CBRE DOWNSIDE PROFIT BENCHMARKER...To contact a CBRE Hotels professional to assist in evaluating the performance of your hotel(s) in 2020, please contact: Client Services at [email protected]

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CBRE DOWNSIDE PROFIT BENCHMARKER

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Given the prospects of severe declines in RevPAR during 2020, CBRE Hotels Research has produced a series of “Downside Benchmarker” reports. These reports provide guidance to hotel owners, operators, lenders and investors regarding the impact of declining RevPAR on other revenues, operating expenses, and profitability.

To provide some context to the potential impact of declining RevPAR on profits during the current industry recession, we have analyzed lodging industry performance during the last two major industry recessions – 2001 and 2009. The data comes from CBRE’s annual Trends® in the Hotel Industry survey of thousands of operating statements from properties located throughout the United States.

The data presented in the “Downside Benchmarker” reports reflects the aggregate average performance of same-store sets of hotels that meet the subject property type category and fell within the designated range of RevPAR decline from 2000 to 2001, or 2008 to 2009. These reports are intended to provide the reader with a general sense of the changes in revenues, expenses, and profits for the properties that fit these broad categories.

When reading a “Downside Benchmarker”, readers should be aware of the factors that may influence changes in the revenues, expenses, and profits at their hotel(s), and therefore will cause deviation from the metrics presented in the “Downside Benchmarker” reports. Examples include the following:

• The relative influence of changes in occupancy versus changes in ADR has an impact on the degree to which a change in RevPAR will impact profitability. In general, RevPAR declines driven mostly by a decrease in occupancy levels have less of a negative impact on profitability, compared to RevPAR declines driven by a falloff in ADRs.

• The character of the revenue mix (i.e. room sales, food and beverage, etc.) at your hotel may differ from that of the comparable properties. Variation in outcomes may result.• The local economic environment will impact movements in certain fixed charges more than changes in business volume. Examples of expenses that are less reactionary to changes in

occupancy and revenue include property taxes and insurance.• Terms of management contracts and franchise agreements may, or may not, cause fee payments to move in sync with changes in revenue.• Terms of franchise, management, lending, and investment agreements may dictate the level of operational changes that can be made.• Because of the extremely low occupancy levels projected for U.S. hotels during the first and second quarters of 2020, it is assumed that more drastic cuts in services and amenities will be made

this year compared to 2001 and 2009. This includes the outright closure of a property for a portion of the year.

Given the low levels of occupancy being reported by hotels around the U.S., most historical thumb rules will not apply during the spring and summer months. However, as currently anticipated, if we start to see signs of recovery towards the end of the year, then some of these historical RevPAR, expense and profit relationships may be of value when assessing operating performance for the entire year.

CBRE can provide a custom Benchmarker report that more closely matches the operating characteristics and performance of your hotel(s). The custom Benchmarker reports provide additional operating data for seven operated and undistributed departments, as well as labor costs. For detailed, property level analyses, CBRE Hotels professionals are available to assist owners, operators, lenders, and investors with a full range of services, including:

• Monthly and annual cash flow projections• Valuations• Impairment testing• Liquidity assessments• Stress Tests

To contact a CBRE Hotels professional to assist in evaluating the performance of your hotel(s) in 2020, please contact: Client Services at [email protected] or call +1 404 812 5024.

CBRE DOWNSIDE PROFIT BENCHMARKER

• Asset management• Alternative operating scenarios• Negotiating with management companies, franchise companies, lenders, investors.• Tax appeals• City, county and state-wide hotel occupancy tax forecasts

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FULL SERVICE HOTELS

CONVENTION HOTELS

LIMITED SERVICE HOTELS

RESORT HOTELS

EXTENDED STAY HOTELS

SUITE HOTELS WITH FOOD & BEVERAGERevPAR Decline 0.1% to 9.9% from 2000 to 2001

RevPAR Decline 10.0% to 19.9% from 2000 to 2001






RevPAR Decline Greater than 40% from 2008 to 2009























RevPAR Decline Greater than 40.0% from 2008 to 2009


RevPAR Decline 10.0 to 19.9% from 2000 to 2001







RevPAR Decline Greater than 40.0% from 2008 to 2009








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TABLE OF CONTENTS | FULL-SERVICE HOTELS RevPAR Decline 0.1% to 9.9% from 2000 to 2001

BENCHMARKER INCOME STATEMENT

REVENUES AND EXPENSESAverage $ Ratio $ Per $ Per Average $ Ratio $ Per $ Per Average $ Ratio $ Per $ Per

Per To Available Occupied Per To Available Occupied Per To Available OccupiedProperty Revenue % Room/Year Room/Day Property Revenue % Room/Year Room/Day Property Revenue % Room/Year Room/Day

RevenuesRooms 6,216,971$ 65.4 25,897$ 101.90$ 5,858,534$ 65.1 24,412$ 102.14$ -5.8% -0.3% -5.7% 0.2%Food and Beverage 2,677,738$ 28.2 11,154$ 43.89$ 2,539,668$ 28.2 10,582$ 44.28$ -5.2% 0.1% -5.1% 0.9%Other Operated Departments 514,821$ 5.4 2,144$ 8.44$ 505,771$ 5.6 2,107$ 8.82$ -1.8% 0.2% -1.7% 4.5%Miscellaneous Income 96,815$ 1.0 403$ 1.59$ 88,907$ 1.0 370$ 1.55$ -8.2% 0.0% -8.1% -2.3%

Total Operating Revenue 9,506,346$ 100.0 39,599$ 155.81$ 8,992,880$ 100.0 37,472$ 156.78$ -5.4% 0.0% -5.4% 0.6%

Departmental Costs and Expenses**Rooms 1,537,633$ 24.7 6,405$ 25.20$ 1,478,901$ 25.2 6,162$ 25.78$ -3.8% 0.5% -3.8% 2.3%Food and Beverage 1,994,479$ 74.5 8,308$ 32.69$ 1,919,224$ 75.6 7,997$ 33.46$ -3.8% 1.1% -3.7% 2.4%Other Operated Departments 151,143 29.4 630 2.48 161,571 31.9 673 2.82 6.9% 2.6% 6.9% 13.7%

Total Costs and Expenses 3,683,256$ 38.7 15,343$ 60.37$ 3,559,696$ 39.6 14,833$ 62.06$ -3.4% 0.8% -3.3% 2.8%

Total Departmental Profit 5,823,090$ 61.3 24,256$ 95.44$ 5,433,184$ 60.4 22,639$ 94.72$ -6.7% -0.8% -6.7% -0.8%

Undistributed Operating ExpensesAdministrative and General 797,430$ 8.4 3,322$ 13.07$ 765,186$ 8.5 3,188$ 13.34$ -4.0% 0.1% -4.0% 2.1%Information and Telecommunications Systems 9,460 0.1 39 0.16 11,372 0.1 47 0.20 20.2% 0.0% 20.2% 27.9%Sales and Marketing (Includes Franchise Fees) 504,546 5.3 2,102 8.27 467,485 5.2 1,948 8.15 -7.3% -0.1% -7.3% -1.4%Property Operation and Maintenance 426,357 4.5 1,776 6.99 419,460 4.7 1,748 7.31 -1.6% 0.2% -1.6% 4.6%Utility Costs 353,828 3.7 1,474 5.80 378,829 4.2 1,579 6.60 7.1% 0.5% 7.1% 13.9%

Total Undistributed Expenses 2,091,621$ 22.0 8,713$ 34.28$ 2,042,332$ 22.7 8,510$ 35.61$ -2.4% 0.7% -2.3% 3.9%

Gross Operating Profit 3,731,470$ 39.3 15,543$ 61.16$ 3,390,852$ 37.7 14,129$ 59.11$ -9.1% -1.5% -9.1% -3.3%

Management Fees 248,696$ 2.6 1,036$ 4.08$ 234,465$ 2.6 977$ 4.09$ -5.7% 0.0% -5.7% 0.3%

Income Before Non-Operating Income and Expenses 3,482,773$ 36.6 14,508$ 57.08$ 3,156,387$ 35.1 13,152$ 55.03$ -9.4% -1.5% -9.3% -3.6%

Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 659,970$ 6.9 2,749$ 10.82$ 554,255$ 6.2 2,310$ 9.66$ -16.0% -0.8% -16.0% -10.7%Property Taxes and Other Municipal Charges 256,403$ 2.7 1,068$ 4.20$ 280,041$ 3.1 1,167$ 4.88$ 9.2% 0.4% 9.3% 16.2%Insurance 61,182$ 0.6 255$ 1.00$ 76,363$ 0.8 318$ 1.33$ 24.8% 0.2% 24.9% 32.8%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC

Total Non-Operating Income and Expenses 977,556$ 10.3 4,072$ 16.02$ 910,658$ 10.1 3,795$ 15.88$ -6.8% -0.2% -6.8% -0.9%

EBITDA*** 2,505,218$ 26.4 10,435$ 41.06$ 2,245,728$ 25.0 9,358$ 39.15$ -10.4% -1.4% -10.3% -4.7%STOP

ROOM STATISTICS ROOM STATISTICS Change from 2000 to 2001Average Number of Rooms 240 240 0.0%Average Occupancy 69.4% 65.5% -5.7%Average ADR $101.90 $102.14 0.2%Average RevPAR $70.76 $66.88 -5.5%

. . . . Columns with dotted lines do not total** Ratio to revenue shown as a percentage of corresponding departmental revenue NC - Not Comparable

*** Before deductions for capital reserve, interest, income taxes, depreciation, and amortization * Expressed as percentage points difference

2000 Performance 2001 Performance Change from 2000 to 2001

Full-Service Hotels: RevPAR Decline 0.1% to 9.9% from 2000 to 2001





RevenuesRooms 8,011,627$ 66.6 30,551$ 118.63$ 6,810,204$ 65.7 25,924$ 114.20$ -15.0% -0.9% -15.1% -3.7%Food and Beverage 3,325,778$ 27.7 12,682$ 49.24$ 2,933,275$ 28.3 11,166$ 49.19$ -11.8% 0.7% -12.0% -0.1%Other Operated Departments 574,835$ 4.8 2,192$ 8.51$ 499,988$ 4.8 1,903$ 8.38$ -13.0% 0.0% -13.2% -1.5%Miscellaneous Income 115,524$ 1.0 441$ 1.71$ 115,803$ 1.1 441$ 1.94$ 0.2% 0.2% 0.1% 13.5%

Total Operating Revenue 12,027,764$ 100.0 45,865$ 178.09$ 10,359,269$ 100.0 39,434$ 173.71$ -13.9% 0.0% -14.0% -2.5%




Undistributed Operating ExpensesAdministrative and General 970,864$ 8.1 3,702$ 14.38$ 902,592$ 8.7 3,436$ 15.14$ -7.0% 0.6% -7.2% 5.3%Information and Telecommunications Systems 11,412 0.1 44 0.17 12,150 0.1 46 0.20 6.5% 0.0% 6.3% 20.6%Sales and Marketing (Includes Franchise Fees) 603,990 5.0 2,303 8.94 558,492 5.4 2,126 9.37 -7.5% 0.4% -7.7% 4.7%Property Operation and Maintenance 513,720 4.3 1,959 7.61 489,790 4.7 1,864 8.21 -4.7% 0.5% -4.8% 8.0%Utility Costs 414,958 3.4 1,582 6.14 440,790 4.3 1,678 7.39 6.2% 0.8% 6.0% 20.3%



Management Fees 371,532$ 3.1 1,417$ 5.50$ 298,191$ 2.9 1,135$ 5.00$ -19.7% -0.2% -19.9% -9.1%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 1,101,499$ 9.2 4,200$ 16.31$ 724,347$ 7.0 2,757$ 12.15$ -34.2% -2.2% -34.4% -25.5%Property Taxes and Other Municipal Charges 379,661$ 3.2 1,448$ 5.62$ 403,103$ 3.9 1,534$ 6.76$ 6.2% 0.7% 6.0% 20.2%Insurance 67,306$ 0.6 257$ 1.00$ 82,481$ 0.8 314$ 1.38$ 22.5% 0.2% 22.3% 38.8%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC

Total Non-Operating Income and Expenses 1,548,466$ 12.9 5,905$ 22.93$ 1,209,931$ 11.7 4,606$ 20.29$ -21.9% -1.2% -22.0% -11.5%

EBITDA*** 3,035,706$ 25.2 11,576$ 44.95$ 2,296,839$ 22.2 8,743$ 38.51$ -24.3% -3.1% -24.5% -14.3%STOP

ROOM STATISTICS ROOM STATISTICS Change from 2000 to 2001Average Number of Rooms 262 263 0.2%Average Occupancy 70.4% 62.2% -11.6%Average ADR $118.63 $114.20 -3.7%Average RevPAR $83.47 $71.02 -14.9%









RevenuesRooms 13,306,725$ 68.2 42,157$ 155.41$ 10,050,475$ 65.8 31,747$ 142.29$ -24.5% -2.4% -24.7% -8.4%Food and Beverage 4,835,057$ 24.8 15,318$ 56.47$ 4,039,578$ 26.4 12,760$ 57.19$ -16.5% 1.6% -16.7% 1.3%Other Operated Departments 1,089,128$ 5.6 3,450$ 12.72$ 926,590$ 6.1 2,927$ 13.12$ -14.9% 0.5% -15.2% 3.1%Miscellaneous Income 279,779$ 1.4 886$ 3.27$ 266,518$ 1.7 842$ 3.77$ -4.7% 0.3% -5.0% 15.5%


Departmental Costs and Expenses**Rooms 3,352,307$ 25.2 10,621$ 39.15$ 2,910,783$ 29.0 9,195$ 41.21$ -13.2% 3.8% -13.4% 5.3%Food and Beverage 3,673,337$ 76.0 11,638$ 42.90$ 3,307,427$ 81.9 10,447$ 46.83$ -10.0% 5.9% -10.2% 9.1%Other Operated Departments 265,525 24.4 841 3.10 254,369 27.5 804 3.60 -4.2% 3.1% -4.5% 16.1%



Undistributed Operating ExpensesAdministrative and General 1,519,894$ 7.8 4,815$ 17.75$ 1,341,681$ 8.8 4,238$ 19.00$ -11.7% 1.0% -12.0% 7.0%Information and Telecommunications Systems 14,253 0.1 45 0.17 17,460 0.1 55 0.25 22.5% 0.0% 22.1% 48.5%Sales and Marketing (Includes Franchise Fees) 874,459 4.5 2,770 10.21 753,114 4.9 2,379 10.66 -13.9% 0.4% -14.1% 4.4%Property Operation and Maintenance 796,598 4.1 2,524 9.30 764,329 5.0 2,414 10.82 -4.1% 0.9% -4.3% 16.3%Utility Costs 588,806 3.0 1,865 6.88 618,215 4.0 1,953 8.75 5.0% 1.0% 4.7% 27.3%



Management Fees 531,540$ 2.7 1,684$ 6.21$ 360,879$ 2.4 1,140$ 5.11$ -32.1% -0.4% -32.3% -17.7%



Total Non-Operating Income and Expenses 2,096,590$ 10.7 6,642$ 24.49$ 1,724,248$ 11.3 5,447$ 24.41$ -17.8% 0.5% -18.0% -0.3%

EBITDA*** 5,797,378$ 29.7 18,367$ 67.71$ 3,230,655$ 21.1 10,205$ 45.74$ -44.3% -8.6% -44.4% -32.4%STOP










RevenuesRooms 7,426,978$ 71.2 31,761$ 122.33$ 5,029,005$ 67.7 20,885$ 106.78$ -32.3% -3.5% -34.2% -12.7%Food and Beverage 2,439,605$ 23.4 10,433$ 40.18$ 1,956,937$ 26.3 8,127$ 41.55$ -19.8% 3.0% -22.1% 3.4%Other Operated Departments 490,812$ 4.7 2,099$ 8.08$ 353,592$ 4.8 1,468$ 7.51$ -28.0% 0.1% -30.0% -7.1%Miscellaneous Income 77,058$ 0.7 330$ 1.27$ 89,248$ 1.2 371$ 1.89$ 15.8% 0.5% 12.5% 49.3%


Departmental Costs and Expenses**Rooms 1,855,496$ 25.0 7,935$ 30.56$ 1,459,297$ 29.0 6,060$ 30.98$ -21.4% 4.0% -23.6% 1.4%Food and Beverage 1,813,431$ 74.3 7,755$ 29.87$ 1,536,832$ 78.5 6,382$ 32.63$ -15.3% 4.2% -17.7% 9.2%Other Operated Departments 126,420 25.8 541 2.08 111,324 31.5 462 2.36 -11.9% 5.7% -14.5% 13.5%



Undistributed Operating ExpensesAdministrative and General 906,282$ 8.7 3,876$ 14.93$ 778,737$ 10.5 3,234$ 16.53$ -14.1% 1.8% -16.6% 10.8%Information and Telecommunications Systems 9,757 0.1 42 0.16 10,796 0.1 45 0.23 10.6% 0.1% 7.5% 42.6%Sales and Marketing (Includes Franchise Fees) 508,839 4.9 2,176 8.38 412,708 5.6 1,714 8.76 -18.9% 0.7% -21.2% 4.6%Property Operation and Maintenance 436,768 4.2 1,868 7.19 396,061 5.3 1,645 8.41 -9.3% 1.1% -11.9% 16.9%Utility Costs 308,638 3.0 1,320 5.08 317,863 4.3 1,320 6.75 3.0% 1.3% 0.0% 32.8%



Management Fees 262,491$ 2.5 1,123$ 4.32$ 94,967$ 1.3 394$ 2.02$ -63.8% -1.2% -64.9% -53.4%



Total Non-Operating Income and Expenses 1,487,269$ 14.3 6,360$ 24.50$ 1,186,127$ 16.0 4,926$ 25.18$ -20.2% 1.7% -22.6% 2.8%

EBITDA*** 2,719,060$ 26.1 11,628$ 44.78$ 1,124,071$ 15.1 4,668$ 23.87$ -58.7% -10.9% -59.9% -46.7%STOP









Per To Available Occupied Per To Available Occupied Per To Available OccupiedProperty Revenue % Room/Year Room/Day Property Revenue % Room/Year Room/Day Property Revenue Room/Year Room/Day

RevenuesRooms 7,972,255$ 68.9 35,656$ 146.60$ 7,454,640$ 69.8 33,356$ 136.57$ -6.5% 0.9% -6.5% -6.8%Food and Beverage 3,083,716$ 26.7 13,792$ 56.70$ 2,749,724$ 25.8 12,304$ 50.38$ -10.8% -0.9% -10.8% -11.2%Other Operated Departments 319,062$ 2.8 1,427$ 5.87$ 293,114$ 2.7 1,312$ 5.37$ -8.1% 0.0% -8.1% -8.5%Miscellaneous Income 189,814$ 1.6 849$ 3.49$ 178,499$ 1.7 799$ 3.27$ -6.0% 0.0% -5.9% -6.3%


