National Market Report

National Market Report November 2015 In November 2015, the national hotel sample experienced a 2.8 point decrease in occupancy from November 2014 to 57.8%. The November 2015 average daily room rate for hotels tracked increased by 1.3% to $133.97 compared with $132.29 in November 2014. Revenue per available room for our sample experienced a decline of 3.5% to $77.40 in November 2015 compared with $80.19 in November 2014. PKF CONSULTING, A CBRE COMPANY In 2015, CBRE acquired PKF Consulting s Canadian practice which brought expertise and depth in advisory services and industry monitoring to the Hotels and Tourism & Leisure Group. This acquisition followed CBRE s 2014 acquisition of PKF Consulting s US practice. The combined PKF/CBRE Hotels and PKF/CBRE Tourism & Leisure Groups represent the largest practice offering professional services to the Canadian hospitality and tourism industries. PKF/CBRE Hotels CBRE Hotels, a specialized advisory group within CBRE, provides owners, operators, financial institutions, developers and investors in the hotel sector with a single global source for lodging and hospitality brokerage, valuation, consulting, research and capital markets services. CBRE Hotels comprises over 375 dedicated hospitality professionals located in 60 offices across the globe. The PKF/CBRE Hotel group in Canada comprises 23 professionals located in Vancouver, Calgary, Montreal and Toronto and provides development, valuation, advisory and brokerage services to over a billion dollars worth of hotel assets annually to owners, lenders, purchasers and developers. These services include: Market and Economic Feasibility Studies Estimates of Value/ AACI or MAI Appraisals Acquisitions and Underwriting Due Diligence Franchise Agreement Negotiation Litigation Support Asset Management/Owners Representation Asset Evaluations Strategic Planning Operational Reviews Economic Impact Management Contract Industry Assessments Negotiations Brokerage Capital Markets Continued on back page

REPORT OF ROOMS OPERATIONS BY LOCATION MONTH OF NOVEMBER 2015* Occupancy Percentage Average Daily Rate Revenue Per Available Room Location 2015 2014 Change 2015 2014 Variance 2015 2014 Variance ATLANTIC CANADA 54.6% 54.8% -0.2 $120.77 $117.23 3.0% $65.91 $64.25 2.6% NEWFOUNDLAND 59.9% 67.9% -8.1 $138.55 $140.87-1.6% $82.94 $95.68-13.3% St. John's 62.5% 72.7% -10.2 $144.31 $147.90-2.4% $90.13 $107.48-16.1% PRINCE EDWARD ISLAND 47.4% 43.6% 3.8 $104.15 $107.31-2.9% $49.39 $46.78 5.6% NOVA SCOTIA 58.3% 56.5% 1.9 $123.18 $116.67 5.6% $71.87 $65.90 9.1% Halifax/Dartmouth 59.6% 59.6% 0.0 $127.90 $123.64 3.5% $76.27 $73.72 3.5% Other Nova Scotia 54.5% 48.6% 5.9 $107.94 $95.24 13.3% $58.88 $46.29 27.2% NEW BRUNSWICK 50.5% 49.4% 1.2 $111.27 $104.89 6.1% $56.22 $51.78 8.6% Moncton 61.1% 58.7% 2.4 $118.17 $110.13 7.3% $72.24 $64.66 11.7% Other New Brunswick 44.2% 44.1% 0.1 $105.58 $100.94 4.6% $46.67 $44.48 4.9% CENTRAL CANADA 61.9% 61.1% 0.9 $135.74 $131.45 3.3% $84.03 $80.26 4.7% QUEBEC 59.0% 59.5% -0.5 $139.52 $137.47 