HOST Almanac U.S. Hotel Operating Statistics for the year 2014 ANALYTICS

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1 HOST Almanac 2015 U.S. Hotel Operating Statistics for the year 2014

2 The HOST Almanac is an annual publication of STR Analytics, a division of STR, Inc. All information contained in this report is assembled and compiled by STR Analytics. Although information in this publication has been obtained from sources that STR Analytics believes to be reliable and accurate, we do not guarantee its accuracy since it is submitted by third parties. See page 32 for detailed information on study methodology and techniques. All opinions and estimates included in the HOST Almanac constitute the best judgment of STR Analytics and are subject to change without notice. This publication is not intended to represent the rendering of legal, accounting or professional services. Reproduction is prohibited without prior written authorization. Items may be quoted when full credit is given to the HOST Almanac by STR Analytics. For publication information: Call [email protected] Web Copyright 2015 by STR, Inc. All rights reserved The HOST Almanac is published by and all data in the HOST Almanac are compiled by: STR Analytics W. 120th Ave., Suite 250 Broomfield, Colorado HOST Almanac 2015 Page 2

parties. See page 32 for detailed information on study methodology and techniques.

3 table of contents reports u.s. lodging industry profitability... 4 room revenue s relationship to market value...7 inflation-adjusted profit...9 mapping profitability...12 looking back: the u.s. hotel industry in charts and graphs info geographic regions...31 methodology...32 summaries total u.s. summary full-service summary...35 limited-service summary...36 total u.s. summary ratio-to-sales total u.s. summary per-available-room total u.s. summary per-occupied-room night full-service full-service summary ratio-to-sales...43 full-service summary per-available-room...45 full-service summary per-occupied-room night...47 limited-service limited-service summary ratio-to-sales...49 limited-service summary per-available-room...51 limited-service summary per-occupied-room night...53 total u.s. detailed analysis ratio-to-sales total u.s. detailed revenue ratio-to-sales total u.s. detailed departmental expenses ratio-to-sales total u.s. detailed undistributed expenses ratio-to-sales total u.s. detailed selected fixed costs per-available-room total u.s. detailed revenue per-available-room total u.s. detailed departmental expenses...65 per-available-room total u.s. detailed undistributed expenses per-available-room total u.s. detailed selected fixed costs per-occupied-room night total u.s. detailed revenue per-occupied-room night total u.s. detailed departmental expenses...73 per-occupied-room night total u.s. detailed undistributed expenses per-occupied-room night total u.s. detailed selected fixed costs payroll analysis payroll summary...79 ratio-to-sales total u.s. detailed payroll per-available-room total u.s. detailed payroll per-occupied-room night total u.s. detailed payroll glossary glossary of HOST terminology...86 HOST Almanac 2015 Page 3

.. 39 total u.s. summary per-occupied-room night... 41 full-service full-service summary ratio-to-sales...43 full-service summary per-available-room...45 full-service summary per-occupied-room night.

4 u.s. lodging industry profitability Hotel industry revenue levels topped an estimated US$176 billion in 2014, adding nearly $14 billion in revenue from Total industry-wide house profit reached nearly US$66 billion, an increase of 12.8% over On an absolute nominal basis, this house profit represents an all-time high, though as a percent of total revenue is still below profit levels recorded in the late 1990 s, 2006 and The following chart details U.S. hotel industry profitability from 1990 to Please note this data extrapolates only on scale with the total amount of properties reporting room revenue to STR and uses all properties that reported profitability data, not just same-store properties. Also, house profit is defined as profit before deductions for fixed charges and management fees. U.S. Hotel Profitability ( ) $200 $180 $ % 90% $160 $ % Billions USD, Nominal $140 $120 $100 $80 $60 $40 $ % 38.4% $41.4 $ % $ % 60% 50% 40% 30% 20% $20 10% $ Total Revenue House Profit House Profit % of Total Revenue 0% What s interesting was not just the increases in revenue, but the surge in operating expenses in 2014, said Joseph Rael, who oversees the HOST program at STR Analytics. On a per-available-room basis, we re seeing administrative and general, marketing, maintenance and utilities at growth rates much higher than what we experienced last year. We re also seeing total management fees growing faster than total revenue, which indicates incentive fees are finally kicking in. HOST Almanac 2015 Page 4

On an absolute nominal basis, this house profit represents an all-time high, though as a percent of total revenue is still below profit levels recorded in the late 1990 s, 2006 and 2007.

5 Hotel Transaction Almanac 2014 Page 1 The Almanac Suite The ultimate resource for the hotel investment community. These four reports contain the information you need to help evaluate investments, performance, risk, development potential and more. Hotel Transaction Almanac 2014 U.S. Hotel Transactions for the year 2013 Hotel Transaction Almanac The Hotel Transaction Almanac is the most comprehensive source of hotel transaction statistics. STR Analytics combines their inhouse transaction database with that of data partner Hotel Brokers International (HBI) to create this comprehensive Hotel Transaction Almanac. HOST Almanac The definitive database of hotel revenue and expenses. The HOST Almanac contains information by department, including detailed rooms, food and beverage, marketing, utility costs, property and maintenance, administrative and general, as well as select fixed charges. Hotel Development Almanac A valuable source of information to assist in the evaluation of hotel projects. Combining data from STR s comprehensive Census and Pipeline Databases, this desktop reference guide contains analysis and development cost information for previous years hotel openings in the United States. Hotel Investors Gauge A quarterly survey of lenders, developers and investors that measures the current state of financing market conditions and ascertains critical future expectations through the lens of the hotel investment community. Pricing Individual Reports: $500 each Bundle Option 1: $1,200 ($300 savings) - select three reports Bundle Option 2: $1,500 ($500 savings) - purchase three reports, get the fourth free [email protected] ext. 3504

Hotel Transactions for the year 2013 Hotel Transaction Almanac The Hotel Transaction Almanac is the most comprehensive source of hotel transaction statistics.

HOST Program Highlights 2013. U.S. Hotel Operating Statistics for the year 2012 ANALYTICS

HOST Program Highlights 2013. U.S. Hotel Operating Statistics for the year 2012 ANALYTICS HOST Program Highlights 2013 U.S. Hotel Operating Statistics for the year 2012 ANALYTICS ANALYTICS The HOST Almanac is an annual publication of STR Analytics. All information contained in this report is