Departmental Costs and Expenses**Rooms 2,002,622$ 25.1 8,957$ 36.82$ 1,928,414$ 25.9 8,629$ 35.33$ -3.7% 0.7% -3.7% -4.1%Food and Beverage 2,312,638$ 75.0 10,343$ 42.53$ 2,071,752$ 75.3 9,270$ 37.96$ -10.4% 0.3% -10.4% -10.7%Other Operated Departments 153,409 48.1 686 2.82 166,855 56.9 747 3.06 8.8% 8.8% 8.8% 8.4%

Total Costs and Expenses 4,468,669$ 38.6 19,986$ 82.17$ 4,167,022$ 39.0 18,645$ 76.34$ -6.8% 0.4% -6.7% -7.1%


Undistributed Operating ExpensesAdministrative and General 987,033$ 8.5 4,415$ 18.15$ 928,249$ 8.7 4,153$ 17.01$ -6.0% 0.2% -5.9% -6.3%Information and Telecommunications Systems 106,633 0.9 477 1.96 120,244 1.1 538 2.20 12.8% 0.2% 12.8% 12.4%Sales and Marketing (Includes Franchise Fees) 950,004 8.2 4,249 17.47 905,129 8.5 4,050 16.58 -4.7% 0.3% -4.7% -5.1%Property Operation and Maintenance 574,365 5.0 2,569 10.56 548,381 5.1 2,454 10.05 -4.5% 0.2% -4.5% -4.9%Utility Costs 517,266 4.5 2,313 9.51 482,497 4.5 2,159 8.84 -6.7% 0.0% -6.7% -7.1%

Total Undistributed Expenses 3,135,301$ 27.1 14,023$ 57.65$ 2,984,501$ 28.0 13,354$ 54.68$ -4.8% 0.8% -4.8% -5.2%


Management Fees 379,548$ 3.3 1,698$ 6.98$ 286,573$ 2.7 1,282$ 5.25$ -24.5% -0.6% -24.5% -24.8%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 370,687$ 3.2 1,658$ 6.82$ 342,057$ 3.2 1,531$ 6.27$ -7.7% 0.0% -7.7% -8.1%Property Taxes and Other Municipal Charges 392,321$ 3.4 1,755$ 7.21$ 441,809$ 4.1 1,977$ 8.09$ 12.6% 0.7% 12.7% 12.2%Insurance 126,267$ 1.1 565$ 2.32$ 122,922$ 1.2 550$ 2.25$ -2.6% 0.1% -2.6% -3.0%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC

Total Non-Operating Income and Expenses 889,275$ 7.7 3,977$ 16.35$ 906,788$ 8.5 4,057$ 16.61$ 2.0% 0.8% 2.0% 1.6%

EBITDA*** 2,692,053$ 23.3 12,040$ 49.50$ 2,331,093$ 21.8 10,431$ 42.71$ -13.4% -1.4% -13.4% -13.7%STOP

ROOM STATISTICS ROOM STATISTICS Change from 2008 to 2009Average Daily Rooms 224 223Annual Occupancy 66.5% 66.9%Annual ADR $146.60 $136.57Annual RevPAR $97.42 $91.41




0.0%0.7%-6.8%-6.2%

Change from 2008 to 20092008 Performance 2009 Performance

3/27/2020 CBRE Hotels | Americas Research Page 1 of 27





RevenuesRooms 8,106,096$ 70.5 35,031$ 138.37$ 6,794,027$ 70.5 29,404$ 122.90$ -16.2% 0.0% -16.1% -11.2%Food and Beverage 2,857,113$ 24.8 12,347$ 48.77$ 2,380,525$ 24.7 10,303$ 43.06$ -16.7% -0.1% -16.6% -11.7%Other Operated Departments 325,271$ 2.8 1,406$ 5.55$ 282,204$ 2.9 1,221$ 5.10$ -13.2% 0.1% -13.1% -8.1%Miscellaneous Income 209,628$ 1.8 906$ 3.58$ 180,227$ 1.9 780$ 3.26$ -14.0% 0.0% -13.9% -8.9%


Departmental Costs and Expenses**Rooms 1,986,424$ 24.5 8,585$ 33.91$ 1,817,913$ 26.8 7,868$ 32.88$ -8.5% 2.3% -8.3% -3.0%Food and Beverage 2,035,626$ 71.2 8,797$ 34.75$ 1,760,733$ 74.0 7,620$ 31.85$ -13.5% 2.7% -13.4% -8.3%Other Operated Departments 179,310 55.1 775 3.06 165,614 58.7 717 3.00 -7.6% 3.6% -7.5% -2.1%



Undistributed Operating ExpensesAdministrative and General 982,368$ 8.5 4,245$ 16.77$ 851,561$ 8.8 3,685$ 15.40$ -13.3% 0.3% -13.2% -8.1%Information and Telecommunications Systems 103,910 0.9 449 1.77 109,731 1.1 475 1.98 5.6% 0.2% 5.8% 11.9%Sales and Marketing (Includes Franchise Fees) 978,913 8.5 4,230 16.71 899,875 9.3 3,895 16.28 -8.1% 0.8% -7.9% -2.6%Property Operation and Maintenance 541,549 4.7 2,340 9.24 504,885 5.2 2,185 9.13 -6.8% 0.5% -6.6% -1.2%Utility Costs 509,170 4.4 2,200 8.69 465,518 4.8 2,015 8.42 -8.6% 0.4% -8.4% -3.1%



Management Fees 397,413$ 3.5 1,717$ 6.78$ 319,471$ 3.3 1,383$ 5.78$ -19.6% -0.1% -19.5% -14.8%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 407,031$ 3.5 1,759$ 6.95$ 302,217$ 3.1 1,308$ 5.47$ -25.8% -0.4% -25.6% -21.3%Property Taxes and Other Municipal Charges 410,556$ 3.6 1,774$ 7.01$ 414,426$ 4.3 1,794$ 7.50$ 0.9% 0.7% 1.1% 7.0%Insurance 119,170$ 1.0 515$ 2.03$ 111,420$ 1.2 482$ 2.02$ -6.5% 0.1% -6.4% -0.9%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC

Total Non-Operating Income and Expenses 936,757$ 8.1 4,048$ 15.99$ 828,062$ 8.6 3,584$ 14.98$ -11.6% 0.4% -11.5% -6.3%

EBITDA*** 2,846,670$ 24.8 12,302$ 48.59$ 1,913,620$ 19.9 8,282$ 34.62$ -32.8% -4.9% -32.7% -28.8%STOP





-0.1%-5.2%

-11.2%-15.8%







RevenuesRooms 11,004,160$ 69.8 44,731$ 172.21$ 8,302,560$ 68.6 33,827$ 144.51$ -24.6% -1.2% -24.4% -16.1%Food and Beverage 3,953,789$ 25.1 16,072$ 61.87$ 3,118,523$ 25.8 12,706$ 54.28$ -21.1% 0.7% -20.9% -12.3%Other Operated Departments 506,706$ 3.2 2,060$ 7.93$ 433,310$ 3.6 1,765$ 7.54$ -14.5% 0.4% -14.3% -4.9%Miscellaneous Income 308,741$ 2.0 1,255$ 4.83$ 252,328$ 2.1 1,028$ 4.39$ -18.3% 0.1% -18.1% -9.1%


Departmental Costs and Expenses**Rooms 2,815,283$ 25.6 11,444$ 44.06$ 2,463,158$ 29.7 10,035$ 42.87$ -12.5% 4.1% -12.3% -2.7%Food and Beverage 3,030,095$ 76.6 12,317$ 47.42$ 2,491,832$ 79.9 10,152$ 43.37$ -17.8% 3.3% -17.6% -8.5%Other Operated Departments 285,185 56.3 1,159 4.46 257,346 59.4 1,048 4.48 -9.8% 3.1% -9.6% 0.4%



Undistributed Operating ExpensesAdministrative and General 1,328,790$ 8.4 5,401$ 20.79$ 1,088,887$ 9.0 4,436$ 18.95$ -18.1% 0.6% -17.9% -8.9%Information and Telecommunications Systems 146,444 0.9 595 2.29 162,189 1.3 661 2.82 10.8% 0.4% 11.0% 23.2%Sales and Marketing (Includes Franchise Fees) 1,150,401 7.3 4,676 18.00 985,796 8.1 4,016 17.16 -14.3% 0.8% -14.1% -4.7%Property Operation and Maintenance 690,435 4.4 2,807 10.80 637,197 5.3 2,596 11.09 -7.7% 0.9% -7.5% 2.6%Utility Costs 586,152 3.7 2,383 9.17 520,207 4.3 2,119 9.05 -11.3% 0.6% -11.0% -1.3%



Management Fees 494,511$ 3.1 2,010$ 7.74$ 347,503$ 2.9 1,416$ 6.05$ -29.7% -0.3% -29.6% -21.8%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 560,412$ 3.6 2,278$ 8.77$ 444,206$ 3.7 1,810$ 7.73$ -20.7% 0.1% -20.6% -11.8%Property Taxes and Other Municipal Charges 589,923$ 3.7 2,398$ 9.23$ 625,423$ 5.2 2,548$ 10.89$ 6.0% 1.4% 6.3% 17.9%Insurance 190,859$ 1.2 776$ 2.99$ 178,708$ 1.5 728$ 3.11$ -6.4% 0.3% -6.2% 4.1%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 3,904,906$ 24.8 15,873$ 61.11$ 1,904,269$ 15.7 7,758$ 33.15$ -51.2% -9.0% -51.1% -45.8%STOP





-0.2%-9.6%

-16.1%-24.1%







RevenuesRooms 8,840,603$ 73.5 39,654$ 163.13$ 5,888,569$ 71.8 26,485$ 134.63$ -33.4% -1.7% -33.2% -17.5%Food and Beverage 2,579,676$ 21.4 11,571$ 47.60$ 1,859,434$ 22.7 8,363$ 42.51$ -27.9% 1.2% -27.7% -10.7%Other Operated Departments 393,976$ 3.3 1,767$ 7.27$ 293,505$ 3.6 1,320$ 6.71$ -25.5% 0.3% -25.3% -7.7%Miscellaneous Income 213,572$ 1.8 958$ 3.94$ 154,377$ 1.9 694$ 3.53$ -27.7% 0.1% -27.5% -10.4%


Departmental Costs and Expenses**Rooms 2,273,867$ 25.7 10,199$ 41.96$ 1,842,415$ 31.3 8,287$ 42.12$ -19.0% 5.6% -18.8% 0.4%Food and Beverage 2,101,463$ 81.5 9,426$ 38.78$ 1,628,333$ 87.6 7,324$ 37.23$ -22.5% 6.1% -22.3% -4.0%Other Operated Departments 233,142 59.2 1,046 4.30 193,084 65.8 868 4.41 -17.2% 6.6% -17.0% 2.6%



Undistributed Operating ExpensesAdministrative and General 1,068,128$ 8.9 4,791$ 19.71$ 832,671$ 10.2 3,745$ 19.04$ -22.0% 1.3% -21.8% -3.4%Information and Telecommunications Systems 118,612 1.0 532 2.19 121,499 1.5 546 2.78 2.4% 0.5% 2.7% 26.9%Sales and Marketing (Includes Franchise Fees) 909,211 7.6 4,078 16.78 692,777 8.5 3,116 15.84 -23.8% 0.9% -23.6% -5.6%Property Operation and Maintenance 619,277 5.1 2,778 11.43 538,183 6.6 2,421 12.30 -13.1% 1.4% -12.9% 7.7%Utility Costs 475,903 4.0 2,135 8.78 427,779 5.2 1,924 9.78 -10.1% 1.3% -9.9% 11.4%



Management Fees 413,312$ 3.4 1,854$ 7.63$ 303,684$ 3.7 1,366$ 6.94$ -26.5% 0.3% -26.3% -9.0%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 493,157$ 4.1 2,212$ 9.10$ 394,083$ 4.8 1,772$ 9.01$ -20.1% 0.7% -19.9% -1.0%Property Taxes and Other Municipal Charges 455,541$ 3.8 2,043$ 8.41$ 480,358$ 5.9 2,161$ 10.98$ 5.4% 2.1% 5.7% 30.7%Insurance 137,728$ 1.1 618$ 2.54$ 128,897$ 1.6 580$ 2.95$ -6.4% 0.4% -6.2% 16.0%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 2,728,487$ 22.7 12,238$ 50.35$ 612,120$ 7.5 2,753$ 13.99$ -77.6% -15.2% -77.5% -72.2%STOP





-0.3%-18.8%-17.5%-33.0%



TABLE OF CONTENTS | FULL-SERVICE HOTELS RevPAR Decline Greater than 40.0% from 2008 to 2009




RevenuesRooms 6,709,761$ 69.0 33,613$ 160.30$ 3,785,891$ 64.0 18,981$ 131.01$ -43.6% -5.0% -43.5% -18.3%Food and Beverage 2,358,502$ 24.2 11,815$ 56.35$ 1,688,968$ 28.6 8,468$ 58.45$ -28.4% 4.3% -28.3% 3.7%Other Operated Departments 561,676$ 5.8 2,814$ 13.42$ 335,538$ 5.7 1,682$ 11.61$ -40.3% -0.1% -40.2% -13.5%Miscellaneous Income 95,962$ 1.0 481$ 2.29$ 103,556$ 1.8 519$ 3.58$ 7.9% 0.8% 8.0% 56.3%


Departmental Costs and Expenses**Rooms 1,718,708$ 25.6 8,610$ 41.06$ 1,323,649$ 35.0 6,636$ 45.81$ -23.0% 9.3% -22.9% 11.6%Food and Beverage 1,934,432$ 82.0 9,691$ 46.22$ 1,545,290$ 91.5 7,747$ 53.48$ -20.1% 9.5% -20.1% 15.7%Other Operated Departments 390,429 69.5 1,956 9.33 265,372 79.1 1,330 9.18 -32.0% 9.6% -32.0% -1.5%



Undistributed Operating ExpensesAdministrative and General 942,661$ 9.7 4,722$ 22.52$ 773,197$ 13.1 3,876$ 26.76$ -18.0% 3.4% -17.9% 18.8%Information and Telecommunications Systems 86,409 0.9 433 2.06 79,808 1.3 400 2.76 -7.6% 0.5% -7.6% 33.8%Sales and Marketing (Includes Franchise Fees) 703,107 7.2 3,522 16.80 575,386 9.7 2,885 19.91 -18.2% 2.5% -18.1% 18.5%Property Operation and Maintenance 479,875 4.9 2,404 11.46 416,239 7.0 2,087 14.40 -13.3% 2.1% -13.2% 25.6%Utility Costs 375,769 3.9 1,882 8.98 337,663 5.7 1,693 11.68 -10.1% 1.8% -10.1% 30.2%


Gross Operating Profit 3,094,511$ 31.8 15,502$ 73.93$ 597,348$ 10.1 2,995$ 20.67$ -80.7% -21.7% -80.7% -72.0%

Management Fees 305,063$ 3.1 1,528$ 7.29$ 171,627$ 2.9 860$ 5.94$ -43.7% -0.2% -43.7% -18.5%

Income Before Non-Operating Income and Expenses 2,789,448$ 28.7 13,974$ 66.64$ 425,721$ 7.2 2,134$ 14.73$ -84.7% -21.5% -84.7% -77.9%

Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 323,382$ 3.3 1,620$ 7.73$ 325,645$ 5.5 1,633$ 11.27$ 0.7% 2.2% 0.8% 45.9%Property Taxes and Other Municipal Charges 274,302$ 2.8 1,374$ 6.55$ 293,355$ 5.0 1,471$ 10.15$ 6.9% 2.1% 7.0% 54.9%Insurance 117,337$ 1.2 588$ 2.80$ 118,467$ 2.0 594$ 4.10$ 1.0% 0.8% 1.0% 46.2%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 2,074,427$ 21.3 10,392$ 49.56$ (311,746)$ -5.3 (1,563)$ (10.79)$ NC -26.6% NC NC STOP




Full-Service Hotels: RevPAR Decline Greater than 40.0% from 2008 to 2009

-0.1%-30.7%-18.3%-43.4%



TABLE OF CONTENTS | LIMITED-SERVICE HOTELS RevPAR Decline 0.1% to 9.9% from 2000 to 2001




RevenuesRooms 1,790,586$ 95.7 15,937$ 66.18$ 1,700,053$ 96.1 15,125$ 66.33$ -5.1% 0.4% -5.1% 0.2%Food and Beverage -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCOther Operated Departments 66,121$ 3.5 589$ 2.44$ 54,154$ 3.1 482$ 2.11$ -18.1% -0.5% -18.1% -13.5%Miscellaneous Income 14,164$ 0.8 126$ 0.52$ 14,513$ 0.8 129$ 0.57$ 2.5% 0.1% 2.4% 8.2%


Departmental Costs and Expenses**Rooms 461,793$ 25.8 4,110$ 17.07$ 454,114$ 26.7 4,040$ 17.72$ -1.7% 0.9% -1.7% 3.8%Food and Beverage -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC 0.0% NC NCOther Operated Departments 28,573 43.2 254 1.06 28,640 52.9 255 1.12 0.2% 9.7% 0.2% 5.8%

Total Costs and Expenses 490,366$ 26.2 4,364$ 18.12$ 482,754$ 27.3 4,295$ 18.84$ -1.6% 1.1% -1.6% 3.9%


Undistributed Operating ExpensesAdministrative and General 169,141$ 9.0 1,505$ 6.25$ 155,374$ 8.8 1,382$ 6.06$ -8.1% -0.3% -8.2% -3.0%Information and Telecommunications Systems 3,441 0.2 31 0.13 4,043 0.2 36 0.16 17.5% 0.0% 17.4% 24.0%Sales and Marketing (Includes Franchise Fees) 59,815 3.2 532 2.21 52,874 3.0 470 2.06 -11.6% -0.2% -11.6% -6.7%Property Operation and Maintenance 96,468 5.2 859 3.57 97,131 5.5 864 3.79 0.7% 0.3% 0.6% 6.3%Utility Costs 82,945 4.4 738 3.07 89,512 5.1 796 3.49 7.9% 0.6% 7.9% 13.9%

Total Undistributed Expenses 411,811$ 22.0 3,665$ 15.22$ 398,934$ 22.6 3,549$ 15.57$ -3.1% 0.5% -3.2% 2.3%

Gross Operating Profit 968,695$ 51.8 8,622$ 35.80$ 887,032$ 50.2 7,892$ 34.61$ -8.4% -1.6% -8.5% -3.3%

