0.4 0.0 0.9 0.9 0.0 Value Place 38 4.5 4.5 0.0 12,424 12,691 2.1% 0.5 0.5 0.0 1.2 1.2 0.0 Other LP Ext St 29 4.5 3.4-1.1 13,874 9,769-29.6% 0.5 0.4-0.1 1.3 0.9-0.4 Low Price Extended Stay 207 26.3 26.6 0.3 80,446 84,555 5.1% 3.1 3.2 0.1 6.8 6.9 0.1 Baymont 39 3.0 3.1 0.1 11,885 11,497-3.3% 0.5 0.4-0.1 0.7 0.7 0.0 Best Value 110 6.3 6.6 0.3 14,671 14,797 0.9% 0.6 0.6 0.0 1.4 1.4 0.0 Days Inn 141 9.4 8.9-0.5 30,511 27,771-9.0% 1.2 1.1-0.1 2.1 2.0-0.2 Econo Lodge 48 2.9 2.7-0.2 7,754 7,065-8.9% 0.3 0.3 0.0 0.7 0.6-0.1 How. Johnson 18 1.3 1.3 0.0 3,952 3,756-5.0% 0.2 0.1-0.1 0.3 0.3 0.0 Microtel 30 1.9 2.0 0.1 8,242 8,298 0.7% 0.3 0.3 0.0 0.5 0.5 0.0 Motel 6 152 12.9 13.6 0.7 38,166 41,867 9.7% 1.5 1.6 0.1 3.2 3.3 0.1 Quality Inn 80 6.3 6.3 0.0 24,017 22,973-4.3% 0.9 0.9 0.0 1.5 1.4-0.1 Ramada Inn 22 2.5 2.3-0.2 8,297 8,659 4.4% 0.3 0.3 0.0 0.5 0.5 0.0 Red Roof Inn 32 3.3 3.8 0.5 11,085 13,181 18.9% 0.4 0.5 0.1 0.8 0.9 0.1 Rodeway 24 1.4 1.5 0.1 3,464 3,529 1.9% 0.1 0.1 0.0 0.3 0.3 0.0 Super 8 159 9.5 9.6 0.1 31,897 31,896 0.0% 1.2 1.2 0.0 2.2 2.2 0.0 Travelodge 22 1.9 1.6-0.3 5,271 4,218-20.0% 0.2 0.2 0.0 0.4 0.3-0.1 Other Budgets 98 5.8 6.1 0.3 15,906 15,667-1.5% 0.6 0.6 0.0 1.3 1.3 0.0 Budget Segment 975 68.4 69.4 1.0 215,118 215,174 0.0% 8.4 8.2-0.2 15.9 15.8-0.1 Total Chains 3146 321.5 329.9 8.4 2,158,911 2,227,810 3.2% 84.3 84.9 0.6 81.3 81.4 0.1 Total Independents 1787 86.2 89.4 3.2 400,922 396,352-1.1% 15.7 15.1-0.6 18.7 18.6-0.1 Total Market 4933 407.7 419.3 11.6 2,559,833 2,624,162 2.5% 100.0 100.0 0.0 100.0 100.0 100.0 1. 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

MID/LOW-PRICED BRAND PERFORMANCE RESULTS Second Quarter 2015 [^=Change from same quarter of prior year (absolute value unless marked percentage)] Brands/ % Occupancy 5 Est. $ ADR $ 6 Index 7 Segments 2014 2015 ^ 2014 2015 %^ 2014 2015 ^ 2014 2015 ^ High-Priced Segments Luxury Segment 69.4 71.1 1.7 271.08 284.89 5.1% 188.13 202.56 14.43 273 295 22 Upscale Segment 71.7 70.3-1.4 173.95 180.54 3.8% 124.72 126.92 2.20 181 185 4 Suites Segment 75.3 73.2-2.1 143.09 144.64 1.1% 107.75 105.88-1.87 156 154-2 Mid/Upscales 71.3 70.1-1.2 126.06 130.25 3.3% 89.88 91.31 1.42 130 133 3 Candlewood 74.1 71.9-2.2 84.43 86.94 3.0% 62.56 62.51-0.05 91 91 0 Comfort Suites 70.3 68.2-2.1 88.13 91.70 4.1% 61.96 62.54 0.58 90 91 1 Hawthorn 67.2 70.8 3.6 78.92 84.02 6.5% 53.03 59.49 6.45 77 87 10 Home2 Suites 76.0 72.7-3.3 124.00 127.48 2.8% 94.24 92.68-1.56 137 135 0 SpringHill 74.6 72.3-2.3 118.45 121.81 2.8% 88.36 88.07-0.30 128 128 0 Townplace 73.3 70.7-2.6 110.77 112.34 1.4% 81.19 79.42-1.77 118 116-2 Other Mini-Suites 70.1 67.3-2.8 82.15 85.05 3.5% 57.59 57.24-0.35 83 83 0 Mini-Suites 72.2 70.4-1.8 95.25 99.05 4.0% 68.77 69.73 0.96 100 101 1 Best Western 68.6 65.3-3.3 89.16 87.97-1.3% 61.16 57.44-3.72 89 84-5 Country Inn & Suites 70.1 68.0-2.1 88.81 92.53 4.2% 62.26 62.92 0.66 90 92 2 Comfort Inn 67.5 66.9-0.6 78.32 80.21 2.4% 52.87 53.66 0.79 77 78 1 Drury Inn 74.4 69.8-4.6 103.30 110.17 6.7% 76.86 76.90 0.04 111 112 1 Fairfield Inn 73.0 70.6-2.4 101.08 106.45 5.3% 73.79 75.15 1.37 107 109 2 Hampton Inn 72.6 70.4-2.2 123.47 125.81 1.9% 89.64 88.57-1.07 130 129-1 Holiday Express 71.1 68.1-3.0 113.10 114.38 1.1% 80.41 77.89-2.52 117 113-4 La Quinta Inn 70.1 67.1-3.0 87.18 88.27 1.3% 61.11 59.23-1.88 89 86-3 Sleep Inn 68.4 66.5-1.9 78.68 79.94 1.6% 53.82 53.16-0.66 78 77-1 Wingate 70.9 68.7-2.2 77.44 83.43 7.7% 54.90 57.32 2.41 80 83 3 L.S./Midscales 70.6 67.9-2.7 99.72 101.66 1.9% 70.40 69.03-1.38 102 100-2 Budget Stes America 66.9 74.6 7.7 40.88 43.02 5.2% 27.35 32.09 4.74 40 47 7 Ext Stay America 73.9 74.2 0.3 60.18 59.98-0.3% 44.47 44.51 0.03 64 65 1 Intown 70.8 70.6-0.2 39.91 43.89 10.0% 28.26 30.99 2.73 41 45 4 Mainstay 63.3 65.9 2.6 79.31 70.74-10.8% 50.20 46.62-3.59 73 68-5 Studio 6 72.0 69.5-2.5 45.53 47.37 4.0% 32.78 32.92 0.14 48 48 0 Value Place 71.3 71.1-0.2 42.37 43.41 2.5% 30.21 30.86 0.65 44 45 1 Other LP Ext St 73.3 72.8-0.5 41.83 43.51 4.0% 30.66 31.68 1.01 44 46 2 Low Price Extended Stay 71.4 72.2 0.8 47.14 48.56 3.0% 33.66 35.06 1.40 49 51 2 Baymont 66.2 64.2-2.0 65.20 63.33-2.9% 43.16 40.66-2.50 63 59-4 Best Value 61.1 59.5-1.6 41.92 41.59-0.8% 25.61 24.75-0.87 37 36-1 Days Inn 62.6 61.5-1.1 56.97 55.82-2.0% 35.66 34.33-1.33 52 50-2 Econo Lodge 62.5 60.8-1.7 47.05 46.63-0.9% 29.41 28.35-1.06 43 41-2 How. Johnson 65.8 65.4-0.4 50.66 49.75-1.8% 33.33 32.54-0.80 48 47-1 Microtel 66.8 64.7-2.1 69.98 71.84 2.7% 46.75 46.48-0.27 68 68 0 Motel 6 68.7 67.9-0.8 47.37 49.68 4.9% 32.54 33.73 1.19 47 49 2 Quality Inn 64.6 61.4-3.2 65.03 64.79-0.4% 42.01 39.78-2.23 61 58-3 Ramada Inn 62.2 65.1 2.9 59.81 63.09 5.5% 37.20 41.07 3.87 54 60 6 Red Roof Inn 68.9 67.9-1.0 52.92 56.67 7.1% 36.46 38.48 2.02 53 56 3 Rodeway 58.4 55.6-2.8 46.40 46.18-0.5% 27.10 25.68-1.42 39 37-2 Super 8 63.7 63.2-0.5 57.60 57.99 0.7% 36.69 36.65-0.04 53 53 0 Travelodge 59.0 56.0-3.0 50.55 51.42 1.7% 29.82 28.80-1.03 43 42-1 Other Budgets 61.7 59.7-2.0 49.05 47.01-4.2% 30.26 28.06-2.20 44 41-3 Budget Segment 64.3 63.1-1.2 53.66 53.98 0.6% 34.50 34.06-0.44 50 50 0 Total Chains 70.0 68.5-1.5 105.29 108.27 2.8% 73.70 74.16 0.46 107 108 1 Total Independents 60.3 57.8-2.5 85.00 84.44-0.7% 51.26 48.81-2.45 74 71-3 Total Market 68.0 66.2-1.8 101.49 103.85 2.3% 69.01 68.75-0.26 100 100 5. 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. 16

