Have Higher Transportation Costs and a Slowing U.S. Economy Shifted Lodging Demand Within Lodging Sectors?

Have Higher Transportation Costs and a Slowing U.S. Economy Shifted Lodging Demand Within Lodging Sectors? Trends and implications for sales and marketing strategies: Hotel Sales Strategy Conference Washington, DC September 9, 2008 An examination of trends in room demand, market share, weekday vs. weekend market share, ADR, and RevPAR by six hotel sectors in the top 25 U.S. travel cities and destinations - 2006 to July 2008 Stephen C. Morse, Ph.D. Director & Economist Tourism Institute University of Tennessee Knoxville, TN and Chad D. Church Manager, Industry Research Smith Travel Research Hendersonville, TN

About This Study Julie Jones Director of Special Interest Groups HSMAI Advisory Board Hotel Director of Sales & Marketing Special Interest Group Chair: Mark D. Thompson, Vice President of Marketing, Irving Texas CVB Vice-Chair: Heather Allison-Smith, Director of Sales and Marketing, Ritz- Carlton, St. Louis Bart Berkey, Director of Talent Acquisition-Sales & Marketing, Ritz-Carlton Hotels Susan Cecere, CHME, Director of Revenue Dev., Carlson Hotels Worldwide Lisa French, Area Account Executive, Marriott International John Hawley, Director of Client & Industry Relations, Dana Communications Linda Hwong, Area Account Executive, Marriott International Ron Loman, Director of Field Sales, Crestline Hotels & Resorts, Inc. Laurie Meacham, CMP, Director of National Sales, The Broadmoor Hotel Lynn Mucciano, Corporate Director of Marketing, Turnberry Associates Dennis Noonan, Director of Sales, Nemacolin Woodlands Resort Jean Spaulding, Senior Vice President, Market Analysis & Business Development, Noble Investment Group Cheryl Street, Director of Sales & Marketing, Hampton Inn & Suites - Surprise, Arizona Advisory Board Sales and Marketing Faculty Special Interest Group Chair: Thomas Cannon, University of Texas-San Antonio Vice Chair: Dan Creed, Normandale Community College Eric Brey, University of Memphis Katie Davin, CHE, Johnson & Wales University, Providence, RI Robin DiPietro, University of Nebraska-Lincoln Mike Hampton, Lynn University Steve Morse, University of Tennessee Mark Newton, Gwinnett Technical College Donna Quadri-Felitti, New York University Marcia Taylor, East Carolina University In June 2008, the Hotel Director of Sales and Marketing Special Interest Group (HDOSM-SIG) of the Hospitality Sales & Marketing Association International (HSMAI) issued a call for papers to the Sales & Marketing Faculty SIG of HSMAI for inclusion in the Hotel Sales and Marketing Conference Sept. 9. Proposals for research papers were received and reviewed by the Faculty SIG s research committee, and the selection of this paper was made for the inclusion at the conference. Data Source: Smith Travel Research All data sources in this study are from Smith Travel Research, Hendersonville, TN. Special thanks to Duane Vinson, Brad Garner, and Chad Church from Smith Travel Research. Authors Stephen C. Morse, Ph.D. Director & Economist Tourism Institute Hotel, Restaurant, & Tourism Mgt. University of Tennessee Knoxville, TN 37996-1911 Ph: (865) 974-6249; email: smorse@utk.edu Web: www.utk.edu/tourism and Chad D. Church Manager, Industry Research Smith Travel Research 735 East Main St. Hendersonville, TN 37075 Ph: (615) 824-8664, Ext. 400 Email: chad@smithtravelreseearch.com Web: www.smithtravelresearch.com Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 2

Table of Contents Introduction: Executive Summary p. 4-5 Introduction & Purpose of Study p. 6 Background of Study p. 6 Methodology & Data p. 6 Analysis & Implications for Sales & Marketing: Have Travelers Shifted Lodging Demand Within Lodging Sectors? p. 7 Trends in Weekend (leisure) Room Demand p. 8 Trends in Weekday (business) Room Demand p. 9 Trends in Occ. Rate, ADR, and RevPAR by Six hotel sectors p. 10 Weekday vs. Weekend Market Share of Rooms Sold, Top 25 U.S. Travel Cities & Destinations, 2006-2008 p. 11-12 Trends for Top 25 U.S. Cities, 2006-2008: A) Market Share of Rooms Sold by Hotel Sector; B) Occ. Rate, ADR, RevPAR; C) Weekday vs. Weekend Market Share of Rooms Sold by Hotel Sector Orlando, FL p. 13 Anaheim - Santa Ana, CA p. 14 Los Angeles - Long Beach, FL p. 15 San Diego, CA p. 16 San Francisco - San Mateo, CA p. 17 Washington, DC - MD - VA p. 18 Miami - Hialeah, FL p. 19 Tampa - St. Petersburg, FL p. 20 Atlanta, GA p. 21 Chicago, IL p. 22 Oahu Island, HI p. 23 New Orleans, LA p. 24 Boston, MA p. 25 New York, NY p. 26 Philadelphia, PA - NJ p. 27 Dallas, TX p. 28 Houston, TX p. 29 Seattle, WA p. 30 Phoenix, AZ p. 31 Denver, CO p. 32 Detroit, MI p. 33 Minneapolis - St. Paul, MN - WI p. 34 Nashville, TN p. 35 Norfolk - Virginia Beach, VA p. 36 St. Louis, IL - MO p. 37 Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 3

Purpose of the Study: Executive Summary The purpose of this study is to examine if higher travel transportation costs and a slowing U.S. economy has shifted lodging demand for leisure and business travelers within lodging sectors from 2006 - July 2008. Methodology & Data: Room demand in six hotel sectors in the top 25 U.S. travel cities and destinations were examined over a two year and seven month time period from January 2006 to July 2008. Data from Smith Travel Research reporting annual room demand for weekday vs. weekend, market share of room demand for the six hotel sectors in each city, occupancy rates, ADR s, and RevPar s were examined over the time period. The six hotel sectors examined are 1), 2) Upper, 3), 4), and 5). Main Question: Have Higher Transportation Costs and a Slowing U.S. Economy Shifted Lodging Demand Within Lodging Sectors? Summary of Analysis: There has been steady and slightly increase in demand in the and Upper markets, which have gained market share of. There has been deceases in market share of for,, Midscale without F&B, and sectors Weekend Room Demand (leisure travel) - For the top 25 U.S. travel cities, all but two cities saw a decrease in market share of to weekend travelers for year to date July 2008 compared with 2007. Philadelphia and St. Louis were the only two cities showing an increase in weekend share demand as a. Weekend leisure travel demand is generating less percent market share of. Weekday Room Demand (business travel) - For the top 25 U.S. travel cities, all but two cities showed increases in market share of to weekday travelers for year to date July 2008 compared with 2007. Philadelphia and St. Louis were the only two cities showing an decrease in weekday market share demand as a. Weekday business travel is generating larger percent shares of. Market Share of Rooms Sold by Hotel Sector: - a majority of markets show an increase in market share of. Upper - most markets show increases in market share of. - most markets show little change or small increases in market share of. - most markets show decreases in market share of. Midscale without F&B - most markets show little change or small increases in market share of. - all but one market showed decreases in market share of. The San Francisco - San Mateo market is the only market showing an increase in percent share of. Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 4

Trends in Occ. Rate, ADR, and RevPAR by hotel sector in the top 25 U.S. travel cities: : Occ. Rates decreased slightly in 14 markets and increased slightly in 4 markets ADR increased in 15 markets, decreased in 3 markets RevPAR s mixed, increasing in 10 markets, deceasing in 8 markets Upper : Occ. Rates increased in 10 markets, decreased in 13 markets ADR increased in 19 markets, decreased in 4 markets RevPAR increased in 15 markets, decreased in 8 markets : Occ. Rates increased in 9 markets, decreased in 15 markets ADR increased in 20 markets, decreased in 2 markets RevPAR increased in 17 markets, decreased in 6 markets : Occ, Rates increased in 4 markets, decreased in 19 markets ADR increased in 20 markets, decreased in 3 markets RevPAR increased in 11 markets, decreased in 12 markets Midscale without F&B: Occ. Rates increased in 3 markets, decreased in 19 markets ADR increased in 21 markets, decreased in 1 market RevPAR increased in 14 markets, decreased in 8 markets : Occ. Rates increased in 4 markets, decreased in 18 markets ADR have increased in 18 markets, decreased in 4 markets RevPAR increased in 6 markets, decreased in 16 markets Implications for Sales & Marketing Strategies: Weekend leisure travel has decreased as a total rooms, indicating opportunities for sales to local drive-to markets could be sales and marketing focus. Weekday business travel has increased as a total rooms, indicating strong business demand and opportunities to limit discounting to business travelers. Lower occupancy rates in,, Midscale without F&B, and sectors indicate opportunities for sales and marketing efforts to closer drive-to travelers. ADR s across all sectors have remained strong in the first half of 2008. However there is some evidence of eroding hotel rated and increased discounting in the second half of 2008. Revenue Management decisions should limit discounting as lower hotel rates have bee shown to be little influence on travel decisions, with gas and airfares being more important in driving demand than lower hotel rates. Little discounting is needed as discounting will only erode revenue from existing travelers and not influence overall demand for travel. Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 5

Have Higher Transportation Costs and a Slowing U.S. Economy Shifted Lodging Demand Within Lodging Sectors? Introduction & Purpose The purpose of this study is to examine if higher travel transportation costs and a slowing U.S. economy has shifted lodging demand for leisure and business travelers within lodging sectors. This study examines trends in room demand, market share, leisure and business travel with weekday vs. weekend occupancy, ADR, and RevPAR in the top 25 U.S. travel cities and destinations for 2006 to July 2008 by five hotel sectors including: 1) hotels 2) Upper hotels 3) hotels 4) 5) Midscale without F&B 6) Background Gas prices and airfare prices have sharply increased since January 2006. Higher transportation costs impact many choices in consumer s decision to travel. Those consumers choosing to travel in light of higher transportation prices may choose to substitute lower quantities and lower priced services of other travel purchases (hotel rooms, restaurant meals) freeing up more money to purchase gas and airfare during their trip. In the retail sector of the economy, there is evidence in light of the U.S. slowdown some consumers have chosen to favor lower priced retailers. For example, some consumers that prior to the economic slowdown shopped at higher-end retailers such as Macy s, Target, and JC Penney have now chosen to spend at lower priced retailers such as Wal-Mart and other discount retailers. Similarly, since April 2006 when nationwide gas prices first increased to over $3 per gallon, and airfares increased substantially, these increases in transportation costs have taken a larger share of both leisure and business traveler s budgets. Some hotel sales professionals believe these increased transportation costs and the slowing U.S. economy have contributed to a shift in demand within the hotel sector as both leisure and business travelers trade-off higher transportation costs for lower priced and valued properties. Methodology & Data Room demand in six hotel sectors in the top 25 U.S. travel cities and destinations were examined over a two year and seven month time period from January 2006 to July 2008. Data from Smith Travel Research reporting annual room demand for weekday vs. weekend, market share of room demand for the six hotel sectors in each city, occupancy rates, ADR s, and RevPar s were examined over the time period. Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 6

Have Travelers Shifted Demand Within Lodging Sectors in the Period 2006 - July 2008? - a majority of markets show an increase in market share of. Upper - most markets show increases in market share of. - most markets show little change or small increases in market share of. - most markets show decreases in market share of. Midscale without F&B - most markets show little change or small increases in market share of total rooms. - all but one market showed decreases in market share of. San Francisco - San Mateo market is the only market showing an increase in percent share of. Implications for Sales & Marketing Strategies The most significant shift in lodging demand is shown to be a moderate shift away from the sector, and a small shift away from the sector. Strong demand exists in the and Upper markets. Limited discounting in all markets as lower hotel rates will not drive travel demand. Boston, MA Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 4.0% 4.8% 5.3% Upper 41.5% 41.3% 41.8% 21.0% 20.3% 20.4% 10.5% 10.3% 9.9% 11.2% 11.3% 11.1% 11.7% 12.0% 11.6% Source: Smith Travel Research Washington, D C -MD -V A Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 5.2% 5.6% 5.3% Upper 34.5% 35.3% 36.8% 18.4% 18.7% 18.8% 13.6% 13.1% 12.4% 14.5% 14.5% 14.6% 13.8% 12.8% 12.1% Los Angeles-Long Beach, CA Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 4.7% 4.6% 4.5% Upper 28.4% 28.7% 29.3% 13.3% 13.4% 13.6% 11.9% 12.4% 12.4% 6.1% 6.2% 6.2% 35.6% 34.7% 34.0% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 7

