Global Hotel Review (Media Version) - Constant Currency Edition

United Kingdom United States Blue Fin Building 735 East Main Street 110 Southwark Street Hendersonville London SE1 0TA TN 37075 Phone: +44 (0)20 7922 1930 Phone: +1 (615) 824 8664 Fax: +44 (0)20 7922 1931 Fax: +1 (615) 824 3848 www.strglobal.com www.str.com Global Hotel Review (Media Version) - Constant Currency Edition Global Hotel Industry Performance for the Month of December 2016 Volume 16, Issue MED12 Date Created: January 18, 2017 In this issue Page Global Performance (US Dollars) 2 Global Performance (Euros) 3 Global Performance (British Pounds) 4 World Regions 5 Definitions 6

Global Performance (Data in US Dollars) For the Month of: December 2016 This version of the Global Hotel Review incorporates "Constant Currency Exchange" methodology. All ADR and RevPAR calculations use January 31, 2016 exchange rates as of 7:30PM CST. $100.00 $90.00 $80.00 $70.00 $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 YTD December 2016 RevPAR Asia Pacific Americas Europe Middle East/Africa YTD revpar 4.0 3.0 2.0 1.0 0.0-1.0-2.0-3.0-4.0-5.0-6.0 YTD December 2016 % Change Asia Pacific Americas Europe Middle East/Africa Occ ADR RevPAR December 2016 vs December 2015 Year to Date - December 2016 vs December 2015 Occ % ADR RevPAR Percent Change from December 2015 Occ % ADR RevPAR Percent Change from YTD 2015 2016 2015 2016 2015 2016 2015 Occ. ADR RevPAR 2016 2015 2016 2015 2016 2015 Occ. ADR RevPAR Asia Pacific 68.8 66.8 106.30 105.49 73.12 70.49 2.9 0.8 3.7 69.0 68.0 100.46 101.39 69.34 68.90 1.6-0.9 0.6 Central & South Asia 68.5 68.4 126.11 124.69 86.42 85.34 0.1 1.1 1.3 63.6 61.9 107.88 110.47 68.59 68.34 2.8-2.3 0.4 Northeastern Asia 67.9 64.8 93.53 92.89 63.50 60.23 4.7 0.7 5.4 68.7 67.6 90.85 91.67 62.38 62.00 1.5-0.9 0.6 Southeastern Asia 69.5 69.7 118.42 119.00 82.25 82.88-0.3-0.5-0.8 68.5 67.2 110.26 112.91 75.48 75.86 1.9-2.3-0.5 Australia & Oceania 73.1 72.7 144.57 138.33 105.64 100.55 0.5 4.5 5.1 75.7 74.9 133.21 130.02 100.89 97.45 1.1 2.5 3.5 Americas 52.9 53.0 120.75 117.63 63.84 62.30-0.2 2.7 2.5 65.1 65.1 123.37 119.38 80.31 77.73 0.0 3.3 3.3 North America 52.9 52.8 119.45 116.01 63.14 61.29 0.0 3.0 3.0 65.4 65.3 123.27 119.33 80.63 77.93 0.2 3.3 3.5 Caribbean 65.4 68.5 262.69 264.40 171.89 181.08-4.5-0.6-5.1 66.7 68.3 201.81 201.16 134.69 137.46-2.3 0.3-2.0 Central America 58.4 55.7 121.17 130.26 70.80 72.51 5.0-7.0-2.4 59.8 58.0 111.10 112.02 66.46 65.01 3.1-0.8 2.2 South America 47.8 50.6 94.04 91.30 44.92 46.19-5.6 3.0-2.8 55.0 58.1 92.24 82.92 50.75 48.20-5.3 11.2 5.3 Europe 61.2 58.5 115.91 111.82 70.92 65.45 4.5 3.7 8.4 70.4 70.0 121.06 119.28 85.18 83.45 0.6 1.5 2.1 Eastern Europe 54.6 49.1 73.44 68.20 40.07 33.46 11.2 7.7 19.7 63.8 60.4 73.91 69.20 47.13 41.82 5.5 6.8 12.7 Northern Europe 68.4 66.4 126.23 119.06 86.40 79.01 3.1 6.0 9.4 76.2 75.7 126.24 122.65 96.17 92.82 0.7 2.9 3.6 Southern Europe 53.2 51.2 109.98 105.53 58.51 53.99 4.0 4.2 8.4 67.3 67.3 125.26 124.07 84.30 