1. Hotel Waterpark Resort Industry Report 2005 Worldwide Jeff Coy Bill Haralson Paco Caudet Roger Currie

2. Hotel Waterpark Resort Industry Report 2005 USA Lodging Continues Upward Trend USA Hotel Waterpark Resort Supply USA 23 New Hotel Waterpark Resorts Open USA Top 20 Largest Hotel Waterpark Resorts USA Top 10 Largest Meeting Facilities with IWPs USA 52 Under Construction & 121 In Development Canada Mexico & Caribbean Rest of the World

3. USA Lodging Outlook 2005200420032002 Occ64.3%62.7%60.8%61.2% ADR$90.59$86.55$83.60$84.01 RevPAR$58.28$54.25$50.87$51.45

4. USA Lodging Outlook Hotel room revenues, supply & demand all showing positive growth over last year. Room Revenue up 8.1% over last year. Summer 2005 better than Summer 2004. Industry near pre-9/11 levels of Year 2000. Resorts did better than last year and better than other types of lodging.

5. Hotel Performance Ytd Aug 2005 OCC 2004 OCC % Chg 2005 ADR 2004 ADR % Chg USA64.362.72.690.5986.364.9 Florida72.770.13.7103.1395.128.4 Arizona67.664.64.691.7585.617.2 California70.568.23.4102.2096.735.7 Nevada72.572.7-0.3103.18105.04-1.8 Hawaii82.979.74.0166.20153.848.0 Wisconsin55.855.70.272.6670.403.2 Minnesota61.860.52.179.3174.776.1

6. Smith Travel Research Hotel Performance Ytd Aug 2005 OCC 2004 OCC % Chg 2005 ADR 2004 ADR % Chg USA64.362.72.690.5986.364.9 Anaheim76.171.95.8103.0396.576.7 Boston64.763.91.3125.51121.113.6 Chicago63.961.83.4105.2399.286.0 New York82.279.33.7189.92170.4211.4 Oahu86.280.66.9137.08122.8111.6 Orlando74.872.72.992.7087.575.9 Phoenix68.765.35.2103.8097.186.8

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. Wisconsin Dells Haves vs Have-Nots Hotels2001 Rev Mix 2002 Rev Mix 2003 Rev Mix With IWPs 1875%77%81% WO IWPs 4425%23%19% Total 62100%

9. USA Competitive Supply These 104 hotels indoor waterparks are located in the following states: 2005200420032002 35322825Wisconsin 20151410Minnesota 7532Michigan 4333South Dakota 4322North Dakota 2221Montana 4211Ohio 3211Iowa 104766148Totals

10. Hotel Waterpark Resort Growth Trends 2005200420032002 Hotels IWP 104766148 Rooms17,57412,47010,1328,193 IWP SF2,377,2691,645,0691,313,769989,904 Mtg Rms397373352322 Mtg Sq Ft935,935780,585679,435626,955 Branded44342620 Independ60423528

11. Top 10 Largest Hotel Waterpark Resorts in the USA NameLocationRoomsIndoor WP Wilderness HotelWisconsin Dells WI593161,000 Kalahari ResortWisconsin Dells WI738125,000 Scotts Splash LagoonErie PA270102,000 Mtn Grand AvalancheBoyne Falls MI22083,000 Treasure IslandWisconsin Dells WI30265,000 Great Wolf LodgeWilliamsburg VA30164,000 H2OasisAnchorage AK0*56,000 Lodge at Cedar CreekWausau WI14050,000 Grand RiosBrooklyn Park MN22446,000 Great Wolf LodgeWisconsin Dells WI30944,000

12. Top 10 -20 Largest Hotel Waterpark Resorts in the USA NameLocationRoomsIndoor WP Massanutten ResortMcGaheysville VA0*42,000 Blue Harbor ResortSheboygan WI18340,000 Country Springs HotelWaukesha WI18740,000 7 Clans Casino HotelThief River Falls MN15140,000 Great Wolf LodgeTraverse City MI28138,000 Great Wolf LodgeKansas City KS28138,000 Castaway Bay ResortSandusky OH23738,000 Polynesian ResortWisconsin Dells WI23038,000 Arrowwood Resort CCAlexandria MN20038,000 Great Escapes HotelLake George NY20038,000

13. USA Competitive Supply In addition to the Top 20, there are 84 other hotel waterpark resorts and hotels with indoor waterparks in the USA.