Weekend Room Demand (leisure travel) For the top 25 U.S. travel cities, all but two cities saw a decrease in market share of weekend travelers for year to date July 2008 compared with 2007. Philadelphia and St. Louis were the only two cities showing an increase in weekend share demand as a. At right, the top 25 U.S. travel cities are ranked from largest percent change to smallest percent change in weekend market share from 2007 - July 2008. For example, for Philadelphia, weekend total rooms was 26.4% of all rooms, while in 2008 weekend all rooms was 27.4%, representing an increase of +0.9% increase in weekend market share all rooms. Implications for Sales & Marketing Strategies Weekend room demand indicates leisure travel has decreased in 23 out of the top 25 U.S. travel markets in 2008. In areas where 2008 weekend market share has decreased, sales and marketing focus on generating local leisure demand. Deep discounting will not increase leisure travel demand. Strategic and limited discounting to local leisure travelers may generate local weekend demand. Change in Market Share of Weekend Room Demand (leisure demand), 2007 - July 2008 1) Philadelphia, PA - NJ +0.9% 2) St. Louis, MO +0.5% 3) San Diego, CA -0.3% Washington, DC - MD - VA -0.3% 4) Norfolk - Virginia Beach, VA -0.6% 5) Boston, MA -0.9% 6) Atlanta, GA -1.2% 7) Tampa - St. Petersburg, FL -1.4% Detroit, MI -1.4% 8) New Orleans, LA -1.6% 9) Seattle, WA -1.8% 10) Minneapolis - St. Paul, MN -2.2% Los Angeles - Long Beach, CA -2.2% 11) Anaheim - Santa Ana, CA -2.6% 12) Phoenix, AZ -2.6% 13) Chicago, IL -2.6% 14) Nashville, TN -2.7% Dallas, TX -2.7% Miami - Hialeah, FL -2.7% 15) Houston, TX -3.2% 16) Oahu Island, HI -3.8% 17) New York, NY -4.2% 18) San Francisco San Mateo, CA -4.7% Average Change Top 25 Cities -2.9% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 8

Weekday Room Demand (business travel) For the top 25 U.S. travel cities, all but two cities showed increases in market share of weekday travelers for year to date July 2008 compared with 2007. Philadelphia and St. Louis were the only two cities showing an decrease in weekday market share demand as a. At right, the top 25 U.S. travel cities are ranked from largest percent change to smallest percent change in weekend market share from 2007 - July 2008. For example, San Francisco - San Mateo, CA market had 68.4% of to weekday travelers in 2007, while to July 2008, the market share of total market share of rooms to weekday travelers increases to 73.1%, representing an increase in weekday market share of +4.7% during this period. Implications for Sales & Marketing Strategies Weekday travels indicates business travel is steady in 23 our of the top 25 travel markets in the U.S. Sales, marketing, and revenue management strategies should include limited discounting in strong business travel markets. Deep discounting could erode revenue in strong markets. Change in Market Share of Weekday Room Demand (business demand), 2007 - July 2008 1) San Francisco - San Mateo, CA +4.7% 2) New York, NY +4.2% 3) Oahu Island, HI +3.8% 4) Houston, TX +3.2% 5) Nashville, TN +2.7% Dallas, TX +2.7% Miami - Hialeah, FL +2.7% 6) Chicago, IL +2.6% 7) Phoenix, AZ +2.6% 8) Anaheim - Santa Ana, CA +2.6% 9) Minneapolis - St. Paul, MN +2.2% Los Angeles - Long Beach, CA +2.2% 10) Seattle, WA +1.8% 11) New Orleans, LA +1.6% 12)Tampa - St. Petersburg, FL +1.4% Detroit, MI +1.4% 13) Atlanta, GA +1.2% 14) Boston, MA +0.9% 15) Norfolk - Virginia Beach, VA +0.6% 16) San Diego, CA +0.3% Washington, DC - MD - VA +0.3% 17) St. Louis, MO -0.5% 18) Philadelphia, PA - NJ -0.9% Average Change Top 25 Cities +2.9% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 9

Trends in 2008 vs, 2007 Occ. Rate, ADR, and RevPAR by Hotel Sector: : Occ. Rates decreased slightly in 14 markets and increased slightly in 4 markets ADR increased in 15 markets, decreased in 3 markets RevPAR s mixed, increasing in 10 markets, deceasing in 8 markets Upper : Occ. Rates increased in 10 markets, decreased in 13 markets ADR increased in 19 markets, decreased in 4 markets RevPAR increased in 15 markets, decreased in 8 markets : Occ. Rates increased in 9 markets, decreased in 15 markets ADR increased in 20 markets, decreased in 2 markets RevPAR increased in 17 markets, decreased in 6 markets : Occ, Rates increased in 4 markets, decreased in 19 markets ADR increased in 20 markets, decreased in 3 markets RevPAR increased in 11 markets, decreased in 12 markets Midscale without F&B: Occ. Rates increased in 3 markets, decreased in 19 markets ADR increased in 21 markets, decreased in 1 market RevPAR increased in 14 markets, decreased in 8 markets : Occ. Rates increased in 4 markets, decreased in 18 markets ADR have increased in 18 markets, decreased in 4 markets RevPAR increased in 6 markets, decreased in 16 markets Implications for Sales & Marketing Strategies: Sales & revenue managers should limit discounts as lower hotel rates do not drive travel demand, and only erodes revenue from travelers. and Upper markets remain strong, no discounting needed,, Midscale without F&B, and markets are stronger in resort Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 10

Rooms Sold, Top 25 U.S. Travel Cities & Destinations, 2006-2008 Top 25 U.S. Cities & Destinations Average Top 25 Markets Weekday Weekend 2006 67.9% 32.1% 100% 2007 68.9% 30.8% 100% 2008* 72.2% 27.9% 100% Phoenix, AZ Weekday Weekend 2006 67.7% 32.3% 100% 2007 71.4% 28.6% 100% 2008* 74.1% 25.9% 100% Anaheim Santa Ana, CA Weekday Weekend 2006 67.4% 32.6% 100% 2007 69.8% 30.2% 100% 2008* 72.5% 27.5% 100% Los Angeles Long Beach, CA Weekday Weekend 2006 67.1% 32.9% 100% 2007 70.9% 29.1% 100% 2008* 73.1% 26.9% 100% San Diego, CA Weekday Weekend 2006 67.8% 32.2% 100% 2007 70.6% 29.4% 100% 2008* 70.9% 29.1% 100% San Francisco/San Mateo, CA Weekday Weekend 2006 66.1% 33.9% 100% 2007 68.4% 31.6% 100% 2008* 73.1% 26.9% 100% Denver, CO Weekday Weekend 2006 69.4% 30.6% 100% 2007 72.3% 27.7% 100% 2008* 74.8% 25.2% 100% Washington, DC MD VA Weekday Weekend 2006 71.4% 28.6% 100% 2007 74.4% 25.6% 100% 2008* 74.7% 25.3% 100% Miami Hialeah, FL Weekday Weekend 2006 65.0% 35.0% 100% 2007 68.9% 31.1% 100% 2008* 71.6% 28.4% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Top 25 U.S. Cities & Destinations Orlando, FL Weekday Weekend 2006 65.5% 34.5% 100% 2007 68.2% 31.8% 100% 2008* 71.8% 28.2% 100% Tampa St Petersburg, FL Weekday Weekend 2006 66.7% 33.3% 100% 2007 71.3% 28.7% 100% 2008* 72.7% 27.3% 100% Atlanta, GA Weekday Weekend 2006 65.3% 34.7% 100% 2007 70.8% 29.2% 100% 2008* 72.0% 28.0% 100% Oahu Island, HI Weekday Weekend 2006 65.5% 34.5% 100% 2007 69.2% 30.8% 100% 2008* 73.0% 27.0% 100% Chicago, IL Weekday Weekend 2006 67.0% 33.0% 100% 2007 69.5% 30.5% 100% 2008* 72.0% 28.0% 100% New Orleans, LA Weekday Weekend 2006 63.8% 36.2% 100% 2007 68.0% 32.0% 100% 2008* 69.6% 30.4% 100% Boston, MA Weekday Weekend 2006 69.6% 30.4% 100% 2007 73.2% 26.8% 100% 2008* 74.1% 25.9% 100% Detroit, MI Weekday Weekend 2006 69.7% 30.3% 100% 2007 72.2% 27.8% 100% 2008* 73.5% 26.5% 100% Minneapolis St Paul, MN WI Weekday Weekend 2006 68.6% 31.4% 100% 2007 71.9% 28.1% 100% 2008* 74.1% 25.9% 100%

Rooms Sold, Top 25 U.S. Travel Cities & Destinations, 2006-2008 Top 25 U.S. Cities & Destinations St. Louis, MO IL Weekday Weekend 2006 66.8% 33.2% 100% 2007 71.7% 28.3% 100% 2008* 71.2% 28.8% 100% New York, NY Weekday Weekend 2006 66.6% 33.4% 100% 2007 69.7% 30.3% 100% 2008* 73.9% 26.1% 100% Philadelphia, PA NJ Weekday Weekend 2006 69.1% 30.9% 100% 2007 73.6% 26.4% 100% 2008* 72.6% 27.4% 100% Nashville, TN Weekday Weekend 2006 63.8% 36.2% 100% 2007 68.9% 31.1% 100% 2008* 71.6% 28.4% 100% Dallas, TX Weekday Weekend 2006 69.5% 30.5% 100% 2007 73.1% 26.9% 100% 2008* 75.8% 24.2% 100% Houston, TX Weekday Weekend 2006 70.4% 29.6% 100% 2007 73.5% 26.5% 100% 2008* 76.6% 23.4% 100% Norfolk Virginia Beach, VA Weekday Weekend 2006 64.7% 35.3% 100% 2007 68.7% 31.3% 100% 2008* 69.3% 30.7% 100% Seattle, WA Weekday Weekend 2006 68.8% 31.2% 100% 2007 71.5% 28.5% 100% 2008* 73.3% 26.7% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of

Orlando, FL: Market Share Analysis, 2006-2008* Orlando, FL Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 9.0% 9.1% 8.8% Upper 18.5% 19.0% 19.1% 20.9% 22.6% 22.8% 12.6% 12.4% 12.8% 14.5% 14.0% 14.0% 24.4% 23.0% 22.6% Orlando, FL Hotel Performance by, 2006-2008* 2006 75.3% 74.8% 0.6% $215.11 $206.99 3.9% $161.93 $154.93 4.5% 2007 74.7% 75.3% 0.8% $220.56 $215.11 2.5% $164.75 $161.93 1.7% 2008* 78.3% 79.6% 1.6% $233.39 $228.31 2.2% $182.70 $181.63 0.6% Upper 2006 73.0% 73.4% 0.6% $149.71 $140.93 6.2% $109.23 $103.41 5.6% 2007 73.7% 73.0% 1.0% $155.88 $149.71 4.1% $114.82 $109.23 5.1% 2008* 78.4% 77.9% 0.7% $166.02 $161.08 3.1% $130.24 $125.45 3.8% 2006 71.4% 75.2% 5.0% $95.48 $88.82 7.5% $68.15 $66.75 2.1% 2007 72.1% 71.4% 1.0% $99.33 $95.48 4.0% $71.61 $68.15 5.1% 2008* 75.4% 77.8% 3.0% $104.80 $103.08 1.7% $79.03 $80.16 1.4% 2006 67.7% 68.9% 1.7% $68.34 $62.31 9.7% $46.28 $42.94 7.8% 2007 65.7% 67.7% 3.0% $68.63 $68.34 0.4% $45.09 $46.28 2.6% 2008* 70.1% 71.2% 1.6% $70.98 $71.92 1.3% $49.73 $51.18 2.8% 2006 68.7% 72.3% 5.0% $70.03 $64.54 8.5% $48.08 $46.63 3.1% 2007 68.3% 68.7% 0.5% $73.27 $70.03 4.6% $50.06 $48.08 4.1% 2008* 71.6% 72.5% 1.3% $76.48 $75.83 0.9% $54.73 $54.97 0.4% 2006 58.5% 64.2% 8.9% $44.77 $42.87 4.4% $26.21 $27.54 4.8% 2007 56.9% 58.5% 2.8% $44.84 $44.77 0.2% $25.52 $26.21 2.6% 2008* 59.8% 62.0% 3.6% $43.56 $45.95 5.2% $26.05 $28.50 8.6% Orlando, FL Rooms Sold by, 2006-2008* Orlando, FL: Weekday Weekend 2006 66.0% 34.0% 100% 2007 67.8% 32.2% 100% 2008* 72.5% 27.5% 100% Upper Weekday Weekend 2006 65.8% 34.2% 100% 2007 68.9% 31.1% 100% 2008* 72.9% 27.1% 100% Weekday Weekend 2006 66.3% 33.7% 100% 2007 69.2% 30.8% 100% 2008* 71.7% 28.3% 100% Weekday Weekend 2006 64.9% 35.1% 100% 2007 66.4% 33.6% 100% 2008* 72.2% 27.8% 100% Midscale without F&B Weekday Weekend 2006 66.3% 33.7% 100% 2007 69.4% 30.6% 100% 2008* 72.6% 27.4% 100% Weekday Weekend 2006 63.8% 36.2% 100% 2007 66.5% 33.5% 100% 2008* 69.0% 31.0% 100% Orlando Market Weekday Weekend 2006 65.5% 34.5% 100% 2007 68.2% 31.8% 100% 2008* 71.8% 28.2% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 13