HIGH-PRICED BRAND PERFORMANCE RESULTS Year Ending June 30, 2015 [^=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 2015 2014 2015 ^ 2014 2015 ^ 2014 2015 ^ 2014 2015 ^ Four Seasons 3 1.1 1.1 0.0 85,674 88,285 3.0% 0.9 0.9 0.0 0.3 0.3 0.0 Gaylord 1 1.5 1.5 0.0 70,951 84,134 18.6% 0.8 0.8 0.0 0.4 0.4 0.0 Ritz Carlton 1 0.2 0.2 0.0 20,338 20,797 0.0% 0.2 0.2 0.0 0.1 0.1 0.0 W 2 0.5 0.5 0.0 41,307 44,840 8.6% 0.4 0.5 0.1 0.1 0.1 0.0 Za Za 2 0.5 0.5 0.0 31,844 33,662 5.7% 0.3 0.3 0.0 0.1 0.1 0.0 Luxury Segment 9 3.8 3.8 0.0 250,114 271,718 8.6% 2.7 2.7 0.0 1.0 1.0 0.0 Hilton 27 10.6 10.4-0.2 422,573 436,234 3.2% 4.6 4.4-0.2 2.8 2.7-0.1 Hyatt 13 7.1 7.1 0.0 306,381 323,095 5.5% 3.3 3.3 0.0 1.8 1.8 0.0 Inter-Continental 2 0.7 0.7 0.0 27,438 28,559 4.1% 0.3 0.3 0.0 0.2 0.2 0.0 Marriott 28 11.2 11.9 0.7 455,452 509,604 11.9% 5.0 5.1 0.1 2.9 3.0 0.0 Omni 12 5.3 5.3 0.0 234,052 244,824 4.6% 2.5 2.5 0.0 1.4 1.4-0.1 Renaissance 5 2.0 2.0 0.0 72,499 79,490 9.6% 0.8 0.8 0.0 0.5 0.5 0.0 Sonesta 1 0.5 0.5 0.0 15,090 17,780 17.8% 0.2 0.2 0.0 0.1 0.1 0.0 Westin 10 4.3 4.0-0.3 190,880 182,601-4.3% 2.1 1.8-0.3 1.1 1.0-0.1 Upscale Segment 98 41.7 41.9 0.2 1,724,365 1,822,187 5.7% 18.8 18.4-0.4 11.0 10.7-0.3 Embassy 22 5.1 5.1 0.0 212,635 219,936 3.4% 2.3 2.2-0.1 1.4 1.4-0.1 Homewood 49 4.7 4.9 0.2 162,684 183,939 13.1% 1.8 1.9 0.1 1.3 1.3 0.0 Hyatt House/Summerfield 8 1.1 1.1 0.0 35,054 35,522 1.3% 0.4 0.4 0.0 0.3 0.3 0.0 Residence Inn 61 6.7 6.8 0.1 233,784 247,005 5.7% 2.5 2.5 0.0 1.9 1.8 0.0 Staybridge 32 3.2 3.4 0.2 93,813 101,642 8.3% 1.0 1.0 0.0 0.9 0.9 0.0 Other Suites 18 3.5 3.4-0.1 133,424 135,742 1.7% 1.5 1.4-0.1 0.9 0.9 0.0 Suites Segment 190 24.3 24.7 0.4 871,394 923,786 6.0% 9.5 9.3-0.2 6.7 6.6-0.1 4 Points 6 1.1 0.8-0.3 29,054 25,034-13.8% 0.3 0.3 0.0 0.3 0.2-0.1 Aloft 7 1.0 1.0 0.0 39,181 40,572 3.6% 0.4 0.4 0.0 0.3 0.3 0.0 Courtyard 82 10.1 10.7 0.6 305,687 343,240 12.3% 3.3 3.5 0.2 2.7 2.8 0.1 Crowne Plaza 11 4.3 3.2-1.1 103,274 86,641-16.1% 1.1 0.9-0.2 1.1 0.8-0.3 Doubletree 18 3.9 4.8 0.9 130,731 168,758 29.1% 1.4 1.7 0.3 1.1 1.3 0.2 Hilton Garden 49 6.7 6.8 0.1 230,384 242,803 5.4% 2.5 2.4-0.1 1.8 1.8 0.0 Holiday Inn 50 9.4 8.8-0.6 215,950 218,551 1.2% 2.4 2.2-0.2 2.3 2.1-0.2 Hyatt Place 24 3.2 3.3 0.1 104,445 116,680 11.7% 1.1 1.2 0.1 0.9 0.9 0.0 Indigo 5 0.7 0.6-0.1 19,541 21,252 8.8% 0.2 0.2 0.0 0.2 0.2 0.0 NYLO 3 0.5 0.5 0.0 13,312 14,983 12.6% 0.1 0.2 0.1 0.1 0.1 0.0 Radisson 4 1.0 1.0 0.0 30,738 33,174 7.9% 0.3 0.3 0.0 0.3 0.3 0.0 Sheraton 11 5.0 5.0 0.0 143,326 154,249 7.6% 1.6 1.6 0.0 1.2 1.2 0.0 Wyndham 14 2.4 2.9 0.5 63,168 85,684 35.6% 0.7 0.9 0.2 0.6 0.7 0.1 Mid/Upscales 284 49.3 49.4 0.1 1,428,791 1,551,621 8.6% 15.5 15.7 0.2 12.7 12.6-0.1 Mid-and-L P Segments Mini-Suites 289 23.6 25.2 1.6 526,140 606,941 15.4% 5.7 6.1 0.4 6.2 6.4 0.3 L.S./Midscales 1077 85.7 86.4 0.7 1,950,885 2,090,144 7.1% 21.2 21.1-0.1 21.9 21.5-0.4 Low Price Extended Stay 205 25.9 26.5 0.6 297,896 326,717 9.7% 3.2 3.3 0.1 7.0 7.0 0.0 Budget Segment 972 67.4 69.0 1.6 756,675 833,035 10.1% 8.2 8.4 0.2 15.6 15.9 0.3 Total Chains 3,124 321.7 326.9 5.2 7,806,260 8,426,149 7.9% 85.0 85.0 0.0 82.0 81.7-0.3 Independents $100+ ADR 506 23.6 24.8 1.2 825,806 885,723 7.3% 9.0 8.9-0.1 5.2 5.3 0.1 $60-$99.99 278 12.7 14.0 1.3 203,908 219,731 7.8% 2.2 2.2 0.0 2.8 3.0 0.1 Under $60 867 45.1 46.5 1.4 353,052 379,505 7.5% 3.8 3.8 0.0 9.9 10.1 0.1 Total Independents 1,651 81.4 85.3 3.9 1,382,766 1,484,959 7.4% 15.0 15.0 0.0 18.0 18.3 0.3 Total Market 4,775 403.1 412.2 9.1 9,189,026 9,911,108 7.9% 100.0 100.0 0.0 100.0 100.0 1. 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. 17

HIGH-PRICED BRAND PERFORMANCE RESULTS Year Ending June 30, 2015 [^=Change from prior year (absolute value unless marked percentage)] Brands/ % Occupancy 5 Est. $ ADR $ 6 Index 7 Segments 2014 2015 ^ 2014 2015 %^ 2014 2015 ^ 2014 2015 ^ Four Seasons 71.2 72.0 0.8 292.93 298.14 1.8% 208.57 214.66 6.09 334 326-8 Gaylord 63.4 69.1 5.7 203.01 220.90 8.8% 128.71 152.64 23.93 206 232 26 Ritz Carlton 76.8 75.8-1.0 332.60 344.80 3.7% 255.44 261.36 5.92 409 396-13 W 76.5 77.3 0.8 293.96 315.96 7.5% 224.88 244.24 19.36 360 371 11 Za Za 71.9 72.1 0.2 254.80 265.32 4.1% 183.20 191.30 8.09 293 290-3 Luxury Segment 69.2 71.8 2.6 258.22 270.07 4.6% 178.69 193.91 15.22 286 294 8 Hilton 68.9 69.3 0.4 158.24 165.11 4.3% 109.03 114.42 5.39 175 174-1 Hyatt 66.8 68.2 1.4 176.57 182.32 3.3% 117.95 124.34 6.39 189 189 0 Inter-Continental 68.2 67.6-0.6 153.78 161.31 4.9% 104.88 109.05 4.17 168 165-3 Marriott 68.6 68.4-0.2 162.64 172.17 5.9% 111.57 117.76 6.19 179 179 0 Omni 70.9 71.0 0.1 170.24 177.92 4.5% 120.70 126.32 5.62 193 192-1 Renaissance 66.0 70.1 4.1 149.56 154.39 3.2% 98.71 108.23 9.52 158 164 6 Sonesta 64.9 69.8 4.9 131.31 143.86 0.0% 85.22 100.41 15.19 136 152 0 Westin 69.9 70.5 0.6 175.20 179.05 2.2% 122.46 126.23 3.77 196 191-5 Upscale Segment 68.6 69.2 0.6 165.03 172.14 4.3% 113.21 119.12 5.91 181 181 0 Embassy 72.8 73.0 0.2 156.57 161.73 3.3% 113.98 118.06 4.08 183 179-4 Homewood 72.9 73.7 0.8 131.06 138.51 5.7% 95.54 102.08 6.54 153 155 2 Hyatt House/Summerfield 70.5 71.7 1.2 123.99 123.57-0.3% 87.41 88.60 1.19 140 134-6 Residence Inn 72.8 73.5 0.7 130.84 136.20 4.1% 95.25 100.11 4.86 153 152-1 Staybridge 71.4 71.6 0.2 113.17 116.00 2.5% 80.80 83.06 2.25 129 126-3 Other Suites 69.3 69.9 0.6 151.01 155.50 3.0% 104.65 108.69 4.04 168 165-3 Suites Segment 72.0 72.6 0.6 136.55 141.29 3.5% 98.32 102.58 4.26 157 156-1 4 Points 66.5 66.8 0.3 112.34 122.61 9.1% 74.71 81.90 7.20 120 124 4 Aloft 73.2 74.2 1.0 141.74 144.92 2.2% 103.75 107.53 3.78 166 163-3 Courtyard 69.0 69.9 0.9 119.92 125.24 4.4% 82.74 87.54 4.80 132 133 1 Crowne Plaza 64.2 68.6 4.4 103.26 109.63 6.2% 66.29 75.21 8.91 106 114 8 Doubletree 71.0 71.5 0.5 128.48 134.68 4.8% 91.22 96.30 5.08 146 146 0 Hilton Garden 70.5 70.4-0.1 133.00 138.07 3.8% 93.77 97.20 3.44 150 147-3 Holiday Inn 63.6 65.3 1.7 99.42 103.74 4.3% 63.23 67.74 4.51 101 103 2 Hyatt Place 70.1 71.6 1.5 128.16 136.95 6.9% 89.84 98.06 8.22 144 149 5 Indigo 66.5 67.8 1.3 123.64 132.17 6.9% 82.22 89.61 7.39 132 136 4 NYLO 70.7 72.8 2.1 114.13 124.68 9.2% 80.69 90.77 10.08 129 138 9 Radisson 66.9 69.8 2.9 121.18 125.47 3.5% 81.07 87.58 6.51 130 133 3 Sheraton 64.7 66.0 1.3 122.38 127.04 3.8% 79.18 83.85 4.67 127 127 0 Wyndham 65.1 65.4 0.3 111.18 122.83 10.5% 72.38 80.33 7.95 116 122 6 Mid/Upscales 67.3 68.7 1.4 118.19 124.70 5.5% 79.54 85.67 6.13 127 130 3 Mid-and-L P Segments Mini-Suites 68.1 69.6 1.5 89.73 95.27 6.2% 61.11 66.31 5.20 98 101 3 L.S./Midscales 66.3 67.3 1.0 93.82 98.62 5.1% 62.20 66.37 4.17 100 101 1 Low Price Extended Stay 70.1 71.4 1.3 45.04 47.49 5.4% 31.57 33.91 2.33 51 51 0 Budget Segment 60.2 62.1 1.9 51.10 53.11 3.9% 30.76 32.98 2.22 49 50 1 Total Chains 66.4 67.6 1.2 100.12 104.41 4.3% 66.48 70.58 4.10 106 107 1 Independents $100+ ADR 57.2 57.4 0.2 167.52 170.19 1.6% 95.82 97.69 1.87 153 148-5 $60-$99.99 58.3 57.4-0.9 75.50 75.08-0.6% 44.02 43.10-0.92 70 65-5 Under $60 57.5 58.8 1.3 37.36 38.13 2.1% 21.48 22.42 0.94 34 34 0 Total Independents 57.5 58.2 0.7 80.96 82.11 1.4% 46.55 47.79 1.24 75 72-3 Total Market 64.6 65.7 1.1 96.68 100.33 3.8% 62.46 65.92 3.46 100 100 5. 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. 18

