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

Hotel Source Strategies, Inc. BRAND BRAND Report Hotel Industry Performance Results August 2017 Issue 130 2nd Quarter 2017 Metro Growth Slows as Oil Patch Demand Increases Page 1 Metros Compared 2nd Quarter 2017 - P. 13 Year of 2016 - P. 14 Quarter Brand Performance Higher Priced Brands - P. 15 Mid-to-Low Priced Brands - P. 17 Annual Brand Performance Higher Priced Brands - P. 19 Mid-to-Low Priced Brands - P. 21 Best of the 2nd Quarter: The Top 500 Hotels ed by P. 23 Services From Source Strategies P. 37 METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES By Paul Vaughn, Source Strategies, Inc. ROOM REVENUES UP SLIGHT 0.9% STATEWIDE! Total Texas lodging room revenues were $2.741 billion in the Second Quarter, up from $2.715 billion last year. The 0.9% revenue gain compares to the 5.8% gain in the First Quarter and shows a significant cooling of growth in the market. Revenue growth was only 0.6% in calendar year 2016 and 3.3% in 2015. In the Second Quarter, Non- Oil & Gas areas of the state increased 1.5% from a year ago. The Oil & Gas areas of the state increased a tepid 0.2% from a year ago. Rural areas of the oil patch along with Midland/ Odessa, Victoria and San Angelo were strong, but Houston s declines offset those gains in the overall Oil & Gas area numbers. REAL LODGING GROWTH UP 1.7%, SLOWING FROM THE FIRST QUARTER. Second Quarter room-nights sold increased 1.7% from the Second Quarter of 2016. For the quarter, demand in Oil & Gas areas (O&G) increased a healthy 3.3%, while the balance of Texas increased by only 0.5%. Accurate Tax-based Performance Data from all Texas Hotels, representing 8% of the U.S. market

METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES DECLINED 2.6% FROM 2Q 2016. Revenue Per Available Room fell 2.6% from Second Quarter 2016, with a 1.2 point decrease in occupancy and sliding room rates (down 0.8%). Oil & Gas areas saw the biggest decline with falling 3.9%, while the balance of Texas lost 1.5%. SECOND QUARTER OCCUPANCY 64.9%. Second Quarter occupancy was 64.9%, down 1.2 points from the Second Quarter of 2016. Second Quarter occupancy in non-o&g areas of Texas was 67.5%, down 1.7 points from a year ago. In Oil & Gas areas, occupancy declined 0.6 points to 62%. Statewide annual occupancy in 2016 was 65.2%, 64.9% in 2015, 65.9% in 2014 and 63.8% in 2013. LODGING SUPPLY GROWTH CONTINUES TO SURPASS DEMAND GAINS. Second Quarter net room supply grew by 3.6% over the Second Quarter of 2016. With real demand growth increasing only 1.7%, supply continues to exceed demand leading to declines in occupancy. Supply gained 3% annually in 2016, 2.4% in 2015, and 1.6% in 2014. REVENUE GROWTH COOLS After the strong growth of the First Quarter (up 5.8%), revenue growth cooled significantly to just 0.9%. Oil & Gas areas of the state saw revenues increase a mere 0.2% due to a 3% rate drop and a 3.3% increase in Room Nights Sold. Non-Oil & Gas areas of Texas saw revenues increase 1.5%. Gains in the Non-O&G areas were the product of a 0.5% increase in Room Nights Sold and rate increases of just 0.9%. All information contained in the Hotel Brand Report is based on opinion, surveys and research from sources considered reliable; no representation is made as to accuracy and no liability of any kind can be accepted. 2017, Source Strategies, Inc. Press quotation is encouraged with attribution. The Hotel Brand Report, Issue 130 is published by Source Strategies, Inc., 134 Laurel Heights Place, San Antonio, Texas 78212-5219. The Hotel Brand Report is published quarterly in February, May, August and November. 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. Send address changes to Hotel Brand Report to P.O.Box 120055, San Antonio, Texas 78212-9255, or Amanda@SourceStrategies.org. Visit SourceStrategies.org for more information. 2

After the strong growth of the First Quarter (up 5.8%), revenue growth cooled significantly to just 0.9%. Oil & Gas areas of the state saw revenues increase a mere 0.2% due CHANGES to a 3% rate VS drop YEAR and AGO a 3.3% increase in Room Nights Sold. Non-Oil & Gas areas of Texas Second saw Quarter revenues revenue increase growth 1.5%. of 0.9% Gains was in the positive but substantially less than the First Non-O&G Quarter. These areas results were the were product driven of by a a 0.5% 0.8% increase ADR drop in Room and a weak Nights 1.7% Sold demand rate increase. increases of fell just 2.6% 0.9%. erasing the gains of the previous quarter. METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES Percentage Change Vs Year Ago Percentage NOTABLE Change DEVELOPMENTS Vs Year Ago erasing the Room San Antonio s Room revenues Rooms gains of rose % the 5.1% previous $ to lead quarter. $ the five major metros. Rev $ Revenues Sold OCC in non-metro Price areas of Texas increased 11.1%, NOTABLE driven DEVELOPMENTS by higher oil patch activity. Killeen/Temple, San Antonio s Waco, Brownsville/ revenues rose 5.1% to lead the five major metros. Revenues in non-metro Harlingen, Abilene areas and of Longview Texas increased also saw 11.1%, healthy driven revenue by higher increases. oil patch activity. Killeen/Temple, Waco, Brownsville/Harlingen, Abilene and Longview also saw healthy revenue increases. Year Room Supply Room Rev $ Rooms Sold % OCC $ Price $ 2012 0.9 10.0 5.8 4.9 4.0 9.1 2013 1.2 8.6 3.3 2.1 5.2 7.4 2014 1.6 9.7 4.8 3.3 4.6 8.1 2015 2.4 3.3 0.6-1.5 2.7 1.1 2016 3.0 0.6 0.5-2.5 0.1-2.4 1st Q '17 3.5 5.8 2.6-0.8 4.0 2.7 Supply 2nd Q '17 3.6 0.9 1.7-1.8-0.8-2.6 2 0.9 10.0 5.8 4.9 4.0 9.1 3 1.2 8.6 3.3 2.1 5.2 7.4 4 1.6 9.7 4.8 3.3 4.6 8.1 5 2.4 3.3 0.6-1.5 2.7 1.1 6 3.0 0.6 0.5-2.5 0.1-2.4 Second Quarter 2017 Second Quarter 2017 Total Revenue (000s) Total Revenue (000s) 7 3.5 Metropolitan 5.8 Areas 2.6-0.8 % 4.0 Market 2.7 Metropolitan Areas % 2016 Market 2017 2016 % 2017 Change %% Change Occ $ % ADR Occ $ ADR 7 3.6 0.9 1.7-1.8-0.8-2.6 Dallas-Ft Worth-Arlington Dallas-Ft Worth-Arlington 28.2% $788,200 28.2% $773,652 $788,200 $773,652-1.8% 70.0% -1.8% $108.90 70.0% $108.90 $76.23 $76.23 he five Houston-Baytown-Sugarland major metros. Houston-Baytown-Sugarland Revenues in non-metro 20.8% $598,311 20.8% $570,003 $598,311 $570,003-4.7% 62.2% -4.7% $106.74 62.2% $106.74 $66.39 $66.39 her oil Austin-Round patch activity. Rock Killeen/Temple, Austin-Round Rock 13.2% Waco, $351,627 13.2% $361,743 $351,627 $361,743 2.9% 76.6% 2.9% $142.13 76.6% $142.13 $108.87 $108.87 w also saw San Antonio healthy revenue San Antonio increases. 12.3% $321,445 12.3% $337,915 $321,445 $337,915 5.1% 65.1% $119.01 65.1% $119.01 $77.48 $77.48 Non-Metro Areas 7.9% $194,773 $216,403 11.1% 57.8% $81.05 $46.85 Non-Metro Areas 7.9% $194,773 $216,403 11.1% 57.8% $81.05 $46.85 tal Revenue Corpus Christi 2.8% $79,395 $78,115-1.6% 62.1% $105.99 $65.82 Corpus (000s) Christi 2.8% $79,395 $78,115-1.6% 62.1% $105.99 $65.82 Midland & Odessa 1.7% $31,593 $46,787 48.1% 60.5% $107.20 $64.86 6 Midland 2017 & Odessa % Change % Occ $ ADR 1.7% $31,593 $46,787 48.1% 60.5% $107.20 $64.86 Balance of Texas 13.0% $350,223 $356,696 1.8% 61.2% $81.36 $49.79,200 Balance $773,652 of Texas -1.8% 70.0% $108.90 13.0% $350,223 $76.23 $356,696 1.8% 61.2% $81.36 $49.79 Total State of Texas 100.0% $2,715,567 $2,741,314 0.9% 64.9% $105.21 $68.28,311 $570,003-4.7% 62.2% $106.74 $66.39 Total State of Texas 100.0% $2,715,567 $2,741,314 0.9% 64.9% $105.21 $68.28,627 $361,743 2.9% OIL & 76.6% GAS AREAS $142.13 (100 $108.87 counties) 2nd QUARTER 2017 ROOM ROOM,445 $337,915 5.1% (% CHANGE) NIGHTS REVENUES showed 65.1% a 0.2% $119.01 gain in revenues. $77.48 OIL & GAS COUNTIES,773 OIL $216,403 & GAS AREAS 11.1% These (100 increases 57.8% counties) were $81.05 led by $46.85 Odessa (up Texas Market (Includes Harris Share County) by Metro 3.3% 0.2% showed a 0.2% gain 63.4%), in revenues. Midland (up These 38.2%) and Victoria (up BALANCE OF TEXAS 0.5% 1.5%,395 $78,115-1.6% 62.1% $105.99 $65.82 Houston-Baytown-Sugarland increases were led 18.5%). by Odessa Houston (up 63.4%), revenues fell 4.8%, offsetting the gains in other areas.,593 $46,787 48.1% 60.5% $107.20 $64.86 Dallas-Ft Worth-Arlington Midland (up 38.2%) and Victoria (up 18.5%).,223 Houston $356,696 revenues 1.8% fell 4.8%, 61.2% offsetting Comprehensive $81.36 the analysis $49.79 can be examined and downloaded at sourcestrategies.org,567 gains $2,741,314 in other areas. 0.9% 64.9% $105.21 $68.28 2nd QUARTER 2017 ROOM ROOM (% CHANGE) NIGHTS REVENUES OIL & GAS COUNTIES (Includes Harris County) 3.3% 0.2% BALANCE OF TEXAS 0.5% 1.5% g the gains in other areas. Balance of Texas ined and downloaded at sourcestrategies.org 055, San Antonio, TX 78212 (210) 734-3434 3 Midland & Odessa Corpus Christi Non-Metro Areas San Antonio Austin-Round Rock

METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES SUITES AND EXTENDED STAY TREAD WATER WHILE OTHERS LOSE GROUND Nearly all brand segments lost ground with falling Occupancy and. The largest falloff of revenues was in the Luxury segment, down 3.4% from the Second Quarter of 2016. Revenues were up for Suites, Mini-Suites, Extended Stay and Limited Service/Midscales. Only the Extended Stay and Budget segments saw an increase in Occupancy. rose by a mere 0.3% for the Extended Stay segment, with every other brand segment taking a hit. While room revenues may have been up in the Suites segment, dropped significantly, down 6.4%. Also, Mid/Upscales dropped a notable 5.8%. Market Share by Segment Suites, 9.5% Mid/Upscales, 15.8% Upscale, 17.1% The largest supply additions were among Limited Service/Midscale (3,700 net new rooms), Mid/Upscale (3,200 new rooms) and Suites (2,400 new rooms) segments. Luxury, 4.3% Mini-Suites, 6.7% Independent hotels saw revenues increase 5.4%. While rates remained flat, occupancy was up 1.3 points and jumped 2.2% Independents, 15.4% Budget, 7.5% Extended Stay, 3.3% L.S./Midscales, 20.3% Segments Hotels Luxury 13 6.8 0.0 119,224-3.4% 4.3% 71.0-1.9-0.8% 193.78-3.4% Upscale 98 41.6 1.1 468,308-0.9% 17.1% 69.4-1.6-1.3% 123.82-3.5% Suites 225 28.6 2.4 259,922 2.3% 9.5% 70.2-2.7-2.7% 99.72-6.4% Mid/Upscales 329 55.6 3.2 434,149-0.1% 15.8% 67.1-2.5-2.2% 85.84-5.8% Mini-Suites 330 29.9 2.0 183,224 2.1% 6.7% 67.3-3.1-0.3% 67.38-4.7% L.S./Midscales 1,136 92.7 3.7 557,694 1.0% 20.3% 66.0-1.3-1.2% 66.14-3.0% Extended Stay 220 27.8 0.5 89,670 1.9% 3.3% 70.8-2.4 3.9% 35.45 0.3% Budget 994 69.0-0.3 206,965-2.2% 7.5% 61.5-1.4 0.2% 32.94-1.8% Total Brands 3,345 352.0 2,319,156 Segment Performance - Second Quarter 2017 Rooms (000s) Chg (000s) $ Room Revenues % Chg % Mkt % Occ Independents 1,768 88.9 2.9 422,158 5.7% 15.4% 58.9 1.3 0.0% 52.16 2.2% Occ Point Chg Rate Chg $ % Chg Total Market 1,768 88.9 2.9 422,158 0.9% 100% 64.9-1.2-0.8% 68.33-2.6% 4

METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES OIL & GAS AREAS (O&G) SEE INCREASING DEMAND In the Second quarter, revenues in the top 100 oil and gas production areas (O&G counties) were overall flat versus a year ago, up just 0.2% (this after the 5.7% increase last quarter). The balance of the state saw a 1.5% improvement in revenues in the Second quarter. O&G areas accounted for 41% of room revenues in Texas in the Second quarter, up from 34% in the First quarter. Room supply still increased at a greater rate in the Oil & Gas areas than in the rest of the state, O&G (-3.9%) and rates (-3%) fell, but the demand increased, up 3.3%, and is a positive indicator of a recovery in the oil patch. Drilling into the numbers indicates strong demand growth in Odessa, Midland and Victoria; but this was offset in the overall numbers by the weakness of the Houston market. Here is the comparison of the oil-related market area including Harris County, compared to the non O&G areas, and the effect of both on total Texas results for the Second quarter: OIL & GAS AREAS* HTL Second Quarter 2017 Rooms (000s) Est. RNS (000s) $ Amount (000s) Est. %OCC Est $ Rate $ 2017 2445 205.3 11,584 1,139,229 62.0 98.35 60.99 2016 2329 196.8 11,215 1,136,849 62.6 101.37 63.47 % CHANGE 4.3% 3.3% 0.2% -1.0% -3.0% -3.9% NON OIL AREAS 2017 2668 235.6 14,470 1,602,085 67.5 110.71 74.72 2016 2541 228.6 14,394 1,578,719 69.2 109.68 75.89 % CHANGE 3.1% 0.5% 1.5% -2.5% 0.9% -1.5% TOTAL TEXAS 2017 5113 440.9 26,054 2,741,314 64.9 105.22 68.33 2016 4870 425.4 25,609 2,715,567 66.1 106.04 70.14 % CHANGE 3.6% 1.7% 0.9% -1.8% -0.8% -2.6% *includes Harris & Tarrant Counties ROOM-NIGHT DEMAND CONTINUES CLIMB! This is the second quarter in a row with positive demand growth as measured by Room Nights Sold (RNS). A 3.3% increase this quarter along with 1.8% bump in the First quarter continues the positive oil patch indicators. 5

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

METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES Dallas Metropolitan Division room-nights sold dropped by 3.5% in the Second quarter of 2017, while rates improved just 0.7%. As a result, room revenues declined by -2.8%, to $534 million. Occupancy eroded 4.2 points, but was still at the high level of 72.2%. Net room supply increased by only 2.1% (1,600 rooms). Even with its slowdown, Dallas remains an undersupplied market with room additions both needed and likely in the near term; however, real demand declines in future periods bear watching.. In 2016, Dallas room-nights sold rose 4.1% in 2016, while rates improved 4.2%. As a result, revenues rose a strong 8.6% to $2.042 billion, and occupancy gained 1.3 points, to 71.7%. Net room supply increased by only 2.2% (1,600 rooms). San Antonio metro room-nights sold room-nights sold edged higher, by 1.1%, in the Second quarter of 2017. As rate increases were up an aggressive 3.9%, total room revenues rose 5.1% to $338 million. Occupancy eroded -0.8 points, to 65%. Room supply increased by 2.4% (1,100 rooms). This market now seems to be at a sustainable level between supply and demand. In the calendar year of 2016, the San Antonio metro room-nights sold grew by 1.7%, a turnaround from the previous year. Room revenues increased by 3.4%, to $1.2 billion based on a 1.7% price increase. Annual occupancy shrunk 0.7 points to 62.5%. Net supply grew 2.6% (1,200 net rooms), to 46,900 rooms. San Antonio's marketshare as a percentage of total state lodging revenues has eroded over the last twenty years as shown in the graph below. Marketshare was almost 14% back in 2003 before falling to 11.7% in 2015. The share has bounced back to the current 12.3% 14.0% San Antonio % Marketshare of Texas by Year 13.5% 13.0% 12.5% 12.0% 11.5% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 7

METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES OCCUPANCY In the Second quarter of 2017, occupancy averaged 64.9%, only slightly below the annualized occupancy of 2016, and still well above the long term state average of 60%. 16 of the 27 Texas areas showed an increase in occupancy in the Second quarter versus last year. Nine areas exceeded the state occupancy average, including four of the five largest metros (Austin, Dallas, Fort Worth and San Antonio). Houston is still underperforming the state average. The biggest spikes in occupancy occurred Corpus Christi, Texarkana and Lubbock. The table below is sorted by Second quarter 2017 occupancy percentage; it shows the strength of the lodging markets in Austin/Round Rock, Waco and Dallas. Note that while revenues increased sharply in some of the Oil & Gas metros like Odessa, Midland and Victoria, occupancy did not increase as dramatically and actually fell in Midland. This points to an increasing demand and rising room rates. Year of 2016 1st Q 2017 2nd Q 2017 Metro Occ % $ Rev % Chg Occ % Pt. Chg $ Rev % Chg Occ % Pt. Chg $ Rev % Chg Austin-Round Rock 74.8 8.0% 74.8-0.8 7.8% 76.6 1.8 2.9% Waco 69.6 14.6% 69.9 0.5 16.6% 75.6 5.7 7.8% Dallas 71.7 8.6% 72.3-3.2 2.1% 72.2-0.1-2.8% Wichita Falls 65.5 9.2% 65.8 2.0 7.6% 72.0 6.2-5.7% Amarillo 65.6 2.0% 60.0-0.1-0.6% 66.7 6.7 0.9% Lubbock 64.7 4.7% 58.8-4.6-3.2% 66.0 7.2-0.2% Fort Worth-Arlington 68.1 5.1% 66.7-0.7 6.2% 65.1-1.6 5.1% Killeen-Temple-Fort Hood 58.1 3.4% 61.4 2.1 15.9% 65.1 3.7 0.4% San Antonio 62.5 3.4% 65.9 1.2 10.4% 65.1-0.8 13.7% STATE AVERAGE 63.3 0.6% 64.1-1.1 5.8% 64.9 0.8 0.9% College Station-Bryan 63.2-0.7% 60.1 1.4 7.3% 64.8 4.7 1.2% El Paso 67.4 4.6% 70.0-1.2 3.3% 64.4-5.6-3.8% Texarkana (TX) 56.1 8.9% 55.6-1.3-3.8% 63.6 8.0-7.1% Laredo 60.6-8.7% 58.1-0.3-2.3% 63.3 5.2 2.7% Corpus Christi 56.0-2.8% 53.9 1.1 2.7% 62.3 8.4-1.6% Houston-Baytown-Sugarland 61.1 0.5% 62.0-2.9 7.3% 62.2 0.2-4.7% Midland 51.6-28.8% 62.6 2.9 9.2% 60.7-1.9 38.2% Odessa 46.9-27.0% 56.3 2.4 9.3% 60.3 4.0 63.3% Abilene 53.6-2.7% 53.2 1.4 10.0% 59.2 6.0 7.4% Tyler 55.7-5.4% 53.5-0.7 2.2% 58.0 4.5 1.4% Non Metro 52.1-9.5% 53.4 0.9 6.0% 57.8 4.4 11.1% Brownsville-Harlingen 65.1-1.6% 59.2-2.2-4.4% 57.5-1.7 6.5% Victoria 50.7-12.8% 54.8 2.8 12.6% 57.0 2.2 18.3% Beaumont-Port Arthur 62.3-1.2% 61.1-3.1-1.2% 56.3-4.8-4.0% Longview 51.1-9.7% 52.2-0.6 2.2% 54.7 2.5 10.1% McAllen-Edinburg-Pharr 57.0-4.7% 56.9-5.1-7.4% 51.9-5.0-6.8% Sherman-Denison 57.7 8.8% 60.1 2.6 10.2% 49.3-10.8-1.6% San Angelo 44.5-15.3% 50.7 2.7 9.6% 48.4-2.3 9.1% 8

METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES Austin-Round Rock Waco Dallas Wichita Falls Amarillo Lubbock Killeen-Temple-Fort Hood San Antonio Fort Worth-Arlington State Average College Station-Bryan El Paso Texarka (TX) Laredo Corpus Christi Houston-Baytown-Sugarland Midland Odessa Abilene Tyler Non-Metro Areas Brownsville-Harlingen Victoria Beaumont-Port Arthur Longview McAllen-Edinburg-Pharr Sherman-Denison San Angelo Occupancy % Texas Metros: Second Quarter 2017 45 50 55 60 65 70 75 80 Occupancy % 9

METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES Austin-Round Rock Waco Dallas Wichita Falls Amarillo Lubbock Killeen-Temple-Fort Hood San Antonio Fort Worth-Arlington State Average College Station-Bryan El Paso Texarka (TX) Laredo Corpus Christi Houston-Baytown-Sugarland Midland Odessa Abilene Tyler Non-Metro Areas Brownsville-Harlingen Victoria Beaumont-Port Arthur Longview McAllen-Edinburg-Pharr Sherman-Denison San Angelo Occupancy % Texas Metros: Second Quarter 2017 45 50 55 60 65 70 75 80 Occupancy % 10

METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES Odessa Midland Victoria Non-Metro Areas Killeen-Temple-Fort Hood Longview Laredo Texarka (TX) Abilene Wichita Falls Waco San Angelo Brownsville-Harlingen San Antonio College Station-Bryan State Average Amarillo Tyler Fort Worth-Arlington Corpus Christi El Paso Houston-Baytown-Sugarland Austin-Round Rock Dallas Lubbock Beaumont-Port Arthur McAllen-Edinburg-Pharr Sherman-Denison Occupancy Change Percentage Texas Metros: Second Quarter 2017-10 -5 0 5 10 15 20 25 30 35 40 % Change vs. Prior Year 11

METRO GROWTH SLOWS AS OIL PATCH DEMAND INCREASES 600,000 Room Revenues by Segment Second Quarter 2017 500,000 Room Revenues ($000) 400,000 300,000 200,000 100,000 0 75 Occupancy % by Segment Second Quarter 2017 73 71 Occupancy % 69 67 65 63 61 State Average 64.9% 59 57 55 12 Second Quarter 2017 First Quarter 2017

METROS COMPARED: 2ND QUARTER 2017 TEXAS HOTEL PERFORMANCE FACTBOOK 2nd Quarter 2017 3 Months Ending June 30, 2016 Compared to the 3 Months Ending June 30, 2017 Sorted by Metropolitan Statistical Area (MSA), by City and by Zipcode Estimated % Metro Rooms $ Room Revenues 1 $ADR Est 2 Occupancy 3 Pt. $ 4 Area 2017 2016 2017 %Chg 2017 %Chg 2016 2017 Chg. 2016 2017 $Chg Abilene 3156 13,549,033 14,547,886 7.4 85.62 2.9 58.5 59.1 0.6 48.75 50.65 1.90 Amarillo 6093 29,207,729 29,463,175 0.9 79.63-0.5 68.2 66.7-1.5 54.64 53.14-1.50 Austin-R Ro 36507 351,627,415 361,742,958 2.9 142.14 0.3 79.0 76.6-2.4 112.05 108.89-3.16 Beaumt-PT A 6088 24,342,074 23,368,190-4.0 74.90-0.7 61.0 56.3-4.7 46.08 42.18-3.90 Browns/Harl 6815 35,587,573 37,917,354 6.5 106.42 2.9 58.1 57.4-0.7 60.16 61.14 0.99 ColSt-Bryan 5055 28,617,360 28,957,538 1.2 97.09-0.7 66.0 64.8-1.2 64.60 62.95-1.65 Corpus Chri 13007 79,395,265 78,115,388-1.6 106.00 0.4 64.1 62.2-1.9 67.73 66.00-1.74 Dallas MD 76768 549,340,884 533,899,395-2.8 105.92 0.7 76.4 72.1-4.3 80.42 76.48-3.94 El Paso 9127 45,303,114 43,595,450-3.8 81.56-0.9 66.4 64.3-2.1 54.65 52.49-2.16 Ft W-Arl MD 34833 238,859,365 239,752,383 0.4 116.18-0.5 66.9 65.1-1.8 78.15 75.64-2.51 Hou-Bay-Sug 94373 598,310,988 570,003,283-4.7 106.75-6.5 64.2 62.1-2.1 73.31 66.37-6.95 Kil-Tem-FtH 4951 19,360,129 22,006,087 13.7 75.02 5.0 61.3 65.1 3.8 43.84 48.84 5.01 Laredo 3959 15,161,559 15,572,117 2.7 68.30 1.4 61.1 63.2 2.1 41.19 43.22 2.03 Longview 2775 9,164,470 10,092,233 10.1 73.09 4.8 51.7 54.6 2.9 36.10 39.97 3.87 Lubbock 5827 29,240,005 29,170,768-0.2 83.31-0.9 70.8 66.0-4.8 59.55 55.01-4.54 McAl-Ed-Mi 7305 26,767,433 24,946,150-6.8 72.33-3.7 56.3 51.8-4.5 42.33 37.53-4.80 Midland 4354 19,163,059 26,486,698 38.2 110.17 5.5 47.4 60.6 13.2 49.57 66.85 17.28 Non-Metro 50805 194,773,231 216,403,102 11.1 81.07 0.5 54.1 57.7 3.6 43.70 46.81 3.11 Odessa 3569 12,430,201 20,300,331 63.3 103.59 6.3 43.9 60.3 16.4 42.83 62.51 19.67 San Angelo 2693 8,412,730 9,175,051 9.1 77.43 4.0 48.2 48.3 0.1 35.94 37.44 1.50 San Antonio 47947 321,444,962 337,914,821 5.1 119.02 3.9 65.9 65.0-0.9 75.48 77.45 1.97 Shermn/Deni 1556 5,777,836 5,684,511-1.6 81.51-3.2 54.1 49.2-4.9 45.58 40.15-5.43 Texarka(TX) 1567 6,881,420 6,393,045-7.1 70.47-3.0 61.7 63.6 1.9 44.83 44.83 0.01 Tyler 3330 13,594,041 13,778,757 1.4 78.46 0.3 59.4 57.9-1.5 46.49 45.47-1.02 Victoria 2565 8,256,971 9,765,008 18.3 73.41 5.7 51.0 56.9 5.9 35.43 41.84 6.41 Waco 3995 22,388,642 24,138,782 7.8 87.84 3.2 75.3 75.5 0.2 64.12 66.40 2.28 Wichita Fal 1921 8,609,762 8,123,055-5.7 64.52-1.8 71.5 72.0 0.5 47.05 46.47-0.58 TOTAL TEXAS 440941 2,715,567,251 2,741,313,516 0.9 105.22-0.8 66.1 64.9-1.2 70.14 68.32-1.82 1. Transient and non-taxed room revenues from Texas state Comptroller, with estimates for unreported or non-taxable revenues and for non-reporting properties. 2. ADR's from directories and SSI surveys. 3. Occupancy: nights sold divided by nights available (x 100); Roomnights sold = $ Revs/ADR. 4. $ Revenue per available room per day. Copyright (C) 2017 Source Strategies, Inc., San Antonio, TX. 8/9/2017. (210) 734-3434 www.sourcestrategies.org. 13

METROS COMPARED: YEAR ENDING JUNE 30, 2017 9 Metro Area Abilene Amarillo Austin-R Ro Beaumt-PT A Browns/Harl ColSt-Bryan Corpus Chri Dallas MD El Paso Ft W-Arl MD Hou-Bay-Sug Kil-Tem-FtH Laredo Longview Lubbock McAl-Ed-Mi Midland Non-Metro Odessa San Angelo San Antonio Shermn/Deni Texarka(TX) Tyler Victoria Waco Wichita Falls TEXAS HOTEL PERFORMANCE FACTBOOK 2nd Quarter 2017 Annual 12 Months Ending June 30, 2016 Compared to the 12 Months Ending June 30, 2017 Sorted by Metropolitan Statistical Area (MSA), by City and by Zipcode Est. % Rooms $ Room Revenues 1 $ADR Est 2 Occupancy 3 Pt. $ 4 2017 2016 2017 %Chg 2017 %Chg 2016 2017 Chg. 2016 2017 $Chg 3,237 48,729,678 50,964,434 4.6 82.17 1.3 55.1 54.7-0.4 44.70 44.91 0.21 5,948 106,966,420 106,861,932-0.1 76.67 1.2 66.3 65.3-1.0 50.27 50.07-0.19 36,697 1,265,252,018 1,334,108,228 5.4 137.97 2.2 76.0 74.1-1.9-0.36 6,077 88,639,186 90,455,542 2.0 68.36 1.1 61.7 60.5-1.2 41.69 41.35-0.34 7,091 136,292,508 132,794,653-2.6 99.42-0.5 57.5 56.0-1.5 57.46 55.69-1.77 4,998 105,084,461 105,879,255 0.8 94.00 0.2 64.3 63.2-1.1 60.32 59.41-0.92 13,033 269,522,785 258,874,777-4.0 102.52-1.9 57.2 55.8-1.4 59.74 57.22-2.53 77,154 1,980,168,286 2,028,631,865 2.4 104.80 2.8 71.9 69.9-1.9 73.26 73.27 0.02 9,292 172,777,704 178,475,890 3.3 80.88 1.9 66.5 66.4 52.74 53.72 0.98 34,827 866,741,581 904,584,059 4.4 106.42 1.1 68.0 68.0 71.61 72.42 0.81 94,824 2,260,495,143 2,165,087,963-4.2 107.26-3.0 64.0 59.9-4.1 70.81 64.24-6.56 5,117 67,868,561 75,182,586 10.8 70.48 4.7 57.5 59.5 2.0 38.69 41.94 3.26 3,959 62,537,132 60,486,291-3.3 67.74-0.5 62.9 61.8-1.1 42.84 41.86-0.98 2,852 35,814,548 36,036,866 0.6 69.93 0.9 52.7 51.9-0.8 36.54 36.29-0.25 5,765 106,952,805 107,283,116 0.3 83.63-0.7 66.6 62.5-4.1 56.11 52.27-3.84 7,366 113,906,400 106,935,774-6.1 74.41-3.1 59.2 54.8-4.4 45.46 40.80-4.66 4,397 88,518,636 87,208,286-1.5 99.15-4.7 56.1 55.8-0.3 58.38 55.30-3.08 52,388 746,479,157 753,970,728 1.0 78.22-0.5 53.2 53.6 0.4 41.85 41.93 0.08 3,737 60,166,061 61,955,454 3.0 94.26-3.4 51.4 52.3 0.9 50.15 49.28-0.88 2,694 32,128,560 31,985,431-0.4 74.07-0.8 47.6 45.7-2.0 35.57 33.83-1.75 48,089 1,180,719,954 1,245,141,914 5.5 114.64 3.1 63.0 62.8-0.2 70.06 71.96 1.90 1,556 19,560,951 20,424,085 4.4 69.41 1.1 57.2 56.7-0.5 39.26 39.36 0.10 1,687 24,722,793 23,806,806-3.7 71.25 0.4 57.6 57.3-0.3 40.91 40.84-0.08 3,308 49,095,628 49,929,236 1.7 75.49-0.4 56.0 55.3-0.7 42.48 41.75-0.74 2,565 33,272,949 34,103,975 2.5 70.28 1.4 52.2 53.6 1.4 36.17 37.64 1.47 3,985 75,360,342 84,409,115 12.0 83.54 4.9 71.1 70.1-1.0 56.64 58.58 1.94 2,011 30,665,865 31,774,054 3.6 66.81 3.4 64.9 66.3 1.4 41.92 44.27 2.35 TOTAL TEXAS 444,654 10,028,440,112 10,167,352,315 1.4 102.53 0.6 64.4 62.9-1.5 65.64 64.46-1.17 1. Transient and non-taxed room revenues from Texas state Comptroller, with estimates, if necessary, for unreported or non-taxable revenues and for non-reporting properties. 2. ADR's from directories and SSI surveys. 3. Occupancy: nights sold divided by nights available (x 100); Roomnights sold = $ Revs/ADR. 4. $ Revenue per available room per day. Copyright (C) 2017 Source Strategies, Inc., San Antonio, TX. 8/9/2017. (210) 734-3434 www.sourcestrategies.org. 14