Anaheim-Santa Ana, CA: Market Share Analysis, 2006-2008* Anaheim-Santa Ana, CA Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 3.1% 3.4% 3.3% Upper 29.9% 30.8% 31.1% 14.3% 14.2% 13.9% 12.0% 12.1% 12.0% 10.4% 10.3% 10.7% 30.2% 29.2% 29.0% Anaheim-Santa Ana, CA Hotel Performance by, 2006-2008* 2006 65.9% 60.8% 8.4% $341.89 $328.64 4.0% $225.26 $199.68 12.8% 2007 71.4% 65.9% 8.4% $342.96 $341.89 0.3% $244.99 $225.26 8.8% 2008* 70.6% 71.8% 1.7% $339.44 $340.25 0.2% $239.74 $244.43 1.9% Upper 2006 71.2% 74.7% 4.6% $141.13 $128.65 9.7% $100.55 $96.04 4.7% 2007 72.1% 71.2% 1.2% $151.78 $141.13 7.5% $109.42 $100.55 8.8% 2008* 73.9% 75.4% 1.9% $154.56 $155.11 0.4% $114.23 $116.91 2.3% 2006 71.8% 74.3% 3.4% $112.49 $101.33 11.0% $80.74 $75.29 7.2% 2007 71.5% 71.8% 0.3% $118.92 $112.49 5.7% $85.06 $80.74 5.3% 2008* 70.5% 74.2% 5.1% $122.67 $119.15 3.0% $86.43 $88.44 2.3% 2006 72.2% 72.7% 0.7% $87.07 $79.64 9.3% $62.90 $57.92 8.6% 2007 72.4% 72.2% 0.3% $92.00 $87.07 5.7% $66.62 $62.90 5.9% 2008* 73.0% 74.7% 2.4% $95.64 $93.28 2.5% $69.78 $69.72 0.1% 2006 71.2% 73.1% 2.6% $85.08 $75.56 12.6% $60.57 $55.22 9.7% 2007 68.8% 71.2% 3.4% $91.94 $85.08 8.1% $63.24 $60.57 4.4% 2008* 69.9% 71.7% 2.5% $95.47 $92.68 3.0% $66.74 $66.48 0.4% 2006 72.2% 74.1% 2.6% $58.63 $55.35 5.9% $42.30 $41.00 3.2% 2007 71.0% 72.2% 1.6% $59.60 $58.63 1.7% $42.31 $42.30 0.0% 2008* 70.7% 74.1% 4.6% $59.70 $59.92 0.4% $42.19 $44.42 5.0% Anaheim-Santa Ana, CA Rooms Sold by, 2006-2008* Anaheim Santa Ana, CA: Weekday Weekend 2006 64.6% 35.4% 100% 2007 68.3% 31.7% 100% 2008* 68.5% 31.5% 100% Upper Weekday Weekend 2006 67.2% 32.8% 100% 2007 69.3% 30.7% 100% 2008* 72.7% 27.3% 100% Weekday Weekend 2006 69.5% 30.5% 100% 2007 72.6% 27.4% 100% 2008* 72.8% 27.2% 100% Weekday Weekend 2006 67.2% 32.8% 100% 2007 69.7% 30.3% 100% 2008* 72.5% 27.5% 100% Midscale without F&B Weekday Weekend 2006 68.4% 31.6% 100% 2007 71.7% 28.3% 100% 2008* 72.9% 27.1% 100% Weekday Weekend 2006 65.5% 34.5% 100% 2007 68.7% 31.3% 100% 2008* 71.5% 28.5% 100% Anaheim Market Weekday Weekend 2006 67.4% 32.6% 100% 2007 69.8% 30.2% 100% 2008* 72.5% 27.5% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 14

Los Angeles-Long Beach, CA: Market Share Analysis, 2006-2008* Los Angeles-Long Beach, CA Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 4.7% 4.6% 4.5% Upper 28.4% 28.7% 29.3% 13.3% 13.4% 13.6% 11.9% 12.4% 12.4% 6.1% 6.2% 6.2% 35.6% 34.7% 34.0% Los Angeles-Long Beach, CA Hotel Performance by, 2006-2008* 2006 72.3% 74.5% 2.9% $326.07 $287.62 13.4% $235.86 $214.21 10.1% 2007 73.9% 72.3% 2.2% $347.86 $326.07 6.7% $257.23 $235.86 9.1% 2008* 76.3% 73.6% 3.7% $381.86 $345.44 10.5% $291.32 $254.21 14.6% Upper 2006 76.2% 74.2% 2.6% $140.47 $128.34 9.4% $107.00 $95.24 12.3% 2007 77.2% 76.2% 1.4% $147.74 $140.47 5.2% $114.11 $107.00 6.6% 2008* 77.8% 78.0% 0.3% $155.40 $148.72 4.5% $120.94 $116.05 4.2% 2006 80.6% 81.1% 0.6% $112.76 $102.98 9.5% $90.92 $83.55 8.8% 2007 80.0% 80.6% 0.7% $121.86 $112.76 8.1% $97.54 $90.92 7.3% 2008* 77.9% 81.1% 3.9% $127.14 $120.93 5.1% $99.08 $98.09 1.0% 2006 74.1% 74.3% 0.2% $91.22 $84.10 8.5% $67.60 $62.45 8.3% 2007 75.4% 74.1% 1.7% $96.43 $91.22 5.7% $72.69 $67.60 7.5% 2008* 74.9% 76.0% 1.5% $99.81 $96.00 4.0% $74.72 $72.96 2.4% 2006 74.1% 74.1% 0.1% $91.81 $85.06 7.9% $68.05 $62.99 8.0% 2007 71.5% 74.1% 3.6% $98.49 $91.81 7.3% $70.38 $68.05 3.4% 2008* 69.6% 73.2% 4.9% $101.47 $97.99 3.6% $70.66 $71.78 1.6% 2006 74.8% 74.4% 0.6% $64.19 $60.55 6.0% $48.03 $45.04 6.6% 2007 73.3% 74.8% 2.0% $66.91 $64.19 4.2% $49.04 $48.03 2.1% 2008* 71.7% 74.7% 4.0% $67.93 $66.39 2.3% $48.71 $49.59 1.8% Los Angeles-Long Beach, CA Rooms Sold by, 2006-2008* Los Angeles Los Angeles Long Beach, - Long Beach, CA: CA: Weekday Weekend 2006 67.1% 32.9% 100% 2007 71.2% 28.8% 100% 2008* 73.8% 26.2% 100% Upper Weekday Weekend 2006 67.1% 32.9% 100% 2007 71.4% 28.6% 100% 2008* 73.2% 26.8% 100% Weekday Weekend 2006 68.5% 31.5% 100% 2007 72.1% 27.9% 100% 2008* 73.6% 26.4% 100% Weekday Weekend 2006 66.9% 33.1% 100% 2007 70.1% 29.9% 100% 2008* 72.5% 27.5% 100% Midscale without F&B Weekday Weekend 2006 68.7% 31.3% 100% 2007 73.0% 27.0% 100% 2008* 74.2% 25.8% 100% Weekday Weekend 2006 65.9% 34.1% 100% 2007 69.1% 30.9% 100% 2008* 72.0% 28.0% 100% Los Angeles Market Weekday Weekend 2006 67.1% 32.9% 100% 2007 70.9% 29.1% 100% 2008* 73.1% 26.9% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 15

San Diego, CA: Market Share Analysis, 2006-2008* San Diego, CA Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 6.6% 6.5% 6.6% Upper 25.8% 25.9% 26.9% 17.9% 18.1% 18.9% 9.1% 9.5% 9.3% 15.9% 16.4% 16.3% 24.7% 23.6% 22.0% San Diego, CA Hotel Performance by, 2006-2008* 2006 72.0% 73.7% 2.4% $225.17 $210.65 6.9% $162.01 $155.26 4.3% 2007 71.5% 72.0% 0.6% $232.27 $225.17 3.2% $166.04 $162.01 2.5% 2008* 70.8% 75.2% 5.7% $244.96 $236.96 3.4% $173.53 $178.09 2.6% Upper 2006 77.4% 76.5% 1.1% $180.18 $165.53 8.9% $139.39 $126.65 10.1% 2007 76.1% 77.4% 1.6% $185.91 $180.18 3.2% $141.56 $139.39 1.6% 2008* 78.7% 77.8% 1.1% $193.03 $191.37 0.9% $151.90 $148.97 2.0% 2006 76.2% 76.2% 0.0% $135.66 $127.30 6.6% $103.38 $97.05 6.5% 2007 75.3% 76.2% 1.3% $143.69 $135.66 5.9% $108.13 $103.38 4.6% 2008* 76.6% 76.1% 0.7% $146.98 $144.83 1.5% $112.64 $110.21 2.2% 2006 73.4% 72.4% 1.3% $107.61 $100.77 6.8% $78.98 $73.00 8.2% 2007 72.5% 73.4% 1.3% $114.20 $107.61 6.1% $82.76 $78.98 4.8% 2008* 71.6% 73.8% 3.0% $117.26 $114.95 2.0% $83.92 $84.78 1.0% 2006 72.9% 70.8% 3.0% $101.15 $92.09 9.8% $73.79 $65.23 13.1% 2007 73.8% 72.9% 1.1% $110.01 $101.15 8.8% $81.13 $73.79 10.0% 2008* 73.3% 75.1% 2.5% $114.48 $109.98 4.1% $83.89 $82.61 1.5% 2006 68.6% 66.8% 2.7% $65.71 $63.47 3.5% $45.08 $42.38 6.4% 2007 69.6% 68.6% 1.5% $67.95 $65.71 3.4% $47.31 $45.08 4.9% 2008* 68.6% 70.8% 3.0% $68.62 $68.11 0.7% $47.10 $48.19 2.3% San Diego, CA Rooms Sold by, 2006-2008* San Diego, CA: Weekday Weekend 2006 66.8% 33.2% 100% 2007 68.4% 31.6% 100% 2008* 68.1% 31.9% 100% Upper Weekday Weekend 2006 68.6% 31.4% 100% 2007 71.4% 28.6% 100% 2008* 70.7% 29.3% 100% Weekday Weekend 2006 71.5% 28.5% 100% 2007 75.5% 24.5% 100% 2008* 72.7% 27.3% 100% Weekday Weekend 2006 67.6% 32.4% 100% 2007 69.4% 30.6% 100% 2008* 71.1% 28.9% 100% Midscale without F&B Weekday Weekend 2006 68.3% 31.7% 100% 2007 71.7% 28.3% 100% 2008* 71.3% 28.7% 100% Weekday Weekend 2006 64.6% 35.4% 100% 2007 68.1% 31.9% 100% 2008* 70.4% 29.6% 100% San Diego Market Weekday Weekend 2006 67.8% 32.2% 100% 2007 70.6% 29.4% 100% 2008* 70.9% 29.1% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 16

San Francisco/San Mateo, CA: Market Share Analysis, 2006-2008* San Francisco/San Mateo, CA Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 9.3% 9.3% 10.4% Upper 35.4% 34.9% 35.4% 17.1% 17.3% 16.4% 10.1% 10.1% 9.7% 6.1% 6.2% 6.0% 21.9% 22.3% 22.0% San Francisco/San Mateo, CA Hotel Performance by, 2006-2008* 2006 71.6% 73.4% 2.5% $252.78 $226.16 11.8% $180.99 $166.02 9.0% 2007 73.1% 71.6% 2.1% $272.72 $252.78 7.9% $199.32 $180.99 10.1% 2008* 75.6% 70.3% 7.5% $268.76 $265.66 1.2% $203.17 $186.84 8.7% Upper 2006 76.2% 77.1% 1.2% $159.54 $145.37 9.7% $121.53 $112.08 8.4% 2007 77.1% 76.2% 1.2% $174.37 $159.54 9.3% $134.36 $121.53 10.6% 2008* 78.6% 75.8% 3.7% $179.65 $169.90 5.7% $141.19 $128.71 9.7% 2006 76.0% 73.0% 4.1% $119.20 $106.63 11.8% $90.59 $77.84 16.4% 2007 76.2% 76.0% 0.3% $131.09 $119.20 10.0% $99.94 $90.59 10.3% 2008* 75.0% 75.5% 0.7% $136.45 $126.98 7.5% $102.27 $95.84 6.7% 2006 74.1% 71.6% 3.4% $99.10 $90.20 9.9% $73.40 $64.59 13.6% 2007 75.1% 74.1% 1.4% $106.81 $99.10 7.8% $80.20 $73.40 9.3% 2008* 73.4% 73.9% 0.7% $114.42 $101.70 12.5% $83.97 $75.19 11.7% 2006 70.9% 67.8% 4.6% $94.22 $84.43 11.6% $66.83 $57.23 16.8% 2007 72.4% 70.9% 2.0% $105.60 $94.22 12.1% $76.41 $66.83 14.3% 2008* 72.7% 70.3% 3.3% $110.80 $102.29 8.3% $80.52 $71.94 11.9% 2006 66.9% 61.9% 8.1% $65.51 $59.69 9.7% $43.84 $36.97 18.6% 2007 71.3% 66.9% 6.5% $68.88 $65.51 5.2% $49.12 $43.84 12.0% 2008* 71.6% 68.9% 3.9% $70.75 $66.04 7.1% $50.63 $45.47 11.3% San Francisco/San Mateo, CA Rooms Sold by, 2006-2008* San Francisco San - San Mateo, CA: CA: Weekday Weekend 2006 64.2% 35.8% 100% 2007 67.6% 32.4% 100% 2008* 73.3% 26.7% 100% Upper Weekday Weekend 2006 66.0% 34.0% 100% 2007 67.8% 32.2% 100% 2008* 73.0% 27.0% 100% Weekday Weekend 2006 68.9% 31.1% 100% 2007 71.8% 28.2% 100% 2008* 73.2% 26.8% 100% Weekday Weekend 2006 66.1% 33.9% 100% 2007 67.9% 32.1% 100% 2008* 73.3% 26.7% 100% Midscale without F&B Weekday Weekend 2006 68.3% 31.7% 100% 2007 71.7% 28.3% 100% 2008* 74.2% 25.8% 100% Weekday Weekend 2006 66.4% 33.6% 100% 2007 69.9% 30.1% 100% 2008* 73.6% 26.4% 100% San Francisco Market Weekday Weekend 2006 66.1% 33.9% 100% 2007 68.4% 31.6% 100% 2008* 73.1% 26.9% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 17