Management Fees 57,866$ 3.1 515$ 2.14$ 57,201$ 3.2 509$ 2.23$ -1.1% 0.1% -1.2% 4.4%

Income Before Non-Operating Income and Expenses 910,829$ 48.7 8,107$ 33.67$ 829,831$ 46.9 7,383$ 32.38$ -8.9% -1.8% -8.9% -3.8%

Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 157,777$ 8.4 1,404$ 5.83$ 76,172$ 4.3 678$ 2.97$ -51.7% -4.1% -51.7% -49.0%Property Taxes and Other Municipal Charges 73,438$ 3.9 654$ 2.71$ 75,719$ 4.3 674$ 2.95$ 3.1% 0.4% 3.1% 8.8%Insurance 16,204$ 0.9 144$ 0.60$ 19,808$ 1.1 176$ 0.77$ 22.2% 0.3% 22.2% 29.0%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 663,409$ 35.5 5,905$ 24.52$ 658,132$ 37.2 5,855$ 25.68$ -0.8% 1.7% -0.8% 4.7%STOP





Limited-Service Hotels: RevPAR Decline 0.1% to 9.9% from 2000 to 2001

TABLE OF CONTENTS | LIMITED-SERVICE HOTELS RevPAR Decline 10.0 to 19.9% from 2000 to 2001




RevenuesRooms 1,804,119$ 95.3 16,180$ 66.49$ 1,550,197$ 95.5 13,882$ 64.93$ -14.1% 0.2% -14.2% -2.3%Food and Beverage 30$ 0.0 0$ 0.00$ -$ 0.0 -$ -$ NC NC NC NC Other Operated Departments 69,023$ 3.6 619$ 2.54$ 50,792$ 3.1 455$ 2.13$ -26.4% -0.5% -26.5% -16.4%Miscellaneous Income 19,261$ 1.0 173$ 0.71$ 22,141$ 1.4 198$ 0.93$ 15.0% 0.3% 14.8% 30.6%


Departmental Costs and Expenses**Rooms 470,176$ 26.1 4,217$ 17.33$ 434,328$ 28.0 3,890$ 18.19$ -7.6% 2.0% -7.8% 5.0%Food and Beverage 30$ 99.5 0$ 0.00$ -$ 0.0 -$ -$ NC 0.0% NC NC Other Operated Departments 25,626 37.1 230 0.94 24,417 48.1 219 1.02 -4.7% 10.9% -4.9% 8.3%



Undistributed Operating ExpensesAdministrative and General 171,301$ 9.1 1,536$ 6.31$ 148,882$ 9.2 1,333$ 6.24$ -13.1% 0.1% -13.2% -1.2%Information and Telecommunications Systems 3,965 0.2 36 0.15 4,702 0.3 42 0.20 18.6% 0.1% 18.4% 34.8%Sales and Marketing (Includes Franchise Fees) 57,467 3.0 515 2.12 44,309 2.7 397 1.86 -22.9% -0.3% -23.0% -12.4%Property Operation and Maintenance 95,624 5.1 858 3.52 93,365 5.8 836 3.91 -2.4% 0.7% -2.5% 11.0%Utility Costs 80,708 4.3 724 2.97 84,448 5.2 756 3.54 4.6% 0.9% 4.5% 18.9%



Management Fees 62,867$ 3.3 564$ 2.32$ 53,300$ 3.3 477$ 2.23$ -15.2% 0.0% -15.3% -3.6%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 89,554$ 4.7 803$ 3.30$ 39,789$ 2.5 356$ 1.67$ -55.6% -2.3% -55.6% -49.5%Property Taxes and Other Municipal Charges 78,046$ 4.1 700$ 2.88$ 79,866$ 4.9 715$ 3.35$ 2.3% 0.8% 2.2% 16.3%Insurance 17,327$ 0.9 155$ 0.64$ 20,052$ 1.2 180$ 0.84$ 15.7% 0.3% 15.6% 31.5%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 739,743$ 39.1 6,634$ 27.26$ 595,673$ 36.7 5,334$ 24.95$ -19.5% -2.4% -19.6% -8.5%STOP





Limited-Service Hotels: RevPAR Decline 10.0 to 19.9% from 2000 to 2001





RevenuesRooms 2,220,700$ 93.7 18,658$ 77.81$ 1,664,435$ 93.8 14,028$ 74.36$ -25.0% 0.1% -24.8% -4.4%Food and Beverage -$ 0.0 -$ -$ 2,626$ 0.1 22$ 0.12$ NC NC NC NCOther Operated Departments 123,430$ 5.2 1,037$ 4.32$ 76,292$ 4.3 643$ 3.41$ -38.2% -0.9% -38.0% -21.2%Miscellaneous Income 26,171$ 1.1 220$ 0.92$ 31,939$ 1.8 269$ 1.43$ 22.0% 0.7% 22.4% 55.6%


Departmental Costs and Expenses**Rooms 555,890$ 25.0 4,671$ 19.48$ 455,612$ 27.4 3,840$ 20.36$ -18.0% 2.3% -17.8% 4.5%Food and Beverage -$ 0.0 -$ -$ 1,312$ 50.0 11$ 0.06$ NC 0.0% NC NCOther Operated Departments 38,611 31.3 324 1.35 28,637 37.5 241 1.28 -25.8% 6.3% -25.6% -5.4%



Undistributed Operating ExpensesAdministrative and General 219,294$ 9.3 1,843$ 7.68$ 190,970$ 10.8 1,609$ 8.53$ -12.9% 1.5% -12.6% 11.0%Information and Telecommunications Systems 3,260 0.1 27 0.11 3,585 0.2 30 0.16 10.0% 0.1% 10.3% 40.2%Sales and Marketing (Includes Franchise Fees) 76,269 3.2 641 2.67 63,695 3.6 537 2.85 -16.5% 0.4% -16.2% 6.5%Property Operation and Maintenance 107,007 4.5 899 3.75 107,045 6.0 902 4.78 0.0% 1.5% 0.3% 27.6%Utility Costs 89,742 3.8 754 3.14 93,652 5.3 789 4.18 4.4% 1.5% 4.7% 33.1%



Management Fees 88,679$ 3.7 745$ 3.11$ 59,946$ 3.4 505$ 2.68$ -32.4% -0.4% -32.2% -13.8%



Total Non-Operating Income and Expenses 232,122$ 9.8 1,950$ 8.13$ 210,271$ 11.8 1,772$ 9.39$ -9.4% 2.1% -9.1% 15.5%

EBITDA*** 959,428$ 40.5 8,061$ 33.62$ 560,566$ 31.6 4,724$ 25.04$ -41.6% -8.9% -41.4% -25.5%STOP

ROOM STATISTICS ROOM STATISTICS Change from 2000 to 2001Average Number of Rooms 119 119 -0.3%Average Occupancy 65.5% 51.7% -21.1%Average ADR $77.81 $74.36 -4.4%Average RevPAR $50.99 $38.43 -24.6%









RevenuesRooms 2,585,370$ 95.5 26,590$ 103.12$ 1,679,087$ 95.0 17,040$ 92.55$ -35.1% -0.5% -35.9% -10.2%Food and Beverage -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCOther Operated Departments 107,231$ 4.0 1,103$ 4.28$ 72,715$ 4.1 738$ 4.01$ -32.2% 0.2% -33.1% -6.3%Miscellaneous Income 15,046$ 0.6 155$ 0.60$ 16,233$ 0.9 165$ 0.89$ 7.9% 0.4% 6.5% 49.1%


Departmental Costs and Expenses**Rooms 646,797$ 25.0 6,652$ 25.80$ 530,793$ 31.6 5,387$ 29.26$ -17.9% 6.6% -19.0% 13.4%Food and Beverage -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC 0.0% NC NCOther Operated Departments 53,258 49.7 548 2.12 42,691 58.7 433 2.35 -19.8% 9.0% -20.9% 10.8%



Undistributed Operating ExpensesAdministrative and General 225,786$ 8.3 2,322$ 9.01$ 181,438$ 10.3 1,841$ 10.00$ -19.6% 1.9% -20.7% 11.0%Information and Telecommunications Systems 3,020 0.1 31 0.12 4,258 0.2 43 0.23 41.0% 0.1% 39.1% 94.9%Sales and Marketing (Includes Franchise Fees) 68,902 2.5 709 2.75 69,797 3.9 708 3.85 1.3% 1.4% 0.0% 40.0%Property Operation and Maintenance 96,689 3.6 994 3.86 91,209 5.2 926 5.03 -5.7% 1.6% -6.9% 30.4%Utility Costs 78,923 2.9 812 3.15 82,525 4.7 837 4.55 4.6% 1.8% 3.2% 44.5%



Management Fees 118,741$ 4.4 1,221$ 4.74$ 82,244$ 4.7 835$ 4.53$ -30.7% 0.3% -31.7% -4.3%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 137,243$ 5.1 1,412$ 5.47$ 112,525$ 6.4 1,142$ 6.20$ -18.0% 1.3% -19.1% 13.3%Property Taxes and Other Municipal Charges 80,371$ 3.0 827$ 3.21$ 80,039$ 4.5 812$ 4.41$ -0.4% 1.6% -1.7% 37.6%Insurance 18,140$ 0.7 187$ 0.72$ 24,287$ 1.4 246$ 1.34$ 33.9% 0.7% 32.1% 85.0%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 1,179,777$ 43.6 12,134$ 47.06$ 466,229$ 26.4 4,731$ 25.70$ -60.5% -17.2% -61.0% -45.4%STOP










RevenuesRooms 2,117,524$ 98.0 18,491$ 81.54$ 1,979,714$ 97.6 17,300$ 77.20$ -6.5% -0.4% -6.4% -5.3%Food and Beverage 1,501$ 0.1 13$ 0.06$ -$ 0.0 -$ -$ NC NC NC NC Other Operated Departments 21,750$ 1.0 190$ 0.84$ 30,542$ 1.5 267$ 1.19$ 40.4% 0.5% 40.5% 42.2%Miscellaneous Income 18,969$ 0.9 166$ 0.73$ 17,415$ 0.9 152$ 0.68$ -8.2% 0.0% -8.1% -7.0%


Departmental Costs and Expenses**Rooms 524,460$ 24.8 4,580$ 20.20$ 499,573$ 25.2 4,366$ 19.48$ -4.7% 0.5% -4.7% -3.5%Food and Beverage 1,783$ 118.8 16$ 0.07$ -$ 0.0 -$ -$ NC 0.0% NC NC Other Operated Departments 22,252 102.3 194 0.86 30,914 101.2 270 1.21 38.9% -1.1% 39.0% 40.7%

Total Costs and Expenses 548,496$ 25.4 4,790$ 21.12$ 530,486$ 26.2 4,636$ 20.69$ -3.3% 0.8% -3.2% -2.1%


Undistributed Operating ExpensesAdministrative and General 200,604$ 9.3 1,752$ 7.72$ 190,064$ 9.4 1,661$ 7.41$ -5.3% 0.1% -5.2% -4.1%Information and Telecommunications Systems 12,504 0.6 109 0.48 14,194 0.7 124 0.55 13.5% 0.1% 13.6% 15.0%Sales and Marketing (Includes Franchise Fees) 180,975 8.4 1,580 6.97 175,975 8.7 1,538 6.86 -2.8% 0.3% -2.7% -1.5%Property Operation and Maintenance 114,911 5.3 1,003 4.43 111,814 5.5 977 4.36 -2.7% 0.2% -2.6% -1.5%Utility Costs 129,901 6.0 1,134 5.00 123,371 6.1 1,078 4.81 -5.0% 0.1% -5.0% -3.8%

Total Undistributed Expenses 638,896$ 29.6 5,579$ 24.60$ 615,418$ 30.4 5,378$ 24.00$ -3.7% 0.8% -3.6% -2.5%


Management Fees 39,335$ 1.8 343$ 1.51$ 36,520$ 1.8 319$ 1.42$ -7.2% 0.0% -7.1% -6.0%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 98,672$ 4.6 862$ 3.80$ 62,068$ 3.1 542$ 2.42$ -37.1% -1.5% -37.1% -36.3%Property Taxes and Other Municipal Charges 96,791$ 4.5 845$ 3.73$ 101,093$ 5.0 883$ 3.94$ 4.4% 0.5% 4.5% 5.8%Insurance 33,604$ 1.6 293$ 1.29$ 33,157$ 1.6 290$ 1.29$ -1.3% 0.1% -1.3% -0.1%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 703,950$ 32.6 6,147$ 27.11$ 648,928$ 32.0 5,671$ 25.31$ -7.8% -0.6% -7.8% -6.6%STOP





-0.1%-0.9%-5.3%-6.2%







RevenuesRooms 2,672,229$ 97.1 21,363$ 88.33$ 2,256,893$ 97.0 18,042$ 80.02$ -15.5% -0.2% -15.5% -9.4%Food and Beverage -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCOther Operated Departments 42,013$ 1.5 336$ 1.39$ 39,664$ 1.7 317$ 1.41$ -5.6% 0.2% -5.6% 1.3%Miscellaneous Income 37,448$ 1.4 299$ 1.24$ 31,226$ 1.3 250$ 1.11$ -16.6% 0.0% -16.6% -10.5%


Departmental Costs and Expenses**Rooms 637,501$ 23.9 5,096$ 21.07$ 583,088$ 25.8 4,661$ 20.68$ -8.5% 2.0% -8.5% -1.9%Food and Beverage -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC 0.0% NC NCOther Operated Departments 34,189 81.4 273 1.13 31,823 80.2 254 1.13 -6.9% -1.1% -6.9% -0.2%



Undistributed Operating ExpensesAdministrative and General 237,637$ 8.6 1,900$ 7.85$ 216,518$ 9.3 1,731$ 7.68$ -8.9% 0.7% -8.9% -2.3%Information and Telecommunications Systems 15,846 0.6 127 0.52 16,674 0.7 133 0.59 5.2% 0.1% 5.2% 12.9%Sales and Marketing (Includes Franchise Fees) 211,859 7.7 1,694 7.00 181,646 7.8 1,452 6.44 -14.3% 0.1% -14.3% -8.0%Property Operation and Maintenance 128,780 4.7 1,030 4.26 121,162 5.2 969 4.30 -5.9% 0.5% -5.9% 0.9%Utility Costs 149,906 5.4 1,198 4.95 139,416 6.0 1,115 4.94 -7.0% 0.5% -7.0% -0.2%



Management Fees 45,957$ 1.7 367$ 1.52$ 39,108$ 1.7 313$ 1.39$ -14.9% 0.0% -14.9% -8.7%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 173,673$ 6.3 1,388$ 5.74$ 81,932$ 3.5 655$ 2.91$ -52.8% -2.8% -52.8% -49.4%Property Taxes and Other Municipal Charges 120,397$ 4.4 962$ 3.98$ 124,628$ 5.4 996$ 4.42$ 3.5% 1.0% 3.5% 11.0%Insurance 41,506$ 1.5 332$ 1.37$ 40,678$ 1.7 325$ 1.44$ -2.0% 0.2% -2.0% 5.1%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 954,438$ 34.7 7,630$ 31.55$ 751,109$ 32.3 6,005$ 26.63$ -21.3% -2.4% -21.3% -15.6%STOP





0.0%-6.5%-9.4%

-15.3%







RevenuesRooms 2,617,052$ 97.9 21,470$ 90.51$ 1,977,175$ 97.9 16,219$ 77.89$ -24.5% 0.0% -24.5% -13.9%Food and Beverage -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCOther Operated Departments 31,638$ 1.2 260$ 1.09$ 24,966$ 1.2 205$ 0.98$ -21.1% 0.1% -21.1% -10.1%Miscellaneous Income 24,838$ 0.9 204$ 0.86$ 17,995$ 0.9 148$ 0.71$ -27.6% 0.0% -27.6% -17.5%


Departmental Costs and Expenses**Rooms 592,788$ 22.7 4,863$ 20.50$ 518,253$ 26.2 4,251$ 20.42$ -12.6% 3.6% -12.6% -0.4%Food and Beverage -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC 0.0% NC NCOther Operated Departments 29,378 92.9 241 1.02 25,497 102.1 209 1.00 -13.2% 9.3% -13.2% -1.1%



Undistributed Operating ExpensesAdministrative and General 229,377$ 8.6 1,882$ 7.93$ 202,661$ 10.0 1,662$ 7.98$ -11.6% 1.5% -11.7% 0.6%Information and Telecommunications Systems 14,212 0.5 117 0.49 14,810 0.7 121 0.58 4.2% 0.2% 4.2% 18.7%Sales and Marketing (Includes Franchise Fees) 203,463 7.6 1,669 7.04 163,764 8.1 1,343 6.45 -19.5% 0.5% -19.5% -8.3%Property Operation and Maintenance 125,754 4.7 1,032 4.35 118,749 5.9 974 4.68 -5.6% 1.2% -5.6% 7.6%Utility Costs 138,128 5.2 1,133 4.78 128,851 6.4 1,057 5.08 -6.7% 1.2% -6.7% 6.3%



Management Fees 41,390$ 1.5 340$ 1.43$ 30,950$ 1.5 254$ 1.22$ -25.2% 0.0% -25.2% -14.8%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 171,685$ 6.4 1,408$ 5.94$ 99,941$ 4.9 820$ 3.94$ -41.8% -1.5% -41.8% -33.7%Property Taxes and Other Municipal Charges 127,313$ 4.8 1,044$ 4.40$ 133,916$ 6.6 1,099$ 5.28$ 5.2% 1.9% 5.2% 19.8%Insurance 41,121$ 1.5 337$ 1.42$ 38,710$ 1.9 318$ 1.52$ -5.9% 0.4% -5.9% 7.2%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 958,919$ 35.9 7,867$ 33.16$ 544,032$ 26.9 4,463$ 21.43$ -43.3% -8.9% -43.3% -35.4%STOP





0.0%-12.0%-13.9%-24.3%







RevenuesRooms 2,981,730$ 98.2 22,741$ 94.59$ 1,992,689$ 97.9 15,195$ 81.34$ -33.2% -0.3% -33.2% -14.0%Food and Beverage -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCOther Operated Departments 32,144$ 1.1 245$ 1.02$ 19,495$ 1.0 149$ 0.80$ -39.4% -0.1% -39.4% -22.0%Miscellaneous Income 22,272$ 0.7 170$ 0.71$ 23,591$ 1.2 180$ 0.96$ 5.9% 0.4% 5.9% 36.3%


Departmental Costs and Expenses**Rooms 644,438$ 21.6 4,915$ 20.44$ 525,788$ 26.4 4,009$ 21.46$ -18.4% 4.8% -18.4% 5.0%Food and Beverage 25$ 0.0 0$ 0.00$ -$ 0.0 -$ -$ NC 0.0% NC NC Other Operated Departments 29,366 91.4 224 0.93 19,010 97.5 145 0.78 -35.3% 6.2% -35.3% -16.7%



