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OUTLOOK 2007

OUTLOOK 2007. Rachel J. Roginsky, ISHC rroginsky@pinnacle-advisory.com 164 Canal Street Boston, MA 02114 ~ 617/722-9916 www.pinnacle-advisory.com. NATIONAL LODGING MARKET. Total U.S. Monthly Room Supply – Seasonally Adjusted January 1989 to April 2006. 4.4 Million Rooms. 3.1 Million

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OUTLOOK 2007

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  1. OUTLOOK 2007 Rachel J. Roginsky, ISHC rroginsky@pinnacle-advisory.com 164 Canal Street Boston, MA 02114 ~ 617/722-9916 www.pinnacle-advisory.com

  2. NATIONAL LODGING MARKET

  3. Total U.S. Monthly Room Supply – Seasonally Adjusted January 1989 to April 2006 4.4 Million Rooms 3.1 Million Rooms CAGR 0.8% CAGR 3.5% CAGR – 2.065% Source: Smith Travel Research

  4. 6.1% Peak CAGR – 2.7% CAGR – 2.061% Total U.S.Monthly Room Demand – Seasonally AdjustedJanuary 1989 to April 2006 Source: Smith Travel Research

  5. Total United States Occupancy Percent2002 – 2007P Source: Smith Travel Research

  6. Total United States ADR Percent Change2002 – 2007P Source: Smith Travel Research

  7. Total United States RevPAR Percent Change2002 – 2006P Source: Smith Travel Research

  8. Top 25 Market Areas – Occupancy Percent 2005 Source: Smith Travel Research

  9. Top 25 Market Areas – Average Daily Rate 2005 Source: Smith Travel Research

  10. Top 25 Market Areas – RevPAR 2005 Source: Smith Travel Research

  11. Chicago 20.0 Dallas 17.8 Atlanta 17.6 Honolulu 16.6 San Francisco 15.5 Boston 12.4 Phoenix 11.6 Miami 11.5 Top 25 Markets 11.1 San Diego 10.7 Los Angeles 10.0 New York 9.9 Total US 9.0 All Other Markets 7.5 Orlando 7.2 Philadelphia 3.5 Washington 2.4 0 5 10 15 20 25 Key 15 Markets RevPAR Percent ChangeApril 2006 YTD Year-over-Year Source: Smith Travel Research

  12. SUBURBAN BOSTON LODGING MARKET

  13. Suburban Boston Occupancy 1996 - 2005 Source: Smith Travel Research/Pinnacle Advisory Group

  14. Suburban Boston Average Daily Rate 1996-2005 Source: Smith Travel Research/Pinnacle Advisory Group

  15. Suburban Boston RevPAR 1996 - 2005 Source: Smith Travel Research/Pinnacle Advisory Group

  16. Suburban Boston Supply and Demand 1999 - 2005 Source: Smith Travel Research/Pinnacle Advisory Group

  17. Suburban Boston Occupancy YTD May 2004 - 2006 Source: Smith Travel Research/Pinnacle Advisory Group

  18. Suburban Boston Average Daily Rate YTD May 2004 - 2006 Source: Smith Travel Research/Pinnacle Advisory Group

  19. Suburban Boston RevPAR YTD May 2004 - 2006 Source: Smith Travel Research/Pinnacle Advisory Group

  20. Suburban Boston New Supply 2006 • Hilton Garden Inn – Plymouth – 130 Rooms – May • Hampton Inn and Suites – Plymouth - 122-rooms – August • Residence Inn – Marlborough – 112 Rooms - October • Residence Inn – Norwood – 96 Rooms – November Source: Pinnacle Advisory Group

  21. Source: Pinnacle Advisory Group

  22. Suburban Boston 2006 • Improving Economy • Stronger Office Market • Limited New Supply • Compression

  23. Suburban Boston Projections 2006 Source: Pinnacle Advisory Group

  24. Suburban Boston 2007 • Limited New Supply • Slightly less Compression • Improved Economy • Conversions

  25. Suburban Boston Projections 2007 Source: Pinnacle Advisory Group

  26. BOSTON CAMBRIDGE LODGING MARKET

  27. Boston / Cambridge Occupancy 1989-2005 Source: Pinnacle Advisory Group

  28. Boston / Cambridge ADR 1989-2005 Source: Pinnacle Advisory Group

  29. Boston / Cambridge RevPAR 1989-2005 Source: Pinnacle Advisory Group

  30. Boston / Cambridge Supply and Demand 1989-2005 Source: Pinnacle Advisory Group

  31. Boston / Cambridge Occupancy YTD May 2004-2006 Source: Pinnacle Advisory Group

  32. Boston / Cambridge ADR YTD May 2004-2006 Source: Pinnacle Advisory Group

  33. Boston / Cambridge RevPAR YTD May 2004-2006 Source: Pinnacle Advisory Group

  34. Boston / Cambridge Change In RevPAR 1996 – YTD May 2006 Source: Pinnacle Advisory Group

  35. Boston / Cambridge Change In RevPAR By Market Area 2005 Source: Pinnacle Advisory Group

  36. Boston / Cambridge Change In Performance By Market Area YTD May 2006 Source: Pinnacle Advisory Group

  37. Boston / Cambridge New Supply 2006 • Westin Headquarters Hotel – Waterfront – 790 Rooms – June • Intercontinental – Downtown - 424-rooms - November Source: Pinnacle Advisory Group

  38. Boston / Cambridge New Supply 2007 • Charles Street Jail – Beacon Hill – 308 Rooms - May • Renaissance – 477 Rooms – Waterfront District – December Source: Pinnacle Advisory Group

  39. Boston / Cambridge Demand Factors • Continued Strong Corporate Growth Anticipated • 2006 Record Convention Year • 2007 Slightly behind 2006 • Winter Advertising Campaign will help off-season Leisure Source: Pinnacle Advisory Group

  40. Boston / Cambridge Average Rates • Strong increases in other national markets • Momentum from 2006 Likely to Carry-Over to 2007 • Luxury Orientation of New Product Will Help • Large Citywides and Continued Strong demand will Help Compression Source: Pinnacle Advisory Group

  41. Pinnacle Operator’s Survey 2007 Outlook • Several Regional Executives • 5-7% RevPAR Growth Source: Pinnacle Advisory Group

  42. Boston Cambridge Projections 2006 Source: Pinnacle Advisory Group

  43. Boston Cambridge Projections 2006 Source: Pinnacle Advisory Group

  44. PINNACLE ADVISORY GROUP 164 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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