1.5% $82.25 $81.77 0.6% Greater Quebec City 53.4% 55.3% -1.8 $142.46 $138.64 2.8% $76.10 $76.62-0.7% Other Quebec 47.6% 47.5% 0.1 $126.47 $123.23 2.6% $60.16 $58.51 2.8% Greater Montreal 65.5% 65.7% -0.2 $143.16 $141.65 1.1% $93.83 $93.11 0.8% Downtown Montreal 68.7% 69.6% -0.9 $156.35 $154.23 1.4% $107.40 $107.28 0.1% Montreal Airport/Laval 62.1% 61.9% 0.2 $122.79 $121.80 0.8% $76.22 $75.41 1.1% ONTARIO 62.8% 61.5% 1.2 $134.61 $129.64 3.8% $84.47 $79.79 5.9% Greater Toronto Area (GTA) 69.9% 69.2% 0.7 $147.30 $140.78 4.6% $102.93 $97.42 5.7% Downtown Toronto 72.8% 74.5% -1.7 $186.32 $176.55 5.5% $135.59 $131.54 3.1% Toronto Airport 72.1% 69.6% 2.4 $119.32 $116.02 2.8% $85.99 $80.79 6.4% GTA West 66.0% 64.4% 1.6 $117.74 $109.75 7.3% $77.77 $70.73 10.0% GTA East/North 66.9% 64.4% 2.5 $121.62 $118.09 3.0% $81.35 $76.05 7.0% Eastern Ontario 52.2% 51.6% 0.6 $108.93 $106.41 2.4% $56.90 $54.89 3.6% Kingston 57.4% 54.9% 2.5 $110.28 $109.88 0.4% $63.29 $60.33 4.9% Other Eastern Ontario 49.7% 49.7% 0.0 $108.16 $104.20 3.8% $53.72 $51.76 3.8% Ottawa 74.6% 72.2% 2.5 $152.54 $150.56 1.3% $113.86 $108.65 4.8% Downtown Ottawa 79.4% 76.4% 3.0 $159.61 $158.91 0.4% $126.76 $121.47 4.4% Ottawa West 70.0% 70.0% 0.0 $143.54 $141.92 1.1% $100.49 $99.39 1.1% Ottawa East 61.8% 57.8% 4.0 $130.83 $120.61 8.5% $80.82 $69.66 16.0% Southern Ontario 54.0% 50.9% 3.1 $115.36 $109.04 5.8% $62.25 $55.46 12.3% London 60.6% 59.2% 1.4 $109.56 $104.43 4.9% $66.41 $61.85 7.4% Windsor 55.5% 52.4% 3.1 $110.96 $101.15 9.7% $61.55 $53.01 16.1% Kitchener/Waterloo/Cambridge/Guelph 62.5% 54.7% 7.8 $116.71 $110.48 5.6% $73.00 $60.46 20.7% Hamilton/Brantford 58.6% 64.2% -5.6 $106.71 $105.35 1.3% $62.52 $67.63-7.6% Niagara Falls 49.8% 44.5% 5.3 $124.20 $117.62 5.6% $61.85 $52.30 18.3% Other Niagara Region 45.7% 42.5% 3.1 $105.55 $100.79 4.7% $48.18 $42.86 12.4% Other Southern Ontario 45.1% 49.1% -4.0 $102.65 $96.57 6.3% $46.26 $47.41-2.4% Central Ontario 46.9% 44.4% 2.5 $115.73 $110.27 5.0% $54.28 $48.98 10.8% North Eastern Ontario 59.3% 60.1% -0.8 $114.20 $112.76 1.3% $67.70 $67.79-0.1% North Bay 58.8% 52.3% 6.5 $109.83 $111.50-1.5% $64.58 $58.32 10.7% Sudbury 71.8% 71.2% 0.6 $118.50 $111.89 5.9% $85.05 $79.64 6.8% North Central Ontario Sault Ste. Marie 51.1% 53.6% -2.5 $97.40 $98.45-1.1% $49.75 $52.77-5.7% North Western Ontario 56.5% 64.1% -7.6 $108.06 $104.96 3.0% $61.07 $67.31-9.3% Thunder Bay 58.7% 66.0% -7.3 $108.02 $105.55 2.3% $63.38 $69.65-9.0% * Based on the operating results of 224,038 rooms (unweighted data)

REPORT OF ROOMS OPERATIONS BY LOCATION MONTH OF NOVEMBER 2015* Occupancy Percentage Average Daily Rate Revenue Per Available Room Location 2015 2014 Change 2015 2014 Variance 2015 2014 Variance WESTERN CANADA 54.1% 61.1% -7.0 $133.88 $135.21-1.0% $72.38 $82.55-12.3% MANITOBA 63.3% 65.2% -1.9 $129.09 $119.11 8.4% $81.67 $77.62 5.2% Winnipeg 65.8% 65.2% 0.6 $136.19 $125.60 8.4% $89.57 $81.86 9.4% Brandon 57.4% 69.9% -12.5 $107.84 $103.31 4.4% $61.85 $72.21-14.3% Other Manitoba 55.9% 59.8% -3.9 $106.86 $103.07 3.7% $59.71 $61.66-3.2% SASKATCHEWAN 