Undistributed Operating ExpensesAdministrative and General 243,428$ 8.0 1,857$ 7.72$ 200,114$ 9.8 1,526$ 8.17$ -17.8% 1.8% -17.8% 5.8%Information and Telecommunications Systems 15,551 0.5 119 0.49 15,306 0.8 117 0.62 -1.6% 0.2% -1.6% 26.7%Sales and Marketing (Includes Franchise Fees) 230,321 7.6 1,757 7.31 178,828 8.8 1,364 7.30 -22.4% 1.2% -22.4% -0.1%Property Operation and Maintenance 130,082 4.3 992 4.13 124,188 6.1 947 5.07 -4.5% 1.8% -4.5% 22.9%Utility Costs 141,180 4.6 1,077 4.48 122,697 6.0 936 5.01 -13.1% 1.4% -13.1% 11.8%



Management Fees 56,370$ 1.9 430$ 1.79$ 29,958$ 1.5 228$ 1.22$ -46.9% -0.4% -46.9% -31.6%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 363,717$ 12.0 2,774$ 11.54$ 208,252$ 10.2 1,588$ 8.50$ -42.7% -1.7% -42.8% -26.3%Property Taxes and Other Municipal Charges 142,265$ 4.7 1,085$ 4.51$ 165,036$ 8.1 1,258$ 6.74$ 16.0% 3.4% 16.0% 49.3%Insurance 41,246$ 1.4 315$ 1.31$ 38,915$ 1.9 297$ 1.59$ -5.7% 0.6% -5.7% 21.4%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 998,156$ 32.9 7,613$ 31.66$ 407,686$ 20.0 3,109$ 16.64$ -59.2% -12.8% -59.2% -47.4%STOP





0.0%-22.1%-14.0%-33.0%



TABLE OF CONTENTS | LIMITED-SERVICE HOTELS RevPAR Decline Greater than 40.0% from 2008 to 2009




RevenuesRooms 2,013,689$ 99.2 19,913$ 76.73$ 1,146,788$ 99.1 11,340$ 70.06$ -43.1% -0.1% -43.1% -8.7%Food and Beverage -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCOther Operated Departments 9,049$ 0.4 89$ 0.34$ 4,259$ 0.4 42$ 0.26$ -52.9% -0.1% -52.9% -24.5%Miscellaneous Income 7,421$ 0.4 73$ 0.28$ 6,295$ 0.5 62$ 0.38$ -15.2% 0.2% -15.2% 36.0%


Departmental Costs and Expenses**Rooms 412,190$ 20.5 4,076$ 15.71$ 311,337$ 27.1 3,079$ 19.02$ -24.5% 6.7% -24.5% 21.1%Food and Beverage -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC 0.0% NC NCOther Operated Departments 26,588 293.8 263 1.01 12,445 292.2 123 0.76 -53.2% -1.7% -53.2% -25.0%


Total Departmental Profit 1,591,381$ 78.4 15,737$ 60.63$ 833,561$ 72.0 8,243$ 50.92$ -47.6% -6.4% -47.6% -16.0%

Undistributed Operating ExpensesAdministrative and General 151,293$ 7.5 1,496$ 5.76$ 114,394$ 9.9 1,131$ 6.99$ -24.4% 2.4% -24.4% 21.2%Information and Telecommunications Systems 10,088 0.5 100 0.38 14,207 1.2 140 0.87 40.8% 0.7% 40.8% NC Sales and Marketing (Includes Franchise Fees) 120,846 6.0 1,195 4.60 74,804 6.5 740 4.57 -38.1% 0.5% -38.1% -0.8%Property Operation and Maintenance 96,937 4.8 959 3.69 76,624 6.6 758 4.68 -21.0% 1.8% -21.0% 26.7%Utility Costs 102,063 5.0 1,009 3.89 83,693 7.2 828 5.11 -18.0% 2.2% -18.0% 31.5%



Management Fees 19,209$ 0.9 190$ 0.73$ 8,662$ 0.7 86$ 0.53$ -54.9% -0.2% -54.9% -27.7%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 54$ 0.0 1$ 0.00$ 19$ 0.0 0$ 0.00$ -63.7% 0.0% -63.7% -41.8%Property Taxes and Other Municipal Charges 75,579$ 3.7 747$ 2.88$ 78,162$ 6.8 773$ 4.78$ 3.4% 3.0% 3.4% 65.8%Insurance 28,724$ 1.4 284$ 1.09$ 32,239$ 2.8 319$ 1.97$ 12.2% 1.4% 12.2% 80.0%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 986,589$ 48.6 9,756$ 37.59$ 350,756$ 30.3 3,469$ 21.43$ -64.4% -18.3% -64.4% -43.0%STOP




Limited-Service Hotels: RevPAR Decline Greater than 40.0% from 2008 to 2009

0.0%-37.5%-8.7%

-42.9%



TABLE OF CONTENTS | EXTENDED-STAY HOTELS RevPAR Decline 0.1% to 9.9% from 2000 to 2001




RevenuesRooms 2,600,969$ 95.3 20,711$ 73.88$ 2,476,258$ 95.7 19,722$ 74.69$ -4.8% 0.3% -4.8% 1.1%Food and Beverage 1,738$ 0.1 14$ 0.05$ 1,898$ 0.1 15$ 0.06$ 9.2% 0.0% 9.2% 15.9%Other Operated Departments 115,187$ 4.2 917$ 3.27$ 103,677$ 4.0 826$ 3.13$ -10.0% -0.2% -10.0% -4.4%Miscellaneous Income 10,377$ 0.4 83$ 0.29$ 6,272$ 0.2 50$ 0.19$ -39.6% -0.1% -39.5% -35.8%


Departmental Costs and Expenses**Rooms 532,759$ 20.5 4,242$ 15.13$ 503,451$ 20.3 4,010$ 15.18$ -5.5% -0.2% -5.5% 0.3%Food and Beverage 1,088$ 62.6 9$ 0.03$ 783$ 41.3 6$ 0.02$ -28.0% -21.3% -28.0% -23.6%Other Operated Departments 59,047 51.3 470 1.68 66,235 63.9 528 2.00 12.2% 12.6% 12.2% 19.1%


Total Departmental Profit 2,135,377$ 78.3 17,004$ 60.65$ 2,017,634$ 78.0 16,069$ 60.85$ -5.5% -0.3% -5.5% 0.3%

Undistributed Operating ExpensesAdministrative and General 230,520$ 8.4 1,836$ 6.55$ 225,499$ 8.7 1,796$ 6.80$ -2.2% 0.3% -2.2% 3.9%Information and Telecommunications Systems 2,038 0.1 16 0.06 6,100 0.2 49 0.18 NC 0.2% NC NC Sales and Marketing (Includes Franchise Fees) 79,669 2.9 634 2.26 85,538 3.3 681 2.58 7.4% 0.4% 7.4% 14.0%Property Operation and Maintenance 113,838 4.2 906 3.23 119,496 4.6 952 3.60 5.0% 0.4% 5.0% 11.5%Utility Costs 107,032 3.9 852 3.04 115,557 4.5 920 3.49 8.0% 0.5% 8.0% 14.6%

Total Undistributed Expenses 533,097$ 19.5 4,245$ 15.14$ 552,189$ 21.3 4,398$ 16.65$ 3.6% 1.8% 3.6% 10.0%


Management Fees 55,350$ 2.0 441$ 1.57$ 54,266$ 2.1 432$ 1.64$ -2.0% 0.1% -1.9% 4.1%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 298,981$ 11.0 2,381$ 8.49$ 155,692$ 6.0 1,240$ 4.70$ -47.9% -4.9% -47.9% -44.7%Property Taxes and Other Municipal Charges 121,975$ 4.5 971$ 3.46$ 128,137$ 5.0 1,021$ 3.86$ 5.1% 0.5% 5.1% 11.6%Insurance 16,248$ 0.6 129$ 0.46$ 20,255$ 0.8 161$ 0.61$ 24.7% 0.2% 24.7% 32.4%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 1,109,726$ 40.7 8,837$ 31.52$ 1,107,096$ 42.8 8,817$ 33.39$ -0.2% 2.1% -0.2% 5.9%STOP





Extended-Stay Hotels: RevPAR Decline 0.1% to 9.9% from 2000 to 2001





RevenuesRooms 2,521,114$ 96.4 19,579$ 67.77$ 2,139,955$ 96.8 16,695$ 67.44$ -15.1% 0.4% -14.7% -0.5%Food and Beverage -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCOther Operated Departments 85,600$ 3.3 665$ 2.30$ 68,966$ 3.1 538$ 2.17$ -19.4% -0.2% -19.1% -5.5%Miscellaneous Income 8,532$ 0.3 66$ 0.23$ 2,414$ 0.1 19$ 0.08$ -71.7% -0.2% -71.6% -66.8%


Departmental Costs and Expenses**Rooms 452,344$ 17.9 3,513$ 12.16$ 406,658$ 19.0 3,173$ 12.82$ -10.1% 1.1% -9.7% 5.4%Food and Beverage -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC 0.0% NC NCOther Operated Departments 49,526 57.9 385 1.33 52,876 76.7 413 1.67 6.8% 18.8% 7.3% 25.2%



Undistributed Operating ExpensesAdministrative and General 205,409$ 7.9 1,595$ 5.52$ 199,716$ 9.0 1,558$ 6.29$ -2.8% 1.2% -2.3% 14.0%Information and Telecommunications Systems 3,064 0.1 24 0.08 7,514 0.3 59 0.24 NC 0.2% NC NC Sales and Marketing (Includes Franchise Fees) 73,010 2.8 567 1.96 76,925 3.5 600 2.42 5.4% 0.7% 5.8% 23.5%Property Operation and Maintenance 99,077 3.8 769 2.66 102,672 4.6 801 3.24 3.6% 0.9% 4.1% 21.5%Utility Costs 96,422 3.7 749 2.59 101,243 4.6 790 3.19 5.0% 0.9% 5.5% 23.1%

Total Undistributed Expenses 476,981$ 18.2 3,704$ 12.82$ 488,070$ 22.1 3,808$ 15.38$ 2.3% 3.8% 2.8% 20.0%


Management Fees 50,512$ 1.9 392$ 1.36$ 40,357$ 1.8 315$ 1.27$ -20.1% -0.1% -19.7% -6.3%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 154,184$ 5.9 1,197$ 4.14$ 31,694$ 1.4 247$ 1.00$ -79.4% -4.5% -79.3% -75.9%Property Taxes and Other Municipal Charges 125,434$ 4.8 974$ 3.37$ 138,494$ 6.3 1,080$ 4.36$ 10.4% 1.5% 10.9% 29.4%Insurance 14,315$ 0.5 111$ 0.38$ 16,679$ 0.8 130$ 0.53$ 16.5% 0.2% 17.0% 36.6%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 1,291,950$ 49.4 10,033$ 34.73$ 1,036,507$ 46.9 8,087$ 32.67$ -19.8% -2.5% -19.4% -5.9%STOP










RevenuesRooms 3,482,622$ 95.5 24,935$ 91.23$ 2,694,877$ 95.4 18,995$ 86.18$ -22.6% -0.1% -23.8% -5.5%Food and Beverage 21,695$ 0.6 155$ 0.57$ 24,489$ 0.9 173$ 0.78$ 12.9% 0.3% 11.1% 37.8%Other Operated Departments 131,069$ 3.6 938$ 3.43$ 98,638$ 3.5 695$ 3.15$ -24.7% -0.1% -25.9% -8.1%Miscellaneous Income 11,073$ 0.3 79$ 0.29$ 6,020$ 0.2 42$ 0.19$ -45.6% -0.1% -46.5% -33.6%


Departmental Costs and Expenses**Rooms 628,078$ 18.0 4,497$ 16.45$ 550,504$ 20.4 3,880$ 17.60$ -12.4% 2.4% -13.7% 7.0%Food and Beverage 21,136$ 97.4 151$ 0.55$ 23,290$ 95.1 164$ 0.74$ 10.2% -2.3% 8.5% 34.5%Other Operated Departments 57,813 44.1 414 1.51 56,180 57.0 396 1.80 -2.8% 12.8% -4.3% 18.6%



Undistributed Operating ExpensesAdministrative and General 299,171$ 8.2 2,142$ 7.84$ 279,285$ 9.9 1,969$ 8.93$ -6.6% 1.7% -8.1% 14.0%Information and Telecommunications Systems 3,372 0.1 24 0.09 7,881 0.3 56 0.25 NC 0.2% NC NC Sales and Marketing (Includes Franchise Fees) 135,119 3.7 967 3.54 129,976 4.6 916 4.16 -3.8% 0.9% -5.3% 17.4%Property Operation and Maintenance 124,596 3.4 892 3.26 124,526 4.4 878 3.98 -0.1% 1.0% -1.6% 22.0%Utility Costs 122,419 3.4 877 3.21 133,536 4.7 941 4.27 9.1% 1.4% 7.4% 33.2%



Management Fees 135,177$ 3.7 968$ 3.54$ 96,464$ 3.4 680$ 3.08$ -28.6% -0.3% -29.7% -12.9%




EBITDA*** 1,858,310$ 51.0 13,305$ 48.68$ 1,255,119$ 44.4 8,847$ 40.14$ -32.5% -6.5% -33.5% -17.5%STOP










RevenuesRooms 2,316,100$ 97.8 20,822$ 85.83$ 2,169,419$ 97.9 19,541$ 75.50$ -6.3% 0.0% -6.1% -12.0%Food and Beverage -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCOther Operated Departments 38,403$ 1.6 345$ 1.42$ 33,678$ 1.5 303$ 1.17$ -12.3% -0.1% -12.1% -17.6%Miscellaneous Income 12,584$ 0.5 113$ 0.47$ 13,871$ 0.6 125$ 0.48$ 10.2% 0.1% 10.4% 3.5%


Departmental Costs and Expenses**Rooms 484,244$ 20.9 4,353$ 17.95$ 457,409$ 21.1 4,120$ 15.92$ -5.5% 0.2% -5.4% -11.3%Food and Beverage -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC 0.0% NC NCOther Operated Departments 36,431 94.9 328 1.35 36,680 108.9 330 1.28 0.7% 14.0% 0.9% -5.4%



Undistributed Operating ExpensesAdministrative and General 210,573$ 8.9 1,893$ 7.80$ 199,719$ 9.0 1,799$ 6.95$ -5.2% 0.1% -5.0% -10.9%Information and Telecommunications Systems 13,573 0.6 122 0.50 12,485 0.6 112 0.43 -8.0% 0.0% -7.8% -13.6%Sales and Marketing (Includes Franchise Fees) 159,227 6.7 1,431 5.90 154,589 7.0 1,392 5.38 -2.9% 0.2% -2.7% -8.8%Property Operation and Maintenance 132,339 5.6 1,190 4.90 125,499 5.7 1,130 4.37 -5.2% 0.1% -5.0% -10.9%Utility Costs 135,908 5.7 1,222 5.04 129,827 5.9 1,169 4.52 -4.5% 0.1% -4.3% -10.3%



Management Fees 54,481$ 2.3 490$ 2.02$ 47,167$ 2.1 425$ 1.64$ -13.4% -0.2% -13.3% -18.7%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 162,430$ 6.9 1,460$ 6.02$ 30,257$ 1.4 273$ 1.05$ -81.4% -5.5% -81.3% -82.5%Property Taxes and Other Municipal Charges 125,203$ 5.3 1,126$ 4.64$ 126,522$ 5.7 1,140$ 4.40$ 1.1% 0.4% 1.3% -5.1%Insurance 31,118$ 1.3 280$ 1.15$ 30,162$ 1.4 272$ 1.05$ -3.1% 0.0% -2.9% -9.0%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 821,560$ 34.7 7,386$ 30.45$ 866,653$ 39.1 7,807$ 30.16$ 5.5% 4.4% 5.7% -0.9%STOP





-0.2%7.0%

-12.0%-5.8%









Departmental Costs and Expenses**Rooms 495,849$ 20.1 4,253$ 16.97$ 451,920$ 21.8 3,885$ 15.72$ -8.9% 1.7% -8.7% -7.4%Food and Beverage -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC 0.0% NC NCOther Operated Departments 36,255 90.0 311 1.24 33,140 107.1 285 1.15 -8.6% 17.1% -8.4% -7.1%



Undistributed Operating ExpensesAdministrative and General 214,626$ 8.5 1,841$ 7.35$ 193,698$ 9.1 1,665$ 6.74$ -9.8% 0.6% -9.6% -8.3%Information and Telecommunications Systems 13,451 0.5 115 0.46 11,432 0.5 98 0.40 -15.0% 0.0% -14.8% -13.6%Sales and Marketing (Includes Franchise Fees) 151,911 6.0 1,303 5.20 135,772 6.4 1,167 4.72 -10.6% 0.4% -10.4% -9.1%Property Operation and Maintenance 129,435 5.2 1,110 4.43 122,089 5.8 1,049 4.25 -5.7% 0.6% -5.5% -4.1%Utility Costs 139,419 5.5 1,196 4.77 132,706 6.3 1,141 4.62 -4.8% 0.7% -4.6% -3.2%



Management Fees 52,145$ 2.1 447$ 1.78$ 36,636$ 1.7 315$ 1.27$ -29.7% -0.3% -29.6% -28.6%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 147,488$ 5.9 1,265$ 5.05$ 51,346$ 2.4 441$ 1.79$ -65.2% -3.4% -65.1% -64.6%Property Taxes and Other Municipal Charges 135,228$ 5.4 1,160$ 4.63$ 145,615$ 6.9 1,252$ 5.07$ 7.7% 1.5% 7.9% 9.5%Insurance 31,527$ 1.3 270$ 1.08$ 31,435$ 1.5 270$ 1.09$ -0.3% 0.2% -0.1% 1.4%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 965,163$ 38.4 8,279$ 33.04$ 771,362$ 36.4 6,630$ 26.84$ -20.1% -2.0% -19.9% -18.8%STOP





-0.2%-1.1%

-14.4%-15.4%







RevenuesRooms 2,445,763$ 98.3 20,821$ 81.73$ 1,840,433$ 98.1 15,707$ 66.37$ -24.8% -0.2% -24.6% -18.8%Food and Beverage 256$ 0.0 2$ 0.01$ -$ 0.0 -$ -$ NC NC NC NC Other Operated Departments 35,512$ 1.4 302$ 1.19$ 25,250$ 1.3 215$ 0.91$ -28.9% -0.1% -28.7% -23.3%Miscellaneous Income 7,452$ 0.3 63$ 0.25$ 10,686$ 0.6 91$ 0.39$ 43.4% 0.3% 43.7% 54.7%


