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Cape and Islands Outlook
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  1. Rachel J. Roginsky, ISHC Pinnacle Advisory Group 76 Canal Street Boston, MA 02114 Telephone: 617-722-9916 Fax: 617-722-9917 rroginsky@pinnacle-advisory.com Cape and Islands Outlook Pinnacle Realty Investments Pinnacle Advisory Group

  2. Total United StatesRoom Supply/Demand Percent ChangeTwelve Month Moving Average To Dec 2002 Source: Smith Travel Research

  3. Total United StatesRoom Demand Percent ChangeJan 2000 – Dec 2002 Source: Smith Travel Research

  4. Total United StatesOccupancy and ADRTwelve Month Moving Average To Dec 2002 Source: Smith Travel Research

  5. Massachusetts Occupancy1998 - 2002 Source: Pinnacle Advisory Group

  6. Massachusetts Average Rate1998 - 2002 Source: Pinnacle Advisory Group

  7. Massachusetts RevPAR1998 - 2002 Source: Pinnacle Advisory Group

  8. Cape and Islands Occupancy1998 - 2002 Source: Pinnacle Advisory Group

  9. Cape and Islands Average Rate 1998-2002 Source: Pinnacle Advisory Group

  10. Cape and Islands RevPAR 1998 - 2002 Source: Pinnacle Advisory Group

  11. Cape and Islands RevPAR 12 Month Rolling Average January 1999 – March 2003 Source: Pinnacle Advisory Group

  12. Cape and Islands Change In RevPAR 1998 - 2002 Source: Pinnacle Advisory Group

  13. Recent Trends • Shortened Booking Window • Limited International Demand • Shorter Stays • Value Conscious Travelers • Increasing Use of the Internet

  14. Regional Competitive Overview • New England Mountains • Good Winter Season • Western Massachusetts • Strong 2002 for Leisure • Southeast Connecticut • A major new destination • Rhode Island • 2003 Optimistic

  15. Resort Industry Overview • Northeast • Holding Up Well • Southeast • Lack of International Demand • Caribbean and Central America • New Supply and Lack of Demand

  16. Factors Affecting Demand • Terrorism • Fear of Flying • War in Iraq • Uncertainty • Economy • Lack of Corporate Demand • Consumer Confidence • Price Sensitivity

  17. Regional Factors Affecting Demand • Weather • Boston Convention Demand • Corporate Demand • Boston Events • Transportation

  18. Survey Says… • Travel Industry Association of America (TIA) • Summer Driving Vacations +3% • Summer Flying Vacations –4% • 47% of respondents will stay closer to home • Vacation Budgets –9% • 38% of respondents preferred Internet for booking

  19. Pinnacle Projections • 2003 • Occupancy up 1 – 3 points • Average Rate Flat to down 2 percent • RevPAR up slightly (1 – 2 percent) • 2004 • Occupancy up 1 – 3 points • Average Rate up 1 – 3 percent • RevPAR up 2 – 4 percent

  20. Pinnacle Realty Investments Cape and Islands Outlook Rachel J. Roginsky, ISHC Pinnacle Advisory Group 76 Canal Street Boston, MA 02114 Telephone: 617-722-9916 Fax: 617-722-9917 rroginsky@pinnacle-advisory.com Pinnacle Advisory Group