EconoLodge Ithaca, New York

EconoLodge Ithaca, New York Offered as a Package with Country Inn and Suites Ithaca. (See Separate Offering Memorandum.) Contact Listing Broker: Michael Kinui 410.489.5900 x20 Office 914.703.2578 Cell MIKE@MBAHOTELS.COM Washington DC New York Boston Memphis Birmingham Cedar Rapids MBA Capital Funding 410.489.5900

Table of Contents Opportunity Property Description Property Photographs Location Financial Analysis Competitive Set Demand Generators Area Information

Opportunity Combined Offering: Unpriced INVESTMENT HIGHLIGHTS 72 Keys, 2 Story, Interior Corridor, Built in 1987. New Roof and Over $400K in Improvements in 2014. Located in Beautiful, Economically Strong College Town of Ithaca. Top Performer in its Class! 2014 Total Revenue $1.344MM. NOI for 2014 was $497,210K. No Outstanding Seller Punchlist. Seller Says Minimal PIP for Buyer, and Modest PIP to Convert to Quality Inn. Leading Comp Set in Occupancy, ADR and RevPar. Offered as a Package Deal with Profitable Country Inn and Suites, Just Seven Miles Away in Ithaca. Buyer Can Assume Seller s CMBS Loan at 5.8%. Market Mix: 25% Leisure/Tourist, 37% Commercial, 15% Local Residents, 10% Truckers, 8% Government, 5% Bus Tours.

Property Description Location 2303 N. Triphammer Road Ithaca, NY 14850 Tompkins County PROPERTY DESCRIPTION 72 Keys, 2 Story, One Building, Interior Corridor Built in 1987 Shingled Roof Less Than One Year Old Exterior Siding Renovated 2014 2.5 Acres Manager Apartment GUEST AMENITIES Hotel Services and Amenities: Free High Speed Wireless Internet Fitness Room Business Center Guest Laundry Vending/Ice Machines Free Hot Breakfast Asphalt Parking Lot Busses & Trucks Lobby Coffee N/S and Handicap Available Airport Shuttle Meeting Room Cold Weather Hookups ROOM BREAKDOWN 33 Singles 39 Doubles 2 Suites 4 Handicap No Rooms Are Out O f Service. Services/Amenities in All Rooms: Microwave and Mini-fridge Cable TV A/C Hairdryer Free Local Calls Iron and Ironing Board Desk Some Rooms Have Whirlpool

Property Photographs

Property Photographs

Location The city of Ithaca is in upstate, central New York and is the county seat of Tompkins County. It sits on the southern shore near the end of Cayuga Lake. It is in the rural Finger Lakes Region, about 225 miles northwest of New York City. Ithaca lies at over a half hour s drive from any interstate highway. ITHACA The EconoLodge is located off Highway 13 near Cayuga Lake and just 5 minutes from Tompkins Regional Airport. The Country Inn and Suites is about seven miles south in Ithaca. The city of Ithaca is at the convergence of many regional two-lane state highways: Routes 13, 13A, 34, 79, 89, 96, 96B, and 366. Cornell University and Ithaca College are in Ithaca, with a combined student population of over 27,000. Ithaca was ranked #8 out of "10 Great Places to Live by Kiplinger's Personal Finance Magazine, July 2013. It ranked 9th in a list of Most Exciting College Towns by MSN Real Estate, May 2014. The Finger Lakes Region is a popular tourist attraction, being New York s largest wine producing region. It draws thousands of visitors every year.

Econolodge - Ithaca, NY 2303 N. Triphammer Rd., Ithaca, NY, 14850 72 Rooms Presentation of Income and Expenses in Accordance with the Uniform System for Hotel Accounts (See accompanying notes below for important disclosures) Available Room Nights 26,280 26,280 26,280 26,280 26,280 Room Nights Sold 14,162 14,642 14,735 14,562 14,750 Occupancy 53.89% 55.71% 56.07% 55.41% 56.13% A.D.R $89.83 $85.65 $90.67 $92.83 $95.00 REVPAR $48.41 $47.72 $50.84 $51.44 $53.32 2012 2013 2014 T12 March 2015 Proforma Departmental Revenue Amount % Tot. Rev. Amount % Tot. Rev. Amount % Tot. Rev. Amount % Tot. Rev. Amount % Tot. Rev. Rooms $1,272,200 97.4% $1,254,060 97.5% $1,335,984 $1 $1,351,852 $1 $1,401,250 99.4% Food $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0% Beverage $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0% Telephone $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0% Other $33,497 2.6% $32,729 2.5% $7,799 0.6% $7,178 0.5% $8,000 0.6% Total Revenue $1,305,697 100.0% $1,286,788 100.0% $1,343,784 100.0% $1,359,030 100.0% $1,409,250 100.0% Departmental Expenses Rooms (Note 1) $323,846 25.5% $321,232 25.6% $282,395 21.1% $282,747 20.9% $294,263 21.0% Food $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0% Beverage $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0% Telephone $17,088 0.0% $17,256 0.0% $2,974 0.0% $2,199 0.0% $3,000 0.0% Other $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0% Total Departmental Expenses $340,934 26.1% $338,488 26.3% $285,369 21.2% $284,946 21.0% $297,263 21.1% GROSS OPERATING PROFIT $964,763 73.9% $948,300 73.7% $1,058,415 78.8% $1,074,084 79.0% $1,111,988 78.9% General & Unappl. Expenses General & Administrative $137,459 10.5% $130,655 10.2% $137,964 10.3% $141,516 10.4% $140,925 10.0% Advertising & Promotion $35,009 2.7% $12,633 1.0% $8,449 0.6% $8,005 0.6% $14,093 1.0% Repairs & Maintenance $62,293 4.8% $51,706 4.0% $26,781 2.0% $22,056 1.6% $28,185 2.0% Utilities (Note 2) $52,130 4.0% $47,007 3.7% $83,205 6.2% $82,188 6.0% $62,000 4.4% Professional $13,675 1.0% $16,018 1.2% $13,666 1.0% $13,666 1.0% $12,000 0.9% Other $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0% Total Gen. & Unapplied Exp. $300,567 23.0% $258,019 20.1% $270,066 20.1% $267,430 19.7% $257,203 18.3% HOUSE PROFIT $664,197 50.9% $690,281 53.6% $788,349 58.7% $806,654 59.4% $854,785 60.7% Other Operating Costs Management Fees (Note 3) $39,171 3.0% $38,604 3.0% $40,314 3.0% $40,771 3.0% $42,278 3.0% Equipment Rentals (Note 4) $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0% Insurance (Note 5) $24,572 1.9% $14,514 1.1% $38,045 2.8% $38,045 2.8% $38,000 2.7% Property and Other Taxes (Note 6) $81,625 6.3% $106,510 8.3% $107,297 8.0% $107,297 7.9% $108,000 7.7% Franchise Assessment $106,526 8.2% $101,934 7.9% $105,482 7.8% $107,928 7.9% $112,740 8.0% Other $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0% Total Other Operating Costs $251,893 19.3% $261,562 20.3% $291,139 21.7% $294,042 21.6% $301,018 21.4% NET OPERATING INCOME $412,304 31.6% $428,719 33.3% $497,210 37.0% $512,612 37.7% $553,768 39.3% F F & E Reserve/Expenses (Note 7) $57,753 4.4% $43,697 3.4% $53,439 4.0% $54,074 4.0% $56,050 4.0% NET CASH FLOW $354,551 27.2% $385,022 29.9% $443,771 33.0% $458,538 33.7% $497,718 35.3% Notes (These notes are integral to the data presented above) Note 1: The expenses exclude payroll compensation to the owner, payroll tax expenses for the owner, telephone charges for the owner, automobile leasing expenses for the owner and personal travel expenses for the owner. Note 2: 2014/Trailing 12 months includes payments for unbilled water/sewer charges from prior years. Proforma electricity is $50,000/yr and water/sewer is $12,000/yr Note 3: The property is self-managed and no management agreement is in place and no management fees are paid. Howeever a market management fee has been presented as an expense even though not actaully incurred. Note 4: The property will be delivered free and clear of equipment leases; therefore leasing expenses have not been included. Note 5: Property inurance for 2014 and Trailing 12 months are based on a pro-rata share of the total insurance payments paid into the insurance escrow managed by the loan servicer. Note 6: Property Real Estate Taxes for 2014 and Trailing 12 months presented based on the relative property assessments applied to the total real estate tax payments paid into the real estate escrow managed by the loan servicer. Note 7: For 2012 and 2013, actual capex and one-time expenses are presented; for 2014 and Trailing 12 months, 4% of gross revenue (consistent with the 4% collection rate required under the terms of the loan docs) is presented.