83.47 0.0 1.0 1.0 Western Europe 61.4 59.0 120.28 120.28 73.89 71.03 4.0 0.0 4.0 68.7 69.0 126.92 126.60 87.23 87.39-0.4 0.2-0.2 Middle East/Africa 60.7 60.0 165.79 166.27 100.58 99.81 1.1-0.3 0.8 61.6 63.2 149.02 152.30 91.79 96.30-2.6-2.2-4.7 Middle East 66.7 67.0 182.96 197.23 122.09 132.13-0.4-7.2-7.6 66.2 67.7 174.47 188.06 115.51 127.34-2.2-7.2-9.3 Northern Africa 43.8 39.8 148.91 95.88 65.22 38.16 10.0 55.3 70.9 47.6 52.9 105.93 89.43 50.43 47.31-10.0 18.4 6.6 Southern Africa 57.6 58.9 127.09 121.62 73.20 71.61-2.2 4.5 2.2 60.9 60.7 109.23 102.78 66.47 62.34 0.3 6.3 6.6 Legal Notice STR Global Limited s Hotel Review is a publication of STR Global Limited and is intended solely for use by paid subscribers. Reproduction or distribution of the Hotel Review, in whole or part, without written permission of STR Global Limited is prohibited and subject to legal action. Site licenses are available. Ownership, distribution and use of the Hotel Review and its contents are subject to the terms set forth in the contract you have entered into with STR Global Limited Source 2017 STR Global Limited 2

Global Performance (Data in Euros) For the Month of: December 2016 This version of the Global Hotel Review incorporates "Constant Currency Exchange" methodology. All ADR and RevPAR calculations use January 31, 2016 exchange rates as of 7:30PM CST. 90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00 YTD December 2016 RevPAR Asia Pacific Americas Europe Middle East/Africa YTD revpar 4.0 3.0 2.0 1.0 0.0-1.0-2.0-3.0-4.0-5.0-6.0 YTD December 2016 % Change Asia Pacific Americas Europe Middle East/Africa Occ ADR RevPAR December 2016 vs December 2015 Year to Date - December 2016 vs December 2015 Occ % ADR RevPAR Percent Change from December 2015 Occ % ADR RevPAR Percent Change from YTD 2015 2016 2015 2016 2015 2016 2015 Occ. ADR RevPAR 2016 2015 2016 2015 2016 2015 Occ. ADR RevPAR Asia Pacific 68.8 66.8 98.15 97.40 67.51 65.08 2.9 0.8 3.7 69.0 68.0 92.75 93.62 64.02 63.61 1.6-0.9 0.6 Central & South Asia 68.5 68.4 116.44 115.12 79.79 78.79 0.1 1.1 1.3 63.6 61.9 99.61 101.99 63.33 63.10 2.8-2.3 0.4 Northeastern Asia 67.9 64.8 86.35 85.76 58.63 55.61 4.7 0.7 5.4 68.7 67.6 83.88 84.64 57.60 57.24 1.5-0.9 0.6 Southeastern Asia 69.5 69.7 109.33 109.87 75.94 76.53-0.3-0.5-0.8 68.5 67.2 101.80 104.24 69.69 70.04 1.9-2.3-0.5 Australia & Oceania 73.1 72.7 133.48 127.72 97.54 92.84 0.5 4.5 5.1 75.7 74.9 122.99 120.04 93.15 89.97 1.1 2.5 3.5 Americas 52.9 53.0 111.49 108.61 58.94 57.52-0.2 2.7 2.5 65.1 65.1 113.91 110.22 74.15 71.76 0.0 3.3 3.3 North America 52.9 52.8 110.28 107.11 58.29 56.59 0.0 3.0 3.0 65.4 65.3 113.81 110.17 74.45 71.95 0.2 3.3 3.5 Caribbean 65.4 68.5 242.53 244.12 158.70 167.19-4.5-0.6-5.1 66.7 68.3 186.33 185.73 124.36 126.91-2.3 0.3-2.0 Central America 58.4 55.7 111.87 120.27 65.37 66.95 5.0-7.0-2.4 59.8 58.0 102.57 103.43 61.36 60.03 3.1-0.8 2.2 South America 47.8 50.6 86.82 84.30 41.47 42.65-5.6 3.0-2.8 55.0 58.1 85.16 76.56 46.86 44.50-5.3 11.2 5.3 Europe 