untitled

Hotel Hotel Market Report

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JAL 20013016.083020.174016.08 1 1 J 07 2007 0758.405 3 0664.9 05 0220022008 1,200 2008 8,000 JAL17-187,000 12-145,500-6,000 211 JALOcc:0469.20675.5ADR6,6746,947 7075 7075 Year3 (Year3 Occ ADR Rev PAR Upside 71.2% 7,073 5,036 Downside 66.2% 6,772 4,484 2

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1. NA SRC 743.21 12 5,181.18 2. JR 15 IC() 3. 538.95 204.26 743.21 4. * cm 1 2 130 16.08 140 30 20.17 120 40 16.08 160 200 270 268 ( 1 1 1 4 12200 4

24 5

6

20083 1,141460 07 1960 1972 50% 50% 1990 1990IT2000 5 5WQS 4-star 1 7

200613 37596.80 SUN 3 78.7 MRT micc ( ) WASH 8

3,350,000 3,330,008 3,300,000 3,250,000 3,227,865 3,200,000 3,150,000 3,100,000 3,082,211 3,098,292 3,098,293 3,050,000 3,000,000 2,950,000 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 3,330,008 3,227,865 3,082,211 3,098,292 3,098,293 3.1% 4.5% +0.5% +0.0% 1,419,805 1,460,142 1,417,715 1,442,415 1,462,632 +2.8% 2.9% +1.7% +1.4% 840,402402 764,199 716,099 727,613 733,862 9.1% 6.3% +1.6% +0.9% 618,062 574,038 503,625 517,763 489,449 7.1% 12.3% +2.8% 5.5% 231,436 223,805 218,216 238,216 218,790 3.3% 2.5% +9.2% 8.2% Source: 15 20 13-4 25 90 70 60 40 2004 20052006 2006 4706 04 2002 2003 2004 2005 2006 4,625 4,658 4,758 4,822 4,686 +0.7% +2.1% +1.3% 2.8% Source: 4,850 4,800 4,750 4,700 4,650 4,600 4,550 4,500 1 4,822 4758 4,758 4,686 4,658 4,625 2002 2003 2004 2005 2006 1 14,600/4,800/ 34 1717 9

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14,000 12,000 2000 10,000 2001 8,000 6,000 2002 4,000 2,000 0 1975 5 1976 6 1977 7 1978 8 1979 9 1980 0 1981 1 1982 2 1983 3 1984 4 1985 5 1986 6 1987 7 1988 8 1989 9 1990 0 1991 1 1992 2 1993 3 1994 4 1995 5 1996 6 1997 7 1998 8 1999 9 2000 0 2001 1 2002 2 2003 3 2004 4 2005 5 2006 6 Source 80019901995 1200 200612161.3 6515 136 29 2822119195.210 18.8 2003 in 2004 2005 2006 2007 52 11

2006 1 54.8% 2 43.7% 3 30.2% 4 20.5% 5 20.3% 6 17.2% 7 12.6% 8 6.6% 9 5.1% 10 2.9% 1 20.3% 2 11.9% 3 7.1% 4 5.2% 5 3.2% 6 2.4% 7 1.7% 8 0.5% 05% 9 0.3% 10 0.2% 1 63.0% 2 26.4% 3 18.7% 4 9.2% 5 3.4% 6 2.1% Source: 2002 2003 2004 2005 2006 778 831 878 898 933 17,396 18,430 20,080 22,103 22,362 4 6 6 5 5 790 917 992 794 1,034 14 12 13 15 15 763 611 667 711 860 65 68 155 109 109 1,102 1,616 3,304 2,175 2,196 695 745 704 769 804 14,741 15,286 15,117 18,423 18,272 Source: 25,000 20,000 15,000 10,000 5,000 0 2002 2003 2004 2005 2006 950 900 850 800 750 2002 2003 2004 2005 2006 21.3% 22.4% 20.9% 20.4% 23.6% 1 47.4% 43.3% 46.0% 44.0% 44.3% 2 18.6% 23.2% 23.1% 25.1% 21.4% 3 5.0% 5.1% 5.0% 4.7% 4.6% 4 26% 2.6% 20% 2.0% 19% 1.9% 24% 2.4% 25% 2.5% 5 2.4% 0.7% 1.4% 1.4% 1.2% 6 2.7% 3.3% 1.7% 2.1% 2.5% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 18.6% 23.2% 23.1% 25.1% 21.4% 47.4% 43.3% 46.0% 44.0% 44.3% 21.3% 22.4% 20.9% 20.4% 23.6% 700 0% 2002 2003 2004 2005 2006 54.843.730.220.311.9 0622,3620230 06123.6221.42 90 6 5 4 3 2 1 12