Competitive Set Hotel Name: Days Inn Cortland / McGraw Address: 3775 US Rt. 1, Cortland / McGraw NY 13101 Rooms and Floors: 72 rooms, 2 story, interior Built in: January,1988 Meeting Space: no RV/bus/truck parking, free calls and paper, cable TV, fridge and microwave, coffeemaker, workout room, N/S and handicap available, pets, free WiFi, Amenities: free breakfast Distance from property: 23 miles Hotel Name: Econolodge Cortland Address: 10 Church St., Cortland, NY 13045 Rooms and Floors: 42 rooms, 2 story, exterior Built in: June 1964 Meeting Space: no Free high speed internet, satellite TV, free local calls, pets, fridge and microwave, coffeemaker, iron/board, desk, truck and bus parking, breakfast, copier and Amenities: fax Distance from Property: 21 miles Hotel Name: Rodeway Inn and Suites Ithaca Address: 654 Elmira Rd., Ithaca NY 14850 Rooms and Floors: 42 rooms, 1 story, exterior Built in: June 1964 Meeting Space: no Free WiFi, satellite TV, free local calls, bus/truck/rv parking, BBQ grill and picnic table, free local calls, desk, coffeemaker, refrigerator and microwave, pets, Amenities: continental breakfast Distance from Property: 5 miles

Competitive Set Hotel Name: Super 8 Ithaca Address: 400 South Meadow, Cecil A Malone Dr at Rte 13, Ithaca, NY 14850 Rooms and Floors: 63 rooms, 2 story, interior Built in: Oct., 1985 Meeting Space: no Free WiFi, computer access, continental breakfast, truck/bus parking, free calls, cable TV, weekday Amenities: paper, coffeemaker, 100% non-smoking Distance from property: 3.75 miles Hotel Name: Motel 6 Horseheads Address: 4133 Rte. 17, Horseheads, NY 14845 Rooms and Floors: 80 rooms, 2 story, exterior Built in: May 1988 Meeting Space: no WiFi surcharge, cable TV, free local calls, outdoor parking, free local calls and daily paper, Amenities: lobby coffee Distance from property: 31 miles

Demand Generators Ithaca College and Cornell University are remarkable destinations on their own. Both have a beautiful campus and offer a wealth of cultural treasures and opportunities (many free) - rich with performing arts, live theater, music recitals, art galleries, museums, and workshops. These two institutions, along with Tompkins Cortland Community College, create Ithaca s college town focus and atmosphere, and are a major influence on Ithaca s seasonal population, nearly doubling the year-round population of 30,000. Cornell University is a private Ivy League and federal land-grant research university located in Ithaca, New York. It is consistently ranked among the best universities in the world, having been ranked 13th in the world by ARWU for 2014, and 19th in the world by QS World University Rankings for 2014. In 2015, the university accepted 14.9% of undergraduate applicants, making Cornell one of the most selective universities in the country. The sprawling campus has 260 buildings on a lush, 745-acre landscaped hilltop. Founded in 1865, the university is broadly organized into seven undergraduate colleges and seven graduate divisions at its main Ithaca campus. The student body consists of nearly 14,000 undergraduate and 7,000 graduate students from all 50 American states and 122 countries. It employs a faculty of 2,600. This institution has 36 varsity intercollegiate teams that have the nickname of the Big Red. Cornell University holds a multitude of activities and special events year-round, drawing thousands of visitors to the area. Ithaca College, on South Hill, is New York's largest comprehensive, residential college. It is co-educational, non-sectarian private school. Home to 6,400 students and 600 faculty, Ithaca College was born more than 100 years ago as a music conservatory, and its tradition of great performance continues today. The spirit of hands-on performance infuses every aspect of college life, from Ithaca's renowned arts and sciences programs such as Art History and Biochemistry, to its award-winning Park School of Communications. The college has a strong liberal arts core, but also offers several preprofessional programs and some graduate programs. Some 2,000 courses in more than 100 programs of study are available in the college's five schools. The college employs a staff of over 1,800 employees. Ithaca College has been ranked among the top ten master's universities in the North by U.S. News & World Report every year since 1996. Ithaca College is also consistently named among the best colleges in the nation by Princeton Review. The school s many athletic teams are nicknamed the Bombers. The Bombers have won a total of 15 national titles in seven team sports and five individual sports. Like Cornell University, Ithaca College also hosts a variety of activities and special events throughout the year, bringing numerous visitors to the town.

Demand Generators Tompkins Cortland Community College was established in 1968. It is a public two-year college supported by Cortland and Tompkins Counties. The main college campus is located in the nearby Town of Dryden, 15 miles from Ithaca. Extension sites are located in Cortland, New York and Ithaca Commons. TC3 has 3,800 full-time students, and a staff of 280. The college offers more than 50 degree and certificate programs, and sponsors ten intercollegiate athletic teams known as the Panthers. Gorges, Waterfalls and State Parks - From hiking and biking, to boating and fishing, to agriculture there is something for everyone. There are 20 state parks in the Finger Lakes Region and 150 waterfalls within 10 miles of downtown Ithaca. Each waterfall has its own gorge. The most popular waterfalls, parks and gorges are: Ithaca Falls / Fall Creek Gorge: Impressive gorge views from the Cornell campus leading to a 150-foot waterfall near downtown. Taughannock Falls State Park: At 215 feet, this is the tallest waterfall in the northeast. The car-friendly overlook is convenient but the best views are seen along the Rim Trail and Gorge Trail, both easy hikes. Buttermilk Falls State Park: A lush, sinuous gorge trail leads from the upper park down to the swim area at the base of the 90-foot falls. Enfield Glen / Lucifer Falls / Robert Treman State Park: Perhaps the most beautiful of Ithaca's gorges. The hiking is somewhat strenuous but well worth the effort. Downtown Ithaca Commons - This is an award-winning, four block, open-air, pedestrian mall opened in Downtown Ithaca in 1974. The mall retains its character as the center of the community's dining, shopping and entertainment scene, and hosts special events and festivals year-round. The 100+ unique boutiques, casual and fine dining, and outdoor public art exhibits help keep the Ithaca Commons from being anything but common. The Discovery Trail is a collaboration of eight brainy family attractions in the Ithaca area. The Discovery Trail offers innovative, inspiring, and influential activities and entertainment, both indoors and outside. Sciencenter The hands-on science museum for all ages with more than 250 touchable exhibits. Museum of the Earth Explore 4 billion years of life on earth at Ithaca's Museum of the Earth, home to interactive exhibits and one of America's largest fossil collections.

