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Trends in the hotel industry United States cities--year end results for 2005.

TRENDS IN THE HOTEL INDUSTRY
United States Cities--Year End Results for 2005

                           Occupancy

NEW ENGLAND AND      2005    2004   Variance
  MIDDLE ATLANTIC
  CITIES

Albany              62.8%   63.7%     -1.5%
Boston              65.7%   64.4%      1.9%
Edison


59.9% 57.2% 4.8% Hartford 62.6% 63.5% -1.3% Long Island 69.1% 67.2% 2.8% Newark 68.3% 66.6% 2.5% New York 81.4% 78.9% 3.1% Philadelphia 70.7% 68.9% 2.6% Pittsburgh 60.7% 61.2% -0.9% Trenton 60.1% 62.2% -3.3% Subtotal 71.6% 70.0% 2.3% NORTH CENTRAL CITIES Chicago 64.8% 62.6% 3.4% Cincinnati 56.9% 55.3% 2.9% Cleveland 57.4% 57.6% -0.3% Columbus 59.8% 57.6% 3.9% Dayton 56.7% 55.8% 1.5% Detroit 58.1% 56.6% 2.7% Indianapolis 58.2% 58.2% 0.0% Kansas City 59.8% 58.3% 2.6% Minneapolis 67.1% 64.6% 3.9% Omaha 63.3% 60.7% 4.3% St. Louis 60.0% 59.6% 0.7% Subtotal 61.2% 59.8% 2.3% SOUTH ATLANTIC CITIES Atlanta 65.2% 60.4% 8.0% Baltimore 69.2% 67.8% 1.9% Charlotte 60.8% 55.4% 9.9% Columbia, SC 66.9% 64.5% 3.8% Fort Lauderdale 74.3% 73.5% 1.1% Miami 73.5% 69.3% 6.0% Orlando 70.1% 70.0% 0.2% Raleigh 63.0% 62.5% 0.8% Richmond 61.2% 60.2% 1.7% Tampa 67.1% 66.4% 1.0% Washington, DC 71.9% 71.0% 1.3% West Palm Beach 72.8% 74.1% -1.7% Subtotal 68.7% 66.8% 2.8% SOUTH CENTRAL CITIES Austin 67.0% 58.9% 13.7% Dallas 61.1% 56.6% 8.0% Fort Worth 65.4% 60.1% 8.7% Houston 67.1% 57.9% 16.0% Memphis 65.0% 59.5% 9.4% Nashville 63.8% 61.6% 3.5% San Antonio 69.0% 64.7% 6.6% Subtotal 65.0% 59.3% 9.6% MOUNTAIN AND PACIFIC CITIES Albuquerque 62.3% 60.5% 2.9% Denver 62.7% 60.2% 4.0% Honolulu 84.9% 79.4% 7.0% Los Angeles 75.2% 72.7% 3.5% Oakland 62.8% 58.8% 6.9% Orange County 74.3% 69.2% 7.4% Phoenix 67.4% 64.2% 4.9% Portland 63.7% 59.3% 7.5% San Diego 72.4% 71.0% 2.0% San Francisco 71.8% 68.1% 5.4% Seattle 68.7% 64.7% 6.2% Tucson 66.4% 63.3% 4.9% Subtotal 70.9% 67.6% 4.9% TOTAL CITIES 67.6% 65.0% 4.0% ADR NEW ENGLAND AND 2005 2004 Variance MIDDLE ATLANTIC CITIES Albany $97.23 $93.46 4.0% Boston $131.22 $125.67 4.4% Edison $96.25 $93.15 3.3% Hartford $88.61 $85.20 4.0% Long Island $132.17 $129.43 2.1% Newark $104.92 $101.18 3.7% New York $206.04 $180.40 14.2% Philadelphia $106.57 $98.80 7.9% Pittsburgh $82.38 $78.92 4.4% Trenton $116.66 $108.51 7.5% Subtotal $150.56 $137.16 9.8% NORTH CENTRAL CITIES Chicago $111.39 $104.18 6.9% Cincinnati $75.12 $73.00 2.9% Cleveland $79.26 $75.89 4.4% Columbus $77.96 $73.81 5.6% Dayton $65.72 $62.12 5.8% Detroit $82.59 $80.02 3.2% Indianapolis $82.00 $79.09 3.7% Kansas City $79.50 $75.27 5.6% Minneapolis $88.57 $83.62 5.9% Omaha $75.16 $71.39 5.3% St. Louis $80.19 $77.20 3.9% Subtotal $89.18 $84.54 5.5% SOUTH ATLANTIC CITIES Atlanta $80.74 $75.87 6.4% Baltimore $108.41 $103.97 4.3% Charlotte $69.06 $65.66 5.2% Columbia, SC $64.59 $60.22 7.2% Fort Lauderdale $105.51 $92.56 