1. Capital Markets Heating Up HAMA Spring 2014 Meeting Rob Stiles Principal & Managing Director www.robert-douglas.com

2. 2 | Hotel Equity & Debt Market Updates  Fundamental Lodging Trends  Looking Good…  What Do The Experts Think?  Debt Market Trends  Transaction Market Trends  Biggest Take-Aways

3. 3 | Looking Good… Source: Smith Travel Research

4. 4 | What Do The Experts Think? Source: Smith Travel Research

5. 5 | Hotel Equity & Debt Market Updates  Fundamental Lodging Trends  Debt Market Trends  Dissipating Distress  CMBS Market Chips In  Low Rates Continue To Support Hotel Investment Industry  Who’s Lending And Where?  Transaction Market Trends  Biggest Take-Aways

6. 6 | Dissipating Distress Source: Real Capital Analytics

7. 7 | CMBS Market Chips In Source: Commercial Mortgage Alert

8. 8 | Low Rates Continue To Support Hotel Investment Industry Source: Federal Reserve 10-Year Swap Rate1-Month LIBOR Source: Federal Reserve Bank of St. Louis

9. 9 | Who’s Lending and Where? Source: Real Capital Analytics

10. 10 | Hotel Equity & Debt Market Updates  Fundamental Lodging Trends  Debt Market Trends  Transaction Market Trends  Hotel Sector Leads The Way  Growing Interest In Secondary/Tertiary Markets  Portfolios Are Hot  Biggest Take-Aways

11. 11 | Hotel Sector Leads The Way Source: Real Capital Analytics Summary of Market Activity for 2013

12. 12 | Growing Interest In Secondary/Tertiary Markets Source: Real Capital Analytics Summary of Market Activity for 2013

13. 13 | Portfolios Are Hot Source: Real Capital Analytics

14. 14 | Hotel Equity & Debt Market Updates  Fundamental Lodging Trends  Debt Market Trends  Transaction Market Trends  Biggest Take-Aways

15. 15 | Biggest Take-Aways  Upcycle Continues  The Spigots Are Open  More Than Just Gateway Markets  Portfolios – Assemblage Values Skyrocket