HIGH-PRICED BRAND PERFORMANCE RESULTS Second Quarter 2017 [^=Change from same quarter of prior year (absolute value unless marked percentage)] Brands/ Hotels 1 $ Room 2 Rooms-M Revenues(000's) % Revenues 3 % Rmnts Sold 4 Segments 2017 2016 2017 ^ 2016 2017 %^ 2016 2017 ^ 2016 2017 ^ Four Seasons 3 1.2 1.2 0.0 23,546 23,750 0.9% 0.9 0.9 0.0 0.3 0.3 0.0 Gaylord 1 1.5 1.5 0.0 23,421 20,896-10.8% 0.9 0.8-0.1 0.4 0.3 0.0 JW Marriott 4 2.9 2.9 0.0 51,039 49,925-2.2% 1.9 1.8-0.1 0.8 0.7 0.0 Ritz Carlton 1 0.2 0.2 0.0 5,794 6,291 8.6% 0.2 0.2 0.0 0.1 0.1 0.0 W 2 0.5 0.5 0.0 10,925 10,190-6.7% 0.4 0.4 0.0 0.1 0.1 0.0 Za Za 2 0.5 0.5 0.0 8,658 8,172-5.6% 0.3 0.3 0.0 0.1 0.1 0.0 Luxury Segment 13 6.8 6.8 0.0 123,383 119,224-3.4% 4.5 4.3-0.2 1.8 1.7-0.1 Hilton 26 10.4 10.4 0.0 121,505 115,976-4.6% 4.5 4.2-0.3 2.7 2.6-0.1 Hyatt 14 7.4 7.4 0.0 90,251 88,426-2.0% 3.3 3.2-0.1 1.8 1.8 0.0 Inter-Continental 2 0.7 0.7 0.0 7,056 7,692 9.0% 0.3 0.3 0.0 0.2 0.2 0.0 Marriott 26 9.7 10.7 1.0 103,448 111,250 7.5% 3.8 4.1 0.3 2.4 2.5 0.1 Omni 12 5.3 5.3 0.0 67,125 63,896-4.8% 2.5 2.3-0.2 1.4 1.3 0.0 Renaissance 5 2.0 2.0 0.0 22,928 20,974-8.5% 0.8 0.8 0.0 0.5 0.5 0.0 Westin 13 4.9 5.0 0.1 60,434 60,095-0.6% 2.2 2.2 0.0 1.2 1.2 0.0 Upscale Segment 98 40.4 41.5 1.1 472,747 468,309-0.9% 17.4 17.1-0.3 10.2 10.1-0.1 Embassy 25 5.2 5.5 0.3 58,998 59,714 1.2% 2.2 2.2 0.0 1.4 1.4 0.0 Homewood 59 5.3 6.1 0.8 51,580 53,758 4.2% 1.9 2.0 0.1 1.4 1.5 0.1 Hyatt House 10 1.2 1.3 0.1 11,241 11,552 2.8% 0.4 0.4 0.0 0.3 0.3 0.0 Residence Inn 71 7.1 8.1 1.0 66,242 69,183 4.4% 2.4 2.5 0.1 1.9 2.0 0.1 Staybridge 41 3.8 4.2 0.4 29,198 30,302 3.8% 1.1 1.1 0.0 1.0 1.0 0.0 Other Suites 19 3.5 3.5 0.0 36,848 35,412-3.9% 1.4 1.3-0.1 0.9 0.9 0.0 Suites Segment 225 26.1 28.7 2.6 254,107 259,921 2.3% 9.4 9.5 0.1 6.8 7.0 0.2 Four Points 9 0.9 1.2 0.3 6,538 7,499 14.7% 0.2 0.3 0.1 0.2 0.3 0.0 Aloft 10 1.1 1.4 0.3 11,364 13,026 14.6% 0.4 0.5 0.1 0.3 0.4 0.1 Courtyard 96 11.5 12.4 0.9 97,075 99,768 2.8% 3.6 3.6 0.0 2.9 3.0 0.1 Crowne Plaza 11 2.9 3.1 0.2 19,830 18,509-6.7% 0.7 0.7 0.0 0.7 0.7 0.0 Doubletree 22 5.4 5.6 0.2 49,540 48,311-2.5% 1.8 1.8 0.0 1.4 1.3 0.0 Hilton Garden 58 7.5 8.0 0.5 69,033 69,036 0.0% 2.5 2.5 0.0 1.9 1.9 0.0 Holiday Inn 48 8.1 8.3 0.2 56,190 54,212-3.5% 2.1 2.0-0.1 1.9 1.9 0.0 Hyatt Place 31 3.7 4.0 0.3 35,427 35,879 1.3% 1.3 1.3 0.0 1.0 1.0 0.0 Radisson 6 1.4 1.4 0.0 10,830 10,156-6.2% 0.4 0.4 0.0 0.3 0.3 0.0 Sheraton 13 5.2 5.4 0.2 43,789 42,777-2.3% 1.6 1.6 0.0 1.3 1.3 0.0 Wyndahm 15 3.4 3.4 0.0 23,187 22,494-3.0% 0.9 0.8-0.1 0.8 0.7 0.0 Other Mid/Upscale 10 1.3 1.4 0.1 11,740 12,481 6.3% 0.4 0.5 0.1 0.3 0.3 0.0 Mid/Upscales 329 52.4 55.6 3.2 434,543 434,148-0.1% 16.0 15.8-0.2 13.0 13.0 0.1 Mid-and L P Segments Mini-Suites 330 27.9 30.0 2.1 179,487 183,225 2.1% 6.6 6.7 0.1 7.0 7.0 0.0 L.S./Midscales 1136 89.0 92.6 3.6 552,304 557,694 1.0% 20.3 20.3 0.0 21.3 21.4 0.1 Low Price Extended Sta 220 27.4 27.7 0.3 87,976 89,670 1.9% 3.2 3.3 0.1 6.9 6.7-0.2 Budget Segment 994 69.2 69.1-0.1 211,650 206,966-2.2% 7.8 7.5-0.3 15.5 14.8-0.7 Total Chains 3345 339.2 352.0 12.8 2,316,197 2,319,157 0.1% 85.3 84.6-0.7 82.4 81.7-0.7 Independents $100+ ADR 188 11.1 9.5-1.6 143,667 136,660-4.9% 5.3 5.0-0.3 2.4 2.2-0.2 $60-$99.99 414 15.5 18.3 2.8 113,232 141,891 25.3% 4.2 5.2 1.0 3.1 3.9 0.8 Under $60 1166 59.6 61.1 1.5 142,471 143,606 0.8% 5.2 5.2 0.0 12.2 12.2 0.0 Total Independents 1768 86.2 88.9 2.7 399,370 422,157 5.7% 14.7 15.4 0.7 17.6 18.3 0.7 Total Market 5113 425.4 440.9 15.5 2,715,567 2,741,314 0.9% 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

HIGH-PRICED BRAND PERFORMANCE RESULTS Second Quarter 2017 [^=Change from same quarter of prior year (absolute value unless marked percentage Brands/ % Occupancy 5 Est. $ ADR $ 6 Index 7 Segments 2016 2017 ^ 2016 2017 %^ 2016 2017 ^ 2016 2017 ^ Four Seasons 71.1 73.0 1.9 305.66 300.30-1.8% 217.32 219.22 1.89 310 321 11 Gaylord 67.9 65.2-2.7 251.02 233.13-7.1% 170.44 152.00-18.44 243 223-20 JW Marriott 74.0 71.7-2.3 265.17 267.67 0.9% 196.23 191.92-4.31 280 281 1 Ritz Carlton 79.3 82.6 3.3 368.11 383.79 4.3% 291.91 317.01 25.10 416 464 48 W 82.1 78.2-3.9 290.62 284.62-2.1% 238.60 222.57-16.03 340 326-14 Za Za 73.6 67.4-6.2 268.26 276.46 3.1% 197.44 186.33-11.11 282 273-9 Luxury Segment 72.9 71.0-1.9 275.15 272.83-0.8% 200.58 193.71-6.88 286 284-2 Hilton 72.6 70.1-2.5 176.38 174.41-1.1% 128.05 122.26-5.79 183 179-4 Hyatt 68.4 68.1-0.3 194.96 191.89-1.6% 133.35 130.68-2.68 190 191 1 Inter-Continental 70.1 73.4 3.3 153.99 160.41 4.2% 107.95 117.74 9.79 154 172 18 Marriott 69.9 67.3-2.6 168.17 170.18 1.2% 117.55 114.53-3.02 168 168 0 Omni 72.9 72.3-0.6 190.36 182.91-3.9% 138.77 132.24-6.53 198 194-4 Renaissance 73.8 69.3-4.5 169.80 165.38-2.6% 125.31 114.61-10.70 179 168-11 Westin 70.5 70.9 0.4 192.10 187.02-2.6% 135.43 132.60-2.83 193 194 1 Upscale Segment 71.0 69.4-1.6 180.78 178.41-1.3% 128.35 123.82-4.54 183 181-2 Embassy 73.3 72.9-0.4 168.99 164.67-2.6% 123.87 120.04-3.83 177 176-1 Homewood 73.3 69.8-3.5 144.58 139.83-3.3% 105.98 97.60-8.38 151 143-8 Hyatt House 73.6 74.1 0.5 136.33 129.71-4.9% 100.34 96.12-4.22 143 141-2 Residence Inn 73.9 69.4-4.5 137.82 135.65-1.6% 101.85 94.14-7.71 145 138-7 Staybridge 72.3 68.2-4.1 118.30 116.70-1.4% 85.53 79.59-5.94 122 117-5 Other Suites 69.9 69.1-0.8 165.29 158.93-3.8% 115.54 109.82-5.72 165 161-4 Suites Segment 72.9 70.2-2.7 146.15 142.14-2.7% 106.54 99.78-6.76 152 146-6 Four Points 62.2 59.4-2.8 122.46 112.33-8.3% 76.17 66.72-9.45 109 98-11 Aloft 73.9 70.0-3.9 148.41 142.38-4.1% 109.67 99.67-10.01 156 146-10 Courtyard 70.3 68.4-1.9 131.63 129.54-1.6% 92.54 88.61-3.93 132 130-2 Crowne Plaza 70.1 62.5-7.6 107.29 103.44-3.6% 75.21 64.65-10.56 107 95-12 Doubletree 71.3 68.0-3.3 142.14 139.09-2.1% 101.35 94.58-6.76 145 139-6 Hilton Garden 71.0 67.7-3.3 143.06 140.50-1.8% 101.57 95.12-6.45 145 139-6 Holiday Inn 67.3 65.8-1.5 113.28 109.60-3.2% 76.24 72.12-4.12 109 106-3 Hyatt Place 73.0 70.0-3.0 145.02 142.14-2.0% 105.86 99.50-6.37 151 146-5 Radisson 65.2 65.1-0.1 131.65 123.74-6.0% 85.84 80.55-5.28 122 118-4 Sheraton 69.5 68.5-1.0 133.24 126.72-4.9% 92.60 86.80-5.80 132 127-5 Wyndham 64.3 61.6-2.7 115.77 117.68 1.6% 74.44 72.49-1.95 106 106 0 Other Mid/Upscale 73.4 72.2-1.2 135.06 140.12 3.7% 99.13 101.17 2.03 141 148 7 Mid/Upscales 69.6 67.1-2.5 130.82 127.96-2.2% 91.05 85.86-5.19 130 126-4 Mid-and-L P Segments Mini-Suites 70.4 67.3-3.1 100.42 100.09-0.3% 70.70 67.36-3.34 101 99-2 L.S./Midscales 67.3 66.0-1.3 101.42 100.21-1.2% 68.26 66.14-2.12 97 97 0 Low Price Extended Sta 71.4 69.0-2.4 49.48 51.39 3.9% 35.33 35.46 0.13 50 52 2 Budget Segment 62.9 61.5-1.4 53.40 53.59 0.4% 33.59 32.96-0.63 48 48 0 Total Chains 68.3 66.5-1.8 109.78 108.95-0.8% 74.98 72.45-2.53 107 106-1 Independents $100+ ADR 60.8 66.9 6.1 233.90 236.69 1.2% 142.21 158.35 16.13 203 232 29 $60-$99.99 55.4 61.0 5.6 144.51 139.66-3.4% 80.06 85.19 5.13 114 125 11 Under $60 57.6 57.0-0.6 45.77 45.24-1.2% 26.36 25.79-0.58 38 38 0 Total Independents 57.6 58.9 1.3 88.53 88.55 0.0% 50.99 52.16 1.16 73 76 3 Total Market 66.1 64.9-1.2 106.04 105.22-0.8% 70.09 68.29-1.80 100 100 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

MID/LOW-PRICED BRAND PERFORMANCE RESULTS Second Quarter 2017 [^=Change from same quarter of prior year (absolute value unless marked percentage)] Brands/ Hotels 1 $ Room 2 Rooms-M Revenues(000's) % Revenues 3 % Rmnts Sold 4 Segments 2017 2016 2017 ^ 2016 2017 %^ 2016 2017 ^ 2016 2017 ^ High-Priced Segments Luxury Segment 13 6.8 6.8 0.0 123,383 119,224-3.4% 4.5 4.3-0.2 1.8 1.7-0.1 Upscale Segment 98 40.4 41.5 1.1 472,747 468,309-0.9% 17.4 17.1-0.3 10.2 10.1-0.1 Suites Segment 225 26.1 28.7 2.6 254,107 259,921 2.3% 9.4 9.5 0.1 6.8 7.0 0.2 Mid/Upscales 329 52.4 55.6 3.2 434,543 434,148-0.1% 16.0 15.8-0.2 13.0 13.0 0.1 Candlewood 72 6.4 6.6 0.2 35,625 34,364-3.5% 1.3 1.3 0.0 1.6 1.5-0.1 Comfort Suites 107 7.4 7.4 0.0 41,959 40,729-2.9% 1.5 1.5 0.0 1.8 1.7-0.1 Hawthorn 20 1.9 1.9 0.0 10,078 9,304-7.7% 0.4 0.3-0.1 0.5 0.4 0.0 Home2 Suites 23 1.3 2.5 1.2 12,475 19,751 58.3% 0.5 0.7 0.2 0.4 0.6 0.2 Quality Suites 5 0.2 0.3 0.1 986 955-3.1% 0.0 0.0 0.0 0.1 0.1 0.0 SpringHill 48 5.5 5.6 0.1 42,905 41,267-3.8% 1.6 1.5-0.1 1.4 1.3 0.0 Townplace 42 4.1 4.4 0.3 29,341 30,179 2.9% 1.1 1.1 0.0 1.0 1.0 0.0 Other Mini-Suites 13 1.1 1.3 0.2 6,118 6,676 9.1% 0.2 0.2 0.0 0.3 0.3 0.0 Mini-Suites 330 27.9 30.0 2.1 179,487 183,225 2.1% 6.6 6.7 0.1 7.0 7.0 0.0 Best Western 225 13.7 14.1 0.4 69,762 73,131 4.8% 2.6 2.7 0.1 3.2 3.2 0.1 Country Inn & Suites 30 2.0 2.4 0.4 10,316 11,706 13.5% 0.4 0.4 0.0 0.5 0.6 0.1 Comfort Inn 69 5.0 4.8-0.2 24,772 22,941-7.4% 0.9 0.8-0.1 1.2 1.1-0.1 Drury Inn 17 2.9 2.9 0.0 20,751 20,896 0.7% 0.8 0.8 0.0 0.7 0.7 0.0 Fairfield Inn 79 6.2 6.7 0.5 42,622 43,931 3.1% 1.6 1.6 0.0 1.5 1.6 0.1 Hampton Inn 187 15.7 16.6 0.9 125,461 125,453 0.0% 4.6 4.6 0.0 3.9 3.9 0.0 Holiday Express 239 18.7 19.3 0.6 128,058 127,543-0.4% 4.7 4.7 0.0 4.4 4.4 0.0 La Quinta 238 21.2 21.9 0.7 112,592 114,067 1.3% 4.1 4.2 0.1 5.0 5.0 0.0 Sleep Inn 35 2.1 2.3 0.2 10,493 10,616 1.2% 0.4 0.4 0.0 0.5 0.5 0.0 Wingate 17 1.5 1.6 0.1 7,477 7,410-0.9% 0.3 0.3 0.0 0.4 0.4 0.0 L.S./Midscales 1136 89.0 92.6 3.6 552,304 557,694 1.0% 20.3 20.3 0.0 21.3 21.4 0.1 Budget Stes America 11 4.0 4.0 0.0 12,478 12,767 2.3% 0.5 0.5 0.0 1.1 1.1 0.0 Ext Stay America 62 6.9 6.9 0.0 28,069 26,786-4.6% 1.0 1.0 0.0 1.8 1.7-0.1 Intown 40 5.1 5.2 0.1 14,187 15,273 7.7% 0.5 0.6 0.1 1.3 1.2 0.0 Studio 6 42 4.4 4.4 0.0 13,300 13,289-0.1% 0.5 0.5 0.0 1.1 1.0 0.0 Woodspring Suites 43 4.5 5.1 0.6 13,065 15,312 17.2% 0.5 0.6 0.1 1.1 1.2 0.1 Other LP Ext St 22 2.5 2.1-0.4 6,877 6,243-9.2% 0.3 0.2-0.1 0.6 0.5-0.1 Low Price Extended Stay 220 27.4 27.7 0.3 87,976 89,670 1.9% 3.2 3.3 0.1 6.9 6.7-0.2 Baymont 39 2.9 2.8-0.1 10,300 10,254-0.4% 0.4 0.4 0.0 0.6 0.6 0.0 Best Value 106 6.1 6.3 0.2 14,522 14,204-2.2% 0.5 0.5 0.0 1.3 1.3 0.0 Days Inn 143 8.9 9.1 0.2 28,114 28,366 0.9% 1.0 1.0 0.0 2.0 2.0 0.0 Econo Lodge 50 2.9 3.0 0.1 7,733 7,192-7.0% 0.3 0.3 0.0 0.6 0.6 0.0 How. Johnson 13 1.0 0.8-0.2 3,412 2,624-23.1% 0.1 0.1 0.0 0.3 0.2-0.1 Microtel 28 1.8 1.9 0.1 6,681 7,920 18.5% 0.2 0.3 0.1 0.4 0.4 0.0 Motel 6 174 14.8 14.7-0.1 45,098 43,993-2.5% 1.7 1.6-0.1 3.5 3.3-0.2 Quality Inn 91 6.9 6.7-0.2 24,792 24,587-0.8% 0.9 0.9 0.0 1.5 1.4-0.1 Ramada Inn 17 2.2 1.8-0.4 7,939 6,681-15.8% 0.3 0.2-0.1 0.5 0.4-0.1 Red Roof Inn 36 3.9 4.0 0.1 13,671 13,316-2.6% 0.5 0.5 0.0 0.9 0.9 0.0 Rodeway 30 1.6 1.9 0.3 3,470 4,097 18.1% 0.1 0.1 0.0 0.3 0.4 0.0 Super 8 146 9.1 8.7-0.4 29,352 27,254-7.1% 1.1 1.0-0.1 2.0 1.9-0.2 Travelodge 16 1.2 1.1-0.1 2,487 2,319-6.8% 0.1 0.1 0.0 0.2 0.2 0.0 Other Budgets 105 5.9 6.3 0.4 14,079 14,159 0.6% 0.5 0.5 0.0 1.2 1.3 0.0 Budget Segment 994 69.2 69.1-0.1 211,650 206,966-2.2% 7.8 7.5-0.3 15.5 14.8-0.7 Total Chains 3345 339.2 352.0 12.8 2,316,197 2,319,157 0.1% 85.3 84.6-0.7 82.4 81.7-0.7 Total Independents 1768 86.2 88.9 2.7 399,370 422,157 5.7% 14.7 15.4 0.7 17.6 18.3 0.7 Total Market 5113 425.4 440.9 15.5 2,715,567 2,741,314 0.9% 100.0 100.0 0.0 100.0 100.0 100.0 17 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.

