1. ©2013 Lodging Econometrics, Inc. | www.lodgingeconometrics.com Presenter: JP Ford Senior Vice President A Snapshot of Lodging Supply and Transaction Trends HAMA Fall 2013 Meeting September 25 - 26, 2013 Hilton Bonnet Creek, Orlando, FL

2. ©2013 Lodging Econometrics, Inc. | www.lodgingeconometrics.com Lodging Econometrics (LE): Who We Are LE is the leading provider of Global Real Estate Intelligence. LE delivers comprehensive Market Trend Reports to Asset Managers for any individual market in the world. Market Trend Reports provide detailed summaries of all Pipeline and Transaction Activity by: Chain Scale, Market Tract, Leading Companies and Brands etc. LE also maintains the largest and most accurate Online Database of New Construction, Open & Operating Hotels (Census), and Individual Sales Comps throughout the world. LE has a team of researchers who maintain relationships with over: 200 Brands, 600 Developers and 1,500 Ownership and Management Groups, globally.

3. ©2013 Lodging Econometrics, Inc. | www.lodgingeconometrics.com US Lodging Real Estate Cycle Operating Maturity Early Operating Recovery Transactions Main Street Debt Availability New Project Announcements Conversions/Renovations 101112131415 X Return to Operating Peaks

4. ©2013 Lodging Econometrics, Inc. | www.lodgingeconometrics.com Rooms (000s) Projs US Construction Pipeline: Projects & Room Counts as of 2Q13 with Forecast 3,122 2,757 430 373 335 341 350 3,563 2,753 2,822 Under Construction Starts in Next 12 Mos Early Planning Forecast 400 460 525

5. ©2013 Lodging Econometrics, Inc. | www.lodgingeconometrics.com US Construction Pipeline: Project Stage Year Over Year Comparison 2Q 20132Q 2012% Variance Projs Rms Projs RmsProjsRms Under Construction 646 81,531 525 66,917+23%+22% Start Next 12 Mos 1,116 128,861 823 93,645+36%+38% Early Planning 1,060 139,759 1,373 172,241-23%-19% Total Pipeline2,822350,1512,721332,803+4%+5%

6. ©2013 Lodging Econometrics, Inc. | www.lodgingeconometrics.com ProjsRooms 25 8,614 79 20,399 66186,088 1,02197,887 33925,842 816,467 4214,970 57489,884 Total 2,822350,151 Total US Construction Pipeline: By Chain Scale By Rooms

7. ©2013 Lodging Econometrics, Inc. | www.lodgingeconometrics.com ProjsRooms 70 16,976 13031,387 866118,239 1,198125,305 41334,578 1038,696 4214,970 Included Total 2,822350,151 Total US Construction Pipeline: By Chain Scale By Rooms

8. ©2013 Lodging Econometrics, Inc. | www.lodgingeconometrics.com Rooms 82,587 37,193 68,03 7 56,305 44,528 LE’s US Forecast for New Hotel Openings as of 2Q13 Actual Forecast 25,347

9. ©2013 Lodging Econometrics, Inc. | www.lodgingeconometrics.com ProjsRms New York City13523,876 Washington, DC 8714,738 Houston 77 8,518 San Diego 35 8,265 Miami 40 8,102 Top 10 US Markets – Total Construction Pipeline: By Rooms as of 2Q13

10. ©2013 Lodging Econometrics, Inc. | www.lodgingeconometrics.com ProjsRms Los Angeles417,946 Chicago305,989 Boston385,747 Philadelphia 435,653 Dallas435,597 Top 10 US Markets – Total Construction Pipeline: By Rooms as of 2Q13 (cont’d)

11. ©2013 Lodging Econometrics, Inc. | www.lodgingeconometrics.com ProjsRms 50364,264 52260,834 52253,235 51 8,429 44 7,541 US Pipeline By Top 5 Franchise Parent Companies: By Rooms as of 2Q13 US Pipeline By Top 5 Franchise Parent Companies: By Rooms as of 2Q13

12. ©2013 Lodging Econometrics, Inc. | www.lodgingeconometrics.com 0708091011122Q13 >200 Rooms 28872479012811259 <200 Rooms 1,364829381425560452449 Total Trans 1,652901428515688564508 170K 212K 80K 70K 152K 77K Average Selling Price Per Room (000s) US Transactions with a Reported Selling Price as of 2Q13

13. ©2013 Lodging Econometrics, Inc. | www.lodgingeconometrics.com US Lodging Real Estate – Total Investment by Dollars 1 as of 2Q13 As BuyersAs Sellers $ Millions 20112012 YTD 2013 20112012 YTD 2013 Privately Held Companies Equity Funds3,2293,0322,9123,4042,9102,618 Hotel Companies1,4092,1108172,6372,2261,773 Individual Owners1,4951,0415571,8171,996598 Publicly Traded Companies REITs3,7193,2761,8394219492,508 Hotel Companies16515966991,060303 Other Entities2713631,9291,310697349 Total Dollar Volume10,2889,8378,14910,2889,8378,149 1 For Transactions with a reported Selling Price

14. ©2013 Lodging Econometrics, Inc. | www.lodgingeconometrics.com Market Trend Report: Sample Cover Page

15. ©2013 Lodging Econometrics, Inc. | www.lodgingeconometrics.com Market Trend Report: Market Tract by Chain Scale

16. ©2013 Lodging Econometrics, Inc. | www.lodgingeconometrics.com Market Trend Report: Projects Under Construction

17. ©2013 Lodging Econometrics, Inc. | www.lodgingeconometrics.com Presented by: Bruce Ford JP Ford Senior Vice President P: 603.431.8740 x14 C: 603.770.0767 E: jpford@lodgingeconometrics.com Thank You! Please visit our website: www.lodgingeconometrics.com/industry-support for a complimentary copy of this presentation.