SUPPLY AND DEMAND ANALYSIS - PDF Free Download

SUPPLY AND DEMAND ANALYSIS The objectives of the supply and demand analysis are to: 1. Identify those hotels that constitute direct competition to the proposed hotel. 2. Estimate the occupancy levels, average room rates, and market mixes of the competitive hotels. 3. Project growth rates for each identifiable market segment. 4. Determine the existing relationship of supply to demand for the competitive hotels and to project these relationships for the first five years of operation. In addition, this section represents a review of both existing and proposed lodging facilities in the competitive market area. Charlotte Amalie, Saint Thomas, United States Virgin Islands Page E-1

Competitive Market Survey There are 13 hotels in greater Saint Thomas, Virgin Islands reporting their hotel data to Smith Travel Research. Interim Hospitality Consultants selected four upscale to luxury class resort hotels as an indication of Potential Market Demand for Saint Thomas all based on the excellent demand generator of this Caribbean island. Hotel Island Country Date Opened # of Rooms Room Rate May 2015 Primary Competition: Ritz-Carlton St. Thomas USVI 1996 180 $459-$549 Secret Harbor St. Thomas USVI 1967 70 $350-$725 Marriott St. Thomas USVI 1973 468 $439-$509 Westin St. John USVI 1986 96 $435-$629 Secondary Competition: Autograph Collection Scrub British VI 2010 59 $469-$669 Caneel Bay* St. John USVI N/A 166 $779-$1,279 Gallows Point* St. John USVI N/A 60 $345-$695 *Do not report to Smith Travel Research Hotels Under Construction, Announced or Rumored The Field Research for this project revealed the following hotels under construction, announced, or rumored within the Competitive Market Set that would compete with the proposed hotel. Under Construction A 250-room Margaritaville Resort by Wydham Hotels Vacation Time Share is under development on the east end of St. Thomas. Announced A 150-room Embassy Suites by Hilton Hotels has been announced at the Mahogany Run Golf Course on the north side of St. Thomas. Rumored A 50-room luxury hotel is rumored to be developed on Water Island in St. Thomas. Charlotte Amalie, Saint Thomas, United States Virgin Islands Page E-2

Smith Travel Research, Inc. Smith Travel Research, Inc. (STR) is an American company based in Hendersonville, Tennessee, that tracks supply and demand data for the hotel industry and provides market share analysis for all major hotel chains and brands in the United States, Canada, Mexico and the Caribbean. STR is associated with STR Global. RRC Associates. STR Analytics and HotelNewsNow.com. The hotel markets served are worldwide with more than 150 employees. Offices are located in: History Hendersonville (Nashville), Tennessee Rocky River (Cleveland), Ohio Boulder, Colorado STR was founded in 1985 by Randy and Carolyn Smith in Lancaster, Pennsylvania. The Smiths built the company with a focus on providing overall performance data and trends to the hotel industry. In the beginning, they developed a database with names, addresses and phone numbers of established hotel companies in the United States to create the Census Database. Randy Smith was contacted by Holiday Inn multiple times and urged to create a market share report. By 1988, the company launched the first Smith Travel Accommodations Report (STAR), a monthly report that includes data from hotels and measures each property's market share performance against a self-selected competitive set. STAR currently tracks nearly 40,000 properties. STR Family of Companies STR Global In 2008, STR combined its operations outside North America with Deloitte to form STR Global. STR continues serving the North American markets, while STR Global caters to a global audience. STR Global has its main office in London, with regional offices in Italy, Singapore, Tokyo, Jakarta, Sydney and Beijing. Charlotte Amalie, Saint Thomas, United States Virgin Islands Page E-7

HotelNewsNow.com STR launched HotelNewsNow.com in 2008. HotelNewsNow.com provides the global hotel industry with news coverage and hotel analysis that leverages its first access to data from the STR family of companies. This division comprises a multimedia website and collection of e-newsletters, including the Daily Update, Hotel Investment Barometer and Product Showcase. HotelNewsNow.com also hosts The Baird/STR Hotel Stock Index, a co-branded index created by Robert W. Baird & Co. and STR. The Index tracks the stock price movements associated with U.S. focused and domestically-based hotel companies. HotelNewsNow.com is based in Rocky River, Ohio. RRC Associates STR acquired RRC Associates in 2008. RRC is a consulting firm that provides market research, strategic analysis, community and land use planning services. RRC specializes in the collection and analysis of customer feedback via web, internet, mail or phone surveys. In addition, RRC operates the Boulder Focus Center, a qualitative research facility designed for state of the art research including surveys and focus groups. RRC Associates is based in Boulder, Colorado. STR Analytics STR Analytics utilizes the STR database and cross-references it with other data to provide objective trend-based analysis and empirical data about the lodging industry. STR Analytics is based in Boulder, Colorado. Trend Report One of the more requested reports by hotel developers, investors and the financial community of the Hotel Industry is the STR Trend Report. This is because it is pure uncorrupted data. Example: The night desk clerk at a hotel posts the room rate and appropriate taxes to each guest room folio. The total of the room revenue and number of occupied rooms is transmitted each day at 4:00 A.M. to the appropriate franchise corporate office, such as: Hilton Hotels to Memphis, Tennessee Holiday Inn to Atlanta Georgia, etc. Each morning the franchise company knows how many hotel rooms were rented (occupancy) and the total of room revenue of each of their hotels worldwide. Charlotte Amalie, Saint Thomas, United States Virgin Islands Page E-8

Every franchise hotel company, and many independent hotels, provide their room data to STR each day of the week, STR then produces Occupancy and Daily Average Rates data of various hotel segments and locations worldwide. Developers, consultants, financial executives and the general public can order a STR Trend Report of a specific set of hotels in specific locations. A report for the Competitive Market Set of Hotels ordered by Interim Hospitality Consultants follows. Glossary Terms used in the various Smith Travel Research reports of importance in this Study are defined as follows. Occ (Occupancy) Rooms sold divided by rooms available. Occupancy is always displayed as a percentage of rooms occupied. ADR (Average Daily Rate) Room revenue divided by rooms sold, displayed as the average rental rate for a single room. RevPAR (Revenue Per Available Room) Room revenue divided by rooms available. See Tab 10 of the STR Report for additional definitions. Charlotte Amalie, Saint Thomas, United States Virgin Islands Page E-9

Smith Travel Research Competitive Market Set The following hotels were combined to report their historical Occupancy and Average Daily Rate from January 2009 through March 2015. Hotel City Date Opened Number of Rooms Bluebeard`s Castle Resort Charlotte Amalie, STT Jan 1929 170 Bolongo Bay Beach Resort Charlotte Amalie, STT Jun 1969 74 The Green Iguana Hotel St Thomas, STT May 1981 9 Marriott Frenchman`s Reef & Morning Star Beach Resort Charlotte Amalie, STT Jun 1973 468 Ritz-Carlton St Thomas St Thomas, STT Jan 1996 180 Secret Harbour Beach Resort Charlotte Amalie, STT Jan 1967 70 Best Western Carib Beach Resort Charlotte Amalie, STT Jun 1950 51 Best Western Plus Emerald Beach Resort Charlotte Amalie, STT Jan 1991 90 The Buccaneer Christiansted, STC Jan 1946 138 Autograph Collection Scrub Island Resort Scrub Feb 2010 59 Westin St John Resort & Villas Great Cruz Bay, STJ Jan 1986 96 Caneel Bay Resort Cruz Bay, STJ Jan 1956 166 Renaissance St Croix Carambola Beach Resort & Spa Kingshill, STC Jan 1986 151 Total Rooms: 1,722 Source: Smith Travel Research, Hendersonville, Tennessee Note: Room counts in the Smith Travel Research Occupancy Data may vary from the room count reported by individual hotels due to usage of the rooms by the hotel management. Competitive Market Set Saint Thomas, Virgin Islands 2009 2010 Month Occupancy ADR RevPAR Month Occupancy ADR RevPAR Jan 64.3 361.83 232.54 Jan 73.2 363.21 265.94 Feb 77.7 393.01 305.56 Feb 83.6 376.64 314.75 Mar 77.2 371.01 286.46 Mar 83.1 402.33 334.27 Apr 73.0 316.36 231.08 Apr 73.1 322.43 235.61 May 74.3 244.26 181.39 May 68.1 249.25 169.71 Jun 77.0 225.29 173.41 Jun 78.6 239.03 187.85 Jul 78.9 214.09 168.90 Jul 80.4 222.59 178.89 Aug 64.6 188.39 121.74 Aug 60.5 196.27 118.72 Sep 45.0 155.37 69.96 Sep 41.8 146.26 61.07 Oct 58.2 166.86 97.08 Oct 48.9 165.76 81.07 Nov 65.0 242.61 157.59 Nov 56.1 246.71 138.39 Dec 64.6 383.80 248.11 Dec 62.4 420.54 262.58 Source: Smith Travel Research, Hendersonville, Tennessee Charlotte Amalie, Saint Thomas, United States Virgin Islands Page E-10

Competitive Market Set Saint Thomas, Virgin Islands 2011 2012 Month Occupancy ADR RevPAR Month Occupancy ADR RevPAR Jan 70.2 354.95 249.29 Jan 71.2 370.31 263.82 Feb 77.0 398.03 306.49 Feb 80.1 404.46 323.87 Mar 78.5 378.31 297.00 Mar 80.9 408.27 330.14 Apr 66.9 302.94 202.63 Apr 74.9 333.79 250.04 May 50.8 269.51 136.84 May 66.8 264.38 176.61 Jun 55.3 256.96 141.99 Jun 73.6 251.55 185.11 Jul 62.2 238.52 148.26 Jul 73.3 245.08 179.57 Aug 49.6 214.80 106.59 Aug 60.8 220.29 134.01 Sep 34.3 172.71 59.19 Sep 40.9 176.47 72.10 Oct 47.7 183.21 87.35 Oct 49.5 183.31 90.67 Nov 62.6 238.79 149.37 Nov 63.0 251.04 158.26 Dec 70.4 409.58 288.55 Dec 73.2 375.51 274.86 Source: Smith Travel Research, Hendersonville, Tennessee Competitive Market Set Saint Thomas, Virgin Islands 2013 2014 Month Occupancy ADR RevPAR Month Occupancy ADR RevPAR Jan 72.9 376.22 274.35 Jan 71.0 389.83 276.91 Feb 82.9 410.76 340.46 Feb 77.9 422.72 329.50 Mar 83.0 416.28 345.47 Mar 76.6 408.78 312.98 Apr 70.5 313.79 221.32 Apr 71.2 329.28 234.40 May 64.4 267.91 172.61 May 68.6 265.69 182.25 Jun 65.0 266.85 173.57 Jun 68.6 263.03 180.51 Jul 68.4 254.48 174.09 Jul 72.8 256.16 186.58 Aug 58.7 216.62 127.14 Aug 60.4 211.90 128.01 Sep 39.0 180.24 70.24 Sep 44.6 170.94 76.32 Oct 43.7 181.18 79.11 Oct 56.1 189.39 106.26 Nov 60.6 257.95 156.23 Nov 66.9 268.03 179.39 Dec 62.6 406.72 254.64 Dec 75.1 419.38 314.79 Source: Smith Travel Research, Hendersonville, Tennessee Charlotte Amalie, Saint Thomas, United States Virgin Islands Page E-11