MID/LOW-PRICED BRAND PERFORMANCE RESULTS Second Quarter 2017 [^=Change from same quarter of prior year (absolute value unless marked percentage)] Brands/ % Occupancy 5 Est. $ ADR $ 6 Index 7 Segments 2016 2017 ^ 2016 2017 %^ 2016 2017 ^ 2016 2017 ^ High-Priced Segments Luxury Segment 72.9 71.0-1.9 275.15 272.83-0.8% 200.58 193.71-6.88 286 284-2 Upscale Segment 71.0 69.4-1.6 180.78 178.41-1.3% 128.35 123.82-4.54 183 181-2 Suites Segment 72.9 70.2-2.7 146.15 142.14-2.7% 106.54 99.78-6.76 152 146-6 Mid/Upscales 69.6 67.1-2.5 130.82 127.96-2.2% 91.05 85.86-5.19 130 126-4 Candlewood 72.0 66.5-5.5 85.03 86.02 1.2% 61.22 57.20-4.02 87 84-3 Comfort Suites 68.4 67.2-1.2 91.61 90.53-1.2% 62.66 60.84-1.83 89 89 0 Hawthorn 70.0 64.8-5.2 83.50 83.31-0.2% 58.45 53.98-4.47 83 79-4 Home2 Suites 74.4 70.0-4.4 137.35 126.21-8.1% 102.19 88.35-13.84 146 129-17 Quality Suites 65.0 56.6-8.4 67.73 58.87-13.1% 44.02 33.32-10.70 63 49-14 SpringHill 70.6 69.2-1.4 122.43 117.97-3.6% 86.44 81.64-4.80 123 120-3 Townplace 70.5 68.2-2.3 111.80 111.29-0.5% 78.82 75.90-2.92 112 111-1 Other Mini-Suites 69.5 62.5-7.0 85.65 87.94 2.7% 59.53 54.96-4.56 85 80-5 Mini-Suites 70.4 67.3-3.1 100.42 100.09-0.3% 70.70 67.36-3.34 101 99-2 Best Western 65.0 65.2 0.2 86.34 87.52 1.4% 56.12 57.06 0.94 80 84 4 Country Inn & Suites 66.5 66.8 0.3 84.56 78.74-6.9% 56.23 52.60-3.63 80 77-3 Comfort Inn 66.6 64.0-2.6 82.52 81.29-1.5% 54.96 52.03-2.93 78 76-2 Drury Inn 68.9 68.6-0.3 114.06 115.42 1.2% 78.59 79.18 0.59 112 116 4 Fairfield Inn 69.7 68.4-1.3 107.52 104.80-2.5% 74.94 71.68-3.26 107 105-2 Hampton Inn 69.2 66.7-2.5 126.76 124.62-1.7% 87.72 83.12-4.60 125 122-3 Holiday Express 66.9 65.8-1.1 112.38 110.25-1.9% 75.18 72.54-2.64 107 106-1 La Quinta Inn 66.8 65.7-1.1 87.24 87.23 0.0% 58.28 57.31-0.97 83 84 1 Sleep Inn 66.6 65.3-1.3 82.41 78.42-4.8% 54.89 51.21-3.68 78 75-3 Wingate 67.5 64.8-2.7 82.88 80.97-2.3% 55.94 52.47-3.48 80 77-3 L.S./Midscales 67.3 66.0-1.3 101.42 100.21-1.2% 68.26 66.14-2.12 97 97 0 Budget Stes America 78.2 77.7-0.5 43.85 45.20 3.1% 34.29 35.12 0.83 49 51 2 Ext Stay America 74.3 70.2-4.1 60.31 60.96 1.1% 44.81 42.79-2.02 64 63-1 Intown 70.3 67.6-2.7 43.57 47.40 8.8% 30.63 32.04 1.41 44 47 3 Studio 6 68.6 66.5-2.1 48.78 49.64 1.8% 33.46 33.01-0.45 48 48 0 Value Place 68.6 65.7-2.9 46.32 49.93 7.8% 31.78 32.80 1.03 45 48 3 Other LP Ext St 65.1 65.3 0.2 46.59 49.34 5.9% 30.33 32.22 1.89 43 47 4 Low Price Extended Stay 71.4 69.0-2.4 49.48 51.39 3.9% 35.33 35.46 0.13 50 52 2 Baymont 61.8 61.4-0.4 62.36 64.76 3.8% 38.54 39.76 1.22 55 58 3 Best Value 60.4 57.0-3.4 43.54 43.37-0.4% 26.30 24.72-1.58 38 36-2 Days Inn 62.6 62.1-0.5 55.41 55.28-0.2% 34.69 34.33-0.36 49 50 1 Econo Lodge 61.2 58.3-2.9 47.19 45.48-3.6% 28.88 26.51-2.37 41 39-2 How. Johnson 69.8 60.8-9.0 53.27 57.54 8.0% 37.18 34.98-2.20 53 51-2 Microtel 61.8 66.6 4.8 65.00 69.37 6.7% 40.17 46.20 6.03 57 68 11 Motel 6 67.1 64.7-2.4 49.79 50.83 2.1% 33.41 32.89-0.52 48 48 0 Quality Inn 61.6 61.6 0.0 63.71 65.15 2.3% 39.25 40.13 0.89 56 59 3 Ramada Inn 61.9 63.0 1.1 64.80 64.70-0.2% 40.11 40.76 0.65 57 60 3 Red Roof Inn 66.2 65.2-1.0 58.09 56.63-2.5% 38.46 36.92-1.53 55 54-1 Rodeway 56.9 56.3-0.6 42.96 43.20 0.6% 24.44 24.32-0.12 35 36 1 Super 8 62.6 60.8-1.8 56.50 56.30-0.4% 35.37 34.23-1.14 50 50 0 Travelodge 57.3 58.7 1.4 41.12 40.11-2.5% 23.56 23.54-0.02 34 34 0 Other Budgets 58.3 57.2-1.1 45.00 43.34-3.7% 26.24 24.79-1.44 37 36-1 Budget Segment 62.9 61.5-1.4 53.40 53.59 0.4% 33.59 32.96-0.63 48 48 0 Total Chains 68.3 66.5-1.8 109.78 108.95-0.8% 74.98 72.45-2.53 107 106-1 Total Independents 57.6 58.9 1.3 88.53 88.55 0.0% 50.99 52.16 1.16 73 76 3 Total Market 66.1 64.9-1.2 106.04 105.22-0.8% 70.09 68.29-1.80 100 100 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

HIGH-PRICED BRAND PERFORMANCE RESULTS Year Ending June 30, 2017 [^=Change from prior year (absolute value unless marked percentage)] Brands/ Hotels 1 $ Room 2 Rooms- M Revenues(000's) % Revenues 3 % Rmnts Sold 4 Segments 2017 2016 2017 ^ 2016 2017 %^ 2016 2017 ^ 2016 2017 ^ Four Seasons 3 1.2 1.2 0.0 86,624 91,067 5.1% 0.9 0.9 0.0 0.3 0.3 0.0 Gaylord 1 1.5 1.5 0.0 90,425 91,581 1.3% 0.9 0.9 0.0 0.4 0.4 0.0 JW Marriott 4 2.9 2.9 0.0 186,342 188,954 1.4% 1.9 1.9 0.0 0.8 0.7 0.0 Ritz Carlton 1 0.2 0.2 0.0 20,792 24,302 0.0% 0.2 0.2 0.0 0.1 0.1 0.0 W 2 0.5 0.5 0.0 42,472 40,411-4.9% 0.4 0.4 0.0 0.1 0.1 0.0 Za Za 2 0.5 0.5 0.0 33,609 32,041-4.7% 0.3 0.3 0.0 0.1 0.1 0.0 Luxury Segment 13 6.8 6.8 0.0 460,264 468,356 1.8% 4.6 4.6 0.0 1.8 1.8 0.0 Hilton 26 10.4 10.4 0.0 451,679 441,030-2.4% 4.5 4.3-0.2 2.7 2.6-0.1 Hyatt 14 7.3 7.4 0.1 333,724 338,096 1.3% 3.3 3.3 0.0 1.8 1.8 0.0 Inter-Continental 2 0.7 0.7 0.0 28,777 28,968 0.7% 0.3 0.3 0.0 0.2 0.2 0.0 Marriott 25 9.7 10.2 0.5 388,487 402,716 3.7% 3.9 4.0 0.1 2.4 2.5 0.0 Omni 12 5.3 5.3 0.0 250,172 248,690-0.6% 2.5 2.4-0.1 1.4 1.4 0.0 Renaissance 5 2.0 2.0 0.0 82,904 78,218-5.7% 0.8 0.8 0.0 0.5 0.5 0.0 Westin 13 4.5 5.0 0.5 211,926 235,163 11.0% 2.1 2.3 0.2 1.2 1.3 0.1 Upscale Segment 97 39.9 41.0 1.1 1,747,669 1,772,881 1.4% 17.4 17.4 0.0 10.3 10.2-0.1 Embassy 24 4.9 5.4 0.5 217,725 227,044 4.3% 2.2 2.2 0.0 1.3 1.4 0.1 Homewood 57 5.2 5.8 0.6 189,659 195,799 3.2% 1.9 1.9 0.0 1.4 1.4 0.1 Hyatt House 9 1.1 1.3 0.2 40,436 42,376 4.8% 0.4 0.4 0.0 0.3 0.3 0.0 Residence Inn 68 7.1 7.7 0.6 250,943 255,383 1.8% 2.5 2.5 0.0 1.9 1.9 0.0 Staybridge 39 3.6 4.0 0.4 106,952 111,467 4.2% 1.1 1.1 0.0 0.9 1.0 0.0 Other Suites 19 3.5 3.5 0.0 137,502 136,245-0.9% 1.4 1.3-0.1 0.9 0.9 0.0 Suites Segment 216 25.4 27.7 2.3 943,217 968,314 2.7% 9.4 9.5 0.1 6.8 7.0 0.2 4 Points 8 0.9 1.1 0.2 24,697 26,415 7.0% 0.2 0.3 0.1 0.2 0.2 0.0 Aloft 9 1.1 1.3 0.2 42,193 46,984 11.4% 0.4 0.5 0.1 0.3 0.3 0.0 Courtyard 94 11.3 12.1 0.8 357,171 366,674 2.7% 3.6 3.6 0.0 2.9 3.0 0.1 Crowne Plaza 11 3.2 3.1-0.1 84,113 76,335-9.2% 0.8 0.8 0.0 0.8 0.7-0.1 Doubletree 22 5.4 5.6 0.2 185,755 183,378-1.3% 1.9 1.8-0.1 1.4 1.4 0.0 Hilton Garden 57 7.2 7.9 0.7 253,492 258,120 1.8% 2.5 2.5 0.0 1.9 1.9 0.1 Holiday Inn 49 8.1 8.3 0.2 201,367 203,848 1.2% 2.0 2.0 0.0 1.9 1.9 0.0 Hyatt Place 29 3.4 3.8 0.4 124,356 131,350 5.6% 1.2 1.3 0.1 0.9 1.0 0.1 Radisson 6 1.0 1.4 0.4 34,806 38,862 11.7% 0.3 0.4 0.1 0.3 0.3 0.1 Sheraton 13 5.2 5.4 0.2 168,795 164,890-2.3% 1.7 1.6-0.1 1.3 1.3 0.0 Wyndham 15 3.0 3.3 0.3 84,158 83,462-0.8% 0.8 0.8 0.0 0.7 0.7 0.0 Other Mid/Upscales 10 1.2 1.4 0.2 39,958 46,365 16.0% 0.4 0.5 0.1 0.3 0.3 0.0 Mid/Upscales 323 51.0 54.7 3.7 1,600,861 1,626,683 1.6% 16.0 16.0 0.0 12.9 13.2 0.3 Mid-and-L P Segments Mini-Suites 320 27.6 28.9 1.3 656,774 672,317 2.4% 6.5 6.6 0.1 7.0 7.0 0.0 L.S./Midscales 1,129 89.6 91.8 2.2 2,065,037 2,054,111-0.5% 20.6 20.2-0.4 21.6 21.4-0.2 Low Price Extended Stay 219 26.5 27.7 1.2 331,314 342,763 3.5% 3.3 3.4 0.1 7.0 7.0 0.0 Budget Segment 982 69.9 69.1-0.8 802,303 772,802-3.7% 8 7.6-0.4 15.7 15.0-0.7 Total Chains 3,299 336.7 347.7 11.0 8,607,439 8,678,227 0.8% 85.8 85.4-0.4 82.9 82.5-0.4 Independents $100+ ADR 188 9.7 10.7 1.0 455,303 522,205 14.7% 4.5 5.1 0.6 2.1 2.3 0.3 $60-$99.99 339 16.4 16.0-0.4 451,800 442,833-2.0% 4.5 4.4-0.1 3.3 3.3 0.0 Under $60 1,069 55.8 57.7 1.9 513,898 524,087 2.0% 5.1 5.2 0.1 11.7 11.9 0.2 Total Independents 1,596 81.9 84.4 2.5 1,421,001 1,489,125 4.8% 5.1 14.6 9.5 6.2 17.5 11.3 Total Market 4,895 418.6 432.1 13.5 10,028,440 10,167,352 1.4% 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. 19

HIGH-PRICED BRAND PERFORMANCE RESULTS Year Ending June 30, 2017 [^=Change from prior year (absolute value unless marked percentage)] Brands/ % Occupancy 5 Est. $ ADR $ 6 Index 7 Segments 2016 2017 ^ 2016 2017 %^ 2016 2017 ^ 2016 2017 ^ Four Seasons 69.4 71.8 2.4 287.42 292.17 1.7% 199.47 209.78 10.31 304 325 21 Gaylord 70.5 72.0 1.5 232.49 230.47-0.9% 163.91 165.94 2.03 250 257 7 JW Marriott 70.8 70.9 0.1 252.36 255.56 1.3% 178.67 181.19 2.52 272 281 9 Ritz Carlton 73.8 79.9 6.1 353.91 382.20 8.0% 261.19 305.38 44.19 398 474 76 W 77.7 75.9-1.8 297.89 289.93-2.7% 231.46 220.06-11.40 353 341-12 Za Za 72.1 67.8-4.3 264.96 268.71 1.4% 191.04 182.19-8.85 291 282-9 Luxury Segment 71.2 71.8 0.6 261.97 264.51 1.0% 186.52 189.92 3.40 284 294 10 Hilton 70.4 68.1-2.3 168.71 170.26 0.9% 118.77 115.95-2.82 181 180-1 Hyatt 67.1 66.0-1.1 186.31 188.67 1.3% 125.01 124.52-0.49 191 193 2 Inter-Continental 70.5 71.8 1.3 155.68 154.04-1.1% 109.75 110.60 0.85 167 171 4 Marriott 68.1 65.5-2.6 161.47 165.62 2.6% 109.96 108.48-1.48 168 168 0 Omni 71.3 70.5-0.8 181.00 182.00 0.6% 129.05 128.31-0.74 197 199 2 Renaissance 71.5 67.4-4.1 157.87 158.08 0.1% 112.88 106.55-6.33 172 165-7 Westin 68.6 68.8 0.2 186.84 188.12 0.7% 128.17 129.43 1.25 195 201 6 Upscale Segment 69.2 67.5-1.7 173.02 175.30 1.3% 119.73 118.33-1.40 182 183 1 Embassy 72.9 71.7-1.2 165.35 161.74-2.2% 120.54 115.97-4.57 184 180-4 Homewood 71.0 68.1-2.9 140.30 136.41-2.8% 99.61 92.90-6.72 152 144-8 Hyatt House 73.4 70.9-2.5 133.33 130.60-2.0% 97.86 92.60-5.27 149 144-5 Residence Inn 72.1 68.2-3.9 133.50 132.74-0.6% 96.25 90.53-5.72 147 140-7 Staybridge 70.4 66.8-3.6 114.93 114.54-0.3% 80.91 76.51-4.40 123 119-4 Other Suites 68.2 66.4-1.8 159.20 159.20 0.0% 108.57 105.71-2.87 165 164-1 Suites Segment 71.3 68.5-2.8 141.93 140.00-1.4% 101.20 95.90-5.30 154 149-5 4 Points 62.7 57.3-5.4 121.32 113.99-6.0% 76.07 65.32-10.75 116 101-15 Aloft 71.7 69.3-2.4 144.97 142.06-2.0% 103.94 98.45-5.50 158 153-5 Courtyard 68.6 66.7-1.9 126.22 124.42-1.4% 86.59 82.99-3.60 132 129-3 Crowne Plaza 67.8 62.9-4.9 107.74 105.61-2.0% 73.05 66.43-6.62 111 103-8 Doubletree 69.4 66.5-2.9 136.35 135.66-0.5% 94.63 90.21-4.41 144 140-4 Hilton Garden 69.2 66.2-3.0 138.54 135.88-1.9% 95.87 89.95-5.92 146 139-7 Holiday Inn 64.0 63.0-1.0 106.97 106.52-0.4% 68.46 67.11-1.35 104 104 0 Hyatt Place 71.6 68.3-3.3 138.91 137.48-1.0% 99.46 93.90-5.56 152 146-6 Radisson 70.4 64.7-5.7 130.41 118.76-8.9% 91.81 76.84-14.97 140 119-21 Sheraton 68.8 66.0-2.8 129.44 126.87-2.0% 89.05 83.73-5.32 136 130-6 Wyndham 65.3 60.5-4.8 118.08 115.54-2.2% 77.11 69.90-7.20 118 108-10 Other Mid/Upscales 70.1 68.7-1.4 133.70 136.51 2.1% 93.72 93.78 0.06 143 145 2 Mid/Upscales 68.1 65.4-2.7 126.48 124.73-1.4% 86.13 81.57-4.56 131 126-5 Mid-and-L P Segments Mini-Suites 68.1 65.6-2.5 95.84 97.08 1.3% 65.27 63.68-1.58 99 99 0 L.S./Midscales 64.9 63.4-1.5 97.19 96.73-0.5% 63.08 61.33-1.75 96 95-1 Low Price Extended Stay 71.2 68.9-2.3 48.06 49.39 2.8% 34.22 34.03-0.19 52 53 1 Budget Segment 60.7 59.1-1.6 51.92 51.96 0.1% 31.52 30.71-0.81 48 48 0 Total Chains 66.4 64.5-1.9 105.47 106.07 0.6% 70.03 68.42-1.62 107 106-1 Independents $100+ ADR 57.4 59.7 2.3 224.05 224.99 0.4% 128.60 134.32 5.71 196 208 12 $60-$99.99 54.6 55.5 0.9 138.61 136.36-1.6% 75.68 75.68 0.00 115 117 2 Under $60 56.5 55.6-0.9 44.60 44.48-0.3% 25.20 24.73-0.47 38 38 0 Total Independents 56.2 56.1-0.1 84.52 85.82 1.5% 47.50 48.15 0.64 72 75 3 Total Market 64.4 62.9-1.5 101.89 102.53 0.6% 65.62 64.49-1.13 100 100 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. 20