Washington, DC-MD-VA: Market Share Analysis, 2006-2008* Washington, DC-MD-VA Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 5.2% 5.6% 5.3% Upper 34.5% 35.3% 36.8% 18.4% 18.7% 18.8% 13.6% 13.1% 12.4% 14.5% 14.5% 14.6% 13.8% 12.8% 12.1% Washington, DC-MD-VA Hotel Performance by, 2006-2008* 2006 68.3% 71.5% 4.4% $270.21 $252.73 6.9% $184.65 $180.68 2.2% 2007 70.9% 68.3% 3.8% $291.23 $270.21 7.8% $206.57 $184.65 11.9% 2008* 71.6% 73.4% 2.5% $285.60 $285.95 0.1% $204.38 $209.96 2.7% Upper 2006 70.9% 75.1% 5.7% $176.34 $165.14 6.8% $124.96 $124.10 0.7% 2007 72.2% 70.9% 1.8% $183.26 $176.34 3.9% $132.23 $124.96 5.8% 2008* 75.3% 75.3% 0.0% $188.11 $183.61 2.4% $141.60 $138.23 2.4% 2006 71.9% 75.9% 5.2% $150.80 $140.32 7.5% $108.48 $106.51 1.8% 2007 71.2% 71.9% 1.0% $154.35 $150.80 2.4% $109.92 $108.48 1.3% 2008* 73.9% 74.2% 0.5% $157.06 $155.14 1.2% $116.02 $115.16 0.8% 2006 64.9% 66.6% 2.6% $110.56 $105.13 5.2% $71.72 $70.01 2.4% 2007 63.7% 64.9% 1.7% $114.54 $110.56 3.6% $73.02 $71.72 1.8% 2008* 64.1% 67.0% 4.4% $116.50 $114.93 1.4% $74.62 $77.00 3.1% 2006 71.7% 73.1% 1.8% $98.78 $92.87 6.4% $70.84 $67.85 4.4% 2007 69.5% 71.7% 3.0% $103.51 $98.78 4.8% $71.98 $70.84 1.6% 2008* 70.1% 72.3% 3.0% $106.95 $103.94 2.9% $74.98 $75.10 0.2% 2006 64.4% 68.7% 6.2% $69.42 $67.45 2.9% $44.73 $46.31 3.4% 2007 61.4% 64.4% 4.8% $70.89 $69.42 2.1% $43.50 $44.73 2.7% 2008* 62.5% 64.3% 2.9% $71.80 $70.75 1.5% $44.85 $45.48 1.4% Washington, DC-MD-VA Rooms Sold by, 2006-2008* Washington, Washington, DC-MD-VA: DC MD Hotel VA: Class Weekday Weekend 2006 69.5% 30.5% 100% 2007 74.2% 25.8% 100% 2008* 75.7% 24.3% 100% Upper Weekday Weekend 2006 72.1% 27.9% 100% 2007 75.0% 25.0% 100% 2008* 75.4% 24.6% 100% Weekday Weekend 2006 72.3% 27.7% 100% 2007 76.1% 23.9% 100% 2008* 74.5% 25.5% 100% Weekday Weekend 2006 71.4% 28.6% 100% 2007 72.9% 27.1% 100% 2008* 73.5% 26.5% 100% Midscale without F&B Weekday Weekend 2006 71.6% 28.4% 100% 2007 75.4% 24.6% 100% 2008* 73.7% 26.3% 100% Weekday Weekend 2006 67.6% 32.4% 100% 2007 70.4% 29.6% 100% 2008* 73.6% 26.4% 100% Washington DC Market Weekday Weekend 2006 71.4% 28.6% 100% 2007 74.4% 25.6% 100% 2008* 74.7% 25.3% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 18

Miami-Hialeah, FL: Market Share Analysis, 2006-2008* Miami-Hialeah, FL Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 11.6% 12.8% 13.6% Upper 23.3% 22.4% 21.7% 15.7% 16.6% 16.9% 13.1% 12.9% 13.1% 10.4% 10.3% 9.9% 25.9% 25.1% 24.9% Miami-Hialeah, FL Hotel Performance by, 2006-2008* 2006 73.9% 73.9% 0.0% $262.68 $239.21 9.8% $194.02 $176.70 9.8% 2007 74.6% 73.9% 1.0% $286.83 $262.68 9.2% $213.89 $194.02 10.2% 2008* 77.8% 77.5% 0.5% $308.90 $306.52 0.8% $240.47 $237.47 1.3% Upper 2006 71.2% 71.9% 1.0% $166.80 $157.58 5.8% $118.74 $113.27 4.8% 2007 72.9% 71.2% 2.5% $178.69 $166.80 7.1% $130.33 $118.74 9.8% 2008* 77.5% 75.7% 2.5% $186.60 $191.02 2.3% $144.68 $144.54 0.1% 2006 73.9% 75.5% 2.1% $121.79 $107.83 12.9% $90.02 $81.43 10.5% 2007 74.3% 73.9% 0.5% $130.31 $121.79 7.0% $96.83 $90.02 7.6% 2008* 80.0% 77.1% 3.8% $139.55 $138.99 0.4% $111.69 $107.12 4.3% 2006 74.3% 73.5% 1.1% $93.28 $84.44 10.5% $69.30 $62.04 11.7% 2007 72.2% 74.3% 2.8% $101.18 $93.28 8.5% $73.06 $69.30 5.4% 2008* 75.5% 75.5% 0.0% $113.53 $105.62 7.5% $85.70 $79.71 7.5% 2006 75.4% 79.3% 4.9% $94.52 $81.37 16.2% $71.22 $64.49 10.4% 2007 76.1% 75.4% 1.0% $101.39 $94.52 7.3% $77.18 $71.22 8.4% 2008* 77.1% 77.5% 0.5% $108.54 $106.91 1.5% $83.65 $82.84 1.0% 2006 74.4% 79.5% 6.5% $75.00 $64.59 16.1% $55.78 $51.37 8.6% 2007 75.0% 74.4% 0.8% $80.00 $75.00 6.7% $60.00 $55.78 7.6% 2008* 76.0% 77.3% 1.7% $87.84 $86.34 1.7% $66.80 $66.77 0.0% Miami-Hialeah, FL Rooms Sold by, 2006-2008* Miami Hialeah, FL: Weekday Weekend 2006 64.3% 35.7% 100% 2007 69.8% 30.2% 100% 2008* 71.7% 28.3% 100% Upper Weekday Weekend 2006 65.2% 34.8% 100% 2007 68.9% 31.1% 100% 2008* 70.8% 29.2% 100% Weekday Weekend 2006 65.1% 34.9% 100% 2007 68.9% 31.1% 100% 2008* 73.3% 26.7% 100% Weekday Weekend 2006 64.1% 35.9% 100% 2007 66.8% 33.2% 100% 2008* 71.3% 28.7% 100% Midscale without F&B Weekday Weekend 2006 66.1% 33.9% 100% 2007 70.0% 30.0% 100% 2008* 74.4% 25.6% 100% Weekday Weekend 2006 65.6% 34.4% 100% 2007 69.0% 31.0% 100% 2008* 72.9% 27.1% 100% Miami Hialeah Market Weekday Weekend 2006 65.0% 35.0% 100% 2007 68.9% 31.1% 100% 2008* 71.6% 28.4% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 19

Tampa-St. Petersburg, FL: Market Share Analysis, 2006-2008* Tampa-St. Petersburg, FL Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* NA 3.0% 3.5% Upper NA 25.3% 26.0% NA 14.0% 14.3% NA 10.7% 10.8% NA 19.1% 19.1% NA 27.8% 26.3% TOTAL MARKET SHARE 0.0% 100.0% 100.0% Tampa-St. Petersburg, FL Hotel Performance by, 2006-2008* 2006 DATA NOT AVAILABLE 2007 67.7% 74.7% 9.3% $196.73 $200.21 1.7% $133.23 $149.50 10.9% 2008* 73.0% 80.0% 8.8% $213.87 $216.50 1.2% $156.07 $173.28 9.9% Upper 2006 68.1% 69.3% 1.7% $144.43 $133.57 8.1% $98.40 $92.54 6.3% 2007 69.6% 68.1% 2.1% $149.69 $144.43 3.6% $104.17 $98.40 5.9% 2008* 73.8% 74.3% 0.8% $160.57 $157.17 2.2% $118.46 $116.85 1.4% 2006 73.3% 74.4% 1.5% $108.67 $102.68 5.8% $79.64 $76.43 4.2% 2007 68.0% 73.3% 7.1% $113.37 $108.67 4.3% $77.14 $79.64 3.1% 2008* 68.1% 71.9% 5.4% $119.17 $118.23 0.8% $81.10 $85.06 4.7% 2006 58.7% 61.9% 5.2% $82.94 $80.84 2.6% $48.67 $50.04 2.7% 2007 51.7% 58.7% 11.8% $82.00 $82.94 1.1% $42.43 $48.67 12.8% 2008* 56.7% 58.3% 2.7% $93.15 $85.09 9.5% $52.82 $49.61 6.5% 2006 67.3% 69.7% 3.5% $87.55 $79.07 10.7% $58.91 $55.11 6.9% 2007 63.9% 67.3% 5.0% $92.38 $87.55 5.5% $59.05 $58.91 0.2% 2008* 64.9% 69.9% 7.1% $96.96 $95.89 1.1% $62.93 $67.01 6.1% 2006 61.5% 62.9% 2.3% $53.74 $50.51 6.4% $33.03 $31.76 4.0% 2007 55.7% 61.5% 9.4% $55.09 $53.74 2.5% $30.68 $33.03 7.1% 2008* 54.9% 61.6% 11.0% $57.09 $57.94 1.5% $31.32 $35.70 12.3% Tampa-St. Petersburg, FL Rooms Sold by, 2006-2008* Tampa Tampa- St. Petersburg, St. Petersburg, FL: FL: Weekday Weekend 2006 65.0% 35.0% 100% 2007 69.4% 30.6% 100% 2008* 71.3% 28.7% 100% Upper Weekday Weekend 2006 66.0% 34.0% 100% 2007 72.8% 27.2% 100% 2008* 75.2% 24.8% 100% Weekday Weekend 2006 68.9% 31.1% 100% 2007 74.3% 25.7% 100% 2008* 76.4% 23.6% 100% Weekday Weekend 2006 63.9% 36.1% 100% 2007 65.9% 34.1% 100% 2008* 65.9% 34.1% 100% Midscale without F&B Weekday Weekend 2006 68.7% 31.3% 100% 2007 72.6% 27.4% 100% 2008* 73.5% 26.5% 100% Weekday Weekend 2006 65.1% 34.9% 100% 2007 68.0% 32.0% 100% 2008* 69.3% 30.7% 100% Tampa Market Weekday Weekend 2006 66.7% 33.3% 100% 2007 71.3% 28.7% 100% 2008* 72.7% 27.3% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 20

Atlanta, GA: Market Share Analysis, 2006-2008* Atlanta, GA Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 3.8% 3.6% 3.1% Upper 23.1% 23.6% 24.5% 14.6% 14.5% 15.2% 7.4% 7.2% 6.9% 19.2% 19.5% 19.9% 31.8% 31.6% 30.3% Atlanta, GA Hotel Performance by, 2006-2008* 2006 70.7% 66.6% 6.0% $200.61 $186.34 7.7% $141.76 $124.18 14.2% 2007 69.7% 70.7% 1.4% $208.82 $200.61 4.1% $145.54 $141.76 2.7% 2008* 64.1% 70.3% 8.9% $203.97 $208.83 2.3% $130.75 $146.90 11.0% Upper 2006 68.4% 67.5% 1.3% $132.56 $121.96 8.7% $90.69 $82.38 10.1% 2007 68.1% 68.4% 0.5% $137.79 $132.56 3.9% $93.82 $90.69 3.4% 2008* 69.3% 70.3% 1.5% $137.28 $137.96 0.5% $95.12 $97.01 1.9% 2006 67.8% 68.7% 1.3% $101.84 $92.15 10.5% $69.06 $63.35 9.0% 2007 65.6% 67.8% 3.2% $107.58 $101.84 5.6% $70.62 $69.06 2.3% 2008* 69.4% 67.7% 2.4% $107.62 $107.81 0.2% $74.65 $73.04 2.2% 2006 58.6% 59.8% 2.0% $72.21 $68.13 6.0% $42.34 $40.77 3.9% 2007 56.4% 58.6% 3.9% $76.08 $72.21 5.4% $42.88 $42.34 1.3% 2008* 53.0% 59.7% 11.4% $78.26 $75.79 3.3% $41.44 $45.28 8.5% 2006 64.2% 65.7% 2.3% $75.90 $69.15 9.8% $48.73 $45.45 7.2% 2007 62.0% 64.2% 3.4% $81.28 $75.90 7.1% $50.40 $48.73 3.4% 2008* 62.1% 64.9% 4.3% $83.31 $80.95 2.9% $51.73 $52.51 1.5% 2006 62.2% 63.6% 2.1% $39.83 $37.80 5.4% $24.79 $24.04 3.1% 2007 60.8% 62.2% 2.3% $40.44 $39.83 1.5% $24.60 $24.79 0.8% 2008* 58.1% 63.3% 8.1% $40.67 $40.50 0.4% $23.64 $25.63 7.8% Atlanta, GA Rooms Sold by, 2006-2008* Atlanta, GA: Weekday Weekend 2006 62.0% 38.0% 100% 2007 68.4% 31.6% 100% 2008* 71.1% 28.9% 100% Upper Weekday Weekend 2006 61.7% 38.3% 100% 2007 69.3% 30.7% 100% 2008* 71.7% 28.3% 100% Weekday Weekend 2006 69.5% 30.5% 100% 2007 74.6% 25.4% 100% 2008* 73.6% 26.4% 100% Weekday Weekend 2006 63.3% 36.7% 100% 2007 68.7% 31.3% 100% 2008* 69.8% 30.2% 100% Midscale without F&B Weekday Weekend 2006 68.7% 31.3% 100% 2007 73.3% 26.7% 100% 2008* 72.8% 27.2% 100% Weekday Weekend 2006 64.5% 35.5% 100% 2007 67.7% 32.3% 100% 2008* 70.4% 29.6% 100% Atlanta Market Weekday Weekend 2006 65.3% 34.7% 100% 2007 70.8% 29.2% 100% 2008* 72.0% 28.0% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 21