61.2 58.5 107.02 103.24 65.48 60.43 4.5 3.7 8.4 70.4 70.0 111.77 110.13 78.64 77.05 0.6 1.5 2.1 Eastern Europe 54.6 49.1 67.81 62.97 37.00 30.90 11.2 7.7 19.7 63.8 60.4 68.24 63.90 43.51 38.61 5.5 6.8 12.7 Northern Europe 68.4 66.4 116.55 109.93 79.77 72.95 3.1 6.0 9.4 76.2 75.7 116.55 113.24 88.80 85.70 0.7 2.9 3.6 Southern Europe 53.2 51.2 101.55 97.44 54.02 49.85 4.0 4.2 8.4 67.3 67.3 115.65 114.55 77.83 77.06 0.0 1.0 1.0 Western Europe 61.4 59.0 111.06 111.05 68.23 65.58 4.0 0.0 4.0 68.7 69.0 117.18 116.89 80.54 80.69-0.4 0.2-0.2 Middle East/Africa 60.7 60.0 153.08 153.51 92.86 92.15 1.1-0.3 0.8 61.6 63.2 137.59 140.61 84.75 88.91-2.6-2.2-4.7 Middle East 66.7 67.0 168.92 182.10 112.72 122.00-0.4-7.2-7.6 66.2 67.7 161.09 173.63 106.65 117.57-2.2-7.2-9.3 Northern Africa 43.8 39.8 137.49 88.52 60.21 35.24 10.0 55.3 70.9 47.6 52.9 97.80 82.57 46.56 43.68-10.0 18.4 6.6 Southern Africa 57.6 58.9 117.34 112.29 67.58 66.12-2.2 4.5 2.2 60.9 60.7 100.85 94.90 61.37 57.56 0.3 6.3 6.6 Legal Notice STR Global Limited s Hotel Review is a publication of STR Global Limited and is intended solely for use by paid subscribers. Reproduction or distribution of the Hotel Review, in whole or part, without written permission of STR Global Limited is prohibited and subject to legal action. Site licenses are available. Ownership, distribution and use of the Hotel Review and its contents are subject to the terms set forth in the contract you have entered into with STR Global Limited Source 2017 STR Global Limited 3

Global Performance (Data in British Pounds) For the Month of: December 2016 This version of the Global Hotel Review incorporates "Constant Currency Exchange" methodology. All ADR and RevPAR calculations use January 31, 2016 exchange rates as of 7:30PM CST. 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00 YTD December 2016 RevPAR Asia Pacific Americas Europe Middle East/Africa YTD revpar 4.0 3.0 2.0 1.0 0.0-1.0-2.0-3.0-4.0-5.0-6.0 YTD December 2016 % Change Asia Pacific Americas Europe Middle East/Africa Occ ADR RevPAR December 2016 vs December 2015 Year to Date - December 2016 vs December 2015 Occ % ADR RevPAR Percent Change from December 2015 Occ % ADR RevPAR Percent Change from YTD 2015 2016 2015 2016 2015 2016 2015 Occ. ADR RevPAR 2016 2015 2016 2015 2016 2015 Occ. ADR RevPAR Asia Pacific 68.8 66.8 74.63 74.06 51.33 49.49 2.9 0.8 3.7 69.0 68.0 70.53 71.19 48.68 48.37 1.6-0.9 0.6 Central & South Asia 68.5 68.4 88.54 87.54 60.67 59.91 0.1 1.1 1.3 63.6 61.9 75.74 77.55 48.15 47.98 2.8-2.3 0.4 Northeastern Asia 67.9 64.8 65.66 65.21 44.58 42.29 4.7 0.7 5.4 68.7 67.6 63.78 64.36 43.80 43.53 1.5-0.9 0.6 Southeastern Asia 69.5 69.7 83.14 83.54 57.75 58.19-0.3-0.5-0.8 68.5 67.2 77.41 79.27 52.99 53.26 1.9-2.3-0.5 Australia & Oceania 73.1 72.7 101.50 97.12 74.17 70.60 0.5 4.5 5.1 75.7 74.9 93.52 91.28 70.83 68.41 1.1 2.5 3.5 Americas 52.9 53.0 84.77 82.58 44.82 43.74-0.2 2.7 2.5 65.1 65.1 86.62 83.81 56.38 54.57 0.0 3.3 3.3 North America 52.9 52.8 83.86 81.44 