MID/LOW-PRICED BRAND PERFORMANCE RESULTS Year Ending June 30, 2017 [^=Change from prior year (absolute value unless marked percentage)] Brands/ Hotels 1 $ Room 2 Rooms- M Revenues(000's) % Revenues 3 % Rmnts Sold 4 Segments 2017 2016 2017 ^ 2016 2017 %^ 2016 2017 ^ 2016 2017 ^ High-Priced Segments Luxury Segment 13 6.8 6.8 0.0 460,264 468,356 1.8% 4.6 4.6 0.0 1.8 1.8 0.0 Upscale Segment 97 39.9 41 1.1 1,747,669 1,772,881 1.4% 17.4 17.4 0.0 10.3 10.2-0.1 Suites Segment 216 25.4 27.7 2.3 943,217 968,314 2.7% 9.4 9.5 0.0 6.8 7.0 0.2 Mid/Upscales 323 51.0 54.7 3.7 1,600,861 1,626,683 1.6% 16 16 0 12.9 13.2 0.3 Candlewood 71 6.3 6.5 0.2 132,538 130,176-1.8% 1.3 1.3 0.0 1.6 1.6 0.0 Comfort Suites 106 7.8 7.3-0.5 162,119 150,628-7.1% 1.6 1.5-0.1 1.9 1.7-0.2 Hawthorn 20 1.9 1.9 0.0 36,504 36,658 0.4% 0.4 0.4 0.0 0.5 0.5 0.0 Home2 Suites 19 1.3 2.0 0.7 43,217 61,879 43.2% 0.4 0.6 0.2 0.3 0.5 0.2 Quality Suites 4 0.2 0.2 0.0 3,760 2,803-25.5% 0.0 0.0 0.0 0.1 0.0 0.0 SpringHill 48 5.0 5.6 0.6 151,032 158,526 5.0% 1.5 1.6 0.1 1.3 1.4 0.1 Townplace 40 3.9 4.2 0.3 104,027 108,854 4.6% 1.0 1.1 0.1 1.0 1.0 0.0 Other Mini-Suites 12 1.2 1.2 0.0 23,577 22,793-3.3% 0.2 0.2 0.0 0.3 0.3 0.0 Mini-Suites 320 27.6 28.9 1.3 656,774 672,317 2.4% 6.5 6.6 0.1 7.0 7.0 0.0 Best Western 228 14.3 14.1-0.2 267,268 264,503-1.0% 2.7 2.6-0.1 3.3 3.2-0.1 Country Inn & Suites 31 1.6 2.5 0.9 33,870 44,184 30.5% 0.3 0.4 0.1 0.4 0.6 0.2 Comfort Inn 72 5.2 5.0-0.2 94,170 88,696-5.8% 0.9 0.9 0.0 1.2 1.1-0.1 Drury Inn 17 2.9 2.9 0.0 78,223 77,657-0.7% 0.8 0.8 0.0 0.7 0.7 0.0 Fairfield Inn 77 5.9 6.6 0.7 149,384 159,550 6.8% 1.5 1.6 0.1 1.5 1.6 0.1 Hampton Inn 184 15.5 16.2 0.7 461,816 463,942 0.5% 4.6 4.6 0.0 3.9 3.9 0.0 Holiday Express 237 18.7 19.2 0.5 481,755 474,138-1.6% 4.8 4.7-0.1 4.5 4.5 0.0 La Quinta 234 21.7 21.6-0.1 428,310 417,207-2.6% 4.3 4.1-0.2 5.2 5.0-0.2 Sleep Inn 33 2.3 2.2-0.1 40,595 37,851-6.8% 0.4 0.4 0.0 0.5 0.5 0.0 Wingate 16 1.5 1.5 0.0 29,646 26,383-11.0% 0.3 0.3 0.0 0.4 0.3 0.0 L.S./Midscales 1,129 89.6 91.8 2.2 2,065,037 2,054,111-0.5% 20.6 20.2-0.4 21.6 21.4-0.2 Budget Stes America 11 4.0 4.0 0.0 49,780 50,244 0.9% 0.5 0.5 0.0 1.2 1.2 0.0 Ext Stay America 62 6.5 6.9 0.4 100,216 103,121 2.9% 1.0 1.0 0.0 1.7 1.8 0.0 Intown 39 5.1 5.1 0.0 54,688 58,464 6.9% 0.5 0.6 0.1 1.3 1.3 0.0 Studio 6 41 3.8 4.4 0.6 46,782 50,008 6.9% 0.5 0.5 0.0 1.0 1.0 0.1 Woodspring Suites 38 4.5 4.5 0.0 50,840 49,861-1.9% 0.5 0.5 0.0 1.2 1.1-0.1 Other LP Ext St 28 2.6 2.8 0.2 29,008 31,065 7.1% 0.3 0.3 0.0 0.6 0.7 0.0 Low Price Extended Stay 219 26.5 27.7 1.2 331,314 342,763 3.5% 3.3 3.4 0.1 7.0 7.0 0.0 Baymont 38 3.2 2.8-0.4 41,730 36,998-11.3% 0.4 0.4 0.0 0.7 0.6-0.1 Best Value 100 6.4 6.0-0.4 56,428 52,311-7.3% 0.6 0.5-0.1 1.4 1.2-0.2 Days Inn 142 9.0 9.0 0.0 104,488 102,096-2.3% 1.0 1.0 0.0 2.0 1.9-0.1 Econo Lodge 49 2.8 2.9 0.1 27,074 28,032 3.5% 0.3 0.3 0.0 0.6 0.6 0.0 How. Johnson 15 1.2 1.0-0.2 14,166 11,433-19.3% 0.1 0.1 0.0 0.3 0.2-0.1 Microtel 28 2.0 1.9-0.1 28,327 27,498-2.9% 0.3 0.3 0.0 0.4 0.4 0.0 Motel 6 174 14.1 14.9 0.8 164,180 170,495 3.8% 1.6 1.7 0.1 3.4 3.5 0.1 Quality Inn 91 6.4 6.8 0.4 83,686 88,045 5.2% 0.8 0.9 0.1 1.4 1.4 0.0 Ramada Inn 19 2.2 2.1-0.1 29,744 28,353-4.7% 0.3 0.3 0.0 0.5 0.5 0.0 Red Roof Inn 36 3.8 4.0 0.2 50,470 51,253 1.6% 0.5 0.5 0.0 0.9 0.9 0.0 Rodeway 24 1.4 1.5 0.1 11,953 12,258 2.6% 0.1 0.1 0.0 0.3 0.3 0.0 Super 8 150 9.8 9.0-0.8 119,049 103,399-13.1% 1.2 1.0-0.2 2.2 1.9-0.3 Travelodge 16 1.6 1.1-0.5 15,215 8,580-43.6% 0.2 0.1-0.1 0.3 0.2-0.1 Other Budgets 100 6.0 6.1 0.1 55,793 52,051-6.7% 0.6 0.5-0.1 1.3 1.2 0.0 Budget Segment 982 69.9 69.1-0.8 802,303 772,802-3.7% 8.0 7.6-0.4 15.7 15.0-0.7 Total Chains 3,299 336.7 347.7 11.0 8,607,439 8,678,227 0.8% 85.8 85.4-0.4 82.9 82.5-0.4 Total Independents 1,596 81.9 84.4 2.5 1,421,001 1,489,125 4.8% 5.1 14.6 9.5 6.2 17.5 11.3 Total Market 4,895 418.6 432.1 13.5 10,028,440 10,167,352 1.4% 100.0 100.0 0.0 100.0 100.0 21 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.

MID/LOW-PRICED BRAND PERFORMANCE RESULTS Year Ending June 30, 2017 [^=Change from prior year (absolute value unless marked percentage)] Brands/ % Occupancy 5 Est. $ ADR $ 6 Index 7 Segments 2016 2017 ^ 2016 2017 %^ 2016 2017 ^ 2016 2017 ^ High-Priced Segments Luxury Segment 71.2 71.8 0.6 261.97 264.51 1.0% 186.52 189.92 3.40 284 294 10 Upscale Segment 69.2 67.5-1.7 173.02 175.30 1.3% 119.73 118.33-1.40 182 183 1 Suites Segment 71.3 68.5-2.8 141.93 140.00-1.4% 101.20 95.90-5.30 154 149-5 Mid/Upscales 68.1 65.4-2.7 126.48 124.73-1.4% 86.13 81.57-4.56 131 126-5 Candlewood 70.0 66.1-3.9 82.25 82.62 0.4% 57.58 54.61-2.96 88 85-3 Comfort Suites 65.3 64.0-1.3 87.50 87.77 0.3% 57.14 56.17-0.96 87 87 0 Hawthorn 66.3 65.0-1.3 78.90 81.48 3.3% 52.31 52.96 0.65 80 82 2 Home2 Suites 71.9 68.0-3.9 129.72 127.70-1.6% 93.27 86.84-6.43 142 135-7 Quality Suites 62.4 54.8-7.6 67.06 56.98-15.0% 41.85 31.23-10.62 64 48-16 SpringHill 69.8 67.2-2.6 118.75 116.44-1.9% 82.89 78.25-4.64 126 121-5 Townplace 68.5 66.3-2.2 106.78 107.18 0.4% 73.14 71.06-2.08 111 110-1 Other Mini-Suites 67.8 61.7-6.1 81.14 83.48 2.9% 55.01 51.51-3.51 84 80-4 Mini-Suites 68.1 65.6-2.5 95.84 97.08 1.3% 65.27 63.68-1.58 99 99 0 Best Western 61.9 61.1-0.8 82.76 84.07 1.6% 51.23 51.37 0.14 78 80 2 Country Inn & Suites 66.0 63.0-3.0 87.17 76.28-12.5% 57.53 48.06-9.48 88 75-13 Comfort Inn 63.4 61.9-1.5 78.03 78.41 0.5% 49.47 48.54-0.94 75 75 0 Drury Inn 67.0 65.7-1.3 110.30 111.67 1.2% 73.90 73.37-0.53 113 114 1 Fairfield Inn 67.0 65.2-1.8 102.90 100.95-1.9% 68.94 65.82-3.12 105 102-3 Hampton Inn 67.6 65.5-2.1 120.49 119.84-0.5% 81.45 78.50-2.96 124 122-2 Holiday Express 65.1 63.4-1.7 108.41 106.79-1.5% 70.57 67.70-2.87 108 105-3 La Quinta 64.4 63.2-1.2 84.06 83.93-0.2% 54.13 53.04-1.09 83 82-1 Sleep Inn 63.9 61.8-2.1 76.96 77.76 1.0% 49.18 48.06-1.12 75 75 0 Wingate 64.5 61.2-3.3 82.06 78.95-3.8% 52.93 48.32-4.61 81 75-6 L.S./Midscales 64.9 63.4-1.5 97.19 96.73-0.5% 63.08 61.33-1.75 96 95-1 Budget Stes America 79.0 78.8-0.2 43.18 43.69 1.2% 34.11 34.43 0.32 52 53 1 Ext Stay America 71.7 70.0-1.7 58.53 58.69 0.3% 41.97 41.08-0.88 64 64 0 Intown 69.1 68.9-0.2 42.57 45.65 7.2% 29.42 31.45 2.04 45 49 4 Studio 6 69.6 65.1-4.5 48.52 48.40-0.2% 33.77 31.51-2.26 51 49-2 Woodspring Suites 69.4 65.6-3.8 44.42 46.07 3.7% 30.83 30.22-0.61 47 47 0 Other LP Ext St 67.7 62.7-5.0 45.62 48.02 5.3% 30.88 30.11-0.78 47 47 0 Low Price Extended Stay 71.2 68.9-2.3 48.06 49.39 2.8% 34.22 34.03-0.19 52 53 1 Baymont 60.2 57.8-2.4 59.38 61.61 3.8% 35.75 35.61-0.14 54 55 1 Best Value 58.9 56.1-2.8 41.29 42.62 3.2% 24.32 23.91-0.41 37 37 0 Days Inn 59.8 58.1-1.7 53.33 53.42 0.2% 31.89 31.04-0.85 49 48-1 Econo Lodge 58.1 57.1-1.0 45.57 45.74 0.4% 26.48 26.12-0.36 40 40 0 How. Johnson 64.6 62.8-1.8 48.67 52.16 7.2% 31.44 32.76 1.32 48 51 3 Microtel 60.0 61.1 1.1 64.82 65.58 1.2% 38.89 40.07 1.18 59 62 3 Motel 6 65.4 63.6-1.8 48.89 49.17 0.6% 31.97 31.27-0.70 49 48-1 Quality Inn 58.7 57.8-0.9 61.02 61.72 1.1% 35.82 35.67-0.14 55 55 0 Ramada Inn 62.7 59.7-3.0 60.45 63.30 4.7% 37.90 37.79-0.11 58 59 1 Red Roof Inn 65.0 62.5-2.5 56.26 56.72 0.8% 36.57 35.45-1.12 56 55-1 Rodeway 55.1 53.2-1.9 43.69 43.05-1.5% 24.07 22.90-1.17 37 36-1 Super 8 60.1 58.6-1.5 55.13 53.95-2.1% 33.13 31.61-1.52 50 49-1 Travelodge 55.1 55.8 0.7 48.55 38.52-20.7% 26.75 21.49-5.26 41 33-8 Other Budgets 56.5 54.4-2.1 45.10 42.94-4.8% 25.48 23.36-2.12 39 36-3 Budget Segment 60.7 59.1-1.6 51.92 51.96 0.1% 31.52 30.71-0.81 48 48 0 Total Chains 66.4 64.5-1.9 105.47 106.07 0.6% 70.03 68.42-1.62 107 106-1 Total Independents 56.2 56.1-0.1 84.52 85.82 1.5% 47.50 48.15 0.64 72 75 3 Total Market 64.4 62.9-1.5 101.89 102.53 0.6% 65.62 64.49-1.13 100 100 22 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.

THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 23 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q 2016 2Q 2017 1 2 RITZ-CARLTON MCKINNEY AV RITZ DALLAS 75201 218 292.05 317.11 2 4 FOUR SEASONS HOTEL FOURS AUSTIN 78701 291 281.44 296.09 3 6 HOTEL SAN JOSE AUSTIN 78704 40 270.31 268.33 4 3 W HOTEL W AUSTIN 78701 251 288.83 259.28 5 5 THE DRISKILL HOTEL AUSTIN 78701 189 270.79 258.34 6 11 WESTIN DOWNTOWN WESTN AUSTIN 78701 366 225.91 257.7 7 1 TRAVAASA EXPERIENTIAL AUSTIN 78726 74 331.53 257.54 8 13 SOUTH CONGRESS HOTEL AUSTIN 78704 83 223.44 254.55 9 7 HOTEL GRANDUCA GRAND HOUSTON 77056 122 263.41 249.48 10 43 ROUGH CREEK LODGE(EST) IREDELL 76649 55 179.37 247.51 11 68 HOTEL EMMA @ THE PEARL SAN ANTONIO 78215 146 153.67 242.82 12 8 THE JOULE A LUXURY COLLECT DALLAS 75201 160 239.51 235.61 13 12 ZA ZA ZA ZA DALLAS 75201 167 223.87 234.58 14 18 FOUR SEASONS RESORT & CLUB FOURS IRVING 75038 431 215.21 230.17 15 22 HOTEL VAN ZANDT AUSTIN 78701 319 203.55 227.97 16 16 MANSION OF TURTLE CREEK DALLAS 75219 143 217.58 225.54 17 26 INTER-CONTINENTAL STEPHEN INT-C AUSTIN 78701 190 198.75 223.29 18 9 JW MARRIOTT HOTEL JWMAR AUSTIN 78701 1012 232.11 217.53 19 17 LAKE AUSTIN SPA @ 33% AUSTIN 78732 40 216.43 215.42 20 15 GRAND HYATT DFW HYATT GRAPEVINE 75037 298 219.37 213.69 21 32 JW MARRIOTT HILL COUNTRY JWMAR SAN ANTONIO 78261 1002 191.60 211.85 22 27 THE SAN LUIS HOTEL GALVESTON 77551 243 196.12 210.04 23 41 HOTEL ELLA AUSTIN 78705 48 179.88 208.62 24 19 MOKARA HOTEL & SPA SAN ANTONIO 78205 99 211.99 207.58 25 20 OMNI HOTEL AT FIC OMNI AUSTIN 78701 392 208.10 206.82 26 25 HYATT REGENCY RESORT & SPA HYATT LOST PINES 78612 491 199.34 202.05 27 33 HYATT PLACE DOWNTOWN HYATP AUSTIN 78701 296 188.73 200.23 28 21 HILTON CONVENTION CENTER HILTO AUSTIN 78701 800 206.77 200.21 29 35 HYATT REGENCY AUSTIN HYATT AUSTIN 78704 448 185.68 199.2 30 28 DOUBLETREE GUEST SUITES DBLST AUSTIN 78701 188 194.34 198.56 31 31 HAMPTON INN & SUITES HAMPT AUSTIN 78701 137 191.93 195.6 32 10 ST REGIS FMR RITZ HOUSTON 77027 232 228.20 194.39 33 23 LE MERIDIEN DALLAS 75201 170 202.23 193.54 34 36 COURTYARD BY MARRIOTT DNT COURT AUSTIN 78701 270 184.58 193.22 35 29 THE GAGE HOTEL MARATHON 79842 39 193.33 190.8 36 33 W DALLAS-VICTORY HOTEL W DALLAS 75219 252 188.73 186.11 37 14 HYATT MARKET ST HOTEL HYATT THE WOODLA 77380 70 222.53 185.14 38 24 JW MARRIOTT DOWNTOWN JWMAR HOUSTON 77002 328 200.38 182.99 39 39 RESIDENCE INN DOWNTOWN RESID AUSTIN 78701 179 182.17 181.8 40 49 HAMPTON INN & SUITES DNT HAMPT AUSTIN 78701 209 169.74 181.78

THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 24 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q 2016 2Q 2017 41 58 FRIO COUNTRY RESORT CONCAN 78838 77 161.21 178.4 42 47 ASHTON HOTEL FORT WORTH 76102 39 171.96 176.86 43 -- ARCHER HOTEL AUSTIN 78758 171 -- 176.74 44 66 EMBASSY SUITES OF AUSTIN EMBAS AUSTIN 78704 261 154.28 176.55 45 56 WESTIN HOTEL AT DOMAIN WESTN AUSTIN 78758 341 165.47 175.73 46 418 ISLAND HOUSE COUNCIL CORPUS CHR 78418 40 100.99 175.2 47 51 HYATT REGENCY HILL COUNTRY HYATT SAN ANTONIO 78251 500 168.34 174.11 48 46 EMBASSY SUITES EMBAS FORT WORTH 76102 156 172.76 172.19 49 34 HILTON HOTEL SOUTHLAKE HILTO SOUTHLAKE 76092 248 188.35 171.78 50 71 LA CANTERA HILL COUNTRY SAN ANTONIO 78256 508 149.18 171.11 51 57 EMBASSY SUITES RIVERWALK EMBAS SAN ANTONIO 78205 285 165.42 170.77 52 64 HILTON GARDEN HILTG AUSTIN 78701 254 155.61 170.73 53 -- FRIO RIVER RESORTS CONCAN 78838 47 -- 169.67 54 111 THE AUSTIN MOTEL AUSTIN 78704 41 136.18 167.61 55 52 HOUSTONIAN HOTEL HOUSTON 77024 289 167.84 166.85 55 53 MARRIOTT WATERWAY HOTEL MARRT THE WOODLA 77380 343 167.78 166.85 56 50 OMNI FORT WORTH HOTEL OMNI FORT WORTH 76102 614 169.41 164.8 57 62 THE WYNDHAM HOTEL GALVEZ WYNDH GALVESTON 77550 224 156.48 164.54 58 45 AT&T EXEC CONFERENCE CTR AUSTIN 78705 297 174.89 164.15 59 59 HOTEL CONTESSA X.STE SAN ANTONIO 78205 265 159.07 163.8 60 465 BEST WESTERN SWISS CHALET BWEST PECOS 79772 105 98.62 163.79 61 30 ROSEWOOD CRESCENT COURT DALLAS 75201 220 193.23 161.98 62 42 FOUR SEASONS HOTEL FOURS HOUSTON 77010 468 179.68 161.58 63 37 HOTEL ZA ZA FMR WARWICK ZA ZA HOUSTON 77005 315 183.35 160.71 64 38 THE LANCASTER HOTEL HOUSTON 77002 93 182.96 160.67 65 119 EMBASSY SUITES HUGHES LANE EMBAS THE WOODLA 77380 205 134.13 156.91 66 63 THE GALVESTONIAN GALVESTON 77550 67 156.27 155.97 67 97 MARRIOTT HORSESHOE BAY MARRT HORSESHOE 78657 347 139.86 155.69 68 55 HIGHLAND CURIO BY HILTON HILTO DALLAS 75206 198 166.08 155.56 69 106 EILAN HOTEL RESORT & SPA SAN ANTONIO 78256 165 137.12 155.54 70 98 HILTON GARDEN INN HILTG SOUTH PADRE 78597 156 139.33 155.15 71 85 OMNI LA MANSION DEL RIO OMNI SAN ANTONIO 78205 338 143.82 154.83 72 54 OMNI DALLAS HOTEL OMNI DALLAS 75202 1001 166.14 153.82 73 67 BOARDWALK INN KEMAH 77565 52 153.93 152.44 74 48 GAYLORD TEXAS RESORT & CON GAYLO GRAPEVINE 76051 1511 170.33 151.97 75 436 HAMPTON INN HAMPT PECOS 79772 64 100.14 151.51 76 82 SHERATON FMR MARRIOTT SHERA AUSTIN 78701 365 145.18 151.1 77 95 HOTEL INDIGO BAYLOR INDIG WACO 76706 111 140.64 150.97 78 44 WESTIN HOTEL BALL PARK WESTN HOUSTON 77002 200 177.66 150.6 79 40 KIMPTON HOTEL LUMEN DALLAS 75205 93 181.96 149.91

THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 25 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q 2016 2Q 2017 80 87 THE WESTIN RIVERWALK WESTN SAN ANTONIO 78205 473 143.32 149.78 81 60 WESTIN THE WOODLANDS WESTN THE WOODLA 77380 302 157.31 149.71 82 69 STOCKYARDS HOTEL FORT WORTH 76106 52 150.76 149.62 83 91 HOLIDAY INN ON THE BEACH HOLID GALVESTON 77551 178 141.63 149.34 84 65 DOUBLETREE HOTEL DOUBL AUSTIN 78702 149 154.91 149.27 85 61 HOTEL ICON HOUSTON 77002 135 156.86 148.47 86 74 EMBASSY SUITES AUSTIN EMBAS AUSTIN 78759 150 147.88 147.62 87 -- MARRIOTT MARQUIS MARRT HOUSTON 77010 1000 -- 147.45 88 127 DOUBLTREE HOTEL DOUBL GALVESTON 77550 97 132.35 147.28 89 93 RENAISSANCE WORTHINGTON RENAS FORT WORTH 76102 504 141.44 146.47 90 92 GALVESTON ISLAND HILTON HILTO GALVESTON 77551 239 141.45 145.58 91 81 WARWICK MELROSE HOTEL DALLAS 75219 184 145.80 145.35 92 72 HILTON PALACIO DEL RIO HILTO SAN ANTONIO 78205 483 148.96 145.24 93 76 MARRIOTT LEGACY MARRT PLANO 75024 404 147.55 144.78 94 168 YOGI BEAR JELLYSTONE PARK WALLER 77484 55 124.50 144.75 95 100 YOGI BEAR`S JELLYSTONE CANYON LAKE 78133 49 139.12 144.53 96 166 NEALS LODGES CAFE CONCAN 78838 87 124.60 144.19 97 493 HOLIDAY EXPRESS HOTEL HIEXP PECOS 79772 71 96.91 143.22 98 89 ALOFT DOMAIN ALOFT AUSTIN 78758 140 142.08 142.6 99 128 SPRINGHILL SUITES BY MARRIOT SPRNG BAYTOWN 77521 80 131.91 142.54 100 446 HOTEL GRANDUCA X.STE AUSTIN 78746 194 99.50 142.22 101 83 HILTON GARDEN INN HILTG GRAPEVINE 76051 110 144.95 141.99 102 123 HILTON CONVENTION CENTER HILTO FORT WORTH 76102 294 132.98 141.73 103 121 HILTON GARDEN INN DALLAS HILTG DALLAS 75201 171 133.33 141.72 104 210 HAMPTON INN HAMPT HOUSTON 77007 90 118.68 141.14 105 129 HOMEWOOD SUITES SAN ANTO HOMEW SAN ANTONIO 78205 146 131.85 140.87 106 120 RESIDENCE INN RESID FORT WORTH 76107 149 133.98 140.71 107 70 WESTIN HOTEL GALLERIA WESTN DALLAS 75240 448 150.28 139.72 108 75 MARRIOTT MED CTR MARRT HOUSTON 77030 386 147.56 138.46 109 73 HILTON PARK CITIES HILTO DALLAS 75225 224 148.16 138.02 110 139 HOTEL VALENCIA RIVERWALK SAN ANTONIO 78205 213 129.60 136.83 111 125 HOMEWOOD SUITES HOMEW GRAPEVINE 76051 105 132.63 136.6 112 90 HOTEL SORELLA HOUSTON 77024 266 141.97 136.49 112 110 HAMPTON INN & SUITES HAMPT FREDERICKS 78624 55 136.66 136.49 113 132 THE WESTIN DOWNTOWN WESTN DALLAS 75202 326 131.66 136.42 114 109 THE TREMONT HOUSE WYNDHA WYNDH GALVESTON 77550 119 136.85 136.39 115 96 HYATT PLACE STOCKYARDS HYATP FORT WORTH 76106 101 140.55 135.84 116 278 HOTEL SAINT GEORGE MARFA 79843 55 111.64 134.66 117 103 MARRIOTT RIVERWALK MARRT SAN ANTONIO 78205 512 137.76 133.92 118 496 HAMPTON INN/HOMEWOOD SUI HAMPT HOUSTON 77002 250 96.72 133.57

THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 26 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q 2016 2Q 2017 119 195 DRURY INN & SUITES RIVER DRURY SAN ANTONIO 78205 150 120.50 133.54 120 102 THE WESTIN MEMORIAL WESTN HOUSTON 77024 289 138.03 132.78 121 99 LONE STAR COURT AUSTIN 78758 123 139.17 132.72 122 149 HOMEWOOD SUITES - FT WOR HOMEW FORT WORTH 76104 112 127.23 132.46 123 -- LA QUINTA INN & SUITES LAQUN PECOS 79772 68 -- 131.84 124 241 HYATT REGENCY RIVERWALK HYATT SAN ANTONIO 78205 632 114.88 131.62 125 640 JESSE JONES ROTARY HOUSE HOUSTON 77030 322 89.58 131.56 126 -- HABITAT SUITES HOTEL X.STE AUSTIN 78752 96 -- 130.93 127 294 COURTYARD RIVERWALK COURT SAN ANTONIO 78205 217 110.11 130.83 128 129 HILTON AUSTIN AIRPORT HILTO AUSTIN 78741 262 131.85 130.1 129 150 BEST WESTERN OCEAN VILLA BWEST PORT ARANSAS 78373 48 126.95 130.08 130 80 NYLO HOTEL SOUTH SIDE NYLO DALLAS 75215 76 146.11 130.05 131 78 RADISSON HOTEL & SUITES RADIS AUSTIN 78701 413 147.19 129.95 132 179 RESIDENCE INN RESID GRAPEVINE 76051 133 123.10 129.83 133 77 RESIDENCE INN SIX PINES RESID THE WOODLA 77380 96 147.40 129.64 134 150 HOMEWOOD SUITES - FRISCO HOMEW FRISCO 75034 117 126.95 129.24 135 255 HOTEL INDIGO INDIG AUSTIN 78701 134 113.22 129.05 136 113 HILTON GARDEN INN HILTG THE WOODLA 77380 117 135.66 129 137 94 EMBASSY SUITE OUTDOOR WO EMBAS GRAPEVINE 76051 329 140.93 128.67 138 88 HOMEWOOD SUITES NW HOMEW AUSTIN 78759 97 142.50 128.64 139 114 WOODLANDS EXEC CENTER THE WOODLA 77380 412 135.43 128.17 140 84 MARRIOTT AUSTIN SOUTH MARRT AUSTIN 78744 211 144.37 128.1 141 -- ST ANTHONY STARWOOD LUXU SAN ANTONIO 78205 277 -- 127.5 142 118 MARRIOTT RIVERCENTER MARRT SAN ANTONIO 78205 1001 134.25 127.35 143 141 HILTON GARDEN INN HILTG FORT WORTH 76104 157 128.75 127.27 144 145 HAMPTON INN & SUITES HAMPT GRAPEVINE 76051 94 128.10 127.2 145 112 GRAND HYATT CONVENTION HYATT SAN ANTONIO 78205 1003 136.15 127.1 146 153 WESTIN STONEBRIAR RESORT WESTN FRISCO 75034 301 126.56 127 146 204 HILTON HOTEL GRANITE PKW HILTO PLANO 75024 299 119.39 127 147 173 THE HARBOR HOUSE GALVESTON 77550 42 123.75 126.94 148 131 RENAISSANCE AUSTIN HOTEL RENAS AUSTIN 78759 492 131.79 126.72 149 404 DOUBLETREE EMILY MORGAN DOUBL SAN ANTONIO 78205 177 101.75 126.53 150 235 LA QUINTA INN & SUITES LAQUN SOUTH PADRE 78597 147 115.79 126.42 151 -- BEST WESTERN MONAHANS BWEST MONAHANS 79756 50 -- 126.35 151 160 HOMEWOOD SUITES BY HILTON HOMEW WACO 76712 88 125.59 126.35 152 86 MARRIOTT CITY CTR MARRT DALLAS 75201 410 143.49 126.31 153 675 COMFORT SUITES COMFS PECOS 79772 58 88.23 126.2 154 -- TOWNEPLACE SUITES TECH TOWNP AUSTIN 78753 70 -- 126.17 155 217 HOLIDAY EXPRESS HIEXP FORT WORTH 76102 132 117.47 125.99 156 107 EMBASSY SUITES HOUSTON EMBAS HOUSTON 77010 262 136.95 125.41

THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 27 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q 2016 2Q 2017 157 167 HOMEWOOD SUITES HOMEW AUSTIN 78753 114 124.51 124.88 158 624 HOLIDAY EXPRESS HIEXP AUSTIN 78701 171 90.57 124.68 159 122 THE FAIRMONT DALLAS HOTEL DALLAS 75201 545 133.19 124.31 160 249 EMBASSY SUITE LOVE FIELD EMBAS DALLAS 75220 248 114.11 124.04 161 209 HOME2 SUITES BY HILTON HOME2 AUSTIN 78758 135 118.71 123.74 162 -- FAIRFIELD INN & SUITES FAIRF PECOS 79772 87 -- 123.71 163 227 ALDEN HOTEL FMR SAM HOUS HOUSTON 77002 97 116.51 123.68 164 164 MARRIOTT TOWN SQUARE MARRT SUGAR LAND 77479 300 125.05 123.61 165 282 HILTON ANATOLE HOTEL HILTO DALLAS 75207 1606 111.04 123.53 166 176 MOODY GARDENS HOTEL GALVESTON 77554 418 123.38 123.32 167 186 COURTYARD BY MARRIOTT COURT GRAPEVINE 76051 180 122.15 123.08 168 152 HILTON BELLA HARBOR HILTO ROCKWALL 75032 231 126.63 122.93 169 108 RESIDENCE INN RESID ARLINGTON 76015 96 136.88 122.81 170 143 OMNI MANDALAY HOTEL OMNI IRVING 75039 421 128.55 122.68 171 200 HYATT PLACE HYATP SAN ANTONIO 78205 131 119.89 122.64 172 271 LA COPA INN RESORT SOUTH PADRE 78597 146 111.92 122.55 173 257 HOMEWOOD SUITES SOUTH HOMEW AUSTIN 78744 96 113.16 122.54 174 134 RESIDENCE INN BY MARRIOTT RESID AUSTIN 78723 112 130.72 122.52 175 117 HOMEWOOD SUITES - ROUND HOMEW ROUND ROCK 78664 115 134.88 122.43 176 136 EMBASSY SUITES GALLERIA EMBAS HOUSTON 77056 150 130.51 122.24 177 230 DRURY PLAZA RIVERWALK DRURY SAN ANTONIO 78205 366 116.34 121.98 178 101 RESIDENCE INN AUSTIN SOUTH RESID AUSTIN 78744 66 138.60 121.42 179 198 COURTYARD BY MARRIOTT COURT GALVESTON 77554 80 120.04 121.39 180 165 EMBASSY SUITES HOTEL 95 EMBAS CORPUS CHR 78411 150 124.98 121.35 181 233 HOMEWOOD SUITES HOMEW WICHITA FALLS 76308 73 115.96 121.12 182 155 EMBASSY SUITES ENERGY PLACE EMBAS HOUSTON 77079 216 126.36 121.06 183 191 COURTYARD BY MARRIOTT COURT FORT WORTH 76107 130 121.18 121.02 184 331 HOLIDAY INN RIVERWALK HOLID SAN ANTONIO 78205 313 106.96 120.72 185 248 RESIDENCE INN RESID WACO 76706 78 114.14 120.7 186 116 EMBASSY SUITES EMBAS LUBBOCK 79424 156 135.04 120.62 187 158 COURTYARD DOWNTOWN COURT LUBBOCK 79415 94 125.70 120.61 188 442 TOWNPLACE SUITES TOWNP CLUTE 77531 52 99.76 120.46 189 104 HILTON HOUSTON PLAZA HILTO HOUSTON 77030 184 137.30 120.41 190 250 SONESTA HOTEL BEE CAVE BEE CAVE 78738 195 113.96 119.99 191 192 HOMEWOOD SUITES DFW HOMEW IRVING 75063 77 121.02 119.74 192 182 OMNI SOUTHPARK OMNI AUSTIN 78744 312 122.53 119.53 193 156 EMBASSY SUITES FMR DOUBL EMBAS IRVING 75062 305 126.28 119.52 194 194 HILTON DFW HOTEL & EXEC HILTO GRAPEVINE 76051 393 120.67 119.33 195 240 PEARL HOTEL (FMR SHERATO SOUTH PADRE 78597 251 114.94 119.1 196 144 HOMEWOOD SUITES-PLANO HOMEW PLANO 75074 108 128.41 119.02

THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 28 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q 2016 2Q 2017 197 259 MARRIOTT HOTEL DFW AIRPO MARRT IRVING 75063 491 113.10 118.93 198 145 HAMPTON INN HAMPT AUSTIN 78735 106 128.10 118.78 199 124 HOMEWOOD SUITES -DOWNTOW HOMEW DALLAS 75202 130 132.94 118.54 200 500 WACO HILTON HILTO WACO 76701 195 96.42 118.45 201 314 COURTYARD BY MARRIOTT COURT NEW BRAUNF 78130 125 108.51 118.29 202 277 HYATT REGENCY DFW 00 HYATT GRAPEVINE 76051 811 111.69 117.68 203 315 GREAT WOLF:50% PKG REVS GRAPEVINE 76051 605 108.38 117.65 204 151 HAMPTON INN & SUITES 50 HAMPT AUSTIN 78744 102 126.67 117.16 205 79 HILTON AMERICAS CONVENTI HILTO HOUSTON 77002 1200 146.56 116.97 206 342 EMBASSY SUITES EMBAS LAREDO 78041 154 106.04 116.67 207 373 HYATT HOUSE SUITES FMR S HYATH DALLAS 75201 141 103.87 116.39 208 281 HILTON GARDEN INN FRISCO HILTG FRISCO 75034 102 111.49 116.36 209 249 HYATT HOUSE SUITES HYATH IRVING 75039 148 114.11 116.1 210 412 HOME2 SUITES HOME2 SAN ANTONIO 78205 128 101.32 116.01 211 184 OMNI BAYFRONT OMNI CORPUS CHR 78401 475 122.28 115.93 212 146 HOLIDAY INN AIRPORT HOLID AUSTIN 78741 138 127.56 115.69 213 251 COURTYARD BLACKSTONE COURT FORT WORTH 76102 203 113.88 115.56 214 263 SOUTHERN INN & SUITES KERMIT 79745 40 112.68 115.5 215 585 PADRE SOUTH RESORT HOTEL SOUTH PADRE 78597 63 92.13 114.96 216 180 EMBASSY SUITES SAN MARCOS EMBAS SAN MARCOS 78666 283 123.05 114.9 216 225 HILTON POST OAK HILTO HOUSTON 77056 448 116.65 114.9 217 142 HYATT REGENCY DNTN HYATT DALLAS 75207 1120 128.67 114.87 218 172 HAMPTON INN & SUITES HAMPT LAKEWAY 78734 70 124.04 114.66 219 -- BWEST SWISS INN OF PECOS BWEST PECOS 79772 104 -- 114.59 220 208 COURTYARD BY MARRIOTT COURT IRVING 75063 153 118.93 114.57 221 163 COURTYARD BY MARRIOTT COURT AUSTIN 78759 102 125.20 114.33 222 285 ALOFT DALLAS DOWNTOWN DOUBL AUSTIN 78759 194 110.76 114.29 223 -- RESIDENCE INN DOMAIN RESID AUSTIN 78758 132 -- 114.04 224 181 HOLIDAY EXPRESS & SUITES HIEXP AUSTIN 78745 86 122.55 114.01 225 177 COURTYARD BY MARRIOTT COURT AUSTIN 78741 150 123.28 113.98 226 115 RESIDENCE INN NW RESID AUSTIN 78759 84 135.24 113.89 227 196 MARRIOTT LAS COLINAS MARRT IRVING 75039 360 120.20 113.82 228 234 COURTYARD BY MARRIOTT COURT AMARILLO 79101 107 115.92 113.71 229 333 HOMEWOOD SUITES SEAWORLD HOMEW SAN ANTONIO 78245 109 106.56 113.68 230 161 RESIDENCE INN WOODLANDS RESID THE WOODLA 77380 90 125.37 113.62 231 266 RESIDENCE INN BY MARRIOTT RESID COLLEGE ST 77840 84 112.53 113.56 232 267 HAMPTON INN MARBLE FALLS HAMPT MARBLE FALLS 78654 64 112.38 113.52 233 197 DOUBLETREE HOTEL ALLEN CTR DOUBL HOUSTON 77002 350 120.10 113.43 234 174 MARRIOTT BUSH AIRPORT MARRT HOUSTON 77032 565 123.49 113.38 235 165 STAYBRIDGE AUSTIN NW STAYB AUSTIN 78759 121 124.98 113.3

THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 29 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q 2016 2Q 2017 236 262 HOLIDAY EXPRESS HIEXP PORT ARANSAS 78373 74 112.85 113.21 237 154 COOPER AEROBICS DALLAS 75230 62 126.48 113.2 238 305 HYATT PLACE DFW AIRPORT HYATP EULESS 75261 137 109.23 112.97 239 170 HYATT REGENCY GALLERIA HYATT HOUSTON 77056 325 124.18 112.92 240 246 HILTON HOTEL ARLINGTON HILTO ARLINGTON 76006 308 114.25 112.5 241 214 HOLIDAY EXPRESS HIEXP AUSTIN 78741 80 117.92 112.46 242 340 HOME2 SUITES HOME2 FRISCO 75034 122 106.11 112.42 243 260 HOME2 SUITES DFW N HOME2 IRVING 75063 93 112.96 112.33 244 185 EMBASSY SUITES HOTEL MAR EMBAS DALLAS 75207 244 122.18 112.32 245 178 ALOFT DALLAS DOWNTOWN ALOFT DALLAS 75202 193 123.22 112.26 246 256 HILTON GARDEN INN HILTG AUSTIN 78759 138 113.20 112.22 247 207 COURTYARD DOWNTOWN COURT HOUSTON 77002 191 119.01 111.76 248 223 HOLIDAY EXPRESS SUNSET V HIEXP AUSTIN 78735 99 116.86 111.73 249 295 RESIDENCE INN DFW AIRPOR RESID IRVING 75062 118 109.97 111.63 250 275 EXTENDED STAY AMERICA EXTSA AUSTIN 78701 101 111.74 111.54 251 231 HILTON COLLEGE STATION HILTO COLLEGE ST 77840 303 116.30 111.53 252 140 HILTON GARDEN INN ARLING HILTG ARLINGTON 76006 132 128.86 111.51 253 -- STAYBRIDGE SUITES STAYB MIDLAND 79706 91 -- 111.5 254 -- HOLIDAY EXPRESS HIEXP MONAHANS 79756 80 -- 111.47 255 619 HILTON GARDEN INN HILTG MIDLAND 79706 157 90.73 111.37 256 205 COURTYARD BY MARRIOTT COURT ARLINGTON 76015 103 119.27 111.28 257 359 DOUBLETREE HOTEL AUSTIN DOUBL AUSTIN 78752 350 104.57 111.26 258 221 HYATT PLACE I35 N HYATP AUSTIN 78752 120 116.96 111.04 259 130 EMBASSY SUITES EMBAS FRISCO 75034 330 131.82 110.88 260 300 SHERATON GRAND HOTEL SHERA IRVING 75063 303 109.70 110.76 261 306 TOWNEPLACE SUITES TOWNP GRAPEVINE 76051 121 109.17 110.55 262 422 HYATT PLACE HYATP IRVING 75038 122 100.70 110.52 263 338 STAYBRIDGE LAS COLINAS STAYB IRVING 75038 117 106.30 110.38 264 -- COURTYARD BY MARRIOTT COURT THE COLONY 75056 115 -- 110.33 265 -- EMBASSY SUITES BY HILTON EMBAS MCALLEN 78501 150 -- 110.24 266 -- HOMEWOOD SUITES HOMEW GALVESTON 77550 88 -- 110.21 267 346 LA QUINTA INNS & SUITES LAQUN MARBLE FALLS 78654 73 105.67 110.16 267 455 SHERATON CONVENTION CTR SHERA ARLINGTON 76011 311 99.16 110.16 268 627 SCHLITTERBAHN RESORT NEW BRAUNF 78130 164 90.13 110.11 269 392 HAMPTON INN & SUITES HAMPT DE SOTO 75115 81 102.25 110.05 270 653 TAPATIO SPRINGS GOLF RES BOERNE 78006 112 89.14 109.9 271 482 LAJITAS RESORT AND SPA LAJITAS 79852 101 97.66 109.83 272 -- HAMPTON INN COMMERCE ST HAMPT DALLAS 75201 176 -- 109.76 273 339 HOME2 SUITES HOME2 AMARILLO 79124 92 106.29 109.68 274 472 HOMEWOOD SUITES HOMEW MIDLAND 79701 118 98.22 109.53

THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 30 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q 2016 2Q 2017 275 188 COURTYARD- AUSTIN SOUTH COURT AUSTIN 78744 110 121.82 109.36 276 274 COURTYARD BY MARRIOTT COURT SAN ANTONIO 78257 124 111.75 109.35 277 258 MARRIOTT SOLANA MARRT WESTLAKE 76262 294 113.13 109.31 278 126 JW MARRIOTT 785 JWMAR HOUSTON 77056 515 132.57 109.1 279 644 HOTEL INDIGO DOWNTOWN (F INDIG EL PASO 79901 119 89.39 109.05 280 218 HOLIDAY EXPRESS HOTEL HIEXP AUSTIN 78759 110 117.34 109.03 281 -- RESIDENCE INN AUSTIN RESID AUSTIN 78744 120 -- 108.95 282 435 HOLIDAY INN TOWN LAKE HOLID AUSTIN 78701 322 100.19 108.86 283 332 LAKEWAY INN RESORT & CON LAKEWAY 78734 239 106.68 108.8 283 544 SPRINGHILL SUITES SPRNG SAN ANTONIO 78205 113 94.38 108.8 284 269 HAMPTON INN & SUITES HAMPT DALLAS 75247 90 112.09 108.76 285 219 HAMPTON INN & SUITES HAMPT CLUTE 77531 67 117.15 108.15 286 201 HYATT PLACE ARBORETUM HYATP AUSTIN 78759 127 119.86 107.97 287 357 HILTON GARDEN INN HILTG SAN ANTONIO 78257 137 104.90 107.96 288 319 HAMPTON INN AUSTIN SOUTH HAMPT AUSTIN 78744 123 108.34 107.87 289 189 HAMPTON INN FMR AMARILLO HAMPT AMARILLO 79106 64 121.75 107.75 290 365 LA QUINTA INN CAPITAL LAQUN AUSTIN 78701 150 104.24 107.7 291 224 HOMEWOOD SUITES HOMEW ARLINGTON 76011 89 116.72 107.66 292 345 COURTYARD BY MARRIOTT COURT SAN ANTONIO 78259 103 105.72 107.5 293 -- HAMPTON INN & SUITES COL HAMPT COLLEYVILLE 76034 91 -- 107.42 294 228 HILTON GARDEN INN DFW HILTG IRVING 75061 151 116.41 107.4 295 -- HOMEWOOD SUITES NEW BRAU HOMEW NEW BRAUNF 78130 90 -- 107.39 296 137 HYATT PLACE DFW NORTH HYATP GRAPEVINE 76051 125 130.18 107.37 297 238 FAIRFIELD INN & SUITES FAIRF AMARILLO 79118 79 115.22 107.22 298 329 BASIN STATION - BIG BEND BIG BEND N 79834 86 107.12 107.15 299 347 HAMPTON INN & SUITES HAMPT PORT ARANSAS 78373 78 105.62 107.13 300 147 HOMEWOOD SUITES WILLOWBR HOMEW HOUSTON 77070 72 127.31 107.07 300 341 HAMPTON INN & SUITES HAMPT WACO 76711 123 106.09 107.07 301 211 SPRINGHILL SUITES SPRNG GRAPEVINE 76051 111 118.28 106.96 302 239 HYATT PLACE HOTEL HYATP THE WOODLA 77380 146 114.95 106.9 303 327 FAIRFIELD INN AUSTIN SOU FAIRF AUSTIN 78744 63 107.18 106.78 304 350 FAIRFIELD INN & SUITES FAIRF AUSTIN 78759 134 105.28 106.68 305 212 DOUBLETREE FMR WYNDHAM M DOUBL DALLAS 75207 227 118.02 106.6 306 183 HAMPTON INN AUSTIN NORTH HAMPT AUSTIN 78759 124 122.39 106.54 307 686 HOLIDAY INN EXPRESS HIEXP MIDLAND 79701 90 87.87 106.28 308 162 WYNDHAM MED CTR WYNDH HOUSTON 77030 281 125.33 106.23 309 -- HYATT HOUSE HYATH FRISCO 75034 132 -- 106.17 310 203 OMNI RIVERWAY OMNI HOUSTON 77056 378 119.51 106.16 311 286 EMBASSY SUITES EMBAS DALLAS 75240 150 110.69 106.15 312 299 COURTYARD LEGACY PARK COURT PLANO 75024 153 109.84 106.14

THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 31 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q 2016 2Q 2017 313 264 RESIDENCE INN - ROUND RO RESID ROUND ROCK 78664 96 112.59 105.98 314 289 HILTON RESORT FMR RADIS HILTO SAN ANTONIO 78251 227 110.48 105.76 315 272 MARRIOTT DFW SOUTH MARRT FORT WORTH 76155 295 111.90 105.74 316 298 HOMEWOOD SUITES BY HILTON HOMEW SAN ANTONIO 78232 106 109.85 105.7 317 374 RESIDENCE INN 1604 EAST RESID SAN ANTONIO 78232 88 103.69 105.58 318 253 COURTYARD WOODLANDS COURT THE WOODLAN 77380 90 113.48 105.52 319 171 WESTIN OAKS HOUSTON WESTN HOUSTON 77056 406 124.06 105.47 320 310 SPRINGHILL SUITES MARRIO SPRNG AUSTIN 78759 99 108.86 105.36 321 327 STAYBRIDGE SUITES NORTH STAYB PLANO 75075 112 107.18 105.19 322 220 HOLIDAY EXPRESS HOTEL HIEXP GRAPEVINE 76051 95 117.08 105.14 323 245 HOLIDAY EXPRESS & SUITES HIEXP AMARILLO 79124 128 114.29 105.07 324 302 SLEEP INN & SUITES SLEEP DRIPPING S 78620 57 109.52 104.97 325 387 DOUBLETREE LOVE FIELD DOUBL DALLAS 75235 244 102.52 104.96 326 272 HOME2 SUITES HOME2 ROUND ROCK 78681 91 111.90 104.87 327 148 HAMPTON INN & SUITES HAMPT HOUSTON 77054 120 127.25 104.8 328 355 HAMPTON INN HAMPT KERRVILLE 78028 60 104.98 104.76 329 362 HILTON NASSAU BAY HILTO NASSAU BAY 77058 243 104.50 104.72 329 630 PORT ROYAL BY THE SEA RE PORT ARANSAS 78373 320 90.09 104.72 330 175 HYATT HOUSE SUITES HYATH AUSTIN 78759 130 123.43 104.61 331 265 RESIDENCE INN BY MARRIOT RESID SAN ANTONIO 78257 131 112.54 104.57 332 243 SPRINGHILL SUITES SPRNG AUSTIN 78744 152 114.64 104.53 333 276 HOMEWOOD SUITES HOMEW LUBBOCK 79424 74 111.70 104.29 334 534 HOLIDAY EXPRESS HIEXP WHARTON 77488 62 94.90 104.05 335 352 OMNI COLONNADE I-10W OMNI SAN ANTONIO 78230 326 105.16 104.01 336 316 HAMPTON INN ROCKWALL HAMPT ROCKWALL 75087 62 108.37 103.99 337 501 MARRIOTT PLAZA HOTEL MARRT SAN ANTONIO 78205 252 96.40 103.98 338 558 ISLA GRAND RESORT SOUTH PADRE 78597 193 93.34 103.96 339 -- HILTON GARDEN INN HILTG LUBBOCK 79407 113 -- 103.95 340 376 HOMEWOOD SUITES HOMEW BEAUMONT 77705 79 103.65 103.9 341 303 RESIDENCE INN ALAMO RESID SAN ANTONIO 78205 220 109.43 103.84 342 187 RESIDENCE INN RESID RICHARDSON 75082 120 121.83 103.74 343 349 RESIDENCE INN AT CASCADE RESID THE COLONY 75056 102 105.29 103.7 344 385 THE WESTIN DFW WESTN IRVING 75063 506 102.64 103.68 345 -- DRURY INN AND SUITES DRURY AMARILLO 79106 163 -- 103.56 345 -- RESIDENCE INN RESID ODESSA 79765 120 -- 103.56 346 281 THE MAGNOLIA HOTEL DALLAS 75201 329 111.49 103.55 347 330 HOME2 SUITES COLLEGE STA HOME2 COLLEGE ST 77840 108 106.97 103.4 348 237 HILTON GARDEN INN HILTG AMARILLO 79124 90 115.44 103.34 349 348 FAIRFIELD INN S UNIVERSITY FAIRF FORT WORTH 76107 79 105.60 103.33 350 379 HOMEWOOD SUITES HOMEW SAN ANTONIO 78230 123 103.45 103.22

THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 32 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q 2016 2Q 2017 351 242 HILTON GARDEN INN HILTG RICHARDSON 75080 125 114.70 103.16 352 619 SPRINGHILL SUITES SPRNG SAN ANTONIO 78205 118 90.73 103.14 353 543 LA QUINTA INN CONVENTION LAQUN SAN ANTONIO 78205 350 94.45 103.03 353 596 HOMEWOOD SUITES HOMEW ALLEN 75013 114 91.66 103.03 354 236 HOMEWOOD SUITES MKT CTR HOMEW DALLAS 75207 137 115.77 103 355 -- SAND'N SEA PROPERTIES GALVESTON 77554 240 -- 102.98 355 157 SPRINGHILL SUITES FMR AM SPRNG DALLAS 75202 148 126.18 102.98 356 399 BEST WESTERN PLUS LAKE J BWEST LAKE JACKSON 77566 64 101.96 102.84 357 309 ALOFT PLANO ALOFT PLANO 75024 136 108.94 102.71 358 -- QUALITY INN FMR HOLIDAY QUALY PECOS 79772 96 -- 102.61 359 356 ELEMENT HOTEL ELEMT IRVING 75063 123 104.92 102.55 360 -- SCHLITTERBAHN RESORT AT NEW BRAUNF 78130 88 -- 102.53 361 434 SPRINGHILL (FMR BEST WES SPRNG WOODWAY 76712 82 100.21 102.36 362 268 HOME 2 SUITES HOME2 AUSTIN 78717 84 112.11 102.33 363 280 HYATT HOUSE SUITES FMR S HYATH ADDISON 75001 132 111.50 102.29 364 628 HAMPTON INN & SUITES HAMPT MCKINNEY 75070 79 90.11 102.23 365 283 RESIDENCE INN RESID PLANO 75024 126 111.03 102.22 366 622 HILTON GARDEN INN HILTG ABILENE 79606 123 90.62 102.19 367 -- MICROTEL INN & SUITES MICRO PECOS 79772 83 -- 102.01 368 252 MARRIOTT LA FRONTERA MARRT ROUND ROCK 78681 295 113.78 102 369 524 HYATT PLACE HYATP SAN ANTONIO 78259 126 95.20 101.93 370 598 HYATT PLACE MAC DAVIS HYATP LUBBOCK 79401 125 91.61 101.89 371 451 HAMPTON INN HAMPT FRISCO 75034 105 99.30 101.88 372 313 LE MERIDIEN X.STE DALLAS 75240 258 108.64 101.87 372 478 HAMPTON INN & SUITES HAMPT SAN ANTONIO 78204 108 97.94 101.87 373 491 TOWNE PLACE SUITES TOWNP FORT WORTH 76102 140 96.98 101.85 374 -- FAIRFIELD INN & SUITES FAIRF SAN ANTONIO 78205 99 -- 101.83 375 358 OMNI AUSTIN 78735 318 104.72 101.82 376 490 HAMPTON INN ALAMO HAMPT SAN ANTONIO 78205 169 97.16 101.67 377 -- HOLIDAY EXPRESS LOOP 250 HIEXP MIDLAND 79707 94 -- 101.65 378 -- THE ADOLPHUS HOTEL DALLAS 75202 422 -- 101.64 379 296 RESIDENCE INN RESID ADDISON 75254 150 109.95 101.39 380 229 RESIDENCE INN - SANTA RO RESID SAN ANTONIO 78204 95 116.39 101.31 381 -- COURTYARD ALLIANCE AIRPO COURT FORT WORTH 76244 127 -- 101.23 381 -- HOME2 SUITES HOME2 MIDLAND 79706 93 -- 101.23 382 -- SHERATON STONEBRIAR HOTE SHERA FRISCO 75034 168 -- 101.17 383 293 ALOFT HOUSTON GALLERIA ALOFT HOUSTON 77056 152 110.15 101.15 384 -- HOMEWOOD SUITES HOMEW ODESSA 79765 121 -- 101.07 385 402 STAYBRIDGE SUITES STAYB IRVING 75063 100 101.82 101.05 386 190 MARRIOTT SUITES MARKET C X.STE DALLAS 75207 265 121.70 100.94

THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 33 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q 2016 2Q 2017 387 608 HAMPTON INN & SUITES HAMPT FRISCO 75033 103 91.30 100.93 388 515 HILTON GARDEN INN HILTG GRANBURY 76048 106 95.73 100.9 389 244 HOLIDAY EXPRESS EAST FWY HIEXP HOUSTON 77029 74 114.45 100.79 390 -- BEST WESTERN SUITES BWEST MIDLAND 79701 75 -- 100.75 391 273 HAMPTON INN AND SUITES HAMPT PLANO 75074 114 111.79 100.68 392 -- HOME2 SUITES WACO HOME2 WACO 76706 105 -- 100.59 393 483 HAMPTON INN & SUITES DFW HAMPT FORT WORTH 76155 116 97.59 100.58 394 169 RENAISSANCE DALLAS HOTEL RENAS DALLAS 75207 514 124.28 100.51 395 286 DOUBLETREE @ CAMPBELL CE DOUBL DALLAS 75206 300 110.69 100.48 396 449 LA QUINTA INNS AND SUITE LAQUN AUSTIN 78735 128 99.37 100.43 397 354 STAYBRIDGE SUITES GATEWA STAYB EL PASO 79915 109 105.02 100.24 398 678 THE LIGHT HOUSE INN ROCKPORT 78382 78 88.14 100.17 399 334 MARRIOTT GOLF RESORT (FM MARRT FORT WORTH 76177 284 106.45 100.16 400 444 RESIDENCE INN LEWISVILLE RESID LEWISVILLE 75067 72 99.61 100.15 401 358 HOLIDAY INN GULF BEACH R HOLID CORPUS CHR 78418 149 104.72 100.11 402 631 HAMPTON INN & SUITES HAMPT BOERNE 78006 78 90.08 100.01 403 215 RESIDENCE INN RESID HOUSTON 77002 171 117.76 99.99 404 291 HOLIDAY EXPRESS DOWNTOWN HIEXP HOUSTON 77003 112 110.38 99.96 405 -- COURTYARD BY MARRIOTT COURT MIDLAND 79706 97 -- 99.93 406 -- COURTYARD BY MARRIOTT COURT ODESSA 79765 100 -- 99.9 407 -- RESIDENCE INN AUSTIN RIV RESID AUSTIN 78730 100 -- 99.85 408 430 DOUBLETREE GUEST SUITES DBLST HOUSTON 77056 476 100.32 99.79 409 -- HAMPTON INN HAMPT BAYTOWN 77521 70 -- 99.73 410 660 HAMPTON INN HAMPT BROWNWOOD 76801 56 88.84 99.7 411 337 ALOFT LAS COLINAS ALOFT IRVING 75062 136 106.39 99.67 412 564 HAMPTON INN & SUITES HAMPT PORT ARTHUR 77642 72 93.04 99.59 413 193 THE MAGNOLIA HOTEL X.STE HOUSTON 77002 314 120.86 99.47 414 475 HILTON GARDEN INN HILTG ROUND ROCK 78681 122 98.01 99.07 415 381 RESIDENCE INN LAS COLINA RESID IRVING 75038 120 103.20 99 415 403 HILTON GARDEN INN HILTG LEWISVILLE 75067 165 101.80 99 416 415 COURTYARD BY MARRIOTT COURT ALLEN 75013 228 101.20 98.97 417 328 HOLIDAY EXPRESS & SUITES HIEXP FREDERICKS 78624 76 107.16 98.86 418 375 RESIDENCE INN CLEARLAKE RESID NASSAU BAY 77058 110 103.67 98.8 419 222 HYATT HOUSE FMR SUMMERFI HYATH DALLAS 75225 155 116.89 98.72 420 288 HAMPTON INN & SUITES HAMPT AUSTIN 78750 71 110.53 98.69 421 513 HOLIDAY EXPRESS HIEXP NORTHLAKE 76262 75 95.79 98.68 422 324 RESIDENCE INN MED CTR AS RESID HOUSTON 77030 143 107.93 98.57 423 -- SPRINGHILL SUITES SAN AN SPRNG SAN ANTONIO 78257 128 -- 98.56 423 405 STAYBRIDGE SUITES STAYB COLLEGE ST 77840 88 101.7 98.56 424 515 HOLIDAY EXPRESS HIEXP WACO 76712 120 95.73 98.53

THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 34 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q 2016 2Q 2017 425 572 HOLIDAY INN HOLID KEMAH 77565 128 92.70 98.45 426 279 OMNI PARKWEST FMR DBLTRE OMNI FARMERS BR 75234 337 111.56 98.43 427 455 HAMPTON INN & SUITES HAMPT BUDA 78610 74 99.16 98.35 428 526 COMFORT SUITES COMFS GRAPEVINE 76051 96 95.11 98.32 429 492 LA QUINTA INN & SUITES LAQUN FREDERICKS 78624 55 96.97 98.21 430 555 STAYBRIDGE SUITES STAYB PLANO 75024 101 93.57 98.1 431 386 HOMEWOOD SUITES HOMEW CORPUS CHR 78417 86 102.54 98.03 432 320 COURTYARD LAS COLINAS COURT IRVING 75038 147 108.22 98 433 -- EMBASSY SUITES AIRPT/281 EMBAS SAN ANTONIO 78216 261 -- 97.86 434 650 RESIDENCE INN SEA WORLD RESID SAN ANTONIO 78238 109 89.26 97.71 435 206 HOMEWOOD SUITES SAGE RD HOMEW HOUSTON 77056 162 119.03 97.66 436 307 RESIDENCE INN RESID ARLINGTON 76006 114 108.97 97.58 437 326 RESIDENCE INN (FMR HAWTH RESID FORT WORTH 76178 111 107.19 97.55 438 395 HAMPTON INN & SUITES HAMPT GEORGETOWN 78626 78 102.20 97.53 439 343 HOMEWOOD SUITES HOMEW KINGWOOD 77339 75 105.98 97.51 440 572 HILTON GARDEN INN HILTG TEMPLE 76504 133 92.70 97.33 441 322 RESIDENCE INN GALLERIA RESID HOUSTON 77056 146 108.13 97.11 442 522 COURTYARD NASSAU BAY COURT NASSAU BAY 77058 124 95.23 97.06 443 -- HAMPTON INN & SUITES HAMPT MIDLAND 79707 79 -- 97.01 444 431 HAMPTON INN & SUITES LAK HAMPT LEWISVILLE 75067 105 100.30 96.98 445 421 HYATT PLACE FMR AMERISUI HYATP COLLEGE ST 77840 91 100.77 96.95 446 429 HYATT REGENCY HOUSTON HYATT HOUSTON 77002 947 100.35 96.82 447 226 HOLIDAY EXPRESS HIEXP AMARILLO 79118 69 116.62 96.69 448 498 QUALITY INN & SUITES QUALY GALVESTON 77551 91 96.45 96.64 449 -- HOLIDAY EXPRESS HOTEL HIEXP ODESSA 79762 92 -- 96.61 450 344 HYATT PLACE FMR AMERISUI HYATP ARLINGTON 76011 127 105.74 96.6 450 497 HAMPTON INN AND SUITES HAMPT ABILENE 79601 72 96.66 96.6 451 -- BEST WESTERN PLUS BWEST FORT STOCK 79735 75 -- 96.59 452 423 HILTON GARDEN INN HILTG BEAUMONT 77705 100 100.69 96.52 453 609 DAYS INN PORT ARANSAS DAYS PORT ARANSAS 78373 45 91.29 96.51 454 380 HAMPTON INN HAMPT FORT WORTH 76116 105 103.27 96.45 455 583 HOLIDAY EXPRESS GARTH RD HIEXP BAYTOWN 77521 91 92.29 96.43 456 -- GULFSTREAM COUNCIL OF CO CORPUS CHR 78412 61 -- 96.38 457 294 HAMPTON INN ROUND ROCK HAMPT ROUND ROCK 78664 93 110.11 96.29 458 571 STAYBRIDGE SUITES SEAWOR STAYB SAN ANTONIO 78251 98 92.72 96.24 459 407 DOUBLETREE HOTEL FMR CLU DOUBL FARMERS BR 75234 160 101.57 96.19 460 345 HILTON LINCOLN CTR FMR D HILTO DALLAS 75240 500 105.72 96.18 461 349 HOLIDAY EXPRESS - BASS P HIEXP GARLAND 75043 98 105.29 96.12 462 -- WYNDHAM GARDEN RIVERWALK WYNDH SAN ANTONIO 78215 131 -- 96.04 463 311 HOLIDAY EXPRESS & SUITES HIEXP CLUTE 77531 82 108.78 96.02

THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 35 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q 2016 2Q 2017 464 -- HAMPTON INN HAMPT ODESSA 79762 71 -- 95.99 465 270 RENAISSANCE RICHARDSON RENAS RICHARDSON 75082 336 111.93 95.98 465 631 HOLIDAY EXPRESS HIEXP TERRELL 75160 68 90.08 95.98 466 -- SHERATON GUNTER HOTEL SHERA SAN ANTONIO 78205 322 -- 95.92 467 367 NYLO LOFT HOTEL NYLO IRVING 75039 200 104.18 95.85 467 685 SPRINGHILL SUITES SPRNG PLANO 75024 152 87.89 95.85 468 580 TOWNPLACE SUITES TOWNP GALVESTON 77554 88 92.42 95.76 469 548 THE CROCKETT SAN ANTONIO 78205 138 94.08 95.71 469 559 TOWNPLACE SUITES N CAP TOWNP AUSTIN 78759 130 93.25 95.71 470 368 HOLIDAY EXPRESS HIEXP DE SOTO 75115 88 104.15 95.7 471 -- LA QUINTA INN & SUITES LAQUN MONAHANS 79756 78 -- 95.68 472 527 BEST WESTERN CROWN CHASE BWEST DENTON 76208 74 95.10 95.56 473 366 HYATT PLACE HYATP ADDISON 75240 125 104.19 95.5 474 232 RESIDENCE INN WEST UNIVE RESID HOUSTON 77005 120 115.98 95.48 475 392 HILTON GARDEN INN HILTG ADDISON 75001 96 102.25 95.46 476 665 INDIGO HOTEL HOUSTON INDIG HOUSTON 77056 131 88.67 95.44 477 372 HILTON GARDEN INN HILTG FORT WORTH 76137 98 103.88 95.41 478 -- HOLIDAY EXPRESS HIEXP PORT LAVACA 77979 79 -- 95.4 479 509 BEST WESTERN DFW BWEST IRVING 75063 70 95.95 95.38 480 460 PLANTATION SUITES AND CO PORT ARANSas 78373 50 99.03 95.24 481 554 HOLIDAY EXPRESS & SUITES HIEXP ALPINE 79830 71 93.63 95.15 482 396 HYATT PLACE HYATP PLANO 75093 127 102.17 95.11 483 308 CONRAD N HILTON UNIV HILTO HOUSTON 77204 86 108.96 95.1 484 489 COURTYARD BY MARRIOTT DF COURT IRVING 75062 154 97.20 95.08 485 292 SHERATON SUITES HOUSTON X.STE HOUSTON 77027 281 110.26 95.07 486 287 HILTON GARDEN INN ALLIAN HILTG FORT WORTH 76177 127 110.63 95.05 487 413 COURTYARD BY MARRIOTT COURT HOUSTON 77056 190 101.30 95 487 529 SPRINGHILL SUITES BY MAR SPRNG IRVING 75038 120 95.08 95 488 458 HYATT PLACE CREEK BEND HYATP SUGAR LAND 77478 214 99.09 94.99 488 517 HILTON GARDEN INN PEARLAND HILTG PEARLAND 77584 137 95.54 94.99 489 397 RESIDENCE INN RESID AMARILLO 79106 78 102.08 94.96 489 454 HILTON GARDEN INN HILTG EL PASO 79902 153 99.22 94.96 490 -- HYATT HOUSE - AUSTIN DNT HYATH AUSTIN 78701 90 -- 94.89 491 -- HAMPTON INN & SUITES HAMPT HUNTSVILLE 77340 75 -- 94.85 492 594 HOLIDAY EXPRESS I&S HIEXP COLLEGE ST 77840 77 91.80 94.8 493 276 HILTON GARDEN GALLERIA HILTG HOUSTON 77056 182 111.70 94.79 494 440 HOLIDAY INN FMR RADIS/HI HOLID AUSTIN 78752 189 99.90 94.74 495 563 COURTYARD BY MARRIOTT COURT WACO 76701 153 93.08 94.72 496 397 HAMPTON INN HAMPT FORT STOCK 79735 59 102.08 94.71 497 495 RESIDENCE INN GATEWAY W RESID EL PASO 79925 96 96.75 94.62

THE TOP 500 HOTELS OF 2ND QUARTER 2017 RANKED BY 2Q17 2Q16 Hotel Name Brand City Zip Code Rooms 2Q 2016 2Q 2017 498 321 WYNDHAM GARDEN WOODWARD WYNDH AUSTIN 78741 210 108.16 94.57 499 -- GASTHAUS SCHMIDT FREDERICKS 78624 105 -- 94.56 500 462 HILTON GARDEN INN HILTG NEW BRAUNF 78130 103 98.91 94.55 498 307 HILTON GARDEN INN GATEWA HILTG EL PASO 79915 145 91.14 90.19 499 550 LAKEWAY INN RESORT & CON LAKEWAY 78734 239 77.26 90.15 500 -- HOMEWOOD SUITES SAN ANTONIO HOMEW SAN ANTONIO 78230 123 -- 90.06 36

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