58.7% 67.8% -9.2 $134.79 $136.26-1.1% $79.09 $92.44-14.4% Regina 67.2% 68.7% -1.5 $142.74 $141.38 1.0% $95.89 $97.11-1.3% Saskatoon 63.5% 78.1% -14.6 $144.73 $148.16-2.3% $91.95 $115.70-20.5% Other Saskatchewan 48.5% 59.3% -10.7 $115.51 $120.30-4.0% $56.05 $71.29-21.4% ALBERTA (excl. Alta Resorts) 53.2% 68.8% -15.7 $137.22 $143.45-4.3% $72.94 $98.74-26.1% Calgary 54.3% 67.0% -12.6 $150.66 $162.07-7.0% $81.88 $108.54-24.6% Calgary Airport 54.1% 68.1% -14.0 $130.30 $136.26-4.4% $70.52 $92.85-24.0% Downtown Calgary 55.2% 67.5% -12.3 $192.78 $215.48-10.5% $106.39 $145.46-26.9% Calgary Northwest 55.8% 64.8% -9.0 $129.46 $122.81 5.4% $72.25 $79.63-9.3% Calgary South 52.6% 65.4% -12.9 $126.75 $135.43-6.4% $66.63 $88.61-24.8% Edmonton 62.2% 74.1% -11.9 $137.19 $140.85-2.6% $85.28 $104.36-18.3% Downtown Edmonton 69.3% 75.5% -6.2 $142.77 $151.55-5.8% $98.95 $114.39-13.5% Edmonton South 59.0% 75.8% -16.8 $126.84 $131.82-3.8% $74.86 $99.98-25.1% Edmonton West 60.4% 69.6% -9.2 $135.08 $134.95 0.1% $81.52 $93.92-13.2% Other Alberta 46.0% 66.4% -20.4 $125.41 $131.93-4.9% $57.67 $87.57-34.1% Lethbridge 47.8% 55.6% -7.7 $113.40 $111.19 2.0% $54.24 $61.77-12.2% Red Deer 50.4% 65.9% -15.5 $124.96 $122.50 2.0% $63.03 $80.72-21.9% Other Alberta Communities 43.8% 67.6% -23.8 $127.96 $137.26-6.8% $56.11 $92.82-39.6% Alberta Resorts 37.7% 41.5% -3.9 $168.14 $164.52 2.2% $63.30 $68.30-7.3% BRITISH COLUMBIA 54.1% 54.6% -0.6 $128.87 $126.60 1.8% $69.66 $69.15 0.7% Greater Vancouver 67.9% 67.7% 0.2 $139.41 $137.77 1.2% $94.64 $93.21 1.5% Airport (Richmond) 70.3% 67.4% 2.8 $117.57 $113.99 3.1% $82.60 $76.87 7.5% Downtown Vancouver 70.1% 71.4% -1.3 $159.02 $157.07 1.2% $111.47 $112.13-0.6% Langley/Surrey 51.2% 51.1% 0.1 $103.93 $99.84 4.1% $53.22 $51.07 4.2% Other Vancouver 66.6% 64.7% 1.9 $113.00 $115.71-2.3% $75.26 $74.85 0.5% Vancouver Island 50.8% 51.0% -0.2 $114.42 $109.79 4.2% $58.15 $56.00 3.8% Campbell River 51.3% 53.9% -2.7 $93.71 $93.49 0.2% $48.05 $50.43-4.7% Greater Victoria 50.7% 52.6% -2.0 $109.67 $105.84 3.6% $55.55 $55.71-0.3% Nanaimo 55.6% 53.9% 1.7 $111.14 $108.33 2.6% $61.75 $58.39 5.8% Parksville/Qualicum Beach 43.8% 44.0% -0.2 $102.60 $98.99 3.6% $44.94 $43.58 3.1% Other Vancouver Island 53.1% 44.5% 8.6 $158.41 $150.87 5.0% $84.09 $67.18 25.2% Whistler Resort Area 30.9% 28.7% 2.2 $163.61 $149.75 9.3% $50.53 $42.96 17.6% Other British Columbia 41.5% 43.8% -2.3 $109.36 $109.64-0.3% $45.39 $48.03-5.5% Abbotsford/Chilliwack 48.3% 43.5% 4.8 $98.32 $94.87 3.6% $47.46 $41.27 15.0% Kamloops 40.6% 39.0% 1.5 $96.80 $100.27-3.5% $39.28 $39.14 0.4% Kelowna 43.6% 43.6% 0.0 $109.97 $105.64 4.1% $48.00 $46.08 4.2% Penticton 38.6% 31.1% 7.5 $92.10 $80.78 14.0% $35.53 $25.13 41.4% Prince George 59.3% 69.4% -10.1 $122.84 $124.07-1.0% $72.83 $86.04-15.4% Other B.C. Communities 38.3% 43.2% -4.9 $113.10 $114.17-0.9% $43.34 $49.37-12.2% NORTHWEST TERRITORIES 64.3% 66.7% -2.3 $158.71 $164.17-3.3% $102.13 $109.43-6.7% YUKON 51.5% 55.1% -3.6 $114.66 $102.15 12.2% $59.02 $56.30 4.8% CANADA 57.8% 60.6% -2.8 $133.97 $132.29 1.3% $77.40 $80.19-3.5% * Based on the operating results of 224,038 rooms (unweighted data)