Demand Generators The Discovery Trail (continued) Cayuga Nature Center An outdoor and indoor playground to discover the animals and plant life of the Finger Lakes region. Explore 120 acres of fields, ponds and gorges, meet 40 live animals, then climb high into the forest canopy in a six-story tree house. Cornell Johnson Museum of Art A premier college art gallery holding more than 30,000 works in an iconic I.M. Pei-designed building. Cornell Lab of Ornithology Visitors can take an inside look at the global environment by following the life and travels of birds. The Macaulay Sound Libraryis the world's largest natural sound archive. The History Center in Tompkins County A treasure trove of regional history with traveling exhibits, a research library and a vast photo collection with more than 100,000 images. Cornell Plantations More than 4,300 acres of landscaped gardens and natural beauty. Visit 14 specialty gardens, a 150-acre arboretum, and a vast collection of protected natural areas. Tompkins County Public Library Exciting public programs, the latest digital resources, museum-quality art exhibits, internet stations, WiFi access, tools for developing early literacy skills and much more are free and accessible to community members and visitors of every age. The Finger Lakes - The Finger Lakes are a group of eleven long, narrow, basically north-south lakes in the west-central section of Upstate New York. The lakes' shapes reminded early map-makers of human fingers, and the name stuck. They are a very popular tourist attraction. Beautiful scenery, high quality wines, outdoor activities and more draw thousands of visitors each year. The Finger Lakes area is New York's largest wine producing region. Over 100 wineries and vineyards are located around the lakes. Besides the wineries and wine trails, the area boasts a number of breweries and hard-cider producers. The Finger Lakes region is home to several museums. These include the Corning Museum of Glass, the Strong National Museum of Play, Glenn H. Curtiss Aviation Museum, Finger Lakes Boating Museum, Wings of Eagles Discovery Center, National Soaring Museum the Rockwell Museum, the William H. Seward House Museum, the Samuel Warren Homestead of the York Historical Society, and several other museums that are part of the Discovery Trail. Carved by glaciers, Cayuga Lake is the longest and second deepest of the Finger Lakes, at 38.2 miles long and 435 feet deep at its deepest point. It is among the deepest lakes in North America. Designated a New York State Scenic Byway, the views from Ithaca's Stewart Park and the Cayuga Waterfront Trail are spectacular. Boat tours, lake cruises, kayaking, sunbathing and swimming are popular activities at Cayuga Lake.

Area Information The city of Ithaca is in central New York and is the county seat of Tompkins County. It is also the largest community in the Ithaca-Tompkins County metropolitan area, and sits on the southern shore of Cayuga Lake. Incorporated in 1888, Ithaca covers 5.46 square miles. Ithaca is a small and ethnically diverse town blessed with a beautiful glacier-carved natural setting. A progressive educational center that is home to three colleges, it enjoys a rich heritage and a thriving and sophisticated cultural life. Ithaca is a popular tourist destination in the summer and is home to New York State's first pedestrian mall. Ranked by multiple publications as being one of America's smartest cities, most secure places to live, healthiest cities, best green places to live, best / affordable place to retire, number-one emerging city, Ithaca offers something for everyone. The year-round residential population of Ithaca was 30,515 in 2013. Estimated median household income in 2012 was $28,878. Estimated per capita income in 2012 was $17,838. As of the 2010 census, the population of Tompkins County was 101,000. Ithaca experiences a moderate continental climate. Winters are long, cold, and snowy. Summers are warm and humid, with usually comfortable temperatures. With more restaurants per capita than New York City and a number of area wineries along the Cayuga Wine Trail, Ithaca has something to please any palette. College-town economics, educated palates, abundant local ingredients and creative chefs combine to make Ithaca a great eating town. It offers casual dining, fine dining, Food Truck Round-Ups, farmers markets, Farm-to-Table events, a chocolate factory, Wegmans, and more! Ithaca is also the birthplace of the ice cream sundae, created by a local fountain owner in April, 1892. Famous for its bestselling vegetarian cookbooks and its delicious commitment to local organic foods, the Moosewood Restaurant has been an Ithaca dining icon since 1973. Bon Appetit magazine ranked this restaurant among the thirteen most influential restaurants of the 20th century. Shopping - The Shops at Ithaca Mall is Ithaca s largest indoor shopping mall with over 70 stores. It is home to Best Buy, Target, The Bon Ton, Sears, Bath & Body Works and other big chains, dozens of specialty shops, and lots of eateries. There s also a 14 screen cinema complex. A few more miles from Ithaca proper, still in the Finger Lakes region, Waterloo Premium Outlets offer discounts on over 100 of the leading brand names. Destiny USA in Syracuse offers entertainment options as well as world-class shopping. The Eastview Mall in Victor offers upscale fashions.

Area Information The Ithaca Farmer s Market at Steamboat Landing is the largest in the region, with over 150 vendors living within 30 miles of Ithaca. Agricultural vendors grow and offer high quality fruits, vegetables, meats, eggs, poultry and dairy products. Food vendors bring a wide variety of freshly baked goods, jellies, honey, and sauces as well as delicious meals to eat at the market. As well, many talented artists and craftspeople sell exceptional, locally made items. Live music, engaging plays, and art gallery shows are nightly events in Ithaca. Both the variety and quality of the arts in Ithaca underscore the distinct pleasure of life in a major college town. In the summer, the city sponsors free concerts and acclaimed performing arts events at its numerous theaters, such as The Hangar Theatre, The Kitchen Theatre, The State Theatre, and college campus theatres. The economy of Ithaca is based on education and manufacturing with high tech and tourism in strong supporting roles. Borg Warner Automotive, Ithaca Peripherals, and Ithaca Space Systems have made major investments in technology and facilities in recent years. Local business growth is assisted by Cornell University's Center for Manufacturing Enterprise and the National Nanofabrication Facility, also at Cornell. Agriculture represents a $90 million export industry that also makes a significant contribution to the local economy. Agriculture research, plant science, and other research facilities attract start-up companies to the area. Outside of Cornell and Ithaca College, the largest employers are the Ithaca City School District, Borg-Warner Automotive (a manufacturer of automotive engine and transmission components), and the regional hospital, Cayuga Medical Center. Borg-Warner has about 1,200 employees locally and the number in its Lansing facility has remained steady over the past few years. Cayuga Medical Center has added jobs in recent years, and launched an expansion and renovation last year. Ithaca economy has remained strong over the last several years, even through the recent recession when most other New York areas were negatively impacted. Tompkins Regional Airport - Ithaca is served by Ithaca Tompkins Regional Airport, located about three miles to the northeast of the city center. The airport is owned and operated by Tompkins County and is the only public use airport with a paved runway in the county. According to Federal Aviation Administration records, the airport had 103,501 enplanements in 2013. The Econolodge Ithaca is just 1.6 miles from this airport. The Country Inn and Suites Ithaca is 8 miles away. Both of these hotels offer free airport shuttles.

