U.S. Lodging Industry Overview

Despite the slackening national industry growth, the U.S. hotel industry expansion currently sits at 76 months, with RevPAR increasing 3.1 percent in the last six months. In line with the expectation expressed in 2015, national RevPAR growth decelerated in the first half of 2016, and industry experts are revising their expectations downward for the remainder of the year. The following chart depicts operating performance for the U.S. Lodging Industry from 1995 through 2015. Additionally, we have illustrated quarter-over-quarter comparisons for the last two quarters compared to the same time frame from the prior 12 months The graph on the following page illustrates trends in occupancy, average rate and RevPAR from 1990 through 2015, as well as the 2016 and 2017 projections. NATIONAL HISTORICAL ANALYSIS

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