MID/LOW-PRICED BRAND PERFORMANCE RESULTS Year Ending June 30, 2015 [^=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 2015 2014 2015 ^ 2014 2015 ^ 2014 2015 ^ 2014 2015 ^ High-Priced Segments Luxury Segment 9 3.8 3.8 0.0 250,114 271,718 8.6% 2.7 2.7 0.0 1.0 1.0 0.0 Upscale Segment 98 41.7 41.9 0.2 1,724,365 1,822,187 5.7% 18.8 18.4-0.4 11.0 10.7-0.3 Suites Segment 190 24.3 24.7 0.4 871,394 923,786 6.0% 9.5 9.3 0.0 6.7 6.6-0.1 Mid/Upscales 284 49.3 49.4 0.1 1,428,791 1,551,621 8.6% 15.5 15.7 0.2 12.7 12.6-0.1 Candlewood 64 5.7 6.0 0.3 113,275 132,166 16.7% 1.2 1.3 0.1 1.5 1.6 0.1 Comfort Suites 115 7.9 8.0 0.1 157,128 171,382 9.1% 1.7 1.7 0.0 2.0 2.0 0.0 Hawthorn 19 1.6 1.8 0.2 28,136 35,481 26.1% 0.3 0.4 0.1 0.4 0.5 0.1 Home2 Suites 7 0.3 0.7 0.4 9,562 22,326 133.5% 0.1 0.2 0.1 0.1 0.2 0.1 SpringHill 37 4.1 4.2 0.1 119,623 129,335 8.1% 1.3 1.3 0.0 1.1 1.1 0.0 Townplace 32 2.9 3.3 0.4 77,196 92,737 20.1% 0.8 0.9 0.1 0.8 0.9 0.1 Other Mini-Suites 15 1.1 1.2 0.1 21,220 23,514 10.8% 0.2 0.2 0.0 0.3 0.3 0.0 Mini-Suites 289 23.6 25.2 1.6 526,140 606,941 15.4% 5.7 6.1 0.4 6.2 6.4 0.3 Best Western 229 15.0 13.8-1.2 294,567 286,382-2.8% 3.2 2.9-0.3 3.7 3.3-0.4 Country Inn & Suites 21 1.5 1.5 0.0 29,758 33,373 12.1% 0.3 0.3 0.0 0.4 0.4 0.0 Comfort Inn 74 5.0 5.0 0.0 83,299 92,156 10.6% 0.9 0.9 0.0 1.2 1.2 0.0 Drury Inn 17 2.8 2.9 0.1 69,967 77,050 10.1% 0.8 0.8 0.0 0.7 0.7 0.0 Fairfield Inn 64 5.3 5.5 0.2 128,049 140,602 9.8% 1.4 1.4 0.0 1.4 1.4 0.0 Hampton Inn 169 14.0 14.5 0.5 408,856 444,926 8.8% 4.4 4.5 0.1 3.7 3.7 0.0 Holiday Express 225 17.4 18.1 0.7 457,307 499,993 9.3% 5.0 5.0 0.0 4.5 4.6 0.0 La Quinta 226 21.0 21.2 0.2 415,112 443,790 6.9% 4.5 4.5 0.0 5.3 5.2-0.1 Sleep Inn 36 2.3 2.4 0.1 40,270 43,265 7.4% 0.4 0.4 0.0 0.6 0.6 0.0 Wingate 16 1.4 1.5 0.1 23,700 28,607 20.7% 0.3 0.3 0.0 0.3 0.4 0.0 L.S./Midscales 1077 85.7 86.4 0.7 1,950,885 2,090,144 7.1% 21.2 21.1-0.1 21.9 21.5-0.4 Budget Stes America 11 4.0 4.0 0.0 40,274 45,027 11.8% 0.4 0.5 0.1 1.1 1.1 0.0 Ext Stay America 49 4.9 5.4 0.5 73,747 82,350 11.7% 0.8 0.8 0.0 1.3 1.4 0.1 Intown 30 3.9 3.9 0.0 37,845 42,456 12.2% 0.4 0.4 0.0 1.0 1.0 0.0 Mainstay 5 0.3 0.4 0.1 5,477 6,989 27.6% 0.1 0.1 0.0 0.1 0.1 0.0 Studio 6 34 3.3 3.7 0.4 37,735 43,898 16.3% 0.4 0.4 0.0 0.9 1.0 0.1 Other LP Ext St 76 9.5 9.1-0.4 102,818 105,997 3.1% 1.1 1.1 0.0 2.7 2.5-0.2 Low Price Extended Stay 205 25.9 26.5 0.6 297,896 326,717 9.7% 3.2 3.3 0.1 7.0 7.0 0.0 Baymont 37 2.9 3.1 0.2 39,334 44,054 12.0% 0.4 0.4 0.0 0.7 0.7 0.0 Best Value 105 6.5 6.3-0.2 55,463 58,153 4.9% 0.6 0.6 0.0 1.5 1.4-0.1 Days Inn 146 9.2 9.4 0.2 107,885 113,960 5.6% 1.2 1.1-0.1 2.1 2.1 0.0 Econo Lodge 51 2.7 2.9 0.2 26,261 28,584 8.8% 0.3 0.3 0.0 0.6 0.6 0.0 How. Johnson 19 1.3 1.3 0.0 13,954 14,517 4.0% 0.2 0.1-0.1 0.3 0.3 0.0 Microtel 30 2.0 2.0 0.0 28,186 36,892 30.9% 0.3 0.4 0.1 0.5 0.5 0.0 Motel 6 145 12.3 13.1 0.8 134,053 154,928 15.6% 1.5 1.6 0.1 3.1 3.2 0.2 Quality Inn 79 6.0 6.2 0.2 79,128 88,603 12.0% 0.9 0.9 0.0 1.4 1.4 0.1 Ramada Inn 28 2.9 2.4-0.5 33,846 30,906-8.7% 0.4 0.3-0.1 0.7 0.5-0.1 Red Roof Inn 28 3.3 3.3 0.0 39,712 43,439 9.4% 0.4 0.4 0.0 0.8 0.8 0.0 Rodeway 24 1.5 1.5 0.0 13,992 14,492 3.6% 0.2 0.1-0.1 0.3 0.3 0.0 Super 8 160 9.4 9.6 0.2 111,349 123,684 11.1% 1.2 1.2 0.0 2.1 2.2 0.1 Travelodge 24 2.1 1.9-0.2 19,267 19,218-0.3% 0.2 0.2 0.0 0.4 0.4 0.0 Other Budgets 96 5.3 6.0 0.7 54,245 61,605 13.6% 0.6 0.6 0.0 1.2 1.3 0.1 Budget Segment 972 67.4 69.0 1.6 756,675 833,035 10.1% 8.2 8.4 0.2 15.6 15.9 0.3 Total Chains 3,124 321.7 326.9 5.2 7,806,260 8,426,149 7.9% 85.0 85.0 0.0 82.0 81.7-0.3 Total Independents 1,651 81.4 85.3 3.9 1,382,766 1,484,959 7.4% 15.0 15.0 0.0 18.0 18.3 0.3 Total Market 4,775 403.1 412.2 9.1 9,189,026 9,911,108 7.9% 100.0 100.0 0.0 100.0 100.0 1. 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. **Value Place is located in Other LP Ext St 19

MID/LOW-PRICED BRAND PERFORMANCE RESULTS Year Ending June 30, 2015 [^=Change from prior year (absolute value unless marked percentage)] Brands/ % Occupancy 5 Est. $ ADR $ 6 Index 7 Segments 2014 2015 ^ 2014 2015 %^ 2014 2015 ^ 2014 2015 ^ High-Priced Segments Luxury Segment 69.2 71.8 2.6 258.22 270.07 4.6% 178.69 193.91 15.22 286 294 8 Upscale Segment 68.6 69.2 0.6 165.03 172.14 4.3% 113.21 119.12 5.91 181 181 0 Suites Segment 72.0 72.6 0.6 136.55 141.29 3.5% 98.32 102.58 4.26 157 156-1 Mid/Upscales 67.3 68.7 1.4 118.19 124.70 5.5% 79.54 85.67 6.13 127 130 3 Candlewood 69.8 71.5 1.7 78.63 85.10 8.2% 54.88 60.85 5.96 88 92 4 Comfort Suites 65.1 67.0 1.9 83.51 88.02 5.4% 54.37 58.97 4.61 87 89 2 Hawthorn 64.7 67.9 3.2 73.57 79.19 7.6% 47.60 53.77 6.17 76 82 6 Home2 Suites 68.7 72.6 3.9 119.47 125.03 4.7% 82.08 90.77 8.70 131 138 7 SpringHill 72.1 72.4 0.3 111.82 116.62 4.3% 80.62 84.43 3.81 129 128-1 Townplace 70.0 70.6 0.6 104.33 109.08 4.6% 73.03 77.01 3.98 117 117 0 Other Mini-Suites 65.7 65.7 0.0 78.85 82.51 4.6% 51.80 54.21 2.40 83 82-1 Mini-Suites 68.1 69.6 1.5 89.73 95.27 6.2% 61.11 66.31 5.20 98 101 3 Best Western 63.7 64.7 1.0 84.19 88.03 4.6% 53.63 56.96 3.33 86 86 0 Country Inn & Suites 66.3 67.1 0.8 84.33 88.15 4.5% 55.91 59.15 3.24 90 90 0 Comfort Inn 62.4 64.6 2.2 72.76 77.67 6.7% 45.40 50.17 4.77 73 76 3 Drury Inn 68.8 70.2 1.4 98.55 105.09 6.6% 67.80 73.77 5.97 109 112 3 Fairfield Inn 68.6 69.5 0.9 95.86 101.43 5.8% 65.76 70.49 4.73 105 107 2 Hampton Inn 69.3 69.6 0.3 115.09 120.82 5.0% 79.76 84.09 4.33 128 128 0 Holiday Express 67.4 68.0 0.6 106.62 111.22 4.3% 71.86 75.63 3.77 115 115 0 La Quinta 65.7 66.8 1.1 82.25 86.06 4.6% 54.04 57.49 3.45 87 87 0 Sleep Inn 63.0 64.4 1.4 74.60 77.51 3.9% 47.00 49.92 2.92 75 76 1 Wingate 65.1 66.7 1.6 73.23 78.87 7.7% 47.67 52.61 4.93 76 80 4 L.S./Midscales 66.3 67.3 1.0 93.82 98.62 5.1% 62.20 66.37 4.17 100 101 1 Budget Stes America 69.5 73.4 3.9 39.76 42.08 5.8% 27.63 30.89 3.25 44 47 3 Ext Stay America 71.8 71.6-0.2 57.95 58.63 1.2% 41.61 41.98 0.37 67 64-3 Intown 69.8 71.7 1.9 38.46 42.05 9.3% 26.85 30.15 3.30 43 46 3 Mainstay 67.2 67.8 0.6 76.50 73.98-3.3% 51.41 50.16-1.25 82 76-6 Studio 6 70.0 69.8-0.2 44.20 46.66 5.6% 30.94 32.57 1.63 50 49-1 Other LP Ext St 69.8 71.2 1.4 40.20 43.13 7.3% 28.06 30.71 2.65 45 47 2 Low Price Extended Stay 70.1 71.4 1.3 45.04 47.49 5.4% 31.57 33.91 2.33 51 51 0 Baymont 60.3 63.5 3.2 61.60 62.25 1.1% 37.14 39.53 2.38 59 60 1 Best Value 59.1 60.3 1.2 39.77 42.13 5.9% 23.50 25.40 1.90 38 39 1 Days Inn 58.6 60.4 1.8 54.68 54.77 0.2% 32.04 33.08 1.04 51 50-1 Econo Lodge 57.7 58.6 0.9 46.27 46.40 0.3% 26.70 27.19 0.49 43 41-2 How. Johnson 59.6 61.1 1.5 49.62 49.94 0.6% 29.57 30.51 0.94 47 46-1 Microtel 63.7 66.7 3.0 61.92 76.74 23.9% 39.44 51.19 11.74 63 78 15 Motel 6 64.9 67.1 2.2 46.01 48.27 4.9% 29.86 32.39 2.53 48 49 1 Quality Inn 58.3 60.9 2.6 61.55 63.82 3.7% 35.88 38.87 2.98 57 59 2 Ramada Inn 59.1 59.9 0.8 53.74 58.10 8.1% 31.76 34.80 3.04 51 53 2 Red Roof Inn 64.9 66.2 1.3 50.16 53.84 7.3% 32.55 35.64 3.09 52 54 2 Rodeway 56.7 56.5-0.2 46.66 46.26-0.9% 26.46 26.14-0.32 42 40-2 Super 8 59.4 62.0 2.6 54.52 56.71 4.0% 32.38 35.16 2.78 52 53 1 Travelodge 54.4 55.7 1.3 46.73 48.76 4.3% 25.42 27.16 1.74 41 41 0 Other Budgets 58.5 59.1 0.6 48.34 47.27-2.2% 28.28 27.94-0.34 45 42-3 Budget Segment 60.2 62.1 1.9 51.10 53.11 3.9% 30.76 32.98 2.22 49 50 1 Total Chains 66.4 67.6 1.2 100.12 104.41 4.3% 66.48 70.58 4.10 106 107 1 Total Independents 57.5 58.2 0.7 80.96 82.11 1.4% 46.55 47.79 1.24 75 72-3 Total Market 64.6 65.7 1.1 96.68 100.33 3.8% 62.46 65.92 3.46 100 100 5. 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 20