DISCLAIMER The confidential information, analyses, and projections contained herein are provided solely for the information of prospective purchasers and no warranty or representation as to accuracy or completeness is made by the Seller or MBA Hotel Brokers, their subsidiaries or affiliates, and no legal liability is assumed or implied with respect thereto. The property is being sold as is without any warranties whatsoever, expressed or implied. Prospective purchasers must, therefore, rely exclusively on their own investigations, interpretations and analyses in connection with this offering and not on any information provided by Seller or MBA Hotel Brokers. This sale offering is made subject to errors, omissions, prior sale, change of price or terms, or withdrawal from the market without notice. Information is for guidance only and does not constitute all or any part of a contract. The materials contained herein are confidential, furnished solely for the purpose of considering the purchase of the property described herein and is not to be used for any other purpose or made available to any other person without the prior written consent of the owner. This confidential memorandum is the property of MBA Hotel Brokers, and is intended to be used only by such parties to whom Broker has delivered the memorandum or to whom Broker has approved such delivery. If you do not wish to pursue negotiations leading to this acquisition, or if in the future you discontinue such negotiations, you agree to return this confidential memorandum to MBA Hotel Brokers. The firm MBA Hotel Brokers is marketing the property. All Purchasers recognize that the Broker represents the Seller in this transaction. The fact that the Broker provides guidance to the Buyer / prospective purchaser and /or makes recommendations regarding financing does not create an agency relationship between Purchaser and Broker. The Seller is responsible for paying all brokerage fees associated with the sale of the aforementioned property. The Seller and Broker specifically make no representation whatsoever about any environmental conditions on the property, including but not limited to issues such as asbestos, hazardous waste, petroleum leaks or spills. Without limiting the generality of the foregoing, any environmental reports, any structural reports, or any other type or kind or report prepared by a third party, if any, included in the confidential memorandum have not been prepared by Seller and neither Seller nor MBA Hotel Brokers makes any representations as to the truth, accuracy, or completeness of same and neither prospective purchaser, nor its representatives nor any other person shall be entitled to rely on such reports or any information contained therein. Without limiting the foregoing, information contained in this confidential memorandum may vary from the date of publishing. In some instances, more complete or up to date information may have become available following the creation of this memorandum.

United Kingdom United States Blue Fin Building 735 East Main Street 110 Southwark Street Hendersonville London SE1 0TA TN 37075 Phone: +44 (0)20 7922 1930 Phone: +1 (615) 824 8664 Fax: +44 (0)20 7922 1931 Fax: +1 (615) 824 3848 www.strglobal.com www.str.com Econo Lodge Ithaca Monthly STAR Report For the Month of: May 2015 STR #: 22103 Date Created: June 18, 2015 Tab Table of Contents 1 Monthly Performance at a Glance 2 STAR Summary 3 Competitive Set Report 4 Response Report 5 Day of Week & Weekday/Weekend 6 Daily Data for the Month 7 Help 8

Tab 2 - Monthly Performance at a Glance - My Property vs. Competitive Set Econo Lodge Ithaca 2303 N Triphammer Rd Ithaca, NY 14850-1011 Phone: (607) 257-1400 STR # 22103 ChainID: NY127 MgtCo: None Owner: None For the Month of: May 2015 Date Created: June 18, 2015 Monthly Competitive Set Data Excludes Subject Property May 2015 Occupancy (%) ADR RevPAR My Prop Comp Set Index (MPI) My Prop Comp Set Index (ARI) My Prop Comp Set Index (RGI) Current Month 60.9 50.2 121.4 108.30 94.09 115.1 65.99 47.24 139.7 Year To Date 50.2 37.9 132.5 86.64 72.72 119.1 43.48 27.56 157.8 Running 3 Month 55.7 44.7 124.5 91.60 76.92 119.1 51.04 34.41 148.3 Running 12 Month 55.5 43.7 126.9 92.24 75.90 121.5 51.20 33.19 154.3 May 2015 vs. 2014 Percent Change (%) Occupancy ADR RevPAR My Prop Comp Set Index (MPI) My Prop Comp Set Index (ARI) My Prop Comp Set Index (RGI) Current Month 1.9 1.8 0.1-10.8 3.4-13.7-9.1 5.2-13.6 Year To Date -2.6 3.2-5.6 4.8-1.2 6.1 2.1 1.9 0.1 Running 3 Month -4.2 6.3-9.8-1.1-1.8 0.7-5.2 4.4-9.2 Running 12 Month -3.8 0.8-4.5 9.7 0.3 9.3 5.5 1.2 4.3 STR, Inc.

Tab 3 - STAR Summary - My Property vs. Comp Set and Industry Segments Econo Lodge Ithaca 2303 N Triphammer Rd Ithaca, NY 14850-1011 Phone: (607) 257-1400 STR # 22103 ChainID: NY127 MgtCo: None Owner: None For the Month of: May 2015 Date Created: June 18, 2015 Monthly Competitive Set Data Excludes Subject Property Occupancy (%) Supply Current Month Year to Date Running 3 Month Running 12 Month Month % Chg YTD Run 3 Mon % Chg Run 12 Mon Econo Lodge Ithaca Market: New York State Market Class: Economy Class Tract: Ithaca/Elmira, NY Tract Scale: Economy Chains Competitive Set: Competitors 60.9 1.9 50.2-2.6 55.7-4.2 55.5-3.8 0.0 0.0 0.0 0.3 57.1 1.4 47.2 1.2 51.5 1.0 55.2 2.4 0.5 0.2 0.4-0.2 53.6 2.3 42.2 0.4 46.7 0.2 50.5 1.6-0.5-0.5-0.6-0.8 57.5-1.6 44.6-3.4 49.8-3.3 54.2 0.6 0.0 1.2 0.7 0.8 47.4-3.9 34.6-4.7 39.0-5.7 44.4 1.1 0.0 0.0 0.0-4.1 50.2 1.8 37.9 3.2 44.7 6.3 43.7 0.8 0.0 0.0 0.0 0.0 Average Daily Rate Demand Current Month Year to Date Running 3 Month Running 12 Month Month % Chg YTD Run 3 Mon % Chg Run 12 Mon Econo Lodge Ithaca Market: New York State Market Class: Economy Class Tract: Ithaca/Elmira, NY Tract Scale: Economy Chains Competitive Set: Competitors 108.30-10.8 86.64 4.8 91.60-1.1 92.24 9.7 1.9-2.6-4.2-3.5 112.30 3.3 102.11 3.1 103.10 3.1 111.20 1.9 1.9 1.4 1.4 2.2 77.94 3.9 68.45 3.4 70.44 3.7 74.28 3.2 1.8-0.2-0.4 0.8 132.25 3.2 114.44 2.9 120.01 3.2 118.95 3.7-1.6-2.3-2.6 1.5 75.57 0.2 64.56 0.8 67.24 0.1 70.49 1.7-3.9-4.7-5.7-3.1 94.09 3.4 72.72-1.2 76.92-1.8 75.90 0.3 1.8 3.2 6.3 0.8 RevPAR Revenue Current Month Year to Date Running 3 Month Running 12 Month Month % Chg YTD Run 3 Mon % Chg Run 12 Mon Econo Lodge Ithaca Market: New York State Market Class: Economy Class Tract: Ithaca/Elmira, NY Tract Scale: Economy Chains Competitive Set: Competitors 65.99-9.1 43.48 2.1 51.04-5.2 51.20 5.5-9.1 2.1-5.2 5.8 64.08 4.7 48.15 4.3 53.05 4.2 61.38 4.4 5.2 4.5 4.6 4.2 41.81 6.4 28.86 3.8 32.90 3.9 37.54 4.8 5.8 3.2 3.2 4.0 76.10 1.6 51.00-0.7 59.78-0.2 64.45 4.3 1.6 0.5 0.5 5.2 35.79-3.6 22.33-3.9 26.24-5.6 31.33 2.8-3.6-3.9-5.6-1.4 47.24 5.2 27.56 1.9 34.41 4.4 33.19 1.2 5.2 1.9 4.4 1.2 Census/Sample - Properties & Rooms Pipeline Census Sample Sample % Market: New York State Properties Rooms Properties Rooms Rooms Under Construction Planning Market: New York State 749 43384 267 24270 55.9 Properties Rooms Properties Rooms Market Class: Economy Class 341 14103 90 6146 43.6 7 709 41 3859 Tract: Ithaca/Elmira, NY 84 5277 44 3864 73.2 Tract Scale: Economy Chains 16 1037 15 977 94.2 See Help page for pipeline definitions. Competitive Set: Competitors 5 292 5 292 100.0 STR, Inc.

