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Rachel J. Roginsky, ISHC Daniel C. Hanrahan II, MAI, CRE Gregory T. Bohan 76 Canal Street, Boston, MA 02114 ~ 617/722-99

Rachel J. Roginsky, ISHC Daniel C. Hanrahan II, MAI, CRE Gregory T. Bohan 76 Canal Street, Boston, MA 02114 ~ 617/722-9916 238 South State Street, Newtown, PA 18940 ~ 215/579-1804 3418 Norfolk Street, Pompano Beach, FL. ~ 954/786-2019 www.pinnacle-advisory.com.

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Rachel J. Roginsky, ISHC Daniel C. Hanrahan II, MAI, CRE Gregory T. Bohan 76 Canal Street, Boston, MA 02114 ~ 617/722-99

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  1. Rachel J. Roginsky, ISHC Daniel C. Hanrahan II, MAI, CRE Gregory T. Bohan 76 Canal Street, Boston, MA 02114 ~ 617/722-9916 238 South State Street, Newtown, PA 18940 ~ 215/579-1804 3418 Norfolk Street, Pompano Beach, FL. ~ 954/786-2019 www.pinnacle-advisory.com

  2. National Trends – Occupancy and ADR

  3. Top and Bottom 5 Markets – Percent RevPAR Change 2003 Bottom 5 Top 5

  4. Boston / Cambridge • Historical Trends • Occupancy • ADR • RevPAR • Historical Trends by Area

  5. Boston / Cambridge Occupancy 1990 – 2003

  6. Boston / Cambridge ADR 1990 – 2003

  7. Boston / Cambridge RevPAR 1990 – 2003

  8. Boston/Cambridge 2003 by Area 5.0% Back Bay Cambridge Downtown Other 0.0% -5.0% Occupancy Avg Rate RevPAR -10.0% -15.0% -20.0%

  9. Boston / Cambridge Outlook 2004 • Commercial Demand • Leisure Demand • Group Demand • New Supply • Projections

  10. Commercial Demand • Improving Economy • Growth in High Tech Industries • Financial Services • Improving Stock Market • Consolidation • Pharmaceutical and Biotech

  11. Leisure Demand • Improving Economy • Weak Dollar • More Stable Geopolitical Situation • New Low-Cost Air Carriers

  12. Group Demand • Strong Citywide Demand • 18 vs 15 in 2003 • Strong Short Term Pick-up • Added 2 Large Groups (1,500+ on Peak) • Group Definites at the “Big 6” are 14% above last year

  13. Boston/Cambridge New Supply 2004 • Courtyard at 88 Exeter – Back Bay – 81 Rooms - April • Hotel Onyx – N. Station – 112 Rooms – May • Jurys Doyle – Back Bay – 220 Rooms – June • Clarion – N. Station – 88 Rooms – June • Hampton Inn and Suites – Crosstown • – 175 Rooms – June

  14. New Supply 2005-2007

  15. PAG Projections 2004

  16. Boston Convention and Exhibition Center 1.6 million square feet Third largest in the Mid Atlantic and Northeast Grand Opening June 24, 2004 Westin Headquarters Hotel Open June 2006

  17. The Future Of the Boston Convention Market Closure of the Hynes Could be sold July 1, 2006 Room Blocks BCEC Groups will be required to use Back Bay Hotels Marketing Leadership Facility Location

  18. The Changing Face of Boston Boston is no longer a “Backwater” Completion of the Big Dig is already having a positive effect World-Class Convention Center Excellent Transportation Infrastructure $14.6 Billion on Big Dig $1.2 Billion on Logan Modernization

  19. Capital Markets Nationally: the floodgates are wide open Boston: the gates are still closed

  20. PINNACLE ADVISORY GROUP 76 Canal Street Boston, MA 02114 ~ 617/722-9916 238 South State Street, Newtown, PA 18940 ~ 215/579-1804 3418 Norfolk Street, Pompano Beach, FL 33062 ~ 954/786-2019 www.pinnacle-advisory.com

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