THE TOP 500 HOTELS OF 2ND QUARTER 2015 - RANKED BY This Last Hotel Name Brand City Zip Code Rooms Previous $ Current $ 1 9 TRAVAASA EXPERIENTIAL AUSTIN 78726 70 $249.66 $299.31 2 2 HYATT MARKET ST HOTEL HYATT THE WOODLA 77380 70 281.69 297.62 3 5 W HOTEL W AUSTIN 78701 251 277.56 291.29 4 3 FOUR SEASONS HOTEL AUSTIN FOURS AUSTIN 78701 291 279.18 288.89 5 7 THE DRISKILL HOTEL AUSTIN 78701 189 269.79 283.28 6 6 RITZ-CARLTON DALLAS RITZ DALLAS 75201 218 269.92 282.79 7 1 HOTEL GRANDUCA GRAND HOUSTON 77056 122 327.37 271.84 8 10 ROUGH CREEK LODGE(EST) IREDELL 76649 55 245.74 259.89 9 12 ZA ZA DALLAS ZA ZA DALLAS 75201 167 220.48 234.20 10 8 ST REGIS HOUSTON HOUSTON 77027 232 262.16 227.97 11 11 LAKE AUSTIN SPA AUSTIN 78732 40 227.53 226.14 12 15 FOUR SEASONS HOTEL FOURS HOUSTON 77010 404 213.25 222.50 13 16 MANSION OF TURTLE CREEK DALLAS 75219 143 211.40 221.98 14 41 HOTEL ELLA AUSTIN 78705 48 168.43 219.76 15 17 INTER-CONTINENTAL STEPHEN F INT-C AUSTIN 78701 190 209.26 219.59 16 13 FOUR SEASONS RESORT & CLUB FOURS IRVING 75038 431 215.30 215.19 17 26 OMNI HOTEL AT FIC OMNI AUSTIN 78701 392 189.58 209.70 18 32 GRAND HYATT DFW HYATT GRAPEVINE 75037 298 180.38 205.90 19 18 THE SAN LUIS HOTEL GALVESTON 77551 243 205.35 204.48 20 19 HYATT REGENCY RESORT HYATT LOST PINES 78612 491 205.17 203.47 21 24 THE JOULE A LUXURY COLLECTION DALLAS 75201 160 190.89 202.90 22 4 THE SAN JOSE HOTEL AUSTIN 78704 40 277.71 202.86 23 14 MOKARA HOTEL FMR WATERMARK SAN ANTONI 78205 99 214.51 201.12 24 31 W DALLAS-VICTORY HOTEL W DALLAS 75219 252 183.96 200.36 25 25 JW MARRIOTT HILL COUNTRY MARRT SAN ANTONI 78261 1002 190.76 195.47 26 0 JW MARRIOTT HOTEL MARRT AUSTIN 78701 1012 0.00 194.96 27 64 HILTON CONVENTION CENTER HILTO AUSTIN 78701 800 154.65 192.47 28 50 HAMPTON INN & SUITES HAMPT AUSTIN 78701 137 163.20 191.73 29 22 MARRIOTT WATERWAY HOTEL MARRT THE WOODLA 77380 343 193.59 191.62 30 46 HYATT PLACE DOWNTOWN HYATP AUSTIN 78701 296 165.35 191.08 31 28 HOTEL ZA ZA ZA ZA HOUSTON 77005 315 187.52 189.22 32 20 HOUSTONIAN HOTEL HOUSTON 77024 289 196.67 186.89 33 69 LE MERIDIEN DALLAS 75201 170 152.91 185.19 34 29 ROSEWOOD CRESCENT COURT DALLAS 75201 220 186.19 184.24 35 35 DOUBLETREE GUEST SUITES DBLST AUSTIN 78701 188 173.93 182.52 36 38 ASHTON HOTEL FORT WORTH 76102 39 171.01 178.94 37 49 COURTYARD BY MARRIOTT DOWNT COURT AUSTIN 78701 270 163.87 178.56 38 34 WESTIN HOTEL AT THE BALL PARK WESTN HOUSTON 77002 200 175.09 177.04 39 45 HILTON GARDEN INN HILTG THE WOODLA 77380 117 166.31 175.70 21

THE TOP 500 HOTELS OF 2ND QUARTER 2015 - RANKED BY This Last Hotel Name Brand City Zip Code Rooms Previous $ Current $ 40 66 RESIDENCE INN DOWNTOWN RESID AUSTIN 78701 179 153.82 174.45 41 52 KIMPTON HOTEL LUMEN DALLAS 75205 93 161.84 173.58 42 57 AT&T EXEC CONFERENCE CTR AUSTIN 78705 297 159.00 172.42 43 36 HILTON HOTEL SOUTHLAKE HILTO SOUTHLAKE 76092 248 173.33 172.26 44 33 THE WESTIN MEMORIAL WESTN HOUSTON 77024 267 177.93 167.37 45 54 RESIDENCE INN SIX PINES RESID THE WOODLA 77380 96 159.91 167.32 46 37 HOTEL ICON HOUSTON 77002 135 173.10 166.34 47 61 EMBASSY SUITES OF AUSTIN EMBAS AUSTIN 78704 261 154.84 166.24 48 0 JW MARRIOTT DOWNTOWN MARRT HOUSTON 77002 328 0.00 165.81 49 40 EMBASSY SUITES FMR CLARI EMBAS FORT WORTH 76102 156 169.84 165.05 50 78 THE GALVESTONIAN GALVESTON 77550 67 150.07 164.61 51 262 THE GAGE HOTEL MARATHON 79842 39 113.71 163.50 52 60 THE LANCASTER HOTEL HOUSTON 77002 93 154.94 162.46 53 27 BEST WESTERN SWISS CHALET BWEST PECOS 79772 105 187.91 162.36 54 75 WESTIN HOTEL AT DOMAIN WESTN AUSTIN 78758 341 151.03 161.78 55 95 HILTON GARDEN HILTG AUSTIN 78701 254 146.65 161.09 56 588 SHERATON FMR MARRIOTT SHERA AUSTIN 78701 365 91.13 160.57 57 30 HOTEL SORELLA HOUSTON 77024 244 184.39 160.47 58 80 HIGHLAND CURIO HILTO DALLAS 75206 198 149.73 158.52 59 39 HYATT REGENCY HILL COUNTRY HYATT SAN ANTONI 78251 500 170.38 157.85 60 139 NEAL'S LODGES CONCAN 78838 66 133.66 157.73 61 140 HYATT PLACE HOTEL HYATP SHENANDOAH 77380 146 133.50 156.73 62 63 EMBASSY SUITES RIVERWALK EMBAS SAN ANTONI 78205 285 154.74 156.64 63 48 HYATT REGENCY AUSTIN HYATT AUSTIN 78704 448 164.63 153.92 64 42 BOARDWALK INN KEMAH 77565 52 167.73 153.86 65 70 THE WYNDHAM HOTEL GALVEZ WYNDH GALVESTON 77550 224 152.90 151.42 66 114 DOUBLETREE HOTEL DOUBL AUSTIN 78702 149 140.55 150.54 67 169 GAYLORD TEXAS RESORT & CONF GAYLO GRAPEVINE 76051 1511 126.71 150.11 68 63 HAMPTON INN & SUITES DNT HAMPT AUSTIN 78701 209 154.74 149.90 69 94 EMBASSY SUITES GALLERIA EMBAS HOUSTON 77056 150 146.80 149.85 70 68 OMNI RIVERWAY HOUSTON OMNI HOUSTON 77056 378 153.42 149.72 71 122 RESIDENCE INN WOODLANDS RESID THE WOODLA 77380 90 137.80 148.96 72 105 OMNI FORT WORTH HOTEL OMNI FORT WORTH 76102 614 142.73 148.72 73 103 OMNI DALLAS HOTEL OMNI DALLAS 75202 1001 143.66 148.58 74 149 MARRIOTT LEGACY MARRT PLANO 75024 404 131.85 145.95 75 145 EMBASSY SUITE OUTDOOR WORLD EMBAS GRAPEVINE 76051 329 132.81 144.93 76 96 EMBASSY SUITES EMBAS LUBBOCK 79424 156 146.47 144.68 77 167 WOODLANDS EXEC CENTER THE WOODLA 77380 412 126.86 144.10 22

THE TOP 500 HOTELS OF 2ND QUARTER 2015 - RANKED BY This Last Hotel Name Brand City Zip Code Rooms Previous $ Current $ 78 67 RESIDENCE INN GALLERIA RESID HOUSTON 77056 146 153.57 143.91 79 58 WESTIN OAKS HOUSTON WESTN HOUSTON 77056 406 158.98 143.67 80 55 THE WESTIN GALLERIA WESTN HOUSTON 77056 487 159.08 143.62 81 106 HILTON AMERICAS CONVENTION HILTO HOUSTON 77002 1200 142.33 143.48 82 148 HILTON GARDEN INN HILTG GRAPEVINE 76051 110 131.94 143.23 83 77 EMBASSY SUITES HOUSTON EMBAS HOUSTON 77010 262 150.36 141.93 84 88 HILTON POST OAK HILTO HOUSTON 77056 448 147.96 141.80 85 47 HOMEWOOD SUITES SAGE RD HOMEW HOUSTON 77056 162 165.23 141.49 86 130 ALOFT DOMAINS ALOFT AUSTIN 78758 140 135.53 141.29 87 62 JW MARRIOTT 785 MARRT HOUSTON 77056 515 154.78 141.07 88 280 HOTEL CONTESSA X.STE SAN ANTONI 78205 265 112.12 140.70 89 118 WESTIN HOTEL GALLERIA WESTN DALLAS 75240 448 139.13 140.48 90 91 MARRIOTT MED CTR MARRT HOUSTON 77030 386 147.71 139.83 91 165 THE TREMONT HOUSE WYNDHAM WYNDH GALVESTON 77550 119 127.31 139.46 92 129 HOTEL DEREK HOUSTON 77027 314 135.55 139.01 93 176 FRIO COUNTRY RESORT CONCAN 78838 77 125.32 138.97 94 183 STOCKYARDS HOTEL FORT WORTH 76106 52 123.89 138.59 95 194 WARWICK MELROSE HOTEL DALLAS 75219 184 123.02 138.53 96 73 EMBASSY SUITES ENERGY PLACE EMBAS HOUSTON 77079 216 151.48 138.51 96 158 HOMEWOOD SUITES NW HOMEW AUSTIN 78759 97 128.88 138.51 97 82 OMNI LA MANSION DEL RIO OMNI SAN ANTONI 78205 338 148.80 138.23 98 111 HAMPTON INN & SUITES HAMPT HOUSTON 77054 120 140.86 137.73 99 113 COURTYARD WOODLANDS COURT THE WOODLA 77380 90 140.60 137.67 100 143 YOGI BEAR JELLYSTONE PARK WALLER 77484 55 133.03 136.95 101 132 HILTON PARK CITIES HILTO DALLAS 75225 224 134.67 136.81 102 317 HOMEWOOD SUITES -DOWNTOWN HOMEW DALLAS 75202 130 108.99 136.62 103 138 EMBASSY SUITES AUSTIN EMBAS AUSTIN 78759 150 133.96 135.98 104 109 ESCAPES! TO THE GULF GALVESTON 77554 78 141.00 135.74 105 87 HOLIDAY EXPRESS HOTEL HIEXP PECOS 79772 71 148.04 135.65 106 196 MARRIOTT CITY CTR MARRT DALLAS 75201 410 122.92 135.48 107 135 GALVESTON ISLAND HILTON HILTO GALVESTON 77551 239 134.49 135.39 108 186 THE FAIRMONT DALLAS HOTEL DALLAS 75201 545 123.55 135.12 109 112 HOMEWOOD SUITES WILLOWBROOK HOMEW HOUSTON 77070 72 140.77 135.07 110 386 RESIDENCE INN-AUSTIN NORTH RESID AUSTIN 78753 88 104.09 135.03 111 250 COURTYARD BY MARRIOTT COURT GALVESTON 77554 80 114.91 134.90 112 72 HAMPTON INN HAMPT PECOS 79772 64 151.80 134.30 113 225 MARRIOTT AUSTIN SOUTH MARRT AUSTIN 78744 211 118.82 133.86 114 157 HYATT PLACE STOCKYARDS HYATP FORT WORTH 76106 101 128.99 133.76 23