14.0% Miami $132.84 $118.77 11.8% Orlando $94.35 $84.84 11.2% Raleigh $74.99 $71.13 5.4% Richmond $72.20 $69.43 4.0% Tampa $90.74 $82.69 9.7% Washington, DC $133.37 $119.80 11.3% West Palm Beach $147.16 $128.99 14.1% Subtotal $101.97 $92.98 9.7% SOUTH CENTRAL CITIES Austin $82.96 $77.83 6.6% Dallas $80.48 $76.00 5.9% Fort Worth $78.21 $72.19 8.3% Houston $79.46 $77.11 3.0% Memphis $73.22 $70.11 4.4% Nashville $82.36 $78.07 5.5% San Antonio $90.95 $85.85 5.9% Subtotal $81.31 $77.20 5.3% MOUNTAIN AND PACIFIC CITIES Albuquerque $65.79 $62.13 5.9% Denver $83.12 $76.11 9.2% Honolulu $143.88 $125.05 15.1% Los Angeles $109.95 $101.44 8.4% Oakland $86.76 $84.11 3.2% Orange County $105.57 $97.71 8.0% Phoenix $105.42 $98.25 7.3% Portland $81.32 $76.47 6.4% San Diego $126.95 $117.26 8.3% San Francisco $127.93 $120.56 6.1% Seattle $103.57 $97.64 6.1% Tucson $87.92 $77.54 13.4% Subtotal $108.93 $100.84 8.0% TOTAL CITIES $105.69 $97.90 8.0% RevPAR NEW ENGLAND AND 2005 2004 Variance MIDDLE ATLANTIC CITIES Albany $61.02 $59.55 2.5% Boston $86.18 $80.99 6.4% Edison $57.68 $53.27 8.3% Hartford $55.51 $54.10 2.6% Long Island $91.29 $86.99 5.0% Newark $71.67 $67.42 6.3% New York $167.65 $142.36 17.8% Philadelphia $75.35 $68.09 10.7% Pittsburgh $49.97 $48.34 3.4% Trenton $70.12 $67.48 3.9% Subtotal $107.80 $96.01 12.3% NORTH CENTRAL CITIES Chicago $72.13 $65.26 10.5% Cincinnati $42.73 $40.37 5.9% Cleveland $45.51 $43.69 4.2% Columbus $46.65 $42.52 9.7% Dayton $37.25 $34.69 7.4% Detroit $48.00 $45.31 6.0% Indianapolis $47.69 $45.99 3.7% Kansas City $47.56 $43.89 8.4% Minneapolis $59.40 $54.00 10.0% Omaha $47.57 $43.33 9.8% St. Louis $48.15 $46.01 4.6% Subtotal $54.58 $50.55 8.0% SOUTH ATLANTIC CITIES Atlanta $52.68 $45.85 14.9% Baltimore $74.99 $70.54 6.3% Charlotte $42.01 $36.36 15.5% Columbia, SC $43.21 $38.83 11.3% Fort Lauderdale $78.37 $68.01 15.2% Miami $97.60 $82.32 18.6% Orlando $66.15 $59.39 11.4% Raleigh $47.25 $44.46 6.3% Richmond $44.22 $41.82 5.7% Tampa $60.87 $54.91 10.8% Washington, DC $95.93 $85.10 12.7% West Palm Beach $107.10 $95.52 12.1% Subtotal $70.05 $62.11 12.8% SOUTH CENTRAL CITIES Austin $55.57 $45.86 21.2% Dallas $49.19 $43.01 14.4% Fort Worth $51.12 $43.40 17.8% Houston $53.34 $44.64 19.5% Memphis $47.62 $41.70 14.2% Nashville $52.51 $48.10 9.2% San Antonio $62.72 $55.53 13.0% Subtotal $52.85 $45.78 15.4% MOUNTAIN AND PACIFIC CITIES Albuquerque $41.00 $37.62 9.0% Denver $52.09 $45.85 13.6% Honolulu $122.22 $99.25 23.1% Los Angeles $82.72 $73.71 12.2% Oakland $54.53 $49.43 10.3% Orange County $78.47 $67.62 16.1% Phoenix $71.00 $63.07 12.6% Portland $51.84 $45.35 14.3% San Diego $91.95 $83.24 10.5% San Francisco $91.88 $82.11 11.9% Seattle $71.11 $63.15 12.6% Tucson $58.39 $49.10 18.9% Subtotal $77.23 $68.17 13.3% TOTAL CITIES $71.45 $63.64 12.3% Sources: Smith Travel Research, Torto Wheaton Research, PKF Hospitality Research

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