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Page 1: BUDGET ACCURACY 2005 Budget vs Actual – All Hotels (Percent Change From 2004 – 2005)

BUDGET ACCURACY2005 Budget vs Actual – All Hotels

(Percent Change From 2004 – 2005)

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

Source: PKF Hospitality Research

Page 2: BUDGET ACCURACY 2005 Budget vs Actual – All Hotels (Percent Change From 2004 – 2005)

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

(Percent Change From 2004 – 2005)

Source: PKF Hospitality Research

Page 3: BUDGET ACCURACY 2005 Budget vs Actual – All Hotels (Percent Change From 2004 – 2005)

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

(Percent Change From 2004 – 2005)

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

Source: PKF Hospitality Research