1999 2000 2001 2002 2003 2004 2005 2006 6,873 5,859 5,572 5,212 4,710 4,931 5,109 6,080 2,675 2,743 2,449 2,386 2,311 2,473 2,498 2,539 Source: 8,000 7,000 6,000 5,000 4,000 6,873 5,859 5,572 5,212 4,931 5,109 4,710 6,080 20032006608 063 31000605 3 200323120062540310 3,000 2,675 2,743 2,449 2,386 2,311 2,473 2,498 2,539 2,000 1,000 0 1999 2000 2001 2002 2003 2004 2005 2006 1 2 3 4 5 6 7 8 9 10 11 12 515 5 706 482 455 547 375 673 784 304 484 427 328 191 230 244 178 225 180 232 237 184 204 238 196 37.1% 32.6% 50.6% 39.1% 41.1% 48.0% 34.5% 30.2% 60.5% 42.1% 55.7% 59.8% Source: 900 800 700 600 500 400 300 200 100 0 2006 1 2 3 4 5 6 7 8 9 10 11 12 062869 1228 28 28 232..6830.2 13

Source: 10 509m44 8km 16km 2001 2002 2003 2004 2005 2006 547 536 575 526 520 493 349 310 211 189 195 282 275 289 249 278 305 304 131 169 192 233 233 258 370 355 359 358 369 NA Source: 14

3 317 43 4 4 4 1111 1111 129 Source: 15

2001 2002 2003 2004 2005 2006 204 209 192 202 204 184 245,824 246,116 262,927 216,153 213,749 214,237 14 81 22 62 20 66 21 78 19 99 23 93 31,590 130,860 36,231 95,390 21,687 185,035 76,503 92,302 30,033 126,956 14,395 138,163 109 125 106 103 86 68 83,374 114,495 56,205 47,348 56,760 61,679 Source: 300,000 250,000 200,000 150,000 100,000 50,000 0 2001 2002 2003 2004 2005 2006 410 100 410 418 10,000 419 420 3,400 55 5/26,27 2007 2,000 516 517 200 511 513 900 518 519 4,000 519 520 200 522 523 600 524 526 2007 150 525 527 6,000 61 63 900 62 63 200 67 68 1,800 68 69 400 618 622 2,000 623 600 JA 626 627 600 77 78 320 712 713 3,000 717 719 1,500 727 728 300 84 85 700 84 85 800 84 85 900 86 87 3,000 825 826 1,000 900 914 1,000 914 915 400 914 917 2,800 918 921 The Foresee Workshop 2007 in Miyazaki 150 922 923 110 104 105 600 105 106 1,400 1011 300 1011 1013 3,000 1013 1014 400 1017 100 1017 1019 1,500 1020 1021 200 1027 200 1025 1027 390 1026 1029 2,800 1027 1028 300 1027 1028 1,000 1028 1031 SAPPHIRE07 Miyazaki SEAGAIA 3,000 111 112 340 111 113 350 118 1,200 117 119 1,200 118 119 800 119 1110 2,800 1115 1116 140 1115 1116 1,200 1117 1118 140 1119 1120 New Industry Leaders Summit 2007 400 1122 1123 560 1125 1,100 1129 1130 800 1129 1130 1,000 121 122 200 1215 1216 160 1217 800 120 80 JAL 122 125 2,800 125 1,000 21 22 600 26 150 220 222 2008 2,100 329 331 1,200 Source: 5,000 10 84 85 700 220 2,000 9 3,000 6 210 300 9 1,818 3 1,867 3 200 500 1 750 1 190 400 6 1,000 1 180 250 11 350 4 170 160 MRT Micc 650 4 JAAZM 530 5 254 7 497 1 120 5 400 1 150 1,003 1 415 1 16

No. 1 60 () 16-38 2 61 () 118-7 3 63 () 21-11 4 () 21-1 5 () 21-1 6 () 41-2 6F 7 () 8 13 () 116-1 9 13 () 46-1 10 14 () 34-13 11 14 () 515-13 12 14 () 8-11 13 15 () 25131 14 16 () 16-38 15 16 () 2334 16 16 () 54-1 17 17 () 177-3 18 17 () 48-1 19 17 () ( ) 2516 1F 20 17 () 41-2 21 17 () 118-12 22 17 () () 53-10 23 17 () 234-2 24 17 () 210-20 20 25 18 () 17880-45 26 18 () 74-3 27 18 () 17880-25 28 19 () 1332 29 19 () 30 19 () 11301 31 19 () 7-2 105 17