14. Profile of Hotel Waterparks by Number of Rooms Avg# Rooms Indoor WP Avg# Slides Avg# Pools Avg# Spas Mtg Space Avg# Mtg Rms Top 565195,2006.82.01.643,76020.4 Top 6-15 30838,2005.33.31.88,8563.1 Top 16-25 24531,6974.02.51.619,3716.8 Top 26-50 17322,4762.82.31.012,0824.3 Top 51-75 8812,1181.81.71.02,6561.8

15. Ratio of Rooms to Waterpark Hotels with Indoor WP # Hotels Avg # Rooms Indoor WP Avg SF Indoor WP SF Per Room Over 50,000 sf1035487,600247 40-49,999 sf617542,000240 30-39,999 sf1623533,298142 20-29,999 sf1322621,61595 10-19,999 sf2310712,215114 5-9,999 sf231146,53457 Under 5,000 sf13972,43025

16. 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 Grand Prairie HotelHutchinson KS21850,00030,000 Timber Ridge LodgeLake Geneva WI22550,00030,000 Chula Vista ResortWisc Dells WI30040,00030,000 Hilton City CenterMilwaukee WI730*30,00020,000 Arrowood Resort CCAlexandria MN20028,00038,000 Ramada PlazaFargo ND18525,00010,000

17. Profile of Hotel Waterparks by Size of Meeting Facilities Avg# Rooms Indoor WP Avg# Slides Avg# Pools Avg# Spas Mtg Space Avg# Mtg Rms Top 539652,6004.42.31.887,00043.7 Top 6-10 23125,6003.52.31.034,60015.3 Top 11-15 23024,9542.03.02.418,78110.5

18. Under Construction USA Hotel Waterpark Resort Projects 2006F2005F2004F2003200220012000 Start of Year104816550413218 Openings372316159814 End of Year1411048165504132 % Change35.628.424.630.022.028.1 Under Const523291098 In Development121694619

19. Under Construction USA Hotel Waterpark Resort Rooms 2006F2005F2004F2003200220012000 Start of Year 17,57413,85111,4648,5107,4525,4873,545 Openings 6,3303,7232,3872,9541,0581,9651,942 End of Year 23,90417,57413,85111,4648,5107,4525,487 % Change 36.026.920.834.714.235.8 Under Const 9,0384,4321,1441,3661,0581,704 In Development 26,74715,86413,2684,630

20. Recent Openings/Expansions NameSTRoomsIWP JanHoliday Inn Conversion Gr ForksND1427,000 JanBW Grand Season WaupacaWI90 MarGreat Wolf Lodge WilliamsburgVA30164,000 AprilGrand Bear Lodge UticaIL9224,000 MayKalahari Resort SanduskyOH59680,000 MayMtn Grand & Avalanche Bay BoyneMI22083,000 MayInterlaken Resort Lake GenevaWI41450,000 MayCountry Springs Hotel WaukeshaWI18740,000 MayHoliday Inn Express & IWP HaydenID9625,000 MayHoliday Inn Express & IWP MilwMI1156,000 MayBridgewood Conf & Aquatic CtrWI955,500

21. Recent Openings/Expansions NameSTRoomsIWP MayNickelodean Suites & OWP OrlandoFL JunZehnders Splash Village FrankmthMI15230,000 JunHoliday Inn Suites BaxterMN9818,000 JulMassanutten Resort McGaheysvilleVA42,000 JulHotel Condos & IWP Ocean ShoresWA608,000 JulComfort Inn & Splash BellvilleOH1006,500 AugHI & Wild Woods WP OtsegoMN12530,000 AugLodge & Paul Bunyan WP BaxterMN10230,000

22. UC/Opening in 2005 NameSTRoomsIWP OctGreat Wolf Lodge Pocono MtnsPA40190,000 OctBW Edgewater IWP Add DuluthMN28223,000 NovBW Pzzazz IWP, FEC, OWP BurlgtnIA15120,000 NovThumper Pond Golf Resort ExpMN7811,000 DecGreat Escapes Resort Lake GeorgeNY20038,000 DecHotel Condos & IWP AuburnIN150 Total 23 Openings in 2005

23. UC/Opening in 2006 NameSTRoomsIWP JanHoliday Inn & IWP East ColumbusOH33858,000 MarCanad Inn Destination Ctr Gr ForksND19240,000 MarBig Horn Resort & IWP BillingsMT25035,000 MarLake Lawn P1 Condo Exp DelavanWI222 AprGrand Lodge Waterpark of AmericaMN40370,000 AprGreat Wolf WP Exp Wisc DellsWI44,000 MayMt Olympus I-OWP & LodgingWI387 JunChula Vista Resort ExpansionWI16680,000 JunHotel Splash Universe Shipshewana IN15330,000 Jun HI Express Splash Universe Dundee MI15030,000

24. UC/Opening in 2006 NameSTRoomsIWP JunHI Holidone Conversion ElmhurstIL25025,000 AugRiver Bluff Resort IWP McGregorIA34549,000 SepRandalls Island Indoor Aquatic CtrNY133,000 SepSheraton Resort Exp DanversMA36760,000 SepHotel Waterpark Resort BelvedereNY10030,000 SepRonJon Surfpark Festival OrlandoWI OctGreat Wolf Lodge Kings Island CinOH40478,000 OctGreat Wolf Expansion WilliamsburgVA100 NovJellystone Exp OWP, IWP, HotelWI48,000 Nov Sheraton Chicago NW Add IWP IL42946,240