REPORT OF ROOMS OPERATIONS BY LOCATION ELEVEN MONTHS ENDED NOVEMBER 2015 Occupancy Percentage Average Daily Rate Revenue Per Available Room Location 2015 2014 Change 2015 2014 Variance 2015 2014 Variance ATLANTIC CANADA 60.5% 60.3% 0.2 $127.88 $123.58 3.5% $77.32 $74.47 3.8% NEWFOUNDLAND 65.7% 68.4% -2.6 $147.82 $148.23-0.3% $97.18 $101.34-4.1% St. John's 67.2% 71.6% -4.4 $155.47 $157.20-1.1% $104.51 $112.52-7.1% PRINCE EDWARD ISLAND 54.6% 52.2% 2.4 $129.97 $124.86 4.1% $70.91 $65.14 8.9% NOVA SCOTIA 63.4% 61.8% 1.6 $128.41 $122.23 5.1% $81.47 $75.55 7.8% Halifax/Dartmouth 66.1% 64.5% 1.6 $134.56 $128.35 4.8% $88.96 $82.85 7.4% Other Nova Scotia 56.8% 55.0% 1.8 $110.70 $104.49 5.9% $62.93 $57.52 9.4% NEW BRUNSWICK 56.2% 56.7% -0.5 $115.44 $110.87 4.1% $64.86 $62.84 3.2% Moncton 63.8% 62.7% 1.1 $119.96 $114.21 5.0% $76.57 $71.63 6.9% Other New Brunswick 51.9% 53.1% -1.2 $112.32 $108.51 3.5% $58.31 $57.60 1.2% CENTRAL CANADA 66.9% 65.8% 1.1 $142.25 $134.69 5.6% $95.16 $88.58 7.4% QUEBEC 67.6% 66.4% 1.3 $151.99 $145.14 4.7% $102.80 $96.34 6.7% Greater Quebec City 64.2% 64.1% 0.1 $161.59 $152.18 6.2% $103.79 $97.56 6.4% Other Quebec 59.5% 58.0% 1.5 $138.73 $135.70 2.2% $82.56 $78.70 4.9% Greater Montreal 72.2% 70.6% 1.6 $154.68 $146.87 5.3% $111.68 $103.69 7.7% Downtown Montreal 74.4% 73.0% 1.5 $176.59 $165.06 7.0% $131.45 $120.43 9.2% Montreal Airport/Laval 70.3% 68.3% 2.0 $121.25 $119.33 1.6% $85.28 $81.56 4.6% ONTARIO 66.6% 65.6% 1.1 $139.21 $131.41 5.9% $92.77 $86.17 7.7% Greater Toronto Area (GTA) 72.2% 71.8% 0.4 $149.03 $140.34 6.2% $107.61 $100.80 6.8% Downtown Toronto 74.2% 76.4% -2.2 $195.46 $180.14 8.5% $145.12 $137.63 5.4% Toronto Airport 77.0% 74.4% 2.7 $117.15 $112.16 4.5% $90.25 $83.42 8.2% GTA West 70.1% 68.4% 1.8 $115.31 $108.50 6.3% $80.87 $74.17 9.0% GTA East/North 67.7% 65.9% 1.8 $119.73 $116.04 3.2% $81.02 $76.42 6.0% Eastern Ontario 58.4% 58.9% -0.5 $114.06 $108.78 4.9% $66.63 $64.12 3.9% Kingston 62.5% 61.9% 0.5 $121.74 $117.11 4.0% $76.03 $72.50 4.9% Other Eastern Ontario 56.2% 57.2% -1.0 $109.43 $103.55 5.7% $61.54 $59.26 3.8% Ottawa 73.6% 71.2% 2.4 $150.00 $143.77 4.3% $110.42 $102.34 7.9% Downtown Ottawa 77.8% 75.2% 2.6 $159.44 $152.21 4.7% $124.06 $114.42 8.4% Ottawa West 73.8% 71.1% 2.7 $140.48 $135.92 3.4% $103.72 $96.68 7.3% Ottawa East 58.3% 55.8% 2.5 $121.74 $112.22 8.5% $71.01 $62.61 13.4% Southern Ontario 60.7% 59.0% 1.7 $130.20 $119.88 8.6% $79.06 $70.76 11.7% London 58.1% 59.1% -1.0 $105.29 $100.23 5.0% $61.19 $59.23 3.3% Windsor 59.0% 53.5% 5.4 $106.08 $99.54 6.6% $62.57 $53.29 17.4% Kitchener/Waterloo/Cambridge/Guelph 61.1% 59.7% 1.4 $113.88 $108.87 4.6% $69.62 $65.05 7.0% Hamilton/Brantford 61.2% 60.1% 1.2 $112.58 $107.06 5.2% $68.93 $64.29 7.2% Niagara Falls 65.7% 63.2% 2.5 $158.34 $141.63 11.8% $104.04 $89.57 16.2% Other Niagara Region 52.9% 48.5% 4.4 $114.11 $105.73 7.9% $60.36 $51.27 17.7% Other Southern Ontario 48.3% 50.2% -1.9 $105.95 $101.93 3.9% $51.15 $51.15 0.0% Central Ontario 