2002 2003 2004 2005 2006 2007 1,167 1,082 1,162 1,160 1,164 1,235 7.2% +7.4% 0.2% +0.4% +6.0% Source: +15.0% +10.0% +5.0% 1,250 20 1,235 +0.0% 2006 2007 1 2 3 4 5 6 7 8 9 10 11 12 2008 1,200 1,150 1,167 1,162 1,160 1,164 5.0% 1,100 1,082 10.0% 1,050 15.0% 1,000 2002 2003 2004 2005 2006 2007 20074 20075 20076 20077 20078 20079 200710 10 200711 11 200712 12 20081 20082 Source: 18

2003 3 761 58.4% 2004 3 761 53.8% 2005 3 761 52.4% 2006 3 761 55.7% 2007 3 747 58.4% 59.0% 58.0% 57.0% 56.0% 55.0% 54.0% 53.0% 52.0% 51.0% 50.0% 49.0% 2003 2004 2005 2006 2007 2003 67.5% 2004 70.3% 2005 60.8% 2006 64.9% 2007 NA 72.0% 70.0% 68.0% 66.0% 64.0% 62.0% 60.0% 58.0% 56.0% 2003 2004 2005 2006 80.0% 70.0% 60.0% 50.0% 40.0% 90.0% 85.0% 80.0% 75.0% 70.0% 65.0% 60.0% 55.0% 50.0% 45.0% 40.0% 30.0% 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 2003 58.4% 66.5% 74.0% 56.7% 80.0% 71.6% 73.4% 72.1% 55.1% 74.1% 81.5% 46.2% 2003 55.0% 73.3% 64.1% 49.7% 58.3% 51.8% 49.6% 57.3% 54.3% 62.6% 71.1% 54.1% 2004 63.1% 66.8% 77.0% 53.8% 78.0% 63.2% 85.3% 71.3% 70.6% 69.7% 71.6% 72.9% 2004 48.5% 73.7% 53.3% 45.1% 48.5% 52.5% 46.5% 52.0% 53.6% 61.8% 58.1% 52.2% 2005 51.3% 59.3% 68.2% 51.7% 78.0% 44.2% 70.9% 78.9% 53.0% 66.1% 65.4% 43.0% 2005 55.7% 63.2% 56.4% 47.7% 57.2% 49.9% 50.3% 47.6% 44.8% 50.3% 56.2% 49.9% 2006 52.1% 73.5% 66.4% 58.9% 66.9% 61.1% 69.8% 68.4% 65.0% 66.2% 70.0% 60.2% 2006 51.4% 66.4% 58.4% 49.4% 55.9% 45.0% 55.6% 56.6% 50.4% 59.6% 67.0% 52.4% 2007 54.1% 76.1% 59.5% 2007 57.2% 73.4% 63.8% 50.8% 58.7% 50.7% 47.3% 57.1% 51.9% 64.4% 70.5% 55.3% 19

99 00 01 02 03 04 05 06 46 47 45 49 52 54 65 65 +2.2% 4.3% +8.9% +6.1% +3.8% +20.4% +0.0% 5,049 5,115 4,948 5,447 6,013 6,044 6,588 6,554 +1.3% 3.3% +10.1% +10.4% +0.5% +9.0% 0.5% Source 70 60 50 40 7,000 6,000 5,000 4,000 Source 2000/ 2002 210 2002 204 2003 96 2004 124 2005 202 2006 140 2007 21 2008 156 0 0 414 96 124 202 140 21 156 0 0 414 510 634 836 976 997 1,153 30 20 3,000 2,000 1,400 10 1000 1,000 0 0 99 00 01 02 03 04 05 06 5,049 5,115 4,948 5,447 6,013 6,044 6,588 6,554 46 47 45 49 52 54 65 65 1200 1,200 1,000 800 600 400 200 0 156 21 140 202 124 96 414 0 0 00 01 02 03 04 05 06 07 08 20