THE TOP 500 HOTELS OF 2ND QUARTER 2015 - RANKED BY This Last Hotel Name Brand City Zip Code Rooms Previous $ Current $ 115 141 MARRIOTT TOWN SQUARE MARRT SUGAR LAND 77479 300 133.24 133.57 116 0 HOMEWOOD SUITES HOMEW MIDLAND 79701 118 0.00 133.56 117 194 RENAISSANCE WORTHINGTON RENAS FORT WORTH 76102 504 123.02 133.47 118 144 HOMEWOOD SUITES WESTCHASE HOMEW HOUSTON 77042 96 132.92 132.67 119 97 THE WESTIN RIVERWALK WESTN SAN ANTONI 78205 473 145.99 132.39 120 133 GRAND HYATT CONVENTION CTR HYATT SAN ANTONI 78205 1003 134.62 132.28 121 615 LONE STAR COURT AUSTIN 78758 123 89.95 131.92 122 236 COURTYARD BY MARRIOTT COURT AUSTIN 78759 102 116.85 131.90 123 184 RENAISSANCE AUSTIN HOTEL RENAS AUSTIN 78759 492 123.82 131.89 124 263 HOLIDAY EXPRESS HOTEL HIEXP AUSTIN 78759 95 113.61 131.87 125 177 COURTYARD MED CENTER COURT HOUSTON 77030 194 125.11 131.71 126 123 DOUBLETREE HOTEL ALLEN CENTER DOUBL HOUSTON 77002 350 137.05 131.65 127 81 HILTON PALACIO DEL RIO HILTO SAN ANTONI 78205 483 149.64 131.16 128 116 HOLIDAY INN ON THE BEACH HOLID GALVESTON 77551 178 140.30 130.85 129 120 HOTEL VALENCIA RIVERWALK SAN ANTONI 78205 213 138.43 130.12 130 182 HOMEWOOD SUITES HOMEW ROUND ROCK 78664 115 123.99 129.77 131 213 RADISSON HOTEL & SUITES RADIS AUSTIN 78701 413 120.61 129.62 132 136 MARRIOTT RIVERWALK MARRT SAN ANTONI 78205 512 134.47 129.48 133 134 HOMEWOOD SUITES HOMEW SAN ANTONI 78205 146 134.61 129.11 134 365 RESIDENCE INN BY MARRIOTT RESID AUSTIN 78723 112 105.64 129.08 135 76 ALOFT HOUSTON GALLERIA ALOFT HOUSTON 77056 152 150.64 128.64 136 84 HILTON GARDEN GALLERIA HILTG HOUSTON 77056 182 148.37 128.56 137 255 RESIDENCE INN AUSTIN SOUTH RESID AUSTIN 78744 66 114.20 128.37 138 212 HAMPTON INN & SUITES HAMPT LAKEWAY 78734 70 120.65 128.21 139 226 HILTON CONVENTION CENTER HILTO FORT WORTH 76102 294 118.66 128.19 140 92 LA QUINTA INN & SUITES LAQUN PECOS 79772 68 147.70 127.69 141 217 HOMEWOOD SUITES HOMEW GRAPEVINE 76051 105 119.79 127.29 142 222 HYATT REGENCY RIVERWALK HYATT SAN ANTONI 78205 632 118.96 127.23 143 241 HILTON AUSTIN AIRPORT HILTO AUSTIN 78741 262 116.19 126.78 144 218 EILAN HOTEL RESORT & SPA SAN ANTONI 78256 165 119.70 126.73 145 127 RESIDENCE INN RESID HOUSTON 77002 171 135.93 126.65 146 282 COURTYARD- AUSTIN SOUTH COURT AUSTIN 78744 110 111.86 126.57 147 301 THE HARBOR HOUSE GALVESTON 77550 42 110.47 126.51 148 336 HAMPTON INN HAMPT AUSTIN 78735 106 107.68 126.06 149 172 HAMPTON INN & SUITES HAMPT FREDERICKS 78624 55 125.99 125.91 150 147 SHERATON SUITES HOUSTON X.STE HOUSTON 77027 281 132.26 125.59 151 190 RESIDENCE INN RESID FORT WORTH 76107 149 123.26 125.46 152 265 WYNDHAM MED CTR WYNDH HOUSTON 77030 281 113.52 125.44 24

THE TOP 500 HOTELS OF 2ND QUARTER 2015 - RANKED BY This Last Hotel Name Brand City Zip Code Rooms Previous $ Current $ 153 440 HOMEWOOD WOODLANDS HOMEW SHENANDOAH 77381 91 99.77 125.38 154 205 MARRIOTT HORSESHOE BAY RESORT MARRT HORSESHOE 78657 347 121.84 124.93 155 302 RESIDENCE INN NW RESID AUSTIN 78759 84 110.42 124.82 156 353 NYLO HOTEL SOUTH SIDE NYLO DALLAS 75215 76 106.28 124.53 157 181 HYATT PLACE HYATP SAN ANTONI 78205 131 124.54 124.48 158 244 HAMPTON INN & SUITES HAMPT GRAPEVINE 76051 94 115.60 124.12 159 115 HILTON WESTCHASE & TOWER HILTO HOUSTON 77042 297 140.52 123.90 160 245 DRURY INN & SUITES RIVER DRURY SAN ANTONI 78205 150 115.56 123.86 161 251 HOMEWOOD SUITES SOUTH HOMEW AUSTIN 78744 96 114.83 123.67 162 235 HAMPTON INN HAMPT FORT STOCK 79735 59 116.86 123.57 163 154 MARRIOTT WEST LOOP MARRT HOUSTON 77027 301 130.13 122.70 164 146 WESTIN STONEBRIAR RESORT WESTN FRISCO 75034 301 132.72 122.59 165 110 COURTYARD BY MARRIOTT COURT HOUSTON 77056 190 140.99 122.52 165 232 RESIDENCE INN MED CTR RESID HOUSTON 77030 143 117.43 122.52 166 195 HAMPTON INN HAMPT HOUSTON 77007 90 122.95 122.48 167 230 HYATT PLACE ARBORETUM FM HYATP AUSTIN 78759 127 118.03 122.33 168 353 COMFORT SUITES COMFS PECOS 79772 58 106.28 122.16 169 350 HAMPTON INN FMR AMARILLO HAMPT AMARILLO 79106 64 106.63 122.04 170 325 EMBASSY SUITE LOVE FIELD EMBAS DALLAS 75220 248 108.36 121.76 171 44 HILTON GARDEN INN HILTG MIDLAND 79706 157 166.39 121.72 172 187 HOMEWOOD SUITES HOMEW LUBBOCK 79424 74 123.51 121.70 173 306 STAYBRIDGE AUSTIN NW STAYB AUSTIN 78759 121 109.99 121.55 174 291 RESIDENCE INN RESID ARLINGTON 76015 96 111.26 121.45 175 332 OMNI SOUTHPARK OMNI AUSTIN 78744 312 107.86 120.91 176 256 OMNI BAYFRONT FMR MARRIOTT OMNI CORPUS CHR 78401 475 114.09 120.87 177 170 BEST WESTERN OASIS INN BWEST CANADIAN 79014 55 126.55 120.59 178 0 GALVESTON BEACH HOTEL GALVESTON 77550 97 0.00 120.51 179 352 HAMPTON INN AUSTIN NORTH HAMPT AUSTIN 78759 124 106.44 120.41 180 227 PEARL HOTEL FMR SHERATON SOUTH PADR 78597 251 118.34 120.33 181 523 HOTEL INDIGO BAYLOR INDIG WACO 76706 111 94.62 120.26 182 0 COURTYARD DOWNTOWN COURT LUBBOCK 79415 94 0.00 120.25 183 237 EMBASSY SUITES I35 NORTH EMBAS AUSTIN 78723 260 116.81 120.18 184 155 MARRIOTT RIVERCENTER MARRT SAN ANTONI 78205 1001 129.79 120.13 185 360 HOMEWOOD SUITES HOMEW FORT WORTH 76104 112 105.92 119.97 186 223 BEST WESTERN OCEAN VILLA BWEST PORT ARANS 78373 48 118.92 119.91 187 254 HAMPTON INN & SUITES BUS HAMPT HOUSTON 77032 98 114.55 119.58 188 117 DOUBLETREE GUEST SUITES DBLST HOUSTON 77056 380 139.43 119.42 189 247 HOMEWOOD SUITES - FRISCO HOMEW FRISCO 75034 117 115.47 119.21 25

THE TOP 500 HOTELS OF 2ND QUARTER 2015 - RANKED BY This Last Hotel Name Brand City Zip Code Rooms Previous $ Current $ 190 338 HILTON GARDEN INN HILTG AUSTIN 78759 138 107.55 118.71 191 307 HILTON GARDEN INN HILTG FORT WORTH 76104 157 109.92 118.67 192 316 THE AUSTIN MOTEL AUSTIN 78704 41 109.00 118.27 193 270 EMBASSY SUITES HOTEL 95 EMBAS CORPUS CHR 78411 150 113.05 118.25 194 240 EMBASSY SUITES EMBAS FRISCO 75034 330 116.27 118.13 195 298 HOMEWOOD SUITES DFW HOMEW IRVING 75063 77 110.65 118.07 196 206 HOLIDAY EXPRESS DOWNTOWN HIEXP HOUSTON 77003 112 121.56 118.05 197 59 BEST WESTERN PALACE INN BWEST BIG SPRING 79720 60 155.09 117.99 198 189 HILTON COLLEGE STATION HILTO COLLEGE ST 77840 303 123.35 117.75 199 337 COURTYARD BY MARRIOTT COURT AUSTIN 78741 150 107.62 117.61 200 23 HOLIDAY EXPRESS LOOP 250 HIEXP MIDLAND 79707 94 191.78 117.58 201 211 ELEMENT HOUSTON VINTAGE ELEMT HOUSTON 77070 123 121.03 117.37 202 233 RESIDENCE INN WEST UNIVE RESID HOUSTON 77005 120 117.37 117.35 203 392 HILTON GARDEN INN-AUSTIN HILTG AUSTIN 78753 117 103.35 117.14 204 228 JESSE JONES ROTARY HOUSE HOUSTON 77030 322 118.26 116.95 205 313 HAMPTON INN & SUITES HAMPT LUBBOCK 79424 80 109.34 116.91 206 356 HOLIDAY EXPRESS HIEXP AUSTIN 78741 80 106.05 116.75 207 224 LA QUINTA INN & SUITES LAQUN SOUTH PADR 78597 147 118.91 116.74 208 382 HAMPTON INN AUSTIN SOUTH HAMPT AUSTIN 78744 123 104.41 116.60 209 303 HOMEWOOD SUITES HOMEW ARLINGTON 76011 89 110.41 116.58 210 304 HILTON GARDEN INN ARLINGTON HILTG ARLINGTON 76006 132 110.08 116.23 211 318 RESIDENCE INN RESID GRAPEVINE 76051 133 108.98 116.08 212 300 SPRINGHILL SUITES BY MARRIOTT SPRNG BAYTOWN 77521 101 110.49 115.99 213 397 HYATT PLACE I35 N HYATP AUSTIN 78752 120 103.16 115.98 214 180 DOUBLETREE HOTEL DOUBL HOUSTON 77032 313 124.55 115.81 215 293 EMBASSY SUITES SAN MARCOS EMBAS SAN MARCOS 78666 283 111.03 115.70 216 221 MOODY GARDENS HOTEL GALVESTON 77554 418 119.29 115.63 217 197 HILTON GARDEN INN HOTEL HILTG HOUSTON 77070 171 122.90 115.51 218 210 HILTON HOUSTON PLAZA HILTO HOUSTON 77030 184 121.12 115.44 219 267 HOLIDAY EXPRESS HIEXP FORT WORTH 76102 132 113.46 115.29 220 359 MARRIOTT HOTEL DFW AIRPORT MARRT IRVING 75063 491 105.96 115.26 221 416 HYATT HOUSE SUITES HYATH DALLAS 75201 141 101.88 115.25 222 239 FAIRFIELD INN BY MARRIOTT FAIRF SPRING 77380 85 116.39 115.11 223 339 MARRIOTT LAS COLINAS MARRT IRVING 75039 360 107.51 114.99 224 252 OMNI MANDALAY HOTEL OMNI IRVING 75039 421 114.70 114.88 225 453 LA QUINTA INN CAPITAL LAQUN AUSTIN 78701 150 98.62 114.84 226 335 HOLIDAY EXPRESS HIEXP AMARILLO 79118 69 107.73 114.81 227 191 COURTYARD COMPAQ COURT HOUSTON 77070 126 123.25 114.40 26