Tab 4 - Competitive Set Report Econo Lodge Ithaca 2303 N Triphammer Rd Ithaca, NY 14850-1011 Phone: (607) 257-1400 STR # 22103 ChainID: NY127 MgtCo: None Owner: None For the Month of: May 2015 Date Created: June 18, 2015 Monthly Competitive Set Data Excludes Subject Property Monthly Indexes RevPAR Percent Change 191 171 151 131 111 10 5 0-5 -10 Year to Date Running 3 Month Running 12 Month 91 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May My Property Competitive Set Occupancy (%) 2013 2014 2015 Year To Date Running 3 Month Running 12 Month Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2013 2014 2015 2013 2014 2015 2013 2014 2015 My Property 39.0 31.9 51.7 50.6 64.2 59.8 64.4 63.8 71.1 51.0 70.9 52.7 40.5 38.6 44.8 38.2 68.4 60.9 46.9 51.6 50.2 51.5 58.1 55.7 52.4 57.7 55.5 Competitive Set 25.2 25.1 32.0 35.9 41.0 49.3 50.5 62.6 66.7 44.6 48.3 37.6 24.2 23.4 31.4 36.6 47.5 50.2 39.7 36.7 37.9 44.1 42.1 44.7 46.5 43.4 43.7 Index (MPI) 154.7 126.8 161.8 141.0 156.6 121.2 127.7 101.9 106.5 114.2 146.9 140.1 167.5 164.8 142.8 104.5 144.0 121.4 118.0 140.4 132.5 116.8 138.2 124.5 112.8 133.0 126.9 Rank 1 of 6 2 of 6 1 of 6 2 of 6 2 of 6 3 of 6 3 of 6 3 of 6 3 of 6 2 of 6 2 of 6 2 of 6 1 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 My Property 47.9-7.1 13.6 11.0 24.2 4.5 3.0-17.7-12.2-9.4 10.3 0.4 3.7 21.2-13.3-24.5 6.6 1.9-6.8 10.0-2.6-9.5 12.9-4.2-10.0 10.1-3.8 Competitive Set -13.8-10.4-16.1-6.7-10.0 2.0 0.0 21.9-2.2-9.8-7.0-4.5-4.2-6.7-1.8 1.9 16.0 1.8-8.5-7.5 3.2-9.7-4.6 6.3-12.5-6.6 0.8 Index (MPI) 71.5 3.7 35.5 18.9 38.0 2.4 3.0-32.5-10.2 0.5 18.6 5.1 8.3 30.0-11.7-25.9-8.1 0.1 1.9 18.9-5.6 0.3 18.3-9.8 2.8 17.9-4.5 Rank 1 of 6 3 of 6 2 of 6 2 of 6 2 of 6 3 of 6 3 of 6 5 of 6 5 of 6 3 of 6 2 of 6 2 of 6 4 of 6 2 of 6 6 of 6 5 of 6 4 of 6 3 of 6 4 of 6 2 of 6 5 of 6 4 of 6 2 of 6 5 of 6 4 of 6 1 of 6 5 of 6 ADR 2013 2014 2015 Year To Date Running 3 Month Running 12 Month Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2013 2014 2015 2013 2014 2015 2013 2014 2015 My Property 60.00 59.75 61.36 72.50 81.40 121.35 92.87 98.48 113.25 88.33 103.22 87.95 69.21 72.50 79.85 81.59 82.01 108.30 87.60 82.64 86.64 97.70 92.64 91.60 92.30 84.12 92.24 Competitive Set 62.41 62.17 63.14 67.09 72.78 91.00 77.84 76.71 84.85 74.86 82.58 74.07 60.57 62.25 61.75 63.45 68.87 94.09 70.76 73.62 72.72 76.21 78.34 76.92 74.60 75.65 75.90 Index (ARI) 96.1 96.1 97.2 108.1 111.9 133.3 119.3 128.4 133.5 118.0 125.0 118.7 114.3 116.5 129.3 128.6 119.1 115.1 123.8 112.3 119.1 128.2 118.2 119.1 123.7 111.2 121.5 Rank 4 of 6 4 of 6 4 of 6 2 of 6 2 of 6 1 of 6 1 of 6 1 of 6 1 of 6 2 of 6 1 of 6 2 of 6 2 of 6 1 of 6 1 of 6 1 of 6 3 of 6 2 of 6 3 of 6 2 of 6 1 of 6 2 of 6 1 of 6 1 of 6 2 of 6 3 of 6 1 of 6 My Property -19.0-9.0-10.2 0.1-10.6-1.8 10.0 21.1 19.1 7.0 7.7 5.8 15.4 21.3 30.1 12.5 0.7-10.8 11.1-5.7 4.8 14.0-5.2-1.1 10.5-8.9 9.7 Competitive Set 7.4 9.8 2.5 2.7 3.0 1.2 4.9-2.0 2.4 1.6 4.8-4.4-3.0 0.1-2.2-5.4-5.4 3.4 3.6 4.0-1.2 5.7 2.8-1.8 3.1 1.4 0.3 Index (ARI) -24.6-17.2-12.5-2.5-13.2-3.0 4.8 23.7 16.3 5.3 2.7 10.8 18.9 21.2 33.1 19.0 6.5-13.7 7.3-9.3 6.1 7.9-7.8 0.7 7.2-10.1 9.3 Rank 6 of 6 5 of 6 5 of 6 3 of 6 5 of 6 4 of 6 3 of 6 1 of 6 1 of 6 2 of 6 2 of 6 3 of 6 1 of 6 1 of 6 1 of 6 1 of 6 2 of 6 6 of 6 2 of 6 5 of 6 1 of 6 2 of 6 5 of 6 5 of 6 1 of 6 6 of 6 1 of 6 RevPAR 2013 2014 2015 Year To Date Running 3 Month Running 12 Month Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2013 2014 2015 2013 2014 2015 2013 2014 2015 My Property 23.41 19.03 31.74 36.71 52.23 72.58 59.85 62.87 80.52 45.03 73.21 46.38 28.00 28.00 35.80 31.18 56.12 65.99 41.05 42.61 43.48 50.32 53.86 51.04 48.35 48.51 51.20 Competitive Set 15.75 15.62 20.20 24.09 29.82 44.90 39.29 48.04 56.63 33.42 39.86 27.88 14.63 14.59 19.39 23.21 32.73 47.24 28.10 27.04 27.56 33.62 32.97 34.41 34.65 32.81 33.19 Index (RGI) 148.7 121.9 157.2 152.4 175.2 161.7 152.3 130.9 142.2 134.7 183.7 166.4 191.4 192.0 184.7 134.3 171.5 139.7 146.1 157.6 157.8 149.7 163.4 148.3 139.5 147.9 154.3 Rank 3 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 1 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 2 of 6 My Property 19.8-15.4 2.0 11.2 11.0 2.6 13.2-0.4 4.6-3.1 18.8 6.2 19.6 47.1 12.8-15.1 7.4-9.1 3.6 3.8 2.1 3.2 7.0-5.2-0.6 0.3 5.5 Competitive Set -7.4-1.6-14.0-4.2-7.3 3.2 4.9 19.4 0.1-8.4-2.5-8.8-7.1-6.6-4.0-3.7 9.8 5.2-5.3-3.8 1.9-4.6-1.9 4.4-9.8-5.3 1.2 Index (RGI) 29.4-14.1 18.6 16.0 19.7-0.6 8.0-16.5 4.5 5.8 21.8 16.5 28.7 57.5 17.5-11.8-2.1-13.6 9.3 7.8 0.1 8.2 9.1-9.2 10.2 6.0 4.3 Rank 1 of 6 5 of 6 2 of 6 2 of 6 2 of 6 4 of 6 1 of 6 5 of 6 2 of 6 3 of 6 2 of 6 2 of 6 3 of 6 1 of 6 1 of 6 5 of 6 4 of 6 5 of 6 4 of 6 2 of 6 4 of 6 3 of 6 3 of 6 5 of 6 4 of 6 1 of 6 3 of 6 Exchange Rate STR, Inc.