085 081 Source 087 21

(ehotel NA 20077 NA 20074 NA 200510 NA 200510 NA 20059 sourcehp 22

23

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2002 210 7,300 17.0 1,260 136 800 1994 160 5,700 12.0 36 800 1981 237 5,500500 12.0 840 NA 600 1981 209 5,100 11.0 900 64 800 1988 174 5,650 17.5 945 100 900 1982 123 4,074 14.0 500 88 600 1964 374 5,800 12.0 840 100 630 1995 176 5,700 13.0 840 100 630 2002 204 7,000 18.0 100 500 2005 202 5,670 12.0 56 500 2006 140 5,880 12.0 30 500 1954 370 8,500 19.0 350 700 1973 102 4,200 10.0 30 630 2004 124 4,980 13.0 20 500 1970 185 4,800 11.0 840 100 735 1984 63 5,100 11.0 800 NA 500 1998 39 4,725 8.0 735 25 525 Source 9,000 8,500 8000 8,000 7,500 7,000 6,500 6,000 5,500 5,000 4,500 4,000 8 10 12 14 16 18 20 25

4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.2 4.3 4.0 4.5 4.2 3.9 4.5 4.5 4.5 4.5 4.5 5.0 4.5 4.4 4.6 4.3 4.6 4.1 3.7 45 4.5 40 4.0 45 4.5 50 5.0 35 3.5 45 4.5 35 3.5 4.5 4.5 4.5 4.5 3.5 4.5 4.5 4.0 3.8 3.8 4.2 4.1 3.0 4.5 4.5 4.0 4.5 5.0 4.0 4.0 4.1 3.6 4.1 4.0 4.2 4.6 3.5 3.5 3.5 3.5 3.5 3.5 4.0 3.4 3.2 3.7 3.1 3.9 3.4 4.0 4.0 4.0 5.0 3.5 4.0 4.0 3.6 3.6 3.8 3.6 3.7 3.0 4.5 4.5 4.0 5.0 3.5 4.5 4.0 4.1 4.2 4.1 4.0 3.8 3.3 4.3 4.3 4.2 4.6 3.9 4.3 4.1 4.0 3.9 4.0 4.0 4.0 3.6 *12008 *22008411 5.0 4.8 4.6 4.4 4.2 4.0 3.8 3.6 3.4 3.2 3.0 JAL 4.6 4.4 4.2 4.0 3.8 3.6 3.4 3.2 3.0 26

200 1 JAL 210 200211 2 204 20023 NA 7,656 NA NA * 130 16.08 142 17.0 144 17.5 30 20.17 42 23.5 26 27.0 40 16.08 19 20.0 26 18.0 500 1,000 1,000 NA NA LAN LAN NA * 2 TV21 1800LUX 12 NA 6 1800 1 NA 2164 500 2 5 1,260 500 136 800 100 500 27

1JAL 12 2 4/17 21011 211 JAL 1 7,300 7,300 7,300 7,300 7,300 7,300 7,300 5 7,900 7,900 7,900 7,900 7,900 7,900 7,900 10,000 10,000 10,000 10,000 10,000 10,000 10,000 11,600 11,600 11,600 11,600 11,600 11,600 11,600 2 9,000 9,000 9,000 9,000 9,000 9,000 9,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 13,600 13,600 13,600 13,600 13,600 13,600 13,600 *20084HP 76.0% 75.0% 74.0% 73.0% 72.0% 71.0% 70.0% 69.0% JAL 7,500 7,000 6,500 6,000 5,500 5,000 4,500 2004 2005 2006 69.2% 72.8% 75.5% 58.5% 60.8% 63.2% Double Occ 1.16 1.14 1.14 354M 383M 402M ADR 6,674 6,864 6,947 Rev 4,618 4,997 5,245 Source: ADR Rev PAR 68.0% 4,000 67.0% 3,500 66.0% 3,000 2004 2005 2006 28

2 12 21 211 1 6,800 7,000 7,000 7,000 6,800 6,600 5,800 8,400 8,500 8,500 8,500 8,400 8,300 7,800 7,500 7,600 7,600 7,600 7,500 7,400 6,900 2 8,900 8,700 8,700 8,700 8,900 9,200 9,200 12,500 11,800 11,800 11,800 12,500 12,800 11,000 *20084HP 29