THE TOP 500 HOTELS OF 2ND QUARTER 2015 - RANKED BY This Last Hotel Name Brand City Zip Code Rooms Previous $ Current $ 228 284 COURTYARD WEST UNIVERSITY COURT HOUSTON 77005 100 111.58 114.36 229 412 SHERATON CROWN HOTEL SHERA HOUSTON 77032 420 102.00 114.32 229 488 HAMPTON INN & SUITES HAMPT CLUTE 77531 67 96.19 114.32 230 333 HILTON BELLA HARBOR HILTO ROCKWALL 75032 231 107.84 114.13 231 215 BEST WESTERN BWEST MONAHANS 79756 50 120.25 114.11 232 219 HOLIDAY EXPRESS HIEXP PORT ARANS 78373 74 119.67 114.05 233 0 SOUTHERN INN & SUITES KERMIT KERMIT 79745 40 0.00 114.03 234 438 HAMPTON INN HAMPT PORTLAND 78374 54 99.93 113.91 235 457 HYATT REGENCY DNTN HYATT DALLAS 75207 1120 98.39 113.86 236 168 RESIDENCE INN RESID KATY 77494 126 126.76 113.70 237 131 COURTYARD DOWNTOWN COURT HOUSTON 77002 191 135.14 113.62 238 43 RESIDENCE INN RESID MIDLAND 79706 131 166.56 113.35 238 327 HOLIDAY INN GULF BEACH RESORT HOLID CORPUS CHR 78418 149 108.15 113.35 239 79 THE MAGNOLIA HOTEL X.STE HOUSTON 77002 314 149.77 113.31 239 161 BWEST SWISS INN OF PECOS BWEST PECOS 79772 104 128.23 113.31 240 0 CHAIN-O-LAKES LOG CABINS CLEVELAND 77327 50 0.00 113.30 241 271 COURTYARD RIVERWALK COURT SAN ANTONI 78205 217 113.02 113.23 242 273 EMBASSY SUITES EMBAS IRVING 75062 305 112.84 113.16 243 543 DOUBLETREE HOTEL DOWNTOWN DOUBL EL PASO 79901 200 93.42 113.09 244 480 SPRINGHILL SUITES BY MARRIOTT SPRNG AUSTIN 78744 152 96.63 112.87 245 613 SPRINGHILL SUITES SPRNG DALLAS 75202 148 90.00 112.82 246 230 DOUBLETREE BY HILTON DOUBL HOUSTON 77046 388 118.03 112.70 247 179 HYATT REGENCY HOUSTON HYATT HOUSTON 77002 947 124.87 112.63 248 220 HYATT PLACE CREED BEND HYATP SUGAR LAND 77478 214 119.33 112.61 248 294 HOMEWOOD SUITES HOMEW WICHITA FA 76308 73 111.01 112.61 249 329 GREAT WOLF: GRAPEVINE 76051 605 108.04 112.25 250 460 HOLIDAY EXPRESS HIEXP PORTLAND 78374 62 97.95 112.10 251 234 RESIDENCE WESTCHASE RESID HOUSTON 77042 120 117.31 111.98 252 199 RESIDENCE INN BY MARRIOTT RESID COLLEGE ST 77840 84 122.78 111.82 253 0 HOLIDAY INN EXPRESS HIEXP MIDLAND 79701 90 0.00 111.71 254 53 HAMPTON INN & SUITES HAMPT BIG SPRING 79720 85 160.38 111.59 254 345 SHERATON CONVENTION CTR SHERA ARLINGTON 76011 311 107.35 111.59 255 71 DOUBLETREE PLAZA DOUBL MIDLAND 79701 256 151.88 111.51 255 372 HILTON GARDEN INN HILTG AMARILLO 79124 90 104.91 111.51 256 162 RESIDENCE INN - SUGARLAN RESID STAFFORD 77477 78 128.13 111.43 257 455 HAMPTON INN & SUITES 50 HAMPT AUSTIN 78744 102 98.54 111.17 258 355 HOLIDAY EXPRESS HIEXP AMARILLO 79109 90 106.06 111.01 259 297 HOMEWOOD SUITES HOMEW HOUSTON 77032 64 110.67 110.97 27

THE TOP 500 HOTELS OF 2ND QUARTER 2015 - RANKED BY This Last Hotel Name Brand City Zip Code Rooms Previous $ Current $ 260 311 ALOFT DALLAS DOWNTOWN ALOFT DALLAS 75202 193 109.52 110.95 261 258 SPRINGHILL SUITES BY MARRIOTT SPRNG HOUSTON 77032 156 114.03 110.94 262 264 HAMPTON INN WILLOWBROOK HAMPT HOUSTON 77070 75 113.57 110.92 263 0 HOLIDAY INN AIRPOART HOLID AUSTIN 78741 138 0.00 110.90 264 377 DRURY PLAZA RIVERWALK DRURY SAN ANTONI 78205 366 104.68 110.76 265 348 HOMEWOOD SUITES-PLANO HOMEW PLANO 75074 108 106.98 110.61 266 384 HOMEWOOD SUITES HOMEW STAFFORD 77477 78 104.16 110.52 266 546 COURTYARD BY MARRIOTT COURT GRAPEVINE 76051 180 93.33 110.52 267 335 HILTON DFW HOTEL & EXEC HILTO GRAPEVINE 76051 393 107.73 110.45 268 278 HILTON GARDEN INN HILTG TYLER 75703 125 112.17 110.42 269 406 MARRIOTT HOTEL GREENSPOINT MARRT HOUSTON 77060 390 102.50 110.40 270 151 RESIDENCE INN WILLOWBROOK RESID HOUSTON 77064 96 130.99 110.36 271 243 INDIGO HOTEL HOUSTON INDIG HOUSTON 77056 131 115.72 110.27 272 385 HOLIDAY EXPRESS SUNSET V HIEXP AUSTIN 78735 99 104.11 110.19 273 419 HYATT REGENCY DFW HYATT GRAPEVINE 76051 811 101.41 110.08 274 445 COURTYARD BY MARRIOTT COURT AMARILLO 79101 107 99.38 110.03 275 340 HAMPTON INN & SUITES HAMPT AUSTIN 78750 71 107.47 109.95 276 344 HAMPTON INN HAMPT ROCKPORT 78382 64 107.36 109.71 277 314 HOLIDAY EXPRESS HIEXP HUNTSVILLE 77340 87 109.10 109.70 278 0 HOLIDAY EXPRESS & SUITES HIEXP LAKEWAY 78734 78 0.00 109.64 279 425 HILTON GARDEN INN DFW HILTG IRVING 75061 151 100.81 109.53 280 462 HAMPTON INN & SUITES HAMPT BUDA 78610 74 97.85 109.40 281 394 HAMPTON INN ROUND ROCK HAMPT ROUND ROCK 78664 93 103.28 109.24 282 334 HOMEWOOD SUITES BY HILTON HOMEW WACO 76712 88 107.80 109.23 282 398 SPRINGHILL SUITES SPRNG GRAPEVINE 76051 111 103.13 109.23 283 395 SOLANA MARRIOTT MARRT WESTLAKE 76262 294 103.22 109.22 284 472 BASIN STATION - BIG BEND BIG BEND N 79834 86 97.11 109.14 285 592 CASULO HOTEL AUSTIN 78722 49 91.01 108.93 286 349 COURTYARD LEGACY PARK COURT PLANO 75024 153 106.73 108.89 287 509 HOLIDAY EXPRESS & SUITES HIEXP AMARILLO 79124 128 95.29 108.86 288 331 BEST WESTERN DOWNTOWN BWEST HOUSTON 77019 76 107.92 108.72 289 231 CROWNE PLAZA FMR WHITEHALL CROWN HOUSTON 77002 259 117.75 108.67 290 198 OMNI BARTON CREEK (ESTIMATED) OMNI AUSTIN 78735 318 122.80 108.56 291 466 FAIRFIELD INN SOUTH FAIRF AUSTIN 78744 63 97.59 108.42 292 343 THE MAGNOLIA HOTEL DALLAS 75201 329 107.38 108.41 293 396 LA COPA INN RESORT SOUTH PADR 78597 146 103.17 108.29 294 268 RESIDENCE INN - WEST RESID HOUSTON 77077 129 113.21 108.21 295 99 HAMPTON INN HAMPT SAN ANGELO 76904 64 145.33 108.17 28

