Los Angeles Submarkets

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Los Angeles Submarkets February Occupancy Jan-Feb YTD % Change % Change TOTAL L.A. COUNTY 80.1% 77.4% 3.5% TOTAL L.A. COUNTY 75.6% 75.4% 0.3% Downtown L.A. (Central Business District) 77.5% 77.5% 0.0% Downtown L.A. (Central Business District) 72.1% 74.4% -3.1% Hollywood/West Hollywood 82.9% 81.4% 1.9% Hollywood/West Hollywood 79.1% 81.1% -2.5% Beverly Hills/Westside 83.2% 80.5% 3.3% Beverly Hills/Westside 79.4% 81.5% -2.5% Santa Monica/Venice/Marina Del Rey 85.0% 77.3% 9.9% Santa Monica/Venice/Marina Del Rey 80.2% 77.7% 3.1% LAX/Inglewood/Culver City 88.1% 86.4% 2.0% LAX/Inglewood/Culver City 83.3% 84.9% -1.9% South Bay 83.0% 79.5% 4.4% South Bay 78.4% 76.4% 2.6% San Fernando Valley 78.0% 75.6% 3.1% San Fernando Valley 73.8% 73.9% -0.1% Pasadena/Arcadia/Monrovia 83.4% 83.5% -0.1% Pasadena/Arcadia/Monrovia 78.1% 80.6% -3.1% L.A. East (SGV/Pomona) 73.7% 71.6% 2.9% L.A. East (SGV/Pomona) 69.4% 68.3% 1.6% L.A. Southeast (Gateway Cities) 76.1% 72.5% 5.0% L.A. Southeast (Gateway Cities) 71.0% 69.6% 6.4% L.A. North (SFV/Valencia/Antelope Valley) 75.4% 72.3% 4.2% L.A. North (SFV/Valencia/Antelope Valley) 71.6% 69.4% 3.2% 90.0% February Occupancy 90.0% Jan-Feb YTD Occupancy 80.0% 80.0% 70.0% 70.0% 60.0% 60.0%

Los Angeles Submarkets February Average Daily Rate ($) Jan-Feb YTD % Change % Change TOTAL L.A. COUNTY $155.07 $140.10 10.7% TOTAL L.A. COUNTY $152.03 $143.63 5.9% Downtown L.A. (Central Business District) $194.84 $177.41 9.8% Downtown L.A. (Central Business District) $193.85 $182.32 6.3% Hollywood/West Hollywood $217.93 $187.99 15.9% Hollywood/West Hollywood $210.32 $194.42 8.2% Beverly Hills/Westside $340.87 $296.00 15.2% Beverly Hills/Westside $333.77 $313.43 6.5% Santa Monica/Venice/Marina Del Rey $274.44 $261.15 5.1% Santa Monica/Venice/Marina Del Rey $268.02 $262.62 2.1% LAX/Inglewood/Culver City $120.00 $109.11 10.0% LAX/Inglewood/Culver City $116.19 $107.65 7.9% South Bay $122.48 $113.53 7.9% South Bay $119.64 $112.16 6.7% San Fernando Valley $122.48 $111.93 9.4% San Fernando Valley $121.24 $114.78 5.6% Pasadena/Arcadia/Monrovia $145.12 $136.11 6.6% Pasadena/Arcadia/Monrovia $144.63 $144.35 0.2% L.A. East (SGV/Pomona) $91.18 $86.84 5.0% L.A. East (SGV/Pomona) $89.97 $87.30 3.1% L.A. Southeast (Gateway Cities) $87.66 $81.31 7.8% L.A. Southeast (Gateway Cities) $86.31 $81.10 6.4% L.A. North (SFV/Valencia/Antelope Valley) $109.99 $102.18 7.6% L.A. North (SFV/Valencia/Antelope Valley) $108.40 $103.24 5.0% $350.00 $300.00 0.9 November February Occupancy ADR $350.00 $300.00 Jan-Feb YTD ADR $250.00 $200.00 0.8 $250.00 $200.00 $150.00 $100.00 0.7 $150.00 $100.00 $50.00 0.6 0 0 0 0 0 0 0 0 0 0 0 $50.00 2015 #REF! 2014#REF!

