1. Statistically Speaking:
The Past, The Present, and the Future
Jan D. Freitag
Senior Vice President
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2. www.hotelnewsnow.com
Click on “Hotel Data Presentations”
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3. Supply / Demand Imbalance Drove Last 12 Months
% Change
• Room Supply* 1.8 bn 0.4%
• Room Demand* 1.06 bn 4.6%
• Occupancy 60.3% 4.2%
• A.D.R. $102 3.8%
• RevPAR $61 8.2%
• Room Revenue* $109 bn 8.7%
12 Months Ending February 2012, Total US Results
* All Time High 3

4. ADRs Are Growing (But Will Comps Get More Difficult?)
4.4
4.1 4.0 4.1
3.9 4.0 3.9 4.0
3.7
3.5 3.5 3.5 3.6
3.1
2.9
2.6
1/11 4/11 7/11 10/11 1/12 2/12 3/3 3/10
Weekly data
* Total US, ADR $ % Change, by Month, 1/11 – 2/12, by Week 3/3 – 3/10 4

5. ADRs Are Growing Across All Channels
137
134 133 2009 2010 2011
129
127 127
122 123
118
112 115
112
102 102
99 98
95
93
85 84 87
65
59 59
Brand.com CRS/Voice GDS Prop OTA - OTA - Retail OTA- Opaque STAR Total
Direct/Other Merchant
*ADR by Channel for Chain Affiliated Hotels
YE 2009 - 2011 5

6. Strong Demand Growth, Supply Not An Issue
Supply
6.7
6.2
Demand
5.9
4.5 4.6
3.5
1.8 1.9
1.5
1.1
0.8
0.2
Luxury Upper Upscale Upscale Upper Midscale Midscale Economy
*Supply / Demand % Change, by Scale, 12 Months Ending 2/12
Upper Mid / Midscale: Same Store Basis to Account for Best Western Reclassification 6

7. Entering 2nd Stage Of Recovery Where ADR % > OCC %
Occupancy
5.1 5.2
ADR
4.7
4.0 4.0
3.6 3.7
3.3
2.9 3.0 2.9
2.2
Luxury Upper Upscale Upscale Upper Midscale Midscale Economy
*OCC / ADR % Change, by Scale, 12 Months Ending 2/12
Upper Mid / Midscale: Same Store Basis to Account for Best Western Reclassification 7

8. Total United States
Forecast 2012 / 2013
Key Performance Indicator % Change
2012 2013
Forecast Forecast
Supply 0.8% 1.4%
Demand 1.3% 2.0%
Occupancy 0.5% 0.5%
ADR 3.8% 4.4%
RevPAR 4.3% 4.9%
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