THE TOP 500 HOTELS OF 2ND QUARTER 2015 - RANKED BY This Last Hotel Name Brand City Zip Code Rooms Previous $ Current $ 296 319 HOLIDAY EXPRESS HIEXP CONROE 77303 89 108.92 108.05 297 0 RESIDENCE INN - ROUND ROCK RESID ROUND ROCK 78664 96 0.00 107.92 298 401 HAMPTON INN & SUITES HAMPT TOMBALL 77377 81 102.72 107.91 299 299 COMFORT SUITES COMFS SPRING 77373 62 110.62 107.84 300 404 HYATT HOUSE HYATH DALLAS 75225 155 102.57 107.80 301 536 RESIDENCE INN RESID RICHARDSON 75082 120 93.87 107.50 302 321 ISLA GRAND RESORT SOUTH PADR 78597 193 108.75 107.49 303 0 HOLIDAY EXPRESS HIEXP KENEDY 78119 68 0.00 107.43 304 347 STAYBRIDGE SUITES STAYB WEBSTER 77598 112 107.17 107.41 305 242 HILTON GARDEN INN HILTG HOUSTON 77072 120 115.98 107.36 306 421 FLYING L" GUEST RANCH L" BANDERA 78003 50 101.21 107.26 306 518 LA QUINTA INNS AND SUITE LAQUN AUSTIN 78735 128 94.92 107.26 307 515 MARRIOTT SUITES MARKET CENTER X.STE DALLAS 75207 265 95.01 107.25 308 163 HOLIDAY EXPRESS I&S HIEXP COLLEGE ST 77840 77 127.98 107.16 308 408 COURTYARD BY MARRIOTT COURT SAN ANTONI 78257 124 102.41 107.16 309 277 COURTYARD BY MARRIOTT COURT NEW BRAUNF 78130 125 112.45 107.07 309 383 HOLIDAY EXPRESS HOTEL HIEXP GRAPEVINE 76051 95 104.22 107.07 310 662 WYNDHAM GARDEN WOODWARD WYNDH AUSTIN 78741 210 87.94 106.95 311 310 HILTON GARDEN INN FRISCO HILTG FRISCO 75034 102 109.59 106.87 312 238 HYATT PLACE FMR AMERISUITES HYATP COLLEGE ST 77840 91 116.54 106.85 313 328 COURTYARD BLACKSTONE COURT FORT WORTH 76102 203 108.06 106.72 314 358 HILTON ANATOLE HOTEL HILTO DALLAS 75207 1606 106.01 106.65 315 119 COURTYARD BY MARRIOTT COURT MIDLAND 79706 97 138.48 106.59 316 442 HILTON GARDEN INN HILTG CORPUS CHR 78412 119 99.61 106.47 317 563 COURTYARD BY MARRIOTT COURT IRVING 75063 153 92.24 106.40 318 380 COURTYARD BY MARRIOTT COURT FORT WORTH 76107 130 104.56 106.28 319 0 HAMPTON INN HAMPT BROWNWOOD 76801 56 0.00 106.17 320 171 HYATT HOUSE FMR SUMMERFIELD HYATH HOUSTON 77056 147 126.31 106.11 321 287 HOLIDAY EXPRESS HIEXP KATY 77449 85 111.52 106.01 321 423 COURTYARD BY MARRIOTT COURT ARLINGTON 76015 103 101.05 106.01 322 306 HOLIDAY EXPRESS MED CTR HIEXP HOUSTON 77025 79 109.99 106.00 323 0 STERLING REALTORS GALVESTON 77554 51 0.00 105.94 324 0 HOLIDAY EXPRESS GARTH RD HIEXP BAYTOWN 77521 91 0.00 105.89 325 456 EXTENDED STAY AMERICA EXTSA AUSTIN 78701 101 98.40 105.85 326 422 HOLIDAY INN RIVERWALK HOLID SAN ANTONI 78205 313 101.09 105.82 327 482 LA QUINTA INNS & SUITES LAQUN MARBLE FAL 78654 73 96.54 105.78 328 680 HOLIDAY EXPRESS & SUITES HIEXP CLUTE 77531 82 87.36 105.75 329 403 OVERTON HOTEL & CONF CEN LUBBOCK 79401 303 102.65 105.69 29

THE TOP 500 HOTELS OF 2ND QUARTER 2015 - RANKED BY This Last Hotel Name Brand City Zip Code Rooms Previous $ Current $ 330 441 HAMPTON INN & SUITES HAMPT EL PASO 79925 139 99.64 105.66 330 628 COURTYARD AUSTIN NORTH P COURT AUSTIN 78753 145 89.31 105.66 331 361 HOLIDAY EXPRESS HIEXP GALVESTON 77554 81 105.91 105.52 332 418 HILTON NASSAU BAY HILTO NASSAU BAY 77058 243 101.70 105.51 333 354 RESIDENCE INN CLEARLAKE RESID NASSAU BAY 77058 110 106.23 105.45 334 440 HOMEWOOD SUITES HOMEW CORPUS CHR 78417 86 99.77 105.36 335 346 HOMEWOOD SUITES CLEARLAKE HOMEW NASSAU BAY 77058 92 107.32 105.35 336 0 RENAISSANCE DALLAS HOTEL RENAS DALLAS 75207 514 0.00 105.20 337 540 COURTYARD BY MARRIOTT COURT KINGWOOD 77339 102 93.57 105.14 338 432 RESIDENCE INN RESID ARLINGTON 76006 114 100.27 105.10 339 126 HOLIDAY EXPRESS HIEXP BIG SPRING 79720 66 136.03 104.98 339 495 SPRINGHILL SUITES MARRIOTT SPRNG AUSTIN 78759 99 95.89 104.98 340 405 RESIDENCE INN BY MARRIOTT RESID SAN ANTONI 78257 131 102.54 104.86 340 602 FAIRFIELD INN & SUITES FAIRF AMARILLO 79118 79 90.63 104.86 341 98 HAMPTON INN HAMPT ODESSA 79762 71 145.69 104.80 341 531 HAMPTON INN MARBLE FALLS HAMPT MARBLE FAL 78654 64 94.13 104.80 342 516 HOLIDAY EXPRESS HIEXP ROCKPORT 78382 69 94.98 104.69 343 0 HOLIDAY EXPRESS & SUITES HIEXP AUSTIN 78745 86 0.00 104.57 343 500 COURTYARD BY MARRIOTT COURT SAN ANTONI 78259 103 95.66 104.57 344 458 HILTON HOTEL ARLINGTON HILTO ARLINGTON 76006 308 98.12 104.53 345 517 HOLIDAY EXPRESS & SUITES HIEXP FREDERICKS 78624 76 94.96 104.38 346 90 HILTON GARDEN INN HILTG SOUTH PADR 78597 225 147.86 104.25 347 248 STAYBRIDGE SUITES STAYB HOUSTON 77077 122 115.09 104.24 348 0 BEST WESTERN PLUS BWEST LAKE JACKS 77566 64 0.00 104.07 349 286 COURTYARD BY MARRIOTT COURT LUBBOCK 79423 78 111.53 104.03 350 290 FOUR POINTS FMR RADISSON 4 PTS HOUSTON 77024 171 111.35 104.01 351 288 LAKEWAY INN RESORT & CONFER LAKEWAY 78734 239 111.42 103.93 352 486 HAMPTON INN & SUITES HAMPT SAN MARCOS 78666 90 96.34 103.92 353 405 EMBASSY SUITES EMBAS DALLAS 75240 150 102.54 103.76 354 522 HOME 2 SUITES HOME2 AUSTIN 78717 84 94.72 103.45 355 381 STAYBRIDGE SUITES STAYB CORPUS CHR 78411 84 104.44 103.33 356 0 HOME 2 SUITES HOME2 KATY 77450 92 0.00 103.26 357 436 HOMEWOOD SUITES HOMEW BEAUMONT 77705 79 99.96 103.25 358 257 HOLIDAY EXPRESS FMR HAWTHOR HIEXP HUMBLE 77338 59 114.06 103.08 359 323 TOWNEPLACE SUITES TOWNP SHENANDOAH 77384 124 108.46 103.06 360 185 HOMEWOOD SUITES BY HILTON HOMEW HOUSTON 77065 123 123.63 103.03 361 0 TOWNPLACE SUITES FMR MAINST TOWNP CLUTE 77531 52 0.00 102.97 362 631 FAIRFIELD INN & SUITES FAIRF AUSTIN 78759 134 89.23 102.90 30

THE TOP 500 HOTELS OF 2ND QUARTER 2015 - RANKED BY This Last Hotel Name Brand City Zip Code Rooms Previous $ Current $ 363 403 EMBASSY SUITES HOTEL MARKET EMBAS DALLAS 75207 244 102.65 102.88 364 276 HAMPTON INN AND SUITES HAMPT KATY 77450 69 112.56 102.73 365 402 HILTON HOTEL GREENSPOINT HILTO HOUSTON 77060 480 102.67 102.72 366 83 SPRINGHILL SUITES SPRNG MIDLAND 79706 107 148.57 102.68 367 582 SPRINGHILL SUITES SPRNG AUSTIN 78753 132 91.44 102.62 368 391 RESIDENCE INN SPID RESID CORPUS CHR 78411 66 103.45 102.61 369 259 HILTON GARDEN INN HILTG SUGAR LAND 77479 202 113.89 102.59 370 367 HILTON GARDEN INN BUSH APT HILTG HOUSTON 77032 182 105.43 102.56 371 426 HOLIDAY EXPRESS FMR BWES HIEXP THE WOODLA 77386 120 100.69 102.51 372 178 HAMPTON INN GALLERIA HAMPT HOUSTON 77027 176 125.00 102.47 373 393 HAMPTON INN HAMPT HUMBLE 77338 86 103.30 102.44 373 503 ELEMENT HOTEL ELEMT IRVING 75063 123 95.57 102.44 374 464 HOMEWOOD SUITES HOMEW ALLEN 75013 114 97.80 102.42 374 653 DRURY INN AND SUITES DRURY AMARILLO 79121 163 88.41 102.42 375 461 HILTON GARDEN INN EL PASO HILTG EL PASO 79902 153 97.94 102.40 376 357 MARRIOTT LA FRONTERA MARRT ROUND ROCK 78681 295 106.04 102.34 377 379 ISLAND HOUSE COUNCIL CORPUS CHR 78418 65 104.57 102.21 378 0 CANDLEWOOD SUITES CANDL LAKE JACKS 77566 86 0.00 102.18 378 0 HOME2 SUITES HOME2 MIDLAND 79706 93 0.00 102.18 378 322 HAMPTON INN AND SUITES HAMPT PASADENA 77505 90 108.50 102.18 379 368 RESIDENCE INN - SANTA ROSA RESID SAN ANTONI 78204 95 105.41 102.11 380 202 COMFORT SUITES COMFS MIDLAND 79705 63 121.98 102.05 381 452 HOLIDAY INN CHANNELVIEW HOLID CHANNELVIE 77530 111 98.67 101.92 382 496 HILTON GARDEN INN HILTG NEW BRAUNF 78130 103 95.87 101.78 383 0 HAWTHORN SUITES FMR BAHI HAWTH CORPUS CHR 78418 54 0.00 101.75 384 342 EMBASSY SUITES EMBAS LAREDO 78041 154 107.39 101.65 385 541 COMFORT SUITES COMFS FORT STOCK 79735 64 93.55 101.54 386 152 HOLIDAY EXPRESS HIEXP ANDREWS 79714 67 130.28 101.43 387 381 DOUBLETREE FMR WYNDHAM DOUBL DALLAS 75207 227 104.44 101.41 388 124 HOLIDAY EXPRESS HOTEL HIEXP ODESSA 79762 92 136.87 101.34 389 430 RESIDENCE INN BUSH AIRPORT RESID HOUSTON 77060 105 100.55 101.32 390 471 HILTON GARDEN INN - RICHARDSON HILTG RICHARDSON 75080 125 97.26 101.28 391 683 HAMPTON INN I-35 NORTH HAMPT AUSTIN 78752 121 87.29 101.27 392 260 SPRINGHILL SUITES - WOOD SPRNG THE WOODLA 77384 138 113.78 101.23 393 554 HILTON GARDEN INN GATEWAY HILTG EL PASO 79915 145 92.71 101.21 394 269 HAMPTON INN AND SUITES HAMPT MISSOURI C 77459 64 113.06 101.15 395 530 THE WESTIN DFW FMR HARVEY WESTN IRVING 75063 506 94.16 101.12 396 547 HOMEWOOD SUITES MKT CTR HOMEW DALLAS 75207 137 93.29 101.11 31