Departmental Costs and Expenses**Rooms 457,285$ 18.7 3,893$ 15.28$ 398,533$ 21.7 3,401$ 14.37$ -12.8% 3.0% -12.6% -5.9%Food and Beverage 393$ 153.5 3$ 0.01$ -$ 0.0 -$ -$ NC 0.0% NC NC Other Operated Departments 36,668 103.3 312 1.23 32,686 129.5 279 1.18 -10.9% 26.2% -10.6% -3.8%



Undistributed Operating ExpensesAdministrative and General 201,080$ 8.1 1,712$ 6.72$ 175,857$ 9.4 1,501$ 6.34$ -12.5% 1.3% -12.3% -5.6%Information and Telecommunications Systems 13,597 0.5 116 0.45 10,466 0.6 89 0.38 -23.0% 0.0% -22.8% -16.9%Sales and Marketing (Includes Franchise Fees) 126,695 5.1 1,079 4.23 105,606 5.6 901 3.81 -16.6% 0.5% -16.4% -10.0%Property Operation and Maintenance 123,072 4.9 1,048 4.11 113,073 6.0 965 4.08 -8.1% 1.1% -7.9% -0.9%Utility Costs 131,348 5.3 1,118 4.39 125,304 6.7 1,069 4.52 -4.6% 1.4% -4.4% 3.0%



Management Fees 48,429$ 1.9 412$ 1.62$ 24,042$ 1.3 205$ 0.87$ -50.4% -0.7% -50.2% -46.4%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 110,779$ 4.5 943$ 3.70$ 16,107$ 0.9 137$ 0.58$ -85.5% -3.6% -85.4% -84.3%Property Taxes and Other Municipal Charges 142,497$ 5.7 1,213$ 4.76$ 155,144$ 8.3 1,324$ 5.59$ 8.9% 2.5% 9.1% 17.5%Insurance 30,092$ 1.2 256$ 1.01$ 29,553$ 1.6 252$ 1.07$ -1.8% 0.4% -1.5% 6.0%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 1,067,049$ 42.9 9,084$ 35.66$ 689,996$ 36.8 5,889$ 24.88$ -35.3% -6.1% -35.2% -30.2%STOP





-0.2%-6.8%

-18.8%-24.3%



TABLE OF CONTENTS | EXTENDED-STAY HOTELS RevPAR Decline Greater than 30% from 2008 to 2009






Departmental Costs and Expenses**Rooms 398,387$ 17.4 3,254$ 12.80$ 333,036$ 22.0 2,725$ 12.60$ -16.4% 4.6% -16.3% -1.5%Food and Beverage -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC 0.0% NC NCOther Operated Departments 27,128 113.2 222 0.87 23,459 169.1 192 0.89 -13.5% 56.0% -13.4% 1.9%



Undistributed Operating ExpensesAdministrative and General 178,723$ 7.7 1,460$ 5.74$ 152,954$ 9.9 1,251$ 5.79$ -14.4% 2.2% -14.3% 0.8%Information and Telecommunications Systems 12,403 0.5 101 0.40 8,621 0.6 71 0.33 -30.5% 0.0% -30.4% -18.1%Sales and Marketing (Includes Franchise Fees) 97,844 4.2 799 3.14 78,336 5.1 641 2.96 -19.9% 0.9% -19.8% -5.7%Property Operation and Maintenance 112,200 4.8 916 3.60 104,182 6.8 852 3.94 -7.1% 1.9% -7.0% 9.4%Utility Costs 126,184 5.4 1,031 4.05 117,674 7.6 963 4.45 -6.7% 2.2% -6.6% 9.9%



Management Fees 45,179$ 1.9 369$ 1.45$ 17,138$ 1.1 140$ 0.65$ -62.1% -0.8% -62.0% -55.3%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 103,797$ 4.5 848$ 3.33$ 4,589$ 0.3 38$ 0.17$ -95.6% -4.2% -95.6% -94.8%Property Taxes and Other Municipal Charges 136,585$ 5.9 1,116$ 4.39$ 141,603$ 9.2 1,159$ 5.36$ 3.7% 3.3% 3.8% 22.1%Insurance 28,925$ 1.2 236$ 0.93$ 29,222$ 1.9 239$ 1.11$ 1.0% 0.7% 1.2% 19.0%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 1,051,317$ 45.3 8,587$ 33.77$ 528,629$ 34.3 4,325$ 20.01$ -49.7% -11.0% -49.6% -40.8%STOP




Extended-Stay Hotels: RevPAR Decline Greater than 30% from 2008 to 2009

-0.2%-14.7%-21.9%-33.4%



TABLE OF CONTENTS | CONVENTION HOTELS RevPAR Decline 0.1% to 9.9% from 2000 to 2001




RevenuesRooms 25,048,616$ 58.4 36,130$ 141.82$ 23,510,676$ 58.4 33,877$ 143.27$ -6.1% 0.0% -6.2% 1.0%Food and Beverage 13,738,573$ 32.0 19,816$ 77.79$ 12,817,221$ 31.8 18,469$ 78.10$ -6.7% -0.2% -6.8% 0.4%Other Operated Departments 3,323,576$ 7.7 4,794$ 18.82$ 3,085,711$ 7.7 4,446$ 18.80$ -7.2% -0.1% -7.3% -0.1%Miscellaneous Income 801,949$ 1.9 1,157$ 4.54$ 836,502$ 2.1 1,205$ 5.10$ 4.3% 0.2% 4.2% 12.3%


Departmental Costs and Expenses**Rooms 5,581,558$ 22.3 8,051$ 31.60$ 5,383,382$ 22.9 7,757$ 32.80$ -3.6% 0.6% -3.6% 3.8%Food and Beverage 9,562,294$ 69.6 13,793$ 54.14$ 9,001,267$ 70.2 12,970$ 54.85$ -5.9% 0.6% -6.0% 1.3%Other Operated Departments 672,591 20.2 970 3.81 743,072 24.1 1,071 4.53 10.5% 3.8% 10.4% 18.9%



Undistributed Operating ExpensesAdministrative and General 2,847,367$ 6.6 4,107$ 16.12$ 2,788,276$ 6.9 4,018$ 16.99$ -2.1% 0.3% -2.2% 5.4%Information and Telecommunications Systems 44,287 0.1 64 0.25 51,824 0.1 75 0.32 17.0% 0.0% 16.9% 25.9%Sales and Marketing (Includes Franchise Fees) 2,299,598 5.4 3,317 13.02 2,039,887 5.1 2,939 12.43 -11.3% -0.3% -11.4% -4.5%Property Operation and Maintenance 1,686,099 3.9 2,432 9.55 1,678,395 4.2 2,418 10.23 -0.5% 0.2% -0.6% 7.1%Utility Costs 1,321,944 3.1 1,907 7.48 1,426,646 3.5 2,056 8.69 7.9% 0.5% 7.8% 16.2%



Management Fees 1,164,879$ 2.7 1,680$ 6.60$ 985,037$ 2.4 1,419$ 6.00$ -15.4% -0.3% -15.5% -9.0%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 1,622,416$ 3.8 2,340$ 9.19$ 1,467,050$ 3.6 2,114$ 8.94$ -9.6% -0.1% -9.7% -2.7%Property Taxes and Other Municipal Charges 1,532,149$ 3.6 2,210$ 8.67$ 1,669,163$ 4.1 2,405$ 10.17$ 8.9% 0.6% 8.8% 17.3%Insurance 304,076$ 0.7 439$ 1.72$ 314,977$ 0.8 454$ 1.92$ 3.6% 0.1% 3.5% 11.5%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 14,273,454$ 33.3 20,588$ 80.81$ 12,701,135$ 31.6 18,301$ 77.40$ -11.0% -1.7% -11.1% -4.2%STOP





Convention Hotels: RevPAR Decline 0.1% to 9.9% from 2000 to 2001





RevenuesRooms 33,339,450$ 59.9 40,221$ 154.35$ 28,347,196$ 59.7 34,134$ 146.42$ -15.0% -0.2% -15.1% -5.1%Food and Beverage 18,140,931$ 32.6 21,886$ 83.99$ 15,383,084$ 32.4 18,523$ 79.46$ -15.2% -0.2% -15.4% -5.4%Other Operated Departments 2,972,639$ 5.3 3,586$ 13.76$ 2,400,321$ 5.1 2,890$ 12.40$ -19.3% -0.3% -19.4% -9.9%Miscellaneous Income 1,165,645$ 2.1 1,406$ 5.40$ 1,343,292$ 2.8 1,618$ 6.94$ 15.2% 0.7% 15.0% 28.6%





Undistributed Operating ExpensesAdministrative and General 3,812,204$ 6.9 4,599$ 17.65$ 3,480,334$ 7.3 4,191$ 17.98$ -8.7% 0.5% -8.9% 1.9%Information and Telecommunications Systems 17,998 0.0 22 0.08 37,201 0.1 45 0.19 NC 0.0% NC NC Sales and Marketing (Includes Franchise Fees) 2,720,538 4.9 3,282 12.60 2,195,332 4.6 2,643 11.34 -19.3% -0.3% -19.5% -10.0%Property Operation and Maintenance 2,447,326 4.4 2,952 11.33 2,283,084 4.8 2,749 11.79 -6.7% 0.4% -6.9% 4.1%Utility Costs 1,660,689 3.0 2,003 7.69 1,723,148 3.6 2,075 8.90 3.8% 0.6% 3.6% 15.8%



Management Fees 1,353,092$ 2.4 1,632$ 6.26$ 1,364,709$ 2.9 1,643$ 7.05$ 0.9% 0.4% 0.7% 12.5%




EBITDA*** 18,416,035$ 33.1 22,217$ 85.26$ 13,390,795$ 28.2 16,124$ 69.17$ -27.3% -4.9% -27.4% -18.9%STOP










RevenuesRooms 44,927,462$ 63.6 56,040$ 203.26$ 33,798,348$ 60.9 42,388$ 183.18$ -24.8% -2.7% -24.4% -9.9%Food and Beverage 20,156,348$ 28.5 25,142$ 91.19$ 16,971,094$ 30.6 21,284$ 91.98$ -15.8% 2.0% -15.3% 0.9%Other Operated Departments 4,015,714$ 5.7 5,009$ 18.17$ 3,125,052$ 5.6 3,919$ 16.94$ -22.2% -0.1% -21.8% -6.8%Miscellaneous Income 1,503,490$ 2.1 1,875$ 6.80$ 1,614,853$ 2.9 2,025$ 8.75$ 7.4% 0.8% 8.0% 28.7%





Undistributed Operating ExpensesAdministrative and General 4,713,171$ 6.7 5,879$ 21.32$ 4,005,946$ 7.2 5,024$ 21.71$ -15.0% 0.5% -14.5% 1.8%Information and Telecommunications Systems 21,901 0.0 27 0.10 33,901 0.1 43 0.18 54.8% 0.0% 55.6% 85.4%Sales and Marketing (Includes Franchise Fees) 3,420,973 4.8 4,267 15.48 2,678,799 4.8 3,360 14.52 -21.7% 0.0% -21.3% -6.2%Property Operation and Maintenance 2,972,662 4.2 3,708 13.45 2,630,506 4.7 3,299 14.26 -11.5% 0.5% -11.0% 6.0%Utility Costs 2,166,246 3.1 2,702 9.80 2,225,196 4.0 2,791 12.06 2.7% 0.9% 3.3% 23.1%



Management Fees 2,068,038$ 2.9 2,580$ 9.36$ 949,731$ 1.7 1,191$ 5.15$ -54.1% -1.2% -53.8% -45.0%



Total Non-Operating Income and Expenses 5,107,284$ 7.2 6,371$ 23.11$ 5,179,282$ 9.3 6,496$ 28.07$ 1.4% 2.1% 2.0% 21.5%

EBITDA*** 23,293,147$ 33.0 29,054$ 105.38$ 13,900,986$ 25.0 17,434$ 75.34$ -40.3% -7.9% -40.0% -28.5%STOP










RevenuesRooms 21,510,856$ 59.6 39,045$ 157.54$ 19,916,548$ 62.3 36,116$ 152.61$ -7.4% 2.7% -7.5% -3.1%Food and Beverage 11,302,801$ 31.3 20,516$ 82.78$ 9,953,776$ 31.1 18,050$ 76.27$ -11.9% -0.2% -12.0% -7.9%Other Operated Departments 2,505,366$ 6.9 4,548$ 18.35$ 1,483,525$ 4.6 2,690$ 11.37$ -40.8% -2.3% -40.8% -38.0%Miscellaneous Income 768,755$ 2.1 1,395$ 5.63$ 624,436$ 2.0 1,132$ 4.78$ -18.8% -0.2% -18.9% -15.0%


Departmental Costs and Expenses**Rooms 4,979,661$ 23.1 9,039$ 36.47$ 4,645,846$ 23.3 8,425$ 35.60$ -6.7% 0.2% -6.8% -2.4%Food and Beverage 7,727,176$ 68.4 14,026$ 56.59$ 6,697,653$ 67.3 12,145$ 51.32$ -13.3% -1.1% -13.4% -9.3%Other Operated Departments 721,440 28.8 1,310 5.28 687,949 46.4 1,248 5.27 -4.6% 17.6% -4.7% -0.2%



Undistributed Operating ExpensesAdministrative and General 2,656,236$ 7.4 4,821$ 19.45$ 2,386,544$ 7.5 4,328$ 18.29$ -10.2% 0.1% -10.2% -6.0%Information and Telecommunications Systems 375,843 1.0 682 2.75 401,645 1.3 728 3.08 6.9% 0.2% 6.8% 11.8%Sales and Marketing (Includes Franchise Fees) 2,332,609 6.5 4,234 17.08 2,232,906 7.0 4,049 17.11 -4.3% 0.5% -4.4% 0.2%Property Operation and Maintenance 1,651,192 4.6 2,997 12.09 1,575,744 4.9 2,857 12.07 -4.6% 0.4% -4.7% -0.2%Utility Costs 1,624,524 4.5 2,949 11.90 1,514,760 4.7 2,747 11.61 -6.8% 0.2% -6.8% -2.4%



Management Fees 1,151,611$ 3.2 2,090$ 8.43$ 1,030,964$ 3.2 1,870$ 7.90$ -10.5% 0.0% -10.6% -6.3%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 643,414$ 1.8 1,168$ 4.71$ 639,810$ 2.0 1,160$ 4.90$ -0.6% 0.2% -0.7% 4.0%Property Taxes and Other Municipal Charges 1,096,863$ 3.0 1,991$ 8.03$ 1,137,889$ 3.6 2,063$ 8.72$ 3.7% 0.5% 3.6% 8.5%Insurance 496,315$ 1.4 901$ 3.63$ 420,204$ 1.3 762$ 3.22$ -15.3% -0.1% -15.4% -11.4%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 10,630,893$ 29.5 19,297$ 77.86$ 8,606,370$ 26.9 15,606$ 65.95$ -19.0% -2.5% -19.1% -15.3%STOP





0.1%-4.3%-3.1%-7.2%







RevenuesRooms 33,671,629$ 61.5 47,576$ 180.22$ 28,124,847$ 61.5 39,729$ 163.63$ -16.5% -0.1% -16.5% -9.2%Food and Beverage 17,642,388$ 32.2 24,928$ 94.43$ 14,632,573$ 32.0 20,670$ 85.13$ -17.1% -0.3% -17.1% -9.8%Other Operated Departments 1,676,493$ 3.1 2,369$ 8.97$ 1,561,788$ 3.4 2,206$ 9.09$ -6.8% 0.3% -6.9% 1.3%Miscellaneous Income 1,730,612$ 3.2 2,445$ 9.26$ 1,439,811$ 3.1 2,034$ 8.38$ -16.8% 0.0% -16.8% -9.6%


Departmental Costs and Expenses**Rooms 9,275,583$ 27.5 13,106$ 49.65$ 8,542,742$ 30.4 12,067$ 49.70$ -7.9% 2.8% -7.9% 0.1%Food and Beverage 12,617,880$ 71.5 17,828$ 67.54$ 10,918,012$ 74.6 15,423$ 63.52$ -13.5% 3.1% -13.5% -5.9%Other Operated Departments 837,398 49.9 1,183 4.48 789,774 50.6 1,116 4.59 -5.7% 0.6% -5.7% 2.5%



Undistributed Operating ExpensesAdministrative and General 4,011,055$ 7.3 5,667$ 21.47$ 3,582,003$ 7.8 5,060$ 20.84$ -10.7% 0.5% -10.7% -2.9%Information and Telecommunications Systems 613,018 1.1 866 3.28 642,298 1.4 907 3.74 4.8% 0.3% 4.8% 13.9%Sales and Marketing (Includes Franchise Fees) 3,373,400 6.2 4,766 18.06 3,011,359 6.6 4,254 17.52 -10.7% 0.4% -10.8% -3.0%Property Operation and Maintenance 2,656,230 4.9 3,753 14.22 2,515,603 5.5 3,554 14.64 -5.3% 0.6% -5.3% 2.9%Utility Costs 2,063,591 3.8 2,916 11.05 1,837,303 4.0 2,595 10.69 -11.0% 0.2% -11.0% -3.2%



Management Fees 1,663,429$ 3.0 2,350$ 8.90$ 1,297,033$ 2.8 1,832$ 7.55$ -22.0% -0.2% -22.0% -15.2%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 877,173$ 1.6 1,239$ 4.69$ 811,899$ 1.8 1,147$ 4.72$ -7.4% 0.2% -7.5% 0.6%Property Taxes and Other Municipal Charges 2,122,088$ 3.9 2,998$ 11.36$ 2,275,024$ 5.0 3,214$ 13.24$ 7.2% 1.1% 7.2% 16.5%Insurance 626,096$ 1.1 885$ 3.35$ 582,380$ 1.3 823$ 3.39$ -7.0% 0.1% -7.0% 1.1%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 13,984,180$ 25.6 19,759$ 74.85$ 8,953,590$ 19.6 12,648$ 52.09$ -36.0% -6.0% -36.0% -30.4%STOP





0.0%-7.8%-9.2%

-16.3%







RevenuesRooms 45,646,942$ 60.9 50,017$ 185.29$ 34,830,441$ 59.5 38,146$ 161.11$ -23.7% -1.4% -23.7% -13.0%Food and Beverage 24,099,356$ 32.2 26,407$ 97.83$ 19,335,521$ 33.0 21,176$ 89.44$ -19.8% 0.9% -19.8% -8.6%Other Operated Departments 2,501,856$ 3.3 2,741$ 10.16$ 1,964,460$ 3.4 2,151$ 9.09$ -21.5% 0.0% -21.5% -10.5%Miscellaneous Income 2,688,402$ 3.6 2,946$ 10.91$ 2,413,089$ 4.1 2,643$ 11.16$ -10.2% 0.5% -10.3% 2.3%