Chicago, IL: Market Share Analysis, 2006-2008* Chicago, IL Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 7.0% 7.1% 7.3% Upper 34.2% 34.8% 35.2% 16.6% 16.7% 17.1% 10.1% 9.2% 8.9% 14.0% 14.0% 14.0% 18.2% 18.1% 17.5% Chicago, IL Hotel Performance by, 2006-2008* 2006 72.7% 70.1% 3.7% $245.74 $221.27 11.1% $178.74 $155.18 15.2% 2007 73.9% 72.7% 1.5% $258.87 $245.74 5.3% $191.19 $178.74 7.0% 2008* 69.7% 71.6% 2.7% $251.87 $244.97 2.8% $175.44 $175.46 0.0% Upper 2006 72.9% 70.2% 4.0% $158.38 $143.45 10.4% $115.53 $100.64 14.8% 2007 72.1% 72.9% 1.2% $163.54 $158.38 3.3% $117.90 $115.53 2.0% 2008* 68.4% 71.5% 4.3% $164.47 $159.46 3.1% $112.58 $114.05 1.3% 2006 70.3% 67.6% 4.0% $119.16 $105.32 13.1% $83.82 $71.22 17.7% 2007 71.1% 70.3% 1.1% $123.87 $119.16 3.9% $88.12 $83.82 5.1% 2008* 68.1% 70.4% 3.2% $122.61 $120.46 1.8% $83.52 $84.80 1.5% 2006 63.6% 59.0% 7.8% $96.62 $87.32 10.6% $61.43 $51.51 19.3% 2007 62.9% 63.6% 1.2% $99.42 $96.62 2.9% $62.49 $61.43 1.7% 2008* 58.0% 63.1% 8.0% $101.92 $97.36 4.7% $59.10 $61.40 3.7% 2006 67.3% 62.2% 8.1% $84.25 $76.67 9.9% $56.69 $47.72 18.8% 2007 65.8% 67.3% 2.3% $92.66 $84.25 10.0% $60.94 $56.69 7.5% 2008* 62.4% 64.8% 3.7% $93.03 $90.77 2.5% $58.01 $58.80 1.3% 2006 59.4% 57.3% 3.6% $55.97 $49.74 12.5% $33.22 $28.50 16.6% 2007 59.9% 59.4% 1.0% $56.46 $55.97 0.9% $33.84 $33.22 1.9% 2008* 55.4% 59.6% 7.0% $56.96 $55.40 2.8% $31.55 $33.01 4.4% Chicago, IL Rooms Sold by, 2006-2008* Chicago, IL: Weekday Weekend 2006 61.5% 38.5% 100% 2007 64.6% 35.4% 100% 2008* 72.3% 27.7% 100% Upper Weekday Weekend 2006 66.8% 33.2% 100% 2007 67.9% 32.1% 100% 2008* 72.4% 27.6% 100% Weekday Weekend 2006 69.8% 30.2% 100% 2007 72.6% 27.4% 100% 2008* 72.9% 27.1% 100% Weekday Weekend 2006 66.8% 33.2% 100% 2007 70.7% 29.3% 100% 2008* 71.1% 28.9% 100% Midscale without F&B Weekday Weekend 2006 70.0% 30.0% 100% 2007 73.8% 26.2% 100% 2008* 72.2% 27.8% 100% Weekday Weekend 2006 64.8% 35.2% 100% 2007 68.8% 31.2% 100% 2008* 70.3% 29.7% 100% Chicago Market Weekday Weekend 2006 67.0% 33.0% 100% 2007 69.5% 30.5% 100% 2008* 72.0% 28.0% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 22

Oahu Island, HI: Market Share Analysis, 2006-2008* Oahu Island, HI Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 6.2% 6.2% 6.0% Upper 37.6% 40.5% 40.6% 12.8% 12.1% 12.1% 20.7% 19.0% 19.3% 1.8% 1.7% 1.8% 20.9% 20.5% 20.2% Oahu Island, HI Hotel Performance by, 2006-2008* 2006 2007 Data Not Available 2008* Upper 2006 83.1% 85.2% 2.4% $201.25 $180.82 11.3% $167.30 $154.00 8.6% 2007 80.4% 83.1% 3.3% $207.73 $201.25 3.2% $166.96 $167.30 0.2% 2008* 81.3% 80.5% 1.0% $213.13 $203.77 4.6% $173.24 $164.03 5.6% 2006 81.6% 84.7% 3.7% $147.86 $128.80 14.8% $120.68 $109.14 10.6% 2007 73.1% 81.6% 10.5% $165.21 $147.86 11.7% $120.75 $120.68 0.1% 2008* 72.5% 71.6% 1.3% $175.66 $167.41 4.9% $127.42 $119.91 6.3% 2006 86.0% 86.7% 0.7% $94.00 $78.73 19.4% $80.86 $68.22 18.5% 2007 71.1% 86.0% 17.4% $106.64 $94.00 13.4% $75.78 $80.86 6.3% 2008* 76.8% 72.0% 6.6% $113.80 $105.46 7.9% $87.39 $75.96 15.0% 2006 2007 Data Not Available 2008* 2006 2007 Data Not Available 2008* Oahu Island, HI Rooms Sold by, 2006-2008* Oahu Island, HI: Weekday Weekend 2006 65.4% 34.6% 100% 2007 69.1% 30.9% 100% 2008* 69.2% 30.8% 100% Upper Weekday Weekend 2006 65.6% 34.4% 100% 2007 69.4% 30.6% 100% 2008* 73.3% 26.7% 100% Weekday Weekend 2006 65.9% 34.1% 100% 2007 69.2% 30.8% 100% 2008* 73.3% 26.7% 100% Weekday Weekend 2006 65.2% 34.8% 100% 2007 68.3% 31.7% 100% 2008* 72.3% 27.7% 100% Midscale without F&B Weekday Weekend 2006 2007 Not Available 2008* Weekday Weekend 2006 2007 Not Available 2008* Oahu Island Market Weekday Weekend 2006 65.5% 34.5% 100% 2007 69.2% 30.8% 100% 2008* 73.0% 27.0% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 23

New Orleans, LA: Market Share Analysis, 2006-2008* New Orleans, LA Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 4.0% 5.9% 6.0% Upper 30.4% 31.9% 32.5% 14.0% 13.5% 13.8% 14.0% 12.2% 12.1% 14.1% 13.8% 14.2% 23.5% 22.7% 21.5% New Orleans, LA Hotel Performance by, 2006-2008* 2006 55.3% 67.2% 17.7% $147.59 $164.82 10.5% $81.61 $110.72 26.3% 2007 59.9% 55.3% 8.3% $173.67 $147.59 17.7% $104.00 $81.61 27.4% 2008* 72.6% 61.8% 17.6% $183.68 $178.52 2.9% $133.36 $110.26 20.9% Upper 2006 58.0% 70.7% 18.0% $145.86 $151.53 3.7% $84.59 $107.17 21.1% 2007 60.1% 58.0% 3.6% $149.74 $145.86 2.7% $89.96 $84.59 6.3% 2008* 71.1% 63.0% 12.9% $158.11 $153.35 3.1% $112.47 $96.60 16.4% 2006 60.0% 70.5% 14.9% $137.89 $129.69 6.3% $82.75 $91.48 9.5% 2007 54.4% 60.0% 9.4% $125.36 $137.89 9.1% $68.17 $82.75 17.6% 2008* 66.6% 57.8% 15.2% $122.84 $130.10 5.6% $81.80 $75.18 8.8% 2006 67.7% 67.4% 0.5% $99.45 $91.20 9.0% $67.33 $61.43 9.6% 2007 58.3% 67.7% 13.9% $89.14 $99.45 10.4% $51.97 $67.33 22.8% 2008* 65.7% 59.6% 10.1% $95.56 $91.90 4.0% $62.74 $54.81 14.5% 2006 66.8% 67.0% 0.2% $107.86 $88.85 21.4% $72.09 $59.50 21.1% 2007 58.5% 66.8% 12.5% $99.90 $107.86 7.4% $58.45 $72.09 18.9% 2008* 67.7% 61.2% 10.6% $101.34 $103.30 1.9% $68.66 $63.25 8.5% 2006 69.7% 60.3% 15.5% $73.43 $53.05 38.4% $51.17 $32.00 59.9% 2007 58.0% 69.7% 16.7% $59.12 $73.43 19.5% $34.32 $51.17 32.9% 2008* 63.8% 61.3% 4.0% $60.02 $60.86 1.4% $38.28 $37.33 2.5% New Orleans, LA Rooms Sold by, 2006-2008* New Orleans, LA: Weekday Weekend 2006 62.8% 37.2% 100% 2007 67.1% 32.9% 100% 2008* 68.8% 31.2% 100% Upper Weekday Weekend 2006 62.5% 37.5% 100% 2007 66.5% 33.5% 100% 2008* 69.2% 30.8% 100% Weekday Weekend 2006 63.8% 36.2% 100% 2007 68.6% 31.4% 100% 2008* 69.6% 30.4% 100% Weekday Weekend 2006 62.1% 37.9% 100% 2007 67.5% 32.5% 100% 2008* 70.5% 29.5% 100% Midscale without F&B Weekday Weekend 2006 67.0% 33.0% 100% 2007 73.1% 26.9% 100% 2008* 72.4% 27.6% 100% Weekday Weekend 2006 68.5% 31.5% 100% 2007 69.8% 30.2% 100% 2008* 72.2% 27.8% 100% New Orleans Market Weekday Weekend 2006 63.8% 36.2% 100% 2007 68.0% 32.0% 100% 2008* 69.6% 30.4% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 24

Boston, MA: Market Share Analysis, 2006-2008* Boston, MA Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 4.0% 4.8% 5.3% Upper 41.5% 41.3% 41.8% 21.0% 20.3% 20.4% 10.5% 10.3% 9.9% 11.2% 11.3% 11.1% 11.7% 12.0% 11.6% Boston, MA Hotel Performance by, 2006-2008* 2006 71.9% 69.9% 2.9% $312.99 $289.05 8.3% $225.14 $202.12 11.4% 2007 72.4% 71.9% 0.6% $323.69 $312.99 3.4% $234.32 $225.14 4.1% 2008* 72.9% 68.8% 5.9% $318.52 $306.67 3.9% $232.23 $211.10 10.0% Upper 2006 72.7% 70.9% 2.6% $172.21 $155.60 10.7% $125.28 $110.38 13.5% 2007 73.1% 72.7% 0.5% $183.66 $172.21 6.6% $134.30 $125.28 7.2% 2008* 71.8% 71.3% 0.7% $181.82 $175.45 3.6% $130.48 $125.04 4.3% 2006 67.9% 65.6% 3.5% $118.93 $110.81 7.3% $80.74 $72.65 11.1% 2007 69.4% 67.9% 2.2% $126.60 $118.93 6.5% $87.82 $80.74 8.8% 2008* 66.8% 67.4% 0.9% $128.32 $122.04 5.1% $85.73 $82.28 4.2% 2006 60.4% 57.4% 5.2% $112.79 $106.90 5.5% $68.09 $61.35 11.0% 2007 60.7% 60.4% 0.6% $118.05 $112.79 4.7% $71.68 $68.09 5.3% 2008* 57.7% 57.5% 0.4% $121.24 $113.63 6.7% $69.97 $65.30 7.1% 2006 63.7% 62.4% 2.0% $95.89 $89.99 6.6% $61.05 $56.16 8.7% 2007 64.4% 63.7% 1.2% $102.47 $95.89 6.9% $66.00 $61.05 8.1% 2008* 61.3% 62.5% 2.0% $103.23 $98.29 5.0% $63.25 $61.47 2.9% 2006 61.1% 60.2% 1.6% $70.67 $67.86 4.1% $43.19 $40.83 5.8% 2007 63.8% 61.1% 4.5% $71.91 $70.67 1.7% $45.91 $43.19 6.3% 2008* 60.1% 59.6% 0.8% $71.95 $69.27 3.9% $43.24 $41.28 4.7% Boston, MA Rooms Sold by, 2006-2008* Boston, MA: Weekday Weekend 2006 67.5% 32.5% 100% 2007 72.0% 28.0% 100% 2008* 72.9% 27.1% 100% Upper Weekday Weekend 2006 69.4% 30.6% 100% 2007 72.0% 28.0% 100% 2008* 73.9% 26.1% 100% Weekday Weekend 2006 72.6% 27.4% 100% 2007 76.0% 24.0% 100% 2008* 75.0% 25.0% 100% Weekday Weekend 2006 68.3% 31.7% 100% 2007 72.5% 27.5% 100% 2008* 73.5% 26.5% 100% Midscale without F&B Weekday Weekend 2006 71.9% 28.1% 100% 2007 77.3% 22.7% 100% 2008* 75.1% 24.9% 100% Weekday Weekend 2006 67.5% 32.5% 100% 2007 71.4% 28.6% 100% 2008* 73.7% 26.3% 100% Boston Market Weekday Weekend 2006 69.6% 30.4% 100% 2007 73.2% 26.8% 100% 2008* 74.1% 25.9% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 25

