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Outlook 2004

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. Outlook 2004. Pinnacle Realty Investments. Pinnacle Advisory Group. National Lodging Market. Top 25 Markets – 2002

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Outlook 2004

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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 Outlook 2004 Pinnacle Realty Investments Pinnacle Advisory Group

  2. National Lodging Market Top 25 Markets – 2002 Total U.S. Market Through April 2003 National Projections

  3. National Lodging Market Top 25 Markets – 2002

  4. Top 25 MarketsRoom Supply Percent Change - 2002 INDUSTRY AVERAGE 1.8 % Source: Smith Travel Research / Pinnacle Advisory Group

  5. Top 25 MarketsADR Percent Change - 2002 INDUSTRY AVERAGE -1.5 % Source: Smith Travel Research / Pinnacle Advisory Group

  6. Top 25 MarketsOccupancy 2002 INDUSTRY AVERAGE 59.2 % Source: Smith Travel Research

  7. Top 25 Markets RevPAR 2002 Source: Smith Travel Research / Pinnacle Advisory Group

  8. National Lodging Market Total U.S. Market Through April 2003

  9. Total United StatesRoom Supply/Demand Percent ChangeTwelve Month Moving Average To April 2003 Source: Smith Travel Research / Pinnacle Advisory Group

  10. Total United StatesOccupancy and ADRTwelve Month Moving Average To Apr 2003 Source: Smith Travel Research / Pinnacle Advisory Group

  11. Total United StatesKey Performance Indicators Percent ChangeTwelve Months Ending April Source: Smith Travel Research / Pinnacle Advisory Group

  12. Chain ScalesOccupancy/ADR Percent ChangeTwelve Months Ended April 2003 Source: Smith Travel Research / Pinnacle Advisory Group

  13. National Lodging Market National Projections

  14. U.S. Lodging Outlook * Supply Growth Significantly Lower * Demand Lags, Then Recovers * Occupancy Flat * Pressure on Room Rates * Slow RevPAR Growth * Potential Threat – War/Terrorism

  15. Total United StatesSupply/Demand Percent Change1996 – 2003P Source: Smith Travel Research / Pinnacle Advisory Group

  16. Total United StatesOccupancy Percent1996 – 2003P Source: Smith Travel Research / Pinnacle Advisory Group

  17. Total United StatesAverage Daily Rate1996 – 2003P Source: Smith Travel Research / Pinnacle Advisory Group

  18. Total United StatesRevPAR Percent Change1996 – 2003P Source: Smith Travel Research / Pinnacle Advisory Group

  19. New England Lodging Market

  20. New England Occupancy - 2002 Source: Smith Travel Research / Pinnacle Advisory Group

  21. New England Average Daily Rate – 2002 Source: Smith Travel Research / Pinnacle Advisory Group

  22. New England RevPAR – 2002 Source: Smith Travel Research / Pinnacle Advisory Group

  23. New England Change in Performance - 2002 Source: Smith Travel Research / Pinnacle Advisory Group

  24. New England Change in Performance – YTD June 2003 Source: Smith Travel Research / Pinnacle Advisory Group

  25. Suburban Boston Lodging Market Statistics Projections

  26. Suburban Boston Lodging Market Statistics

  27. Suburban Boston Statistics

  28. Suburban Boston Occupancy 1995-2002 Source: Smith Travel Research / Pinnacle Advisory Group

  29. Suburban Boston Average Room Rate 1995 - 2002 Source: Smith Travel Research / Pinnacle Advisory Group

  30. Suburban Boston RevPAR 1995 - 2002 Source: Smith Travel Research / Pinnacle Advisory Group

  31. Suburban Boston Lodging Supply 1995 - 2002 Source: Smith Travel Research / Pinnacle Advisory Group

  32. Suburban Boston Occupancy YTD June 2001 - 2003 Source: Smith Travel Research / Pinnacle Advisory Group

  33. Suburban Boston Average Daily Rate YTD 2001 - 2003 Source: Smith Travel Research / Pinnacle Advisory Group

  34. Suburban Boston RevPARYTD 2001 - 2003 Source: Smith Travel Research / Pinnacle Advisory Group

  35. Suburban Boston Lodging Market Projections

  36. Suburban Boston 2003 • Continued Lack of Overflow from Boston • Major Demand Generators Report only limited increases in demand • Shorter Booking Window • New Supply Less but Still a Factor • Pent-up demand

  37. Pinnacle ProjectionsSuburban Boston 2003

  38. Suburban Boston 2004 • Stronger Convention Year for Boston • Improving economy • Limited New Supply • Stable Geopolitical Situation • Weak Dollar

  39. Pinnacle ProjectionsSuburban Boston 2004

  40. Boston / Cambridge Lodging Market Statistics New Supply Demand Trends Projections

  41. Boston / Cambridge Lodging Market Statistics

  42. Boston / Cambridge Occupancy 1989 – 2002 Source: Pinnacle Advisory Group

  43. Boston / Cambridge Average Room Rate 1989-2002 Source: Pinnacle Advisory Group

  44. Boston / Cambridge RevPAR 1989-2002 Source: Pinnacle Advisory Group

  45. Boston / Cambridge Lodging Supply 1989 - 2002 Source: Pinnacle Advisory Group

  46. Boston / Cambridge Occupancy YTD June 2001-2003 Source: Pinnacle Advisory Group

  47. Boston / Cambridge Average Room Rate YTD June 2001-2003 Source: Pinnacle Advisory Group

  48. Boston / Cambridge RevPARYTD June 2001-2003 Source: Pinnacle Advisory Group

  49. Boston / Cambridge Change in RevPAR 1996 – YTD June 2003 Source: Pinnacle Advisory Group

  50. Boston / Cambridge Change in Performance By Market Area - 2002 Source: Pinnacle Advisory Group

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