Departmental Costs and Expenses**Rooms 12,296,952$ 26.9 13,474$ 49.92$ 10,517,495$ 30.2 11,519$ 48.65$ -14.5% 3.3% -14.5% -2.5%Food and Beverage 16,214,845$ 67.3 17,767$ 65.82$ 13,575,300$ 70.2 14,867$ 62.79$ -16.3% 2.9% -16.3% -4.6%Other Operated Departments 1,092,585 43.7 1,197 4.44 925,556 47.1 1,014 4.28 -15.3% 3.4% -15.3% -3.5%



Undistributed Operating ExpensesAdministrative and General 5,290,887$ 7.1 5,797$ 21.48$ 4,398,828$ 7.5 4,817$ 20.35$ -16.9% 0.5% -16.9% -5.3%Information and Telecommunications Systems 701,764 0.9 769 2.85 797,096 1.4 873 3.69 13.6% 0.4% 13.5% 29.4%Sales and Marketing (Includes Franchise Fees) 4,478,065 6.0 4,907 18.18 3,988,883 6.8 4,369 18.45 -10.9% 0.8% -11.0% 1.5%Property Operation and Maintenance 3,232,422 4.3 3,542 13.12 2,899,021 5.0 3,175 13.41 -10.3% 0.6% -10.4% 2.2%Utility Costs 2,749,622 3.7 3,013 11.16 2,369,453 4.0 2,595 10.96 -13.8% 0.4% -13.9% -1.8%



Management Fees 2,891,843$ 3.9 3,169$ 11.74$ 1,833,795$ 3.1 2,008$ 8.48$ -36.6% -0.7% -36.6% -27.7%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 2,706,331$ 3.6 2,965$ 10.99$ 2,224,400$ 3.8 2,436$ 10.29$ -17.8% 0.2% -17.8% -6.3%Property Taxes and Other Municipal Charges 2,807,211$ 3.7 3,076$ 11.40$ 2,872,702$ 4.9 3,146$ 13.29$ 2.3% 1.2% 2.3% 16.6%Insurance 723,664$ 1.0 793$ 2.94$ 678,025$ 1.2 743$ 3.14$ -6.3% 0.2% -6.4% 6.8%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 19,750,364$ 26.4 21,641$ 80.17$ 11,462,958$ 19.6 12,554$ 53.02$ -42.0% -6.8% -42.0% -33.9%STOP





0.1%-12.1%-13.0%-23.5%







RevenuesRooms 51,173,451$ 68.1 76,088$ 261.78$ 34,377,343$ 65.8 51,072$ 201.54$ -32.8% -2.4% -32.9% -23.0%Food and Beverage 18,949,830$ 25.2 28,176$ 96.94$ 13,822,414$ 26.4 20,535$ 81.03$ -27.1% 1.2% -27.1% -16.4%Other Operated Departments 2,350,191$ 3.1 3,494$ 12.02$ 1,427,716$ 2.7 2,121$ 8.37$ -39.3% -0.4% -39.3% -30.4%Miscellaneous Income 2,623,374$ 3.5 3,901$ 13.42$ 2,653,708$ 5.1 3,942$ 15.56$ 1.2% 1.6% 1.1% 15.9%


Departmental Costs and Expenses**Rooms 13,466,046$ 26.3 20,022$ 68.89$ 11,106,147$ 32.3 16,500$ 65.11$ -17.5% 6.0% -17.6% -5.5%Food and Beverage 14,798,885$ 78.1 22,004$ 75.71$ 11,657,648$ 84.3 17,319$ 68.34$ -21.2% 6.2% -21.3% -9.7%Other Operated Departments 1,191,730 50.7 1,772 6.10 807,707 56.6 1,200 4.74 -32.2% 5.9% -32.3% -22.3%



Undistributed Operating ExpensesAdministrative and General 6,313,445$ 8.4 9,387$ 32.30$ 4,328,149$ 8.3 6,430$ 25.37$ -31.4% -0.1% -31.5% -21.4%Information and Telecommunications Systems 521,109 0.7 775 2.67 703,309 1.3 1,045 4.12 35.0% 0.7% 34.9% 54.7%Sales and Marketing (Includes Franchise Fees) 4,398,333 5.9 6,540 22.50 4,120,881 7.9 6,122 24.16 -6.3% 2.0% -6.4% 7.4%Property Operation and Maintenance 3,151,746 4.2 4,686 16.12 2,838,949 5.4 4,218 16.64 -9.9% 1.2% -10.0% 3.2%Utility Costs 2,391,952 3.2 3,557 12.24 2,055,714 3.9 3,054 12.05 -14.1% 0.7% -14.1% -1.5%



Management Fees 1,760,583$ 2.3 2,618$ 9.01$ 952,554$ 1.8 1,415$ 5.58$ -45.9% -0.5% -45.9% -38.0%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 2,482,167$ 3.3 3,691$ 12.70$ 2,826,767$ 5.4 4,200$ 16.57$ 13.9% 2.1% 13.8% 30.5%Property Taxes and Other Municipal Charges 3,484,225$ 4.6 5,181$ 17.82$ 3,950,008$ 7.6 5,868$ 23.16$ 13.4% 2.9% 13.3% 29.9%Insurance 610,592$ 0.8 908$ 3.12$ 550,035$ 1.1 817$ 3.22$ -9.9% 0.2% -10.0% 3.2%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 20,526,034$ 27.3 30,519$ 105.00$ 6,383,310$ 12.2 9,483$ 37.42$ -68.9% -15.1% -68.9% -64.4%STOP





0.1%-12.6%-23.0%-32.7%



TABLE OF CONTENTS | RESORT HOTELS RevPAR Decline 0.1% to 9.9% from 2000 to 2001




RevenuesRooms 12,330,422$ 52.3 41,765$ 166.22$ 11,651,236$ 52.2 39,515$ 168.59$ -5.5% 0.0% -5.4% 1.4%Food and Beverage 7,711,108$ 32.7 26,119$ 103.95$ 7,232,834$ 32.4 24,530$ 104.66$ -6.2% -0.3% -6.1% 0.7%Other Operated Departments 3,164,834$ 13.4 10,720$ 42.66$ 2,883,524$ 12.9 9,780$ 41.72$ -8.9% -0.5% -8.8% -2.2%Miscellaneous Income 389,153$ 1.6 1,318$ 5.25$ 548,162$ 2.5 1,859$ 7.93$ 40.9% 0.8% 41.0% 51.2%


Departmental Costs and Expenses**Rooms 3,049,356$ 24.7 10,329$ 41.11$ 2,901,939$ 24.9 9,842$ 41.99$ -4.8% 0.2% -4.7% 2.1%Food and Beverage 5,641,991$ 73.2 19,110$ 76.06$ 5,352,569$ 74.0 18,153$ 77.45$ -5.1% 0.8% -5.0% 1.8%Other Operated Departments 876,324 27.7 2,968 11.81 848,306 29.4 2,877 12.28 -3.2% 1.7% -3.1% 3.9%



Undistributed Operating ExpensesAdministrative and General 1,684,197$ 7.1 5,705$ 22.70$ 1,635,184$ 7.3 5,546$ 23.66$ -2.9% 0.2% -2.8% 4.2%Information and Telecommunications Systems 29,915 0.1 101 0.40 23,388 0.1 79 0.34 -21.8% 0.0% -21.7% -16.1%Sales and Marketing (Includes Franchise Fees) 1,378,615 5.8 4,670 18.58 1,351,224 6.1 4,583 19.55 -2.0% 0.2% -1.9% 5.2%Property Operation and Maintenance 1,083,372 4.6 3,670 14.60 1,107,145 5.0 3,755 16.02 2.2% 0.4% 2.3% 9.7%Utility Costs 756,879 3.2 2,564 10.20 824,786 3.7 2,797 11.93 9.0% 0.5% 9.1% 17.0%

Total Undistributed Expenses 4,932,978$ 20.9 16,709$ 66.50$ 4,941,728$ 22.1 16,760$ 71.51$ 0.2% 1.2% 0.3% 7.5%


Management Fees 489,988$ 2.1 1,660$ 6.61$ 505,864$ 2.3 1,716$ 7.32$ 3.2% 0.2% 3.4% 10.8%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 1,185,641$ 5.0 4,016$ 15.98$ 1,112,131$ 5.0 3,772$ 16.09$ -6.2% 0.0% -6.1% 0.7%Property Taxes and Other Municipal Charges 578,362$ 2.5 1,959$ 7.80$ 595,599$ 2.7 2,020$ 8.62$ 3.0% 0.2% 3.1% 10.5%Insurance 204,505$ 0.9 693$ 2.76$ 220,222$ 1.0 747$ 3.19$ 7.7% 0.1% 7.8% 15.6%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 6,636,372$ 28.1 22,478$ 89.46$ 5,837,400$ 26.2 19,798$ 84.47$ -12.0% -2.0% -11.9% -5.6%STOP

ROOM STATISTICS ROOM STATISTICS Change from 2000 to 2001Average Number of Rooms 295 295 -0.1%Average Occupancy 68.6% 64.2% -6.5%Average ADR $166.22 $168.59 1.4%Average RevPAR $114.11 $108.26 -5.1%




Resort Hotels: RevPAR Decline 0.1% to 9.9% from 2000 to 2001





RevenuesRooms 22,043,120$ 51.8 48,940$ 184.98$ 19,449,461$ 51.2 42,179$ 180.90$ -11.8% -0.6% -13.8% -2.2%Food and Beverage 12,657,298$ 29.8 28,102$ 106.21$ 11,023,966$ 29.0 23,907$ 102.53$ -12.9% -0.7% -14.9% -3.5%Other Operated Departments 6,415,206$ 15.1 14,243$ 53.83$ 6,254,158$ 16.5 13,563$ 58.17$ -2.5% 1.4% -4.8% 8.1%Miscellaneous Income 1,424,748$ 3.3 3,163$ 11.96$ 1,239,888$ 3.3 2,689$ 11.53$ -13.0% -0.1% -15.0% -3.5%


Departmental Costs and Expenses**Rooms 5,650,977$ 25.6 12,546$ 47.42$ 5,151,776$ 26.5 11,172$ 47.92$ -8.8% 0.9% -11.0% 1.0%Food and Beverage 9,381,104$ 74.1 20,828$ 78.72$ 8,554,631$ 77.6 18,552$ 79.57$ -8.8% 3.5% -10.9% 1.1%Other Operated Departments 994,497 15.5 2,208 8.35 1,198,582 19.2 2,599 11.15 20.5% 3.7% 17.7% 33.6%



Undistributed Operating ExpensesAdministrative and General 3,052,005$ 7.2 6,776$ 25.61$ 2,794,866$ 7.4 6,061$ 26.00$ -8.4% 0.2% -10.6% 1.5%Information and Telecommunications Systems 25,730 0.1 57 0.22 35,706 0.1 77 0.33 38.8% 0.0% 35.5% 53.8%Sales and Marketing (Includes Franchise Fees) 2,226,921 5.2 4,944 18.69 2,025,686 5.3 4,393 18.84 -9.0% 0.1% -11.1% 0.8%Property Operation and Maintenance 1,971,137 4.6 4,376 16.54 1,891,541 5.0 4,102 17.59 -4.0% 0.3% -6.3% 6.4%Utility Costs 1,270,665 3.0 2,821 10.66 1,313,470 3.5 2,848 12.22 3.4% 0.5% 1.0% 14.6%



Management Fees 1,574,476$ 3.7 3,496$ 13.21$ 1,329,238$ 3.5 2,883$ 12.36$ -15.6% -0.2% -17.5% -6.4%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 1,043,432$ 2.5 2,317$ 8.76$ 926,065$ 2.4 2,008$ 8.61$ -11.2% 0.0% -13.3% -1.6%Property Taxes and Other Municipal Charges 1,024,910$ 2.4 2,275$ 8.60$ 993,060$ 2.6 2,154$ 9.24$ -3.1% 0.2% -5.4% 7.4%Insurance 208,977$ 0.5 464$ 1.75$ 297,369$ 0.8 645$ 2.77$ 42.3% 0.3% 39.0% 57.7%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 14,115,541$ 33.2 31,339$ 118.45$ 11,455,482$ 30.2 24,843$ 106.55$ -18.8% -3.0% -20.7% -10.0%STOP










RevenuesRooms 5,527,381$ 79.7 29,194$ 106.38$ 4,806,104$ 79.7 23,255$ 109.94$ -13.0% 0.0% -20.3% 3.4%Food and Beverage 820,128$ 11.8 4,332$ 15.78$ 706,711$ 11.7 3,420$ 16.17$ -13.8% -0.1% -21.1% 2.4%Other Operated Departments 590,596$ 8.5 3,119$ 11.37$ 514,516$ 8.5 2,490$ 11.77$ -12.9% 0.0% -20.2% 3.5%Miscellaneous Income -$ 0.0 -$ -$ 6,400$ 0.1 31$ 0.15$ NC NC NC NC


Departmental Costs and Expenses**Rooms 1,189,735$ 21.5 6,284$ 22.90$ 1,073,587$ 22.3 5,195$ 24.56$ -9.8% 0.8% -17.3% 7.3%Food and Beverage 787,876$ 96.1 4,161$ 15.16$ 705,299$ 99.8 3,413$ 16.13$ -10.5% 3.7% -18.0% 6.4%Other Operated Departments 74,046 12.5 391 1.43 73,564 14.3 356 1.68 -0.7% 1.8% -9.0% 18.1%



Undistributed Operating ExpensesAdministrative and General 482,390$ 7.0 2,548$ 9.28$ 475,369$ 7.9 2,300$ 10.87$ -1.5% 0.9% -9.7% 17.1%Information and Telecommunications Systems 4,605 0.1 24 0.09 7,025 0.1 34 0.16 52.6% 0.1% 39.8% 81.3%Sales and Marketing (Includes Franchise Fees) 654,330 9.4 3,456 12.59 592,346 9.8 2,866 13.55 -9.5% 0.4% -17.1% 7.6%Property Operation and Maintenance 460,663 6.6 2,433 8.87 431,780 7.2 2,089 9.88 -6.3% 0.5% -14.1% 11.4%Utility Costs 285,591 4.1 1,508 5.50 289,499 4.8 1,401 6.62 1.4% 0.7% -7.1% 20.5%



Management Fees 453,471$ 6.5 2,395$ 8.73$ 402,131$ 6.7 1,946$ 9.20$ -11.3% 0.1% -18.8% 5.4%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 65,224$ 0.9 344$ 1.26$ 55,397$ 0.9 268$ 1.27$ -15.1% 0.0% -22.2% 1.0%Property Taxes and Other Municipal Charges 119,497$ 1.7 631$ 2.30$ 115,323$ 1.9 558$ 2.64$ -3.5% 0.2% -11.6% 14.7%Insurance 61,070$ 0.9 323$ 1.18$ 58,551$ 1.0 283$ 1.34$ -4.1% 0.1% -12.2% 14.0%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 2,299,608$ 33.1 12,146$ 44.26$ 1,753,860$ 29.1 8,486$ 40.12$ -23.7% -4.1% -30.1% -9.3%STOP










RevenuesRooms 20,645,951$ 59.2 52,065$ 211.65$ 19,148,030$ 59.9 48,354$ 193.55$ -7.3% 0.7% -7.1% -8.5%Food and Beverage 9,328,228$ 26.7 23,524$ 95.63$ 8,377,835$ 26.2 21,156$ 84.69$ -10.2% -0.6% -10.1% -11.4%Other Operated Departments 2,717,090$ 7.8 6,852$ 27.85$ 2,710,422$ 8.5 6,845$ 27.40$ -0.2% 0.7% -0.1% -1.6%Miscellaneous Income 2,186,954$ 6.3 5,515$ 22.42$ 1,749,505$ 5.5 4,418$ 17.68$ -20.0% -0.8% -19.9% -21.1%


Departmental Costs and Expenses**Rooms 5,573,538$ 27.0 14,055$ 57.14$ 6,052,374$ 31.6 15,284$ 61.18$ 8.6% 4.6% 8.7% 7.1%Food and Beverage 7,439,089$ 79.7 18,760$ 76.26$ 6,840,860$ 81.7 17,275$ 69.15$ -8.0% 1.9% -7.9% -9.3%Other Operated Departments 1,889,651 69.5 4,765 19.37 1,709,932 63.1 4,318 17.28 -9.5% -6.5% -9.4% -10.8%



Undistributed Operating ExpensesAdministrative and General 2,611,298$ 7.5 6,585$ 26.77$ 2,377,283$ 7.4 6,003$ 24.03$ -9.0% -0.1% -8.8% -10.2%Information and Telecommunications Systems 386,863 1.1 976 3.97 360,861 1.1 911 3.65 -6.7% 0.0% -6.6% -8.0%Sales and Marketing (Includes Franchise Fees) 2,468,519 7.1 6,225 25.31 2,318,163 7.2 5,854 23.43 -6.1% 0.2% -6.0% -7.4%Property Operation and Maintenance 2,021,459 5.8 5,098 20.72 1,945,551 6.1 4,913 19.67 -3.8% 0.3% -3.6% -5.1%Utility Costs 2,007,089 5.8 5,062 20.58 1,672,209 5.2 4,223 16.90 -16.7% -0.5% -16.6% -17.8%

Total Undistributed Expenses 9,495,229$ 27.2 23,945$ 97.34$ 8,674,066$ 27.1 21,904$ 87.68$ -8.6% -0.1% -8.5% -9.9%


Management Fees 1,083,129$ 3.1 2,731$ 11.10$ 904,473$ 2.8 2,284$ 9.14$ -16.5% -0.3% -16.4% -17.7%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 2,232,595$ 6.4 5,630$ 22.89$ 1,674,603$ 5.2 4,229$ 16.93$ -25.0% -1.2% -24.9% -26.0%Property Taxes and Other Municipal Charges 727,873$ 2.1 1,836$ 7.46$ 720,408$ 2.3 1,819$ 7.28$ -1.0% 0.2% -0.9% -2.4%Insurance 511,383$ 1.5 1,290$ 5.24$ 432,708$ 1.4 1,093$ 4.37$ -15.4% -0.1% -15.3% -16.6%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 5,925,737$ 17.0 14,944$ 60.75$ 4,976,367$ 15.6 12,567$ 50.30$ -16.0% -1.4% -15.9% -17.2%STOP





-0.1%1.8%-8.5%-6.9%







RevenuesRooms 30,552,787$ 57.1 54,770$ 211.92$ 26,259,535$ 56.2 47,044$ 189.39$ -14.1% -0.8% -14.1% -10.6%Food and Beverage 15,876,834$ 29.7 28,461$ 110.12$ 13,371,604$ 28.6 23,955$ 96.44$ -15.8% -1.0% -15.8% -12.4%Other Operated Departments 4,971,021$ 9.3 8,911$ 34.48$ 4,970,015$ 10.6 8,904$ 35.84$ 0.0% 1.4% -0.1% 4.0%Miscellaneous Income 2,126,521$ 4.0 3,812$ 14.75$ 2,083,217$ 4.5 3,732$ 15.02$ -2.0% 0.5% -2.1% 1.9%