New York, NY: Market Share Analysis, 2006-2008* New York, NY Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 11.8% 11.7% 11.4% Upper 36.2% 36.0% 36.4% 20.2% 20.2% 20.0% 8.6% 8.6% 8.4% 4.8% 5.4% 5.6% 18.5% 18.1% 18.1% New York, NY Hotel Performance by, 2006-2008* 2006 84.5% 81.8% 3.3% $411.07 $372.70 10.3% $347.28 $304.84 13.9% 2007 85.6% 84.5% 1.3% $456.00 $411.07 10.9% $390.16 $347.28 12.3% 2008* 83.5% 84.8% 1.5% $423.50 $410.01 3.3% $353.78 $347.86 1.7% Upper 2006 85.4% 85.2% 0.2% $268.02 $249.61 7.4% $228.90 $212.73 7.6% 2007 86.3% 85.4% 1.1% $294.72 $268.02 10.0% $254.44 $228.90 11.2% 2008* 85.2% 84.6% 0.7% $285.06 $266.98 6.8% $242.79 $225.87 7.5% 2006 85.8% 85.3% 0.6% $204.77 $176.33 16.1% $175.69 $150.43 16.8% 2007 88.3% 85.8% 2.9% $224.08 $204.77 9.4% $197.79 $175.69 12.6% 2008* 85.4% 87.3% 2.1% $219.68 $206.13 6.6% $187.60 $179.88 4.3% 2006 81.0% 82.0% 1.2% $160.99 $147.19 9.4% $130.46 $120.74 8.0% 2007 81.2% 81.0% 0.2% $175.52 $160.99 9.0% $142.48 $130.46 9.2% 2008* 75.8% 79.7% 4.9% $174.70 $160.75 8.7% $132.42 $128.15 3.3% 2006 80.4% 81.7% 1.5% $154.62 $132.57 16.6% $124.36 $108.30 14.8% 2007 81.5% 80.4% 1.4% $178.11 $154.62 15.2% $145.18 $124.36 16.7% 2008* 82.1% 79.0% 4.0% $176.80 $161.99 9.1% $145.21 $127.91 13.5% 2006 80.0% 77.6% 3.1% $126.48 $120.91 4.6% $101.19 $93.79 7.9% 2007 79.6% 80.0% 0.5% $137.56 $126.48 8.8% $109.45 $101.19 8.2% 2008* 78.4% 77.3% 1.4% $130.99 $123.83 5.8% $102.70 $95.76 7.2% New York, NY Rooms Sold by, 2006-2008* New York, NY: Weekday Weekend 2006 66.5% 33.5% 100% 2007 69.3% 30.7% 100% 2008* 74.0% 26.0% 100% Upper Weekday Weekend 2006 66.7% 33.3% 100% 2007 69.8% 30.2% 100% 2008* 73.8% 26.2% 100% Weekday Weekend 2006 67.4% 32.6% 100% 2007 70.4% 29.6% 100% 2008* 73.6% 26.4% 100% Weekday Weekend 2006 65.9% 34.1% 100% 2007 69.1% 30.9% 100% 2008* 73.6% 26.4% 100% Midscale without F&B Weekday Weekend 2006 66.4% 33.6% 100% 2007 71.1% 28.9% 100% 2008* 74.3% 25.7% 100% Weekday Weekend 2006 66.7% 33.3% 100% 2007 69.0% 31.0% 100% 2008* 73.8% 26.2% 100% New York Market Weekday Weekend 2006 66.6% 33.4% 100% 2007 69.7% 30.3% 100% 2008* 73.9% 26.1% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 26

Philadelphia, PA-NJ: Market Share Analysis, 2006-2008* Philadelphia, PA-NJ Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 4.7% 4.7% 4.7% Upper 21.6% 21.7% 21.4% 24.0% 24.6% 24.9% 12.7% 12.4% 12.1% 15.7% 15.8% 16.3% 21.3% 20.9% 20.5% Philadelphia, PA-NJ Hotel Performance by, 2006-2008* 2006 72.7% 69.6% 4.6% $208.68 $194.59 7.2% $151.81 $135.40 12.1% 2007 70.8% 72.7% 2.6% $226.25 $208.68 8.4% $160.29 $151.81 5.6% 2008* 67.8% 71.1% 4.7% $226.42 $220.42 2.7% $153.46 $156.72 2.1% Upper 2006 72.9% 72.4% 0.7% $147.32 $138.37 6.5% $107.41 $100.22 7.2% 2007 73.1% 72.9% 0.2% $157.97 $147.32 7.2% $115.43 $107.41 7.5% 2008* 69.7% 74.0% 5.8% $160.59 $155.09 3.5% $111.94 $114.82 2.5% 2006 72.5% 73.2% 1.0% $119.81 $111.93 7.0% $86.89 $81.97 6.0% 2007 72.6% 72.5% 0.1% $128.22 $119.81 7.0% $93.11 $86.89 7.2% 2008* 71.1% 73.4% 3.2% $131.27 $126.69 3.6% $93.29 $93.02 0.3% 2006 63.4% 65.1% 2.6% $89.52 $84.01 6.6% $56.78 $54.69 3.8% 2007 63.1% 63.4% 0.5% $94.42 $89.52 5.5% $59.62 $56.78 5.0% 2008* 60.1% 64.2% 6.4% $97.55 $92.67 5.3% $58.63 $59.51 1.5% 2006 72.2% 71.0% 1.6% $98.35 $92.55 6.3% $70.96 $65.75 7.9% 2007 71.4% 72.2% 1.0% $105.89 $98.35 7.7% $75.63 $70.96 6.6% 2008* 70.9% 72.2% 1.8% $109.71 $104.86 4.6% $77.81 $75.76 2.7% 2006 67.0% 69.3% 3.4% $63.47 $59.98 5.8% $42.50 $41.56 2.3% 2007 66.6% 67.0% 0.5% $66.72 $63.47 5.1% $44.43 $42.50 4.5% 2008* 63.8% 68.0% 6.1% $67.60 $66.00 2.4% $43.15 $44.88 3.8% Philadelphia, PA-NJ Rooms Sold by, 2006-2008* Philadelphia, PA NJ: Weekday Weekend 2006 64.5% 35.5% 100% 2007 68.5% 31.5% 100% 2008* 71.1% 28.9% 100% Upper Weekday Weekend 2006 68.6% 31.4% 100% 2007 72.8% 27.2% 100% 2008* 72.7% 27.3% 100% Weekday Weekend 2006 70.4% 29.6% 100% 2007 74.7% 25.3% 100% 2008* 72.8% 27.2% 100% Weekday Weekend 2006 67.9% 32.1% 100% 2007 71.9% 28.1% 100% 2008* 72.1% 27.9% 100% Midscale without F&B Weekday Weekend 2006 71.4% 28.6% 100% 2007 77.3% 22.7% 100% 2008* 73.7% 26.3% 100% Weekday Weekend 2006 66.8% 33.2% 100% 2007 70.4% 29.6% 100% 2008* 72.2% 27.8% 100% Philadelphia Market Weekday Weekend 2006 69.1% 30.9% 100% 2007 73.6% 26.4% 100% 2008* 72.6% 27.4% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 27

Dallas, TX: Market Share Analysis, 2006-2008* Dallas, TX Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 4.0% 4.0% 4.2% Upper 23.8% 23.3% 23.9% 17.6% 17.1% 17.6% 7.4% 7.6% 7.1% 15.8% 16.7% 16.3% 31.4% 31.3% 30.9% Dallas, TX Hotel Performance by, 2006-2008* 2006 66.0% 59.6% 10.7% $174.67 $160.63 8.7% $115.27 $95.75 20.4% 2007 64.8% 66.0% 1.8% $196.25 $174.67 12.4% $127.14 $115.27 10.3% 2008* 62.2% 67.7% 8.1% $206.74 $195.89 5.5% $128.66 $132.63 3.0% Upper 2006 66.1% 64.8% 2.0% $131.45 $117.47 11.9% $86.85 $76.08 14.2% 2007 63.6% 66.1% 3.8% $139.01 $131.45 5.8% $88.37 $86.85 1.7% 2008* 63.0% 65.7% 4.0% $138.53 $140.07 1.1% $87.31 $91.98 5.1% 2006 62.6% 60.9% 2.8% $95.76 $92.69 3.3% $59.94 $56.42 6.2% 2007 59.4% 62.6% 5.0% $104.25 $95.76 8.9% $61.97 $59.94 3.4% 2008* 62.8% 62.3% 0.7% $106.51 $104.47 2.0% $66.84 $65.12 2.6% 2006 54.9% 53.9% 1.7% $64.06 $62.58 2.4% $35.15 $33.76 4.1% 2007 54.2% 54.9% 1.2% $68.00 $64.06 6.2% $36.88 $35.15 4.9% 2008* 52.6% 57.9% 9.2% $74.77 $67.91 10.1% $39.33 $39.34 0.0% 2006 63.7% 62.4% 2.1% $72.29 $65.97 9.6% $46.05 $41.17 11.8% 2007 63.9% 63.7% 0.3% $78.40 $72.29 8.5% $50.08 $46.05 8.8% 2008* 63.0% 65.6% 4.0% $81.93 $78.43 4.5% $51.62 $51.45 0.3% 2006 60.0% 60.5% 0.8% $37.76 $36.19 4.3% $22.66 $21.90 3.4% 2007 59.2% 60.0% 1.3% $39.74 $37.76 5.3% $23.53 $22.66 3.9% 2008* 59.8% 61.1% 2.0% $40.27 $39.25 2.6% $24.10 $23.98 0.5% Dallas, TX Rooms Sold by, 2006-2008* Dallas, TX: Weekday Weekend 2006 67.4% 32.6% 100% 2007 72.2% 27.8% 100% 2008* 74.8% 25.2% 100% Upper Weekday Weekend 2006 70.1% 29.9% 100% 2007 73.3% 26.7% 100% 2008* 78.0% 22.0% 100% Weekday Weekend 2006 72.3% 27.7% 100% 2007 76.5% 23.5% 100% 2008* 78.1% 21.9% 100% Weekday Weekend 2006 69.9% 30.1% 100% 2007 72.8% 27.2% 100% 2008* 74.9% 25.1% 100% Midscale without F&B Weekday Weekend 2006 69.5% 30.5% 100% 2007 73.8% 26.2% 100% 2008* 75.1% 24.9% 100% Weekday Weekend 2006 64.6% 35.4% 100% 2007 68.0% 32.0% 100% 2008* 70.9% 29.1% 100% Dallas Market Weekday Weekend 2006 69.5% 30.5% 100% 2007 73.1% 26.9% 100% 2008* 75.8% 24.2% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 28

Houston, TX: Market Share Analysis, 2006-2008* Houston, TX Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 2.6% 2.7% 2.8% Upper 24.7% 24.6% 24.5% 13.2% 13.5% 13.8% 8.1% 8.0% 7.8% 20.6% 20.2% 20.7% 30.8% 31.0% 30.3% Houston, TX Hotel Performance by, 2006-2008* 2006 71.3% 65.0% 9.7% $162.08 $151.94 6.7% $115.58 $98.79 17.0% 2007 69.0% 71.3% 3.3% $191.39 $162.08 18.1% $132.03 $115.58 14.2% 2008* 68.3% 70.3% 3.0% $213.01 $192.96 10.4% $145.38 $135.74 7.1% Upper 2006 68.8% 67.8% 1.5% $125.41 $112.83 11.2% $86.22 $76.46 12.8% 2007 70.1% 68.8% 2.0% $133.88 $125.41 6.8% $93.90 $86.22 8.9% 2008* 71.9% 71.7% 0.3% $144.72 $134.27 7.8% $104.08 $96.24 8.1% 2006 71.9% 71.4% 0.8% $102.13 $90.13 13.3% $73.46 $64.33 14.2% 2007 71.1% 71.9% 1.2% $112.55 $102.13 10.2% $80.01 $73.46 8.9% 2008* 72.3% 74.3% 2.7% $121.59 $112.60 8.0% $87.90 $83.69 5.0% 2006 56.7% 59.4% 4.5% $71.67 $67.98 5.4% $40.64 $40.36 0.7% 2007 57.0% 56.7% 0.5% $75.35 $71.67 5.1% $42.94 $40.64 5.7% 2008* 56.9% 58.9% 3.4% $87.00 $74.55 16.7% $49.48 $43.90 12.7% 2006 68.0% 68.8% 1.2% $74.85 $69.11 8.3% $50.88 $47.56 7.0% 2007 67.1% 68.0% 1.3% $83.45 $74.85 11.5% $55.99 $50.88 10.1% 2008* 68.5% 69.9% 2.0% $89.63 $82.92 8.1% $61.39 $57.95 5.9% 2006 62.7% 67.0% 6.5% $40.62 $39.09 3.9% $25.45 $26.21 2.9% 2007 64.5% 62.7% 2.9% $42.38 $40.62 4.3% $27.32 $25.45 7.4% 2008* 63.2% 66.9% 5.5% $44.83 $41.95 6.9% $28.33 $28.06 1.0% Houston, TX Rooms Sold by, 2006-2008* Houston, TX: Weekday Weekend 2006 67.8% 32.2% 100% 2007 70.2% 29.8% 100% 2008* 80.9% 19.1% 100% Upper Weekday Weekend 2006 70.3% 29.7% 100% 2007 72.8% 27.2% 100% 2008* 77.4% 22.6% 100% Weekday Weekend 2006 72.5% 27.5% 100% 2007 75.6% 24.4% 100% 2008* 77.8% 22.2% 100% Weekday Weekend 2006 70.7% 29.3% 100% 2007 74.6% 25.4% 100% 2008* 77.4% 22.6% 100% Midscale without F&B Weekday Weekend 2006 71.6% 28.4% 100% 2007 75.1% 24.9% 100% 2008* 76.9% 23.1% 100% Weekday Weekend 2006 67.0% 33.0% 100% 2007 70.1% 29.9% 100% 2008* 73.0% 27.0% 100% Houston Market Weekday Weekend 2006 70.4% 29.6% 100% 2007 73.5% 26.5% 100% 2008* 76.6% 23.4% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 29