55.0% 52.4% 2.6 $137.32 $129.55 6.0% $75.51 $67.90 11.2% North Eastern Ontario 60.7% 57.7% 3.0 $113.51 $110.78 2.5% $68.88 $63.88 7.8% North Bay 56.3% 55.5% 0.8 $109.81 $109.07 0.7% $61.78 $60.51 2.1% Sudbury 68.3% 62.4% 5.9 $114.65 $109.97 4.3% $78.26 $68.61 14.1% North Central Ontario Sault Ste. Marie 58.9% 54.7% 4.2 $102.41 $103.63-1.2% $60.35 $56.70 6.4% North Western Ontario 65.6% 67.9% -2.2 $109.44 $105.32 3.9% $71.84 $71.48 0.5% Thunder Bay 66.8% 70.4% -3.6 $107.46 $103.67 3.7% $71.77 $72.97-1.6%

REPORT OF ROOMS OPERATIONS BY LOCATION ELEVEN MONTHS ENDED NOVEMBER 2015 Occupancy Percentage Average Daily Rate Revenue Per Available Room Location 2015 2014 Change 2015 2014 Variance 2015 2014 Variance WESTERN CANADA 63.8% 66.5% -2.6 $148.44 $142.88 3.9% $94.71 $94.94-0.3% MANITOBA 63.8% 63.5% 0.2 $120.37 $117.56 2.4% $76.75 $74.68 2.8% Winnipeg 64.0% 63.5% 0.4 $126.04 $123.79 1.8% $80.64 $78.65 2.5% Brandon 63.2% 65.4% -2.3 $104.10 $99.60 4.5% $65.75 $65.15 0.9% Other Manitoba 63.2% 61.3% 1.9 $107.58 $105.51 2.0% $68.01 $64.69 5.1% SASKATCHEWAN 60.2% 65.4% -5.2 $132.20 $133.28-0.8% $79.53 $87.11-8.7% Regina 63.8% 68.7% -4.9 $131.12 $134.72-2.7% $83.62 $92.51-9.6% Saskatoon 67.0% 73.9% -6.9 $146.46 $146.77-0.2% $98.10 $108.42-9.5% Other Saskatchewan 51.9% 56.5% -4.6 $117.18 $117.99-0.7% $60.77 $66.62-8.8% ALBERTA (excl. Alta Resorts) 60.4% 69.4% -9.0 $140.75 $143.86-2.2% $85.04 $99.80-14.8% Calgary 66.2% 71.5% -5.4 $158.80 $166.76-4.8% $105.06 $119.25-11.9% Calgary Airport 68.5% 71.4% -3.0 $134.34 $138.98-3.3% $91.96 $99.29-7.4% Calgary Downtown 65.2% 72.7% -7.5 $207.17 $219.01-5.4% $135.15 $159.23-15.1% Calgary Northwest 66.7% 71.9% -5.2 $131.19 $130.52 0.5% $87.47 $93.86-6.8% Calgary South 63.6% 69.5% -5.9 $136.83 $141.91-3.6% $86.98 $98.59-11.8% Edmonton 64.4% 71.0% -6.6 $136.03 $137.36-1.0% $87.63 $97.59-10.2% Downtown Edmonton 68.9% 75.2% -6.4 $145.18 $146.03-0.6% $99.99 $109.86-9.0% Edmonton South 63.9% 71.9% -8.0 $127.73 $129.43-1.3% $81.66 $93.05-12.2% Edmonton West 61.5% 66.4% -5.0 $130.03 $130.38-0.3% $79.95 $86.62-7.7% Other Alberta 53.4% 66.7% -13.2 $128.54 $130.81-1.7% $68.69 $87.19-21.2% Lethbridge 54.9% 59.4% -4.6 $112.32 $111.45 0.8% $61.62 $66.23-7.0% Red Deer 51.3% 63.1% -11.8 $115.56 $112.29 2.9% $59.23 $70.84-16.4% Other Alberta Communities 52.7% 67.8% -15.1 $134.18 $137.30-2.3% $70.77 $93.12-24.0% Alberta Resorts 63.4% 61.0% 2.4 $231.80 $214.11 8.3% $147.01 $130.59 12.6% BRITISH COLUMBIA 67.6% 65.3% 2.3 $153.17 $140.57 9.0% $103.49 $91.79 12.7% Greater Vancouver 77.4% 74.1% 3.3 $164.75 $147.11 12.0% $127.46 $109.02 16.9% Airport (Richmond) 79.4% 76.6% 2.8 $130.13 $118.20 10.1% $103.32 $90.50 14.2% Downtown Vancouver 78.8% 75.9% 2.9 $194.91 $172.25 13.2% $153.52 $130.69 17.5% Langley/Surrey 64.9% 59.5% 5.4 $110.79 $102.60 8.0% $71.89 $61.01 17.8% Other Vancouver 76.9% 72.7% 4.2 $133.05 $122.32 8.8% $102.38 $88.93 15.1% Vancouver Island 66.8% 63.2% 3.6 $142.16 $133.26 6.7% $94.96 $84.19 12.8% Campbell River 66.1% 60.5% 5.6 $104.65 $100.57 4.1% $69.15 $60.85 13.6% Greater Victoria 