Standard Historical Trends Saint Thomas, Virgin Islands Competitive Market Set 2015* 2014 Month Occ ADR RevPAR Occ ADR RevPAR January 76.4 405.57 309.71 71.0 389.83 276.91 February 87.6 446.02 390.82 77.9 422.72 329.50 March 88.8 433.43 384.76 76.6 408.78 312.98 1 st Qtr. Totals: 84.3 428.34 361.79 75.2 407.11 323.39 Increase: 12.1% 5.2% 11.9% *January through March only Source: Smith Travel Research, Hendersonville, Tennessee Market Trend Saint Thomas, Virgin Islands Competitive Market Set Year Occupancy Average Daily Rate RevPAR 2009 68.5 278.00 190.54 2010 67.4 289.43 195.03 2011 60.6 A 299.64 181.51 2012 67.6 302.44 204.52 2013 64.6 B 310.26 200.34 2014 67.7 310.87 210.61 Source: Smith Travel Research, Hendersonville, Tennessee A US Recession of 2008-2010 was late in arriving. B Lower occupancy April-December due to tropical weather. Charlotte Amalie, Saint Thomas, United States Virgin Islands Page E-12

Trend Report Saint Thomas, United States Virgin Islands Market Set Year Occupancy ADR RevPAR 2009 68.5 278.00 190.54 2010 67.4 289.43 195.03 2011 60.6 299.64 181.51 2012 67.6 302.44 204.52 2013 64.6 310.26 200.34 2014 67.7 310.87 210.61 350.0 300.0 250.0 200.0 150.0 100.0 50.0 0.0 2009 2010 2011 2012 2013 2014 Source: Smith Travel Research, Hendersonville, Tennessee

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 Charlotte Amalie, STT Area Selected Properties January 2009 to March 2015 Currency: USD - US Dollar Table of Contents 1 Tab Data by Measure 2 Percent Change by Measure 3 Percent Change by Year 4 Twelve Month Moving Average 5 Twelve Month Moving Average with Percent Change 6 Day of Week Analysis 7 Raw Data 8 Classic 9 Response Report 10 Help 11 Terms and Conditions 12 Job Number: 675119_SADIM Staff: SS Created: April 30, 2015

Tab 2 - Data by Measure Charlotte Amalie, STT Area Selected Properties Job Number: 675119_SADIM Staff: SS Created: April 30, 2015 Occupancy (%) January February March April May June July August September October November December Total Year Mar YTD 2009 64.3 77.7 77.2 73.0 74.3 77.0 78.9 64.6 45.0 58.2 65.0 64.6 68.5 72.9 2010 73.2 83.6 83.1 73.1 68.1 78.6 80.4 60.5 41.8 48.9 56.1 62.4 67.4 79.9 2011 70.2 77.0 78.5 66.9 50.8 55.3 62.2 49.6 34.3 47.7 62.6 70.4 60.6 75.2 2012 71.2 80.1 80.9 74.9 66.8 73.6 73.3 60.8 40.9 49.5 63.0 73.2 67.6 77.3 2013 72.9 82.9 83.0 70.5 64.4 65.0 68.4 58.7 39.0 43.7 60.6 62.6 64.6 79.5 2014 71.0 77.9 76.6 71.2 68.6 68.6 72.8 60.4 44.6 56.1 66.9 75.1 67.7 75.0 2015 76.4 87.6 88.8 84.1 Avg 71.3 81.0 81.1 71.6 65.4 69.7 72.6 59.1 40.9 50.5 62.3 68.0 66.0 77.7 ADR ($) January February March April May June July August September October November December Total Year Mar YTD 2009 361.83 393.01 371.01 316.36 244.26 225.29 214.09 188.39 155.37 166.86 242.61 383.80 278.00 375.52 2010 363.21 376.64 402.33 322.43 249.25 239.03 222.59 196.27 146.26 165.76 246.71 420.54 289.43 381.77 2011 354.95 398.03 378.31 302.94 269.51 256.96 238.52 214.80 172.71 183.21 238.79 409.58 299.64 377.08 2012 370.31 404.46 408.27 333.79 264.38 251.55 245.08 220.29 176.47 183.31 251.04 375.51 302.44 394.98 2013 376.22 410.76 416.28 313.79 267.91 266.85 254.48 216.62 180.24 181.18 257.95 406.72 310.26 401.83 2014 389.83 422.72 408.78 329.28 265.69 263.03 256.16 211.90 170.94 189.39 268.03 419.38 310.87 406.86 2015 405.57 446.02 433.43 428.79 Avg 374.86 407.37 403.15 319.99 259.43 249.32 237.64 207.60 166.16 177.95 250.91 402.39 298.24 395.56 RevPAR ($) January February March April May June July August September October November December Total Year Mar YTD 2009 232.54 305.56 286.46 231.08 181.39 173.41 168.90 121.74 69.96 97.08 157.59 248.11 190.54 273.83 2010 265.94 314.75 334.27 235.61 169.71 187.85 178.89 118.72 61.07 81.07 138.39 262.58 195.03 305.05 2011 249.29 306.49 297.00 202.63 136.84 141.99 148.26 106.59 59.19 87.35 149.37 288.55 181.51 283.52 2012 263.82 323.87 330.14 250.04 176.61 185.11 179.57 134.01 72.10 90.67 158.26 274.86 204.52 305.32 2013 274.35 340.46 345.47 221.32 172.61 173.57 174.09 127.14 70.24 79.11 156.23 254.64 200.34 319.41 2014 276.91 329.50 312.98 234.40 182.25 180.51 186.58 128.01 76.32 106.26 179.39 314.79 210.61 305.27 2015 309.71 390.82 384.76 360.79 Avg 267.28 329.79 327.06 229.10 169.73 173.67 172.60 122.64 67.93 89.89 156.33 273.71 196.97 307.29 Supply January February March April May June July August September October November December Total Year Mar YTD 2009 55,087 49,756 55,087 53,310 55,087 53,310 55,087 55,087 48,330 49,941 53,310 55,087 638,479 159,930 2010 55,087 51,212 56,699 54,870 56,699 54,870 56,699 56,699 54,870 56,699 54,870 56,699 665,973 162,998 2011 56,699 51,212 56,637 54,810 56,637 54,810 56,637 56,637 49,830 56,637 54,810 56,699 662,055 164,548 2012 56,234 50,792 56,079 54,270 56,203 54,390 56,203 56,203 49,410 51,057 54,390 56,203 651,434 163,105 2013 56,110 50,680 56,110 54,300 56,110 54,300 56,110 56,110 49,320 50,964 54,300 56,110 650,524 162,900 2014 56,110 48,552 53,754 52,020 53,754 52,020 53,754 53,754 47,010 48,577 51,990 53,723 625,018 158,416 2015 53,413 48,216 53,382 155,011 Avg 55,534 50,060 55,393 53,930 55,748 53,950 55,748 55,748 49,795 52,313 53,945 55,754 648,914 160,987 Demand January February March April May June July August September October November December Total Year Mar YTD 2009 35,403 38,684 42,533 38,938 40,908 41,033 43,460 35,598 21,762 29,057 34,628 35,611 437,616 116,620 2010 40,335 42,797 47,108 40,095 38,606 43,122 45,568 34,296 22,909 27,729 30,780 35,402 448,747 130,240 2011 39,821 39,434 44,464 36,661 28,756 30,286 35,204 28,106 17,076 27,004 34,285 39,944 401,043 123,720 2012 40,062 40,671 45,347 40,654 37,545 40,024 41,179 34,188 20,186 25,255 34,287 41,138 440,535 126,081 2013 40,916 42,006 46,565 38,298 36,151 35,319 38,385 32,932 19,219 22,253 32,888 35,130 420,062 129,488 2014 39,857 37,845 41,156 37,031 36,872 35,700 39,152 32,472 20,988 27,255 34,796 40,325 423,449 118,858 2015 40,788 42,249 47,388 130,426 Avg 39,598 40,527 44,937 38,613 36,473 37,581 40,491 32,932 20,357 26,425 33,611 37,925 428,575 125,062

Tab 2 - Data by Measure Charlotte Amalie, STT Area Selected Properties Job Number: 675119_SADIM Staff: SS Created: April 30, 2015 2009 12,810,098 15,203,249 15,780,219 12,318,649 9,992,118 9,244,244 9,304,460 6,706,316 3,381,106 4,848,340 8,401,163 13,667,402 121,657,362 43,793,566 2010 14,649,859 16,119,083 18,952,829 12,928,019 9,622,478 10,307,405 10,143,075 6,731,299 3,350,751 4,596,343 7,593,565 14,887,920 129,882,624 49,721,772 2011 14,134,585 15,696,173 16,821,404 11,106,117 7,750,012 7,782,266 8,396,825 6,036,989 2,949,272 4,947,243 8,186,994 16,360,274 120,168,156 46,652,162 2012 14,835,501 16,450,012 18,513,935 13,569,933 9,926,067 10,068,098 10,092,149 7,531,549 3,562,288 4,629,552 8,607,536 15,447,766 133,234,388 49,799,449 2013 15,393,702 17,254,638 19,384,267 12,017,530 9,685,276 9,424,861 9,768,059 7,133,667 3,464,020 4,031,716 8,483,329 14,288,104 130,329,168 52,032,606 2014 15,537,323 15,997,825 16,823,876 12,193,518 9,796,617 9,390,048 10,029,336 6,880,896 3,587,666 5,161,655 9,326,639 16,911,372 131,636,772 48,359,024 2015 16,542,497 18,843,987 20,539,311 55,925,795 Avg 14,843,366 16,509,281 18,116,549 12,355,627 9,462,095 9,369,487 9,622,317 6,836,786 3,382,517 4,702,475 8,433,204 15,260,473 127,818,078 49,469,196

