1. ©2015 Lodging Econometrics, Inc. | www.lodgingeconometrics.com

2. US Lodging Real Estate Cycle Early Operating Recovery Early Transaction Recovery Main Street Debt Availability Full Operating Recovery Conversions/Renovations 10111213141516171819 New Project Announcements Early Wall St. Activity Peak Transaction Activity Peak New Hotel Openings Peak Earnings Full Wall St. Participation Cycle Peak Earnings Development Lending Transactions X RecoveryExpansionMaturity Rev. 10/1/15

3. ©2015 Lodging Econometrics, Inc. | www.lodgingeconometrics.com 2Q 20152Q 2014% Variance Projs Rms Projs Rms Projs Rms Under Construc tion 1,144146,743 970126,38018%16% Starts Next 12 Month 1,718198,5061,354161,20427%23% Early Planning 1,176161,972 987133,80319%21% Total Pipeline 4,038507,2213,311421,38722%20% US Construction Pipeline: by Project Stage – Year-Over-Year

4. ©2015 Lodging Econometrics, Inc. | www.lodgingeconometrics.com 091011121314YTD 15 >200 Rooms 468912711013716068 <200 Rooms 381424559468850827484 Total Trans 427513686578987 552 74K 302K 48K 104K 153K 77K Average Selling Price Per Room (000s) 224K US Transactions with a Reported Selling Price 146K 159K 215K 72K74K 77K 106K

5. ©2015 Lodging Econometrics, Inc. | www.lodgingeconometrics.com Presented by: Bruce Ford Thank You!