U.S.LodgingForecast 2012 Supply

Demand +0.5% STR +0.7% PKF Consulting

NewU.S.Hotel Openings 2009–2013

Hotels

1,316 650 390 368 409

Hotels 2010 Hotels {forecast} 2011 Hotels 2012 {forecast} Hotels 2013 {forecast} www.pcma.org 2009 Rooms

147,498 72,223 42,187 40,070 39,162

Rooms Rooms Rooms Rooms 0 SOURCE:

Lodging Econometrics (www.lodging econometrics.com)

continued on page 50 pcma convene November 2011 49 +2.5% STR +3.1% PKF Consulting +2.0% STR +4.9% STR +7.0% STR

Occupancy +2.4% PKF Consulting ADR +4.8% PKF Consulting RevPAR +7.3% PKF Consulting 8 SOURCE:

STR (www.str.com) and

PKF Consulting (www.pkfc.com) Recent

developments have affected the outlook for the lodging sector, reducing expectations for RevPAR growth in the remainder of 2011 and into 2012.

Lodging Taxes in

DestinationsU.S. 50 Top

Burbank 10%

SanJose 10.05%

(plus $1.38 flat tax)

Orange

County,Calif. 10.1%

SanDiego 10.5%

Fort

Lauderdale 11%

FortMyers 11%

West Palm Beach 11.5%