Tab 3 - Percent Change from Previous Year - Detail by Measure Charlotte Amalie, STT Area Selected Properties Job Number: 675119_SADIM Staff: SS Created: April 30, 2015 Occupancy January February March April May June July August September October November December Total Year Mar YTD 2010 13.9 7.5 7.6 0.0-8.3 2.1 1.9-6.4-7.3-15.9-13.6-3.4-1.7 9.6 2011-4.1-7.9-5.5-8.5-25.4-29.7-22.7-18.0-17.9-2.5 11.5 12.8-10.1-5.9 2012 1.4 4.0 3.0 12.0 31.6 33.2 17.9 22.6 19.2 3.7 0.8 3.9 11.6 2.8 2013 2.4 3.5 2.6-5.8-3.6-11.6-6.6-3.5-4.6-11.7-3.9-14.5-4.5 2.8 2014-2.6-6.0-7.7 0.9 6.5 5.5 6.5 2.9 14.6 28.5 10.5 19.9 4.9-5.6 2015 7.5 12.4 15.9 12.1 Avg 3.1 2.3 2.7-0.3 0.1-0.1-0.6-0.5 0.8 0.4 1.0 3.7 0.1 2.6 ADR January February March April May June July August September October November December Total Year Mar YTD 2010 0.4-4.2 8.4 1.9 2.0 6.1 4.0 4.2-5.9-0.7 1.7 9.6 4.1 1.7 2011-2.3 5.7-6.0-6.0 8.1 7.5 7.2 9.4 18.1 10.5-3.2-2.6 3.5-1.2 2012 4.3 1.6 7.9 10.2-1.9-2.1 2.8 2.6 2.2 0.1 5.1-8.3 0.9 4.7 2013 1.6 1.6 2.0-6.0 1.3 6.1 3.8-1.7 2.1-1.2 2.8 8.3 2.6 1.7 2014 3.6 2.9-1.8 4.9-0.8-1.4 0.7-2.2-5.2 4.5 3.9 3.1 0.2 1.3 2015 4.0 5.5 6.0 5.4 Avg 1.9 2.2 2.8 1.0 1.8 3.2 3.7 2.5 2.3 2.7 2.1 2.0 2.3 2.3 RevPAR January February March April May June July August September October November December Total Year Mar YTD 2010 14.4 3.0 16.7 2.0-6.4 8.3 5.9-2.5-12.7-16.5-12.2 5.8 2.4 11.4 2011-6.3-2.6-11.1-14.0-19.4-24.4-17.1-10.2-3.1 7.8 7.9 9.9-6.9-7.1 2012 5.8 5.7 11.2 23.4 29.1 30.4 21.1 25.7 21.8 3.8 5.9-4.7 12.7 7.7 2013 4.0 5.1 4.6-11.5-2.3-6.2-3.1-5.1-2.6-12.8-1.3-7.4-2.0 4.6 2014 0.9-3.2-9.4 5.9 5.6 4.0 7.2 0.7 8.7 34.3 14.8 23.6 5.1-4.4 2015 11.8 18.6 22.9 18.2 Avg 5.1 4.4 5.8 1.2 1.3 2.4 2.8 1.7 2.4 3.3 3.0 5.4 2.2 5.1 Supply January February March April May June July August September October November December Total Year Mar YTD 2010 0.0 2.9 2.9 2.9 2.9 2.9 2.9 2.9 13.5 13.5 2.9 2.9 4.3 1.9 2011 2.9 0.0-0.1-0.1-0.1-0.1-0.1-0.1-9.2-0.1-0.1 0.0-0.6 1.0 2012-0.8-0.8-1.0-1.0-0.8-0.8-0.8-0.8-0.8-9.9-0.8-0.9-1.6-0.9 2013-0.2-0.2 0.1 0.1-0.2-0.2-0.2-0.2-0.2-0.2-0.2-0.2-0.1-0.1 2014 0.0-4.2-4.2-4.2-4.2-4.2-4.2-4.2-4.7-4.7-4.3-4.3-3.9-2.8 2015-4.8-0.7-0.7-2.1 Avg -0.5-0.5-0.5-0.5-0.5-0.5-0.5-0.5-0.3-0.3-0.5-0.5-0.4-0.5 Demand January February March April May June July August September October November December Total Year Mar YTD 2010 13.9 10.6 10.8 3.0-5.6 5.1 4.8-3.7 5.3-4.6-11.1-0.6 2.5 11.7 2011-1.3-7.9-5.6-8.6-25.5-29.8-22.7-18.1-25.5-2.6 11.4 12.8-10.6-5.0 2012 0.6 3.1 2.0 10.9 30.6 32.2 17.0 21.6 18.2-6.5 0.0 3.0 9.8 1.9 2013 2.1 3.3 2.7-5.8-3.7-11.8-6.8-3.7-4.8-11.9-4.1-14.6-4.6 2.7 2014-2.6-9.9-11.6-3.3 2.0 1.1 2.0-1.4 9.2 22.5 5.8 14.8 0.8-8.2 2015 2.3 11.6 15.1 9.7 Avg 2.5 1.8 2.2-0.8-0.5-0.6-1.1-1.0 0.5-0.6 0.4 3.1-0.4 2.1 Revenue January February March April May June July August September October November December Total Year Mar YTD 2010 14.4 6.0 20.1 4.9-3.7 11.5 9.0 0.4-0.9-5.2-9.6 8.9 6.8 13.5 2011-3.5-2.6-11.2-14.1-19.5-24.5-17.2-10.3-12.0 7.6 7.8 9.9-7.5-6.2 2012 5.0 4.8 10.1 22.2 28.1 29.4 20.2 24.8 20.8-6.4 5.1-5.6 10.9 6.7 2013 3.8 4.9 4.7-11.4-2.4-6.4-3.2-5.3-2.8-12.9-1.4-7.5-2.2 4.5 2014 0.9-7.3-13.2 1.5 1.1-0.4 2.7-3.5 3.6 28.0 9.9 18.4 1.0-7.1 2015 6.5 17.8 22.1 15.6 Avg 4.5 3.9 5.4 0.6 0.7 1.9 2.3 1.2 1.7 2.2 2.4 4.8 1.8 4.5 STR s Trend Report is a publication of STR, Inc. and is intended solely for use by paid subscribers. Reproduction or distribution of the Trend Report, in whole or part, without written permission of STR is prohibited and subject to legal action. Site licenses are available. Ownership, distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with STR. Source 2015 STR, Inc.

Tab 4 - Percent Change from Previous Year - Detail by Year Charlotte Amalie, STT Area Selected Properties Job Number: 675119_SADIM Staff: SS Created: April 30, 2015 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Total Year Mar YTD Occ 13.9 7.5 7.6 0.0-8.3 2.1 1.9-6.4-7.3-15.9-13.6-3.4-1.7 9.6 ADR 0.4-4.2 8.4 1.9 2.0 6.1 4.0 4.2-5.9-0.7 1.7 9.6 4.1 1.7 RevPAR 14.4 3.0 16.7 2.0-6.4 8.3 5.9-2.5-12.7-16.5-12.2 5.8 2.4 11.4 Supply 0.0 2.9 2.9 2.9 2.9 2.9 2.9 2.9 13.5 13.5 2.9 2.9 4.3 1.9 Demand 13.9 10.6 10.8 3.0-5.6 5.1 4.8-3.7 5.3-4.6-11.1-0.6 2.5 11.7 Revenue 14.4 6.0 20.1 4.9-3.7 11.5 9.0 0.4-0.9-5.2-9.6 8.9 6.8 13.5 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Total Year Mar YTD Occ -4.1-7.9-5.5-8.5-25.4-29.7-22.7-18.0-17.9-2.5 11.5 12.8-10.1-5.9 ADR -2.3 5.7-6.0-6.0 8.1 7.5 7.2 9.4 18.1 10.5-3.2-2.6 3.5-1.2 RevPAR -6.3-2.6-11.1-14.0-19.4-24.4-17.1-10.2-3.1 7.8 7.9 9.9-6.9-7.1 Supply 2.9 0.0-0.1-0.1-0.1-0.1-0.1-0.1-9.2-0.1-0.1 0.0-0.6 1.0 Demand -1.3-7.9-5.6-8.6-25.5-29.8-22.7-18.1-25.5-2.6 11.4 12.8-10.6-5.0 Revenue -3.5-2.6-11.2-14.1-19.5-24.5-17.2-10.3-12.0 7.6 7.8 9.9-7.5-6.2 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Total Year Mar YTD Occ 1.4 4.0 3.0 12.0 31.6 33.2 17.9 22.6 19.2 3.7 0.8 3.9 11.6 2.8 ADR 4.3 1.6 7.9 10.2-1.9-2.1 2.8 2.6 2.2 0.1 5.1-8.3 0.9 4.7 RevPAR 5.8 5.7 11.2 23.4 29.1 30.4 21.1 25.7 21.8 3.8 5.9-4.7 12.7 7.7 Supply -0.8-0.8-1.0-1.0-0.8-0.8-0.8-0.8-0.8-9.9-0.8-0.9-1.6-0.9 Demand 0.6 3.1 2.0 10.9 30.6 32.2 17.0 21.6 18.2-6.5 0.0 3.0 9.8 1.9 Revenue 5.0 4.8 10.1 22.2 28.1 29.4 20.2 24.8 20.8-6.4 5.1-5.6 10.9 6.7 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Total Year Mar YTD Occ 2.4 3.5 2.6-5.8-3.6-11.6-6.6-3.5-4.6-11.7-3.9-14.5-4.5 2.8 ADR 1.6 1.6 2.0-6.0 1.3 6.1 3.8-1.7 2.1-1.2 2.8 8.3 2.6 1.7 RevPAR 4.0 5.1 4.6-11.5-2.3-6.2-3.1-5.1-2.6-12.8-1.3-7.4-2.0 4.6 Supply -0.2-0.2 0.1 0.1-0.2-0.2-0.2-0.2-0.2-0.2-0.2-0.2-0.1-0.1 Demand 2.1 3.3 2.7-5.8-3.7-11.8-6.8-3.7-4.8-11.9-4.1-14.6-4.6 2.7 Revenue 3.8 4.9 4.7-11.4-2.4-6.4-3.2-5.3-2.8-12.9-1.4-7.5-2.2 4.5 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Total Year Mar YTD Occ -2.6-6.0-7.7 0.9 6.5 5.5 6.5 2.9 14.6 28.5 10.5 19.9 4.9-5.6 ADR 3.6 2.9-1.8 4.9-0.8-1.4 0.7-2.2-5.2 4.5 3.9 3.1 0.2 1.3 RevPAR 0.9-3.2-9.4 5.9 5.6 4.0 7.2 0.7 8.7 34.3 14.8 23.6 5.1-4.4 Supply 0.0-4.2-4.2-4.2-4.2-4.2-4.2-4.2-4.7-4.7-4.3-4.3-3.9-2.8 Demand -2.6-9.9-11.6-3.3 2.0 1.1 2.0-1.4 9.2 22.5 5.8 14.8 0.8-8.2 Revenue 0.9-7.3-13.2 1.5 1.1-0.4 2.7-3.5 3.6 28.0 9.9 18.4 1.0-7.1 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15 Dec 15 Total Year Mar YTD Occ 7.5 12.4 15.9 12.1 ADR 4.0 5.5 6.0 5.4 RevPAR 11.8 18.6 22.9 18.2 Supply -4.8-0.7-0.7-2.1 Demand 2.3 11.6 15.1 9.7 Revenue 6.5 17.8 22.1 15.6 STR s Trend Report is a publication of STR, Inc. and is intended solely for use by paid subscribers. Reproduction or distribution of the Trend Report, in whole or part, without written permission of STR is prohibited and subject to legal action. Site licenses are available. Ownership, distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with STR. Source 2015 STR, Inc.