1 2 2 2111 500 2 4/25 6,930 702 1134 5-30

300 4,0742101 101 1 211 e-hotels910 211 31

2004 2005 2006 69.2% 72.8% 75.5% 58.5% 60.8% 63.2% Double Occ 116 1.16 114 1.14 114 1.14 354M 383M 402M ADR 6,674 6,864 6,947 Rev 4,618 4,997 5,245 Source: 76.0% 75.0% 74.0% 73.0% 72.0% 71.0% 70.0% 69.0% 68.0% 67.0% 66.0% JAL 2004 2005 2006 7500 7,500 7,000 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 ADR Rev PAR 3 0710 0711 0712 74.8% 79.0% 74.6% 76.1% 71.1% 80.6% 62.9% 71.5% Source 85.0% 80.0% 75.0% 70.0% 65.0% 60.0% 55.0% 50.0% 05 69.9% 2 3 A 0710 0711 0712 Occ Source 210 75.5% 36 76.8% 160 78.0% 174 77.0% 370 71.6% 950 74.7% ADR ADR Source 210 6,947 36 5,549 B 160 6,531 174 8,711 370 9,928 950 8,308 Rev PAR RevPAR Source 210 5,245 36 4,262 160 5,094 174 6,708 370 7,108 950 6,208 32

49 410 411 412 413 414 415 416 417 418 47 31 85 104 122 49 28 36 8 62 11 9 9 7 10 10 11 8 6 9 202 16 19 18 14 19 15 17 12 10 74 59 112 111 146 78 54 61 26 81 ( 63.4% 70.8% 44.6% 45.0% 27.7% 61.4% 73.3% 69.8% 87.1% 59.9% 29 30 62 53 73 40 14 16 3 50 19 18 18 14 18 17 18 16 16 18 140 7 4 5 5 6 5 7 3 2 55 52 85 67 96 63 37 39 22 70 ( 60.7% 62.9% 39.3% 52.1% 31.4% 55.0% 73.6% 72.1% 84.3% 50.0% JAL 5 210 NA NA 5 NA NA NA NA NA 0 NA ( NA NA 97.6% NA NA NA NA NA 100.0% NA 1 4 2 16 3 9 204 10 15 4 2 17 3 4 4 3 3 4 2 1 4 15 35 4 3 27 ( 92.6% 82.8% 98.0% 98.5% 86.8% 3 3 5 3 3 1 124 3 3 3 3 1 0 ( 97.6% 97.6% NA NA NA 97.6% 97.6% 99.2% 100.0% NA 210 ( NA NA NA NA NA NA NA NA NA NA 8 2 2 160 10 2 0 ( NA NA NA NA NA NA 93.8% 98.8% 100.0% NA 18 18 18 18 19 19 20 18 17 33

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0758.4 0664.92006 OccJAL0675.5 AB0710-12376.171.50569.9 78 211 70 7575 2007 70 59.0% 58.0% 57.0% 56.0% 55.0% 54.0% 53.0% 52.0% 51.0% 50.0% 49.0% 2003 2004 2005 2006 2007 2004 2005 2006 69.2% 72.8% 75.5% 58.5% 60.8% 63.2% Double Occ 1.16 1.14 1.14 354M 383M 402M ADR 6,674 6,864 6,947 Rev 4,618 4,997 5,245 Source: 72.0% 70.0% 68.0% 66.0% 64.0% 62.0% 60.0% 58.0% 56.0% 3 0710 0711 0712 74.8% 79.0% 74.6% 76.1% 71.1% 80.6% 62.9% 71.5% Source 05 69.9% 2003 2004 2005 2006 Occ Source 210 75.5% 36 76.8% 160 78.0% 174 77.0% 370 71.6% 950 74.7% 2004 2005 2006 71.4% 75.0% 67.8% 105 1.05 115 1.15 101 1.01 107 1.07 +3.6% +9.5% +1.0% +4.7% 69.8% 70.3% 65.8% 1.03 1.07 0.98 1.03 +2.0% +4.8% -+1.0% +1.9% 67.8% 65.5% 66.8% 2004 2005 81.0% 82.0% 1.10 1.08 1.09 +7.6% +6.1% +6.8% 73.4% 75.8% A Penetration1 31.0634.5 35

2002 210 7,300 17.0 1,260 136 800 1994 160 5,700 12.0 36 800 1981 237 5,500 12.0 840 NA 600 1981 209 5,100 11.0 900 64 800 1988 174 5,650 17.5 945 100 900 1982 123 4,074 14.0 500 88 600 1964 374 5,800 12.0 840 100 630 1995 176 5,700 13.0 840 100 630 2002 204 7,000 18.0 100 500 2005 202 5,670 12.0 56 500 2006 140 5,880 12.0 30 500 1954 370 8,500 19.0 350 700 1973 102 4,200 10.0 30 630 2004 124 4,980 13.0 20 500 1970 185 4,800 11.0 840 100 735 1984 63 5,100 11.0 800 NA 500 1998 39 4,725 80 8.0 735 25 525 Source 9,000 8,500 8,000 7,500 ADR 7,000 6,500 6,000 5500 5,500 5,000 4,500 4,000 8 10 12 14 16 18 20 36