Departmental Costs and Expenses**Rooms 7,884,806$ 25.8 14,135$ 54.69$ 7,428,791$ 28.3 13,309$ 53.58$ -5.8% 2.5% -5.8% -2.0%Food and Beverage 11,617,858$ 73.2 20,827$ 80.58$ 10,298,461$ 77.0 18,450$ 74.27$ -11.4% 3.8% -11.4% -7.8%Other Operated Departments 3,087,282 62.1 5,534 21.41 3,181,851 64.0 5,700 22.95 3.1% 1.9% 3.0% 7.2%



Undistributed Operating ExpensesAdministrative and General 3,527,509$ 6.6 6,324$ 24.47$ 3,115,328$ 6.7 5,581$ 22.47$ -11.7% 0.1% -11.7% -8.2%Information and Telecommunications Systems 372,674 0.7 668 2.58 475,752 1.0 852 3.43 27.7% 0.3% 27.6% 32.7%Sales and Marketing (Includes Franchise Fees) 3,261,362 6.1 5,846 22.62 2,989,917 6.4 5,356 21.56 -8.3% 0.3% -8.4% -4.7%Property Operation and Maintenance 2,709,506 5.1 4,857 18.79 2,489,300 5.3 4,460 17.95 -8.1% 0.3% -8.2% -4.5%Utility Costs 2,449,355 4.6 4,391 16.99 2,095,622 4.5 3,754 15.11 -14.4% -0.1% -14.5% -11.0%



Management Fees 1,429,715$ 2.7 2,563$ 9.92$ 1,081,619$ 2.3 1,938$ 7.80$ -24.3% -0.4% -24.4% -21.3%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 1,094,089$ 2.0 1,961$ 7.59$ 994,634$ 2.1 1,782$ 7.17$ -9.1% 0.1% -9.1% -5.5%Property Taxes and Other Municipal Charges 1,511,469$ 2.8 2,710$ 10.48$ 1,511,542$ 3.2 2,708$ 10.90$ 0.0% 0.4% -0.1% 4.0%Insurance 799,035$ 1.5 1,432$ 5.54$ 759,419$ 1.6 1,361$ 5.48$ -5.0% 0.1% -5.0% -1.2%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 13,782,502$ 25.7 24,707$ 95.60$ 10,262,134$ 22.0 18,385$ 74.01$ -25.5% -3.8% -25.6% -22.6%STOP





0.1%-3.6%

-10.6%-13.9%







RevenuesRooms 28,324,492$ 51.7 61,812$ 244.55$ 21,367,971$ 50.7 46,616$ 210.96$ -24.6% -1.0% -24.6% -13.7%Food and Beverage 18,353,005$ 33.5 40,051$ 158.46$ 14,099,100$ 33.4 30,758$ 139.20$ -23.2% -0.1% -23.2% -12.2%Other Operated Departments 5,865,614$ 10.7 12,800$ 50.64$ 4,862,408$ 11.5 10,608$ 48.01$ -17.1% 0.8% -17.1% -5.2%Miscellaneous Income 2,217,850$ 4.1 4,840$ 19.15$ 1,829,268$ 4.3 3,991$ 18.06$ -17.5% 0.3% -17.5% -5.7%


Departmental Costs and Expenses**Rooms 6,973,646$ 24.6 15,218$ 60.21$ 5,896,866$ 27.6 12,865$ 58.22$ -15.4% 3.0% -15.5% -3.3%Food and Beverage 12,405,409$ 67.6 27,072$ 107.11$ 10,092,575$ 71.6 22,018$ 99.64$ -18.6% 4.0% -18.7% -7.0%Other Operated Departments 3,984,247 67.9 8,695 34.40 3,449,572 70.9 7,526 34.06 -13.4% 3.0% -13.4% -1.0%



Undistributed Operating ExpensesAdministrative and General 4,084,677$ 7.5 8,914$ 35.27$ 3,380,619$ 8.0 7,375$ 33.38$ -17.2% 0.6% -17.3% -5.4%Information and Telecommunications Systems 422,540 0.8 922 3.65 478,601 1.1 1,044 4.73 13.3% 0.4% 13.2% 29.5%Sales and Marketing (Includes Franchise Fees) 3,501,916 6.4 7,642 30.24 2,947,188 7.0 6,430 29.10 -15.8% 0.6% -15.9% -3.8%Property Operation and Maintenance 2,459,088 4.5 5,366 21.23 2,255,481 5.3 4,921 22.27 -8.3% 0.9% -8.3% 4.9%Utility Costs 1,963,840 3.6 4,286 16.96 1,652,597 3.9 3,605 16.32 -15.8% 0.3% -15.9% -3.8%



Management Fees 1,517,791$ 2.8 3,312$ 13.10$ 1,049,163$ 2.5 2,289$ 10.36$ -30.9% -0.3% -30.9% -21.0%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 819,467$ 1.5 1,788$ 7.08$ 581,122$ 1.4 1,268$ 5.74$ -29.1% -0.1% -29.1% -18.9%Property Taxes and Other Municipal Charges 1,436,958$ 2.6 3,136$ 12.41$ 1,449,615$ 3.4 3,162$ 14.31$ 0.9% 0.8% 0.8% 15.4%Insurance 672,846$ 1.2 1,468$ 5.81$ 608,168$ 1.4 1,327$ 6.00$ -9.6% 0.2% -9.6% 3.4%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 14,518,537$ 26.5 31,683$ 125.35$ 8,317,182$ 19.7 18,145$ 82.11$ -42.7% -6.8% -42.7% -34.5%STOP





0.0%-12.3%-13.7%-24.4%







RevenuesRooms 22,640,683$ 44.1 64,112$ 277.88$ 15,217,891$ 43.0 43,049$ 226.30$ -32.8% -1.1% -32.9% -18.6%Food and Beverage 20,700,373$ 40.3 58,618$ 254.07$ 14,088,492$ 39.8 39,854$ 209.51$ -31.9% -0.5% -32.0% -17.5%Other Operated Departments 6,285,238$ 12.2 17,798$ 77.14$ 4,460,424$ 12.6 12,618$ 66.33$ -29.0% 0.4% -29.1% -14.0%Miscellaneous Income 1,747,069$ 3.4 4,947$ 21.44$ 1,626,100$ 4.6 4,600$ 24.18$ -6.9% 1.2% -7.0% 12.8%


Departmental Costs and Expenses**Rooms 6,258,358$ 27.6 17,722$ 76.81$ 4,928,256$ 32.4 13,941$ 73.29$ -21.3% 4.7% -21.3% -4.6%Food and Beverage 14,357,857$ 69.4 40,657$ 176.22$ 10,655,353$ 75.6 30,142$ 158.46$ -25.8% 6.3% -25.9% -10.1%Other Operated Departments 4,633,978 73.7 13,122 56.88 3,489,899 78.2 9,872 51.90 -24.7% 4.5% -24.8% -8.8%



Undistributed Operating ExpensesAdministrative and General 3,824,562$ 7.4 10,830$ 46.94$ 3,179,613$ 9.0 8,995$ 47.28$ -16.9% 1.5% -16.9% 0.7%Information and Telecommunications Systems 395,015 0.8 1,119 4.85 419,944 1.2 1,188 6.24 6.3% 0.4% 6.2% 28.8%Sales and Marketing (Includes Franchise Fees) 3,275,278 6.4 9,275 40.20 2,672,980 7.6 7,561 39.75 -18.4% 1.2% -18.5% -1.1%Property Operation and Maintenance 2,728,316 5.3 7,726 33.49 2,360,137 6.7 6,676 35.10 -13.5% 1.4% -13.6% 4.8%Utility Costs 1,980,345 3.9 5,608 24.31 1,757,129 5.0 4,971 26.13 -11.3% 1.1% -11.4% 7.5%



Management Fees 1,346,750$ 2.6 3,814$ 16.53$ 918,702$ 2.6 2,599$ 13.66$ -31.8% 0.0% -31.9% -17.3%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 397,967$ 0.8 1,127$ 4.88$ 302,238$ 0.9 855$ 4.49$ -24.1% 0.1% -24.1% -8.0%Property Taxes and Other Municipal Charges 1,309,025$ 2.5 3,707$ 16.07$ 1,265,847$ 3.6 3,581$ 18.82$ -3.3% 1.0% -3.4% 17.2%Insurance 541,201$ 1.1 1,533$ 6.64$ 514,247$ 1.5 1,455$ 7.65$ -5.0% 0.4% -5.1% 15.1%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 10,324,708$ 20.1 29,237$ 126.72$ 2,928,562$ 8.3 8,284$ 43.55$ -71.6% -11.8% -71.7% -65.6%STOP





0.1%-17.3%-18.6%-32.7%



TABLE OF CONTENTS | RESORT HOTELS RevPAR Decline Greater than 40% from 2008 to 2009




RevenuesRooms 24,552,356$ 55.2 58,766$ 271.55$ 13,553,183$ 49.7 32,424$ 227.37$ -44.8% -5.5% -44.8% -16.3%Food and Beverage 15,916,827$ 35.8 38,097$ 176.04$ 9,723,061$ 35.7 23,261$ 163.12$ -38.9% -0.1% -38.9% -7.3%Other Operated Departments 2,970,392$ 6.7 7,110$ 32.85$ 2,973,418$ 10.9 7,113$ 49.88$ 0.1% 4.2% 0.1% 51.8%Miscellaneous Income 1,038,004$ 2.3 2,484$ 11.48$ 1,018,723$ 3.7 2,437$ 17.09$ -1.9% 1.4% -1.9% 48.9%


Departmental Costs and Expenses**Rooms 7,199,794$ 29.3 17,233$ 79.63$ 5,159,605$ 38.1 12,344$ 86.56$ -28.3% 8.7% -28.4% 8.7%Food and Beverage 12,345,089$ 77.6 29,548$ 136.54$ 8,481,968$ 87.2 20,292$ 142.30$ -31.3% 9.7% -31.3% 4.2%Other Operated Departments 1,983,889 66.8 4,748 21.94 1,855,723 62.4 4,440 31.13 -6.5% -4.4% -6.5% 41.9%



Undistributed Operating ExpensesAdministrative and General 3,917,978$ 8.8 9,378$ 43.33$ 3,028,446$ 11.1 7,245$ 50.81$ -22.7% 2.3% -22.7% 17.2%Information and Telecommunications Systems 563,070 1.3 1,348 6.23 496,378 1.8 1,188 8.33 -11.8% 0.6% -11.9% 33.7%Sales and Marketing (Includes Franchise Fees) 3,954,962 8.9 9,466 43.74 2,721,261 10.0 6,510 45.65 -31.2% 1.1% -31.2% 4.4%Property Operation and Maintenance 2,994,125 6.7 7,166 33.12 2,400,147 8.8 5,742 40.27 -19.8% 2.1% -19.9% 21.6%Utility Costs 1,902,508 4.3 4,554 21.04 1,514,098 5.6 3,622 25.40 -20.4% 1.3% -20.5% 20.7%



Management Fees 943,960$ 2.1 2,259$ 10.44$ 595,446$ 2.2 1,425$ 9.99$ -36.9% 0.1% -37.0% -4.3%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 867,146$ 1.9 2,076$ 9.59$ 640,531$ 2.3 1,532$ 10.75$ -26.1% 0.4% -26.2% 12.0%Property Taxes and Other Municipal Charges 1,311,364$ 2.9 3,139$ 14.50$ 1,301,739$ 4.8 3,114$ 21.84$ -0.7% 1.8% -0.8% 50.6%Insurance 706,201$ 1.6 1,690$ 7.81$ 657,955$ 2.4 1,574$ 11.04$ -6.8% 0.8% -6.9% 41.3%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 5,787,495$ 13.0 13,852$ 64.01$ (1,584,912)$ -5.8 (3,792)$ (26.59)$ NC -18.8% NC NC STOP




Resort Hotels: RevPAR Decline Greater than 40% from 2008 to 2009

0.0%-33.9%-16.3%-44.7%



TABLE OF CONTENTS | SUITE HOTELS WITH FOOD & BEVERAGE RevPAR Decline 0.1% to 9.9% from 2000 to 2001




RevenuesRooms 6,084,030$ 85.2 30,796$ 114.71$ 5,747,975$ 84.6 29,093$ 114.99$ -5.5% -0.6% -5.5% 0.2%Food and Beverage 607,067$ 8.5 3,073$ 11.45$ 598,884$ 8.8 3,031$ 11.98$ -1.3% 0.3% -1.4% 4.7%Other Operated Departments 373,941$ 5.2 1,893$ 7.05$ 381,423$ 5.6 1,931$ 7.63$ 2.0% 0.4% 2.0% 8.2%Miscellaneous Income 79,093$ 1.1 400$ 1.49$ 67,372$ 1.0 341$ 1.35$ -14.8% -0.1% -14.8% -9.6%


Departmental Costs and Expenses**Rooms 1,540,087$ 25.3 7,796$ 29.04$ 1,440,409$ 25.1 7,290$ 28.82$ -6.5% -0.3% -6.5% -0.8%Food and Beverage 461,476$ 76.0 2,336$ 8.70$ 463,974$ 77.5 2,348$ 9.28$ 0.5% 1.5% 0.5% 6.7%Other Operated Departments 115,030 30.8 582 2.17 146,012 38.3 739 2.92 26.9% 7.5% 26.9% 34.7%



Undistributed Operating ExpensesAdministrative and General 529,501$ 7.4 2,680$ 9.98$ 508,821$ 7.5 2,575$ 10.18$ -3.9% 0.1% -3.9% 2.0%Information and Telecommunications Systems 1,930 0.0 10 0.04 2,390 0.0 12 0.05 23.8% 0.0% 23.8% 31.3%Sales and Marketing (Includes Franchise Fees) 313,067 4.4 1,585 5.90 285,408 4.2 1,445 5.71 -8.8% -0.2% -8.8% -3.3%Property Operation and Maintenance 325,959 4.6 1,650 6.15 319,573 4.7 1,617 6.39 -2.0% 0.1% -2.0% 4.0%Utility Costs 269,149 3.8 1,362 5.07 289,229 4.3 1,464 5.79 7.5% 0.5% 7.5% 14.0%



Management Fees 193,845$ 2.7 981$ 3.65$ 187,798$ 2.8 951$ 3.76$ -3.1% 0.1% -3.1% 2.8%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 1,254,611$ 17.6 6,351$ 23.65$ 1,268,049$ 18.7 6,418$ 25.37$ 1.1% 1.1% 1.1% 7.2%Property Taxes and Other Municipal Charges 236,421$ 3.3 1,197$ 4.46$ 255,930$ 3.8 1,295$ 5.12$ 8.3% 0.5% 8.2% 14.9%Insurance 36,824$ 0.5 186$ 0.69$ 49,934$ 0.7 253$ 1.00$ 35.6% 0.2% 35.6% 43.9%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 1,866,230$ 26.1 9,446$ 35.19$ 1,578,127$ 23.2 7,987$ 31.57$ -15.4% -2.9% -15.4% -10.3%STOP





All-Suite Hotels with F&B: RevPAR Decline 0.1% to 9.9% from 2000 to 2001





RevenuesRooms 6,882,683$ 85.1 33,627$ 125.40$ 5,912,057$ 85.1 28,818$ 120.73$ -14.1% 0.0% -14.3% -3.7%Food and Beverage 785,325$ 9.7 3,837$ 14.31$ 655,435$ 9.4 3,195$ 13.38$ -16.5% -0.3% -16.7% -6.5%Other Operated Departments 356,698$ 4.4 1,743$ 6.50$ 321,436$ 4.6 1,567$ 6.56$ -9.9% 0.2% -10.1% 1.0%Miscellaneous Income 65,547$ 0.8 320$ 1.19$ 62,054$ 0.9 302$ 1.27$ -5.3% 0.1% -5.5% 6.1%


Departmental Costs and Expenses**Rooms 1,655,030$ 24.0 8,086$ 30.15$ 1,484,249$ 25.1 7,235$ 30.31$ -10.3% 1.1% -10.5% 0.5%Food and Beverage 647,775$ 82.5 3,165$ 11.80$ 570,618$ 87.1 2,781$ 11.65$ -11.9% 4.6% -12.1% -1.3%Other Operated Departments 125,616 35.2 614 2.29 130,767 40.7 637 2.67 4.1% 5.5% 3.9% 16.7%



Undistributed Operating ExpensesAdministrative and General 621,970$ 7.7 3,039$ 11.33$ 575,326$ 8.3 2,804$ 11.75$ -7.5% 0.6% -7.7% 3.7%Information and Telecommunications Systems 4,595 0.1 22 0.08 4,085 0.1 20 0.08 -11.1% 0.0% -11.3% -0.4%Sales and Marketing (Includes Franchise Fees) 352,265 4.4 1,721 6.42 325,252 4.7 1,585 6.64 -7.7% 0.3% -7.9% 3.5%Property Operation and Maintenance 367,396 4.5 1,795 6.69 352,157 5.1 1,717 7.19 -4.1% 0.5% -4.4% 7.4%Utility Costs 289,800 3.6 1,416 5.28 310,814 4.5 1,515 6.35 7.3% 0.9% 7.0% 20.2%



Management Fees 258,829$ 3.2 1,265$ 4.72$ 211,239$ 3.0 1,030$ 4.31$ -18.4% -0.2% -18.6% -8.5%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 1,423,721$ 17.6 6,956$ 25.94$ 1,155,385$ 16.6 5,632$ 23.59$ -18.8% -1.0% -19.0% -9.0%Property Taxes and Other Municipal Charges 339,516$ 4.2 1,659$ 6.19$ 337,017$ 4.8 1,643$ 6.88$ -0.7% 0.7% -1.0% 11.3%Insurance 42,621$ 0.5 208$ 0.78$ 56,016$ 0.8 273$ 1.14$ 31.4% 0.3% 31.1% 47.3%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 1,961,122$ 24.2 9,581$ 35.73$ 1,438,057$ 20.7 7,010$ 29.37$ -26.7% -3.6% -26.8% -17.8%STOP










RevenuesRooms 6,980,976$ 81.8 35,541$ 130.86$ 5,210,217$ 82.3 26,413$ 121.38$ -25.4% 0.5% -25.7% -7.2%Food and Beverage 1,078,025$ 12.6 5,488$ 20.21$ 770,773$ 12.2 3,907$ 17.96$ -28.5% -0.4% -28.8% -11.1%Other Operated Departments 391,144$ 4.6 1,991$ 7.33$ 296,180$ 4.7 1,501$ 6.90$ -24.3% 0.1% -24.6% -5.9%Miscellaneous Income 88,176$ 1.0 449$ 1.65$ 53,104$ 0.8 269$ 1.24$ -39.8% -0.2% -40.0% -25.1%