Tab 5 - Twelve Month Moving Average Charlotte Amalie, STT Area Selected Properties Job Number: 675119_SADIM Staff: SS Created: April 30, 2015 Occupancy (%) January February March April May June July August September October November December 2010 69.3 69.8 70.3 70.3 69.8 70.0 70.1 69.7 69.2 68.3 67.6 67.4 2011 67.1 66.6 66.2 65.7 64.3 62.4 60.8 59.9 59.5 59.4 59.9 60.6 2012 60.7 60.9 61.1 61.7 63.1 64.6 65.6 66.5 67.0 67.3 67.4 67.6 2013 67.8 68.0 68.2 67.8 67.6 66.9 66.5 66.3 66.1 65.7 65.5 64.6 2014 64.4 64.0 63.4 63.4 63.7 64.0 64.4 64.6 65.1 66.1 66.7 67.7 2015 68.2 68.9 70.0 ADR ($) January February March April May June July August September October November December 2010 279.06 278.54 282.75 283.37 284.00 285.04 285.56 286.44 285.65 285.93 286.58 289.43 2011 288.62 289.85 286.76 284.85 287.03 289.81 292.91 295.71 299.07 300.52 299.36 299.64 2012 301.21 302.15 305.69 308.74 307.45 305.79 305.48 304.65 303.89 304.38 305.34 302.44 2013 303.12 304.02 305.15 303.26 303.67 305.48 306.70 306.67 307.13 307.89 308.61 310.26 2014 311.39 311.48 309.34 310.74 310.46 310.09 310.14 309.87 308.84 307.85 308.46 310.87 2015 312.55 315.98 320.00 RevPAR ($) January February March April May June July August September October November December 2010 193.42 194.41 198.87 199.34 198.27 199.43 200.23 199.77 197.73 195.34 193.66 195.03 2011 193.78 193.15 189.98 187.26 184.47 180.71 178.11 177.08 177.82 178.37 179.28 181.51 2012 182.69 183.95 186.67 190.55 193.98 197.57 200.27 202.67 203.74 204.99 205.77 204.52 2013 205.42 206.69 208.02 205.63 205.28 204.33 203.86 203.27 203.15 202.26 202.10 200.34 2014 200.57 199.29 196.05 197.02 197.91 198.57 199.71 200.05 200.98 203.54 205.63 210.61 2015 213.14 217.83 223.94 Supply January February March April May June July August September October November December 2010 638,479 639,935 641,547 643,107 644,719 646,279 647,891 649,503 656,043 662,801 664,361 665,973 2011 667,585 667,585 667,523 667,463 667,401 667,341 667,279 667,217 662,177 662,115 662,055 662,055 2012 661,590 661,170 660,612 660,072 659,638 659,218 658,784 658,350 657,930 652,350 651,930 651,434 2013 651,310 651,198 651,229 651,259 651,166 651,076 650,983 650,890 650,800 650,707 650,617 650,524 2014 650,524 648,396 646,040 643,760 641,404 639,124 636,768 634,412 632,102 629,715 627,405 625,018 2015 622,321 621,985 621,613 Demand January February March April May June July August September October November December 2010 442,547 446,660 451,236 452,393 450,091 452,180 454,287 452,986 454,133 452,805 448,956 448,747 2011 448,233 444,871 442,227 438,792 428,943 416,107 405,744 399,553 393,720 392,994 396,500 401,043 2012 401,284 402,520 403,403 407,396 416,184 425,922 431,896 437,979 441,089 439,340 439,342 440,535 2013 441,389 442,724 443,942 441,587 440,193 435,488 432,694 431,437 430,471 427,469 426,070 420,062 2014 419,002 414,841 409,432 408,165 408,886 409,267 410,034 409,575 411,344 416,346 418,254 423,449 2015 424,380 428,784 435,017 Revenue ($) January February March April May June July August September October November December 2010 123,497,123 124,412,957 127,585,567 128,194,937 127,825,297 128,888,458 129,727,073 129,752,056 129,721,701 129,469,704 128,662,106 129,882,624 2011 129,367,350 128,944,440 126,813,014 124,991,113 123,118,647 120,593,509 118,847,259 118,152,950 117,751,471 118,102,372 118,695,802 120,168,156 2012 120,869,072 121,622,911 123,315,442 125,779,258 127,955,313 130,241,146 131,936,469 133,431,029 134,044,045 133,726,354 134,146,895 133,234,388 2013 133,792,588 134,597,214 135,467,545 133,915,142 133,674,351 133,031,113 132,707,024 132,309,142 132,210,873 131,613,038 131,488,831 130,329,168 2014 130,472,790 129,215,977 126,655,586 126,831,574 126,942,916 126,908,103 127,169,379 126,916,608 127,040,254 128,170,193 129,013,503 131,636,772 2015 132,641,946 135,488,108 139,203,543 High value is boxed. Low value is boxed and italicized. STR s Trend Report is a publication of STR, Inc. and is intended solely for use by paid subscribers. Reproduction or distribution of the Trend Report, in whole or part, without written permission of STR is prohibited and subject to legal action. Site licenses are available. Ownership, distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with STR. Source 2015 STR, Inc.

Tab 6 - Twelve Month Moving Average with Percent Change Charlotte Amalie, STT Area Selected Properties Job Number: 675119_SADIM Staff: SS Created: April 30, 2015 Date Occupancy ADR RevPar Supply Demand Revenue This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg Jan 10 69.3 279.06 193.42 638,479 442,547 123,497,123 Feb 10 69.8 278.54 194.41 639,935 446,660 124,412,957 Mar 10 70.3 282.75 198.87 641,547 451,236 127,585,567 Apr 10 70.3 283.37 199.34 643,107 452,393 128,194,937 May 10 69.8 284.00 198.27 644,719 450,091 127,825,297 Jun 10 70.0 285.04 199.43 646,279 452,180 128,888,458 Jul 10 70.1 285.56 200.23 647,891 454,287 129,727,073 Aug 10 69.7 286.44 199.77 649,503 452,986 129,752,056 Sep 10 69.2 285.65 197.73 656,043 454,133 129,721,701 Oct 10 68.3 285.93 195.34 662,801 452,805 129,469,704 Nov 10 67.6 286.58 193.66 664,361 448,956 128,662,106 Dec 10 67.4-1.7 289.43 4.1 195.03 2.4 665,973 4.3 448,747 2.5 129,882,624 6.8 Jan 11 67.1-3.1 288.62 3.4 193.78 0.2 667,585 4.6 448,233 1.3 129,367,350 4.8 Feb 11 66.6-4.5 289.85 4.1 193.15-0.7 667,585 4.3 444,871-0.4 128,944,440 3.6 Mar 11 66.2-5.8 286.76 1.4 189.98-4.5 667,523 4.0 442,227-2.0 126,813,014-0.6 Apr 11 65.7-6.5 284.85 0.5 187.26-6.1 667,463 3.8 438,792-3.0 124,991,113-2.5 May 11 64.3-7.9 287.03 1.1 184.47-7.0 667,401 3.5 428,943-4.7 123,118,647-3.7 Jun 11 62.4-10.9 289.81 1.7 180.71-9.4 667,341 3.3 416,107-8.0 120,593,509-6.4 Jul 11 60.8-13.3 292.91 2.6 178.11-11.0 667,279 3.0 405,744-10.7 118,847,259-8.4 Aug 11 59.9-14.1 295.71 3.2 177.08-11.4 667,217 2.7 399,553-11.8 118,152,950-8.9 Sep 11 59.5-14.1 299.07 4.7 177.82-10.1 662,177 0.9 393,720-13.3 117,751,471-9.2 Oct 11 59.4-13.1 300.52 5.1 178.37-8.7 662,115-0.1 392,994-13.2 118,102,372-8.8 Nov 11 59.9-11.4 299.36 4.5 179.28-7.4 662,055-0.3 396,500-11.7 118,695,802-7.7 Dec 11 60.6-10.1 299.64 3.5 181.51-6.9 662,055-0.6 401,043-10.6 120,168,156-7.5 Jan 12 60.7-9.7 301.21 4.4 182.69-5.7 661,590-0.9 401,284-10.5 120,869,072-6.6 Feb 12 60.9-8.6 302.15 4.2 183.95-4.8 661,170-1.0 402,520-9.5 121,622,911-5.7 Mar 12 61.1-7.8 305.69 6.6 186.67-1.7 660,612-1.0 403,403-8.8 123,315,442-2.8 Apr 12 61.7-6.1 308.74 8.4 190.55 1.8 660,072-1.1 407,396-7.2 125,779,258 0.6 May 12 63.1-1.8 307.45 7.1 193.98 5.2 659,638-1.2 416,184-3.0 127,955,313 3.9 Jun 12 64.6 3.6 305.79 5.5 197.57 9.3 659,218-1.2 425,922 2.4 130,241,146 8.0 Jul 12 65.6 7.8 305.48 4.3 200.27 12.4 658,784-1.3 431,896 6.4 131,936,469 11.0 Aug 12 66.5 11.1 304.65 3.0 202.67 14.5 658,350-1.3 437,979 9.6 133,431,029 12.9 Sep 12 67.0 12.8 303.89 1.6 203.74 14.6 657,930-0.6 441,089 12.0 134,044,045 13.8 Oct 12 67.3 13.5 304.38 1.3 204.99 14.9 652,350-1.5 439,340 11.8 133,726,354 13.2 Nov 12 67.4 12.5 305.34 2.0 205.77 14.8 651,930-1.5 439,342 10.8 134,146,895 13.0 Dec 12 67.6 11.6 302.44 0.9 204.52 12.7 651,434-1.6 440,535 9.8 133,234,388 10.9 Jan 13 67.8 11.7 303.12 0.6 205.42 12.4 651,310-1.6 441,389 10.0 133,792,588 10.7 Feb 13 68.0 11.7 304.02 0.6 206.69 12.4 651,198-1.5 442,724 10.0 134,597,214 10.7 Mar 13 68.2 11.6 305.15-0.2 208.02 11.4 651,229-1.4 443,942 10.0 135,467,545 9.9