44.33 43.03 0.0 3.0 3.0 65.4 65.3 86.54 83.77 56.61 54.71 0.2 3.3 3.5 Caribbean 65.4 68.5 184.42 185.63 120.68 127.13-4.5-0.6-5.1 66.7 68.3 141.68 141.23 94.56 96.51-2.3 0.3-2.0 Central America 58.4 55.7 85.07 91.45 49.71 50.91 5.0-7.0-2.4 59.8 58.0 78.00 78.65 46.66 45.64 3.1-0.8 2.2 South America 47.8 50.6 66.02 64.10 31.54 32.43-5.6 3.0-2.8 55.0 58.1 64.76 58.21 35.63 33.84-5.3 11.2 5.3 Europe 61.2 58.5 81.38 78.51 49.79 45.95 4.5 3.7 8.4 70.4 70.0 84.99 83.74 59.80 58.59 0.6 1.5 2.1 Eastern Europe 54.6 49.1 51.56 47.88 28.13 23.49 11.2 7.7 19.7 63.8 60.4 51.89 48.59 33.09 29.36 5.5 6.8 12.7 Northern Europe 68.4 66.4 88.62 83.59 60.66 55.47 3.1 6.0 9.4 76.2 75.7 88.63 86.11 67.52 65.17 0.7 2.9 3.6 Southern Europe 53.2 51.2 77.22 74.09 41.08 37.90 4.0 4.2 8.4 67.3 67.3 87.94 87.10 59.18 58.60 0.0 1.0 1.0 Western Europe 61.4 59.0 84.45 84.45 51.88 49.86 4.0 0.0 4.0 68.7 69.0 89.11 88.88 61.24 61.35-0.4 0.2-0.2 Middle East/Africa 60.7 60.0 116.40 116.73 70.61 70.07 1.1-0.3 0.8 61.6 63.2 104.62 106.92 64.45 67.61-2.6-2.2-4.7 Middle East 66.7 67.0 128.45 138.47 85.72 92.77-0.4-7.2-7.6 66.2 67.7 122.49 132.03 81.10 89.40-2.2-7.2-9.3 Northern Africa 43.8 39.8 104.55 67.31 45.79 26.79 10.0 55.3 70.9 47.6 52.9 74.37 62.79 35.40 33.22-10.0 18.4 6.6 Southern Africa 57.6 58.9 89.23 85.39 51.39 50.28-2.2 4.5 2.2 60.9 60.7 76.68 72.16 46.67 43.77 0.3 6.3 6.6 Legal Notice STR Global Limited s Hotel Review is a publication of STR Global Limited and is intended solely for use by paid subscribers. Reproduction or distribution of the Hotel Review, in whole or part, without written permission of STR Global Limited is prohibited and subject to legal action. Site licenses are available. Ownership, distribution and use of the Hotel Review and its contents are subject to the terms set forth in the contract you have entered into with STR Global Limited Source 2017 STR Global Limited 4

World Regions Americas Asia Pacific Europe Middle East / Africa Caribbean Central America Central & South Asia Australia & Oceania Eastern Europe Southern Europe Middle East Southern Africa Anguilla Belize Bangladesh American Samoa Armenia Albania Afghanistan Angola Antigua & Barbuda Costa Rica Bhutan Australia Azerbaijan Andorra Bahrain Benin Aruba El Salvador India Cook Islands Belarus Bosnia and Herzegovina Iran Botswana Bahamas Guatemala Maldives Fiji Bulgaria Croatia Iraq Burundi Barbados Honduras Nepal French Polynesia Czech Republic Cyprus Jordan Cameroon Bermuda Nicaragua Pakistan Guam Georgia Gibraltar Kuwait Cape Verde British Virgin Islands Panama Sri Lanka Kiribati Hungary Greece Lebanon Central African Republic Cayman Islands Marshall Islands Kazakhstan Italy Oman Comoros Curacao North America Northeastern Asia Micronesia Kyrgyzstan Israel Qatar Cote d'ivoire Cuba Canada China Nauru Poland Kosovo Saudi Arabia Democratic Rep. of Congo Dominica Greenland Japan New Caledonia Moldova Macedonia Syria Equatorial Guinea Dominican Republic Mexico North Korea New Zealand Romania Malta UAE Ethiopia