Departmental Costs and Expenses**Rooms 1,682,005$ 24.1 8,563$ 31.53$ 1,379,049$ 26.5 6,991$ 32.13$ -18.0% 2.4% -18.4% 1.9%Food and Beverage 790,063$ 73.3 4,022$ 14.81$ 638,607$ 82.9 3,237$ 14.88$ -19.2% 9.6% -19.5% 0.5%Other Operated Departments 120,104 30.7 611 2.25 110,012 37.1 558 2.56 -8.4% 6.4% -8.8% 13.8%



Undistributed Operating ExpensesAdministrative and General 594,826$ 7.0 3,028$ 11.15$ 490,728$ 7.8 2,488$ 11.43$ -17.5% 0.8% -17.9% 2.5%Information and Telecommunications Systems 3,827 0.0 19 0.07 6,828 0.1 35 0.16 78.4% 0.1% 77.6% NC Sales and Marketing (Includes Franchise Fees) 398,487 4.7 2,029 7.47 329,785 5.2 1,672 7.68 -17.2% 0.5% -17.6% 2.9%Property Operation and Maintenance 337,041 3.9 1,716 6.32 300,959 4.8 1,526 7.01 -10.7% 0.8% -11.1% 11.0%Utility Costs 259,741 3.0 1,322 4.87 254,242 4.0 1,289 5.92 -2.1% 1.0% -2.5% 21.7%



Management Fees 316,037$ 3.7 1,609$ 5.92$ 204,334$ 3.2 1,036$ 4.76$ -35.3% -0.5% -35.6% -19.6%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 1,590,820$ 18.6 8,099$ 29.82$ 1,315,527$ 20.8 6,669$ 30.65$ -17.3% 2.1% -17.7% 2.8%Property Taxes and Other Municipal Charges 289,697$ 3.4 1,475$ 5.43$ 286,781$ 4.5 1,454$ 6.68$ -1.0% 1.1% -1.4% 23.0%Insurance 36,987$ 0.4 188$ 0.69$ 42,347$ 0.7 215$ 0.99$ 14.5% 0.2% 14.0% 42.3%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 2,118,688$ 24.8 10,787$ 39.71$ 971,073$ 15.3 4,923$ 22.62$ -54.2% -9.5% -54.4% -43.0%STOP










RevenuesRooms 8,153,695$ 86.9 39,847$ 154.71$ 7,631,359$ 87.4 37,332$ 143.83$ -6.4% 0.5% -6.3% -7.0%Food and Beverage 743,061$ 7.9 3,631$ 14.10$ 630,806$ 7.2 3,086$ 11.89$ -15.1% -0.7% -15.0% -15.7%Other Operated Departments 340,930$ 3.6 1,666$ 6.47$ 322,019$ 3.7 1,575$ 6.07$ -5.5% 0.1% -5.5% -6.2%Miscellaneous Income 147,690$ 1.6 722$ 2.80$ 149,982$ 1.7 734$ 2.83$ 1.6% 0.1% 1.7% 0.9%


Departmental Costs and Expenses**Rooms 1,909,859$ 23.4 9,333$ 36.24$ 1,788,228$ 23.4 8,748$ 33.70$ -6.4% 0.0% -6.3% -7.0%Food and Beverage 622,821$ 83.8 3,044$ 11.82$ 525,047$ 83.2 2,569$ 9.90$ -15.7% -0.6% -15.6% -16.3%Other Operated Departments 204,504 60.0 999 3.88 186,482 57.9 912 3.51 -8.8% -2.1% -8.7% -9.4%

Total Costs and Expenses 2,737,184$ 29.2 13,377$ 51.94$ 2,499,757$ 28.6 12,229$ 47.11$ -8.7% -0.5% -8.6% -9.3%

Total Departmental Profit 6,648,192$ 70.8 32,490$ 126.15$ 6,234,409$ 71.4 30,499$ 117.50$ -6.2% 0.5% -6.1% -6.9%

Undistributed Operating ExpensesAdministrative and General 749,072$ 8.0 3,661$ 14.21$ 664,722$ 7.6 3,252$ 12.53$ -11.3% -0.4% -11.2% -11.9%Information and Telecommunications Systems 48,632 0.5 238 0.92 72,005 0.8 352 1.36 48.1% 0.3% 48.2% 47.1%Sales and Marketing (Includes Franchise Fees) 1,054,681 11.2 5,154 20.01 979,810 11.2 4,793 18.47 -7.1% 0.0% -7.0% -7.7%Property Operation and Maintenance 505,561 5.4 2,471 9.59 471,303 5.4 2,306 8.88 -6.8% 0.0% -6.7% -7.4%Utility Costs 476,677 5.1 2,330 9.04 433,257 5.0 2,119 8.17 -9.1% -0.1% -9.0% -9.7%

Total Undistributed Expenses 2,834,623$ 30.2 13,853$ 53.79$ 2,621,096$ 30.0 12,822$ 49.40$ -7.5% -0.2% -7.4% -8.2%

Gross Operating Profit 3,813,570$ 40.6 18,637$ 72.36$ 3,613,313$ 41.4 17,676$ 68.10$ -5.3% 0.7% -5.2% -5.9%

Management Fees 271,177$ 2.9 1,325$ 5.15$ 248,929$ 2.9 1,218$ 4.69$ -8.2% 0.0% -8.1% -8.8%

Income Before Non-Operating Income and Expenses 3,542,392$ 37.7 17,312$ 67.22$ 3,364,384$ 38.5 16,458$ 63.41$ -5.0% 0.8% -4.9% -5.7%

Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 1,110,969$ 11.8 5,429$ 21.08$ 912,049$ 10.4 4,462$ 17.19$ -17.9% -1.4% -17.8% -18.5%Property Taxes and Other Municipal Charges 335,767$ 3.6 1,641$ 6.37$ 335,677$ 3.8 1,642$ 6.33$ 0.0% 0.3% 0.1% -0.7%Insurance 80,154$ 0.9 392$ 1.52$ 77,639$ 0.9 380$ 1.46$ -3.1% 0.0% -3.0% -3.8%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 2,015,502$ 21.5 9,850$ 38.24$ 2,039,019$ 23.3 9,975$ 38.43$ 1.2% 1.9% 1.3% 0.5%STOP





-0.1%1.0%-7.0%-6.1%







RevenuesRooms 8,169,553$ 85.2 37,595$ 141.06$ 6,885,915$ 84.9 31,710$ 126.73$ -15.7% -0.2% -15.7% -10.2%Food and Beverage 920,636$ 9.6 4,237$ 15.90$ 760,055$ 9.4 3,500$ 13.99$ -17.4% -0.2% -17.4% -12.0%Other Operated Departments 399,043$ 4.2 1,836$ 6.89$ 360,123$ 4.4 1,658$ 6.63$ -9.8% 0.3% -9.7% -3.8%Miscellaneous Income 104,831$ 1.1 482$ 1.81$ 101,666$ 1.3 468$ 1.87$ -3.0% 0.2% -3.0% 3.4%


Departmental Costs and Expenses**Rooms 1,950,633$ 23.9 8,976$ 33.68$ 1,713,704$ 24.9 7,892$ 31.54$ -12.1% 1.0% -12.1% -6.4%Food and Beverage 735,410$ 79.9 3,384$ 12.70$ 600,034$ 78.9 2,763$ 11.04$ -18.4% -0.9% -18.4% -13.0%Other Operated Departments 223,830 56.1 1,030 3.86 207,630 57.7 956 3.82 -7.2% 1.6% -7.2% -1.1%



Undistributed Operating ExpensesAdministrative and General 746,481$ 7.8 3,435$ 12.89$ 625,593$ 7.7 2,881$ 11.51$ -16.2% -0.1% -16.1% -10.7%Information and Telecommunications Systems 41,153 0.4 189 0.71 60,895 0.8 280 1.12 48.0% 0.3% 48.1% 57.7%Sales and Marketing (Includes Franchise Fees) 1,126,796 11.7 5,185 19.46 953,354 11.8 4,390 17.55 -15.4% 0.0% -15.3% -9.8%Property Operation and Maintenance 469,725 4.9 2,162 8.11 415,848 5.1 1,915 7.65 -11.5% 0.2% -11.4% -5.6%Utility Costs 435,810 4.5 2,006 7.52 407,774 5.0 1,878 7.51 -6.4% 0.5% -6.4% -0.3%



Management Fees 259,274$ 2.7 1,193$ 4.48$ 200,847$ 2.5 925$ 3.70$ -22.5% -0.2% -22.5% -17.4%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 1,897,135$ 19.8 8,730$ 32.76$ 1,473,690$ 18.2 6,786$ 27.12$ -22.3% -1.6% -22.3% -17.2%Property Taxes and Other Municipal Charges 311,717$ 3.2 1,434$ 5.38$ 316,303$ 3.9 1,457$ 5.82$ 1.5% 0.7% 1.5% 8.2%Insurance 80,808$ 0.8 372$ 1.40$ 78,067$ 1.0 360$ 1.44$ -3.4% 0.1% -3.3% 3.0%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 1,315,290$ 13.7 6,053$ 22.71$ 1,054,019$ 13.0 4,854$ 19.40$ -19.9% -0.7% -19.8% -14.6%STOP





-0.1%-5.8%

-10.2%-15.4%







RevenuesRooms 7,492,934$ 86.9 36,367$ 138.51$ 5,712,458$ 85.6 27,774$ 119.16$ -23.8% -1.3% -23.6% -14.0%Food and Beverage 753,118$ 8.7 3,655$ 13.92$ 661,777$ 9.9 3,218$ 13.80$ -12.1% 1.2% -12.0% -0.8%Other Operated Departments 246,139$ 2.9 1,195$ 4.55$ 200,010$ 3.0 972$ 4.17$ -18.7% 0.1% -18.6% -8.3%Miscellaneous Income 126,215$ 1.5 613$ 2.33$ 98,408$ 1.5 478$ 2.05$ -22.0% 0.0% -21.9% -12.0%


Departmental Costs and Expenses**Rooms 1,832,515$ 24.5 8,894$ 33.87$ 1,546,787$ 27.1 7,521$ 32.27$ -15.6% 2.6% -15.4% -4.7%Food and Beverage 575,690$ 76.4 2,794$ 10.64$ 529,749$ 80.0 2,576$ 11.05$ -8.0% 3.6% -7.8% 3.8%Other Operated Departments 136,786 55.6 664 2.53 68,650 34.3 334 1.43 -49.8% -21.2% -49.7% -43.4%



Undistributed Operating ExpensesAdministrative and General 713,863$ 8.3 3,465$ 13.20$ 585,102$ 8.8 2,845$ 12.20$ -18.0% 0.5% -17.9% -7.5%Information and Telecommunications Systems 49,871 0.6 242 0.92 64,723 1.0 315 1.35 29.8% 0.4% 30.0% 46.5%Sales and Marketing (Includes Franchise Fees) 941,546 10.9 4,570 17.40 758,304 11.4 3,687 15.82 -19.5% 0.4% -19.3% -9.1%Property Operation and Maintenance 436,521 5.1 2,119 8.07 391,064 5.9 1,901 8.16 -10.4% 0.8% -10.3% 1.1%Utility Costs 417,746 4.8 2,028 7.72 399,560 6.0 1,943 8.33 -4.4% 1.1% -4.2% 7.9%



Management Fees 235,122$ 2.7 1,141$ 4.35$ 182,812$ 2.7 889$ 3.81$ -22.2% 0.0% -22.1% -12.3%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 1,740,806$ 20.2 8,449$ 32.18$ 1,172,247$ 17.6 5,700$ 24.45$ -32.7% -2.6% -32.5% -24.0%Property Taxes and Other Municipal Charges 322,375$ 3.7 1,565$ 5.96$ 308,106$ 4.6 1,498$ 6.43$ -4.4% 0.9% -4.3% 7.9%Insurance 79,829$ 0.9 387$ 1.48$ 74,775$ 1.1 364$ 1.56$ -6.3% 0.2% -6.2% 5.7%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 1,135,734$ 13.2 5,512$ 20.99$ 590,778$ 8.9 2,872$ 12.32$ -48.0% -4.3% -47.9% -41.3%STOP





-0.2%-11.0%-14.0%-23.4%



TABLE OF CONTENTS | SUITE HOTELS WITH FOOD & BEVERAGE RevPAR Decline Greater than 30% from 2008 to 2009




RevenuesRooms 8,249,656$ 74.3 33,949$ 132.26$ 5,621,096$ 73.9 23,105$ 110.60$ -31.9% -0.4% -31.9% -16.4%Food and Beverage 2,419,637$ 21.8 9,957$ 38.79$ 1,595,649$ 21.0 6,559$ 31.39$ -34.1% -0.8% -34.1% -19.1%Other Operated Departments 289,191$ 2.6 1,190$ 4.64$ 217,992$ 2.9 896$ 4.29$ -24.6% 0.3% -24.7% -7.5%Miscellaneous Income 142,001$ 1.3 584$ 2.28$ 168,534$ 2.2 693$ 3.32$ 18.7% 0.9% 18.5% 45.7%


Departmental Costs and Expenses**Rooms 2,069,165$ 25.1 8,515$ 33.17$ 1,592,482$ 28.3 6,546$ 31.33$ -23.0% 3.2% -23.1% -5.5%Food and Beverage 1,530,166$ 63.2 6,297$ 24.53$ 1,132,849$ 71.0 4,656$ 22.29$ -26.0% 7.8% -26.1% -9.1%Other Operated Departments 107,701 37.2 443 1.73 88,468 40.6 364 1.74 -17.9% 3.3% -18.0% 0.8%



Undistributed Operating ExpensesAdministrative and General 887,280$ 8.0 3,651$ 14.22$ 719,495$ 9.5 2,957$ 14.16$ -18.9% 1.5% -19.0% -0.5%Information and Telecommunications Systems 65,191 0.6 268 1.05 81,453 1.1 335 1.60 24.9% 0.5% 24.8% 53.3%Sales and Marketing (Includes Franchise Fees) 1,198,893 10.8 4,934 19.22 858,609 11.3 3,529 16.89 -28.4% 0.5% -28.5% -12.1%Property Operation and Maintenance 560,611 5.1 2,307 8.99 491,315 6.5 2,019 9.67 -12.4% 1.4% -12.5% 7.6%Utility Costs 480,030 4.3 1,975 7.70 417,643 5.5 1,717 8.22 -13.0% 1.2% -13.1% 6.8%



Management Fees 292,234$ 2.6 1,203$ 4.69$ 194,846$ 2.6 801$ 3.83$ -33.3% -0.1% -33.4% -18.2%


Non-Operating Income and ExpensesIncome -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NCRent 2,659,317$ 24.0 10,944$ 42.63$ 1,880,392$ 24.7 7,729$ 37.00$ -29.3% 0.8% -29.4% -13.2%Property Taxes and Other Municipal Charges 461,854$ 4.2 1,901$ 7.40$ 459,807$ 6.0 1,890$ 9.05$ -0.4% 1.9% -0.6% 22.2%Insurance 81,194$ 0.7 334$ 1.30$ 76,939$ 1.0 316$ 1.51$ -5.2% 0.3% -5.4% 16.3%Other -$ 0.0 -$ -$ -$ 0.0 -$ -$ NC NC NC NC


EBITDA*** 706,850$ 6.4 2,909$ 11.33$ (391,027)$ -5.1 (1,607)$ (7.69)$ NC -11.5% NC NC STOP




All-Suite Hotels with F&B: RevPAR Decline Greater than 30% from 2008 to 2009

0.1%-18.4%-16.4%-31.7%



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HOW WE CAN HELP

We understand the impact the current pandemic crisis is taking on your day-to-day operations and business models. As you evaluate the implications on your assets, CBRE Hotels stands ready to assist with the most up-to-date information, data, and customized services. The US CBRE Hotels Advisory team covers all territories and is backed by the #1 US Hotel Research group in the nation, enabling us to be the best equipped professionals for this situation.

We have identified the following services that can be offered in expedited fashion. They are largely desktop based but incorporate real-time data that can be applied to your specific property or portfolio. Given the scale and experience of our professional team, together with the unparalleled strength of the world’s leading hospitality group, CBRE Hotels Advisory is prepared to offer these services on a weekly, bi-weekly, monthly or one-time basis. CBRE Hotels Advisory is prepared to immediately help you navigate through the current environment with confidence.

OUR SELECT SERVICE OFFERING

ADVISORY SERVICESUnderwriting Due Diligence PackageRed Flag Report, Supply & Demand Analysis,

Financial Diagnostic with Sensitivity Analysis included

ASSET MANAGEMENTDesktop Operational Analysis

Detailed Property Diagnostics, Interviews with Management Team, and aStrategic Business Plan for

COVID-19 Situation

VALUATION SERVICESRestricted Appraisal Report

Desktop Income Approach,Guidance on Current Transaction, and Asset Stress Test

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CBRE HOTELS ADVISORY SERVICES AND CONTACTS

ADVISORY SERVICES• Market Demand & Financial

Feasibility Analysis (Both New & Existing)

• Destination/Tourism Analysis

• Valuations:

o Real Estate Appraisalso Business Valuations

Tommy Crozier, MAI, CRE, CCIMNational Hotel Practice Leader+1 704 331 [email protected]

Fernando Garcia-ChaconSouth Florida Managing Director+1 305 381 [email protected]

Jeff BinfordSouth Central Managing Director+1 214 979 [email protected]

Jeff Lugosi, CRE, MAI, FRICS, ISHCWest Managing Director +1 213 613 [email protected]

Mark VanStekelenburg, ISHC Northeast & Midwest Managing Director+1 212 984 [email protected]

Tim Dick, PhD, MAI, CRE Asset Management Sr Director+1 404 504 [email protected]

Henry Staley, MAI, CPA, ISHC, CRE South Managing Director +1 904 633 [email protected]

Henry FondeAsset Management Sr Director+1 904 633 [email protected]

• Asset Management

• Financial Benchmarking

• Litigation Support

• Acquisition Due Diligence:

o Buy Side

o Sell Side

o Technical

• Debt Advisory

CONTACTS PER DIVISION

• Operator/Brand Selection

• Operational Reviews

• Branding, Re-branding & Marketing

PERFORMED OVER 3,000+ APPRAISALS & ADVISORY ASSIGNMENTS IN 2019

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Documents

CBRE DOWNSIDE PROFIT BENCHMARKER...To contact a CBRE Hotels professional to assist in evaluating the performance of your hotel(s) in 2020, please contact: Client Services at [email protected]