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US Lodging Real Estate Cycle

US Lodging Real Estate Cycle. Cycle Peak. Full Wall St. Participation. Peak New Hotel Openings. Peak Earnings. Peak Transaction Activity. Early Wall St. Activity. New Project Announcements. Full Operating Recovery. Early Transaction Recovery. Main Street Debt Availability.

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US Lodging Real Estate Cycle

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  1. US Lodging Real Estate Cycle Cycle Peak Full Wall St. Participation Peak New Hotel Openings Peak Earnings Peak Transaction Activity Early Wall St. Activity New Project Announcements Full Operating Recovery • Early Transaction Recovery Main Street Debt Availability • Conversions/Renovations Early Operating Recovery X

  2. US Construction Pipeline by Projects and Rooms Fall 2014 Rooms (000s) Under Construction Starts in Next 12 Mos Early Planning Forecast Prior Peak 2Q08: 785K Rooms, 5,883 Projects 535 455 460 421 383 373 341 335 3,122 2,753 2,757 3,020 3,311 Projs

  3. US Under Construction Trends by Projects: Quarter over Quarter Fall 2014 At 2Q 2014 970 Projs 126,380 Rms

  4. US Construction Start Trends by Projects: Quarter over Quarter Fall 2014 At 2Q 2014 259 Projs 32,515 Rms

  5. US New Project Announcement Trends by Projects:Quarter over Quarter Fall 2014 At 2Q 2014 396 Projs 49,490 Rms

  6. US Announced Conversion & Renovation Trends by Projects: Quarter over Quarter Fall 2014 At 2Q 2014 913 Projs 159,574 Rms

  7. US Construction Pipeline by Project Stage: Quarter over Quarter Fall 2014

  8. US Construction Pipeline by Chain Scale: with an Unbranded Breakout Fall 2014

  9. US Construction Pipeline by Chain Scale: with Unbranded Included Fall 2014

  10. US Construction Pipeline Total by Rooms: Top 10 Markets Fall 2014

  11. US Construction Pipeline Total by Rooms: Top 10 Markets Fall 2014

  12. LE’s US Forecast for New Hotel Openings Fall 2014 Rooms *1.9% 97,540 *1.7% 84,844 *1.3 – 1.4% 70,249 *1.1% 53,076 *0.9% 44,584

  13. LE’s US Forecast for New Hotel Openings: By Chain Scale Forecast for New Hotel Openings: by Chain Scale as of 2Q13 Fall 2014

  14. Global Construction Pipeline Total: By Region Fall 2014

  15. Europe Construction Pipeline Total by Rooms: Top 5 Countries Fall 2014

  16. Asia Pacific Construction Pipeline Total by Rooms: Top 5 Countries Fall 2014

  17. US Transactions with a Reported Selling Price Fall 2014 211K 197K 152K Average Selling Price Per Room (000s) 121K 107K 76K 77K 72K

  18. US Lodging Real Estate Total Investment by Dollars1 Fall 2014 1 For Transactions with a reported Selling Price

  19. US Transactions By Chain Scale1 by Number of Hotels Sold Fall 2014 Luxury Upper Upscale Upscale Upper Midscale Midscale Economy 958 688 581 515 319 1Includes Like Kind Independents

  20. Forecast • The overall US Market will continue to remain robust in several areas including Transactions. • The Construction Pipeline will continue to grow but it will be dominated by projects with less than 200 rooms in the Upscale and Upper Midscale Chain Scales. • Highest rate markets and gateway cities will continue to draw eager developers looking for land or adaptive reuse projects. • Availability of debt will continue to improve. • Profits will continue to rise as we have a good four-year run in front of us.

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