1. Hotel Waterpark Resorts Industry Outlook & Trends 2006 Jeff Coy Bill Haralson

2. Hotel Waterpark Resort Industry Report 2006 USA Hotel Industry Performance USA Resort Performance Growth of Hotel Waterpark Resorts What’s open, under construction, in development Profiles of Hotel Waterpark Resorts By rooms, size of waterpark and meeting space

3. USA Lodging Outlook 2006200520042003 Occ65.2%64.3%62.7%60.8% ADR$96.81$90.59$86.55$83.60 RevPAR$63.10$58.28$54.25$50.87

4. USA Lodging Outlook Hotel room revenues, supply & demand all showing positive growth over last year. Room Revenue up 8.3% over last year. Summer 2006 even with Summer 2005. Industry surpasses benchmark 2000. Resorts had highest occupancies and average rates compared to other types of lodging.

5. Hotel Performance Ytd Aug 2006 OCC 2005 OCC % Chg 2006 ADR 2005 ADR % Chg USA65.264.31.496.8190.596.8 Florida70.272.7-3.4112.59103.139.2 Arizona68.767.61.699.4791.758.5 California71.370.51.1111.02102.208.2 Nevada73.572.51.0104.13103.180.7 Hawaii82.182.9-0.7187.20166.2012.9 Wisconsin56.555.81.676.1772.664.7 Minnesota61.761.8-0.284.1179.316.0

6. Smith Travel Research Hotel Performance Ytd Aug 2006 OCC 2005 OCC % Chg 2006 ADR 2005 ADR % Chg USA65.264.31.496.8190.596.8 Anaheim75.476.1-0.9112.77103.039.6 Boston67.664.74.5138.20125.829.8 Chicago67.663.95.8117.35105.3811.4 New York81.582.2-0.9214.26190.7112.3 Oahu85.185.9-0.9156.11137.1513.8 Orlando72.674.8-2.9101.8492.769.8 Phoenix70.068.71.9114.08104.019.7

7. Wisconsin Dells Hotel Performance HotelsOcc RmNts ADRRoom Rev Mix With IWPs 18834,590$120.24$100.3m81% WO IWPs 44377,871$61.20$23.1m19% Total 621,212,461$101.84$123.4m100%

8. USA Competitive Supply These 141 hotels with indoor waterparks are located in the following states: 20062005200420032002 4736322825Wisconsin 2120151410Minnesota 96532Michigan 84211Ohio 64333South Dakota 54322North Dakota 43211Iowa 43220Pennsylvania 42100Washington 41000Illinois 141104766148Totals

9. Hotel Waterpark Resort Growth Trends 2006200520042003 Hotels IWP1411087661 Rooms24,00918,38512,47010,132 IWP SF3,485,1092,418,6691,645,0691,313,769 Mtg Rms430399373352 Mtg Sq Ft1,244,435982,935780,585679,435 Branded75583426 Independ66504235

10. Top 10 Largest Hotel Waterpark Resorts in the USA NameLocationRoomsIndoor WP Wilderness HotelWisconsin Dells WI593161,000 Kalahari ResortWisconsin Dells WI738125,000 Scott’s Splash LagoonErie PA270102,000 Great Wolf LodgePocono Mtns PA40190,000 Sheraton Resort & WPDanvers MA36785,000 Kalahari ResortSandusky OH59680,000 Chula Vista Expans P1Wisconsin Dells WI37780,000 Great Wolf Kings IslandCincinnati OH40178,000 Waterpark of AmericaBloomington MN40370,000 SchlitterbahnGalveston TX0*70,000

11. Top 10 -20 Largest Hotel Waterpark Resorts in the USA NameLocationRoomsIndoor WP Treasurer IslandWisconsin Dells WI30265,000 Wilderness Glacier WWDWisconsin Dells WI22465,000 Great Wolf LodgeWilliamsburg VA30164,000 Fort Rapids Holiday InnColumbus OH30160,000 Avalanche Bay at BoyneBoyne Falls MI22058,000 H2Oasis Indoor WPAnchorage AK0*56,000 Holiday Inn & SplashDundee MI17653,000 Lodge at Cedar CreekWausau WI14050,000 Double JJ Ranch & WPRothbury MI50*50,000

12. USA Competitive Supply In addition to the Top 20, there are 121 other hotel waterpark resorts and hotels with indoor waterparks in the USA.

13. Profile of Hotel Waterparks by Number of Rooms Avg# Rooms Indoor WP Avg# Slides Avg# Pools Avg# Spas Mtg Space Avg# Mtg Rms Top 565786,4485.62.31.870,76651.0 Top 6-15 36258,7007.54.32.218,0553.5 Top 16-25 28241,2205.03.02.09,0095.0 Top 26-50 21128,9303.62.61.430,90011.9 Top 51-100 12816,0582.42.11.27,0085.0

14. Ratio of Rooms to Waterpark Hotels with Indoor WP # Hotels Avg # Rooms Indoor WP Avg SF Indoor WP SF Per Room Over 50,000 sf1929876,947293 40-49,999 sf821742,280195 30-39,999 sf2021833,038143 20-29,999 sf1719222,882154 10-19,999 sf2510912,558108 5-9,999 sf291186,54870 Under 5,000 sf211222,55721