Tab 6 - Twelve Month Moving Average with Percent Change Charlotte Amalie, STT Area Selected Properties Job Number: 675119_SADIM Staff: SS Created: April 30, 2015 Date Occupancy ADR RevPar Supply Demand Revenue This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg Apr 13 67.8 9.9 303.26-1.8 205.63 7.9 651,259-1.3 441,587 8.4 133,915,142 6.5 May 13 67.6 7.1 303.67-1.2 205.28 5.8 651,166-1.3 440,193 5.8 133,674,351 4.5 Jun 13 66.9 3.5 305.48-0.1 204.33 3.4 651,076-1.2 435,488 2.2 133,031,113 2.1 Jul 13 66.5 1.4 306.70 0.4 203.86 1.8 650,983-1.2 432,694 0.2 132,707,024 0.6 Aug 13 66.3-0.4 306.67 0.7 203.27 0.3 650,890-1.1 431,437-1.5 132,309,142-0.8 Sep 13 66.1-1.3 307.13 1.1 203.15-0.3 650,800-1.1 430,471-2.4 132,210,873-1.4 Oct 13 65.7-2.5 307.89 1.2 202.26-1.3 650,707-0.3 427,469-2.7 131,613,038-1.6 Nov 13 65.5-2.8 308.61 1.1 202.10-1.8 650,617-0.2 426,070-3.0 131,488,831-2.0 Dec 13 64.6-4.5 310.26 2.6 200.34-2.0 650,524-0.1 420,062-4.6 130,329,168-2.2 Jan 14 64.4-5.0 311.39 2.7 200.57-2.4 650,524-0.1 419,002-5.1 130,472,790-2.5 Feb 14 64.0-5.9 311.48 2.5 199.29-3.6 648,396-0.4 414,841-6.3 129,215,977-4.0 Mar 14 63.4-7.0 309.34 1.4 196.05-5.8 646,040-0.8 409,432-7.8 126,655,586-6.5 Apr 14 63.4-6.5 310.74 2.5 197.02-4.2 643,760-1.2 408,165-7.6 126,831,574-5.3 May 14 63.7-5.7 310.46 2.2 197.91-3.6 641,404-1.5 408,886-7.1 126,942,916-5.0 Jun 14 64.0-4.3 310.09 1.5 198.57-2.8 639,124-1.8 409,267-6.0 126,908,103-4.6 Jul 14 64.4-3.1 310.14 1.1 199.71-2.0 636,768-2.2 410,034-5.2 127,169,379-4.2 Aug 14 64.6-2.6 309.87 1.0 200.05-1.6 634,412-2.5 409,575-5.1 126,916,608-4.1 Sep 14 65.1-1.6 308.84 0.6 200.98-1.1 632,102-2.9 411,344-4.4 127,040,254-3.9 Oct 14 66.1 0.6 307.85-0.0 203.54 0.6 629,715-3.2 416,346-2.6 128,170,193-2.6 Nov 14 66.7 1.8 308.46-0.0 205.63 1.7 627,405-3.6 418,254-1.8 129,013,503-1.9 Dec 14 67.7 4.9 310.87 0.2 210.61 5.1 625,018-3.9 423,449 0.8 131,636,772 1.0 Jan 15 68.2 5.9 312.55 0.4 213.14 6.3 622,321-4.3 424,380 1.3 132,641,946 1.7 Feb 15 68.9 7.8 315.98 1.4 217.83 9.3 621,985-4.1 428,784 3.4 135,488,108 4.9 Mar 15 70.0 10.4 320.00 3.4 223.94 14.2 621,613-3.8 435,017 6.2 139,203,543 9.9 STR s Trend Report is a publication of STR, Inc. and is intended solely for use by paid subscribers. Reproduction or distribution of the Trend Report, in whole or part, without written permission of STR is prohibited and subject to legal action. Site licenses are available. Ownership, distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with STR. Source 2015 STR, Inc.

Tab 7 - Day of Week Analysis Charlotte Amalie, STT Area Selected Properties Job Number: 675119_SADIM Staff: SS Created: April 30, 2015 Occupancy (%) Three Year Occupancy (%) Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year Apr - 14 68.8 68.4 69.1 69.9 74.8 73.8 74.3 71.2 Apr 12 - Mar 13 65.3 63.8 63.1 67.6 72.3 72.9 72.3 68.2 May - 14 66.6 60.9 63.0 67.6 72.6 73.6 72.5 68.6 Apr 13 - Mar 14 61.0 60.3 59.7 62.7 66.3 67.2 66.6 63.4 Jun - 14 62.6 65.1 66.4 68.8 72.3 73.5 73.9 68.6 Apr 14 - Mar 15 67.3 67.3 67.3 68.9 72.6 73.5 73.0 70.0 Jul - 14 69.2 72.4 70.7 73.1 74.5 75.7 74.5 72.8 Total 3 Yr 64.5 63.7 63.3 66.4 70.4 71.2 70.6 67.1 Aug - 14 57.0 59.0 58.4 59.3 62.2 63.9 62.5 60.4 Sep - 14 39.5 43.3 43.6 47.0 49.0 47.6 43.1 44.6 Oct - 14 51.7 52.2 54.5 53.1 58.9 60.0 61.5 56.1 Nov - 14 61.1 62.9 62.3 66.2 73.7 73.4 69.7 66.9 Dec - 14 75.1 72.6 71.2 73.2 76.7 79.4 79.2 75.1 Jan - 15 76.7 74.0 72.4 72.6 76.5 80.3 80.1 76.4 Feb - 15 87.2 85.4 83.2 84.5 89.0 92.3 91.8 87.6 Mar - 15 88.7 88.1 87.8 89.5 88.7 88.1 90.9 88.8 Total Year 67.3 67.3 67.3 68.9 72.6 73.5 73.0 70.0 ADR Three Year ADR Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year Apr - 14 320.92 332.19 316.55 319.25 339.52 340.25 339.74 329.28 Apr 12 - Mar 13 310.01 308.24 300.98 297.86 306.02 302.78 309.91 305.15 May - 14 266.17 272.18 248.67 245.17 266.11 277.91 275.30 265.69 Apr 13 - Mar 14 308.30 314.77 312.27 303.55 306.31 313.95 306.49 309.34 Jun - 14 263.09 260.73 254.41 260.15 267.88 272.04 262.18 263.03 Apr 14 - Mar 15 321.81 321.98 316.51 316.63 314.34 323.13 325.40 320.00 Jul - 14 250.83 246.86 254.43 256.61 256.31 269.74 257.68 256.16 Total 3 Yr 313.44 315.02 309.96 305.98 308.89 313.13 314.02 311.49 Aug - 14 210.04 213.75 216.55 221.14 204.51 211.41 208.10 211.90 Sep - 14 170.95 175.17 175.54 172.25 166.53 166.09 168.74 170.94 Oct - 14 189.50 184.81 188.17 191.56 188.44 189.87 192.44 189.39 Nov - 14 262.23 257.78 265.15 267.05 274.55 279.05 268.54 268.03 Dec - 14 429.29 437.30 430.45 460.22 357.40 382.96 426.39 419.38 Jan - 15 396.40 370.18 378.01 366.12 438.69 435.19 425.96 405.57 Feb - 15 444.88 441.69 436.48 422.48 450.05 459.82 463.67 446.02 Mar - 15 439.27 437.75 424.05 439.86 414.51 439.88 438.24 433.43 Total Year 321.81 321.98 316.51 316.63 314.34 323.13 325.40 320.00 RevPAR Three Year RevPAR Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year Apr - 14 220.86 227.35 218.72 223.25 253.99 251.08 252.27 234.40 Apr 12 - Mar 13 202.29 196.51 189.79 201.46 221.36 220.82 223.96 208.02 May - 14 177.25 165.76 156.66 165.80 193.26 204.62 199.69 182.25 Apr 13 - Mar 14 188.10 189.68 186.35 190.20 203.13 210.82 204.15 196.05 Jun - 14 164.80 169.78 169.04 179.02 193.80 200.08 193.63 180.51 Apr 14 - Mar 15 216.71 216.85 213.05 218.22 228.10 237.35 237.49 223.94 Jul - 14 173.54 178.69 179.77 187.51 190.86 204.07 191.99 186.58 Total 3 Yr 202.20 200.73 196.27 203.10 217.41 222.80 221.67 209.15 Aug - 14 119.63 126.12 126.49 131.13 127.20 135.18 130.08 128.01 Sep - 14 67.59 75.80 76.49 80.98 81.66 79.10 72.67 76.32 Oct - 14 97.88 96.43 102.57 101.63 110.99 113.95 118.39 106.26 Nov - 14 160.26 162.03 165.32 176.85 202.23 204.89 187.04 179.39 Dec - 14 322.56 317.60 306.33 336.94 274.30 304.04 337.61 314.79 Jan - 15 303.99 273.82 273.61 265.95 335.74 349.27 341.30 309.71 Feb - 15 387.99 377.10 363.07 356.98 400.75 424.22 425.67 390.82 Mar - 15 389.75 385.75 372.23 393.78 367.66 387.41 398.40 384.76 Total Year 216.71 216.85 213.05 218.22 228.10 237.35 237.49 223.94 STR s Trend Report is a publication of STR, Inc. and is intended solely for use by paid subscribers. Reproduction or distribution of the Trend Report, in whole or part, without written permission of STR is prohibited and subject to legal action. Site licenses are available. Ownership, distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with STR. Source 2015 STR, Inc.