Tab 5 - Response Report Econo Lodge Ithaca 2303 N Triphammer Rd Ithaca, NY 14850-1011 Phone: (607) 257-1400 STR # 22103 ChainID: NY127 MgtCo: None Owner: None For the Month of: May 2015 Date Created: June 18, 2015 This Year May 10th - Mother's Day May 25th - Memorial Day Last Year May 11th - Mother's Day May 26th - Memorial Day May 2015 (This Year) May 2014 (Last Year) Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat 1 2 1 2 3 3 4 5 6 7 8 9 4 5 6 7 8 9 10 10 11 12 13 14 15 16 11 12 13 14 15 16 17 17 18 19 20 21 22 23 18 19 20 21 22 23 24 24 25 26 27 28 29 30 25 26 27 28 29 30 31 31 STR# Name City, State Zip Phone Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 22103 Econo Lodge Ithaca Ithaca, NY 14850-1011 (607) 257-1400 72 198709 8350 Days Inn McGraw Cortland McGraw, NY 13101-9448 (607) 753-7594 72 198801 15096 Econo Lodge Cortland Cortland, NY 13045-2710 (607) 756-2856 42 196406 20464 Rodeway Inn & Suites Ithaca Ithaca, NY 14850-8745 (607) 272-5252 35 196006 23449 Super 8 Ithaca Ithaca, NY 14850-5218 (607) 273-8088 63 198510 28224 Motel 6 Elmira Horseheads Horseheads, NY 14845-3401 (607) 739-2525 80 198805 Rooms 364 Open Date 2013 2014 2015 Data received: = Monthly Only = Monthly & Daily STR, Inc.

Tab 6 - Day of Week and Weekday/Weekend Report Econo Lodge Ithaca 2303 N Triphammer Rd Ithaca, NY 14850-1011 Phone: (607) 257-1400 STR # 22103 ChainID: NY127 MgtCo: None Owner: None For the Month of: May 2015 Date Created: June 18, 2015 Monthly Competitive Set Data Excludes Subject Property Current Month Occupancy Current Month ADR 72 62 52 42 My Property Competitive Set 123 103 83 32 Sunday Monday Tuesday Wednesday Thursday Friday Saturday Weekday Weekend 63 Sunday Monday Tuesday Wednesday Thursday Friday Saturday Weekday Weekend Occupancy (%) Average Daily Rate RevPAR My Property Competitive Set Index (MPI) My Property Competitive Set Index (ARI) My Property Competitive Set Index (RGI) Day of Week Time Period Sunday Current Month 47.6 23.6 38.6-9.7 123.4 36.9 125.07 1.6 85.60-21.7 146.1 29.9 59.56 25.6 33.05-29.3 180.2 77.7 Year To Date 38.0 11.3 28.8 1.8 131.9 9.4 85.16 14.6 68.62-10.2 124.1 27.6 32.34 27.5 19.76-8.6 163.7 39.5 Running 3 Month 42.0 12.1 33.8 2.5 124.3 9.4 91.57 9.2 72.11-12.5 127.0 24.8 38.44 22.5 24.36-10.3 157.8 36.6 Running 12 Month 40.5-0.9 33.4 2.8 121.1-3.6 83.56 12.2 69.57-4.5 120.1 17.5 33.85 11.2 23.27-1.8 145.5 13.3 Monday Current Month 62.0 10.1 36.8 8.0 168.3 1.9 93.86-12.1 71.51 3.2 131.3-14.9 58.18-3.3 26.34 11.4 220.9-13.2 Year To Date 49.1 1.1 30.7 2.7 159.9-1.6 77.09 7.9 61.89-1.1 124.6 9.1 37.86 9.1 19.01 1.6 199.1 7.3 Running 3 Month 50.7-5.4 36.2 10.7 140.0-14.6 79.81 2.1 63.78-1.6 125.1 3.8 40.50-3.4 23.12 9.0 175.2-11.3 Running 12 Month 53.0-2.3 37.0-0.3 143.5-2.0 76.42 10.3 64.78-0.8 118.0 11.1 40.53 7.8 23.94-1.1 169.3 8.9 Tuesday Current Month 63.4 5.6 40.1-4.6 158.0 10.7 91.51-8.7 69.90 4.2 130.9-12.4 58.00-3.6 28.05-0.6 206.8-3.0 Year To Date 48.6-1.0 31.9 0.0 152.5-1.0 74.61 4.4 62.16 0.0 120.0 4.4 36.27 3.4 19.81 0.0 183.1 3.4 Running 3 Month 53.1 0.3 36.7 2.7 144.6-2.3 77.05-1.1 63.94-0.6 120.5-0.5 40.89-0.7 23.46 2.1 174.3-2.8 Running 12 Month 51.5-6.1 37.7-4.0 136.3-2.1 76.36 9.0 65.00-0.3 117.5 9.3 39.30 2.4 24.54-4.3 160.2 7.0 Wednesday Current Month 59.9-10.2 41.3-0.1 145.1-10.1 90.19-6.8 68.22 2.1 132.2-8.7 54.00-16.3 28.14 2.0 191.9-17.9 Year To Date 50.5-2.0 33.3 4.3 151.8-6.0 76.31 7.9 60.42-3.1 126.3 11.3 38.53 5.7 20.09 1.0 191.7 4.7 Running 3 Month 55.2-5.9 38.0 3.0 145.4-8.7 78.12 0.6 61.76-3.4 126.5 4.2 43.14-5.3 23.46-0.5 183.9-4.9 Running 12 Month 53.6-2.4 38.9-0.4 137.6-2.0 78.72 11.8 64.92 0.0 121.3 11.8 42.18 9.1 25.28-0.4 166.8 9.5 Thursday Current Month 61.3 6.6 43.5 2.9 140.9 3.5 102.88-6.2 72.29 2.1 142.3-8.1 63.05 0.0 31.45 5.0 200.5-4.8 Year To Date 50.4-7.8 36.3 1.3 138.8-9.0 81.14 6.3 63.23-2.1 128.3 8.7 40.87-1.9 22.95-0.9 178.1-1.1 Running 3 Month 58.6-5.0 44.4 8.8 131.9-12.7 84.15-1.2 64.91-3.6 129.6 2.5 49.30-6.1 28.83 4.9 171.0-10.5 Running 12 Month 55.9-1.1 43.3-0.9 129.1-0.3 85.18 13.6 67.55-0.3 126.1 14.0 47.60 12.3 29.24-1.2 162.8 13.7 Friday Current Month 59.9-1.5 67.3 6.8 89.0-7.7 118.86-18.3 118.64 9.4 100.2-25.3 71.17-19.5 79.79 16.8 89.2-31.0 Year To Date 60.1-3.0 50.7 5.2 118.5-7.8 101.41 2.4 86.96 1.5 116.6 0.9 60.92-0.7 44.07 6.7 138.2-6.9 Running 3 Month 66.7-5.1 60.9 10.3 109.5-13.9 109.60-3.2 94.28 1.0 116.2-4.1 73.11-8.1 57.41 11.4 127.3-17.4 Running 12 Month 67.8-3.6 55.8 2.6 121.5-6.1 114.59 9.0 91.17 2.0 125.7 6.9 77.64 5.1 50.83 4.6 152.7 0.4 Saturday Current Month 72.5-2.2 76.1 5.0 95.3-6.8 135.14-16.9 116.85 7.0 115.7-22.3 97.96-18.7 88.87 12.3 110.2-27.6 Year To Date 54.7-8.8 52.8 5.2 103.6-13.3 105.51 0.3 87.33 0.0 120.8 0.3 57.73-8.5 46.11 5.2 125.2-13.0 Running 3 Month 65.3-8.7 64.0 8.6 102.0-16.0 115.46-2.9 95.32 1.9 121.1-4.7 75.37-11.3 61.02 10.7 123.5-19.9 Running 12 Month 67.0-6.7 60.1 5.0 111.4-11.2 117.65 8.2 92.11 1.0 127.7 7.1 78.84 0.9 55.39 6.1 142.3-4.9 Weekday/Weekend Weekday Current Month 58.8 3.6 40.0-1.4 147.1 5.2 99.54-5.6 73.96-3.7 134.6-2.0 58.56-2.2 29.58-5.1 198.0 3.1 (Sun-Thu) Year To Date 47.3-1.0 32.2 1.9 147.0-2.8 78.60 7.9 63.19-3.3 124.4 11.6 37.21 6.8 20.35-1.5 182.9 8.4 Running 3 Month 51.9-2.3 37.8 5.4 137.5-7.3 81.77 1.7 65.25-4.5 125.3 6.5 42.45-0.6 24.64 0.6 172.3-1.3 Running 12 Month 50.9-2.7 38.1-0.7 133.7-2.0 79.95 11.5 66.33-1.1 120.5 12.7 40.69 8.4 25.25-1.8 161.2 10.4 Weekend Current Month 66.2-1.9 71.7 5.8 92.4-7.2 127.78-17.5 117.69 8.1 108.6-23.7 84.57-19.0 84.33 14.4 100.3-29.2 (Fri-Sat) Year To Date 57.4-5.8 51.7 5.2 110.9-10.5 103.36 1.3 87.15 0.7 118.6 0.6 59.32-4.6 45.09 5.9 131.6-10.0 Running 3 Month 66.0-6.9 62.5 9.3 105.7-14.8 112.49-3.1 94.82 1.5 118.6-4.5 74.24-9.8 59.21 10.9 125.4-18.7 Running 12 Month 67.4-5.2 57.9 3.8 116.3-8.7 116.13 8.6 91.66 1.5 126.7 7.0 78.24 2.9 53.11 5.4 147.3-2.3 Total Current Month 60.9 1.9 50.2 1.8 121.4 0.1 108.30-10.8 94.09 3.4 115.1-13.7 65.99-9.1 47.24 5.2 139.7-13.6 Year To Date 50.2-2.6 37.9 3.2 132.5-5.6 86.64 4.8 72.72-1.2 119.1 6.1 43.48 2.1 27.56 1.9 157.8 0.1 Running 3 Month 55.7-4.2 44.7 6.3 124.5-9.8 91.60-1.1 76.92-1.8 119.1 0.7 51.04-5.2 34.41 4.4 148.3-9.2 Running 12 Month 55.5-3.8 43.7 0.8 126.9-4.5 92.24 9.7 75.90 0.3 121.5 9.3 51.20 5.5 33.19 1.2 154.3 4.3 STR, Inc.