ADR Year3 UpsideYear3 Occ Down sideyear3 Occ 49 49 49 49 49 49 71 365 49 49 49 49 49 49 71 365 130 85% 95% 95% 95% 80% 50% 40% 74.9% 130 80% 92% 92% 92% 75% 50% 40% 72.4% 30 60% 65% 70% 70% 60% 80% 65% 67.0% 30 50% 55% 55% 55% 50% 75% 55% 56.3% 40 50% 60% 60% 60% 60% 80% 65% 62.3% 40 45% 50% 50% 50% 50% 75% 55% 53.7% 5,415 6,052 6,052 6,052 5,096 3,185 3,692 35,542 5,096 5,860 5,860 5,860 4,778 3,185 3,692 34,332 882 956 1,029 1,029 882 1,176 1,385 7,338 735 809 809 809 735 1,103 1,172 6,170 980 1,176 1,176 1,176 1,176 1,568 1,846 9,098 882 980 980 980 980 1,470 1,562 7,834 7,277 8,183 8,257 8,257 7,154 5,929 6,923 51,978 6,713 7,649 7,649 7,649 6,493 5,758 6,426 48,335 74.3% 83.5% 84.3% 84.3% 73.0% 60.5% 48.8% 71.2% 68.5% 78.1% 78.1% 78.1% 66.3% 58.8% 45.3% 66.2% ADR ADR 1 6,800 7,000 7,000 7,000 7,000 6,500 6,300 6,800 1 6,600 6,800 6,800 6,800 6,800 6,400 6,000 6,600 130 2-130 2-1 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 1 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 30 2 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,000 30 2 10,500 10,500 10,500 10,500 10,500 10,500 10,500 10,500 1 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 1 7,200 7,200 7,200 7,200 7,200 7,200 7,200 7,200 2 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 2 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 130 100% 100% 100% 100% 100% 100% 100% 130 100% 100% 100% 100% 100% 100% 100% 30 80% 80% 80% 80% 80% 10% 30% 30 80% 80% 80% 80% 80% 10% 30% 40 70% 70% 70% 70% 70% 10% 30% 40 70% 70% 70% 70% 70% 10% 30% 7,747 8,727 8,815 8,815 7,683 8,399 9,184 59,370 7,125 8,105 8,105 8,105 6,934 8,073 8,339 54,784 6,476 6,667 6,667 6,667 6,667 6,190 6,000 6,526 6,286 6,476 6,476 6,476 6,476 6,095 5,714 6,331 1.051 8190 8,190 8,190 8190 8,190 8190 8,190 8190 8,190 10,190190 9619 9,619 8781 8,781 1.05 7714 7,714 7714 7,714 7714 7,714 7714 7,714 7714 7,714 9714 9,714 9143 9,143 8343 8,343 7,571 7,571 7,571 7,571 7,571 8,429 8,143 7,835 7,229 7,229 7,229 7,229 7,229 7,971 7,724 7,467 6,831 6,975 6,985 6,985 7,003 7,576 7,295 7,073 6,566 6,703 6,703 6,703 6,730 7,267 6,828 6,772 35,065 40,343 40,343 40,343 33,973 19,717 22,152 231,937 32,032 37,953 37,953 37,953 30,940 19,413 21,097 217,342 7,224 7,826 8,428 8,428 7,224 11,984 13,318 64,432 5,670 6,237 6,237 6,237 5,670 10,710 10,711 51,472 7,420 8,904 8,904 8,904 8,904 13,216 15,032 71,284 6,376 7,084 7,084 7,084 7,084 11,718 12,065 58,494 49,709 57,073 57,675 57,675 50,101 44,917 50,501 367,653 44,078 51,274 51,274 51,274 43,694 41,841 43,873 327,308 Occ 74% 84% 84% 84% 73% 61% 49% 71.2% Occ 69% 78% 78% 78% 66% 59% 45% 66.2% ADR( 6,831 6,975 6,985 6,985 7,003 7,576 7,295 7,073 ADR( 6,566 6,703 6,703 6,703 6,730 7,267 6,828 6,772 Rev PAR 5,072 5,824 5,885 5,885 5,112 4,583 3,556 5,036 Rev PAR 4,498 5,232 5,232 5,232 4,459 4,270 3,090 4,484 Double Occ 1.06 1.07 1.07 1.07 1.07 1.42 1.33 1.14 Double Occ 1.06 1.06 1.06 1.06 1.07 1.40 1.30 1.13 ( ( 211 58 211 58 58 62 245 58 62 245 86% 75% 67% 71.3% 81% 70% 62% 66.3% Year3OccADR 1 JAL ADRDown6,772Up7,073JALADR066,947 Down66.3Up71.4 JAL 1 7,300 7,300 7,300 7,300 7,300 7,300 7,300 7,900 7,900 7,900 7,900 7,900 7,900 7,900 10,000 10,000 10,000 10,000 10,000 10,000 10,000 11,600 11,600 11,600 11,600 11,600 11,600 11,600 2 9,000 9,000 9,000 9,000 9,000 9,000 9,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 13,600 13,600 13,600 13,600 13,600 13,600 13,600 *20084HP 1 6,800 7,000 7,000 7,000 6,800 6,600 5,800 8,400 8,500 8,500 8,500 8,400 8,300 7,800 7,500 7,600 7,600 7,600 7,500 7,400 6,900 2 8,900 8,700 8,700 8,700 8,900 9,200 9,200 12,500 11,800 11,800 11,800 12,500 12,800 11,000 *20084HP 37