70.5% 67.5% 3.0 $140.61 $130.98 7.4% $99.13 $88.36 12.2% Nanaimo 61.5% 60.0% 1.5 $117.77 $112.04 5.1% $72.44 $67.22 7.8% Parksville/Qualicum Beach 56.5% 51.0% 5.4 $138.50 $131.86 5.0% $78.20 $67.31 16.2% Other Vancouver Island 60.0% 53.4% 6.5 $191.31 $181.96 5.1% $114.69 $97.19 18.0% Whistler Resort Area 61.7% 59.1% 2.6 $220.94 $201.15 9.8% $136.23 $118.80 14.7% Other British Columbia 56.3% 55.9% 0.4 $125.32 $121.60 3.1% $70.53 $67.92 3.8% Abbotsford/Chilliwack 60.3% 53.5% 6.8 $103.22 $97.89 5.4% $62.20 $52.35 18.8% Kamloops 56.3% 56.6% -0.3 $106.56 $105.88 0.6% $60.03 $59.96 0.1% Kelowna 63.2% 60.1% 3.1 $142.04 $138.27 2.7% $89.74 $83.10 8.0% Penticton 55.6% 50.4% 5.2 $128.21 $125.41 2.2% $71.22 $63.17 12.7% Prince George 69.4% 70.2% -0.9 $126.43 $121.94 3.7% $87.74 $85.66 2.4% Other B.C. Communities 52.0% 53.5% -1.4 $126.62 $122.31 3.5% $65.89 $65.40 0.7% NORTHWEST TERRITORIES 65.8% 68.5% -2.7 $156.91 $157.13-0.1% $103.18 $107.65-4.1% YUKON 65.6% 67.4% -1.8 $119.86 $111.64 7.4% $78.63 $75.26 4.5% CANADA 65.0% 65.7% -0.7 $144.10 $137.77 4.6% $93.71 $90.51 3.5%

REGIONAL REPORT OF ROOMS OPERATIONS BY PROPERTY SIZE, PROPERTY TYPE AND PRICE LEVEL MONTH OF NOVEMBER 2015* ATLANTIC CENTRAL Occupancy Percentage Average Daily Rate Occupancy Percentage Average Daily Rate 2015 2014 Change 2015 2014 Variance 2015 2014 Change 2015 2014 Variance Property Size Under 50 rooms 43.5% 39.6% 3.8 $99.64 $97.77 1.9% 39.2% 41.3% -2.1 $96.53 $95.98 0.6% 50-75 rooms 47.3% 46.3% 1.0 $96.83 $90.08 7.5% 53.5% 54.7% -1.2 $104.06 $101.15 2.9% 76-125 rooms 54.6% 55.0% -0.4 $112.39 $110.53 1.7% 60.3% 58.1% 2.2 $116.84 $113.34 3.1% 126-200 rooms 57.8% 54.5% 3.3 $123.31 $117.20 5.2% 61.6% 60.7% 0.9 $123.13 $118.21 4.2% 201-500 rooms 55.4% 61.8% -6.4 $141.01 $139.48 1.1% 66.5% 64.9% 1.6 $157.78 $150.43 4.9% Over 500 rooms N/A N/A N/A N/A N/A N/A 67.0% 66.9% 0.1 $160.47 $157.22 2.1% Total 54.6% 54.8% -0.2 $120.77 $117.23 3.0% 61.9% 61.1% 0.9 $135.74 $131.45 3.3% Property Type Limited Service 52.9% 51.9% 1.0 $114.31 $105.53 8.3% 56.4% 55.4% 1.1 $107.19 $102.22 4.9% Full Service 55.1% 56.4% -1.3 $123.71 $122.19 1.2% 65.2% 64.4% 0.8 $146.57 $142.72 2.7% Suite Hotel 67.8% 62.4% 5.4 $126.80 $129.05-1.7% 68.1% 68.3% -0.2 $141.44 $132.11 7.1% Resort N/A N/A N/A N/A N/A N/A 40.9% 37.1% 3.8 $158.87 $154.42 2.9% Total 54.6% 54.8% -0.2 $120.77 $117.23 3.0% 61.9% 61.1% 0.9 $135.74 $131.45 3.3% Price Level Budget 43.2% 42.2% 1.1 $89.05 $81.91 8.7% 51.0% 50.2% 0.8 $85.22 $83.28 2.3% Mid-Price 58.4% 59.3% -0.9 $127.00 $124.16 2.3% 65.4% 64.7% 0.7 $135.52 $132.55 2.2% Upscale 52.3% 52.8% -0.5 $145.17 $142.91 1.6% 67.6% 66.6% 1.0 $200.64 $188.32 6.5% Total 54.6% 54.8% -0.2 $120.77 $117.23 3.0% 61.9% 61.1% 0.9 $135.74 $131.45 3.3% WESTERN CANADA * Occupancy Percentage Average Daily Rate Occupancy Percentage Average Daily Rate 2015 2014 Change 2015 2014 Variance 2015 2014 Change 2015 2014 Variance Property Size Under 50 rooms 42.4% 50.1% -7.7 $95.59 $99.77-4.2% 41.2% 46.4% -5.2 $96.10 $98.42-2.4% 50-75 rooms 49.6% 58.7% -9.1 $105.64 $111.43-5.2% 50.9% 