Tab 8 - Raw Data Charlotte Amalie, STT Area Selected Properties Job Number: 675119_SADIM Staff: SS Created: April 30, 2015 Date Occupancy ADR RevPar Supply Demand Revenue Census & Sample % Exchange Rate This This This % Rooms STAR Year % Chg Year % Chg Year % Chg This Year % Chg This Year % Chg This Year % Chg Census Props Census Rooms Participants Per USD Jan 09 64.3 361.83 232.54 55,087 35,403 12,810,098 12 1,777 89.9 1.000 Feb 09 77.7 393.01 305.56 49,756 38,684 15,203,249 12 1,777 81.5 1.000 Mar 09 77.2 371.01 286.46 55,087 42,533 15,780,219 12 1,777 81.5 1.000 Apr 09 73.0 316.36 231.08 53,310 38,938 12,318,649 12 1,777 81.5 1.000 May 09 74.3 244.26 181.39 55,087 40,908 9,992,118 12 1,777 81.5 1.000 Jun 09 77.0 225.29 173.41 53,310 41,033 9,244,244 12 1,777 81.5 1.000 Jul 09 78.9 214.09 168.90 55,087 43,460 9,304,460 12 1,777 81.5 1.000 Aug 09 64.6 188.39 121.74 55,087 35,598 6,706,316 12 1,777 81.5 1.000 Sep 09 45.0 155.37 69.96 48,330 21,762 3,381,106 11 1,611 79.6 1.000 Oct 09 58.2 166.86 97.08 49,941 29,057 4,848,340 11 1,611 79.6 1.000 Nov 09 65.0 242.61 157.59 53,310 34,628 8,401,163 12 1,777 81.5 1.000 Dec 09 64.6 383.80 248.11 55,087 35,611 13,667,402 12 1,777 81.5 1.000 Jan 10 73.2 13.9 363.21 0.4 265.94 14.4 55,087 0.0 40,335 13.9 14,649,859 14.4 12 1,777 81.5 1.000 Feb 10 83.6 7.5 376.64-4.2 314.75 3.0 51,212 2.9 42,797 10.6 16,119,083 6.0 13 1,829 79.2 1.000 Mar 10 83.1 7.6 402.33 8.4 334.27 16.7 56,699 2.9 47,108 10.8 18,952,829 20.1 13 1,829 79.2 1.000 Apr 10 73.1 0.0 322.43 1.9 235.61 2.0 54,870 2.9 40,095 3.0 12,928,019 4.9 13 1,829 79.2 1.000 May 10 68.1-8.3 249.25 2.0 169.71-6.4 56,699 2.9 38,606-5.6 9,622,478-3.7 13 1,829 79.2 1.000 Jun 10 78.6 2.1 239.03 6.1 187.85 8.3 54,870 2.9 43,122 5.1 10,307,405 11.5 13 1,829 70.6 1.000 Jul 10 80.4 1.9 222.59 4.0 178.89 5.9 56,699 2.9 45,568 4.8 10,143,075 9.0 13 1,829 70.6 1.000 Aug 10 60.5-6.4 196.27 4.2 118.72-2.5 56,699 2.9 34,296-3.7 6,731,299 0.4 13 1,829 79.2 1.000 Sep 10 41.8-7.3 146.26-5.9 61.07-12.7 54,870 13.5 22,909 5.3 3,350,751-0.9 13 1,829 79.2 1.000 Oct 10 48.9-15.9 165.76-0.7 81.07-16.5 56,699 13.5 27,729-4.6 4,596,343-5.2 13 1,829 79.2 1.000 Nov 10 56.1-13.6 246.71 1.7 138.39-12.2 54,870 2.9 30,780-11.1 7,593,565-9.6 13 1,829 79.2 1.000 Dec 10 62.4-3.4 420.54 9.6 262.58 5.8 56,699 2.9 35,402-0.6 14,887,920 8.9 13 1,829 79.2 1.000 Jan 11 70.2-4.1 354.95-2.3 249.29-6.3 56,699 2.9 39,821-1.3 14,134,585-3.5 13 1,829 90.2 1.000 Feb 11 77.0-7.9 398.03 5.7 306.49-2.6 51,212 0.0 39,434-7.9 15,696,173-2.6 13 1,829 90.2 1.000 Mar 11 78.5-5.5 378.31-6.0 297.00-11.1 56,637-0.1 44,464-5.6 16,821,404-11.2 13 1,827 90.2 1.000 Apr 11 66.9-8.5 302.94-6.0 202.63-14.0 54,810-0.1 36,661-8.6 11,106,117-14.1 13 1,827 90.2 1.000 May 11 50.8-25.4 269.51 8.1 136.84-19.4 56,637-0.1 28,756-25.5 7,750,012-19.5 13 1,827 90.2 1.000 Jun 11 55.3-29.7 256.96 7.5 141.99-24.4 54,810-0.1 30,286-29.8 7,782,266-24.5 13 1,827 90.2 1.000 Jul 11 62.2-22.7 238.52 7.2 148.26-17.1 56,637-0.1 35,204-22.7 8,396,825-17.2 13 1,827 90.2 1.000 Aug 11 49.6-18.0 214.80 9.4 106.59-10.2 56,637-0.1 28,106-18.1 6,036,989-10.3 13 1,827 90.2 1.000 Sep 11 34.3-17.9 172.71 18.1 59.19-3.1 49,830-9.2 17,076-25.5 2,949,272-12.0 12 1,661 89.2 1.000 Oct 11 47.7-2.5 183.21 10.5 87.35 7.8 56,637-0.1 27,004-2.6 4,947,243 7.6 13 1,827 90.2 1.000 Nov 11 62.6 11.5 238.79-3.2 149.37 7.9 54,810-0.1 34,285 11.4 8,186,994 7.8 13 1,827 90.2 1.000 Dec 11 70.4 12.8 409.58-2.6 288.55 9.9 56,699 0.0 39,944 12.8 16,360,274 9.9 13 1,829 90.2 1.000 Jan 12 71.2 1.4 370.31 4.3 263.82 5.8 56,234-0.8 40,062 0.6 14,835,501 5.0 13 1,814 90.1 1.000 Feb 12 80.1 4.0 404.46 1.6 323.87 5.7 50,792-0.8 40,671 3.1 16,450,012 4.8 13 1,814 90.1 1.000 Mar 12 80.9 3.0 408.27 7.9 330.14 11.2 56,079-1.0 45,347 2.0 18,513,935 10.1 13 1,809 90.1 1.000 Apr 12 74.9 12.0 333.79 10.2 250.04 23.4 54,270-1.0 40,654 10.9 13,569,933 22.2 13 1,809 90.1 1.000 May 12 66.8 31.6 264.38-1.9 176.61 29.1 56,203-0.8 37,545 30.6 9,926,067 28.1 13 1,813 90.1 1.000 Jun 12 73.6 33.2 251.55-2.1 185.11 30.4 54,390-0.8 40,024 32.2 10,068,098 29.4 13 1,813 90.1 1.000 Jul 12 73.3 17.9 245.08 2.8 179.57 21.1 56,203-0.8 41,179 17.0 10,092,149 20.2 13 1,813 90.1 1.000 Aug 12 60.8 22.6 220.29 2.6 134.01 25.7 56,203-0.8 34,188 21.6 7,531,549 24.8 13 1,813 90.1 1.000 Sep 12 40.9 19.2 176.47 2.2 72.10 21.8 49,410-0.8 20,186 18.2 3,562,288 20.8 12 1,647 89.1 1.000 Oct 12 49.5 3.7 183.31 0.1 90.67 3.8 51,057-9.9 25,255-6.5 4,629,552-6.4 12 1,647 89.1 1.000 Nov 12 63.0 0.8 251.04 5.1 158.26 5.9 54,390-0.8 34,287 0.0 8,607,536 5.1 13 1,813 90.1 1.000 Dec 12 73.2 3.9 375.51-8.3 274.86-4.7 56,203-0.9 41,138 3.0 15,447,766-5.6 13 1,813 90.1 1.000 Jan 13 72.9 2.4 376.22 1.6 274.35 4.0 56,110-0.2 40,916 2.1 15,393,702 3.8 13 1,810 90.1 1.000

