U.S.

Lodging Industry
Projections
As of January 19, 2011
 Total United States
Supply/Demand Percent Change
2005 – 2012P
10
7.7
8

4 2.8 3.0
2.5 2.0 2.5 2.2 1.9
2 0.4 1.3 0.8 0.7 1.2
0.2 0.5
0
-0.1
-2

-4 -2.5
Supply % Chg
-6 Demand % Chg
-6.1
-8
2005 2006 2007 2008 2009 2010 2011P 2012P 20 Yr
Average
 Total United States
Occupancy Percent Change
2005 – 2012P
7.5
5.7
5.0
2.8
2.5 1.8 1.7
0.2
0.0
20 Year Average: -0.4%
-0.5
-2.5

-5.0
-4.9

-7.5

-10.0 -8.8
2005 2006 2007 2008 2009 2010 2011P 2012P
Total United States
ADR Percent Change
2005 – 2012P
10
7.6 6.8
8
5.6 6.4
6
4.2
4 2.9
20 Year Average: 2.8%
2
0
-2 -0.1

-4
-6
-8
-10 -8.5
-12
2005 2006 2007 2008 2009 2010 2011P 2012P
 Total United States
RevPAR Percent Change
2005 – 2012P
15

10 8.6 7.8 8.6

5.9 5.6 6.1
5
20 Year Average: 2.4%

-5 -2.1

-10

-15

-16.6
-20
2005 2006 2007 2008 2009 2010 2011P 2012P