56.1% -5.2 $104.30 $106.14-1.7% 76-125 rooms 51.5% 60.8% -9.2 $125.63 $127.15-1.2% 55.3% 59.2% -3.9 $120.76 $120.27 0.4% 126-200 rooms 57.6% 63.2% -5.6 $131.77 $131.08 0.5% 59.5% 61.2% -1.7 $126.75 $123.96 2.2% 201-500 rooms 58.5% 62.2% -3.8 $150.54 $152.44-1.2% 62.2% 63.5% -1.4 $153.75 $150.70 2.0% Over 500 rooms 55.0% 64.6% -9.6 $190.04 $188.42 0.9% 64.0% 66.3% -2.3 $166.86 $165.13 1.0% Total 54.1% 61.1% -7.0 $133.88 $135.21-1.0% 57.8% 60.6% -2.8 $133.97 $132.29 1.3% Property Type Limited Service 50.3% 60.6% -10.3 $113.64 $116.60-2.5% 53.0% 57.8% -4.7 $110.82 $110.01 0.7% Full Service 59.2% 65.4% -6.2 $142.35 $143.49-0.8% 61.9% 64.2% -2.3 $143.39 $141.75 1.2% Suite Hotel 59.5% 62.4% -2.8 $145.19 $151.00-3.8% 65.6% 66.3% -0.6 $141.48 $137.06 3.2% Resort 39.2% 39.1% 0.1 $160.50 $155.01 3.5% 39.6% 38.6% 1.0 $159.05 $154.01 3.3% Total 54.1% 61.1% -7.0 $133.88 $135.21-1.0% 57.8% 60.6% -2.8 $133.97 $132.29 1.3% Price Level Budget 46.7% 52.0% -5.3 $86.78 $86.28 0.6% 48.8% 50.3% -1.5 $86.04 $84.37 2.0% Mid-Price 56.0% 63.7% -7.7 $130.87 $132.52-1.2% 60.3% 63.8% -3.5 $132.78 $131.90 0.7% Upscale 55.1% 61.4% -6.3 $192.83 $194.00-0.6% 61.1% 63.7% -2.6 $196.18 $190.09 3.2% Total 54.1% 61.1% -7.0 $133.88 $135.21-1.0% 57.8% 60.6% -2.8 $133.97 $132.29 1.3% * Based on the operating results of 224,038 rooms (unweighted data)

REGIONAL REPORT OF ROOMS OPERATIONS BY PROPERTY SIZE, PROPERTY TYPE AND PRICE LEVEL ELEVEN MONTHS ENDED NOVEMBER 2015 ATLANTIC CENTRAL Occupancy Percentage Average Daily Rate Occupancy Percentage Average Daily Rate 2015 2014 Change 2015 2014 Variance 2015 2014 Change 2015 2014 Variance Property Size Under 50 rooms 50.8% 49.1% 1.7 $115.93 $112.60 3.0% 49.8% 49.5% 0.3 $106.29 $102.83 3.4% 50-75 rooms 53.7% 52.8% 0.8 $99.78 $94.62 5.5% 59.9% 58.7% 1.2 $107.67 $103.32 4.2% 76-125 rooms 61.3% 61.2% 0.1 $120.28 $116.81 3.0% 64.8% 63.0% 1.8 $119.83 $114.72 4.5% 126-200 rooms 61.9% 59.7% 2.2 $129.13 $122.41 5.5% 67.0% 65.4% 1.6 $125.48 $119.49 5.0% 201-500 rooms 62.7% 65.7% -3.1 $152.47 $150.47 1.3% 69.9% 68.3% 1.6 $163.65 $152.78 7.1% Over 500 rooms N/A N/A N/A N/A N/A N/A 72.4% 73.2% -0.8 $180.43 $167.50 7.7% Total 60.5% 60.3% 0.2 $127.88 $123.58 3.5% 66.9% 65.8% 1.1 $142.25 $134.69 5.6% Property Type Limited Service 60.0% 59.2% 0.8 $117.51 $109.06 7.8% 61.8% 60.2% 1.7 $107.88 $102.16 5.6% Full Service 61.0% 61.2% -0.2 $131.47 $129.80 1.3% 69.3% 68.4% 0.9 $154.43 $145.94 5.8% Suite Hotel 70.9% 69.2% 1.7 $142.75 $137.39 3.9% 73.3% 72.7% 0.7 $149.47 $138.27 8.1% Resort N/A N/A N/A N/A N/A N/A 56.2% 53.9% 2.3 $190.75 $182.91 4.3% Total 60.5% 60.3% 0.2 $127.88 $123.58 3.5% 66.9% 65.8% 1.1 $142.25 $134.69 5.6% Price Level Budget 49.2% 49.6% -0.5 $94.57 $88.65 6.7% 57.8% 56.7% 1.2 $88.22 $84.73 4.1% Mid-Price 64.3% 63.6% 0.6 $134.38 $130.87 2.7% 70.4% 69.1% 1.3 $142.50 $136.10 4.7% Upscale 60.9% 64.7% -3.8 $158.41 $154.16 2.8% 70.3% 70.3% 0.0 $218.24 $201.15 8.5% Total 60.5% 60.3% 0.2 $127.88 $123.58 3.5% 66.9% 65.8% 1.1 $142.25 $134.69 5.6% WESTERN CANADA Occupancy Percentage Average Daily Rate Occupancy Percentage