Tab 7 - Daily Data for the Month Econo Lodge Ithaca 2303 N Triphammer Rd Ithaca, NY 14850-1011 Phone: (607) 257-1400 STR # 22103 ChainID: NY127 MgtCo: None Owner: None For the Month of: May 2015 Date Created: June 18, 2015 Daily Competitive Set Data Excludes Subject Property Daily Indexes for the Month of May 366 316 266 216 166 116 66 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Occupancy (%) Fr Sa Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa Su May 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 My Property 55.6 58.3 29.2 52.8 51.4 62.5 66.7 50.0 61.1 43.1 56.9 54.2 48.6 52.8 81.9 100.0 81.9 86.1 88.9 73.6 65.3 50.0 56.9 52.8 58.3 50.0 68.1 34.7 Competitive Set 64.7 59.5 29.8 42.5 40.1 43.8 36.0 56.5 64.0 33.6 35.6 37.0 35.6 49.7 75.0 86.0 32.3 40.4 44.5 43.5 39.7 71.9 92.1 27.1 37.0 40.1 46.6 64.0 74.0 49.0 Index (MPI) 85.8 98.0 97.9 124.3 128.3 142.6 185.4 88.5 95.4 128.3 159.9 146.5 136.5 106.3 109.3 116.3 253.6 213.1 199.7 169.2 164.3 184.8 154.0 131.7 125.2 78.1 92.0 70.9 My Property 11.1 7.7 5.0-9.5-2.6 9.8 14.3 5.9 69.2 14.8 5.1 8.3-12.5-9.5 7.3 0.0 90.3 44.2 42.2 3.9 34.3 28.6-4.7-20.8-6.7-7.7-22.2-44.4 Competitive Set 35.0 1.1 6.1 21.6 10.4 15.3 1.0 26.0 8.1 8.9 8.3 8.0-3.7 7.4-7.6 8.2-23.9-4.1-9.7-4.5-23.7-3.7 1.5 1.3-23.9-10.7-0.7-4.1-0.5 0.7 Index (MPI) -17.7 6.5-1.0-25.6-11.8-4.8 13.2-15.9 56.6 5.4-3.0 0.3-9.1-15.8 16.1-7.5 150.1 50.3 57.5 8.8 76.0 26.9 25.4-11.4-6.0-3.7-21.9-44.8 ADR May 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 My Property 88.78 81.72 74.37 76.10 68.55 76.23 77.79 81.30 89.63 75.66 73.97 72.64 71.36 74.82 114.17 140.21 130.51 73.00 77.59 71.83 105.15 84.36 75.90 73.30 73.76 91.29 106.92 88.06 Competitive Set 83.90 89.17 68.64 61.26 67.98 65.74 68.06 89.30 87.41 70.83 61.46 64.78 65.41 71.26 136.68 134.57 88.84 76.92 68.66 64.20 71.77 160.06 139.87 77.85 66.99 67.05 66.77 88.18 92.39 74.46 Index (ARI) 105.8 91.6 108.3 124.2 100.8 116.0 114.3 91.0 102.5 106.8 120.4 112.1 109.1 105.0 83.5 104.2 146.9 94.9 113.0 111.9 146.5 108.4 113.3 109.3 110.5 103.5 115.7 118.3 My Property -3.4-10.8 7.9 2.5-6.8 16.9 4.3-10.1-1.5 5.2 3.6-0.6-6.7 0.7-16.9-11.7 5.4-6.3-2.7-6.1-16.6-17.3 5.4 5.0 3.4-7.4-1.9-2.4 Competitive Set -5.0 0.1 4.9-5.9 4.6-3.5-5.4 2.6-1.1-3.1-10.0 0.0-2.2 0.9 10.9 16.0-15.8 9.4 0.9-6.1-3.4 16.0-2.0 6.8-1.9 6.2 1.1 4.7 0.9-2.7 Index (ARI) 1.7-10.9 2.9 9.0-10.9 21.1 10.2-12.4-0.4 8.6 15.2-0.6-4.6-0.2-25.0-23.9 25.2-14.3-3.6 0.0-13.7-22.5 7.5-1.1 2.3-11.6-2.8 0.3 RevPAR May 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 My Property 49.32 47.67 21.69 40.16 35.23 47.64 51.86 40.65 54.77 32.57 42.12 39.35 34.69 39.49 93.56 140.21 106.95 62.87 68.97 52.87 68.64 42.18 43.22 38.68 43.03 45.65 72.77 30.58 Competitive Set 54.30 53.10 20.45 26.02 27.24 28.82 24.47 50.46 55.98 23.77 21.89 23.96 23.30 35.39 102.51 115.67 28.71 31.08 30.57 27.92 28.51 115.11 128.87 21.06 24.78 26.87 31.10 56.47 68.34 36.47 Index (RGI) 90.8 89.8 106.1 154.4 129.3 165.3 211.9 80.6 97.8 137.0 192.4 164.2 148.9 111.6 91.3 121.2 372.5 202.2 225.6 189.4 240.7 200.3 174.4 144.0 138.3 80.8 106.5 83.9 My Property 7.4-3.9 13.3-7.2-9.3 28.3 19.2-4.8 66.8 20.8 8.9 7.7-18.4-8.9-10.8-11.7 100.7 35.2 38.4-2.4 12.0 6.3 0.5-16.9-3.5-14.5-23.7-45.8 Competitive Set 28.2 1.2 11.3 14.4 15.5 11.3-4.5 29.2 6.9 5.5-2.5 8.0-5.8 8.3 2.5 25.5-35.9 5.0-8.9-10.3-26.3 11.7-0.5 8.1-25.4-5.2 0.3 0.4 0.4-2.0 Index (RGI) -16.3-5.0 1.8-18.9-21.4 15.3 24.8-26.4 56.0 14.5 11.8-0.3-13.3-15.9-13.0-29.6 213.1 28.7 51.9 8.8 51.9-1.7 34.7-12.4-3.9-14.9-24.0-44.7 STR, Inc.