February Los Angeles Submarkets RevPAR ($) Jan-Feb YTD % Change % Change TOTAL L.A. COUNTY $124.27 $108.49 14.6% TOTAL L.A. COUNTY $115.00 $108.29 6.2% Downtown L.A. (Central Business District) $150.98 $137.54 9.8% Downtown L.A. (Central Business District) $139.70 $135.61 3.0% Hollywood/West Hollywood $180.59 $152.93 18.1% Hollywood/West Hollywood $166.29 $157.72 5.4% Beverly Hills/Westside $283.47 $238.37 18.9% Beverly Hills/Westside $265.09 $255.39 3.8% Santa Monica/Venice/Marina Del Rey $233.33 $201.94 15.5% Santa Monica/Venice/Marina Del Rey $214.82 $204.11 5.2% LAX/Inglewood/Culver City $105.75 $94.26 12.2% LAX/Inglewood/Culver City $96.78 $91.40 5.9% South Bay $101.70 $90.29 12.6% South Bay $93.75 $85.66 9.4% San Fernando Valley $95.55 $94.67 12.9% San Fernando Valley $89.50 $84.86 5.5% Pasadena/Arcadia/Monrovia $116.17 $106.17 9.4% Pasadena/Arcadia/Monrovia $108.41 $109.29-0.8% L.A. East (SGV/Pomona) $67.19 $62.19 8.0% L.A. East (SGV/Pomona) $62.41 $59.60 4.7% L.A. Southeast (Gateway Cities) $66.72 $58.94 13.2% L.A. Southeast (Gateway Cities) $61.25 $56.40 8.6% L.A. North (SFV/Valencia/Antelope Valley) $82.90 $73.88 12.2% L.A. North (SFV/Valencia/Antelope Valley) $77.66 $71.66 8.4% $300.00 $250.00 $200.00 $150.00 $100.00 $50.00 0.9 0.8 0.7 February RevPAR November Occupancy $275.00 $225.00 $175.00 $125.00 $75.00 Jan-Feb YTD RevPAR $0.00 0.6 0 0 0 0 0 0 0 0 0 0 0 $25.00 #REF! #REF!

Los Angeles Hotel Inventory by Submarket Total Properties % Total Rooms % LOS ANGELES COUNTY, CA 994 97,818 Downtown L.A. (Full Region) 100 10.1% 11,628 11.9% Downtown L.A. (Central Business District) 25 2.5% 7,958 8.1% Hollywood/West Hollywood 74 7.4% 6,783 6.9% Beverly Hills/Westside L.A. 59 5.9% 7,224 7.4% L.A.X Area/Inglewood/Culver City 75 7.5% 13,254 13.5% Long Beach 58 5.8% 6,092 6.2% South Bay 131 13.2% 11,385 11.6% L.A. Southeast (Gateway Cities) 109 11.0% 7,124 7.3% Santa Monica/MDR/Venice/Malibu 55 5.5% 5,606 5.7% Pasadena/Glendale/Burbank 62 6.2% 6,444 6.6% L.A. East (San Gabriel Valley/Pomona) 137 13.8% 10,428 10.7% Los Angeles North (includes SF Valley) 135 13.6% 12,675 13.0% San Fernando Valley (only) 116 11.7% 11,536 11.8% *Note: Percentages will not foot to 100% due to overlap of regions

