Robust growth in the Caribbean market and new supply chain growth in the near future.

1. 1
State of the Caribbean Hotel Industry
January 2014
Steve Hennis
Director, STR Analytics

2. 3
Caribbean RevPAR Surging in 2014
% Change
• Hotels 1,720
• Hotel Rooms 181,413
• Occupancy 68.0% 1.5%
• ADR $194.66 6.4%
• RevPAR $132.28 8.0%
• Room Revenue $ 9.8B 8.9%

3. 4
Caribbean Occupancy
Running 12 Months Jan 2001 - Dec 2014
56
58
60
62
64
66
68
70
72
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
May-06
70.4% Dec-14
68.0%

4. 5
Resort Destination Markets
Occupancy %
2013 vs. 2014
76.5
66.8
73.1
62.9
66.4
63.0
57.9
77.0
69.7 69.0 68.2 68.0
62.7
56.8
45
50
55
60
65
70
75
80
85 2013 2014

5. 6
Caribbean Average Daily Rate
Running 12 Months Jan 2001 - Dec 2014
120
130
140
150
160
170
180
190
200
210
220
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Jan-08
$201.63
Dec-14
$194.66

6. 7
Resort Destination Markets
ADR (USD)
2013 vs. 2014
$230 $233
$183
$174
$118
$133
$113
$243
$230
$195
$183
$125 $128
$115
$90
$110
$130
$150
$170
$190
$210
$230
2013 2014

7. 8
Resort Destination Markets
RevPAR (USD)
2013 vs. 2014
$176
$147
$122
$109
$79
$98
$66
$187
$144
$132
$125
$87 $88
$66
$50
$70
$90
$110
$130
$150
$170
$190 2013 2014

8. 9
2014 Caribbean HOST Statistics
(Year End 2013 data in USD)
2013 Performance
• Gross Operating Profit
 25.5%
• Net Operating Income
 17.4%
• House Profit  23%
Notable YOY Changes
• Rooms Department Profit
12.2% (±$5,100 PAR)
• F&B Departmental Profit
 29.3% (±$2,600 PAR)
• A&G Costs
 12.1% (±$1,500 PAR)
*Same-store hotels, 37 participants

9. 10
Total Caribbean
Hotel Development Pipeline
Phase Projects
In Construction 15
Final Planning 10
Planning 15
Active Pipeline 40
Approximately 8,800 rooms

10. 11
3 Largest Projects in Caribbean Active Pipeline
Project Name Phase Rooms
The Baha Mar Casino &
Hotel (Bahamas)
In Construction 981
Palladium Hotel Grand
Jamaica Resort & Spa
(Jamaica)
Final Planning 850
Grand Hyatt Baha Mar
(Bahamas)
In-Construction 844
November 2014