Seattle, WA: Market Share Analysis, 2006-2008* Seattle, WA Hotel Market Share: of Rooms Sold by, 2006-2008* 2006 2007 2008* 5.7% 6.1% 6.1% Upper 22.5% 22.9% 24.0% 15.8% 15.8% 16.5% 14.1% 13.8% 13.6% 18.4% 18.5% 18.2% 23.4% 23.0% 21.6% Seattle, WA Hotel Performance by, 2006-2008* 2006 72.5% 72.2% 0.4% $219.15 $197.04 11.2% $158.81 $142.19 11.7% 2007 72.2% 72.5% 0.3% $218.60 $219.15 0.2% $157.88 $158.81 0.6% 2008* 70.4% 72.1% 2.2% $217.10 $218.05 0.4% $152.93 $157.12 2.7% Upper 2006 71.7% 71.5% 0.3% $152.31 $134.79 13.0% $109.24 $96.42 13.3% 2007 73.0% 71.7% 1.8% $161.99 $152.31 6.4% $118.22 $109.24 8.2% 2008* 73.7% 72.8% 1.2% $164.28 $161.03 2.0% $121.03 $117.19 3.3% 2006 76.1% 76.4% 0.3% $125.23 $108.89 15.0% $95.30 $83.16 14.6% 2007 75.4% 76.1% 1.0% $136.63 $125.23 9.1% $102.97 $95.30 8.1% 2008* 74.6% 75.4% 1.1% $138.94 $136.01 2.2% $103.61 $102.51 1.1% 2006 67.6% 62.2% 8.7% $90.06 $83.19 8.3% $60.91 $51.74 17.7% 2007 68.5% 67.6% 1.3% $98.38 $90.06 9.2% $67.43 $60.91 10.7% 2008* 66.9% 68.3% 2.1% $101.60 $96.90 4.9% $67.98 $66.19 2.7% 2006 73.5% 70.7% 4.0% $96.91 $87.89 10.3% $71.24 $62.10 14.7% 2007 73.2% 73.5% 0.4% $106.59 $96.91 10.0% $78.00 $71.24 9.5% 2008* 69.6% 73.4% 5.1% $111.15 $104.64 6.2% $77.40 $76.77 0.8% 2006 64.9% 61.6% 5.3% $59.31 $52.89 12.1% $38.49 $32.61 18.1% 2007 67.6% 64.9% 4.2% $63.97 $59.31 7.9% $43.27 $38.49 12.4% 2008* 62.6% 68.1% 8.1% $66.61 $62.57 6.5% $41.68 $42.62 2.2% Seattle, WA Rooms Sold by, 2006-2008* Seattle, WA: Weekday Weekend 2006 65.3% 34.7% 100% 2007 66.8% 33.2% 100% 2008* 72.2% 27.8% 100% Upper Weekday Weekend 2006 68.9% 31.1% 100% 2007 70.1% 29.9% 100% 2008* 72.8% 27.2% 100% Weekday Weekend 2006 69.3% 30.7% 100% 2007 73.4% 26.6% 100% 2008* 74.1% 25.9% 100% Weekday Weekend 2006 68.1% 31.9% 100% 2007 71.6% 28.4% 100% 2008* 73.1% 26.9% 100% Midscale without F&B Weekday Weekend 2006 71.9% 28.1% 100% 2007 74.9% 25.1% 100% 2008* 74.4% 25.6% 100% Weekday Weekend 2006 68.0% 32.0% 100% 2007 71.2% 28.8% 100% 2008* 73.0% 27.0% 100% Seattle Market Weekday Weekend 2006 68.8% 31.2% 100% 2007 71.5% 28.5% 100% 2008* 73.3% 26.7% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 30

Phoenix, AZ: Market Share Analysis, 2006-2008* Phoenix, AZ Hotel Performance by, 2006-2008* 2006 73.1% 71.4% 2.4% $249.31 $241.13 3.4% $182.32 $172.22 5.9% 2007 70.5% 73.1% 3.6% $263.24 $249.31 5.6% $185.51 $182.32 1.7% 2008* 71.0% 75.6% 6.1% $293.70 $282.39 4.0% $208.50 $213.46 2.3% Upper 2006 72.4% 72.5% 0.2% $157.97 $145.76 8.4% $114.32 $105.74 8.1% 2007 70.7% 72.4% 2.3% $166.07 $157.97 5.1% $117.46 $114.32 2.7% 2008* 70.8% 75.1% 5.8% $182.34 $176.60 3.3% $129.08 $132.69 2.7% 2006 68.4% 70.4% 3.0% $110.70 $98.51 12.4% $75.67 $69.38 9.1% 2007 67.1% 68.4% 1.8% $118.95 $110.70 7.5% $79.81 $75.67 5.5% 2008* 62.3% 70.4% 11.5% $131.90 $125.18 5.4% $82.12 $88.10 6.8% 2006 59.5% 57.1% 4.2% $77.93 $71.20 9.5% $46.37 $40.65 14.1% 2007 61.6% 59.5% 3.5% $84.45 $77.93 8.4% $51.99 $46.37 12.1% 2008* 58.6% 66.2% 11.5% $93.21 $89.29 4.4% $54.60 $59.08 7.6% 2006 69.5% 67.4% 3.2% $89.02 $77.76 14.5% $61.90 $52.41 18.1% 2007 68.1% 69.5% 2.1% $97.26 $89.02 9.3% $66.19 $61.90 6.9% 2008* 62.7% 71.8% 12.7% $109.10 $102.32 6.6% $68.38 $73.50 7.0% 2006 67.9% 64.3% 5.6% $51.24 $46.34 10.6% $34.80 $29.80 16.8% 2007 65.4% 67.9% 3.7% $54.08 $51.24 5.5% $35.37 $34.80 1.6% 2008* 61.2% 68.7% 10.9% $58.12 $56.88 2.2% $35.55 $39.06 9.0% Phoenix, AZ Rooms Sold by, 2006-2008* Phoenix, AZ: Weekday Weekend 2006 67.2% 32.8% 100% 2007 68.6% 31.4% 100% 2008* 68.9% 31.1% 100% Upper Weekday Weekend 2006 68.3% 31.7% 100% 2007 71.7% 28.3% 100% 2008* 74.3% 25.7% 100% Weekday Weekend 2006 70.2% 29.8% 100% 2007 74.3% 25.7% 100% 2008* 77.2% 22.8% 100% Weekday Weekend 2006 65.5% 34.5% 100% 2007 69.8% 30.2% 100% 2008* 73.5% 26.5% 100% Midscale without F&B Weekday Weekend 2006 68.6% 31.4% 100% 2007 73.7% 26.3% 100% 2008* 76.1% 23.9% 100% Weekday Weekend 2006 64.6% 35.4% 100% 2007 67.5% 32.5% 100% 2008* 71.9% 28.1% 100% Phoenix Market Weekday Weekend 2006 67.7% 32.3% 100% 2007 71.4% 28.6% 100% 2008* 74.1% 25.9% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 31

Denver, CO: Market Share Analysis, 2006-2008* Denver, CO Hotel Performance by, 2006-2008* 2006 2007 Data Not Available 2008* Upper 2006 69.5% 67.8% 2.5% $123.79 $111.46 11.1% $86.05 $75.57 13.9% 2007 69.7% 69.5% 0.3% $136.76 $123.79 10.5% $95.30 $86.05 10.8% 2008* 69.3% 70.3% 1.5% $138.77 $135.80 2.2% $96.15 $95.52 0.7% 2006 63.8% 62.8% 1.7% $100.21 $90.44 10.8% $63.96 $56.76 12.7% 2007 64.2% 63.8% 0.5% $111.43 $100.21 11.2% $71.51 $63.96 11.8% 2008* 66.4% 64.4% 3.1% $113.19 $110.09 2.8% $75.11 $70.86 6.0% 2006 61.3% 57.9% 5.8% $73.20 $68.14 7.4% $44.84 $39.46 13.6% 2007 62.5% 61.3% 2.1% $77.13 $73.20 5.4% $48.23 $44.84 7.6% 2008* 59.6% 64.0% 6.9% $76.84 $78.07 1.6% $45.76 $49.95 8.4% 2006 66.6% 64.0% 4.1% $76.72 $68.16 12.6% $51.09 $43.59 17.2% 2007 66.9% 66.6% 0.5% $85.66 $76.72 11.6% $57.33 $51.09 12.2% 2008* 66.7% 68.1% 2.1% $87.95 $85.08 3.4% $58.69 $57.98 1.2% 2006 58.5% 57.5% 1.8% $43.38 $39.48 9.9% $25.39 $22.70 11.9% 2007 62.6% 58.5% 6.9% $45.27 $43.38 4.3% $28.32 $25.39 11.5% 2008* 60.0% 64.0% 6.2% $46.94 $44.47 5.6% $28.18 $28.46 1.0% Denver, CO Rooms Sold by, 2006-2008* Denver, CO: Weekday Weekend 2006 64.8% 35.2% 100% 2007 69.5% 30.5% 100% 2008* 73.9% 26.1% 100% Upper Weekday Weekend 2006 69.1% 30.9% 100% 2007 71.4% 28.6% 100% 2008* 75.7% 24.3% 100% Weekday Weekend 2006 70.3% 29.7% 100% 2007 73.7% 26.3% 100% 2008* 75.5% 24.5% 100% Weekday Weekend 2006 68.4% 31.6% 100% 2007 71.2% 28.8% 100% 2008* 73.7% 26.3% 100% Midscale without F&B Weekday Weekend 2006 72.4% 27.6% 100% 2007 76.1% 23.9% 100% 2008* 75.2% 24.8% 100% Weekday Weekend 2006 66.3% 33.7% 100% 2007 68.7% 31.3% 100% 2008* 71.7% 28.3% 100% Denver Market Weekday Weekend 2006 69.4% 30.6% 100% 2007 72.3% 27.7% 100% 2008* 74.8% 25.2% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 32

Detroit, MI: Market Share Analysis, 2006-2008* Detroit, MI Hotel Performance by, 2006-2008* 2006 2007 Data Not Available 2008* Upper 2006 61.2% 63.0% 2.9% $126.39 $115.61 9.3% $77.41 $72.89 6.2% 2007 61.2% 61.2% 0.0% $127.85 $126.39 1.1% $78.26 $77.41 1.1% 2008* 60.8% 63.5% 4.3% $129.62 $130.17 0.4% $78.76 $82.65 4.7% 2006 65.3% 66.4% 1.5% $100.55 $92.78 8.4% $65.70 $61.57 6.7% 2007 63.5% 65.3% 2.8% $102.96 $100.55 2.4% $65.39 $65.70 0.5% 2008* 62.8% 64.8% 3.1% $104.29 $102.80 1.5% $65.46 $66.61 1.7% 2006 50.0% 48.6% 2.9% $75.66 $73.46 3.0% $37.84 $35.70 6.0% 2007 52.4% 50.0% 4.7% $73.21 $75.66 3.2% $38.35 $37.84 1.3% 2008* 50.8% 52.6% 3.5% $73.27 $73.66 0.5% $37.21 $38.77 4.0% 2006 59.7% 59.2% 0.9% $77.96 $72.80 7.1% $46.54 $43.08 8.0% 2007 60.6% 59.7% 1.5% $79.47 $77.96 1.9% $48.14 $46.54 3.4% 2008* 60.2% 60.4% 0.2% $82.92 $78.97 5.0% $49.94 $47.68 4.7% 2006 51.1% 54.3% 5.9% $47.74 $45.29 5.4% $24.40 $24.60 0.8% 2007 54.7% 51.1% 7.0% $45.44 $47.74 4.8% $24.86 $24.40 1.9% 2008* 53.0% 54.6% 3.0% $45.82 $45.22 1.3% $24.27 $24.68 1.7% Detroit, MI Rooms Sold by, 2006-2008* Detroit, MI: Weekday Weekend 2006 66.8% 33.2% 100% 2007 68.5% 31.5% 100% 2008* 72.3% 27.7% 100% Upper Weekday Weekend 2006 70.3% 29.7% 100% 2007 72.0% 28.0% 100% 2008* 73.6% 26.4% 100% Weekday Weekend 2006 72.4% 27.6% 100% 2007 74.6% 25.4% 100% 2008* 74.3% 25.7% 100% Weekday Weekend 2006 67.8% 32.2% 100% 2007 71.5% 28.5% 100% 2008* 73.5% 26.5% 100% Midscale without F&B Weekday Weekend 2006 71.1% 28.9% 100% 2007 74.1% 25.9% 100% 2008* 73.9% 26.1% 100% Weekday Weekend 2006 66.3% 33.7% 100% 2007 68.8% 31.2% 100% 2008* 72.0% 28.0% 100% Detroit Market Weekday Weekend 2006 69.7% 30.3% 100% 2007 72.2% 27.8% 100% 2008* 73.5% 26.5% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 33