15. Top 10 Hotel Meeting Facilities with indoor waterparks in the USA NameLocationRoomsMeeting Space Indoor Waterpark Kalahari ResortWisc Dells WI738125,000 Grand Harbor ResortDubuque IA194120,00025,000 Kalahari ResortSandusky OH59680.00080,000 BW Ramkota HotelSioux Falls SD22660,0003,000 Sheraton Resort WPDanvers MA36750,00085,000 Timber Ridge LodgeLake Geneva WI22550,00030,000 Grand Prairie HotelHutchinson KS21850,00020,000 Double JJ RanchRothbury MI50*50,000 Great Wolf Kings IslCincinnati OH40140,00078,000 Chula Vista ResortWisc Dells WI30040,00030,000 Chula Vista Exp P1Wisc Dells WI37730,00080,000

16. Under Construction USA Hotel Waterpark Resort Projects 2007F2006F20052004200320022001 Start of Year1411088165504132 Openings373327161598 End of Year17814110881655041 % Change30.633.324.630.022.028.1 Under Const7052329109 In Development99121694619

17. 2006 Openings/Expansions NameSTRoomsIWP JanBW Edgewater Resort DuluthMN30,000 JanHoliday Inn Kearney*NE1634,000 FebGreat Escapes Resort Lake GeorgeNY20038,000 MarLake Lawn P1 ConversionWI222 AprRamada Big Splash AuburnWA1507,000 AprHoliday Inn ElmhurstIL21425,000 MayGreat Wolf Expansion Wisc DellsWI38,000 MayGL & Waterpark of America BlmtnMN40370,000 MayFort Rapids Holiday Inn ColumbusOH33860,000 MayMt Olympus Water Theme ParkWI387 MayRamada Casino Resort AnacortesWA13514,000

18. Under Construction Opening in 2006 NameSTRoomsIWP JunSchlitterbahn I-OWP GalvestonTX428*70,000 JulWilderness Glacier Lodge WDomeWI22465,000 JulComfort Suites Thumper PondMN7812,000 AugChula Vista Expans P1WI37780,000 SepSheraton Resort DanversMA36785,000 SepHoliday Inn & Splash DundeeMI7653,000 SepRamada DFW & Big SplashTX70 OctGreat Wolf at Kings Island CincinnOH40178,000 OctRon Jon Indoor Surfpark OrlandoFL0 OctSplash Universe ShipshewanaIN15425,000

19. Under Construction Opening in 2006 NameSTRoomsIWP OctGreat Wolf Addition WilliamsburgVA100 NovRegency Hotel & Waterpark OmahaNE21925,000 NovBW Clock Tower RockfordIL25240,000 NovJellystone RV Park & IWP TomahWI048,000 DecSheraton Chicago NWIL42946,240 DecLakeview RV Resort Canyon LakeTX29*7,200 DecArrowwood Resort Lake OkobojiIA10018,000 DecBridges Bay Resort Lake OkobojiIA14419,800 DecHoliday Inn & WP Dome MaumeeOH10622,00 DecHotel Waterpark Resort LigonierPA9728,000

20. Under Construction Opening in 2006 NameSTRoomsIWP DecCherry Valley Lodge & IWP NewarkOH20045,000 DecDouble JJ Ranch & IWP RothburyMI50*50,000 33 Openings in 2006

21. UC/Opening in 2007 NameSTRoomsIWP Interlaken Resort Lake GenevaWI Grand Casino Resort TunicaIA Indoor Waterpark in WaverlyIN Split Rock Galleria Lake HarmonyPA Randall’s Island Aquatic CenterNY Lodge at Storm LakeIA Canad Inns Splashers Grand ForksND Great Wolf Lodge CentraliaWA Holiday Inn Eagle Ridge GRapidsMN Days Inn Great Adventure Bellevue NE

22. UC/Opening in 2007 NameSTRoomsIWP Big Horn Resort BillingsMT Lodge at Northern Bay Golf ResortWI Greek Peak Ski Resort SyracuseNY Kelly Inn West YellowstoneMT BW AberdeenSD Deadwood Mountain ResortSD BW Ramkota Hotel CasperWY Bridges Bay Resort Spirit LakeIA Hotel Condos & IWP WoodinvilleIN KeyLime Cove Resort GurneeIL

23. UC/Opening in 2007 NameSTRoomsIWP Wilderness Resort P1 SeviervilleTN Wilderness Resort P2 SeviervilleTN Radisson Resort IWP AlbuquerqueNM Grand Cambrian Resort WiscDellsWI Paradise Bay Resort FishersIN Great Wolf Lodge GrapevineTX Executive Inn & IWP OwensboroKY Great Wolf Additions Traverse CityMI Upper Skagit Hotel & WP BowWA Wyndham Garden Condo IWP KentWA River Bluff Resort McGregorIA

24. In Development USA 99 hotel waterpark projects are in the planning stages compared to 121, 69, 46 and 19 in prior years. MN, MI, WI, IL, PA and IN are leading the way in planned projects.

25. For more info, contact: Jeff Coy JLC Hospitality Consulting PO Box 4090 Cave Creek, AZ 85327 480-488-3382 jeffcoy@jeffcoy.com www.jeffcoy.com Bill Haralson William L. Haralson & Associates PO 1036 Alto, NM 88312 505-802-1522 wharalson@aol.com www.wlha-inc.com