Grenada United States South Korea Niue Russia Montenegro Yemen Gabon Guadeloupe Mongolia Northern Mariana Islands Slovakia Portugal Gambia Haiti South America Taiwan Palau Tajikistan San Marino Northern Africa Ghana Jamaica Argentina Papua New Guinea Turkmenistan Serbia Algeria Guinea Martinique Bolivia Southeastern Asia Samoa Ukraine Slovenia Burkina Faso Guinea-Bissau Montserrat Brazil Brunei Solomon Islands Uzbekistan Spain Chad Kenya Netherlands Antilles Chile Cambodia Tonga Turkey Djibouti Lesotho Puerto Rico Colombia East Timor Tuvalu Northern Europe Egypt Liberia St. Kitts & Nevis Ecuador Indonesia Vanuatu Denmark Western Europe Eritrea Madagascar St. Lucia Falkland Islands Laos Estonia Austria Libya Malawi St. Vincent French Guiana Malaysia Faroe Islands Belgium Mali Mauritius Trinidad & Tobago Guyana Myanmar Finland France Morocco Mozambique Turks & Caicos Paraguay Philippines Iceland Germany Mauritania Namibia US Virgin Islands Peru Singapore Ireland Liechtenstein Niger Nigeria Suriname Thailand Latvia Luxembourg South Sudan Republic Of Congo Uruguay Vietnam Lithuania Monaco Sudan Reunion Venezuela Norway Netherlands Tunisia Rwanda Sweden Switzerland Sao Tome and Principe United Kingdom Senegal Seychelles Sierra Leone Somalia South Africa Swaziland Tanzania Togo Uganda Zambia Zimbabwe 5

Definitions Performance data included for non-north American locations may be different than that released by STR Global Limited. All data is processed by Smith Travel Research using both the current and historical sampling of hotels. For further questions about the methodology used to produce the Hotel Review, please email info@smithtravelresearch.com. Average Daily Rate (ADR) Room revenue divided by rooms sold. Country A geographic area that has internationally recognized boundaries, an organized economy, and a sovereign government with external recognition. It is typically recognized by the International Organization for Standardization (ISO). Exchange Rate The factor used to convert revenue from U.S. Dollars to the local currency. The exchange rate data is obtained from Oanda.com. Any aggregated number in the report (YTD, Running 3 month, Running 12 month) uses the exchange rate of each relative month when calculating the data. Market A geographic area within a country. Markets are defined by STR and STR Global Limited. Occupancy (Occ) Rooms sold divided by rooms available multiplied by 100. Percent Change Amount of growth - up, flat, or down - this period versus same period last year (month or year-to-date). Calculated as ((TY - LY) / LY) * 100. Revenue Per Available Room (RevPAR) Room revenue divided by rooms available. Rooms Available The number of rooms times the number of days in the period. Room Revenue Total room revenue generated from the sale or rental of rooms. Rooms Sold The number of rooms sold (excludes complimentary rooms). Year-to-date Measures (Occ, ADR, RevPAR) are calculated using the sum of the values from January 1 of the given year. 6