Tab 9 - Classic Charlotte Amalie, STT Area Selected Properties Job Number: 675119_SADIM Staff: SS Created: April 30, 2015 Date Occupancy ADR RevPar Supply Demand Revenue Census & Sample % % Rooms STAR This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg Census Props Census Rooms Participants Jan 09 64.3 361.83 232.54 55,087 35,403 12,810,098 12 1,777 89.9 Feb 09 77.7 393.01 305.56 49,756 38,684 15,203,249 12 1,777 81.5 Mar 09 77.2 371.01 286.46 55,087 42,533 15,780,219 12 1,777 81.5 Apr 09 73.0 316.36 231.08 53,310 38,938 12,318,649 12 1,777 81.5 May 09 74.3 244.26 181.39 55,087 40,908 9,992,118 12 1,777 81.5 Jun 09 77.0 225.29 173.41 53,310 41,033 9,244,244 12 1,777 81.5 Jul 09 78.9 214.09 168.90 55,087 43,460 9,304,460 12 1,777 81.5 Aug 09 64.6 188.39 121.74 55,087 35,598 6,706,316 12 1,777 81.5 Sep 09 45.0 155.37 69.96 48,330 21,762 3,381,106 11 1,611 79.6 Oct 09 58.2 166.86 97.08 49,941 29,057 4,848,340 11 1,611 79.6 Nov 09 65.0 242.61 157.59 53,310 34,628 8,401,163 12 1,777 81.5 Dec 09 64.6 383.80 248.11 55,087 35,611 13,667,402 12 1,777 81.5 Mar YTD 2009 72.9 375.52 273.83 159,930 116,620 43,793,566 Total 2009 68.5 278.00 190.54 638,479 437,616 121,657,362 Jan 10 73.2 13.9 363.21 0.4 265.94 14.4 55,087 0.0 40,335 13.9 14,649,859 14.4 12 1,777 81.5 Feb 10 83.6 7.5 376.64-4.2 314.75 3.0 51,212 2.9 42,797 10.6 16,119,083 6.0 13 1,829 79.2 Mar 10 83.1 7.6 402.33 8.4 334.27 16.7 56,699 2.9 47,108 10.8 18,952,829 20.1 13 1,829 79.2 Apr 10 73.1 0.0 322.43 1.9 235.61 2.0 54,870 2.9 40,095 3.0 12,928,019 4.9 13 1,829 79.2 May 10 68.1-8.3 249.25 2.0 169.71-6.4 56,699 2.9 38,606-5.6 9,622,478-3.7 13 1,829 79.2 Jun 10 78.6 2.1 239.03 6.1 187.85 8.3 54,870 2.9 43,122 5.1 10,307,405 11.5 13 1,829 70.6 Jul 10 80.4 1.9 222.59 4.0 178.89 5.9 56,699 2.9 45,568 4.8 10,143,075 9.0 13 1,829 70.6 Aug 10 60.5-6.4 196.27 4.2 118.72-2.5 56,699 2.9 34,296-3.7 6,731,299 0.4 13 1,829 79.2 Sep 10 41.8-7.3 146.26-5.9 61.07-12.7 54,870 13.5 22,909 5.3 3,350,751-0.9 13 1,829 79.2 Oct 10 48.9-15.9 165.76-0.7 81.07-16.5 56,699 13.5 27,729-4.6 4,596,343-5.2 13 1,829 79.2 Nov 10 56.1-13.6 246.71 1.7 138.39-12.2 54,870 2.9 30,780-11.1 7,593,565-9.6 13 1,829 79.2 Dec 10 62.4-3.4 420.54 9.6 262.58 5.8 56,699 2.9 35,402-0.6 14,887,920 8.9 13 1,829 79.2 Mar YTD 2010 79.9 9.6 381.77 1.7 305.05 11.4 162,998 1.9 130,240 11.7 49,721,772 13.5 Total 2010 67.4-1.7 289.43 4.1 195.03 2.4 665,973 4.3 448,747 2.5 129,882,624 6.8 Jan 11 70.2-4.1 354.95-2.3 249.29-6.3 56,699 2.9 39,821-1.3 14,134,585-3.5 13 1,829 90.2 Feb 11 77.0-7.9 398.03 5.7 306.49-2.6 51,212 0.0 39,434-7.9 15,696,173-2.6 13 1,829 90.2 Mar 11 78.5-5.5 378.31-6.0 297.00-11.1 56,637-0.1 44,464-5.6 16,821,404-11.2 13 1,827 90.2 Apr 11 66.9-8.5 302.94-6.0 202.63-14.0 54,810-0.1 36,661-8.6 11,106,117-14.1 13 1,827 90.2 May 11 50.8-25.4 269.51 8.1 136.84-19.4 56,637-0.1 28,756-25.5 7,750,012-19.5 13 1,827 90.2 Jun 11 55.3-29.7 256.96 7.5 141.99-24.4 54,810-0.1 30,286-29.8 7,782,266-24.5 13 1,827 90.2 Jul 11 62.2-22.7 238.52 7.2 148.26-17.1 56,637-0.1 35,204-22.7 8,396,825-17.2 13 1,827 90.2 Aug 11 49.6-18.0 214.80 9.4 106.59-10.2 56,637-0.1 28,106-18.1 6,036,989-10.3 13 1,827 90.2 Sep 11 34.3-17.9 172.71 18.1 59.19-3.1 49,830-9.2 17,076-25.5 2,949,272-12.0 12 1,661 89.2 Oct 11 47.7-2.5 183.21 10.5 87.35 7.8 56,637-0.1 27,004-2.6 4,947,243 7.6 13 1,827 90.2 Nov 11 62.6 11.5 238.79-3.2 149.37 7.9 54,810-0.1 34,285 11.4 8,186,994 7.8 13 1,827 90.2 Dec 11 70.4 12.8 409.58-2.6 288.55 9.9 56,699 0.0 39,944 12.8 16,360,274 9.9 13 1,829 90.2 Mar YTD 2011 75.2-5.9 377.08-1.2 283.52-7.1 164,548 1.0 123,720-5.0 46,652,162-6.2 Total 2011 60.6-10.1 299.64 3.5 181.51-6.9 662,055-0.6 401,043-10.6 120,168,156-7.5 Jan 12 71.2 1.4 370.31 4.3 263.82 5.8 56,234-0.8 40,062 0.6 14,835,501 5.0 13 1,814 90.1 Feb 12 80.1 4.0 404.46 1.6 323.87 5.7 50,792-0.8 40,671 3.1 16,450,012 4.8 13 1,814 90.1 Mar 12 80.9 3.0 408.27 7.9 330.14 11.2 56,079-1.0 45,347 2.0 18,513,935 10.1 13 1,809 90.1 Apr 12 74.9 12.0 333.79 10.2 250.04 23.4 54,270-1.0 40,654 10.9 13,569,933 22.2 13 1,809 90.1

Tab 9 - Classic Charlotte Amalie, STT Area Selected Properties Job Number: 675119_SADIM Staff: SS Created: April 30, 2015 Date Occupancy ADR RevPar Supply Demand Revenue Census & Sample % % Rooms STAR This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg This Year % Chg Census Props Census Rooms Participants May 12 66.8 31.6 264.38-1.9 176.61 29.1 56,203-0.8 37,545 30.6 9,926,067 28.1 13 1,813 90.1 Jun 12 73.6 33.2 251.55-2.1 185.11 30.4 54,390-0.8 40,024 32.2 10,068,098 29.4 13 1,813 90.1 Jul 12 73.3 17.9 245.08 2.8 179.57 21.1 56,203-0.8 41,179 17.0 10,092,149 20.2 13 1,813 90.1 Aug 12 60.8 22.6 220.29 2.6 134.01 25.7 56,203-0.8 34,188 21.6 7,531,549 24.8 13 1,813 90.1 Sep 12 40.9 19.2 176.47 2.2 72.10 21.8 49,410-0.8 20,186 18.2 3,562,288 20.8 12 1,647 89.1 Oct 12 49.5 3.7 183.31 0.1 90.67 3.8 51,057-9.9 25,255-6.5 4,629,552-6.4 12 1,647 89.1 Nov 12 63.0 0.8 251.04 5.1 158.26 5.9 54,390-0.8 34,287 0.0 8,607,536 5.1 13 1,813 90.1 Dec 12 73.2 3.9 375.51-8.3 274.86-4.7 56,203-0.9 41,138 3.0 15,447,766-5.6 13 1,813 90.1 Mar YTD 2012 77.3 2.8 394.98 4.7 305.32 7.7 163,105-0.9 126,081 1.9 49,799,449 6.7 Total 2012 67.6 11.6 302.44 0.9 204.52 12.7 651,434-1.6 440,535 9.8 133,234,388 10.9 Jan 13 72.9 2.4 376.22 1.6 274.35 4.0 56,110-0.2 40,916 2.1 15,393,702 3.8 13 1,810 90.1 Feb 13 82.9 3.5 410.76 1.6 340.46 5.1 50,680-0.2 42,006 3.3 17,254,638 4.9 13 1,810 90.1 Mar 13 83.0 2.6 416.28 2.0 345.47 4.6 56,110 0.1 46,565 2.7 19,384,267 4.7 13 1,810 90.1 Apr 13 70.5-5.8 313.79-6.0 221.32-11.5 54,300 0.1 38,298-5.8 12,017,530-11.4 13 1,810 99.5 May 13 64.4-3.6 267.91 1.3 172.61-2.3 56,110-0.2 36,151-3.7 9,685,276-2.4 13 1,810 99.5 Jun 13 65.0-11.6 266.85 6.1 173.57-6.2 54,300-0.2 35,319-11.8 9,424,861-6.4 13 1,810 99.5 Jul 13 68.4-6.6 254.48 3.8 174.09-3.1 56,110-0.2 38,385-6.8 9,768,059-3.2 13 1,810 99.5 Aug 13 58.7-3.5 216.62-1.7 127.14-5.1 56,110-0.2 32,932-3.7 7,133,667-5.3 13 1,810 99.5 Sep 13 39.0-4.6 180.24 2.1 70.24-2.6 49,320-0.2 19,219-4.8 3,464,020-2.8 12 1,644 99.5 Oct 13 43.7-11.7 181.18-1.2 79.11-12.8 50,964-0.2 22,253-11.9 4,031,716-12.9 12 1,644 99.5 Nov 13 60.6-3.9 257.95 2.8 156.23-1.3 54,300-0.2 32,888-4.1 8,483,329-1.4 13 1,810 100.0 Dec 13 62.6-14.5 406.72 8.3 254.64-7.4 56,110-0.2 35,130-14.6 14,288,104-7.5 13 1,810 99.5 Mar YTD 2013 79.5 2.8 401.83 1.7 319.41 4.6 162,900-0.1 129,488 2.7 52,032,606 4.5 Total 2013 64.6-4.5 310.26 2.6 200.34-2.0 650,524-0.1 420,062-4.6 130,329,168-2.2 Jan 14 71.0-2.6 389.83 3.6 276.91 0.9 56,110 0.0 39,857-2.6 15,537,323 0.9 13 1,810 100.0 Feb 14 77.9-6.0 422.72 2.9 329.50-3.2 48,552-4.2 37,845-9.9 15,997,825-7.3 13 1,734 100.0 Mar 14 76.6-7.7 408.78-1.8 312.98-9.4 53,754-4.2 41,156-11.6 16,823,876-13.2 13 1,734 100.0 Apr 14 71.2 0.9 329.28 4.9 234.40 5.9 52,020-4.2 37,031-3.3 12,193,518 1.5 13 1,734 100.0 May 14 68.6 6.5 265.69-0.8 182.25 5.6 53,754-4.2 36,872 2.0 9,796,617 1.1 13 1,734 100.0 Jun 14 68.6 5.5 263.03-1.4 180.51 4.0 52,020-4.2 35,700 1.1 9,390,048-0.4 13 1,734 100.0 Jul 14 72.8 6.5 256.16 0.7 186.58 7.2 53,754-4.2 39,152 2.0 10,029,336 2.7 13 1,734 100.0 Aug 14 60.4 2.9 211.90-2.2 128.01 0.7 53,754-4.2 32,472-1.4 6,880,896-3.5 13 1,734 100.0 Sep 14 44.6 14.6 170.94-5.2 76.32 8.7 47,010-4.7 20,988 9.2 3,587,666 3.6 12 1,567 96.7 Oct 14 56.1 28.5 189.39 4.5 106.26 34.3 48,577-4.7 27,255 22.5 5,161,655 28.0 12 1,567 89.2 Nov 14 66.9 10.5 268.03 3.9 179.39 14.8 51,990-4.3 34,796 5.8 9,326,639 9.9 13 1,733 90.2 Dec 14 75.1 19.9 419.38 3.1 314.79 23.6 53,723-4.3 40,325 14.8 16,911,372 18.4 13 1,733 90.2 Mar YTD 2014 75.0-5.6 406.86 1.3 305.27-4.4 158,416-2.8 118,858-8.2 48,359,024-7.1 Total 2014 67.7 4.9 310.87 0.2 210.61 5.1 625,018-3.9 423,449 0.8 131,636,772 1.0 Jan 15 76.4 7.5 405.57 4.0 309.71 11.8 53,413-4.8 40,788 2.3 16,542,497 6.5 13 1,723 95.4 Feb 15 87.6 12.4 446.02 5.5 390.82 18.6 48,216-0.7 42,249 11.6 18,843,987 17.8 13 1,722 85.5 Mar 15 88.8 15.9 433.43 6.0 384.76 22.9 53,382-0.7 47,388 15.1 20,539,311 22.1 13 1,722 85.5 Mar YTD 2015 84.1 12.1 428.79 5.4 360.79 18.2 155,011-2.1 130,426 9.7 55,925,795 15.6