Tab 8 - Help Definitions ADR (Average Daily Rate) - Room revenue divided by rooms sold, displayed as the average rental rate for a single room. Competitive (Comp) Set - A peer group of competitive hotels selected by hotel management to benchmark the subject property s performance. Contract - Rooms sold/revenue from bookings sold at rates stipulated by contracts including airline crews and permanent guests. Exchange Rate - The factor used to convert revenue from US Dollars to the local currency. Reports display the monthly exchange rates (the rate on the last day of the month) and the daily exchange rates on the Daily by Month pages. STR obtains exchange rate data from Oanda.com. Any aggregated number in the report (YTD, Running 3 month, Running 12 month) uses the exchange rate of each relative month when calculating the data. Fiscal Year To Date (YTD) - Custom fiscal year as specified by individual hotel or hotel group, if a non-calendar Fiscal Year to Date calculation is more applicable (e.g. July June) to coincide with hotel/hotel groups operations and financial reporting. Food & Beverage Revenue (F&B) - Revenue derived from food and beverage sales. Group - Rooms sold/revenue from bookings sold simultaneously in blocks of ten (10) or more. Index (Occupancy, ADR, RevPar) - Property performance divided by competitive set performance multiplied by 100. Internationally, indexes are also referred to as MPI Market Penetration Index (Occupancy Index), ARI Average Rate Index (ADR Index), and RGI Revenue/RevPAR Generation Index (RevPAR Index). Market Class - Class is an industry categorization which includes chain-affiliated and independent hotels. The class for a chain-affiliated hotel is the same as its chain scale. An independent hotel is assigned a class based on its ADR, relative to that of the chain hotels in their geographic proximity. There are six (6) class groups: Luxury, Upper Upscale, Upscale, Upper Midscale, Midscale and Economy. Market Class Combined (or Collapsed) If a single class segment is insufficient for reporting, classes are combined. There are three combined class segments: Luxury and Upper Upscale, Upscale and Upper Midscale, and Midscale and Economy. Market Scale - Hotels located in the subject property s market and classified in the subject property s STR chain scale segment. There are seven (7) scale groups; Luxury, Upper Upscale, Upscale, Upper Midscale, Midscale, Economy and Independent. Market Scale (Collapsed) Hotels located in the subject property s market and classified in the subject property s STR chain scale segment. There are two (2) market scale (collapsed) groups; Upscale (includes Luxury, Upper Upscale, Upscale, Independent) and Midscale/Economy (includes Upper Midscale, Midscale and Economy). MTD (Month to Date) - If a month ends during the current week, the MTD number would represent the month that ended. Occupancy - Rooms sold divided by rooms available multiplied by 100. Occupancy is always displayed as a percentage of rooms occupied. Other Revenue - All hotel revenue other than room and food and beverage revenue. Percent Change () - Amount of growth up, down or flat this period versus same period last year (day, week, running 28 days, running month-to-date). Calculated as ((TY-LY)/LY)*100. Percent Change Rank (Occupancy, ADR, RevPar) - The percent change for the property is compared to the percent change of each hotel in the comp set. Rank (Occupancy, ADR, RevPar) - Property performance ranked versus hotels in the competitive set (e.g. a 3 of 6 ADR ranking means the subject hotel s absolute ADR is third highest of the six competitors). RevPAR (Revenue per Available Room) - Room revenue divided by rooms available Room Revenue - Revenue derived from guestroom rental. Segmented Data - Rooms sold and revenue data broken down by Transient, Group, and Contract. Tract Scale Hotels located in the subject property s tract and classified in the subject property s STR chain scale segment. There are four (4) tract scale groups; Upscale (includes Luxury, Upper Upscale, Upscale), Midscale (includes Upper Midscale and Midscale), Economy and Independent. Transient - Rooms sold/revenue from guests with reservations at Rack, Corporate, Corporate Negotiated, Package, Government or foreign traveler rates. Planning - The project will go out for bids, construction will start within 4 months, or an architect/engineer has been selected for the project and plans are underway. Under Construction - Ground has been broken or the owner is finalizing bids on the prime (general) contract. FAQ How is my hotel performing versus competition? The monthly STAR report provides timely occupancy, average room rate, revenue per available room benchmarking of your hotel s performance versus your own selected competitors and an STR defined industry segment. Is my hotel s data included in the competitive numbers? It depends on your preference. Check the summary page to see if your hotel s data is included or excluded in the competitive set numbers. How does STR determine currency and exchange rates? Currency is user-defined and is displayed at the top of the report. STR obtains exchange rate data from Oanda.com. How are percentage changes computed? Hotel and competitive performance changes are measured against same period prior year. Why do my percentage change numbers have such a large range? The data for this year vs. the same period last year may vary greatly. Consider if you sold 2294 rooms this year vs. 743 last year, the percent change would be 208.7% ((2294-743)/743)*100. What is an index? An index is an easy way to compare your hotel s performance versus competition. An index of 100 or higher means your hotel s absolute performance is the same or better than competition. What does the Rank information mean? Your hotel s performance is ranked against the other properties in your competitive set. If your hotel s RevPAR rank is 2 of 6, that means your hotel s RevPAR was second highest of the six hotels in your competitive set. What does running 28 days mean? The most recent 28 days historical performance. The running 28 day numbers are based on the most current 28-day period, ending with the last day included in the weekly report. What does run MTD mean? Running month-to-date. The MTD numbers are based on a calendar month and include all days of the same month, through the most recent calendar day included in the report. If the most recent week s reporting includes data in two calendar months, the MTD numbers only include data from the recently ended month. What if there are blanks in my competitive set numbers? Your competitive set did not include sufficient data for reporting. A minimum of three (3) hotels excluding the subject property must report data in order for STR to provide competitive set performance. What if there are blanks in my competitive set percentage change? Your competitive set did not include sufficient data for reporting prior year data. What is "Pipeline" on the Summary Tab? Pipeline data is generated based on the STR/McGraw-Hill Construction Dodge Supply Pipeline database and details hotels that are being planned but not yet open. Every month STR receives data feeds from its hotel clients and Dodge Construction to create the definitive database for hotels in planning, pre-planning or under construction. The data is widely used by investment banks, development groups and hotel owners to estimate future nationwide supply growth and track supply changes in the market. Who can I contact if I have more questions? Check out the glossary and FAQ at www.str.com or e-mail info@str.com If I'm an all-inclusive hotel, how can I benchmark my package rate? In order to benchmark your package rate, you'll need to participate in the Segmentation program which will break out your revenues by Rooms, F&B, & Other. This will provide you with a TrevPAR which is the total revenue per available room and is the same as an all-inclusive package rate. STR, Inc.