BUDGET ACCURACY2005 Budget vs Actual – All Hotels

(Percent Change From 2004 – 2005)

Note: * - Before deducting capital reserves, rent, interest, income taxes, depreciation, and amortization.

Source: PKF Hospitality Research

BUDGET ACCURACY – TOTAL REVENUE2005 Budget vs Actual – By Property Type

(Percent Change From 2004 – 2005)

Source: PKF Hospitality Research

BUDGET ACCURACY – PROFIT*2005 Budget vs Actual – By Property Type

(Percent Change From 2004 – 2005)

Note: * - Before deducting capital reserves, rent, interest, income taxes, depreciation, and amortization.

Source: PKF Hospitality Research