ADR RevPAR 1year 2year 3year(stabilized) 200 1 200 1 200 1 365 365 365 73,000 73,000 73,000 49,685 54,065 55,525 56,912 1.15 61,929 1.15 63,602 1.15 68.1% 0 74.1% 0 76.1% 0 6,785 0 7,172 0 7,512 0 5,924 0 6,261 0 0 0 4,618 0 5,312 0 5,714 0 337,126 91.7% 6,785 387,769 92.4% 7,172 417,119 92.8% 7,512 0 0.0% 0 0 0.0% 0 0 0.0% 0 337,126 91.7% 6,785 387,769 92.4% 7,172 417,119 92.8% 7,512 3,487 0.9% 70 3,922 0.9% 73 4,140 0.9% 75 R3.00% (80% 57 0.0% 1 62 0.0% 1 64 0.0% 1 0.5 @200 854 0.2% 17 929 0.2% 17 954 0.2% 17 3 @500 1,987 0.5% 40 2,163 0.5% 40 2,221 0.5% 40 20 @1,000 20() 1,067 0.3% 21 1,161 0.3% 21 1,193 0.3% 21 30 @250 25() 1,423 0.4% 29 1,548 0.4% 29 1,590 0.4% 29 2.5 @5,000 20() 171 0.0% 3 186 0.0% 3 191 0.0% 3 1.5 @200() 9,045 2.5% 182 9,971 2.4% 184 10,352 2.3% 186 346,172 94.2% 6,967 397,740 94.8% 7,357 427,471 95.1% 7,699 16,320 4.4% 328 16,320 3.9% 302 16,320 3.6% 294 80 17000/ 4,969 1.4% 100 5,407 1.3% 100 5,553 1.2% 100 20 @500(1) 0 0.0% 0 0 0.0% 0 0 0.0% 0 21,289 5.8% 428 21,727 5.2% 402 21,873 4.9% 394 367,460 100.0% 7,396 419,466 100.0% 7,759 449,344 100.0% 8,093 29,811 8.1% 600 32,439 7.7% 600 33,315 7.4% 600 600(A550 ) 15,235 4.1% 307 16,540 3.9% 306 16,974 3.8% 306 260 + 438 15,765 4.3% 317 17,154 4.1% 317 17,618 3.9% 317 260 + 971 18,070 4.9% 364 20,784 5.0% 384 22,358 5.0% 403 (AT 1616 WEB 407) 2,158 0.6% 43 2,482 0.6% 46 2,670 0.6% 48 20 3.2 0 00% 0.0% 0 0 00% 0.0% 0 0 00% 0.0% 0 0 0.0% 0 0 0.0% 0 0 0.0% 0 81,039 22.1% 1,631 89,399 21.3% 1,654 92,934 20.7% 1,674 40 0.0% 1 43 0.0% 1 45 0.0% 1 70 598 0.2% 12 650 0.2% 12 668 0.1% 12 70 20 10,0001 () 2,400 0.7% 48 2,400 0.6% 44 2,400 0.5% 43 12(13) 3,037 0.8% 61 3,094 0.7% 57 3,112 0.7% 56 84,076 22.9% 1,692 92,493 22.1% 1,711 96,047 21.4% 1,730 283,384 77.1% 5,704 326,974 77.9% 6,048 353,297 78.6% 6,363 1 1 1 300 100-150 100 85 85 70 96.6% 6% 96.6% 1.9% 1.0% 0.5% 3.4% 96.8% 8,153 100.0% 8,701 100.0% 5,866 2.1% 1.2% 3.2% 272 0.0% 0 0.0% 0 100.0% 8,425 100.0% 8,701 100.0% 5,866 () 7.1% 595 3.2% 267 18.6% 2.6% 1,616 230 0.5% 44 2.2% 189 8.8% 515 5.4% 458 0.0% 0 1.0% 61 8.0% 677 2.6% 222 0.0% 0 24.2% 2,041 25.9% 2,257 9.8% 575 0.8% 71 0.0% 0 0.0% 0 0.8% 71 0.0% 0 0.0% 0 25.1% 2,112 25.9% 2,257 9.8% 575 74.9% 6,313 74.1% 6,443 90.2% 5,290 3Year78.6A,B C 600306A595267 317B230 20.71,674A24.22,041B Target 25.92,257 1 AB AB /1.51.62-4 500 38