Tab 10 - Response Report Charlotte Amalie, STT Area Selected Properties Job Number: 675119_SADIM Staff: SS Created: April 30, 2015 2013 2014 2015 STR Code Name of Establishment City & State Postal Code Country Class Open Date Rooms Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D 109346 Bluebeard`s Castle Resort Charlotte Amalie, STT 00801 US Virgin Islands Upscale Class Jan 1929 170 109347 Bolongo Bay Beach Resort Charlotte Amalie, STT 00802 US Virgin Islands Upper Upscale Class Jun 1969 74 Y 218665 The Green Iguana Hotel St Thomas, STT 00802 US Virgin Islands Upscale Class May 1981 9 109363 Marriott Frenchman`s Reef & Morning Star Beach Resort Charlotte Amalie, STT 00802 US Virgin Islands Upper Upscale Class Jun 1973 468 Y 109867 Ritz-Carlton St Thomas St Thomas, STT 00802 US Virgin Islands Luxury Class Jan 1996 180 109372 Secret Harbour Beach Resort Charlotte Amalie, STT 00802 US Virgin Islands Luxury Class Jan 1967 70 109343 Best Western Carib Beach Resort Charlotte Amalie, STT 00802 US Virgin Islands Midscale Class Jun 1950 51 109344 Best Western Plus Emerald Beach Resort Charlotte Amalie, STT 00802 US Virgin Islands Upper Midscale Class Jan 1991 90 109273 The Buccaneer Christiansted, STC 00824-4536 US Virgin Islands Luxury Class Jan 1946 138 Y 153212 Autograph Collection Scrub Island Resort Scrub, 00830 British Virgin Islands Upper Upscale Class Feb 2010 59 Y 108221 Westin St John Resort & Villas Great Cruz Bay, STJ 00831 US Virgin Islands Upper Upscale Class Jan 1986 96 Y 109320 Caneel Bay Resort Cruz Bay, STJ 00831-0720 US Virgin Islands Luxury Class Jan 1956 166 108215 Renaissance St Croix Carambola Beach Resort & Spa Kingshill, STC 00851 US Virgin Islands Upper Upscale Class Jan 1986 151 Y Total Properties: 13 1722 - Monthly data received by STR / STR Global - Monthly and daily data received by STR / STR Global Blank - No data received by STR / STR Global Y - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report. STR s Trend Report is a publication of STR, Inc. and is intended solely for use by paid subscribers. Reproduction or distribution of the Trend Report, in whole or part, without written permission of STR is prohibited and subject to legal action. Site licenses are available. Ownership, distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with STR. Source 2015 STR, Inc.

Demand Analysis The management of the various competitive hotels revealed that room-night demand within the competitive supply is currently generated by two major market segments: commercial segment, 10.0%, and leisure travelers, 90.0%, on an annual basis. Commercial Guest Demand Commercial travelers, who are10.0% of the market, generally have strong demand for rooms from mid-january to mid-june, and again from mid-september to mid-december. The summer time of mid-june to mid-september has moderate demand, with the mid- December to mid-january period very low. In the more commercially-oriented properties, the weekday market is strongest. This is due to the strength of the commercial market during Monday through Thursday. When extended-stay amenities are added to the guest rooms, the annual guest occupancy increases, as various companies cut travel costs of their personnel. The commercial room demand in the area is increasing, and hotels are changing their guestroom mix and adding facilities and amenities to cater to this business. Commercial travelers are comprised of corporate business, military and sales personnel. However, government employees are also included in this group. The government business is primarily that of the Territory of the Virgin Islands with a contribution by national government interests. Projected Growth Rates Commercial Room Night Demand Year Weekday Weekend Annual 2018, 2019 1% 0 1% 2020-2022 1% 0 1% Source: Interim Hospitality Consultants Leisure Demand Leisure travelers represent 90.0% of demand for lodging accommodations in the competitive market area. This segment is made up of vacationing families, followed by individual senior citizens. The average length of stay was 6.8 days according to information supplied by interviews with local hotels. The following are the projected growth rates for leisure room-night demand for the years 2018 to 2022. Charlotte Amalie, Saint Thomas, United States Virgin Islands Page E-35

Projected Growth Rates Leisure Room Night Demand Year Weekday Weekend Annual 2018, 2019 0% 1% 1% 2020-2022 0% 1% 1% Source: Interim Hospitality Consultants, Proposed Hotel Base Year As of the date of this Study, June 2015, it is understood that the property will open in 2017 at the earliest. Therefore, the first full base year of the hotel will be 2018. Year Leisure 90.0% Base Year and Projected Market Demand, Available Rooms and Occupancy Commercial 10.0% Total Guestroom Nights Occupied 100% Annual Available Rooms-A Market Set Occupancy-B 2018 169,703 18,856 188,559 269,370 70.0% 2019 172,127 19,125 191,253 269,370 71.0% 2020 175,030 19,448 194,478 270,108 72.0% 2021 176,976 19,664 196,640 269,370 73.0% 2022 179,400 19,933 199,334 269,370 74.0% Source: Interim Hospitality Consultants Annual Available Rooms Marriott Hotel 478 Ritz Carlton 180 Subject: Curio Hotel by Hilton 80 Subtotal: 658 Total Rooms: 738 Projected Annual Growth Rate 2018-2019 2020-2022 Commercial Room Demand 1.0% 1.0% Leisure Room Demand 1.0% 1.0% Annual Total Projected Growth Rate 2.0% 2.0% Charlotte Amalie, Saint Thomas, United States Virgin Islands Page E-36

Summary The 13 hotels of Greater St. Thomas reporting their hotel data to Smith Travel Research exemplify upscale growth and stability. The hotels are: Hotel City, Island Number of Rooms Luxury Caneel Bay Resort Cruz Bay, USVI 166 Ritz-Carlton St Thomas St. Thomas, USVI 180 Secret Harbour Beach Resort Charlotte Amalie, USVI 70 The Buccaneer Christiansted, USVI 138 Upper Upscale Autograph Collection Scrub Island Resort Scrub, BVI 59 Bolongo Bay Beach Resort Charlotte Amalie, USVI 74 Marriott Frenchman`s Reef & Morning Star Beach Resort Charlotte Amalie, USVI 468 Renaissance St Croix Carambola Beach Resort & Spa Kingshills, USVI 151 Westin St John Resort & Villas St. John, USVI 96 Upscale Bluebeard`s Castle Resort Charlotte Amalie, USVI 170 The Green Iguana Hotel St. Thomas, USVI 9 Upper Midscale Best Western Plus Emerald Beach Resort Charlotte Amalie, USVI 90 Midscale Best Western Carib Beach Resort Charlotte Amalie, USVI 51 Source: Smith Travel Research, Hendersonville, Tennessee Market Trend Saint Thomas, Virgin Islands Competitive Market Set Year Occupancy Average Daily Rate RevPAR 2009 68.5 278.00 190.54 2010 67.4 289.43 195.03 2011 60.6 A 299.64 181.51 2012 67.6 302.44 204.52 2013 64.6 B 310.26 200.34 2014 67.7 310.87 210.61 Source: Smith Travel Research, Hendersonville, Tennessee A US Recession of 2008-2010 was late in arriving. B Lower occupancy April-December due to tropical weather For the past six years, the Hotel Occupancy of Greater St. Thomas, USVI has averaged a very stable rate of 66.1%. The Average Daily Rate has kept pace with inflation at Charlotte Amalie, Saint Thomas, United States Virgin Islands Page E-55

2.0%, to reach a 2014 Average Daily Rate of $310.87. Standard Historical Trends Saint Thomas, Virgin Islands Competitive Market Set 2015* 2014* Month Occ ADR RevPAR Occ ADR RevPAR January 76.4 405.57 309.71 71.0 389.83 276.91 February 87.6 446.02 390.82 77.9 422.72 329.50 March 88.8 433.43 384.76 76.6 408.78 312.98 1 st Qtr. Totals: 84.3 428.34 361.79 75.2 407.11 323.39 Increase: 12.1% 5.2% 11.9% *January through March only Source: Smith Travel Research, Hendersonville, Tennessee It was reported that the Ritz Carlton enjoyed a 95.0+% Occupancy the First Quarter of 2015 and that the Marriott Hotel was just full every day. Projected Occupancy The Field Research for this Feasibility Study was fortunate to obtain a copy of the Projected Hotel Occupancy of May-July 2015 for the hotels of St. Thomas, USVI. The data was provided by the United States Virgin Islands Hotel and Tourism Association. Selected Hotel Projections for May-July 2015 Hotel Island Rooms May June July Ritz Carlton St. Thomas 180 79.0% 85.0% 91.0% Marriott, Frenchman s Cove St. Thomas 155 100.0% 100.0% 100.0% Marriott, Frenchman s Reef St. Thomas 487 80.0% 70.0% 60.0% Westin St. John 93 93.0% 89.0% 95.0% Caneel Bay St. John 166 80.0% 75.0% 71.0% Total: 86.4% 83.8% 83.4% Source: USVI Hotel Tourism Association The complete report follows on the next page. Charlotte Amalie, Saint Thomas, United States Virgin Islands Page E-56