25. UC/Opening in 2006 NameSTRoomsIWP NovHotel Waterpark Resort WausauWI12557,000 DecDouble J Ranch Add IWP RothburyMI5050,000 DecHoliday Inn Suites & IWP Maple GrMN15025,000 DecHawthorn Golf Exp IWP WadsworthIL8025,000 DecNorthern Bay Golf Resort & IWPWI20,000 DecHotel Condos & IWP KentIN150 DecScotts Hotels & Splash Lagoon ExpPA Total 26 Planned Openings in 2006

26. In Development USA 121 hotel waterpark projects are in the planning stages compared to 69 last year and 46 and 19 in prior years. MN, WI, IL, MI & IN are leading the way in planned projects. 26,747 rooms and 4.6 million sf of IWPs are in the pipeline in 30 states.

27. Bill & Jeff Go to Canada

28. Canadian Competitive Supply We have identified 108 hotel indoor waterparks, typically smaller properties averaging 3200 sf of indoor waterpark. 2005200420032002 41 3835Alberta 22 2019Saskatchewan 15 1311British Columbia 101196Manitoba 11997Ontario 6662Quebec 2221Prince Edw Isl 3221Nova Scotia 1101089982Totals

29. Canadian Competitive Supply Often, these are hotels that have enhanced their indoor swimming pools with the addition of play structures and waterslides with minimal theming. In Canada, the largest concentration of hotel indoor waterparks is in the Economy Hotel sector with an average of 69 rooms and 2,917 sf of indoor waterpark.

30. Major Canadian Hotel Waterparks Fantasyland Hotel with 355 rooms at West Edmonton Malls 217,000 sf World Waterpark. Ameri-Cana Resort Niagara Falls ON with 160 rooms and 19,100 sf indoor waterpark. Travelodge World Hotel in Ottawa with 177 rooms and 13,000 sf indoor waterpark. Ramada Lethbridge AB with 119 rooms and 13,000 sf indoor waterpark. BW Jurassic Inn in Drumheller AB with 49 rooms and 6,200 sf indoor waterpark. 10 other have 4,000 to 6,000 sf IWPs.

31. Recent Openings In Canada Travelodge World Hotel in Ottawa added a 13,000 sf indoor waterpark. BW Jurassic Inn in Drumheller AB. Others include: Edmonton AB, High Level AB, Fort Nelson BC, Fort St John BC, Portage La Prairie MB and Moose Jaw SK.

32. Under Construction in Canada Great Wolf Lodge expected to open in 2006 with 404 rooms, 90,000 sf indoor waterpark and 115,000 sf Ripleys Aquarium.

33. In Development Canada 9 hotel waterpark projects are in the planning stages: –3 in Alberta –2 in Ontario –2 in British Columbia –1 in New Brunswick –1 in Saskatchewan

34. Mexican Competitive Supply We have identified 11 properties in Mexico that have a combination of hotel rooms, indoor waterparks and outdoor waterparks. We are in the process of surveying owners to build a profile.

35. Rest of the World Supply NameLocationRoomsIWP SF Kerzners AtlantisDubaiUAE1000 Jumeirah BeachDubaiUAE619 Hotel El PasoPort AventuraSpain500 Hotel AventuraPort AventuraSpain500 Esperos PalaceFaliraki RhodesGreece416 Dedeman HotelIstanbulTurkey346 Alton TowersStaffordshireUK21640,000 Yong in FarmlandSeoulSouth Korea20038,000 Amipura ResortGujaretIndia81

36. In Development Rest of World Centre ParksParis NortheastFrance Waterpark Wodny IWPLodzPoland Waterpark Wodny IWPWarschauPoland Suzanne Melas IWPBerlin-PostdamGermany Ogmio Astra IWPVilniusLithuania

37. Outdoor Waterpark Industry Report 2005 Bill Haralson

38. Waterpark Industry Fun Facts 1,000+ waterparks in North America About 600 waterparks in Rest of World 72 million attendees in North America 70 million attendees in the USA 3% average attendance growth last 5 yrs Wet N Wild Orlando was first waterpark Kalahari Resort Wisconsin Dells is biggest Hotel waterpark resorts and city-owned waterparks are fastest-growing segments

39. Best Waterparks in the USA According to the Travel Channel 2004 1 Schlitterbahn TX 2 Disneys Blizzard Beach FL 3 Raging Waters CA 4 Water Country VA 5 Splish Splash NY 6 Soak City CA 7 Water World CO 8 Six Flags White Water GA 9 Wet N Wild Las Vegas 10 Noahs Ark WI