GOP GOP 1year 2year 3year(stabilized) 200 1 200 1 200 1 35,485 9.7% 714 35,485 8.5% 656 35,485 7.9% 639 10(118)1 7,176 2.0% 144 7,176 1.7% 133 7,176 1.6% 129 (13)+ 0 0.0% 0 0 0.0% 0 0 0.0% 0 42,661 11.6% 859 42,661 10.2% 789 42,661 9.5% 768 30,969 8.4% 623 33,699 8.0% 623 34,609 7.7% 623 550+3,692 A 495B 510 19,946 5.4% 401 19,946 4.8% 369 19,946 4.4% 359 PBX 7,512 2.0% 151 5,873 1.4% 109 5,841 1.3% 105 1.3%2.1%1.3%) 1,440 0.4% 29 1,440 0.3% 27 1,440 0.3% 26 120,000/X12( 60 0.0% 1 60 0.0% 1 60 0.0% 1 5,000/ 12( 960 0.3% 19 960 0.2% 18 960 0.2% 17 80,000/ 12( 720 0.2% 14 720 0.2% 13 720 0.2% 13 60,000/ 12( 180 0.0% 4 180 0.0% 3 180 0.0% 3 15,000/ 12( 1,000 0.3% 20 1,000 0.2% 18 3,000 0.7% 54 3MM 720 0.2% 14 720 0.2% 13 720 0.2% 13 60000/ 12() 1,740 0.5% 35 1,740 0.4% 32 1,740 0.4% 31 2,082 0.6% 42 2,082 0.5% 39 2,082 0.5% 37 100,000/ 12+882 () 67,329 18.3% 1,355 68,420 16.3% 1,266 71,299 15.9% 1,284 109,990 29.9% 2,214 111,081 26.5% 2,055 113,960 25.4% 2,052 173,394 47.2% 3,490 215,893 51.5% 3,993 239,337 53.3% 4,310 1 1 1 300 100-150 100 85 85 70 10.4% 874 11.2% 977 26.4% 1,548 8.6% 726 10.1% 879 7.0% 410 5.4% 453 0.0% 0 3.7% 219 1.4% 122 1.3% 74 4.6% 390 0.0% 0 0.0% 0 0.2% 18 0.0% 0 0.0% 0 0.1% 7 0.0% 0 0.0% 0 0.1% 10 0.0% 0 0.0% 0 0.5% 40 1.4% 122 1.4% 83 0.1% 7 1.4% 122 0.0% 0 0.5% 42 0.0% 0 0.0% 0 0.7% 60 1.3% 111 1.9% 113 20.8% 1,752 15.6% 1,355 15.3% 900 31.2% 2,626 26.8% 2,332 41.7% 2,448 43.8% 3,687 47.3% 4,111 48.5% 2,843 GOP (3Year)9.51768A10.4%874/B11.2977/C26.41,548 AC 10 3Year7.7623/A8.6726/B10.1879/ 1.52 1 GOP GOP3Year53.34,310/C53 3 310/ C GOP50 39