RUTHLESS ASSET MANAGEMENT

Moderator Jeff Weinstein Editor in chief, HOTELS Magazine

Jon Bortz Founder, Chairman and CEO Pebblebrook Hotel Trust

Laurence Geller President and CEO Strategic Hotels & Resorts

Robert (Bob) Morse Senior Vice President, COO The Americas, IHG

HAMA Mission Statement The Hospitality Asset Managers Association’s mission is the enhancement of hospitality asset values through education advancement of the profession, and serving as the collective voice of ownership. http://www.hamagroup.org/

HAMA Survey: Hotel asset manager profile The data was tabulated based on 86 responses, which represent a 57% response rate. More than 68% of the respondents were vice presidents or senior vice presidents. Approximately 23% were presidents, principals, or partners. The balance had the title of director or asset manager.

Source: Hospitality Asset Management Association

Source: Hospitality Asset Management Association

Source: Hospitality Asset Management Association

Source: Hospitality Asset Management Association

Source: Hospitality Asset Management Association

Source: Hospitality Asset Management Association

Source: Hospitality Asset Management Association

Source: Hospitality Asset Management Association

External expertise and consultants Source: Hospitality Asset Management Association

Source: Hospitality Asset Management Association

Source: Hospitality Asset Management Association

U.S. hotel values projected to surpass 2006 peak in 2013 Source: HVS/STR Hotel Valuation Index

United States value growth projected to persist through 2016 Source: HVS/STR Hotel Valuation Index

Las Vegas values per room increased the most between 2010-2011 Source: HVS/STR Hotel Valuation Index

Tucson values per room decreased the most between 2010-2011 Source: HVS/STR Hotel Valuation Index

Convention cities projected to capture largest value growth in 2012 Source: HVS/STR Hotel Valuation Index

Tucson values expected to decline the most in 2012 Source: HVS/STR Hotel Valuation Index

However, Tucson expected to show the most value increase through 2016 Source: HVS/STR Hotel Valuation Index

Cities with the smallest value appreciation projection through 2016 Source: HVS/STR Hotel Valuation Index

Gateway cities are the most volatile Source: HVS/STR Hotel Valuation Index

Long-term hold: Average annual compounded value growth,1987-2016 Source: HVS/STR Hotel Valuation Index

Source: HVS International

Observations for investors – Europe Source: HVS International

Highlights from 2011, Asia Source: HVS International

Asia hotel value per room, 2011 Source: HVS International

Predications for 2016, Asia Source: HVS International

Change in value per room in Asia: 2011 to 2016 Source: HVS International

General observations Source: HVS International

QUESTIONS & ANSWERS

FOR MORE INFORMATION Jeff Weinstein: jweinstein@hotelsmag.com Webinar recording and PowerPoint presentation will be emailed to you within 48 hours. For more information: www.hotelsmag.com