Average Daily Rate 2015 2014 Change 2015 2014 Variance 2015 2014 Change 2015 2014 Variance Property Size Under 50 rooms 52.8% 56.0% -3.2 $106.30 $105.56 0.7% 51.5% 53.3% -1.8 $106.67 $104.84 1.7% 50-75 rooms 59.8% 63.4% -3.6 $117.23 $116.49 0.6% 59.3% 60.7% -1.4 $112.17 $110.03 1.9% 76-125 rooms 61.6% 66.2% -4.6 $134.79 $131.73 2.3% 62.9% 64.5% -1.5 $127.32 $123.64 3.0% 126-200 rooms 66.7% 68.9% -2.2 $140.67 $136.73 2.9% 66.4% 66.4% 0.0 $132.44 $127.52 3.9% 201-500 rooms 66.2% 67.0% -0.7 $168.65 $160.04 5.4% 67.8% 67.6% 0.2 $165.25 $155.87 6.0% Over 500 rooms 72.7% 73.1% -0.4 $243.63 $224.76 8.4% 72.5% 73.2% -0.7 $196.38 $182.33 7.7% Total 63.8% 66.5% -2.6 $148.44 $142.88 3.9% 65.0% 65.7% -0.7 $144.10 $137.77 4.6% Property Type Limited Service 59.4% 64.4% -4.9 $119.48 $117.90 1.3% 60.5% 62.2% -1.7 $114.25 $110.70 3.2% Full Service 66.6% 69.0% -2.4 $153.11 $147.36 3.9% 67.6% 68.1% -0.6 $152.38 $145.50 4.7% Suite Hotel 70.6% 70.9% -0.3 $163.94 $160.25 2.3% 72.4% 72.0% 0.4 $153.13 $144.10 6.3% Resort 62.5% 59.0% 3.4 $217.37 $202.94 7.1% 59.9% 57.0% 2.9 $208.88 $196.53 6.3% Total 63.8% 66.5% -2.6 $148.44 $142.88 3.9% 65.0% 65.7% -0.7 $144.10 $137.77 4.6% Price Level Budget 56.7% 58.1% -1.4 $96.58 $91.97 5.0% 56.8% 56.7% 0.1 $91.72 $87.71 4.6% Mid-Price 64.7% 68.2% -3.5 $139.50 $135.82 2.7% 67.1% 68.2% -1.1 $140.48 $135.57 3.6% Upscale 68.4% 69.4% -1.0 $231.05 $219.23 5.4% 69.2% 69.8% -0.6 $223.19 $208.96 6.8% Total 63.8% 66.5% -2.6 $148.44 $142.88 3.9% 65.0% 65.7% -0.7 $144.10 $137.77 4.6% =

PKF/CBRE Tourism & Leisure Group The Tourism & Leisure Group has extensive experience in Canada s tourism and leisure sector, including: Attractions Convention and Conference Centres Recreation Facilities (ski resorts, marinas, golf courses, campgrounds, etc.) Spas Multi-use and Waterfront Developments Public Assembly Facilities University and College (Institutional) Accommodation and Recreation facilities Gaming Destination Marketing Organizations and Industry Associations Tourism Destination Planning In addition to serving clients who represent private investment interests, PKF/CBRE s Tourism & Leisure Group is frequently engaged in a consulting capacity by national, provincial and municipal governments and indigenous groups. We have a demonstrated knowledge of, and relevant experience working with, many nonprofit organizations, including industry associations and destination marketing organizations. Our staff also compiles and prepares statistical and trend information, undertakes tourism surveys and conducts public consultation, and joint ventures frequently with architects, attraction planners, recreation consultants, land use planners, engineers, primary research firms and other outside experts. Our services include: Market and Economic Feasibility Studies Operational Reviews Strategic Planning Needs Assessments Tourism Business Planning Economic Impact Assessments Tourism Master Planning Tourism Investment Opportunities & Strategies Organizational Assessments Site Assessments Industry Survey & Trends Analysis