Condotel Update

1. Condotel Update Mark V. Lomanno President Smith Travel Research STR Condotel Pipeline Part of the STR / TWR / Dodge Construction Pipeline

2. Presentation Outline • * Existing Hotel Construction Pipeline • Condo Hotel Pipeline • Existing Condo Hotel Performance • Reporting Methodology Issues Source: STR

3. Total United StatesActive Development Pipeline - RoomsChange From Last Year Jan 2006 Jan 2005 Change % Chg In Construction 101,353 101,958 (605) (0.6)% Final Planning 25,401 14,739 10,662 72.3% Planning 189,124 168,165 20,959 12.5% ----------------------------------------------------------------------- Active Pipeline 315,878 284,862 31,016 10.9% In Pre-Planning 60,999 83,869 (22,870) -27.3% Total Development 376,877 368,731 8,146 2.2% Source: STR / TWR / Dodge Construction Pipeline

4. Total U.S.Summary of Condotel Pipeline – February 2006 • 239 Projects with a total of 100,897 reported* rooms • Rooms are broken out as follows ( % of total): • Hotel Rooms: 35,373 35.1% • Condo Hotel Rooms: 49,692 49.2% • Total Affecting Nightly Room Supply: 85,065 84.3% • Non-rental Residences: 14,472 14.3% • Timeshare Rooms: 1,360 1.4% • * Some projects have not yet reported room counts Source: STR Condotel Pipeline, part of the STR / TWR / Dodge Construction Pipeline

5. Total U.S.Summary of Condotel Pipeline – February 2006 • Total Rooms Affecting Nightly Room Supply: • Hotel Rooms: 35,373 41.6% • Condo Hotel Rooms: 49,692 58.4% • Total Affecting Nightly Room Supply: 85,065 100% • *Some projects have not yet reported room counts

6. Total United StatesDevelopment Pipeline – Rooms January 2006 Hotels vs. Hotel Rooms in Condotels Hotel Rooms in Hotel Rooms Condotels % of Rooms In Construction 101,353 9,303 9.2% Final Planning 25,401 2,901 11.4% Planning 189,124 14,609 7.2% ---------------------------------------------------------------------------- Active Pipeline 315,878 26,813 8.5% In Pre-Planning 60,999 8,560 14.0% Total Development 376,877 35,373 9.4% For Reference: Supply increase 2006 Forecast: 54k rooms (1.2%) Source: STR / TWR / Dodge Construction Pipeline

7. Total United StatesAll Rooms vs. Hotel Rooms vs. Condotel RoomsJanuary 2006

8. Total United StatesAll Rooms vs. Hotel Rooms vs. Condotel RoomsJanuary 2006

9. States Snapshot: • 31 States have Condotel Projects in the pipeline • 4 States have 10+ Projects • 70% of all Project Rooms are in only 5 States • 81.5% of all Project Rooms are in 10 States

10. Total U.S.Top 10 Condotel States by total number of units Source: STR Condotel Pipeline

11. Total U.S.Top 10 Condotel MSAs by total number of units

12. Total U.S.Number of Projects by Affiliation *Independent Projects may affiliate in later stages