THE TOP 500 HOTELS OF 2ND QUARTER 2015 - RANKED BY This Last Hotel Name Brand City Zip Code Rooms Previous $ Current $ 397 0 EL CONSTANTE CONDOMINIUM CORPUS CHR 78418 50 0.00 101.10 398 626 WACO HILTON HILTO WACO 76701 195 89.37 101.06 399 555 HAMPTON INN & SUITES HAMPT CORPUS CHR 78408 80 92.64 101.03 400 0 HAMPTON INN & SUITES HAMPT EL PASO 79936 101 0.00 100.99 401 160 BEST WESTERN PLUS NORTH BWEST ODESSA 79765 76 128.26 100.65 402 400 RESIDENCE INN RESID ADDISON 75254 150 102.82 100.59 403 305 HILTON GARDEN INN HILTG BRYAN 77802 119 110.05 100.54 404 0 LAJITAS RESORT AND SPA LAJITAS 79852 101 0.00 100.53 405 142 LA QUINTA INN & SUITES LAQUN MIDLAND 79707 74 133.20 100.49 406 508 TOWNPLACE INN COMPAQ TOWNP HOUSTON 77070 128 95.34 100.45 407 487 HAMPTON INN & SUITES I20 HAMPT ARLINGTON 76018 98 96.24 100.42 408 601 CANDLEWOOD SUITES CANDL FORT STOCK 79735 74 90.72 100.32 409 93 RESIDENCE INN RESID ODESSA 79765 120 147.12 100.23 410 614 HAMPTON INN & SUITES HAMPT WACO 76711 123 89.97 100.08 411 586 HAMPTON INN HAMPT FRISCO 75034 105 91.18 100.06 412 475 STAYBRIDGE SUITES NORTH STAYB AUSTIN 78750 80 96.89 100.04 413 413 HILTON RESORT FMR RADISSON HILTO SAN ANTONI 78251 227 101.96 99.96 414 605 STAYBRIDGE LAS COLINAS STAYB IRVING 75038 117 90.49 99.95 415 0 HOLIDAY INN FMR RADIS/HILTON HOLID AUSTIN 78752 189 0.00 99.87 415 388 ALOFT LAS COLINAS ALOFT IRVING 75062 136 103.83 99.87 416 51 BEST WESTERN SUITES BWEST MIDLAND 79701 75 162.80 99.83 416 446 HOLIDAY EXPRESS HIEXP EL PASO 79936 90 99.21 99.83 417 292 HOLIDAY INN / SPORTING NEWS HOLID HOUSTON 77077 122 111.21 99.78 417 526 COURTYARD BY MARRIOTT COURT EL PASO 79925 90 94.40 99.78 418 467 MARRIOTT DFW SOUTH MARRT FORT WORTH 76155 295 97.57 99.76 419 470 BEST WESTERN PLAZA MED C BWEST HOUSTON 77030 123 97.28 99.60 420 367 ROYAL SONESTA FMR INTERCONTI SONES HOUSTON 77027 485 105.43 99.57 421 153 HAMPTON INN & SUITES HAMPT MIDLAND 79707 79 130.18 99.55 422 209 HOLIDAY INN AND SUITES HOLID HOUSTON 77041 113 121.40 99.51 423 534 DOUBLETREE HOTEL AUSTIN DOUBL AUSTIN 78752 350 94.00 99.49 424 510 HOLIDAY EXPRESS HIEXP CEDAR PARK 78613 62 95.22 99.45 425 585 COURTYARD NASSAU BAY COURT NASSAU BAY 77058 124 91.25 99.38 426 534 OMNI COLONNADE I-10W OMNI SAN ANTONI 78230 326 94.00 99.37 427 484 HOLIDAY EXPRESS FM 620 HIEXP AUSTIN 78750 65 96.39 99.22 428 150 HILTON GARDEN INN HILTG KATY 77494 101 131.25 99.16 428 556 TOWNPLACE SUITES FMR MAINST TOWNP HOUSTON 77040 85 92.52 99.16 429 610 HOLIDAY INN EXPRESS & SUITES HIEXP LUBBOCK 79404 77 90.16 99.15 430 0 COURTYARD BY MARRIOTT COURT CORPUS CHR 78411 105 0.00 99.09 32

THE TOP 500 HOTELS OF 2ND QUARTER 2015 - RANKED BY This Last Hotel Name Brand City Zip Code Rooms Previous $ Current $ 431 65 HOLIDAY EXPRESS HOTEL HIEXP SAN ANGELO 76901 68 154.43 98.99 432 312 MARRIOTT WESTCHASE MARRT HOUSTON 77042 600 109.38 98.94 433 529 HAMPTON INN HAMPT KERRVILLE 78028 60 94.18 98.82 434 0 BEST WESTERN FMR CLARION BWEST AUSTIN 78704 154 0.00 98.75 435 0 SLEEP INN & SUITES SLEEP DRIPPING S 78620 57 0.00 98.72 436 593 RESIDENCE INN LAS COLINAS RESID IRVING 75038 120 90.99 98.68 437 506 MARRIOTT EL PASO MARRT EL PASO 79925 293 95.43 98.62 437 621 SPRINGHILL SUITES SPRNG HOUSTON 77054 190 89.76 98.62 438 528 HOLIDAY INN TOWN LAKE HOLID AUSTIN 78701 322 94.28 98.59 439 285 DOUBLETREE EMILY MORGAN DOUBL SAN ANTONI 78205 177 111.56 98.50 440 164 FAIRFIELD INN FAIRF MIDLAND 79705 69 127.42 98.42 440 369 ALOFT PLANO ALOFT PLANO 75024 136 105.39 98.42 441 410 LE MERIDIEN FMR PRAVA/HILTON X.STE DALLAS 75240 258 102.17 98.39 442 444 MARRIOTT GOLF RESORT MARRT FORT WORTH 76177 284 99.41 98.33 443 0 FAIRFIELD INN & SUITES FAIRF AUSTIN 78750 84 0.00 98.27 444 550 HAMPTON INN AND SUITES HAMPT ABILENE 79601 72 92.89 98.25 445 212 SHERATON WEST SHERA HOUSTON 77041 158 120.65 98.19 446 553 BEST WESTERN PLUS BWEST PORTLAND 78374 44 92.74 98.07 447 449 BEST WESTERN SEAWALL INN BWEST GALVESTON 77550 62 98.84 98.06 448 628 TOWNPLACE SUITES TOWNP HOUSTON 77094 94 89.31 98.02 449 642 HAMPTON INN HAMPT CORPUS CHR 78410 55 88.75 97.95 450 552 LA QUINTA INN & SUITES LAQUN FREDERICKS 78624 55 92.76 97.92 451 0 HAMPTON INN HAMPT PEARSALL 78061 70 0.00 97.89 452 521 HOMEWOOD SUITES HOMEW EL PASO 79915 114 94.77 97.86 453 201 HOMEWOOD SUITES BY HILTON HOMEW COLLEGE ST 77840 83 122.33 97.82 454 0 HOMEWOOD SUITES HOMEW ODESSA 79765 121 0.00 97.81 455 537 HILTON GARDEN INN PEARLAND HILTG PEARLAND 77584 137 93.72 97.66 456 324 HAMPTON INN HAMPT LUBBOCK 79423 81 108.39 97.63 457 424 RESIDENCE INN GATEWAY WEST RESID EL PASO 79925 96 101.03 97.60 458 249 MARRIOTT HOTEL ENERGY CENTER MARRT HOUSTON 77094 206 115.08 97.57 458 341 THE LIGHT HOUSE INN ROCKPORT 78382 78 107.41 97.57 459 479 HYATT HOUSE SUITES HYATH ADDISON 75001 132 96.75 97.52 460 644 COURTYARD LAS COLINAS COURT IRVING 75038 147 88.70 97.48 461 527 HOME2 SUITES HOME2 FRISCO 75034 122 94.29 97.30 462 389 RESIDENCE INN DFW AIRPOR RESID IRVING 75062 118 103.79 97.27 462 454 SPRINGHILL SUITES BROOKHOLLOW SPRNG HOUSTON 77092 79 98.59 97.27 463 591 HOMEWOOD GREENVILLE HOMEW DALLAS 75243 78 91.02 97.21 464 504 HOLIDAY INN WESTCHASE HOLID HOUSTON 77042 130 95.47 97.10 33

THE TOP 500 HOTELS OF 2ND QUARTER 2015 - RANKED BY This Last Hotel Name Brand City Zip Code Rooms Previous $ Current $ 465 0 COURTYARD MARRIOTT LUFKIN COURT LUFKIN 75901 101 0.00 97.09 466 646 TOWNE PLACE SUITES TOWNP FORT WORTH 76102 140 88.62 97.06 467 295 SPRINGHILL SUITES SPRNG KATY 77494 69 110.99 97.02 467 581 HAMPTON INN HAMPT SEABROOK 77586 70 91.48 97.02 468 603 RENAISSANCE RICHARDSON RENAS RICHARDSON 75082 336 90.61 96.92 469 0 FAIRFIELD INN AND SUITES FAIRF AUSTIN 78753 150 0.00 96.87 469 108 HILTON GARDEN INN HILTG ODESSA 79762 99 141.48 96.87 470 100 TOWNEPLACE SUITES MIDLAND TOWNP MIDLAND 79706 100 144.88 96.82 471 0 HILTON HOTEL GRANITE PKW HILTO PLANO 75024 299 0.00 96.70 472 0 HOME2 SUITES BY HILTON HOME2 AUSTIN 78758 105 0.00 96.60 472 544 HAMPTON INN & SUITES HAMPT CONROE 77303 105 93.40 96.60 473 511 COURTYARD BY MARRIOTT COURT PEARLAND 77584 106 95.18 96.56 474 429 RESIDENCE INN AT CASCADE RESID THE COLONY 75056 102 100.60 96.54 475 391 EMBASSY SUITES HOTEL 95 EMBAS SAN ANTONI 78216 261 103.45 96.52 475 665 RESIDENCE INN 1604 EAST RESID SAN ANTONI 78232 88 87.89 96.52 476 0 RESIDENCE INN RESID PLANO 75024 126 0.00 96.37 477 557 ALOFT CENTRAL PARK MALL ALOFT SAN ANTONI 78216 141 92.49 96.33 478 253 HAMPTON INN HAMPT HOUSTON 77065 62 114.63 96.31 479 0 HAMPTON INN HAMPT KENEDY 78119 73 0.00 96.30 480 513 COURTYARD - WESTOVER HILLS COURT SAN ANTONI 78251 179 95.13 96.29 480 569 NYLO LOFT HOTEL NYLO IRVING 75039 200 92.07 96.29 481 497 OMNI PARKWEST FMR DBLTREE OMNI FARMERS BR 75234 337 95.82 96.25 482 577 HOMEWOOD SUITES BY HILTON HOMEW MCALLEN 78503 114 91.68 96.23 483 0 HOLIDAY EXPRESS HIEXP BROWNWOOD 76801 58 0.00 96.21 484 0 HAMPTON INN & SUITES HAMPT DE SOTO 75115 81 0.00 96.11 485 488 HILTON GARDEN INN HILTG FORT WORTH 76137 98 96.19 96.08 486 326 MARRIOTT BUSH AIRPORT MARRT HOUSTON 77032 565 108.27 96.06 487 468 INN ON BARONS CREEK FREDERICKS 78624 90 97.49 95.98 488 0 CANDLEWOOD SUITES CANDL THE WOODLA 77384 91 0.00 95.97 489 428 HAMPTON INN & SUITES HAMPT LONGVIEW 75605 91 100.63 95.94 490 443 HAMPTON INN HAMPT VAN HORN 79855 59 99.49 95.91 491 435 MARRIOTT PLAZA HOTEL MARRT SAN ANTONI 78205 252 100.10 95.88 492 682 COMFORT INN COMFO INGLESIDE 78362 40 87.31 95.82 493 560 HOMEWOOD SUITES SAN ANTONIO HOMEW SAN ANTONI 78230 123 92.30 95.80 494 0 CANDLEWOOD SUITES CANDL MIDLAND 79701 113 0.00 95.65 494 499 HOLIDAY EXPRESS & SUITES HIEXP CORPUS CHR 78411 88 95.73 95.65 495 630 HILTON GARDEN INN HILTG ABILENE 79606 123 89.25 95.59 496 0 HOLIDAY EXPRESS HOTEL HIEXP BUDA 78610 76 0.00 95.58 34

THE TOP 500 HOTELS OF 2ND QUARTER 2015 - RANKED BY This Last Hotel Name Brand City Zip Code Rooms Previous $ Current $ 497 156 CANDLEWOOD SUITES CANDL ODESSA 79761 83 129.55 95.55 498 501 HAMPTON INN & SUITES HAMPT SAN ANTONI 78216 106 95.64 95.53 499 456 HILTON GARDEN INN ALLIAN HILTG FORT WORTH 76177 127 98.40 95.51 500 0 HOLIDAY EXPRESS & SUITES HIEXP WOLFFORTH 79382 85 0.00 95.40 500 434 RESIDENCE INN ALAMO RESID SAN ANTONI 78205 220 100.19 95.40 35

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