Los Angeles Hotel Pipeline (In Construction) 32 PIPELINE PROPERTIES WITH 5,558 ROOMS IN CONSTRUCTION OR FINAL PLANNING In Construction* 16 Properties / 3,387 Rooms Name Anticipated Opening # Rooms Address City Hotel Clark Q3-15 347 426 S. Hill Street Downtown L.A. InterContinental Los Angeles Downtown (Wilshire Grand) 2017 900 930 Wilshire Blvd Downtown L.A. Metropolis Project (Hotel Indigo) Jul-16 350 Francisco St & 8th St Downtown L.A. Embassy Hotel Q4-15 183 831 S. Grand Ave. Downtown L.A. Hampton Inn & Suites Los Angeles Hollywood Apr-16 112 1133 Vine Street Los Angeles Courtyard by Marriot Santa Monica Apr-16 134 1554 5th Street Santa Monica Hampton Inn & Suites Santa Monica Apr-16 143 501 Colorado Ave. Santa Monica Mama Shelter Q3-15 70 1557 Wilcox Ave Hollywood Dream Hotel Q3-15 182 Selma Ave & Cahuenga Hollywood The James Hotel Los Angeles Q3-16 286 8500 Sunset Blvd West Hollywood Springhill Suites Burbank Aug-15 173 Santa Anita & San Fernando Burbank Aloft El Segundo LAX (Conversion, Not Included in Totals) Aug-15 (247) 475 North Sepulveda Blvd. El Segundo Fairfield Inn & Suites LAX (Conversion, Not Included in Totals) May-15 (356) 525 North Sepulveda Blvd. El Segundo Bicycle Casino Hotel Nov-15 100 888 Bicycle Casino Dr Bell Gardens Best Western Plus Gardena Inn & Suites Dec-15 81 14400 S. Wern Ave Gardena Residence Inn Pasadena (Old Town) Jan-16 144 233 N. Fair Oaks Ave Pasadena Hampton Inn & Suites Glendale Feb-16 94 315 S. Brand Blvd Glendale Best Western Desert Poppy Inn NA 88 2038 W. Avenue I Lancaster *In Construction: Finalizing bids on general contractor or broken ground. Note The hotel pipeline is continually being revised and updated. The charts below reflect known projects as of March 2015 and are subject to change ; PKF Consulting

Los Angeles Hotel Pipeline (Final Planning) 32 PIPELINE PROPERTIES WITH 5,558 ROOMS IN CONSTRUCTION OR FINAL PLANNING Final Planning* 16 Properties / 2,171 Rooms Name Anticipated Opening # Rooms Address City Home2 Suites Los Angeles Downtown Jul-16 143 Ingraham St. & S. Bixel St. Downtown L.A. Hampton Inn & Suites Koreatown Nov-16 172 301 S. Harvard Blvd Los Angeles The Nest Mar-17 75 621 Catalina St Los Angeles Waldorf Astoria Beverly Hills Jun-17 170 Santa Monica Blvd Beverly Hills Unnamed Hotel @ Hollywood & Cahuenga NA 66 6381 Hollywood Blvd Hollywood Second Unnamed Hotel @ Hollywood & Cahuenga 2015 55 1525 N Cahuenga Blvd Hollywood Fairfield Inn & Suites Arcadia Jul-16 85 W.Huntington Dr. & Colorado Arcadia Residence Inn Arcadia Jul-16 120 W. Huntington Dr. & Colorado Arcadia Grandview Suites Glendale Mar-16 170 549 S. San Fernando Blvd. Glendale Hilton Garden Inn Burbank May-16 210 401 S. San Fernando Blvd Burbank Crowne Plaza Los Angeles San Gabriel Mar-16 200 221 E. Valley Blvd San Gabriel Hampton Inn & Suites LAX El Segundo Aug-16 171 888 Sepulveda Blvd El Segundo The Boulevards Hotel @ South Bay NA 300 Avalon & Del Amo Blvd Carson Shade Hotel Redondo Beach Jan-16 54 665 N. Harbor Dr Redondo Beach La Quinta Inn & Suites Sherman Oaks Dec-16 75 5746 N. Sepulveda Blvd Sherman Oaks Residence Inn Woodland Hills Feb-17 105 Ventura Blvd & Alhama Dr Woodland Hills *Final Planning: Construction starting within four months, project going out for bids Note The hotel pipeline is continually being revised and updated. The charts below reflect known projects as of March 2015 and are subject to change ; PKF Consulting