Minneapolis-St. Paul, MN-WI: Market Share Analysis, 2006-2008* Minneapolis-St. Paul, MN-WI Hotel Performance by, 2006-2008* 2006 2007 Data Not Available 2008* Upper 2006 69.7% 70.1% 0.5% $125.57 $119.85 4.8% $87.54 $83.97 4.3% 2007 71.3% 69.7% 2.2% $133.27 $125.57 6.1% $94.99 $87.54 8.5% 2008* 68.7% 71.6% 4.0% $134.67 $131.12 2.7% $92.48 $93.83 1.4% 2006 69.4% 70.4% 1.5% $106.40 $99.69 6.7% $73.85 $70.22 5.2% 2007 69.6% 69.4% 0.3% $110.64 $106.40 4.0% $77.05 $73.85 4.3% 2008* 67.3% 70.3% 4.3% $112.66 $109.93 2.5% $75.78 $77.29 1.9% 2006 62.8% 62.9% 0.2% $79.73 $73.99 7.8% $50.06 $46.57 7.5% 2007 62.8% 62.8% 0.0% $85.84 $79.73 7.7% $53.88 $50.06 7.6% 2008* 60.9% 62.6% 2.7% $88.80 $84.96 4.5% $54.07 $53.17 1.7% 2006 65.6% 67.6% 3.0% $83.20 $77.26 7.7% $54.61 $52.25 4.5% 2007 64.0% 65.6% 2.4% $86.75 $83.20 4.3% $55.55 $54.61 1.7% 2008* 61.6% 64.2% 4.0% $88.39 $86.12 2.6% $54.45 $55.27 1.5% 2006 61.7% 62.2% 0.8% $51.43 $48.55 5.9% $31.74 $30.19 5.1% 2007 62.1% 61.7% 0.6% $52.83 $51.43 2.7% $32.81 $31.74 3.4% 2008* 58.5% 61.4% 4.7% $54.00 $51.96 3.9% $31.58 $31.90 1.0% Minneapolis-St. Paul, MN-WI Rooms Sold by, 2006-2008* Minneapolis St. Paul, MN WI: Weekday Weekend 2006 68.1% 31.9% 100% 2007 67.5% 32.5% 100% 2008* 76.9% 23.1% 100% Upper Weekday Weekend 2006 68.5% 31.5% 100% 2007 71.5% 28.5% 100% 2008* 75.0% 25.0% 100% Weekday Weekend 2006 70.6% 29.4% 100% 2007 74.3% 25.7% 100% 2008* 75.3% 24.7% 100% Weekday Weekend 2006 66.1% 33.9% 100% 2007 69.5% 30.5% 100% 2008* 72.6% 27.4% 100% Midscale without F&B Weekday Weekend 2006 70.4% 29.6% 100% 2007 73.1% 26.9% 100% 2008* 73.8% 26.2% 100% Weekday Weekend 2006 66.2% 33.8% 100% 2007 69.4% 30.6% 100% 2008* 72.1% 27.9% 100% Minneapolis Market Weekday Weekend 2006 68.6% 31.4% 100% 2007 71.9% 28.1% 100% 2008* 74.1% 25.9% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 34

Nashville, TN: Market Share Analysis, 2006-2008* Nashville, TN Hotel Performance by, 2006-2008* 2006 2007 Data Not Available 2008* Upper 2006 75.2% 70.6% 6.6% $131.69 $122.84 7.2% $99.09 $86.68 14.3% 2007 74.4% 75.2% 1.2% $141.22 $131.69 7.2% $105.01 $99.09 6.0% 2008* 72.6% 75.2% 3.4% $147.85 $139.27 6.2% $107.29 $104.67 2.5% 2006 70.1% 70.6% 0.7% $95.24 $85.23 11.7% $66.76 $60.18 10.9% 2007 70.1% 70.1% 0.0% $105.13 $95.24 10.4% $73.69 $66.76 10.4% 2008* 71.9% 70.7% 1.7% $111.75 $103.81 7.7% $80.35 $73.39 9.5% 2006 60.5% 57.1% 6.0% $71.19 $67.98 4.7% $43.08 $38.81 11.0% 2007 59.3% 60.5% 2.1% $77.33 $71.19 8.6% $45.83 $43.08 6.4% 2008* 55.0% 60.3% 8.8% $78.69 $76.92 2.3% $43.25 $46.36 6.7% 2006 69.5% 65.1% 6.9% $75.59 $69.80 8.3% $52.57 $45.43 15.7% 2007 67.3% 69.5% 3.2% $83.64 $75.59 10.7% $56.31 $52.57 7.1% 2008* 65.7% 68.4% 4.0% $88.93 $82.81 7.4% $58.41 $56.66 3.1% 2006 58.7% 54.3% 8.0% $41.88 $39.72 5.4% $24.57 $21.57 13.9% 2007 58.1% 58.7% 1.0% $42.94 $41.88 2.5% $24.95 $24.57 1.6% 2008* 54.1% 60.3% 10.2% $44.22 $42.93 3.0% $23.93 $25.87 7.5% Nashville, TN Rooms Sold by, 2006-2008* Nashville, TN: Weekday Weekend 2006 61.1% 38.9% 100% 2007 69.3% 30.7% 100% 2008* 73.5% 26.5% 100% Upper Weekday Weekend 2006 63.1% 36.9% 100% 2007 67.1% 32.9% 100% 2008* 72.6% 27.4% 100% Weekday Weekend 2006 63.8% 36.2% 100% 2007 69.6% 30.4% 100% 2008* 72.2% 27.8% 100% Weekday Weekend 2006 64.0% 36.0% 100% 2007 68.6% 31.4% 100% 2008* 69.8% 30.2% 100% Midscale without F&B Weekday Weekend 2006 65.7% 34.3% 100% 2007 72.0% 28.0% 100% 2008* 71.8% 28.2% 100% Weekday Weekend 2006 62.7% 37.3% 100% 2007 67.5% 32.5% 100% 2008* 69.2% 30.8% 100% Nashville Market Weekday Weekend 2006 63.8% 36.2% 100% 2007 68.9% 31.1% 100% 2008* 71.6% 28.4% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 35

Norfolk-Virginia Beach, VA: Market Share Analysis, 2006-2008* Norfolk-Virginia Beach, VA Hotel Performance by, 2006-2008* 2006 2007 Data Not Available 2008* Upper 2006 66.1% 67.2% 1.6% $112.37 $107.12 4.9% $74.29 $72.01 3.2% 2007 68.2% 66.1% 3.2% $115.73 $112.37 3.0% $78.94 $74.29 6.3% 2008* 68.3% 71.1% 3.9% $117.97 $116.62 1.2% $80.56 $82.91 2.8% 2006 67.7% 65.7% 3.1% $101.88 $98.56 3.4% $69.00 $64.72 6.6% 2007 69.0% 67.7% 1.9% $106.82 $101.88 4.8% $73.68 $69.00 6.8% 2008* 66.0% 72.0% 8.4% $107.46 $107.72 0.2% $70.91 $77.61 8.6% 2006 52.7% 52.0% 1.2% $90.71 $87.56 3.6% $47.79 $45.57 4.9% 2007 53.6% 52.7% 1.8% $91.70 $90.71 1.1% $49.16 $47.79 2.9% 2008* 50.7% 55.8% 9.0% $94.63 $92.23 2.6% $47.99 $51.42 6.7% 2006 64.4% 64.2% 0.2% $85.11 $82.16 3.6% $54.77 $52.76 3.8% 2007 65.7% 64.4% 2.1% $90.23 $85.11 6.0% $59.29 $54.77 8.2% 2008* 62.8% 67.7% 7.3% $92.04 $90.85 1.3% $57.76 $61.51 6.1% 2006 57.5% 58.3% 1.5% $52.81 $51.91 1.7% $30.35 $30.28 0.2% 2007 56.6% 57.5% 1.5% $55.49 $52.81 5.1% $31.40 $30.35 3.5% 2008* 52.0% 59.6% 12.7% $54.28 $56.12 3.3% $28.23 $33.45 15.6% Norfolk-Virginia Beach, VA Rooms Sold by, 2006-2008* Norfolk Norfolk- Virginia Beach, Virginia VA: Beach, VA: Weekday Weekend 2006 NA NA 0% 2007 57.9% 42.1% 100% 2008* 71.4% 28.6% 100% Upper Weekday Weekend 2006 64.0% 36.0% 100% 2007 69.4% 30.6% 100% 2008* 70.6% 29.4% 100% Weekday Weekend 2006 67.8% 32.2% 100% 2007 69.9% 30.1% 100% 2008* 70.8% 29.2% 100% Weekday Weekend 2006 60.8% 39.2% 100% 2007 65.9% 34.1% 100% 2008* 67.9% 32.1% 100% Midscale without F&B Weekday Weekend 2006 66.3% 33.7% 100% 2007 71.0% 29.0% 100% 2008* 70.0% 30.0% 100% Weekday Weekend 2006 64.3% 35.7% 100% 2007 67.6% 32.4% 100% 2008* 67.3% 32.7% 100% Norfolk Market Weekday Weekend 2006 64.7% 35.3% 100% 2007 68.7% 31.3% 100% 2008* 69.3% 30.7% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 36

St. Louis, MO-IL: Market Share Analysis, 2006-2008* St. Louis, MO-IL Hotel Performance by, 2006-2008* 2006 2007 Data Not Available 2008* Upper 2006 67.3% 65.9% 2.1% $106.58 $104.62 1.9% $71.78 $68.98 4.1% 2007 68.3% 67.3% 1.4% $110.81 $106.58 4.0% $75.69 $71.78 5.4% 2008* 66.8% 69.7% 4.1% $112.53 $111.14 1.3% $75.16 $77.42 2.9% 2006 60.9% 60.1% 1.3% $95.98 $93.60 2.5% $58.45 $56.30 3.8% 2007 59.7% 60.9% 1.9% $100.05 $95.98 4.2% $59.76 $58.45 2.3% 2008* 61.9% 61.2% 1.2% $101.51 $99.64 1.9% $62.85 $60.98 3.1% 2006 55.2% 56.1% 1.5% $72.26 $72.86 0.8% $39.90 $40.84 2.3% 2007 55.3% 55.2% 0.1% $73.98 $72.26 2.4% $40.88 $39.90 2.5% 2008* 53.2% 58.2% 8.7% $74.45 $74.25 0.3% $39.58 $43.24 8.5% 2006 61.4% 61.4% 0.0% $76.22 $73.11 4.2% $46.81 $44.89 4.3% 2007 62.4% 61.4% 1.5% $81.52 $76.22 7.0% $50.83 $46.81 8.6% 2008* 63.1% 63.6% 0.8% $83.73 $82.58 1.4% $52.85 $52.54 0.6% 2006 55.5% 55.6% 0.3% $45.58 $44.95 1.4% $25.28 $25.00 1.1% 2007 54.3% 55.5% 2.1% $46.11 $45.58 1.2% $25.05 $25.28 0.9% 2008* 52.8% 57.2% 7.7% $46.16 $45.88 0.6% $24.39 $26.25 7.1% St. Louis, MO-IL Rooms Sold by, 2006-2008* St. Louis, MO IL: Weekday Weekend 2006 64.2% 35.8% 100% 2007 71.2% 28.8% 100% 2008* 71.3% 28.7% 100% Upper Weekday Weekend 2006 67.7% 32.3% 100% 2007 72.7% 27.3% 100% 2008* 72.1% 27.9% 100% Weekday Weekend 2006 67.3% 32.7% 100% 2007 73.7% 26.3% 100% 2008* 72.9% 27.1% 100% Weekday Weekend 2006 65.3% 34.7% 100% 2007 68.9% 31.1% 100% 2008* 69.3% 30.7% 100% Midscale without F&B Weekday Weekend 2006 68.1% 31.9% 100% 2007 73.7% 26.3% 100% 2008* 71.9% 28.1% 100% Weekday Weekend 2006 64.5% 35.5% 100% 2007 67.4% 32.6% 100% 2008* 68.3% 31.7% 100% St. Louis Market Weekday Weekend 2006 66.8% 33.2% 100% 2007 71.7% 28.3% 100% 2008* 71.2% 28.8% 100% Stephen C. Morse, Ph.D., Director & Economist, Tourism Institute, University of Tennessee - Knoxville, and Chad D. Church, Smith Travel Research Page 37